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***** MONDAY,MARCH 8, 2021 ~VOL. CCLXXVII NO.54 WSJ.com HHHH $4.00

Last week: DJIA 31496.30 À 563.93 1.8% NASDAQ 12920.15 g 2.1% STOXX 600 408.68 À 0.9% 10-YR. TREASURY g 27/32 , yield 1.551% OIL $66.09 À $4.59 EURO $1.1913 YEN 108.38 Protesters Rally Before JurySelection in George Floyd Case GE Nears What’s News Big Deal To Merge Business&Finance Jet-Lease Eisnearing a$30 billion- Gplus deal to combine its aircraft-leasing businesswith Business Ireland’sAerCap,the latest movebythe conglomerateto restructureits operations. A1 Value of linking unit  Largeemployers aregetting with Irish company permission from public-health could top$30 billion, officials to administer Covid-19 vaccines, hoping to speed as giantrestructures up worker inoculations. A1

 Vaccitech, the startup BY CARA LOMBARDO behind the Covid-19 vaccine AND EMILY GLAZER developed by the University of Oxford and AstraZen- General Electric Co.isnear- eca, faces hurdles on the ing a$30 billion-plus deal to

path to a planned IPO. B1 /REUTERS combine itsaircraft-leasing businesswith Ireland’sAerCap  Greensill relied on ahand- MILLIS HoldingsNV, people familiar fulofclientsfor large portions with the matter said, the lat- of itsrevenue,including acoal- LEAH GATHERING: People took part in a demonstration in Minneapolis on Sunday, the day before jury selection was scheduled est in astring of moves by the mining companyowned by the to begin for the trial of former Minneapolis policeman Derek Chauvin, who is accused of killing George Floyd. A3 industrial conglomeratetore- governor of West Virginia. B1 structureits once-sprawling  India has threatened to operations. jail employees of Facebook, Thedeal is expected to WhatsApp andTwitterasit have avaluation of morethan seeks to quash political pro- $30 billion, some of the people tests and extend its power House Setfor Vote on Aid Bill said. An announcement is ex- over online discourse. B5 pected on Monday, assuming the talks don’t fall apart.  Evolviscombining with TheGEunit, known as GE ablank-check companyto Capital Aviation Services,or go public in adeal that val- AfterNarrow SenateApproval Gecas,isthe biggest remain- ues the crowd-safety firm ing piece of GE Capital, a for- at about $1.7 billion B3 merly massive lending opera-  Huawei lost ground last BY TED MANN Pelosi must hold together her changes that curtailed the ex- passed last month by amargin tion that rivaled the biggest year to Western rivals in AND KRISTINA PETERSON slim majority caucus forasec- tension of unemployment bene- of 219-212, with two Democrats U.S. banks but nearly sank the cellular-equipment mar- ondHouse vote to send Presi- fits and blocked an effort to voting against it. Thetwo no companyduring the 2008 fi- kets outside China, accord- WASHINGTON—The dent Biden’stop legislativepri- graduallyraise the federal min- votescame from moderate nancial crisis. ing to industry-research $1.9trillion Covid-19 relief bill ority to his desk. imum wage to $15 an hour. Reps. JaredGolden of Maine GE took amajor step back firm Dell’Oro. B3 faces what is expected to be a TheHouse is expected to “Despitethe fact that we be- and Kurt Schrader of Oregon. from the lending businessin very close vote in the House as hold aprocedural vote on the lieveany weakening of the All Republicans in the Sen- 2015 when it said it would exit earlyasTuesdayafter the Sen- bill Monday night, with final House provisions were bad pol- ate, likeall the GOP House the bulk of GE Capital, and a World-Wide atenarrowly approved theaid passageslated forTuesday. icyand bad politics,the reality members, votedagainst the leg- deal forGecas would represent packageoverthe weekend with Therewerepositivesignals is that the final amendments islation, balking at the pricetag another big moveinthat di- concessions to accommodate forMrs.Pelosi (D., Calif.) and were relatively minor conces- and saying some of the spend- rection.  The Covid-19 relief bill centrist Democrats. her leadership team over the sions,” said Rep.Pramila Jayapal PleaseturntopageA4 It would also represent an- faces what is expected to be a TheSenatechanges to the weekend, when key progres- (D., Wash.), who leads the Con- other significant move by GE very close vote in the House bill, which first passed the sives in the House appeared gressional ProgressiveCaucus.  Florida Republicans see a Chief Executive Larry Culp to as early as Tuesdayafter the House Feb. 27 with moregener- poised to support the relief bill Mrs. Pelosi can’t afford model for the GOP...... A4 right the course of acompany Senate narrowly approved ous unemployment provisions, asecond time even as manyex- manydefections.The House  Finances of minority women that has been batteredinre- the packagewith concessions mean House Speaker Nancy pressed frustration at the version of the relief plan are hit hard...... B1 PleaseturntopageA2 to centrist Democrats. A1  TheU.S. and South Korea agreed on anew accord that INSIDE would resolveayearslong Xi’sEager Bureaucrats disputeonhow to sharethe cost of American troops based on the Korean peninsula. A9 SnarlHis China Plans  Biden signed an executive

order directing U.S. agencies S

to take steps to promoteac- PRES /REUTERS

cess to voting, as a voting- TED

rights bill faces GOP oppo- Officials’ drive to please their leader results in unproductive practices CIA SO

sition in the Senate. A3 ODUCTIONS AS PR SE/  Russian intelligence BY CHUN HAN WONG ing in cold-weather clothing during summer O agencies have mounted a house calls, Ms. Pang said. /NY campaign to undermine After Chinese leader Xi Jinping ordered Since taking power in late 2012, Mr. Xi OW CR confidenceinWestern vac- rural poverty eliminated by 2020, bureau- has realigned Chinese politics with his domi- TNEY cines,U.S.officials said. A6 crats in the southwestern city of Mianyang neering style and a top-down drive to forge PUGLIESE/HARP got busy—with paperwork. a centralized state under the Communist UR JOE  U.S. government scien- CO tists are resisting calls for Instructed to devote 70% of their time to Party. But his efforts are running into an old one-dose regimens for two the campaign, they diligently filled out foe: bureaucracy. WORLD NEWS BUSINESS&FINANCE Covid-19 vaccines designed to forms certifying compliance, a practice Party observerssay the drivefor central- An interviewwith the Lessons from last be given with two shots. A6 known as “leaving marks,” said Pang Jia, a ization in asprawling nation toooften fos- Dukeand Duchessof year’s end to the local judicial clerk who joined the effort. ters bureaucratic inertia, duplicity and other  Acyberattack on Micro- When higher-ups demanded photographic PleaseturntopageA10 Sussexdetails their rift longest-yetbull soft’sExchangeemail soft- proof of their home visits, some aid workers with royalfamily. A8 market. B1 ware is believed to have in- made up for missing winter photos by pos-  Beijing targets chips, AI in U.S. tech race...... A9 fected tens of thousands of U.S. businesses,government offices and schools. A5 A Pineapple a Day Keeps  China laid out plans to Big CompaniesGet Go-Ahead speed up development of ad- An Island’s Chefs Very Busy vanced technologies over five years, raising the stakes in iii To Give Vaccinations to Staff the tech race with the U.S. A9 Taiwan embraces the fruit in burgers, JOURNAL REPORT cakes and more as an act of patriotism BY SARAH KROUSE with priority to those over 65 cording to Illinois public-health Investing in Funds: yearsold and then workersin records. Some of those compa- Highlights from the WSJ Largeemployers,fromthe operations and manufacturing. nies runorare planning to run TaxGuide 2021. R1-10 BY JOYU WANG food with pineapple and meatpacking industrytopharma- AbbottLaboratories also has closed vaccine-giving events, AND CHAO DENG spiced chicken breast and ceutical companies,are getting begun giving doses at itsnearby meaning only their ownstaff CONTENTS Outlook...... A2 pineapple salad. The20spots permission from public-health of- headquarterstoeligible work- areeligible,not the broader Arts in Review... A13 Personal Journal A11-12 BusinessNews...... B3 Sports...... A14 TAIPEI—Like many people foraspecial five-course,pine- ficials to administer Covid-19 ers, such as those in manufac- public.Sites arereliant on state Crossword...... A14 Technology...... B4 in Taiwan, Allen Hsueh has a apple-inspired meal,sched- vaccines,hoping to speed up in- turing,food serviceand day- and local public-health authori- HeardonStreet... B10 U.S. News...... A2-6 newfound fervor forpine- uled later this month, oculations of their employees. care,aspokeswoman said, and ties forallocations of doses. Markets...... B9 Weather...... A14 apple. filled up in a day. Manybusinesses see giving Tyson Foods Inc.has delivered Money manager Fidelity In- Opinion...... A15-17 World News...... A8-9 The38-year-old chef Thekey to eating lots vaccine doses to employees at dosestostaff at itsJoslin, Ill., vestmentshas registered to has come up with at of the fruit is variety,Mr. work as away to efficiently vac- beef plant and to some workers provide doses at itsBoston > least a dozen new reci- Hsueh said. “You’regoing cinatestaff but, in doing so,are in Iowa,aspokesman said. headquarters and will begin pes for his restaurant in to get bored if you keep joining aracefor scarce shots. Other companies registered PleaseturntopageA9 Kaohsiung,called Pomme eating pineapple every Pharmaceutical company to provide doses include energy de Terre, including day.” AbbVie Inc. has begun giving giant Exxon Mobil Corp., meat-  Russia targets vaccines with pork-wrapped pineap- It’snot just an act of staff at itsNorth Chicagohead- packer Smithfield Foods Inc. disinformation, U.S. says.... A6 s 2021 Dow Jones & Company, Inc. All Rights Reserved ple with mozzarella culinary bravery. These quartersdoses,according to andmachinery-makersCater-  Covid-19 pill shows promising cheese,red currysea- Sales spike PleaseturntopageA10 people familiar with thematter, pillar Inc.and Deere&Co.,ac- results...... A6 P2JW067000-0-A00200-1------XA

A2 | Monday, March 8, 2021 THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Tom Fairless ECONOMIC CALENDAR

U.S. Set to Propel Global Recovery Wednesday: China’scon- sumer-priceindex deflation likely persistedinFebruary as food TheU.S. Contributiontoglobal growth people stuck at home ordered Januarycompared with the supplies stabilized and costs could help ESTIMATES productsonline through the same month last year as a eased. Economists surveyed by driveapower- 6 percentagepoints pandemic.And corporate number of countries extended The Wall Street Journal arefore- fulglobal eco- equipment spending has re- lockdown restrictions.U.S.re- casting thatCPI contracted 0.4% nomic recov- bounded faster than in the tail sales increased 7.4% over from ayear earlier.Factory-gate erythis year, 4 previous two economic recov- the same period. prices could be another story. as it plays amorecentral role eries,largely duetogenerous Thereare risks that could With surging of commoditycosts, in the comeback than after Rest of world government support, accord- weigh moreonthe U.S. Some the country’sproducer-priceindex the financial crisis,reflecting ing to JP Morgan. partsofthe global economy is forecasttohave risen 1.4%. 2 the unusual natureofthe Eurozone Bank credit to businesses mayrecover moreslowly than Rising gasoline costsare ex- Covid-19 shock and the flexi- grew at an annualized rate of others, or not at all. Tourism, pected to have boostedoverall bility of the American econ- U.S. 80% at the height of the pan- an important sector across U.S. consumer prices forFebru- omy. 0 China demic last year in the U.S., Europe,but also in Asia and ary.Coreprices, which exclude Theworld economyis eurozone,Japan and U.K.,JP the U.S.,isunlikely to re- food and energy components, likely to grow by around 6% Morgansaid. That compares bound until border controls likely remained tame while the this year,according to Oxford with a13% slump in bank areeased. Some businesses economyisdealing with fallout Economics,the fastest rate in –2 credit during the financial cri- maybecome redundant if be- from Covid-19. But aheftydose almost half acentury, as vac- sis in 2009,the lender said. haviorschangepermanently. of fiscal stimulus and expecta- cine campaigns allowpan- Market ripples from the If people continue shopping tions the country will soon demic restrictions to be lifted strong U.S. recovery could online or working from home, emerge from the pandemic have –4 and businesses to snap back. hurt regions that arelagging, city-center retail jobs may manyeconomists forecasting a Forthe firsttime since 2003 ’05’10 ’15 ’20 such as Europe and some disappear forever. temporary,atleast, bout of infla- 2005,the U.S. is expected this Source:OxfordEconomics emerging markets. Risingin- ECB analystswarned in tionary pressurelater this year. year to makeabiggercontri- vestor confidenceispushing Februarythat the pandemic Thursday:The European Cen- bution to global growth than tracted 3.5% last year and is draw stimulus measures this up U.S. and global borrowing could lead to permanently tral Bank issues apolicy state- China, said the research firm. expected to grow about 7% year and focus on reining in costsand strengthening the lowereconomic output glob- mentand neweconomic fore- Afterthe 2008 financial cri- this year,according to Gold- debt and heading off areal- greenback,aheadache for ally.Businesses and govern- casts. Rising yields on German sis,the global economic re- man Sachs.China grew 2.3% estatebubble. governmentsthat have bor- mentsmight invest less, in- and French bonds lastweek covery waspoweredbyChina, last year and is expected to TheU.S.’seconomic resil- rowedheavily in dollars. cluding in research and sparked concern thatcorporate as the U.S. experienced the grow 8% this year,the bank iencereflectsthe nation’srel- development, as they strive borrowing costswould climb, weakest revival sincethe said. atively rapid rollout of uropean Central Bank to restoretheir finances,the hampering Europe’seconomic re- Great Depression. JP Morganeconomistsex- Covid-19 vaccines,anex- officials have sounded researcherssaid. Capital covery.Now, some investors an- pect the U.S. to surpassits pected $1.9trillion spending E ticipate the ECBwill boost sup- the alarm about rising stock in closed industries like incethe U.S. economyis precrisis trend growth rate package,easy money from the bond yields.They will gather the airline sector could be- port to preventfinancing about one-thirdlarger by the middle of this year, Federal Reserveand pent-up Wednesdayand Thursdayto come obsolete, and it is conditions from tightening. S while China has already re- than China’s, itscontri- savings. American households consider whether to increase costly to transfer resources U.S. joblessclaims started bution to global growth will turned to itspre-pandemic aresitting on $1.8trillion in their emergencymeasures, from one sector to another.In trending lowertowardthe end of be largerthan China’sif, as trajectorybut won’t exceed excess savings, according to which include a€1.85 trillion, advanced economies,the la- lastmonth. But the overall figure expected, both grow roughly it. Europe and some emerg- OxfordEconomics. equivalent to $2.2 trillion, bor forcemight shrink due to has remained elevated, suggest- at the same rate this year. ing marketswill lag through Meantime,inthe U.S. and bond-buying program. discouraged workersorre- ing ahigh leveloflayoffsayear “The U.S. is going to play next year. elsewhere, the downturn AcrossEurope,the rollout duced global migration. into the pandemic.Those trends the role of the global locomo- Weak population and pro- hasn’t been characterized by of Covid-19 vaccines has been “Historically,recessions areexpected to have continued in tiveagain in 2021,” said Cath- ductivity growth could weigh the bursting of asset bubbles sluggish, and governments put countries on aperma- the firstweek of March. erine Mann, global chief on China’soutput over the or accumulated debt, unlike aren’t contemplating fresh nently lowergrowthpath, Friday:The UniversityofMich- economist at Citibank.She coming years, said Joerg previous economic crises. spending on the scale of the andthis one is likely to be the igan’spreliminary reading on con- added that the international Kraemer, chief economist at That should hasten therecov- U.S.,partly due to concerns same,” said Stefan Gerlach, sumer sentiment forMarch could situation would temper the Commerzbank.Beijing policy ery, sayeconomists. about debt. Retail sales in the former deputy governor of showanuptick in confidence country’seconomic growth. makershavesignaled that Global trade has already eurozone unexpectedly Ireland’scentral bank.“The amid rising vaccinations, job gains TheU.S.economycon- they plan to gradually with- exceeded precrisis levels,as slumped morethan 6% in last mile is the tough bit.” and improving incomes. U.S. WATCH

FLORIDA of Draper, was found Friday at the base of Angels Landing and Officer Kills Gunman showed signs of injuries consis- Who Shot Woman tent with a high-level fall, park officials said. A Florida police officer fatally Park visitors had reported shot a man Sunday seconds af- Thursdaynightthatsomeone had ter the man shot a woman, au- fallen off the rocky promontory. thorities said. —Associated Press Lakeland Police Chief Ruben Garcia said three of his officers OBITUARY went to a condominium complex about 6:30 a.m. after a 911 caller Member of Famed reported a domestic argument. High-Wire Clan Dies When the officers arrived, they found the man and woman Carla Wallenda, a member of in the parking lot. The man shot “The Flying Wallendas” high-wire the woman and an officer then act and the last surviving child fatally shot the gunman, Chief of the famed troupe’s founder, Garcia said. died at the age of 85. The woman was taken to the Her son, Rick Wallenda, said hospital, where she was in grave she died Saturday in Sarasota, condition, Chief Garcia said. Fla., of natural causes. She was —Associated Press the daughter of Karl Wallenda, who founded the troupe in Ger- GES UTAH many before moving to the U.S. IMA in 1928.

Body Identified in Ms. Wallenda’s husband, Rich- ETTY /G

Zion National Park ard Guzman, died in 1972 when GO he fell 60 feet during a perfor- NTIA

Authorities have identified a mance in West Virginia. Her fa- SA

43-year-old Utah man believedto ther died in 1978 after falling M. have fallen from atowering rock when walking a wire across a formation in Zion National Park. street in Puerto Rico. MICHAEL The body of Jason Hartwell, —Associated Press NEEDED HELP: Waterwas distributed SundayinJackson, Miss., whereinfrastructuredamaged by storms lastmonth is still being repaired.

been hit hard by the Covid-19 months as it posted improving services firm Baker Hughes Aviation in the development of then some in the months since GE Nears pandemic, which has resulted results. Still, the stock has Co. the sector.(Adeal between GE as lockdowns ease and the in asharp drop in global travel fallen by about three-quarters GE hascut overhead costs andAerCap would reunitetwo outlook for travel improves. and prompted airlines to from the peak just over 20 and jobs in its jet-engine unit companies that bought their AerCapChief Executive Merger of ground planes. years ago. while streamlining itspower main assets from GPA.) AengusKelly said on the com- Some airlines have sought Mr.Culp became the first business. Thepandemic con- Theindustryhas gotten pany’sfourth-quarter earnings to defer lease paymentsor CEO from outside of GE in late tinues to pressure the jet-en- morecompetitiveasChinese call this month that he expects Lease Arm purchases of newaircraft. Ge- 2018 afterthe companywas gine business,GE’slargest di- companies have gained market airlines to shiftmoretoward cashad an operating lossof forced to slash itsdividend vision. share, however, and the com- leasing planes as they rebuild $786 million on revenue of and sell off businesses.The Thecompanyalso makes bination could help the new theirbalancesheets, in what ContinuedfromPageOne $3.95 billion in 2020. GE took former Danaher Corp.bosshas healthcaremachines and group stem that tide. would be aboon to the com- cent yearsbysouring pros- a roughly $500 million write- sought to simplify GE’s wide- power-generating equipment, Shares in aircraft-leasing pany and its peers. pectsfor some of itstop busi- down on thevalue of itsair- ranging conglomeratestruc- and the rest of GE Capital ex- companies plummeted along “Their appetite for deploy- nesslines and astructurethat craftportfolio in the fourth turefurther,asother indus- tends loans to help customers with much of themarket in ing large amountsofscarce has fallen out of favorwith in- quarter. trial giantssuch as Siemens purchase itsmachines and the early days of the pandemic capital to aircraftpurchases vestors. Combiningthe companies AG and Honeywell Interna- contains legacy insurance as- as demand from major air- will remain muted forsome With morethan 1,600 air- could generatecost-cutting tional Inc.havedone in recent sets too. lines, which lease planes to time,” he said.“Thepriority craftowned or on order,Gecas years. AerCap is based in Ireland avoid the costsofowning will be to repaydebt or gov- is one of the world’sbiggest Activistinvestor Trian Fund and Gecas has headquarters them, evaporated. But manyof ernment subsidies.” jet-leasing companies, along- Separating Gecas Management LP,which has thereaswell. Theaircraft- the major lessors’ stocks have —Thomas Gryta side AerCap and Los Angeles- owned asignificant position in leasing industry has long had recoveredlost ground and contributed to this article. based Air Lease Corp.Itleases could help GE with the companysince2015 and asignificant presenceinIre- passenger aircraftmade by its efforts to shore holds a seat on its board, has land because of the country’s Boeing Co.and Airbus SE as supported such changes. favorable taxregime and the THE WALL STREET JOURNAL well as regional jetsand cargo up its balance sheet. Early in his tenure, Mr.Culp importanceofGuinnessPeat (USPS 664-880) (Eastern Edition ISSN 0099-9660) planes to customersranging said he had no plans to sell (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) from flagship airlines to start- Gecas,amovehis predecessor Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 ups. Gecas had $35.86 billion John Flanneryhad considered Published daily except Sundays and general legal holidays. CORRECTIONS  Periodicals postage paid at New York, N.Y., and other mailing offices. in assets as of Dec. 31. opportunitiesand help the afterthe unit drew interest Postmaster: Send address changes to The Wall Street Journal, AerCap has a market value newentity weather thedown- from private-equity firms AMPLIFICATIONS 200 Burnett Rd., Chicopee, MA 01020. of $6.5 billion and an enter- turn. pushing further into the leas- All Advertising published in The Wall Street Journal is subject to the applicable rate card, prise value—adjusted fordebt Separating Gecas could help ing business. Noticetoreaders copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., and cash—of about $34 bil- GE with itseffortstoshoreup Mr.Culp has sought to even 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to Wall Street Journal staff accept an advertiser’s order. Only publication of an advertisement shall constitute final lion, according to S&P Capital itsbalancesheet and improve out cash flowsand refocus on membersare working re- acceptance of the advertiser’s order. IQ,and around 1,400 owned or cash flows. Despitearecent core areas.Operations with motely during the pandemic. Letters to the Editor: Fax: 212-416-2891; email: [email protected] ordered aircraft. increase, GE’s share price re- whichhehas parted include Forthe foreseeable future, Need assistance with your subscription? Thecompanyhas experi- mains belowwhereitwas be- thecompany’sbiotech busi- please send reader com- By web: customercenter.wsj.com; By email: [email protected] enceindeal making,paying fore significant problems in ness, which waspurchased by mentsonly by email or By phone: 1-800-JOURNAL (1-800-568-7625) about $7.6 billion in 2014to thecompany’spowerand fi- Danaher in a$21 billion deal phone,using the contacts Reprints &licensing: buy International Lease Fi- nanceunitsemergedinrecent that closed last year. By email: [email protected] below, not via U.S. Mail. By phone: 1-800-843-0008 nanceCorp.AerCap’srevenue years. GE also sold itsiconic light- WSJback issues and framed pages: wsjshop.com last year wasabout $4.4bil- The Boston company has a bulb businessinamuch Readers can alert The Wall Street Journal to any errors in news Our newspapers are100% sourcedfromsustainably certified mills. lion, down from about $5 bil- market value of about $119 bil- smaller deal last year,and pre- articles by emailing lion in the previous few years. lion afterthe shares more viously said it was unloading [email protected] or by calling GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Theaviation businesshas than doubled in the past six its majority stake in oil-field- 888-410-2667. P2JW067000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Monday, March 8, 2021 | A3 U.S. NEWS Party Brass Question if Cuomo Can Stay

State Senate leader Hinton, aformer aide to Mr. Cuomowhen he led the De- says governor must go partment of Housing and Ur- after latest allegations ban Development, said he huggedher inappropriately in a of improper conduct hotel room in 2000.Ms. Hinton confirmed her account in an BY JIMMY VIELKIND email to the Journal. AND DEANNA PAUL Mr.Cuomo said Ms.Hinton’s allegations were “not true,and TheDemocratic leadersof as everybody who has been in- the NewYork stateLegislature volved on anylevel in New questioned whether Gov.An- York politics knows,she has drew Cuomo could continue to been alongtime political ad- effectively lead, as he faces fur- versaryofmine.” ther accusations of inappropri- Federal prosecutors, mean- ateworkplacebehavior and a while,are interested in howthe federal probe intohis adminis- governor’s topadvisers pushed tration’shandling of Covid-19 to alter aHealth Department in thestate’s nursing homes. report to include alowertally SenateMajority Leader An- of deaths in those facilities, drea Stewart-Cousins,aDemo- people familiar with the matter crat from Yonkers, said Sunday said. Alawyer forMr. Cuomo that, “forthe good of the state JOURNAL said the alterations were made

Governor Cuomo must resign.” REET to ensuredataaccuracy. Assembly Speaker Carl Heastie, ST Other senior Democratic of- LL

aDemocrat from the Bronx, WA ficials have said they would said: “Wehavemanychal- wait forMs. James’sreport. THE

lenges to address, and Ithink it R U.S. SenateMajority Leader is time forthe Governor to se- FO ChuckSchumer (D., N.Y.)said riously consider whether he CH on Sundaythat the newac- MAR

caneffectively meet the needs Y countswere“deeply troubling”

of thepeople of NewYork.” LIBB and he had faith in her investi- Mr.Cuomo,aDemocrat, said Ana Liss is the thirdformer aide to Gov. Cuomo to accuse him of inappropriate behavior.Mr. Cuomo said Sundaythathewouldn’tresign. gation. during aSundaypress call be- Republicans and some Dem- fore the legislators’ statements $193 billion statebudget that is ingtonPost reported that in the ExecutiveChamber of Ms.Lisssaid Mr.Cuomo ocratic statelawmakersalso that he was“not going to re- due by April 1. KarenHinton, aformer aide to the NewYork State Capitol in walked toward her during an have called forMr. Cuomo to sign because of allegations.” He Spokespeople forMr. Cuomo Mr.Cuomo when he led the De- Albany. She is the thirdformer eventatthe stateExecutive be impeached. TheNew York asked people to withhold their didn’t immediately respond to partment of Housing and Ur- aide to the governor to accuse Mansion, placed his hand on State Constitution allows for judgment pendinganindepen- the legislativeleaders’ state- ban Development, said he him of inappropriatebehavior. the small of her back and impeachment of asitting gov- dent reviewofthe workplace ments. huggedher inappropriately in a When asked about Ms.Liss’s posed forapicturewhen she ernor,with proceedingsthat accusations that will be over- TheWall Street Journal re- hotel room in 2000. account on Sunday, Mr.Cuomo worked forhim in 2014. She begin in the stateAssembly. seen by stateAttorney General ported on Saturday that afor- Ms.Liss, now35yearsold, didn’t disputethat the interac- nowsees the interaction as in- Assemblyman Ron Kim, a Letitia James,aDemocrat. mer aide,Ana Liss, said Mr. served as apolicyand opera- tions she described had oc- appropriate. Mr.Cuomo re- Democrat from Queens,sup- Thegovernor said calls for Cuomoasked her if she had a tionsaide to Mr.Cuomo be- curred. “I saytopeople in the sponded on Sunday: “I take portsimpeachment and said his resignation were rooted in boyfriend, called her sweet- tween 2013 and 2015.She said office, howare youdoing? pictures with people at cere- Sundaythat he is building sup- politicalconcerns.Hesaid he heart, touched her on her the actions by Mr.Cuomo were How’severything? Areyou go- monial events. That is avery port forthe effort. Aspokes- wouldn’t be distracted from his lowerback at areception and unsolicited and occurred in the ing out? Areyou dating? That’s common practice.” manfor Mr.Heastie didn’t re- work overseeing coronavirus oncekissed her hand when she firstyear while she sat at her my wayofdoing friendly ban- TheWashingtonPost re- spond to arequest forcomment vaccinations and crafting a rose from her desk.The Wash- desk,which wasnear his office ter,” he said. ported on Saturdaythat Ms. on the impeachment effort. Jury Selection to Start as FloydCase Opens Order

BY JOE BARRETT filed to do so. Promotes TheHennepin County medi- The murder trial of the for- calexaminer ruled Mr.Floyd’s mer officer chargedinthe May25death ahomicide,and Voting death of George Floyd is ex- listed thecause as cardiopul- pected to open Mondaywith a monaryarrest along with “law major challenge: finding 12 ju- enforcement subdual, restraint Access rors in greater Minneapolis and neck compression.” The who haven’t already made up county autopsy also indicated BY TARINI PARTI their minds about the case. Mr.Floyd suffered from heart Thewidely seen video of a diseaseand had drugsinhis President Biden signed an handcuffed and prone Mr. system. executiveorder Sundaydirect- Floydbegging forhis lifeas Thedefense has argued that ing federal agencies to take Derek Chauvin, then aMinne- the drugsand heart disease steps to promoteaccesstovot- apolis policeofficer,holds him caused Mr.Floyd’s death, not- ing as avoting-rightsbill he down with aknee on his neck ing that the medical examiner has endorsed faces Republican unleashed asummer of protest found no evidenceofinjuryto opposition in the Senate. and racial reckoning acrossthe his neck and back. Theexecutiveorder calls for country. Minneapolis waspar- Prosecutorsand defense the modernization and im- ticularly hardhit by protests, lawyerswill each be able to provementofagovernment

looting and the destruction of GES eliminateprospectivejurors websitethat provides voting

apoliceprecinct. IMA foralmost anyreason, with information; seeks recommen- If finding acceptable jurors what is known as aperemp- dations on federal employees

becomes especially difficult, GETTY tory challenge. Thedefense taking the dayoff to vote or to that could reneweffortsbyMr. will get15peremptorychal- volunteer as nonpartisan poll

Chauvin’slawyerstoseek a TUREN/ lenges,and the prosecution workers; asks foranevaluation

changeofvenue from Minne- MA has nine,according to court of barrierstovoting forthose apolis,said RichardFrase,a filings. with disabilities; and creates a EPHEN

professor at the University of ST Theother side canobject if NativeAmerican voting-rights MinnesotaLaw School. Jury Asign in George FloydSquareinMinneapolis wasupdatedSunday. Ex-Officer Chauvin will be on trial. they think the real basis for steering group. selectionisexpected to take the challengeisrace, which Mr.Biden signed the order two weeks,aprocessthat usu- asked prospectivejurorstoan- and whatever you’vethought otherformer officershave hasbeen ruled unconstitu- on the 56th anniversaryof ally takeslessthan aday in swera14-pageset of questions about it—can youput that been chargedwith abetting tional by the Supreme Court. “Bloody Sunday,” the daypolice lower-profile cases. that lays out the contoursof aside and base your decision second-degree murder and Both sides canalso ask the attacked peaceful civil-rights “It’sgoing to be hard,” Prof. their task.Questions include: only on theevidencethat you manslaughter and areexpected judgetostrikejurors“for protestersin1965 as they Frase said. Still, he noted, Describe everything youhave hear as ajuror?” said Ron to facetrial in August. Lawyers cause” if,for instance, they crossedthe Edmund Pettus morethan half of the residents heardabout the case.How do Wright, associatedean forre- forall four have made filings seem toobiased to render an BridgeinSelma, Ala. Thepresi- of Hennepin County liveout- youget your news? Howdo search and academic programs saying they aren’t guilty. impartialverdict. dent also virtually addressed side Minneapolis,some on youfeel about Black Lives at Wake Forest University’s On Friday, astate appellate Eventually,the two sides this year’s Martin and Coretta farms and other less-populated Matter? Howdoyou feel about lawschool. court said the judgemust also will settle on 12 jurorsand King Unity Breakfast, an event areas.“So youcould getsome Blue Lives Matter? And can Mr.Chauvin is facing reconsider his decision about four alternates beforeargu- held annually in Selma, on Sun- people who saythey don’t pay youapply the principle of in- chargesofsecond-degree mur- whethertoreinstateathird- mentsinthe trial getunder day. “Everyeligible votershould much attention to what hap- nocent until proven guilty? der—unintentional, while com- degree murder charge.That way March 29.The trial itself be able to vote and have that pens in Minneapolis,” he said. “The question is,whatever mitting afelony—and second- could be acause to delaybut, is expected to take two to four vote counted,” Mr.Biden said at Thetwo sides have already you’veheardabout this case, degree manslaughter.Three so far, no motions have been weeks. the breakfast, according to a text of hisremarks released by theWhiteHouse.“If youhave the best ideas,you have nothing Calls Increase for Capitol Fence to Come Down to hide.Let the people vote.” Sunday’spresidential direc- tivecomes as Republicans in BY SCOTT CALVERT the Capitol attack “primarily a needed as part of abroader Honoré,also suggestsincreas- addresstoCongress, forwhich severalstatesare pushing re- failureinintelligence” and said security upgrade. ing the roughly 1,840-officer no date has been announced. strictions and requirementson Callsare growing forfed- security canbeimproved by “It’sall about finding that Capitol Policeforce by another “A chunk of our neighbor- early voting or mail-in voting. eral officials to take down the hiring more officers, erecting balancebetween security,and 1,000 officers. hood suddenly feels likeSara- Administration officials told roughly 4miles of security emergencyfencing beforelarge then howdowekeep the cam- Mr.Ryansaid the current jevointhe mid-’90s,” said reportersthat the order wasa fencing put up by Capitol Po- events and improving readiness. pus open and accessible to the fenceneeds to stay in place SteveHoltzman, who repre- way to use the president’s lice to protect the U.S. Capitol Sen. MikeLee,aUtahRe- congressional community,as until apermanent security so- sentspart of the Capitol Hill moral authority to send ames- complexafter the building was publican, said Congress could well as all of the millions of lution is implemented. Details area on an advisory neighbor- sagetothose states,but they stormed on Jan. 6. vote to remove the fence if it visitorsthat come heretoex- arescant, but his spokes- hood commission and who acknowledged that Mr.Biden Neighborhood residentsand doesn’t come down soon. ercise their FirstAmendment woman said aretractable worked in warzones forthe lacksauthority to push back some membersofCongress “It’sugly,it’smenacing,it fence “could easily be put up United Nations and World Bank meaningfully on anystate laws from both parties saythey op- sends exactly the opposite of and takendowntorespond to beforehis retirement. “I never through executiveaction alone. pose apermanent barrier and the signal that Ithink we Some have likened emerging threats or events.” thought Iwould see some of Theexecutiveorder seeks to liken the Capitol grounds in ought to be sending to Ameri- Last March, the Capitol and these thingsinour country.” increase voting access forac- Washington, D.C., to a prison cancitizens everywhere,” said the Capitol grounds congressional officebuildings While he doesn’t think a tive-duty militarypersonnel and or warzone.Local officials say Mr.Lee. “I don’t think one in Wa shington to a were closed to the public to permanent fenceisthe answer, provide voter-registration ma- it has disrupted transportation needs to assume that youtake combat the coronavirus.That he cautioned that he isn’t ase- terials to all eligible individuals and walled off residents from this thing down and all of a prison or war zone. has meant no touristsroaming curity expert. “All of us have to in the custody of the Federal parkland and other open space sudden Jan. 6-type eventsare the halls,asthey typically did be really careful, because there Bureau of Prisons.Itpushes the Covid-19 pandemic has going to happen all the time.” in the past, mingling with law- wasagenuine security threat federal agencies to become des- made particularly coveted. TheD.C.Council and Rep. makers, lobbyistsand report- andmay still be one,” he said. ignated as voter-registration The fence, topped by razor Eleanor Holmes Norton, a rights?” she said Wednesdayat ers. Alimited number of visi- Lobbyist Allison Cunning- agencies,ifrequested by astate. wire, also surrounds the Su- Democrat and the district’s aHouse subcommitteehearing. tors areallowedinthe complex hamhelped organizeagroup Mr.Biden signed the order preme Court, the Libraryof nonvoting House member, An independent team that forscheduled meetingswith called Don’t Fencethe Capitol days afterthe Democratic-con- Congressand other govern- have pushed forthe fence’sre- has reviewed Capitol security lawmakersortheir staffers. and started an anti-fenceonline trolled House passed the most ment buildings. moval. Some critics also point sincethe Jan. 6attack recom- The House paused its busi- petition that hasgathered more far-reaching voting-rightslaw “There’sabipartisan sense to the expense of the fence, mends replacing the current nessThursdayafter Capitol than 27,000 signatures.She sincethe 1965 Voting Rights that we should not createsort which is costing the govern- fencewith retractable fencing, Police warned of apossible said fencing off the Capitol is a Act,without the support of any of apermanent Great Wall ment $1.9 million aweek,a said Rep.Tim Ryan, an Ohio plot to breach the Capitol by a shortsighted way of dealing Republicans.The measureis around theCapitol of the congressional aide said. Democrat. Thereview,re- militia group that it didn’t with acomplexsituation. expected to stall in the evenly United States,” Sen. Chris Van Yogananda Pittman, acting quested by House Speaker name. Chief Pittman has also —Eliza Collins dividedSenate, whereDemo- Hollen, aMaryland Democrat, chief of the Capitol Police, has NancyPelosi (D., Calif.) and cited security concerns related and Lindsay Wise cratsdon’t have the 60 votes said in an interview. He called said apermanent barrier is led by retired Lt. Gen. Russel to President Biden’s expected contributed to this article. needed to passthe legislation. P2JW067000-6-A00400-17FFFF5178F

A4 | Monday, March 8, 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 Florida Republicans SeeModel forGOP

BY JOSHUA JAMERSON has anew election-integrity last summer,should have GES

committee, and that perhaps heeded most public health ex- IMA LAKE CITY,Fla.—Florida Re- that might be the best vessel pertsand acted moredecisively publicans arepitching them- by which Republicans could to promotesocial distancing GETTY selves as amodel forRepubli- make recommendations to and mask wearing.The Centers SE/ cans acrossthe countryonhow other states. forDisease Control and Preven- to hold elections,handle the While five states flipped tion has repeatedly said that ANCE-PRES

coronavirus pandemic and ex- from redtoblue in the 2020 mask-wearing is oneofthe FR pand the GOP’sappeal to a presidential race,Florida most simple steps Americans ENCE

broad swath of voters by em- stayed in the Republican col- cantaketoprotect one another AG phasizing freedom and casting umn, with former President from the virus.InFlorida, Democratsassocialist. Donald Trump slightly improv- mask-wearing has been advised Morethan adozenlocal Re- ing his performanceherecom- but not required. KHANNA/ publican activistsgathered here pared with 2016.Florida also Through Wednesday, Florida AN

on arecent daywondered boastsaculturethat Republi- ranked 29th forcumulative CHAND aloud howthey could make cans saythey want forthe rest Covid cases and 26th forcumu- Trump supporters waited forthe former presidentoutside an Orlando hotelwherehespokeFeb. 28. surePennsylvanians,Michigan- of the country, citing itsrela- lativedeaths per 1,000 popula- dersand Georgians had free tively smooth 2020 elections tion, according to aWall Street Legislatures.Local authorities Election and law-enforce- cans sawtheir socialism mes- and fair elections. and the lack of amask mandate Journal analysis of Johns Hop- were allowedtobegin even ear- ment officials have repeatedly saging work best in Florida but “Wecan only do Florida?” in public to curb Covid-19’s kins data. lier forthe November election. said they sawnoevidenceof it also helped in partsofTexas asked Eileen Morilleau, afor- spread, thanks to aGOP gover- Wendi Jenningssaid she “It’sjust common-sense gov- widespread election fraud. Fed- and California with large His- mer businessowner in this nor who speaks out against joined theColumbia County, erning,” Ms.Jennings, afood eral courtsuptothe Supreme panicpopulations. small town in northeastern what Republicans oftenrefer to Fla., GOPbecause of her new- scientist, said. Court ruled repeatedly against But, he said if President Bi- Florida,when her GOP county as a“liberal, woke mob.” found interest in pushing other That view hasn’t caught on Trump-supported cases aimed den is able to getmost Ameri- chairman,Hunter Peeler,said “Ifthere’ssomething that I’ll states to processtheir votes with some Republican-con- at changing theresult, which cans vaccinated and the na- that he hoped Florida’s2020 never,evergiveup, it is free- prior to Election Day. Florida trolled statelegislatures,nota- Congress certified. tion’seconomyand way of life elections would serveasa dom,” Ms.Morilleau said. allows forballotstobepro- bly in Wisconsin and Pennsyl- Christian Ulvert, alongtime returns to normal beforethe model forthe country. Mr. Democratssay GOP Gov.Ron cessed up to 22 days before vania, which didn’t allowmost Florida Democraticstrategist midterms,the anti-freedom and Peeler responded that the Re- DeSantis,whose statehad one Election Day, according to the processing of mail ballotsuntil whoadvisedthe Biden cam- socialist monikerswould stick publican National Committee of the largest Covid epidemics National ConferenceofState Election Day. paign in the state, said Republi- lesstoDemocrats. EarlyJockeying Puts Noem, Haley On Different Paths

BY JOHN MCCORMICK servatives” around the country. “However, sinceTrump’sde- Theonly two women to ap- feat, shehas been critical of pear so far on early listsofpo- him, so she is clearly seeing a tential 2024Republican presi- different path than manyother dential candidates—Nikki candidates,” she said. “Gover- Haley and Kristi Noem—have nor Noem appearstobetaking takendivergent paths in their amoreconventional path, navigation around the still siz- which acknowledges Trump’s able political shadow of former continued popularity among President Donald Trump. Republican primaryvoters.” Both women areexpected to During an appearanceatlast S be in high demand forfund- weekend’sConservativePoliti- PRES raising and other political calAction ConferenceinFlor-

UMA events as the GOP courtsfe- ida, Ms.Noem mentioned the /Z male voters in next year’s mid- former president within the NP

/C term congressional elections. first90seconds of her speech. Republicans have wonaIn her remarks,she showcased MKEY

LA smaller shareofthe women’s her mostly-hands-off approach D

RO vote than Democratsinevery to the coronavirus pandemic,a Senate Majority Leader Chuck Schumer, shown Saturday, emphasized the achievement of passing the legislation in a tight Senate. presidential election since1988 and female voters leaned heav- by the Senateparliamentarian election-reform measure, to administration has said it ily Democratic in both the 2018 Vote Is Set that it didn’t comply with passthe Senatewith asimple would start work on Mr.Biden’s and 2020 elections. chamber rules forthe aid mea- majority vote. promise of a$2trillion infra- While the two women have sure. “I’m not going to go there structurepackage oncethe re- similarities in their political bi- In House Themargin forthe Demo- untilmyRepublican friends lief bill is signed. ographies—both were the first cratic leadership is even tighter have the ability to have their And the changes made in the female governorsoftheir in the evenly divided Senate, sayalso,” he said. Senatetowin support from states afterserving in state ForAid Bill which enabled Sen. JoeMan- Mr.Manchin said he would lawmakerssuch as Mr.Manchin legislatures—howthey have in- chin (D., W.Va.) to bring the de- be open to changes that make and Sen. KyrstenSinema (D., teracted with Mr.Trump and bate on the bill to ahalt Friday procedural filibustersharder to Ariz.) could imperil the relief his legacyisshaping their

ContinuedfromPageOne and eventually obtain changes employ. “Ifyou want to makeit packageinthe House if pro- early positioning. S ing items weren’t sufficiently in a$300 weekly unemploy- alittle bit morepainful, make gressive Democratsdecide to Ms.Haley,aSouth Carolin- NEW

geared toward the pandemic. ment benefitfor workerslaid them stand thereand talk,I’m vote no. ian who wasacritic of Mr. G “Thiswas not really about off as aresult of the pandemic. willingtolook at anyway we Mr.Manchin demonstrated Trump beforebecoming his Kristi Noem spoke at last

coronavirus in terms of the That benefitwill nowend in can,” he said on NBC. on Fridaythe leverageindivid- United Nations ambassador for week’s conservative gathering, OOMBER spending,” said Sen. John Bar- September,about amonth ear- Congressional Democrats ual Democratscan wield by two years, has distanced her- above. Nikki Haley, below, was rasso(R.,Wyo.) on NBC on lier than provided under an have tried to emphasizethe threatening to break from party self at times from the former invited but didn’t attend. GE/BL Sunday. “This wasaliberal agreement reached earlier achievement of getting the leadersinsuch anarrowly di- president, essentially continu-

wish list of liberalspending, among most Democrats. Covid-19 relief bill through the vided chamber,evenonthose ing the approach she took NOUVELA

just basically filled with pork.” Appearing on four political 50-50 Senate, which Democrats billsthat canbepassed with a when she disagreed with him AH

Ms.Jayapal said the bill rep- captured in apair of upset elec- simple majority. whileinhis administration. ELIJ

resented about 7% of U.S. gross tion wins in Georgia partly on He waspressed by fellow Ms.Noem, South Dakota’s GES;

domestic product, in line with All Republicans in the argument that the party Democratsand received a first-term governor,has closely IMA what some economistsbelieved could getserious legislation phone call from Mr.Biden, but associated herself with Mr.

would be needed to help the the Senate, like all passed afteryearsofgridlock. he insisted on cutting back the Trump. On Friday, she ap- GETTY economyrecover from the cor- “Wepassed the most signifi- length of the extraunemploy- peared at his Palm Beach, Fla., those in the House, EDLE/

onavirus pandemic.And she cant bill in the historyofthe ment benefits, saying the pay- resort forafundraiser benefit- RA noted the lingering riftwithin voted against it. last 10 years, and everyDemo- mentsand added income-tax ing her re-election campaign. JOE

the Democratic ranks about the crat votedfor it,” SenateMa- benefitsneeded to be better Ms.Noem has also received P: failurebythe Senatetoinclude jority Leader Chuck Schumer targeted to those who need political advicefromanadviser TO OM

the minimum-wageincrease, (D., N.Y.)said in an interview them. to the former president. Corey FR which Mr.Biden has pledged to talk shows Sundaymorning, Saturday. “This wasaveryhard Mr.Manchin said he hadn’t Lewandowski,who managed pass. An amendment offered by Mr.Manchin praised the relief thing to getdone.” extracted anypromises from part of Mr.Trump’sfirst presi- style of governing that has de- Sen. Bernie Sanders(I., Vt.) to packageand redoubled his op- Butthe debatelaid barethe Mr.Biden in exchangefor his dential campaign, accompanied lighted some conservatives. the Senatebill to include the position to calls from fellow difficulty Mr.Schumer will face vote on the bill. “I’venever Ms.Noem in early Januaryata “Covid didn’t crush the minimum-wage increase was Democratswho want to change in getting his caucus to agree done that,” Mr.Manchin said. RepublicanNational Commit- economy. Government crushed defeated, with eight Democratic Senaterules to allowmorebills on policy. “I just don’t trade off that way. teemeeting in Florida. the economy,” she said. “I senatorsvoting “no.” to passwith asimple majority Even among senatorswho There’snoneed to.” Ms.Haley also attended that don’t believegovernorshave “Weremain extremely dis- vote,reducing Republicans’ agree that the minimum wage Mr.Manchin has Mr.Biden’s RNC gathering just afterthe the authority to tell youthat appointedthat the minimum ability to block their proposals. should be increased, disagree- support, fornow.WhiteHouse Jan. 6Capitol riot by apro- your businessisn’t essential.” wage bill wasnot included,” “I’m notgoing to changemy ment remains.Mr. Manchin, for Communications Director Kate Trump mob.She made signifi- Ms.Noem has also fought Ms.Jayapal said. “The mini- mind on the filibuster,” Mr. instance, has called forraising Bedingfield said on CNN that cantly biggerwaves there, us- against mask mandates and en- mumwageremains essential Manchin said. it to $11 an hour. Mr.Biden doesn’t support elim- ingher speech to both praise couraged alarge motorcycle policy and we must deliver on Mr.Manchin also rejected Thewrangling over the inating the filibuster. Mr.Trump’saccomplishments rally in her statelast August this issue.” fornow the suggestion of Covid-19 relief bill could be an “Look at what we have been in office and criticizehis be- that attracted hundreds of Aprovision on the minimum carve-outstoSenaterules to al- omen as Mr.Biden prepares to able to do in the firstsix weeks havior afterhis November elec- thousands of people. wage wasleftout of the Senate lowother Democratic legisla- turn to other significant items that we have been in officewith tion loss, when he repeatedly While national public-health version afteraFebruaryruling tion, such as the House-passed on hisfirst-year agenda. The the filibuster in place,” she said. claimed that he had defeated figureshavebeen critical of PresidentBiden. Ms.Noem’sapproach and “His actionssinceElection pointed to her state’shigh rate Daywill be judged harshly by of infections per capita, the Push forBipartisan TalksonMinimum Wage history,” she told membersof pandemic hashelped elevate the RNC.“It’sdeeply disap- the governor among conserva- BY ANDREW DUEHREN gressives,and House Demo- has been since 2009. Covid-aid bill on Fridaypush- pointing.” tives.Ms. Noem finished sec- AND ERIC MORATH cratsincluded the proposal in “It seems to me the univer- ingfor the Senatetooverride In arecent Politicointer- ond in aCPACstraw poll of po- the version of the legislation sal agreement among not just the rules and raise the mini- view she took an even larger tential 2024presidential WASHINGTON—Demo- they initially passed. But the Democrats, but Republicans mum wage to $15 an hour, swing at Mr.Trump.“Idon’t candidates,behind Florida Gov. crats’ failuretopassamini- proposal fell apart in the Sen- who have recently introduced eight Democratsvoted against thinkhe’sgoing to be in the RonDeSantis,when Mr.Trump mum-wageincrease could spur ate, wherecentrist Democrats bills to raise the minimum it. picture,” Ms.Haley said of his wasn’t included in the mix. bipartisan negotiations to opposed it and special proce- wage,suggeststhat there’s “I think they were planning futurerole in the party.“I Ms.Haley wasinvited to bridgethe big gapbetween the dural rules forbid itsinclusion broad bipartisan agreement,” on the $15 proposal, and now don’t think he can. He’sfallen speak at the conservativegath- party’s progressivewing,its in the relief package. said Sen. Chris Coons (D., Del.) there’sIthink arecognition so far.” ering,but an aide said she had centristsand Republican sena- Now, Democratswill have recently.“So Idothink there’s that we’regoing to have adif- Gail Gitcho,aGOP strategist aprevious obligation. She de- tors on raising workers’ pay. to reach an agreement on the room for compromise.” ferent path forward,” Sen. and former communications di- clined an interviewrequest. As part of his original wage increase among them- AvoteFridayhighlighted MittRomney (R., Utah) said. rector forthe Republican Gov- Ian Fury, Ms. Noem’s Covid-19 relief plan, President selves and likely with Republi- thesplitsinthe Democratic Mr.Romney said he has ernorsAssociation,said Ms. spokesman, said in an emailed Biden called on Congressto cans to raise the federal mini- caucus on the issue.When started preliminarydiscus- Haley’s work during the Trump statement responding to an in- raise the wage to $15 an hour mum wage from itscurrent Sen. Bernie Sanders(I., Vt.) sionswith Democratsona administration made her terviewrequest that she has no by 2025,akey demand of pro- level of $7.25 an hour, whereit offered an amendment to the wage increase. “somewhat of adarling of con- Oval Officeambitions. P2JW067000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, March 8, 2021 | A5 U.S. NEWS Hack HitsThousands of Email Customers

BY ROBERT MCMILLAN emergencydirectivelast pacts” and result in a"large nentsthat include these flaws AND DUSTIN VOLZ week requiring federal gov- number of victims.” or limit access to Exchange ernment agencies to immedi- In an updatetoits alert, by using security tools such Acyberattack on Micro- ately patch or disconnect posted Thursday, CISA as virtual privatenetworks, soft Corp.’sExchangeemail productsrunning Microsoft warned that hackerswereus- he said. software is believed to have Exchange on-premises prod- ing automated tools to scour UsersofMicrosoft’scloud- infected tens of thousands of ucts. CISAheld acall Friday the internet forvulnerable based Office365 productare businesses,government of- with morethan 4,000 critical Exchangeservers. unaffected by the hack,the ficesand schools in the U.S., infrastructurepartnersinthe Security companySyman- companysaid. according to people briefed privatesector and stateand techas identified a“hand- Mandiant,another security on thematter. localgovernmentsencourag- ful” of hacking groups,all firm, said in ablog post last GES Manyofthose victims of ing them to patch their sys- linked to China, behind these week that it had witnessed IMA the attack,which Microsoft tems. attacks,said Vikram Thakur,a multiple instances of Micro- GETTY

has said wascarried out by a Also on Friday, White security researcher at the soft ExchangeServer abuse A/

network of suspected Chinese House presssecretaryJen firm. dating to January. Detected INHU

hackers, appear to be small Psaki told reportersduring a Thevictims have tended to victimsofthe attack include /X

businesses and stateand local news briefing that the Micro- be small and medium-sizeor- U.S.-based retailers, local LANG governments. Estimates of to- softvulnerabilities were of ganizations because many governments, at leastone QIN talworld-wide victims were significant concern and largerones either don’t run university and an engineering Microsoft has said the attack on its Exchange email software approximateand ranged “could have far-reaching im- some of the Exchangecompo- firm, Mandiant said. was carried out by a network of suspected Chinese hackers. broadly as of Friday. Tens of thousandsofcustomersap- pear to have been affected, but that number could be larger, the people said. It could be higher than 250,000, one person said. While manyofthose af- fected likely hold little intelli- gencevalue due to the targets of the attack,itislikely to PRATT INDUSTRIES have nettedhigh-value espio- nagetargets as well, one of thepeople said. Thehackershavebeen ex- ploiting aseries of four flaws in Microsoft’sExchangesoft- ware to break intoemail ac- countsand read messages without authorization, and to install unauthorized software, 10,000 GREEN-COLLAR the companysaid. Those flawsare known as zero days among cybersecurity profes- sionals because they relied on previouslyundisclosed soft- ware bugs, suggesting ahigh MANUFACTURING JOBS degree of sophistication by thehackers. “It wasbeing used in are- ally stealthymanner to not raise anyalarm bells,” said Steven Adair,founder of the cybersecurity companyVolex- ity Inc., one of the firms that Microsoftcredited with re- porting the issue. Microsoftpublicized the attack Tuesdayand identified the culpritsasaChinese cy- berespionagegroup that it dubbed Hafnium. Thecom- panyprovided asoftware patch to userstofix the bugs. Afew days beforethat

Victims of theattack include businesses, government offices and schools.

happened, however, the hack- erschanged tactics.They abandoned stealth and began using automated software to scan the internet forvulnera- ble serversand infect them, Mr.Adair said. “The attackerscranked up ahugenotch over this past weekend,” he said. “They’re just hitting everyExchange server they canfind on the internet.” AMicrosoftspokesman said Fridaythe companywas working with government agencies and security compa- nies on mitigating the inci- dent,but declined to com- ment on the scope of the attack.Newsofthe attack’s BOXMAKING FACTORIES scope wasreported earlier by 55 the bloggerBrian Krebs. Foryears, U.S. authorities have accused China of wide- spread hacking targeting American businesses and gov- RECYCLING CENTERS AND ernment agencies.China has denied these allegations. 11 This latest attack follows a SPECIALTY PACKAGING PLANTS suspected Russian cyberat- tack,disclosed in December, on American government sys- tems and businesses.But that attack,which brokeintoa networking-software provider 100% RECYCLED PAPER MILLS called SolarWinds,was asur- 5 gical strikethat hit about 100 companies and nine govern- ment agencies.Bycontrast, this latest incident wasmore of ashotgun blast, infecting tens of thousands of victims or more. Security expertsfamiliar with the mattersaid among theconcerns with this latest attack is that incident-re- sponse teams arealready pushed to their limitshan- dling that earlier,continuing problem. Microsofthas said the two attacks aren’t related. This latest incident has prompted widespread con- cern within the Biden admin- istration, as several govern- ment officials in recent days have sought to warn about its potential severity.The Cyber- www.prattindustries.com security and Infrastructure Security Agencyissued arare P2JW067000-0-A00600-1------XA

A6 | Monday, March 8, 2021 THE WALL STREET JOURNAL. U.S. NEWS Russia TargetsVaccines, U.S. Says Covid-19 Pill Shows Websites push false They presentthemselves as ac- ademic publications and are information on safety aimed at the Middle East, Asia Promising and efficacy, according andAfrica, offering comment on theU.S.’srole in the world. to State Department TheState Department said in Results August that NewEastern Out- BY MICHAEL R. GORDON look waslinked to “state- AND DUSTIN VOLZ funded institutions” in Russia. BY BETSY MCKAY Another publication, News Russian intelligenceagencies Front, is guided by the FSB,a An experimental Covid-19 have mounted acampaign to security servicethat succeeded drug that promises to be a undermine confidenceinPfizer the KGB, the official said. In Au- kind of Tamiflu forthe pan- Inc.’sand other Western vac- gust, the State Department was demic had positiveresultsina cines,using online publications lessexplicit, saying that News preliminary study, one of the that in recent months have Front reportedly had ties to drug’s developers said. questioned the vaccines’ devel- Russiasecurity services and Thepill, which is being de- opment and safety,U.S.officials Kremlin funding. veloped by Ridgeback Biother- said. Rebel Inside,the fourth pub- apeutics LP and Merck &Co., An official with the State De- lication, has been controlled by significantly reduced infectious partment’sGlobal Engagement the GRU, which is an intelli- virus in subjectsinamid-stage Center,which monitorsforeign gencedirectorateofthe Rus- study afterfivedays of treat- disinformation efforts, identi- RENDLEMAN/REUTERS sian Armed Forces General ment,Ridgeback reported at a

fied four publications that he JULIA Staff.Itcovered riotsand pro- virtualmeeting of infectious- said have served as frontsfor The U.S. says Russians want to undermine confidenceinWestern Covid-19 vaccines, including Pfizer’s. testsand nowappearsdor- diseasescientistsSaturday. Russian intelligence. mant, the GEC official said. Further study of the experi- Thewebsites playedupthe Russian propaganda anddisin- of the German Marshall Fund, a cial services have nothing to do AState Department spokes- mental antiviral is under way. vaccines’ risk of side effects, formation ecosystem.” U.S. think tank. with anycriticism against vac- man didn’t provide specific evi- If it proves capable of treating questioned their efficacyand In addition, Russian state Theforeign effortstosow cines,” Mr.Peskov said in a dencelinking the publications people with Covid-19 who show said theU.S.had rushed the media and government Twitter doubtsabout the vaccine ex- phone interviewfromMoscow. to Russian intelligencebut said symptoms,the drug would bol- Pfizer vaccine through the ap- accountshavemade overt ef- ploit deep-seated anxieties “Ifwetreat everynegativepub- the assessment was“aresult of ster alimited arsenal of treat- proval process, among other fortstoraise concerns about about the efficacyand side ef- lication against the Sputnik V ajoint interagencyconclusion.” mentsand be the firstoralan- false or misleading claims. the cost and safety of the Pfizer fectsofvaccines that were al- vaccine as aresult of effortsby “Russian intelligenceser- tiviral against the disease. Though the outlets’ reader- vaccine in what expertsoutside ready prevalent in some com- American special services,then vices bear direct responsibility Morethan ayear intothe ship is small, U.S. officials say the U.S. government sayisan munities in the U.S. and we will go crazy because we forusing these four platforms pandemic,doctorsand they inject false narratives that effort to promoteRussia’srival internationally. Concern about see it everyday,every hour and to spread propaganda and lies,” Covid-19 patientshavefew op- canbeamplified by other Rus- Sputnik Vvaccine. side effectsisamajor reason in everyAnglo-Saxon media.” the spokesman said. tions.Only one antiviral has sian and international media. “The emphasis on denigrat- forvaccine hesitancy, according TheState Department GEC News Front, NewEastern been authorized foruse: rem- “Wecan saythese outlets ing Pfizer is likely due to itssta- to U.S. Census Bureau data official said that four publica- Outlookand Oriental Review desivir from Gilead Sciences aredirectly linked to Russian tus as the firstvaccine besides made public last month. tionshad direct links to Rus- didn’t respond to requestsfor Inc.,and it has been shown to intelligenceservices,” the Sputnik Vtosee massuse,re- Kremlin spokesman Dmitry sian intelligenceand were used comment. provide only amodest benefit Global Engagement Center offi- sultinginagreater potential Peskov denied that Russian in- by the Russian government to Social-media accountsaffili- in hospitalized patients. cial said of the sites behind the threat to Sputnik’smarket dom- telligenceagencies were orches- mislead international opinion ated with thefour websites Theexperimental drug, disinformation campaign. inance,” says acoming report trating articles against Western on arangeofissues. have largely been removed named molnupiravir,could fill “They’reall foreign-owned, by the Alliancefor Securing De- vaccines and said U.S. officials NewEastern Outlook and from Facebook,Instagram, an important role by also based outside of the United mocracy, an organization that were mischaracterizing the Oriental Review,the official Twitter, YouTube and Pinterest, helping people who aresick States. They vary alot in their focuses on the danger that au- broad international debateover said, aredirected and con- though some non-English-lan- but still at home, serving the reach, their tone,their audi- thoritariangovernmentspose vaccines as aRussian plot. trolled by the SVR, or Russia’s guageaccountsremained active same kind of role performed ence, but they’reall part of the to democracies and that is part “It’snonsense.Russian spe- foreign intelligenceservice. earlier this year. by Tamiflu forthe flu, some infectious-disease expertssay. “It’stantalizing and inter- esting,but it’snot exactly Rollout Falls ShortofPastGlobal Campaigns 100% complete,” said Carl Di- effenbach,director of the Divi- sion of AIDS at the National B Y B OJAN PANCEVSKI InstituteofAllergy and Infec- tious Diseases,who wasn’t in- Afterbriefly waiting in line, volved in thestudy.“What we William Schaffner and his fa- need to confirm is that there’s ther joined six million people in clinical benefit.” greater NewYork who were Drug researchersare mak- vaccinated in just over three ing apush to find new weeks,alogistical feat made Covid-19 drugstoimprove possible by seamlesscoopera- upon the performanceofthe tion between local and federal few currently available thera- authorities. pies and fill in gaps in the of- This wasin1947. ferings. They also arelooking Dr.Schaffner,now professor fortherapies that areeffective of medicine at Vanderbilt Uni- against newcoronavirus vari- versity,says the high-speed ants that arespreading rapidly. vaccination campaign that “The clear need in this is ended an outbreak of smallpox the development of potent an- wasinmanyways moresuc- tivirals directly acting on cessfulthan this year’s delay- SARS-CoV-2,” AnthonyFauci, ridden immunization campaign director of the NIAID and Pres- against Covid-19. ident Biden’s chief medical ad- It wasn’t aone-off either.In viser,said at arecent White 1954, Dr.Schaffner became one House briefing,referring to the of the so-called Polio Pioneers virus causing the pandemic. who volunteered forthe trial of Unlikeother drugstarget- anew vaccine that wasthen ing the spikeprotein protrud- swiftly rolled out acrossthe ing from the surfaceofthe vi- U.S.,reaching tens of millions rus, molnupiravir attacks a of people with the help of influ- portion of the virus that helps encerssuch as Elvis Presley S it reproduce.

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thorities have administered just AS nupiravir in people who had over two million doses of Elvis Presley received a polio vaccine shot in New York City in 1956 from Dr. Harold Fuerst and Dr. Leona Baumgartner. developed Covid-19 symptoms Covid-19 vaccines sincethe within the previous week, start of the rollout in Decem- Schaffner said, while today’s the U.S. government-run proj- based on vaccine trials,and pri- made by regulatorstouse a tested positivefor the disease ber,athirdofwhat their prede- response to the coronavirus ect to develop vaccines. oritization schedules have two-dose regimen. Similarly, during the most recent four cessorsmanaged in lessthan a pandemic has suffered from po- Vaccine reluctancehas spread addedcomplexity. most followastrict system of days and weren’t hospitalized. month back in 1947. larization and incoherent mes- even amonghealthcareprofes- Past vaccination effortswere prioritizing risk groups today Testsdidn’t detect infec- So what is different nowand saging,asexemplified in the sionals.InFrance, around half of generally open to all, and gov- such as the elderly and front- tious virus in anyofthe study what is theretolearn from U.S. by the contradictorystate- health workersincarehomes re- ernmentsdrafted pragmatic line medical workers. These are volunteerswho took molnupi- these previous campaigns that, mentsbythen-President Don- fuse to take aCovid-19 vaccine, vaccination policies guided by needed because thereisavac- ravir twiceaday afterfive in retrospect, appear to have ald Trump and AnthonyFauci, whileinGermany, the BeneVit science. Today’sstrict adher- cine shortfall and they also re- days of treatment, while 24% marked the peak of vaccination theWhiteHouse medical ad- care-home operator found that ence to trial protocols,such as flect the lopsided risks posed of subjectswho received apla- prowess in Western nations? viser, last year. only 30%ofstaff wished to be giving the second dose of Pfizer by Covid-19. cebo did, Ridgeback reported While scarcity of the new In 1947,President HarryTru- vaccinated. Inc.vaccine three weeks after Rolloutshavebeen particu- at thevirtual Conferenceon vaccines is perhaps the greatest man came to NewYork to take Instead of speeding up vacci- the first, while prudent, comes larly slow in the European Retroviruses and Opportunis- bottleneck,other factorshave the shot and help the cam- nation, contemporarytechnolo- at theexpense of efficiency. Union.Despiteashortageof tic Infections.Subjectswho helped to slowdownthe roll- paign, andMayor William gies such as digital datapro- “Second doses were often vaccines,millions of doses are took larger doses of the drug out. Amongthem: fading trust O’Dwyertook the shot in pub- cessing have sometimes turned delayedinthe past,” said Stan- languishing in storagethere also had lowerlevelsofinfec- in public institutions andsci- lic. intoabottleneck. ley Plotkin, ascientist who de- due to logistical bottlenecks tious virus than the placebo ence, an underfunded health- “I think the credibility of In Germany, privacycon- veloped anumber of vaccines, and areluctancebyeligible re- group after three days. care infrastructure, alesscapa- governmentsand the popula- cerns prevent authorities from includingthe shot against ru- cipientstotakeashot that has Ridgeback Biotherapeutics ble government, the rise of tion’strust in them has gone easily reaching out to some cit- bella, one of the most success- occasionally caused strong re- co-founder Wayne Holman vaccine skepticism and even significantly down…and as a izens.Insome German states, fulinhistory. In some in- actions.InGermany, 2.4million said the resultsindicatethe political polarization. consequencethe population no one canget avaccination stances,such unplanned delays doses were lying in storagein drug preventsthe newcorona- In thepast, politicians and doesn’tjust line up and agree appointment until they have re- actually boosted recipients’ im- the firstweek of March, while virus from replicating in the public health officials worked to be vaccinated,” said Moncef ceived the letterinviting them mune responses. in Franceover1.2 million doses body and offer the first proof acrossfederal and local govern- Slaoui,the chief scientist be- to do so. Most governmentsare fol- made by AstraZenecaPLC were that an oral antiviral drug can ment to getshotsintoarms,Dr. hind Operation Warp Speed, Dosing regimens,rigidly lowing the recommendations waiting to be used. be effective against the virus. Scientists Push Back Against Calls for One-Dose Regimens

BY THOMAS M. BURTON and Drug Administration’s shifting to one shot will allow tection, but the longer-term people to as high alevel of im- center that oversees vaccines, the U.S. to acceleratethe pace Some sayshifting to protection is aquestion mark. munity as possible,” the doc- WASHINGTON—U.S.gov- told The Wall Street Journal. of vaccinations. “You would be flying blind tor said. ernment scientistsare pushing TheFDA latelast year ap- In aMarch 2letter to act- one shot will let the to just use one dose,” said one Asked forcomment Satur- back against calls forone-dose proved atwo-dose regimen for ing Health and Human Ser- U.S. acceleratethe senior scientist and adviser to day, Moderna in astatement regimens fortwo Covid-19 vaccines from Moderna Inc. vices SecretaryNorris Co- President Biden.“If you’rego- said that “in ongoing clinical vaccines designed to be ad- and from apartnership of chran,seven physician pace of vaccinations. ing to do something else other studies and assessment of ministered with two shots, Pfizer Inc. and BioNTech SE. membersofCongressurged than followthe studies shown real-world evidence, we do saying there isn’t enough evi- Morerecently it approved use thedepartment “toconsider to the FDA, showmethat this and will look at lotsofsecond- dence that a single dose pro- of aone-dose regimen fora issuing arevisedemergency one-shot effect is durable.” ary matters, including poten- vides long-term protection. Johnson & Johnson vaccine. use authorization as soon as Health said such ashiftisn’t Another senior U.S. govern- tially this question” of a one- “It is essential that these Some scientistsand law- possible” that might lead to warranted, saying the evi- ment doctor said the durabil- dose regimen. vaccines be used as authorized makershave called forshifting single-dose use of the Pfizer denceused to approvethe ity of the vaccination is espe- Pfizer didn’t respond to a by FDAinorder to prevent to a one-dose regimen for all and Moderna vaccines. Pfizer and Moderna vaccines cially importantwhen more- request forcomment. The Covid-19 and related hospital- the vaccines,citing prelimi- In interviews,senior gov- was based on two doses. resistant strains of Covid-19 companyhas previouslysaid it izations and death,” Peter narystudies showing one shot ernment scientistsatthe FDA These scientistssaid one are appearing in the U.S. doesn’t have data for the sin- Marks,director of the Food canbeeffective. They contend and the National Institutes of dose mayoffer short-term pro- “Wethink it’sbest to get gle-dose approach. P2JW067000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, March 8, 2021 | A7 P2JW067000-5-A00800-1------XA

A8 | Monday, March 8, 2021 ***** THE WALL STREET JOURNAL. WORLD NEWS Markle Tells of Rift With Royals

BY JOHN JURGENSEN they seemed to differentiate palace staff from members of Meghan Markle, the Duch- the royalfamily and took essofSussex, said she had pains to describe aloving rela- suicidal thoughtsafter marry- tionship with Queen Elizabeth ing intothe British royalfam- II, PrinceHarry’sgrandmother. ily and wasasked about how However, PrinceHarrycom- dark her son’s skin might be, plained that his family failed in a CBS interview that aired to speak out against “racist Sunday night. propaganda” in theBritish In an interviewwith Oprah press. He also said his father, Winfrey,Ms. Merkle and her PrinceCharles,temporarily husband, PrinceHarry, at- stopped taking his phone calls. tempted to explain whythey Thetwo-hour broadcast also leftEngland forCalifornia after highlighted sunnier personal stepping away from their front- details.They revealed the gen- line official duties last year. der of the baby they areex- They said theirriftwith “The pecting—agirl—and the fact Firm,” as they referred to the that they were married in a palace, began beforetheir 2018 privateceremony, three days wedding,and wasexacerbated beforethe televised gala,by

CK by the British tabloid media. the Archbishop of Canterbury. TO “I came to understand that, But the confrontational not only was I not being pro- tone of the interviewwas cer- tected, but that they were tain to inflame tensions be- SHUTTERS

A/ willing to lie to protect other tween the Dukeand Duchess EP

O/ membersofthe family,but of Sussex and the House of

ME they weren’t willing to tell the Windsor.Itaired lessthan a DI

O truth to protect me and my monthafter Buckingham Pal- husband,” Ms. Markle said. acestripped the Sussexes of NDR

SA Buckingham Palacedidn’t royalappointments.

ALES respond to arequest forcom- Ms.Markle recalled discus- Pope Francis on Sunday attended a prayer service in Mosul, which was ravaged by Islamic State. ment. sions about security for their Therareairing of royal son, Archie,and his not having grievances opened anew the title of prince. “Wehavein chapter in the couple’s break- tandem the conversation of he Pope’sIraqi Trip NearsEnd away from the British royal won’t be given security,he’s family and their effortsto notbeing given atitle,and shape their fame while pursu- also concerns and conversa- High-profile visit to timing,including from manyin when he arrived in Baghdad on with multiple crises including a ing personal businessven- tions about how dark his skin the Vatican, Pope Francis used Friday. surging coronavirus outbreak, tures,including existing deals might be when he’sborn,” she war-torn nation during aseries of events, including a In his meeting with Grand recent attacks by Islamic State with Netflix and Spotify. said, without specifying who pandemic raises hopes Massatasoccerstadium in Er- AyatollahAli al-Sistani,the and aflare-up in violencebe- In the interview, the Duke made those comments. bil on Sunday, to promote his most influential cleric in Iraq, tween the U.S. and militantsal- and DuchessofSussexde- Under such pressure, Ms. for interfaith harmony agenda of support forbelea- thepope significantly broad- lied with Iran. Thepope’smes- scribed being cut off finan- Markle experienced suicidal guered Christians in the Middle ened his campaign forbetter sageofpeaceand interreligious cially from the monarchy and thoughts, she said. She sought BY FRANCIS X. ROCCA East and outreach to Muslims. relations with Muslims to in- dialogue helped raise morale recalled their confusion about help from the human resources AND JARED MALSIN Therisk of mishaps re- clude Shiites.Healso elicited a among manyIraqis dealing the extent of security they department of the palaceand mained until takeoff from Bagh- strong statement of support with political violence, the pan- would have.Intheir criticism, wasdenied it, Ms.Markle said. ERBIL,Iraq—Pope Francis’s dad early Monday. Public-health from Mr.Sistani forthe civil demic and acontinuing eco- visit to Iraq wasfraught with officials mayeventually con- rightsofChristians. nomic crisis. dangersfromterrorism to clude that the Sundayafternoon Pope Francis has endured a “This is ahistoric event in Covid-19.But as his densely Mass, wheresocial-distancing frustrating year of near-isolation Iraq,” said Ammar Al-Hakim,a packed itineraryneared comple- and mask-wearing requirements on account of the pandemic.Last prominent Shiitecleric who tion on Sunday, his gamble ap- were widely flouted, spread March he complained of being “a leads abloc of lawmakersin

peared to have worked, giving Covid-19 infections.The daunt- pope in acage.” On Sunday, a Iraq’sparliament. “The visit of /REUTERS him the diplomatic and pastoral ing security threatsinacountry pontiff who thrives on crowds the Pope is astation on the platform he has sorely missed still racked by violence and contact with the faithful ex- road of Iraq restoring itsreli-

sincethe pandemic began. prompted Iraqi forces to guard changed the armored carpro- gious position sinceIraqisthe ODUCTIONS PR

Thepope’sdetermination to the papal visit vigorously,in- vided him by Iraqi authorities fountain of the Abrahamic O stageahigh-profile interna- cluding anear totallockdown of foropen-air vehicles to tour Er- faiths,” he said. tional trip with thepandemic Baghdad. bil’ssoccerstadium and the ru- Thevisit culminated with still running high makes him al- Braving those dangers“dou- ins of Mosul. messages of support forChris-

most unique among world lead- bles the value of the visit to From Iraq’sperspective, tians.InMosul, he spokeamid PUGLIESE/HARP

ersatpresent. Defying fears Iraqis,” the country’spresident, Pope Francis’svisit drew global ruins in asection whereIslamic JOE andwarningsabout the trip’s BarhamSalih,told the pope attention to acountrywrestling State had destroyed churches. The Duke and Duchess of Sussex and interviewer Oprah Winfrey. Armenians Hunt for Sons Who Disappeared in War

BY ANN M. SIMMONS year-old son has sincetaken keredcease-firehalted the menia’shuman rightsombuds- menians but internationally officeofNagorno-Karabakh’s himintoAzeri-held territory fighting over the disputed en- man. “It keeps the situation recognized as part of Azerbai- president. MOSCOW—The last time with the help of Red Crossoffi- clave,isone of the most polar- hereverytense.” jan.Ithas been the subject of Azerbaijan denies holding AshotAsatryansaw his son cials and Russian peacekeep- izing issues in the aftermath of Armenian officials arereluc- fighting between the two for- POWs.President Ilham Aliyev Henrik,itwas in avideo with ersinsearch of clues.Hundreds the conflict, as Armenia and tant to sayhow manyofits sol- merSoviet republics sincethe said last month it had returned otherArmenian soldiers, their of other parentsare also seek- Azerbaijan trytofind apath to diersare believed to be held as early 1990s. all legitimatecaptives.Those hands thrust in the air after ing to find out what became of alasting peace in the South POWs in the aftermath of the Mr.Tatoyan says thereare stillheld are“terroristsand their base had been captured their children afterthey were Caucasus nearly 30 yearsafter conflict, which sawAzerbaijan several hundred, while Tanya saboteurs,” he said. Armenian by Azeriforcesinlast year’s believed to have been taken they firstcame to blows. securecontrol of large swaths Lokshina, aresearcher forHu- leadersargue that prisonersare waroverNagorno-Karabakh. prisoner in the 44-dayconflict. Theprisonersofwar issue of territoryinand around Na- manRightsWatch,says some being held as bargaining chips Mr.Asatryan’squest to find Their fate, almost four is “a hugeobstacle,” said Ar- gorno-Karabakh. Theregion is 700people arestill missing,in- as Azerbaijan negotiates for outwhat happened to his 19- months afteraRussian-bro- man Tatoyan, alawyer and Ar- largely populated by ethnic Ar- cludingPOWs, according to the control of Nagorno-Karabakh. WORLDWATCH Hammacher Schlemmer Guaranteeing the Best, the Only, and the Unexpected for 173 years. SAUDI ARABIA Spring Savings Rockets Target Oil 15%OFF Port; Iran Blamed any purchase of $99 or more* use code WSHOME by 4/28/21 Yemen’sIran-aligned Houthi EXCLUSIVE! rebels said theyattacked amajor Saudi Arabian oil port on the Per- sian Gulf with drones and mis- siles on Sunday. Saudi authorities said the strikecaused no casual- ties or damage.

The Saudi Energy Ministry CK said an assault “coming from the TO sea” targeted petroleum tanksat

the Ras Tanuraport. SHUTTERS Iwould recommend “All indications pointtoIran,” A/ this to everyone. said an adviser to the Saudi royal

Best investment for court who said he wasbriefed on HEIN/EP my grill. the matter.Hesaid it wasn’tclear W ZA The Grillzebo –Brian if the origin wasIranorIraqbut UNG

thatithad notcome from Yemen. KA Iranian officials didn’timmedi- MANDALAYPROTEST: Policeoccupied hospitals and universities acrossMyanmar on Sundayand ately respond to arequestfor arrestedhundreds protesting the military coup. Acoalition of labor unions called forastrikeMonday. comment. An Iraqi official said he 40" tall wasunaware of aconnection be- 400, according to statetelevision. gesting apossible chemical acci- The Wall Street Journal. tween Iraq and the attack. PresidentTeodoroObiang dent. This year,inFebruary alone, YahyaSaree, aspokesman for Nguema Mbasogo said the blasts, —Joe Parkinson outbound shipments surged Houthi forces, said the group on which occurred in the West African 154.9% from ayear earlier,are- Sundayused 10 drones and a nation’seconomic capital of Bata, CHINA cord monthly increase forexports ballistic missile in an attack on were caused by negligenceinvolv- in year-over-year terms, albeit one Saudi Arabia’sEastern Province, ing dynamiteatamilitary base. Exports Rebound made possible by lastFebruary’s as well as four drones and six Early local media reports sug- From Covid-19 Slump historic plunge in trade. missiles aimed at the southern gestedthe incidentmay have been Imports rose 22.2% in the first Saudi regions of Asir and Jazan. caused by an accidental explosion China’sexports surged in the twomonths compared with last The Wine Bottle Light The Deep Resonance Serenity Bell —Summer Said at the Nkoa Ntoma military camp, firsttwo months of the year year,accelerating from Decem- which houses alarge arms depot. from lastyear’s coronavirus-in- ber’s 6.5% year-over-year increase. Spring Savings Every purchase backed by EQUATORIAL GUINEA Images on social media showed duced lows,asdemand in the Takentogether,the trade sur- our rather famous Explosions Kill 20, widespread damage. Civilians, U.S. and Europe formade-in- plus in January-February widened 15%OFF LIFETIME GUARANTEE some wounded, could be seen run- China goods rebounded. from December to $103.25 billion, Online: Hammacher.com Wound Over 400 ning amid huge plumes of smoke The jump in the January-Feb- topping the projected $57.7 bil- any purchase of $99 or more* and windowlessbuildings. Peo- ruary period from ayear earlier, lion. This so-called lowbase ef- use code WSHOME Toll Free: 1-866-409-5548 by 4/28/21 Corporate Sales:1-866-714-0530 Aseries of massiveexplosions ple scoured the rubble and debris released Sundaybythe General fect is expected to givealift to rocked Equatorial Guinea’slargest looking forsurvivors. Administration of Customs in Bei- other major economic data points *Visit www.hammacher.com/terms for full terms and conditions cityonSunday, killing at least20 Some securityexperts said the jing, outpaced the 40% rise ex- forthe firstquarter. people and wounding morethan images showedyellowsmoke, sug- pected by economists polled by —Jonathan Cheng P2JW067000-0-A00900-1------XA

THE WALL STREET JOURNAL. Monday, March 8, 2021 | A9 WORLD NEWS Beijing Targets Chips, AI in U.S. Tech Race CK

Five-year economic bank lending and extend tax more. SenateMajority Leader TO incentives to encouragere- Chuck Schumer (D., N.Y.)has plan promises more search and development. asked U.S. lawmakers to craft SHUTTERS

spending, loans to Economistsand industryan- abill to counter China’srise in A/ alystssay China’s14th five-year technology, based on an ear-

bolster development plan stands out forits empha- lier proposal to spend $100 SKI/EP

sisonadvancedtechnologies billion over five yearsfunding VEV

BY L IZA LIN and innovation. It also included basic research in areas such as PLA

China’svision for2035,when artificial intelligence, high- ALEX Chinaupped the stakes in the countryexpectstohave performancecomputing and The U.S. lastyear imposed curbs on Shanghai-based Semiconductor Manufacturing International Corp. its tech race with the U.S., as “significant breakthroughs on advanced manufacturing. leaderslaid out plans to speed core technologies and seeks to “Both countries arefighting ment.” These include AI, Pacific,playaleading role in the percentage of 5G users in up development of advanced be among the most innovative to develop the same techno- quantum computing,integrated the militarization of space, dig- China to more than 50%, and technologies from chips to ar- nations globally.” logical strengths,” said Tommy circuits, genetic and biotechnol- ital trade and commerce,and in to lay the groundwork for 6G tificial intelligence and quan- China’sleadersare pushing Xie, an economist at OCBC ogyresearch, neuroscienceand work on an ecosystem around networks. tum computing over five to rival the U.S. in cutting-edge Bank based in Singapore. aerospace. China plans to cre- digital currency, he added. Theplan calls forcritical years. technologies and in developing Mr.LionFridaycommitted atenational laboratories and China’srole is already partsofsupply chains to re- In adraft economic blue- an independent supply chain to boosting Chinese central bolsteracademic programs to growing.The countryrecently main within the country. Es- print unveiled at the country’s to wean companies off depen- government spending on basic incubateand buttresssome of overtook the U.S. in terms of tablishing world-classdomes- annual legislativegathering, of- denceonAmerican suppliers. research by 10.6%this year these technologies,the report thenumber of journal cita- tic chip makershas become ficials said they would boost Theinitiatives followabruis- and formulating adecadelong said.Vaccines,deep-sea explo- tions on artificial intelligence, morepressing forChina in the research and development ing few years in which the action plan. Basic research— ration and voicerecognition are according to aStanfordUni- faceofU.S.curbs on Shanghai- spending by morethan 7% an- Trump administration piled re- the field of scientific research also targetsfor development. versity report this month. based Semiconductor Manu- nually over the five yearstothe strictions on Chinese compa- that leads to newknowledge “Leading in AI and comput- China likely had 690,000 5G facturing International Corp., end of 2025.That will account nies such as HuaweiTechnol- breakthroughs and is viewed ing enables China to reap huge base stations—boxesthat blast whichwas added to the U.S. forahigher percentageof ogies Co.that cut off access to as key to advancementsin benefitsinhybrid warfareand 5G signals to consumers—up Commerce Department’s grossdomestic product than in some critical components. technology—is one area in intelligencegathering,” said and running across the coun- blacklist last December over the previous five-year period. TheBiden administration is which China has traditionally Alex Capri,asenior fellowat trybythe end of 2020,com- allegedlinks to the Chinese Chinese Premier Li Keqiang conducting abroad reviewof lagged behind the U.S. the National University of Sing- pared with 50,000 in the U.S., military. said on Friday that China will U.S. policy on China technology Thefive-year plan lists apore’sbusinessschool. Other according to International China’sauthoritarian gov- revise regulation and policies and is seeking to enlist allies to seven strategic areas consid- cutting-edgetechnologies will Business Strategies Inc., a re- ernment has an outsizerole in to support the flow of venture stay ahead of Chinese advances. ered essentialto“national se- allowthe countrytoextendits search firm. Thelatest five- the economyand such plans capital intostartups,freeup Thereispressuretodo curity and overall develop- militarycapabilities in the Indo year plan setsagoal of raising carry a lot of weight. Seoul, U.S. Japanese CityStruggles 10 YearsAfter Quake To Share BY ALASTAIR GALE Outlays AND MIHO INADA RIKUZENTAKATA, Japan— Tenyearsafter one of the For Troops world’slargest earthquakes triggeredatsunami that wiped out much of this city, TheU.S.and South Korea major reconstruction is nearly have reached agreement on a complete. A40-foot-high con- newaccordthat would resolve crete wall guards the coast, a ayearslong disputeonhowto seven-floor city hall is setto sharethe cost of American open, and only afew dirt-car- troops basedonthe Korean rying trucks still rumble down Peninsula, officials from the the main street. two countries said on Sunday. Yetthe futureremains pre- carious forthis remotecom- By Michael R. Gordon munity,wheremorethan 1,700 JOURNAL in Washington people,or7%ofthe popula-

and Andrew Jeong tion, were killed in the disaster. REET ST

in Seoul With state-led financial LL

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Theaccordwould provide takatastruggles to staveoff THE

fora“meaningfulincrease” in the decline seen in other rural R the South Korean contribution, partsofJapan. Manysurvi- FO aState Department representa- vors have settled elsewhere, tivesaid. and large expanses of down- DELANO Thebreakthrough on the town land lie unused. OW newagreement, which would Recoverywork from the WHITL

last through 2025,came during 2011 disastersonJapan’s ES

face-to-facetalks on Sundayin northeastern coast, including JAM Washington, led by State De- themeltdown of three reac- Oyster farmer Sakae Yoshida in Rikuzentakata used to have 30 workers, but now has a staff of eight because most have retired. partment negotiator Donna tors at the Fukushima Daiichi Welton and Jeong Eun-bo, nuclear-powerplant, has been of land redevelopment work away from Rikuzentakataafter Afew younger people have like Toshiyuki, who was their South Korea’schief negotiator one of the world’smost expen- costing over $1.4billion. the disaster.The city’s popula- returned. Twenty-four-year-old son. Toshiyuki was a baseball on the issue.The Wall Street siverevivalprojects. Public Thegovernment offered tion was18,601 at the end of Rinnosuke Yoshida moved back coach at Rinnosuke’shigh Journal reported in February spending so far is almost $300 subsidies and debt relief for February, down almost 25% to Rikuzentakatalast summer to school. Both Rinnosuke and that the two sides were closing billion. TheU.S.government businesses in the disaster re- from a decade earlier. work on his grandparents’ vege- his elder brother,who lives in in on an agreement that would spent about $110 billion on re- gion as part of its 10-year re- At the current rate of de- table farm afterattending col- the prefectural capital, were removeamajor irritant in rela- covery afterHurricane Katrina covery plan. It says anew cline,Rikuzentakata’spopula- legenear Tokyoand working in keen baseball players. Rinno- tions between Washingtonand in 2005,according to the Con- five-year, $15 billion package tion will morethan halveby advertising sales.Most of his suke recently started playing itsAsian ally. gressional Budget Office. will be primarily targeted at 2060. More than 50% of resi- high-school friends have moved again with a local club team. Agreement between Seoul Thecommercial and resi- supportfor individuals,in- dentsare forecast to be over to other cities. On March 11, he expectshe andWashingtoncomes as the dential heart of Rikuzentakata, cluding mental healthcare. 65 by 2040. Rinnosuke Yoshida, who will drivehis mother and U.S. reached aparallel accord which sitsonalow-lying RikuzentakataMayor Fu- Oyster farmer Sakae Yoshida isn’trelated to the oyster grandparentstothe family on burden sharing with Japan coastal plain, was almost en- toshi Toba wantsmoreassis- used to have 30 staff but now farmer, said he preferred the gravesitetopay their respects last month. Thetwin diplo- tirely swept away in the March tancetorevive the local econ- haseight because most have clean air of the countryside to his father.“I’m not torn by matic moves arepart of a 11, 2011, disaster,and the city omynow that reconstruction is retired. Thebay near Rikuzen- and living by the sea. He also his death, but of course at times broader push by the Biden ad- alone accounted forabout a over.Lessthan half of the city’s takataisknown forits plump, said he was motivated by the Iwant to see him,” he said. ministration to solidifyties tenth of the deaths from redeveloped land is in use. fist-sized oysters,supplied to wishes of his father,Toshiyuki, He hopes to getmarried with important allies. Japan’sworst postwarnatural “We’vefinally created the luxuryhotels in Tokyo. who wanted to work on the this year to his high-school “Weare pleased that U.S. disaster.In2014, aproject be- conditions to trytoattract “Everyone has gotten older, family farm afterretirement sweetheart, who is training to and Republic of Koreanegotia- gantouse soil and rock from a businesses back here, just as and thereisnoone to take over but was killed in the tsunami. become a nurse. She will find tors have reached consensus mountain toptoraise the cen- government support programs the work,” the 73-year-old said His grandfather, who is 87 out in March if she passed her on aproposed text,” theState tral area by morethan 20 feet. are winding down,” he said. as he and his wifefinished sort- yearsold, and grandmother, exams to become qualified. Department spokesman said, The final sections are due to Thousands were forced into ing the day’sharvest at asmall who is 82, sometimes tell him They plan to stay in Rikuzen- adding that it reflectsthe Bi- be completed this year as part temporary housing or moved plant next to the tsunami wall. howhelooks and talks just takata and start a family. denadministration’scommit- ment to alliances. South Korea’sforeign minis- involves interacting with the lem with classifying entiresec- diction, which include Abbott government requirementsfor try, confirming the agreement Companies public,the ability to work from tors as essential, when workers’ and AbbVie.Vaccine supply has initial vaccine phases,she said. in principle,said the latest home or remotely,orthe type roles,on-the-job risks and increased, but manymoreenti- ADeere&Co. spokeswoman round of talks in Washington of product they work on. health conditions vary,she said. ties nowwant doses,hesaid. said vaccines forits employees were the firstface-to-facene- Give Shots Companies that want to give “This is certainly not black or His department asks companies beganlast week at itsfiveIlli- gotiations on the issue in a shotstotheir workerstypically white” from an ethical perspec- to givepriority to workerswho nois locations.Itwill make year because of the Covid-19 have to register with public- tive, given the current limited are65and older,working close doses available to production pandemic. To Staff health programs that approve supply of vaccines nationally, together or living in ZIP Codes andmaintenanceemployees at Theaccordstill has to be who is eligible to receivealloca- Dr.Bowie said about businesses hardest hit by Covid-19. itsmanufacturing units, and for approved by the South Korean tions of Covid-19 vaccines.In receiving doses to givetostaff. Providing on-sitedoses gives salaried employees who consis- legislature, although no major ContinuedfromPageOne general, the federal government Some healthcare-equity ex- employers bettervisibility into tently reported to itsfactories objections areexpected. giving shotstoworkerswho allotsdoses to states,territo- pertssaid vaccine administration whohas received shotsthan if or officessinceMarch 2020, Because the old cost-sharing areover65when it receives ries,afew large cities and some workerstraveled to publicly run which is aminority of such staff. pact between South Koreaand vaccines from Massachusetts,a federal agencies,who then divvy facilities,corporatemedical ad- KeiraLombardo,chief ad- the U.S. lapsed at the end of spokesman said. Athird-party them up among constituentsor Va ccinations in the viserssaid. It also savesem- ministrativeofficer at Smith- 2019,the newaccordstipulates health-and-wellnesscompany local health authorities. ployers missed hoursifworkers field, said the companyand its what South Korean payments will givethe shotsaccording to Some healthcare-equity re- workplaceefficiently have to travel to vaccine-admin- partnerscan facilitaterapid aredue for2020 through 2025. the state’sprioritization guide- searcherssaid stateprioritiza- getdoses to thosein istration sites during business distribution of vaccines to food Theduration of the accord is lines,headded. tion guidelines canbeoverly hoursand savesstaff the cost of and agricultureworkersand is intended to provide ameasure Throughout the pandemic, broad, andrisk having vaccine higher­risk jobs. lost wages, child care and tran- doing so based on state-specific of stability in the relations be- companies have jostled forac- doses given to people who sit. “Employers have found this guidelines.The companyispre- tween the two countries as cess to safety-related tools, aren’t at ahigh risk of con- is the best way to getyour pop- pared to help with distribution they grapple with challenges such as protectivegear and tracting Covid-19 at work when ulation back to work as safely to workersinother essential posed by North Korea’snuclear testing capacity to protect supply remains constrained. by employers canhelp speed up as possible,” said Tobias Barker, categories,she added. and missile programs and workersand givecustomers Vaccination in the workplace distribution because it takeseli- chief medical officer at Everside An Exxon spokesman said China’sgrowing militarypower. and staff moreconfidencein helps removetransit and time- gibleworkersout of line at pub- Health, which assistsemployers doses would be given according “Nowthat we don’t have shared spaces.Now their focus off challenges forhourly work- lic sites and eases the appoint- with vaccination events. to local health-authority re- distractions,itbringsmoreim- has shiftedtovaccines. ers, and it efficiently gets doses ment-making process. The An Abbottspokeswoman quirements. Aspokeswoman for portant issues front and cen- Vaccine prioritization differs to those in high-risk positions, challengeisthat not all compa- said thecompanyisworking Caterpillar declined to comment. ter,” said Paul Choi, the manag- from statetostate.Insome ju- such as those wheresocial dis- nies seek or aregranted dose al- with public-healthofficials in Airlines including United Air- ing director of StratWays risdictions,who is eligible for tancing isn’t possible,said Dr. locations,they said. places whereithas manufac- lines HoldingsInc.and American Group,arisk consultancyin doses depends purely on age. In JaniceBowie,professor in the “It’sabalancing act,” Mark turing facilities to offer vac- Airlines Group Inc.started giv- Seoul. “Thereare so manymis- others, anyworker in apriori- department of health,behavior Pfister,executivedirector of the cines to eligible workerswhen ing doses of the Johnson & understandings. We agree on tized sector,fromhealthcareto andsociety at the Johns Hop- Lake County Health Department doses areavailable.Any vaccine Johnson vaccine last week to objectives; we just don’t agree manufacturing,can getadose kins BloombergSchool of Public in Illinois,said of allocations to doses the companyreceives go certain staff at Chicago’sO’Hare on howtoget there.” regardlessofwhether their role Health.Italso highlightsaprob- dose administratorsinhis juris- only to employees who meet International Airport. P2JW067000-0-A01000-1------XA

A10 | Monday, March 8, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

implemented our work?” RedTape Thedangersofbox-ticking have worried Communist gov- ernmentssincethe days of Sta- Snares lin and Mao.Historians say Maowas so troubled by the phenomenon that he repeat- Xi’s China edly launched campaigns to shakeupwhat he sawasan ossifying and increasingly self- ContinuedfromPageOne serving party bureaucracy. To- S

unproductivepractices that are day, under Mr.Xi, the problem PRES aimed at satisfying Beijing and appearstohavereturned with ZUMA

protecting careersbut threaten avengeance. A/ to undermine Mr.Xi’sgoals. “AsXicontrols morestrictly INHU

Indeed, some local officials from above, the people below /X

have become so focused on face far toomanyordersand TING pleasing Mr.Xiand fulfilling rules and choose to do the saf- DING

partymandates that they can est thing,” said Ryan Manuel, S; neglect their basic duties as managing director of Hong public servants,sometimes Kong-based research firm Offi- PRES

with direresults. cial China, which analyzes ZUMA

As the newcoronavirus Communist Party governance. A/ spread in Wuhan in late2019, Mr. Xi has repeatedly forinstance, local authorities spurred effortstostamp out XINHU were afraid to sharebad news excessivebureaucracy, calling with Beijing.That impeded the it a“major enemy” of the XUEREN/ LI

national response and contrib- party and the people.InJanu- P: uted to the death toll, accord- ary, he ordered the Communist TO ing to aWall Street Journal in- Party’s topdisciplinarycom- OM FR vestigation. mission to sparenoeffort in The fourth session of the 13th National People’s Congress opened at the Great Hall of the People in Beijing on March 5, above. Below, Mr.Xiand other senior offi- curbing such behavior and de- a student in Shanghai returned his empty plate during a campaign to eliminate food waste last year. cials publicly lamented how manded “excellent results” be- front-line bureaucratswere fitting the party’s centenaryin the “Table MannersSong” af- consumed with paperwork in- July,according to statemedia. terdinner with clean plates in stead of fighting the conta- In asign of howseriously their hands for21days gion. Officials dedicated hours leadersare taking the issue, straight. each daytofilling out multiple theparty’s disciplinarycom- “Such formalistic practices documents for agencies mak- mission started disclosing na- by the school has leftmany ingoverlapping requestsfor tionwide dataon“formalism” parentswith adeep sense of information, including resi- and “bureaucratism” offenses helplessnessand distaste, and dents’ body temperatures and in 2020. we’d typically deletethe videos symptoms. About 108,000 people were afterclocking in,” wrotethe Reports of fraudulent and punished forsuch misconduct parent, Liu Jing. wasteful projectshavemarred in 2019,including demo- Thebacklash prompted a Mr.Xi’scampaign to eliminate tions,while roughly 117,600 peo- central-government office ruralpoverty,acenterpieceof ple were warned or disciplined overseeing education policyto his “China Dream”—particu- last year.The number of head- issue anoticeinOctober criti- larly after2015,when he or- lines referring to “formalism” in cizing schools for“formalism” dered that officials sign Chinese media has surged. in fighting food waste. It spe- pledges to meet poverty-relief cifically called out require- targetsand be held account- mentsfor studentsto“memo- able if things went wrong. Distracted officials rizeand recitemeal songs” and In the eastern city of Fuy- Chinese labor activist Han threatsofpunishment with ad- ang,local officials were disci- Dongfang says the effort put ditional test questions for plined in 2019 forordering intosatisfying Mr.Xi’sde- thosewho wasterice. homes in some ruralvillages to mands amountstopolitical workerswith severeburns, praise,” wheresubordinates zeal by earning pointsonthe be painted whitesothat they performanceart that distracts more than two dozenlocal speaksycophantically in sup- app through activities like would look nicer to party from other work,likemonitor- union officials visited revolu- port of superiors. quizzesand watching videos. Wastedtime bosses—spending the equiva- ing workplacesafety. tionarymemorials to honor Some participantspost Thechoreisvexing enough for Some of Beijing’sproposed lent of $1.2 million—without His Hong Kong-based advo- Communist forces who partici- emojis depicting genuflection some userstodevise work- remedies only seem to encour- addressing deficient roads and cacy group,China Labour Bul- pated in the 1934-35 “Long “inorder to makesuperiors arounds,such as using custom- agemorebureaucracy. As the drainagesystems.Party inspec- letin, has documented anum- March,” aretreat over thou- happy,” while othersfawningly made software to simulateus- pandemic’s economic fallout tors found that local officials ber of industrial accidentsover sandsofmiles in search of a say“boss, you’veworked hard” ageofthe app and meet point heaped pressure on officials started the “whitewashing” as a the past year in which they be- newrevolutionary base,ac- or “boss, you’rebrilliant,” ac- quotas. struggling to meet poverty-re- way to deliver quick resultsaf- lievelocal unions neglected cording to areport published cording to “Combating Formal- Some party membersregard lief targets, party authorities terhigher-ups demanded that their duties due to their preoc- by the city’s official trade- ism,” abook released last year XuexiQiangguoassomething ordered in April afresh push residents’ homes be fixedup cupation with Mr.Xi’spriori- union federation. by aparty publisher. “todeal with, and only seek to to curb redtape. within three months.Eventhat ties in eliminating ruralpov- During the daylong trip,ar- Grass-rootscadres often earn pointstocompletetheir Among itsdemands: compil- project washaphazard, with erty and instilling political ranged under the auspices of find themselves membersof study tasks,” Fang Shinan, a ing an anthologyofMr. Xi’sre- many houses only partially loyalty. Mr.Xi’scampaign to remind morethan ahundred WeChat professor at SoochowUniver- marks on “formalism and bu- painted, according to astate “It’slikealocal fire brigade party membersto“stay true to messaging groups,the Xinhua sity in theeastern city of Su- reaucratism” and making it television documentary. seeing afireinaneighboring our original aspirations,” the agencysaid in aDecember zhou, wroteinanessay pub- required reading forall cadres. Provincial authorities de- district that’sgetting moreat- union officials dressed in commentarylamenting the lished July in the party-backed Within weeks,aparty pub- nounced the episode as avanity 1930s-style militaryuniforms, spread of “formalism” online. journal Governance. lisher had released a136-page project and ahighly damaging toured ahistorical exhibition Rather than speaking to ordi- Similar problems surfaced volume featuring 182passages, act of “formalism”—the official Some proposed andsang revolutionarysongs. narypeople to understand afterMr. Xi launched in August and government agencies and epithet forbox-ticking and Mr.Han says he spoketo their needs,some officials fo- anational “clean plate” cam- statebusinesses started ar- “CYA” behavior that prioritizes remedies only seem one participant, aunion offi- cus on howtodocument and paign to curb food waste, ranging seminarsfor officials form over substance—and re- to encourage more cial, to voicehis dismay. Ac- publicizetheir work to please which statemedia said to study the text. placed Fuyang’stop official. cording to atranscript of their superiors, it added. amounted to an estimated 35 Thepublishing arm of the Such unpleasantnessaside, bureaucracy. phone conversation published Such brown-nosing “appears million tons annually in China. party’s disciplinarycommis- Mr.Xilast month declared a by ChinaLabour Bulletin, the ridiculous to common folk and Officials must deal firmly with sion released six newbooks “completevictory” in China’s official cited manpowershort- chills their hearts,” it said. this “shocking and distressing” last year,including acomic,to waronpoverty. ages that hampered the union’s problem, Mr.Xisaid. teach officials howtorecog- Locally,officials saythey tention, so they ignorethe fire ability to fulfill itsduties,but Workarounds Racing to comply,some nizeand prevent “formalistic” keep getting overwhelmed with burning beside them and rush also acknowledged that itsoffi- schools required studentsto practices. bureaucratic demands from to join in at the other one,be- cials have been pulled away And yet, demands from Bei- answerone multiple-choice One book cited case studies above, ofteninvolving repeti- cause they canscore results from work by political-educa- jing keep coming. question “forevery grain of of local officials caught plagia- tivemeetingsand excessivepa- there,” Mr.Han said. tion events. AfterChina launched in ricewasted.” Otherstold stu- rizing and forging paperwork perwork that sometimes Last March, Mr.Han said, af- Theunions cited by Mr.Han 2019 amobile app known as dentstosing songsand recite to satisfyMr. Xi’sdemands for weighs in at hundreds of terflooding at acoal mine in didn’t respond to queries. XuexiQiangguo, which can poetrycelebrating the hard more-rigorous ideological pounds,according to stateme- the central city of Xinyang killed Government workerscom- translateas“Learn From Xi to work that went intoputting training.One way to curb such dia accounts. seven workers, he called up a plain that their WeChat mes- Strengthen the Nation,” hun- everyricegrain intoameal. misconduct, the book suggests, One grass-rootsofficial district labor union to ask what saging apps have become bu- dreds of millions of officials, In September,the Commu- is to study Mr.Xi’sideas more complained to the official Xin- wasbeing done to improve reaucratic quagmires where party members, state-business nist Party’s official newspaper, closely. hua News Agencyabout not safety,only to be told that the they areoverwhelmed by employees and studentshave People’sDaily,published alet- “Only by studying hardand having time to do real work af- official handling the incident bosses sending round-the-clock been required to download the terfromaparent of an ele- conscientiously acquiring a terparticipating in 15 meetings wasaway helping with poverty- demands by text. Some chat software to educatethemselves mentary-school pupil in the good grasp” of Mr.Xi’spoliti- over 23 days.The agencyalso relief work in arural village. rooms created forwork discus- on Mr.Xi’sideas and speeches. central city of Nanchang com- calphilosophy, the book said, quoted acounty chief as say- Afew months beforeacoal- sions devolved intowhat is Manyofficials and employ- plaining abouthow the school “can we continuously improve ing,“If we don’t hold meetings, mine fire in July in the central colloquially known as ershavedemanded that subor- had asked parentstosubmit our abilities and betterfulfill howdoweshowthat we’ve city of Zhangjiajie leftthree kuakuaqun, or “groups of dinates demonstratepolitical videos of their children singing ourresponsibilities.”

“Of all pineapple products, I cheese combo would be consid- Taiwan’sagricultureminis- An Island likepineapple popsicles best,” ered asin in his nativecity of ter, Chen Chi-chung,brushed Ms.Tsai wroteonWednesday Naples,hesaid. off superstitions,citing afour- in an Instagram post that “I had to do it forthe loveof year study published in the Gorges on showedher speaking from a Taiwan,” he said. “But of Taiwan Medical Journal that dais flanked by pineapples. course,Iwouldn’t tryitagain.” found that head-and-neck doc- According to Taiwanese gov- Nutritionist Yang Sz-han tors who atepineapple had a Pineapple ernment figures, China recently warned about the potential ef- similar number of emergency accounted formorethan 90% fectsofabundant pineapple patients as acontrol group of of pineapple exportsfromTai- consumption on public health. non-pineapple-eating doctors. ContinuedfromPageOne wan. China’sTaiwan AffairsOf- She advised against eating Mr.Chen said the island’s days, pineapple consumption fice said in astatement last morethan one-tenth of aregu- embraceof“freedom pineap- is seen as an act of patriotism. week that the export ban wasa lar-sized pineapple in asitting. ples” andoverseas buying are Taiwan residentshavebeen “normal biosafety precaution” Potassium levels in the fruit keeping prices roughly stable, gobbling up the fruit since and rebuked Taiwan’sruling could be dangerous forpeople though he said there’sarisk China—by far the island’slarg- party forusing the fruit “to with kidney problems,she that pineapplemania could est outside buyer—banned im- smear and attack China.” warned, and they have high cannibalizedemand forthe portsoftheir pineapples start- TheTaiwan AffairsOffice sugar content. morethan two dozenother ing March 1, citing dangerous and China’sministries of com- Because the word “pineap- fruitsTaiwan produces. pests detected in recent ship- merce and foreign affairsdidn’t ple” in onelocal dialect is a “Ifyou eat pineapples,will

ments. U respond to requestsfor further homonymfor prosperity,eat- youeat fewermangos?” he Thegovernment of Tai- comment. ing the fruit is thought to bring asked. wan—a democratically-ruled is- HUI-R Taipei restaurant BurgerRay in lotsofnew business. That ThePrinceofPineapple,Mr. YU land that Beijing considerspart Yu Hui-ru recently took a trip to a pineapple farm. is going through three or four canbetaken as an ominous no- Yang,ishappy to see support of China—denied anyinfesta- pineapples aday lately.Itisof- tion forfirefighters, medical forhis fellowfarmers, but said tion. Instead, it issued achal- than 41,000 metric tons of mous pineapple product.“Isaw fering free caramelized pineap- workersand othersfor whom it wasunfortunatethe ban lengetothe island’s24million homegrownpineapples—nearly the news on TV and happened ples on itsburgers,including a beingbusy means something came when it did. Pineapple citizens,aswell as itsoverseas equal to all of Taiwan’spineap- to passbythis shop,” she said. signaturecreation with truffle badhas happened. season really startsinmid- friends,tosnap up “freedom ple exportstoChina last year. “Taiwan should not rely on and foie gras.The tartnessand Yu Hui-ru, a48-year-old March, he said, and he worries pineapples” as aform of pro- “Wewant to tell China: We China.” acidity help balanceout the nurse in Taipei, said she found some farmersare picking them test and said it would support arenot scared of you,” said Despitetheir name,how- richness of the duck liver,co- herself slammed with work af- tooearly to fill demand. pineapple prices.The voracious Yang Yu-fan, a34-year-old fruit ever,most pineapple cakes owner RayYen said. terarecent weekend when she “Right nowreally,really,re- response is nowraising ques- farmer from southern Taiwan contain only tinyamountsof FrancescoCipullo,anItalian stopped by apineapple farm, ally isn’t the time to save the tions about whether there’s widely known by his nickname, the fruit, or none at all. The chef in the county of Chiayi sipped apineapple icetea and pineapples!!” he wroteona such athing as toomuch of a the PrinceofPineapple. filling is oftenmostly wax who is married to aTaiwanese bought pineapple cakes. After- widely-shared Facebook post. good fruit. Last Thursday, 51-year-old gourd. woman, decided to makeaHa- ward,she said, she didn’t dare He urgedpeople to instead In the three days afterChina HuangShiu-rulined up at a Taiwanese President Tsai waiian-style pizza with ham, to touch the uneaten cakes— slowtheir pineapple buying for announced the ban, according Taipei bakeryonThursdayto Ing-wen kicked off the culinary mozzarella and Taiwanese though shestill plans to order afew weeks.Though by then, to Taiwanese government fig- buy some pineapple cakes. The crazebyembracing arole as pineapple.Heforcedhimself to acrate of pineapples and give he fears, the island mayhave ures,consumersordered more cakesare Taiwan’smost fa- pineapplepromoter-in-chief. take abite. Thefruit-and- them away to patients. had itsfill of the fruit. P2JW067000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, March 8, 2021 | A10A GREATER NEW YORK Ousted Official Stayed on N.J. Payroll

Veterans chief was That facility andasecond In abrief phone call, Mr. veterans home,inParamus, VanLew referred questions allowed to resign N.J.,became the No.1 and about his separation to the months after governor No.2 nursing homes in the veterans agency. state for Covid-19 deaths. Because he wasn’t fired, ordered him replaced Menlo Chief ExecutiveEliz- staterules allowedhim to take abeth Schiff-Heedles and Pa- paid vacation with his remain- BY CHRISTOPHER WEAVER ramus CEO MatthewSchot- ing days rather than cashing tlanderwerefired as part of them out at the time he was New Jersey Gov. Phil Mur- the October transition and de- forced to resign. phy ousted atop stateofficial parted that month, according “Ifanemployeehas such in mid-October as part of a to payroll recordsand state accrued time at the time of his reckoning over the Covid-19 officials. or her separation, that em-

crisis at thestate’s nursing S Ms.Schiff-Heedles received ployee canstill receivethe homes forveterans,but the special paymentsofmorethan benefit of that earned but un- NEW

official was never fired, state G $17,000 last year beyond her used time even afterdeparting records show. base salary,ofwhich about stateservice,” the agencysaid

Rather,Maj.Gen. Jemal OOMBER one-fourth wascashed-out va- in astatement provided by Mr.

Beale, the former commis- /BL cation time.Asked by the Westhoven. sioner of the state’smilitary Journal about the special pay, Resigning before the start and veterans agency, wasal- GADO Ms.Schiff-Heedles said, “I of the newyear could have DEL lowedtoresign on Jan. 1of don’t knowwhat you’retalk- cost Mr.Van Lewvaluable va- this year despite Mr. Murphy DEE ing about.” cation time,too,because leav- VID

announcing on Oct. 16 that DA Ms.Schiff-Heedles received ing beforethe end of the year Gen. Beale wasbeing replaced Maj. Gen. Jemal Beale, shown last March, was removed over Covid-19 deaths at veterans homes. about 80% of her $121,000 base canmean giving back apor- “effectiveimmediately,” ac- salarylast year beforebeing tion of that year’s vacation. cording to personnel records Under state rules, employ- he prayed “all veterans are TheOct. 16 leadership firedinOctober,records show. In addition to getting paid and state officials. ees resigning beforethe end of treated likethe rock starsthey changecame 10 days aftera “What Iget paid is really through the end of the year,on In addition to saving face, acalendar year giveupapro- are. They deservethe best.” Wall Street Journal article de- none of your business,” she Feb. 12 Mr.Van Lewreceived a Gen. Beale’sarrangement al- ratedamount of vacation days Forhis part, he added, he is tailed the agency’smishan- said.Under NewJersey law, payout of $4,456.25 forabout lowed him to fully cash in on for that year, the state’s civil “happily enjoying retirement. dling of aCovid-19 outbreak at state payroll records are pub- two weeks of remaining,un- his unused vacation days. serviceagencysaid in astate- God is Good!” the Menlo Park Veterans Me- lic and arereleased online used vacation time,while Gen. Meanwhile,the statefired ment. Aspokesman forthe state morial Home in Edison, N.J. each quarter. Beale that same dayreceived two lower-ranking veterans In Gen. Beale’scase,anOc- Department of Military and TheJournal’sinvestigation Mr.Schottlander couldn’t $3,903.68for 51 unused hours, home managersatthe time Mr. tober departurewould have Veterans Affairs, Kryn West- showedthe statechronically be reached for comment. according to Melinda Caliendo, Murphyannounced the shake- meant giving up around 20% hoven, provided astatement underreported deaths at the Sean VanLew,alongtime aNew Jersey Treasury Depart- up,but allowedasecond more- of his 2020 vacation days,a confirming that Gen. Beale de- facility, where more than 100 manager who supervised Ms. ment spokeswoman. senior manager to retire. cash value of up to about parted on Jan. 1and saying, residentsdied of the virus. Schiff-Heedles andMr. Schot- “Everyone wassmart A spokesman for Mr. Mur- $3,500,based on his $175,000 “Beale’sresignation dateen- Managers ordered staff mem- tlander, was allowed to retire enough to be on the books un- phydeclined to comment on salary. compassed the time needed to bersnot to wear masks, aftera25-year career.Like til the end of the year, unless who made the decision to al- Gen. Beale declined to com- completethe administrative waited afull week before Gen. Beale,heleftthe agency’s they were really fed up,” said lowGen. Beale,whom Mr. ment on thedetails of his sep- requirementsfor transition alerting families of their first payroll on Jan. 1, despitebeing TomDeShields, the agency’s Murphyappointed, to retire aration, saying he had been from State and Military (fed- cases and mixed sick patients removed from his duties in chief financial officer until rather than being fired. misquoted in the past. He said eral) command authority.” with healthy ones. October. 2019. “It is a nice check.” Broadway Shows Unlikely to Open Before Autumn

BY CHARLES PASSY only when shows have the ability to playatfull capacity, As NewYork statecontin- according to theater profes- ues to ease pandemic restric- sionals.That is because of tions,cultural spaces arecom- production coststhat caneas- ing back to life. Movie ily top $15 million for a musi- theatersinNew York City cal, as well as running ex- were able to open with re- penses,such as salaries for duced capacity on March 5. cast and crew and theater Artsand entertainment venues rentals, which can amount to canwelcome back attendees hundreds of thousands of dol-

April2,with amaximum of lars a week. GES

100 people indoors. In contrast, movie theaters IMA While the news is awel- and other venues canbetter come relief formany, it still managefinancially with re- GETTY leavesalooming question duced capacity,allowing them SE/ about when Broadway, an in- to work within the new state dustrycentral to the city’s cul- guidelines. ANCE-PRES

tural identity and economic vi- Broadway theaterscan soon FR tality, can begin again. open under the guidelines, ENCE

Shows arecanceled through which increase the maximum AG May30ofthis year,but few capacity to 150 with proof of a S/

theater professionals areex- negativeCovid-19 test required WEIS pecting a return in the spring of all attendees.And thereare

or summer.Instead, they are plans to use Broadway venues ANGELA eyeing thefall and winter as a in the coming weeks as part of Covid-19 restrictions on venues are easing, but many producers see fall and winter as a better time to revive the theater industry. moreopportune time to revive the NY PopsUpseries of an industrythat came to a events designed to bring cul- sue that goes beyond Broadway theatergoers and theater per- one of the producersofare- some time in the city.And that complete halt almost one full tureback intothe lives of New and affectssporting venues, sonnel. vival of “Company,” which was might leave moreroom for year ago. One much-antici- Yorkers. which NewYork statehas also Programs might be picked set to open last March. In- newer shows or ones that ap- pated production, a revival of Thepop-up programs aren’t allowedtoreopen with limited up by audiencemembers stead, Mr.Harper said he peal to atheater-savvyNew “The Music Man” starring expected to be full-scale capacity,and other perfor- themselves,for example, would probably have to work York crowd,industryprofes- Hugh Jackman, has set an Broadway shows,however. mancespaces.But Broadway’s rather than being handed out with atighter time frame,but sionals said. opening dateofFeb.10, 2022. And stateofficials haven’t theaters, some of which date by ushers. “Wecan stack them he vowstoopen his produc- One-act shows might have a Producersand creatorssaid given a timeline for when ca- back more than acentury, are at the end of aisles,” said Ms. tion in any case. special appeal to theatergoers, they are eager to get back. “I pacity will be increased to known forbeing cramped in a St. Martin. Thereisalso the question sinceanintermission almost can’t let this pandemic end a makeanight on Broadway a way that defies anynotion of Other stumbling blocks of whether some shows will be guarantees moreinteraction 35-yearlegacy,” said Andrew true reality.“We will continue social distancing. might delayBroadway’s re- in abetterposition to open between membersofthe audi- Lloyd Webber,the famed com- to work closely with the in- Broadway officials said they opening.Asmuch as some sooner than others. As popular enceasthey line up forthe poser behind “The Phantom of dustry to safely increase ca- aremindful of the issue.Char- producers would like to open as long-running musicals such bathroom or at the lobby bar. the Opera,” referring to the pacity limitsasthe public lotte St.Martin, president of the doorsassoon as they can, as “Phantom,” “Wicked” and “They don’thavetothink show’s record-breaking run, health conditions permit,” a the Broadway League industry they said they need to ensure “The Lion King” are, some in aboutmingling for20min- which started in 1986 on Lon- state spokesperson said. trade group,said manysafety that they have agood advance theindustrynoted that such utes,” said Kevin McCollum, a don’sWest End and in 1988 on Also weighing on the mind protocols arebeing considered sale,which doesn’t happen shows are very dependent on veteran producer who is part Broadway. of the theater industryiswhen forBroadway’s return, ranging overnight. an out-of-town audience. of the team behind “Six,” a Returning to theaters isn’t theatergoerswill feel safeto from making modifications to “In my dream world, I’d That could pose achallenge much-anticipated one-act mu- so simple,given that Broad- return, even if the green light air-conditioning systems to re- want to have six months” to forthem given that tourism sical that is slated to open way’s financial model works is given by the state. It is an is- ducing contact pointsbetween sell tickets, said Chris Harper, isn’texpected to recoverfor upon Broadway’s return. Landlords Pull Unrented Apartments From Market

BY WILL PARKER come under greater scrutiny prices down morethan 17% and showall of their vacant canrent just enough of their cized warehousing,saying the from housing advocates and forthe year ended in Decem- apartmentswhen demand is unitstocover their monthly practicethrottles the city’s Manhattanlandlords are lawmakersinrecent years. ber,according to areport down and fewerapartments expenses, “but then let’s take housing supply,props up pulling unrented apartments Critics charge that removing from appraisalfirm Miller are leasing at a time. the rest and put them up for prices and further strains the off the market at an unusually unitsfromthe market creates Samuel and real-estatebro- But manylandlords now rent in abit of astronger mar- city’s affordability problem. elevated rate,tightening in- an artificial scarcity that kerage Douglas Elliman. Rent might be warehousing unitsto ket,” Mr. Walkup said. State Assemblywoman ventorywhile rentsare low worsens the city’s housing concessions of up to 25% off avoid signing deeply dis- One Manhattanlandlord Linda Rosenthal, aManhattan and, in some neighborhoods, shortage. theprevious year’s rent have counted long-term leases. who spokeoncondition of an- Democrat, last year proposed still falling. Landlords say the decision become common at luxury onymity said eviction morato- alaw to fine landlords who Thepractice, sometimes to warehouse is anecessary buildings, and tenantssay riums,inaddition to falling warehouse apartmentsfor known as “warehousing,” has response to both regulatory they have morenegotiating The practice, known rental prices,wereasecond more than three months. Ms. and economic changes,includ- powerinnew leases than they factor in his decision to ware- Rosenthal says she plans to in- ingheightened tenant eviction ever hadbefore. as ‘warehousing,’ house roughly 15% of apart- troduceanew version of the CORRECTIONS  protections during the pan- Thesharp increase in ware- has come under mentsontwo buildingshe bill this year. demic. housing peaked last summer, owns in the Lower East Side. “Thereisacrisis in the AMPLIFICATIONS Building ownersremoved when rentsfirst began declin- greater scrutiny. Not only would the landlord city,” she said. “I think it is un- 1,814apartment listingsin ing amid awaveofpeople have to offer aheavy discount conscionable that some land- Manhattanlast month, accord- leaving the city forthe sub- on rent to getanew tenant, lordsare keeping unitsoff the The stray word “Yay!” was ing to real-estatedataanalyt- urbs and ruralareas.Land- but under the eviction morato- market, and arejust, youknow, inadvertently inserted during ics companyUrbanDigs. That’s lords removed 5,563 unrented They could be betting on apo- rium, the tenant could poten- sitting with their arms crossed editing of an article on Friday morethan three times the apartmentsfromthe market in tential pricerebound during tially stop paying rent for an waiting forrentstogoup.” about Connecticut’s Covid-19 number of apartmentsland- August alone, UrbanDigs data the spring and summer leasing indefiniteperiod. “You’rekind restrictions. lords removed from the mar- shows. season, when the Covid-19 of taking adouble risk,” the ket in February of 2020. Some degree of apartment vaccine should become more landlordsaid, “soifyou can NOTICE TO READERS Readers can alert The Wall Street Reduced demand forMan- warehousing wastobeex- accessible, said John Walkup, affordto, whywouldn’t you The StateStreetcolumn Journal to any errors in news articles by emailing [email protected] or hattanapartmentsduring the pected, brokerssaid. It makes co-founder of UrbanDigs. just wait it out?” will return next week. by calling 888-410-2667. pandemic sent median rental lesssense foralandlordtolist Some arecalculating they Some politicians have criti- P2JW067000-2-A010B0-1------NS

A10B | Monday, March 8, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Covid-19 Changed New Yo rkers As the pandemic upended lives, how six people adapted and persevered during a year like no other

BY PAUL BERGER AND LESLIE BRODY

ew York City ground to a halt one year ago as N the Covid-19 vi- rus raced through homes and families, upend- ing the lives of its eight mil- lion residents. Under orders from Gov. Andrew Cuomo and Mayor Bill de Blasio, businesses closed, offices emptied and schools went to fully remote learning. Many of the sick died alone. Hundreds of thou- sands of people were fur- loughed or lost their jobs. Beyond wearing masks and abiding by the new rules (3) of social distancing, New Yorkers adapted. They had to JOURNAL grieve and socialize on Zoom. They ate and drank REET ST

under outdoor heaters. Bike LL

ridership boomed. Parents WA

created pandemic pods for THE their children to play and R FO

learn in. JR.

About 740,000 city resi- DO

dents had confirmed or RA VA

probable cases of Covid-19 as AL

of Thursday, according to A. city health department data, SÉ JO and about 30,000 had died. While state and city officials Jermaine Foreman workers disappeared, Mr. Foreman, ple on the streets and on his bus. Mr. Foreman, who hasn’t been have slowly eased restric- Passengers boarding the M101 bus 43, said he felt as though he had The front of Mr. Foreman’s bus vaccinated, is nervous for his own tions and vaccinations have at 125th Street in Manhattan got a Manhattan’s streets to himself. was cordoned off to passengers dur- health, too. More than 150 of his col- increased, many people still shock on April 1 when the driver an- Sometimes he drove slowly just to ing the height of the pandemic. Rid- leagues have died of Covid-19, ac- wonder when normal life nounced: “The next stop will be At- keep to his schedule. ers entered through the rear without cording to the Metropolitan Trans- will return. lantic City.“ Jermaine Foreman, the The city’s streets are more con- paying. Although front-door board- portation Authority. “I guess people These are the stories of driver, said he joked to snap people gested now, Mr. Foreman said, but ing has returned and masks are man- figure that being a bus operator is six New Yorkers reflecting out of their pandemic worries. driving a bus is harder than ever. He datory, Mr. Foreman said some pas- the easiest job ever and they don’t on a year like no other—and During the spring, when busi- has noticed an increase in the num- sengers still don’t pay their fare or understand the challenges we face what is to come. nesses closed and tourists and office ber of homeless and mentally ill peo- wear a mask. daily,” he said.

Lenard Glasgow

A17-year-old clarinet player, LenardGlasgow thought 11th grade at LaGuar- dia High School would be packed with exuberant perfor- mances.Musicals at LaGuar- dia, the Manhattanmodel for the movie “Fame,” arethe talk of the school year. But plans for in-person plays and concerts evapo- rated. After reopening in Oc- tober, public high schools citywide have been shut since mid-November because of a virus surge. And Lenard has been practicing alone in his room in his family’s via Zoom. His teacher can’t Lenardhopes to meet a Queens apartment for hours see his fingers well or pick few instrumental friends in a at a stretch. up his instrument to adjust park once the weather gets “No one knows how to it. When students break into warm. handle this,” he said of his small groups virtually, they “Watching the front lines, online music lessons. often mute themselves and the medical care workers, It’s hard to play clarinet don’t bother to put on their and knowing that people are Andreas be the same without Andreas Mr. Koutsoudakis’s mother with peers because musical laptop cameras, he says, so really struggling makes my Koutsoudakis Sr. and father grew up in a vil- notes played from separate they’re essentially playing in struggle seem a bit better,” Koutsoudakis Jr. “I needed to pause,tore- lage in Crete. His 55-year-old homes don’t sync up exactly isolation. he said. Andreas Koutsoudakis Jr. member that full house with mother, Vanna, used to rise knew what he had to do my dad at the front, every- around 3 a.m. to make her when his father, a 59-year- body smiling and loving each husband coffee in their old Manhattan diner owner, other and start from the be- Staten Island home before he Aziz Nizomov died of Covid-19 last March. ginning,” he said. left for work. Now, Mr. Kout- Aziz Nizomov, a yellow- “I have an obligation to the He cobbled together more soudakis swings by her home cab driver in New York City, community, to my mom and than $1 million, including around 5 a.m. each day to doubled his earnings during dad, to get this place going,” loans, to transform the diner. pick up coffee on his way the coronavirus pandemic by Mr. Koutsoudakis said of the The space he created is de- into the city. ferrying Covid-positive or diner, Tribeca’s Kitchen. signed to feel like a home “My dad always made Covid-suspected patients to Mr.Koutsoudakis,a36- away from home, inspired by sure everything worked out and from doctors offices and year-old restaurant lawyer, the diner’s history as a com- and it does,” Mr. Koutsouda- dialysis centers. “I was decided the diner wouldn’t munal place. kis said. scared to death” of catching the virus, Mr. Nizomov said. “But I didn’t have a choice.“ When offices and restau- Ayala Donchin rants closed in March, Mr. Ayala Donchin’s cookies Nizomov’s pay as a cabdriver have long drawn fans to her plummeted. His wife was East Harlem cafe, Evelyn’s four months pregnant with Kitchen. When Mayor de Bla- their first child and he sio announced last March 15 needed to cover rent and that schools would close the food. So he switched to a next day, she decided to shut ride-sharing app called Myle down, but had a pantry full that also provides nonemer- of groceries. gency transportation for So Ms. Donchin posted on medical patients. Instagram that hungry chil- Myle provided Mr. Nizo- dren could come eat, free. mov, 29, a wheelchair-acces- More than 50 showed up. sible Toyota Sienna minivan When word spread, do- with a partition between

nors sent money for the cafe A driver and passengers.

to serve free meals to fami- CUS Mr. Nizomov said trans-

lies in need and essential JEN porting patients during a workers. This outpouring of pandemic was less stressful aid, along with a forgivable Kiri Soares than the hustle of driving a federal loan, kept her team As the 49-year-old princi- to the Brooklyn public school yellow cab before Covid. His of 11 employed. She lost half pal at Urban Assembly Insti- four days a week, while all of new job paid by the hour, of her business, however. tute of Math & Science for the roughly 300 high-school rather than per trip. He “We are treading water,” Ms. Young Women, Kiri Soares students remain online. earned about $2,000 a week. Donchin said. has sought to help hundreds For all the heartbreak and When Mr. Nizomov re- The single mom of a 6- of students and staff cope hardships, though, Ms. turned to his apartment in year-old, Ms. Donchin balked and grow as they cycled in Soares has seen positive Bensonhurst, Brooklyn, each at the prospect of juggling and out of in-person and vir- steps: Teachers have learned evening he took off his work and supervising remote tual learning. new digital skills that im- clothes at the door and schooling in a small studio “It’s been an incredibly prove instruction, and the showered before seeing his apartment in Manhattan in challenging year to navigate school community has grown wife. He didn’t get sick. His the fall. So she and her both personally and profes- tighter. More parents are son was born at the end of daughter, Brooklyn, moved sionally,” she said. “There’s joining school meetings August. to a three-bedroom town- an immense need to tend to thanks to Zoom. Mr. Nizomov hasn’t driven house in Larchmont, in the mental health and well- “There are these moments since he had knee surgery in Westchester County. being of my staff and defi- when I get super-excited,” October. He expects to re- “I made the best decision nitely my students and fami- Ms. Soares said. “Sometimes turn to driving in the coming for my daughter but I do lies, and sometimes that you have to be jarred out of weeks, but it will be to Myle, miss the city,” she said. “I’m costs my own.” your habits to understand not to a yellow cab. “There DONCHIN still not sure if the move is Now about a third of 180 better ways. I’m looking for- is no money in yellow cabs LA

AYA temporary.” middle-school students come ward to next year.” any more,” he said. P2JW067000-0-A01100-1------XA

CAREERS & LEADERSHIP PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, March 8, 2021 | A11

founder of the shapewear brand Spanx.Almostevery dayat1p.m. theycheck in. Together theymakedecisions and delegate responsibilities.And on SeizeControl of those days when there’snothing on the list? It’s built-in time to chat.

Your Schedule WORK &LIFE RACHEL FEINTZEIG

ess stress. Fewer tasks. Better use of your time. Is it possible? Dur- Get personal ing a pandemic? Does your work calendar rule L “It can seem your life? daunting,” acknowledges Erich “What I hear constantly is, ‘I Dierdorff, a management pro- didn’t have time to pee today,’” says fessor at DePaul University. For Laurie Ruettimann, a Raleigh, N.C.- many of us, work and life have based executive coach and author been squashed into one. Our re- of “Betting on You.” sponsibilities have multiplied. Shrink your to-do list “It’s almost like we sacrifice our Which is why it’s the perfect Then there’sthe matter of your to- boundaries, our common sense, our time to take back control. “If do listitself. Does everyitemreally dignity to the Outlook calendar.” there’s already all these de- have to be on there, haunting you? The solution, Ms. Ruettimann mands placed on you, even Ms.Morgenstern recommends ask- says, is to plop the personal on your moving the needle a little bit ing yourself these questions to calendar before the work obliga- on your time-management help whittle down your tasks: tions crowd everything else out. skills is going to have a much Whatcan Idiminish?Delegate? Every week, put these buckets on larger impact,” Dr. Dierdorff Delete? Delay? first: says. “If not now, when?” She assures me this approach You don’t have to be a hy- worksfor everyone,evensingle n Time for physical well-being, like per-detail-oriented, Type-A parents or those who mightbe exercise and eating. personality to add boundaries struggling financially.Delegating n Time for emotional well-being, to your day and streamline child care could entail asking a like sleep and vacation days. your schedule, Dr. Dierdorff friend to read your kid astory over n 60 minutes a week for continu- says. Start with the basics, like Zoom while youlinger nearby, get- ous learning, anything from reading learning to give priority to ting work done or even simply those titles collecting on your Kin- tasks that are important— reading. dle to chatting with someone out- meaning if you don’t do them, side your department. there’s going to be a major Or letitgoaltogether n Two 15-minute breather blocks a long-term impact—versus just If you’re still having trouble shed- day so you can pause between urgent, meaning they need to ding tasks, and the accompanying Zoom calls. Many calendar systems be done fast. guilt,you mightneed a“proactive also have a setting that automati- We’ve rounded up five time- forbearancelist,” says Kim Scott, a cally defaults meetings to 25 min- management concepts from Silicon ValleyCEO coach and au- utes instead of 30, which can help productivity experts and execu- thor of the forthcoming book,“Just avoid that back-to-back feeling. tive coaches to help you get Work.” Now comes the hard part—push- started. Take the things foreverlingering ing back. Ms. Ruettimann says on your to-do list, the ones you’re we’ve grown used to the idea that a nevergoing to get to, the ones full calendar means one has “a busy, you’re foreverfeeling terrible vibrant career, instead of being dis- about,and pop them on this white tracted,wasting time.” We sayyes Start by carving two15-to-20- tention delivered consistently.” flag of alist. Then, feel good about to Zooms thatshould be emails, minute“self-care anchors” into Sprinkle fiveconnection points leaving them behind. It’s asign giveaway chunksofour days to your day—one in the morning, one throughout the day—among them you’re prioritizing whatmatters. crowded,unimportant meetings be- in the evening, at consistent times. when your child wakesup; when Ms.Scottacknowledges thatthe cause of guilt and optics. Pick activities thatrestore youand she heads to school, even if it’s practicefeels uncomfortable at Instead, be ruthless. At the end timing thathelps put edges back justinher room; dinner time.Fully first.Have atrustedcolleague or of eachday,reviewthe next day on your workdayafter this year of engage with your kid in those mo- friend takealook to makesure and seewhatyou cancancel. Move blur.One clientMs. Morgenstern ments. Askwhatshe dreamed you’re notaccidentally letting go of standing meetings to moreoptimal coaches writes in her journal each about or howthose fractions went somethingcrucial. times foryour productivity.You’re morning, then takes awalk before in math class. Then youcan spend And remember thatinover- notsaying no,orasking forpermis- dinner. time “together but apart.” Maybe whelming seasons of life, you’re sion, you’re making arecommenda- The approach canhelp maximize Dad folds laundryonthe couch going to have to skip some tasks. tion and offering an alternative. time with kids,too,Ms. Morgen- while his kindergartner builds a Youmightaswell pick which ones Compromise on your personal stern says.“Children thriveon block toweronthe floor. theyare,rather than accidentally needsand you’ll be no good at short burstsoftruly undividedat- “It’s likesynchronizing sched- dropping something important. work,Ms. Ruettimannsays. When ules,” Ms.Morgenstern says.The JOURNAL she skips her Pilatesclassor same philosophyapplies to part- preneur who runs acalendar-

REET doesn’t leave time forlunch, “I’m nersorroommates—fullyfocus on coaching and goal-setting program ST cranky, I’mirritable,Idon’t want to your spouse or friend for10min- calledBuild Your LifeResume. LL

WA brainstorm and Ijustwanttoeat a utes afterwork,putting down your No one likes being bombarded Snickersbar.” phone and really listening to the with astream of interruptions and answerwhen youask,“Howwas requests all daylong: amorning

ONEN/THE Think small your day?” text message about this weekend’s

KUR Youdon’t need huge chunksof birthdayparty,anoffhand com- time to bring some balanceback Consolidate your tasks mentatdinner about fixing the SICA into your life, says Julie Morgen- Those things on your to-do list leakyfaucet.Instead, Mr.Itzler JES

BY stern, author of time-management thatrequirelooping in another per- keeps apiece of paper with “Sara” booksincluding “Time to Parent.” son, sayapartner or aroommate? scrawledacrossthe top. Therehe IONS

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TR exercise,hobbies,evenparenting have aset time to deal with them, queries thatrequireconsulting US

ILL into microdoses. says Jesse Itzler,anAtlanta entre- with his wife, Sara Blakely,the

Work the system—but don’t Timing is everything ‘Network, network, network’ Job Searching?HereIs try to game it Once a job is posted online the Jane Oates, president of Working- Though it is important to be stra- clock is ticking, and applications Nation, a nonprofit focused on un- tegic, overplaying your hand can that come in at the end of the sub- employment, recommends that as backfire, Mr. Bonneau said. mission window may already be job seekers tap professional con- Advicefor Standing Out Key words are vital to get your handicapped, recruiters said. tacts they include details that may résumé noticed but cramming in Sifting through applications elicit particular advice. phrases that are lifted verbatim and interviewing candidates be- “When you’re networking with BY KATHRYN DILL keywords—the terms most rele- from the job description or that gins almost immediately,and the people you know, don’t say vant to the job you’re seeking—is make your résumé hard to read therelikely will be internal candi- ‘I’m looking for a job,’ ” said Ms. ne year since the coronavi- essential. For an engineer, that can won’t get you far. dates as well as finalistsfor pre- Oates. “Say instead, ‘I really have rus was declared a pan- mean listing programming lan- You may get past the applicant- vious vacancies all jockeying for great organizational skills. That O guages you are fluent in. tracking-system algorithm only to the role. has to help me get a job. Do you demic, there are glimmers of a sustained jobs recovery—and “Using those words that are go- have any idea about that?’ Be a lit- that means new opportunities for ing to be important to the re- tle bit more specific.” Even if you prepared job seekers. cruiter in your résumé is a key don’t know anyone at the company There are reasons to believe first step,” said Scott Bonneau, or the field where you’re applying the latest uptick in job creation vice president of global talent at- for a job, she added, try making has more legs than similar spurts traction at Indeed. He recommends contacts at professional or trade last summer and early fall, even keeping a résumé to one page. organizations. though Federal Reserve Chairman After your résumé clears the Jerome Powell warned at The Wall robots and recruiters, it has a You don’t need to check Street Journal’s Job Summit last chance to gain the attention of hir- every box week that the economy remains ing managers. Mr. Bonneau said a Some job descriptions mayread far from maximum employment. succinct summary or objective likeanunachievable wishlist—but As hiring accelerates,millions of statement at the top of your ré- that shouldn’t necessarily stop unemployedAmericans will be vy- sumé can help. “That is your brief youfromapplying.“‘Preferred re- ing foropeningsalongside workers but important way to give that quirements’ or ‘nicetohaves’ jockeying fornew jobs and promo- hiring manager or that recruiter a doesn’t mean that youhaveto tions.Yet, the pandemic’simpact on contextualized overview of your have that skill set to apply forthe the job hunt is likely to linger: experience with respect to the role,” said LaFawn Davis,Indeed’s Workerswill need to be prepared role,” he said. group vicepresident of environ- for virtual interviews and onboard- Paige Ross, senior managing di- mental, social and governance. ing.They mayneed to pick up new rector and global head, human re- The pandemic is affecting job searches and practices in workplaces such She recommends explaining in skills,orreinvent themselves for sources, at private-equity firm as this Dallas office, where individuals wore masks and sat far apart. your coverletterhow your skills

S the next phase of their career. Blackstone, studies outcomes when cantranslatetothe role youare Economists, executives and ca- reviewing résumés. “What have end up alienating the recruiter Applicantsshould make seeking. NEW

G reer coaches offered advice to you worked on, and what were the who receives a résumé filled with thoughtful—but swift—editsto “You should go for it if you thousands of job seekers at the results?,” she said. key words that don’t genuinely re- their résumé and coverletter, In- have most of those things because,

OOMBER Journal’s Jobs Summit. Here is LauraFennell, executivevice flect your abilities. deed’sMr. Bonneau said. “A cou- I guarantee you, the skills that you what they said: president and chief people and “It’simportant to makesure ple of days might be the differ- have will work out well in that H/BL

RT places officer at financial-soft- that we focus on the relevant ex- encebetween ajob being thereor role,” she said. “If you’re ready to

WO Get your résumé in front ware maker Intuit, seeks clarity: perience, the relevant words, but being filled by the time youap- get into something new, if you’re of a human “Résuméscan getsuper flowery backed up by your accomplish- ply,” he said. open to stretching yourself, you Before your résumé even reaches a and hardtounderstand, so real mentsand what makes youthe He suggests setting alerts on can learn those other three to four HOLLINGS recruiter, it will need to charm a clarity around what you’vedone— best candidatefor that role,” Mr. Indeed and other sites for when things that maybe you don’t have LAN

DY piece of software. Adding certain Ilovethat.” Bonneau said. relevant jobs are posted. right now.” P2JW067000-4-A01200-17FEEF7178F

A12 | Monday, March 8, 2021 **** THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP

parts of Slack chats, from which AT WORK many users find it especially hard KRITHIKA to detach, Mr. Weiss says, “We’ve VARAGUR never [explicitly] focused on try- ing to enable better social uses of Slack, but we think it’s a good sign that we’ve built a tool for work hen Becky Kane that people feel makes the work- started interning place more humane.” at a productivity Several companies have cre- software com- ated their ownplatforms for pany in 2014, she asynchronous updates in recent W years. Zapier,acompanythat lets experienced a workplace rite of passage: drown- userssync webapplications,has ing in Slack messages. The company, Doist, had always been mostly remote, so Slack, the The buzzword for a new ubiquitous business communica- tions platform, was the main way way for employees to to connect with her new col- communicate on the job leagues. Ms. Kane lives in Minne- apolis, but Doist employees work is asynchronous. around the world. “I definitely have an addictive personality,” says Ms. Kane, 29. Slack, with its signature mix of Async.Stripe,the fintech com- round-the-clock banter, GIFs, up- pany, has Home.These platforms dates about serious work projects need not displaceSlack alto- and small talk, took over her life. gether,but they cantakeover “It was so tempting to be there all some of itsfunctions. the time,” she says. Whatever your messaging plat- She transitioned from intern form of choice, making your intofull-time marketer in 2015,and workplaceasynchronous-first in- the messages kept coming—until volves deliberate choices at every 2016.That’swhen her companyquit step,says John Meyer,CEO of Slack.Her workdaydramatically Lemonly,aninfographics design improved, she says.These days,she agencyinSioux Falls,S.D., with 17 typically logsintoDoist’sinternal employees in three U.S. time messageboardinthe morning to zones.When he decided to make check forproject updates,logsout, There’sLifeBeyond Slack his companymoreasynchronous a and writes and editsuntil lunch year ago, he directed his team to with few distractions. writethingsout instead of de- Since Slack’s platform made its Some organizations have sought other ways for workers to keep in touch faulting to meetings. debut in 2013, it’s helped cement Last summer, even Slack instant messaging as an essential started developing an asynchro- part of white-collar work. But nating, the expectation to have any internal communication platform to the productivity analytics firm nous video feature, still in pilot many beleaguered workers found live chats and calls in the average called Twist, which organizes dis- Time is Ltd., which analyzed an mode, Mr. Weiss says. that it replaced email, never a be- workday. There are simply too cussion threads on specific proj- anonymized data set of 5,000 us- These developments aside, loved technology itself, with some- many messages. ects or topics instead of creating ers around the world for The Wall there are still obvious uses for thing even more distracting. Thebuzzwordfor the newway catchall, rapid-fire channels. Street Journal. For emails, the me- real-time communication, such as Use of Slack and other collabo- to communicateinthese work- Going a step further, the com- dian response time was 72 min- personnel disputes or tense dead- ration platforms like Microsoft places is asynchronous.Asynchro- pany ditched regular meetings, utes. lines, not to mention hilarious ob- Teams and Facebook Workplace nous communication refers to chats too. Any companywide talks are Slack has a number of features servations with a short shelf life. soared during the pandemic. From that don’t happen in real time.It recorded and posted online. to make notifications more man- It’s hard to imagine a company January to April 2020, the average caninclude annotated documents, Asynchronous teamwork also re- ageable, notes Noah Weiss, the San eliminating it altogether. time that Slack users were active posting on messagethreads that quires some individual changes.Ms. Francisco company’s vice presi- The key is to be thoughtful on the platform jumped to about don’t send notifications forevery Kane has grownused to communi- dent of product. These include the about chat boundaries, says Nir 120 minutes a day from about 85 update, and, yes, good old-fash- cating deadlines well in advance. option to be notified only if people Eyal, the Singapore-based author minutes, according to its latest ioned email. Synchronous communi- She rarely expectsher 91 colleagues tag your name and a do-not-dis- of “Indistractable: How to Control O

TT earnings report. (The Wall Street cation refers to the rest: video calls, spread across35countries to be on- turb mode. Your Attention and Choose Your

BUGA Journal is a Slack client.) Micro- phone calls,chat apps and face-to- line at the same time. AMicrosoftspokesman also Life.” He doesn’t view communica- soft Teams found a 72% increase faceconversation. Slack can be used asynchro- pointstofeatures that promote tion apps as inherently problem- in instant messages in March Doist, where Ms. Kane still nously, in theory—say, if company asynchronous work on Teams,in- atic, but thinks workers can be DOMINIC 2020, compared with a baseline of works, has created an asynchro- culture accommodates slow re- cluding setting “quiet hours” and more deliberate about incorporat- BY January-February 2020. nous-first culture after quitting sponse times—but that rarely hap- “quiet days” and getting virtual ing them into their workday. ION

AT Still, some companies are push- Slack, says Gonçalo Silva, its Por- pens in practice. The median re- meetingsrecorded and tran- “Group chat is like a hot tub,”

TR ing back on the constant chat tugal-based chief technology offi- sponse time for Slack users in scribed. he says. “You should get in and get US

ILL trend, by reducing, or even elimi- cer. The company designed its own 2020 was 16.3 minutes, according As for the informal and social out, not sit in it all day.”

Career reinvention An improv class led to a comedy career for this onetime law professor

BY LAUREN MECHLING

“IT WASN’T likeIwas Doogie Howser,” Liz Glazer said of her precocious success,but she wasn’t faroff.She picked up a TUCKER

master’sdegreeinphilosophy Y

during her four yearsasan MIND undergraduate,then shot through lawschool and landed UPDATE at the University of ajob at aWall Street firm be- Chicago Law School fore becoming afull-time law Name: Liz Glazer Advice for changing jobs: professor at age 27.And then, “If your colleagues are shortly afterattaining hard- Age: 41 having a blast and you’re wontenure, she quit to pursue Location: South Orange, not, you should meditate alifeinstand-up comedy. N.J. on it. You can put that Growing up in NewJersey, Former job: Associate pro- data to use when you fig- Ms.Glazer’s “success-minded- ure out the next chapter, ness” comes from her family. fessor, Hofstra University School of Law which doesn’t have to be All four of her grandparents tomorrow.” were Holocaustsurvivors, and Current job: Stand-up co- her mother wasborn in adis- median A-ha moment: Ms. Glazer placed-persons camp.“My par- had recently made tenure ents inherited their parents’ Education: Bachelor’s and at Hofstra, but when she trauma to the tune of thinking master’s degrees in philos- came off the stage, she the Nazis would come to our ophy at University of was exhilarated in a way Pennsylvania; law degree house if Ididn’t go to law she’d never felt before. school,” she said. At the UniversityofPenn- sylvania, Ms.Glazer’s mentor, lishedtheir ownpapers. suit covers sentbyher mother Prof.Heidi Hurd, gave this ad- Ms.Glazer joinedHofstra to protectMs. Glazer’s work vice: Become alaw professor. by the following year and four suits from getting coveredin “The jobs arerelatively easier yearsintoteaching,in2009, cathair.The crowd wasrecep- PUBLISH DATE: SATURDAY,APRIL 17 to get than philosophyprofes- while on avisiting professor- tive, and therewas no going CLOSE DATE: MARCH 8 sorships, andyou canteach ship at Loyola UniversityChi- back.“Iremember thinking: Mansion Global Experience Luxurygives agents and brokers aone-of-a-kind opportunity lawand writeabout philoso- cago,she enrolledinanim- ‘This is my newlife,’ ” Ms. to showcase their exceptional properties to The Wall Street Journal’shigh net-worth phy,” Ms.Glazer said. prov comedy class. Glazer said. She enrolledinlaw school Three yearslater,she met When the dean of Hofstra’s subscribers within the most affluent zip codes and markets across the country. at the UniversityofChicago, up with her former improv in- lawschool offeredbuyout whereshe wasdriven to pub- structor,who invited Ms. packages,she committedto Highlight your propertieswithin the trusted editorial content of TheWall Street Journal. lish apaper in the LawRe- Glazer to perform with her at one on the spot. Inserted intothe WSJ Weekend Edition delivered on Saturday,April 17. view. Her article on “a very ob- astand-up event. “I had con- Fiveand ahalf years(and scureissue in appropriations sumedalot of espresso, marriage to arabbi) later, Ms. Distribution: 100,000 Wall Street Journal print subscribersofthe WeekendJournal (top zip codes in New York, Los Angeles, San Francisco, Miami,Chicago, Boston, Dallas, Houston, and Washington D.C.) law” would payoff later. which she mistook forstage Glazer’s comedy career is on Afterlaw school, when she presence,” Ms.Glazer said. the rise.All of her gigs are Foradvertising opportunities, please contact: Olivia Cottrell at [email protected] worked as afirst year associ- On the nightofthe show, currently on Zoom, and she ateatFriedFrank in Manhat- Ms.Glazer showedupwith a has been performing forsyna- tan, Ms.Glazer received alet- large boxthathad arrived ad- gogues and lawschools that terfromthe Hofstra dressedtoher from Amazon hireher to cheer up socially UniversitySchool of Lawin and whose contents were un- distanced students. Her fees Hempstead, N.Y.,asking if she known to her.Onstage,Ms. arearound $1,000 forsyna- would interviewfor aprofes- Glazer openedthe boxinfront gogue engagements and sorship.“Theywerelooking for of the audience, ad-libbing the around $1,500 forlaw school nontraditional candidates,” in- whole time.Infront of the appearances. “It all adds up,” cluding those who had pub- crowd,she took out 18 vinyl she said. P2JW067000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, March 8, 2021 | A13 ARTS IN REVIEW

An installation view of ‘KAWS: What Party’ at the Brooklyn Museum, left; interior spread from KAWS’s ‘Untitled (Blackbook)’ (c. 1993), below

exhibition is trying to tell. The next section explores his appro- priation of cartoon characters, with afocus on the Simpsons (his X-eyed version of the classic clan is called the “Kimpsons”), but what fills the gapfromguerrilla beginningstoworks sold in clam- shell packaging likeaction fig- ures? We occasionally hear from the artist in wall labels—“I do start with familiar thingsand that’sprimarily to makethe work moreapproachable forpeople”— but other than vagueappeals to universality and readability,it’s unclear what, exactly,this kind of appropriation is supposed to ac- complish. Aseries of close-up BRIDGERS

AD paintingsofcharacters’ heads

/BR that makereferencetoland-

WS scapes arethe most interesting KA here, studies in color and form that point in directions that even

MUSEUM; Josef Alberscould have been in-

YN terested in, but what comes of them? If therewerelater explora- OOKL tions,they aren’t to be found in /BR the show. And that album cover, likeaphotocopy reproduced BIONDO toomanytimes,fades intoinsig- nificance.

MICHAEL The trend continues with the P:

TO later sections. A Smurf in noxious

OM clouds. Snoopy clipped at odd an- FR gles. SpongeBob looking like he’s in the middle of a bad trip. Plays ARTREVIEW on the Michelin Man, Bugs Bunny and Gumby. All are easily identi- fied, and all go down easier than a Bud Light at a barbecue, but to Calculated Commercialism what end? These are works made to be recognizable solely for rec- ognition’s sake—artistic empty cal- KAWS’s solo show at the Brooklyn Museum is brimming with pop culture and little else ories so focused on reaching ev- eryone that they’re substantially satisfying to no one, the latest of- BY BRIAN P. KELLY parody of the Beatles’ “Sgt. Pep- another har- turned with fering in the saccharine but suc- per” cover, sold for $14.8 million binger of Ar- bright and cessful mold best exemplified by Brooklyn, N.Y. at Sotheby’s in Hong Kong. tistic Kaw- cartoonish Jeff Koons. hat happens when Along the way he developed a pocalypse, characters That’snot to saythere’sany- an outsider artist signaturemotif (X-ing out the eyes the show overlaid on or thing inherently bad about art becomes com- of his various subjects), apersonal will do little intertwined that repurposes popular imagery: pletely,unabash- logo(acartoonish skull and cross- to change with the ad Thelineageofcommercial appro- W edly mainstream? bones with those X-ed out eyes), previous no- models area priation has itsrootsinDuchamp One answercan and several characterswho arenow tions about wryco-opta- and Warhol, without whose influ- be found in “KAWS: What Party,” synonymous with his work,the best him or his tion of public encethe contemporaryart world the newexhibition at the Brooklyn known of which is Companion, a art. spaceand a would be unimaginable.But Museum featuring works created by creaturewith aMickey Mouse body Arranged gentle ribbing there’sadifference: They used the graffiti writer turned consumer and skull-and-bones head. In the thematically of consumer- consumerism to makeusthink darling over his 25-year career. process, he’screated affordable toy acrosssix ism. Espe- about the productsthat areregu- KAWS, born Brian Donnelly in versions of his works and partnered sections,the cially clever is larly sold, whereas KAWS blithely 1974 in Jersey City, N.J., attended with brands ranging from Niketo showstarts an ad featur- trafficks in them. the School of Visual Arts in New Kiehl’stoHennessy. on abullish ingKeith Har- Hence a KAWS toy to suit every York and spent the early part of Which is all to say the Brooklyn note, with ing,himself taste, fandom and subgroup: As- his career working as an animator Museum had its work cut out for it his early drawing on a troboy, Darth Vader, the MTV while tagging trains, billboards, in planning this exhibition. Not work: blacked-out Moonman, and more—many of- advertisements and more in his only would it need to trace the arc Sketchbooks subway ad, to fered in affordable, open editions free time. In 1997, he traveled to of a meteoric career, from spray- planning his which KAWS so you, too, can own a work by Tokyo and learned about otaku, can wielder to corporate-partner- graffiti has added a one of the buzziest names today. essentially ultrafans, especially ship dealer, but also to explain pieces and creaturethat Say what you will about the work, those obsessed with anime and why work that, on its surface, can photos of the is wrapped but it’s undeniable that KAWS re- manga, and began to see popular seem repetitive, simplistic and un- end resultsgiveyou areal sense around Haring’storso,staring mains staunchly, unapologetically, cartoon characters as an outlet for inspired has been welcomed by of the excitement and precision over his shoulder.All of this is ev- populist. cross-cultural communication. Fast such odd bedfellows as high-end that went intothe large-scale mu- idenceofayoung artist actively forward to 2019, when his painting gallerists, brand marketing teams rals that seemed to appear as if engaged with his media and KAWS: What Party “The Kaws Album,” a tweaked ver- and trend-chasing sneakerheads. by magic overnight around urban firmly rooted in the historyofhis Brooklyn Museum, through Sept. 5 sion of the cover art for “The Yel- Unfortunately,for those who spaces.And aselection of old ad- chosen field, namely street art. low Album”—a record of original see Mr.Donnelly’s empyrean sta- vertisementsthat he spirited From there, though, the thread Mr. Kelly is the Journal’s associate songs recorded by characters from tus lessasthe result of an Immac- away from their displays around gets lost—both that of KAWS’s Arts in Review editor. Follow him “The Simpsons”—that itself was a ulateKawnception and moreas NewYork,altered and then re- development and of the storythe on Twitter @bpkelly89.

BY BARBARA JEPSON MUSIC REVIEW | All three are found on a Warner to program that work with Vi- Classics compilation, “Libertango,” valdi’s “Four Seasons,” since saxo- IN THE WANING years of the out now digitally with a release on phone players are more readily tango’s “golden age,” which Piazzolla: vinyl to follow on March 19. Drawn available to orchestras than ban- spanned the 1930s to the from previous albums by promi- doneonists. mid-1950s, the Argentine com- Titan of nent artists, including the pianist But when it comes to record- poser Astor Piazzolla (1921-1992) Martha Argerich and the flutist ings, it’shardtobeat two Piaz- began writing irresistible music Emmanuel Pahud, the perfor- zolla albums from the 1980s: the that melded elements of this popu- Nuevo mances display high levels of tech- impressive“Tango: ZeroHour” lar dance form with those of clas- nical sheen—and, in the Quatuor (reissued by Warner Records in sical music, jazz and klezmer. He Tango Ébène’s own deliciously intense ar- 2005), which contains standout was a virtuoso on the bando- rangement of the title track, an renditions of gems like“Concerto neon—a German concertina-like ability to convey the music’s earth- forQuintet,” and the sizzling “As- instrument closely associated with ier aspects. Equally memorable is torPiazzolla: TheLausanne Con- the tango. Fronting a series of in- the sensuous, dreamy take on “Mi- cert,” recorded livein1989.Reis- strumental ensembles founded to longa del Ángel” by Mr. Kremer sued by Milan Entertainment in play his works, Piazzolla ulti- and his Kremerata Baltica, with mately won international acclaim Per Arne Glorvigen on bandoneon. as the titan of the nuevo tango “¡Nuevo Tango!,” a three-disc Born a century ago this movement. compilation available from Harmo- Born in Mar del PlatatoItalian nia Mundi, offers an admirably month, he reinvigorated immigrants, he grew up in NewYork broader introduction to the com- the traditional and later studied classical composi- poser’s oeuvre, including vocal and tion with fellowArgentine Alberto orchestral works. It also provides Argentine form Ginasteraand the French pedagogue more pieces in their entirety, like Nadia Boulanger.Piazzolla’sbest the delicate “Histoire du Tango” works filter the seductivenessofthe for flute and guitar, winningly re- tango’sorigins in the brothels of alized by Cécile Daroux and Pablo 2006,itisnolonger available; Buenos Aires through amodernist Márquez. The London Concertante someone should bring it back now sensibility,employing dissonant contributes a driving, expert per- forthe centennial. On both al- tone clustersand percussiveinstru- formance of “Michelangelo 70,” a bums,the works aremoreimagi- ment slapping.Other recurring fea- Astor Piazzolla performing in The Hague on July 12, 1985 vibrant romp with piquant harmo- native, the performances by the turesinclude Bach-style contrapun- nies, though I miss the distinctive composer and his superb players talwriting,“siren” wails and the use voice of the bandoneon. turbo-charged. YouTube excerpts of an electric,rather than acoustic, nuevo tango as “a high-wire act A number of musicians are add- In addition, Chandos recently likethose from his 1984 concert in guitar,along with tempo changes between bliss and pain”), the Kro- ing Piazzolla to their albums in issued “Romance del Diablo, The Utrecht, Netherlands, showPiaz- that disrupt the regularity of the nos Quartet and the cellist Yo-Yo honor of his centennial, although Music of Piazzolla,” by the saxo- zolla playing the bandoneon— customarytangorhythm. In Argen- Ma. But Piazzolla’s chamber opera, only a handful so far have made phonist Marco Albonetti and the which spans morethan three feet tina, these alterations engendered “Maria de Buenos Aires,” has been recordings devoted solely to his Orchestra Filarmonica Italiana. Mr. when fully open—from astanding, fervid, prolonged opposition; an staged more in recent years. In a music. According to a representa- Albonetti’s solos on “Oblivion” and rather than seated, position, an- outraged traditionalist oncehurled January concert online, the Boston tive for the Quinteto Astor Piaz- other lyrical pieces are nuanced other departurefromtradition.

GES gasoline at Piazzolla’sband in an at- Symphony Orchestra played the zolla, established by the com- and show formidable breath con- Piazzolla’smusic is as mercurial

IMA tempt to set it on fire. composer’s “Aconcagua,” concerto poser’s widow six years after his trol as he unfurls long legato lines. emotionally as it is stylistically, As the 100th anniversary of his for bandoneon and orchestra, for death, he wrote nearly 2,500 His arrangements are invariably veering from longing and regret to ETTY

/G birth approaches on March 11, the the first time, with the virtuoso pieces, counting multiple versions apt, and his wailing soprano sax raunchyexuberance. Hopefully,as composer’s multifaceted scores re- Héctor del Curto as the expressive for different instruments. Yet brings out the klezmer influences the pandemic eases,wewill getto main peripheral to the classical- soloist. And, not surprisingly, the many releases show an exasperat- where appropriate. Perhaps his hear awider assortment of his un- music repertoire in the U.S., de- Teatro Colón in Buenos Aires is ing focus on the same dozen or so versions of Piazzolla’s “Las Cuatro forgettable creations.

GEN/REDFERNS spite being championed by such mounting “Piazzolla 100” through favorites, like the anguished Estaciones Porteñas” (“The Four

BER luminaries as the violinist Gidon March 20,with livestreams of “Adiòs Nonino,” soaring “Liber- Seasons in Buenos Aires”) will en- Ms. Jepson reviews classical al- UL bums and concerts for the Journal. PA Kremer (who described Piazzolla’s some events available on its site. tango,” and melancholy “Oblivion.” courage more concert presenters P2JW067000-0-A01400-1------XA

A14 | Monday, March 8, 2021 THE WALL STREET JOURNAL. SPORTS Nascar Steers Around aTrickyCorner

The sport knew it needed broader appeal. The tumultuous events of 2020 accelerated its pivot to the future.

BY LOUISE RADNOFSKY AND ANDREW BEATON

Tensions over racial symbols in Nascar were raging last June even beforethe event that would change racing forever. Fans flew Confeder- ateflagsoutside TalladegaSuper- speedway,and in the skyaboveit, in defianceofanew ban at tracks. Then anoose wasfound in the garage stall of Bubba Wallace, the lone Black driver at the highest level of the sport. It waslater de- termined that the noose wasnot targeted at Wallace. But fora sportsorganization on amission to diversifyits fan base or risk extinc- tion, the random discoveryofa symbol of racism wasamajor problem. Nine months later,Nascar execu- tives saythe situation actually helped fast-track their attempt to reorient the sport’sappeal, acceler- ating it around abend it wasal- ready steering toward.Anew Na- scar season is under way with Wallaceracing on ateam co-owned by NBAlegend Michael Jordan, and another partially owned by Cuban- American rapper Pitbull. “Michael Jordan deciding to own araceteam—I would suggest that

never would have happened if the S eventsofJune hadn’t happened,” PRES Nascar president StevePhelps said. “That doesn’t happen without the TED CIA

stancewetook from asocial justice SO standpoint.” AS Wallaceagrees that the good outweighed the bad. That doesn’t mean becoming the faceofachang- BAZEMORE/

ing sport—and the target of praise JOHN and irebecause of it—was easy. Drivers and crews pushed the car of Bubba Wallace to the front of the field prior to the start of a race at Talladega Superspeedway on June 22, 2020. “Shoot, 2020 wasaseason that I’dliketoforget,” Wallacesaid in an interview. “Therewas alot of population, such as the group for- wasatthat same race when crew said wasfound firstbycrewmem- shiftthe culturetowhereit’sthe positivethat came out of it, but it merly known as “Nascar dads.” membersreported the noose in bers, one of whom is Black.“I opposite—wherepeople don’t feel wasdamn surestressful.” Last June,amid national unrest Wallace’sgarage, triggering an out- would’vejust said ‘alleged’ hate comfortable flying the flag,just like American sportsincluding the over the killing of Black men and cry, an accusation from then-Presi- crime.” they wouldn’t feel comfortable fly- NBAand the NFL have been light- women by police, Nascar realized dent Donald Trump that it wasa Nascar hasn’t waveredinits re- ing that flag at an NBAgame,” ning rods fordrawing attention to that afundamental part of itsbusi- hoax,and complaintsfromother sponse to people who saythat this Thompson said. racial divides in the U.S. No major nesspivot wasejecting asymbol critics that this wasamedia-driven wasastandardgarage-door pull. It That cultureshiftalso means sport faced such ahead-on confron- understood by manyashostile to misunderstanding. examined the 1,684 stalls at all of continuing to boost driversofcolor. tation in this realm quitelikeNa- Black people. Because an investigation found itstracks acrossthe countryand Theincident brought Nascar some scar because of itsown roots—pre- “Wecould do 50 incredible that the noose wasn’t specifically found that this wasthe only one inadvertent luck.Bubba Wallaceis dominantly southern and white— thingsinthe diversity,equity and targeting Wallace, it wasn’t deter- with apull fashioned as anoose, far morefamous than he wasbe- and itsattemptstoresonateina inclusion space, and yetthereit said Phelps,who also said they fore.The discoveryofthe noose changing country. was,” Phelps said. “So banning the have been unable to determine who prompted driversand crew mem- “Is therearisk when youmake Confederateflag at all Nascar races Many enterprises that made it or put it there. berstopush Wallace’scar out onto what Iwould consider to be afairly wassomething that wascritical.” TheFederal Bureau of Investiga- the track when racing resumed. dramatic shift? Yes, there’sarisk,” Wallace, who helped drivethe trend older and whiter tion and U.S. Attorney’s Officefor Even among longtime fans,46% Phelps said. But, he added: “The op- decision, says nowthat even he have realized they must the Northern District of Alabama said that Nascar’s stances on social portunity wassignificant.” didn’t realizehow much it would also saytheir assessment hasn’t issues in 2020 had improved their Twoyearsago, Nascar executives matter. “I didn’t necessarily under- shifttheir appeal. changed sincelast June,when they viewofthe circuit. But it resonated sawsomething bad in something stand howmuch pain wasbehind concluded from authentic video strongest among the fans they’re good. Ticket sales,TVviewership that flag until we talked about it footagethat the noose had been in clamoring after—62% of newfans and internal metrics were all up af- and gotitremoved, and seeing how the garage sinceatleast October said their viewimproved. teryearsofskidding.But those manypeople were made happy that mined to be ahatecrime.But ev- 2019. All that has leftNascar feeling gains almost exclusively came from it wasgone,” Wallacesaid. “The eryone—including Nascar and law Phelps says he’s“resolute” that confident that this small minority the sport’sexisting fans,who were door finally felt open foralot of enforcement—agreed that it wasa therewill be no “backsliding” on of fans who opposed their newdi- aging and predominantly white. people to come in.” noose,and it had been therefor enforcement and that “atNascar rection cantakeit—or leave it. Manyenterprises that trend Nascar could take flagsfrom months. racesyou arenot going to see the “Listen,” Thompson said, “ifany older and whiter have realized they people who brought them into Phelps says he has no regrets Confederateflag.” fan can’t getonboardwith what must shifttheir appeal forademo- tracks and insist that people who about howNascar handled the situ- Pushing out the flag ultimately we’redoing and the fact we are graphically shifting America. For displayedthem on shirtsturn them ation, despitethe loud blowback requires something far bigger, said simply trying to open the sport to Nascar,that meant trying to be- inside out. But it had no jurisdiction from Trump and others. Brandon Thompson, Nascar’s vice moreeyesand makesurethat ev- come aplacefor all people who like over what happened just outside. “The thing that Iwould change president of diversity and inclusion, eryone feels comfortable,then we speed and competitivedoor-to-door At the firstraceafter the ban literally was, just frankly,one who started his job just as every- areOKifthat fan unfortunately de- racing,rather than pollsters’ short- with fans,atTalladega, aparade of word,” Phelps says of his initial re- thing went crazy last June. cides that’snot what they want to hand foranarrow segment of the cars outside displayedthe flag.It sponse to the noose,which he also “It is our job,overtime,that we be apart of.”

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THE WALL STREET JOURNAL. Monday, March 8, 2021 | A15 OPINION When the Boom Turns to Bust BOOKSHELF | By Marc Levinson

Even after (and I’m putting it end? When the last Those last week,it nicely) turbulence skeptical buyer finally feels as if a when Federal Reserve sees the light and lot of people Chairman Alan Green- buysintothe dream think markets span proclaimed “ir- that every car will be One-ClickWoes only go up. rational exuberance” electric,that crypto INSIDE Buy the dip! in December 1996, replaces gold and VIEW Hold on for and again in the sum- banks,that we overin- Fulfillment dear life! Feed mer of 1997 when a dulgeonvertically By Andy the ducks currencycrisis hit In- farmed “plant-based By Alec MacGillis Kessler when they’re donesia, South Korea steaks” while stream- (Farrar, Straus & Giroux, 384 pages, $28) quacking! and Thailand. ing “Bridgerton” Sea- Stocks.Bonds.SPACs.Real es- We had built a son 5beforewehop ime waswhen the evil empirewas ruled from CHIVE tate.Commodities.Crypto. portfolio of what we AR on an air taxi for our T Bentonville,Ark., wherethe brick-fronted fortress $200,000 nonfungible tokens, hoped were the next flight to Mars. Those of Walmart seemed impregnable.Byfar the world’s

known as NFTs, with clips of wave of high-growth MANN last skeptics (maybe largest retailer,Walmart stood accused of driving down

LeBron James.EvenGameStop technologycompanies BETT already) convince wages, imposing direand erratic working schedules, is flying again. Thesentiment out on the bleeding Investor Walter Thornton after the 1929 crash. themselves there’sno fighting unions,squeezing subsidies out of stretched is: Assetsgoup; cash is for edge. No one else be- longer any downside. stateand local governments, and destroying healthy losers. That hasn’t been abad lieved it yet. Most names didn’t sell a single share, but And then boom, it’s over. communities by planting itssoullesssuperstores on the bet. TheMarch 2020 Covid in- traded over the counter.Hu- prices droppedand dropped Bull marketsneed fuel. highway out of town—or,alternatively,bynot coming to sta-bear market quickly re- man market makerswould set as bids went insanely lowand When the marginal buyer is town at all. As oftenportrayed in the media, Walmart’s turned to an insta-bull mar- the bid and ask prices.On sellerstook them. TheDow in- done,thereare no more hard-nosed businesspractices enabled it to stretch its ket. So howdoyou know most days you owned the ex- dustrials dropped lessthan greater fools to buy in, no tentacles ever farther around the globe,strangling workers when to jump off the runaway pected earningsstream on an 5%, but our fund wasdownal- matter howwell companies and stifling small businesses. train instead of being runover exciting future. Other days, most 40% by 8:30 a.m. I actually perform. Thedream Fast forwardafew years, and reprobation of Walmart’s by one? youowned afunnypieceof turned to my partner and is priced in, and firms can sharp tactics has faded. Replacing it in the dock of public paper. said, “Well, you haven’t lived only meet, not beat, expecta- opinion is acomparativenewcomer,Amazon. In 1998 there was another until you’ve lost $100 million tions. In “Fulfillment: Winning and Losing in One-Click America,” Yo u haven’t seen a Asian currencymess, coupled before breakfast”—investors’ For those lulled by today’s Alec MacGillis ably catalogsthe manyways in which Amazon’s with aRussian currencydeba- money, but it still hurt. bull market, remember that breakneck expansion has leftsocial wreckageinits wake.We real bear market cle.Few knewthat hedge-fund We gained back some youown apieceofpaper. meet contingent workersinjured in itsdistribution centers; until you’ve lost geniuses at Long-Term Capital losses as fearsofanapoca- Low-yielding U.S. Treasury stateand local officials who had levered up abunch of bad lypse ended, butthen the real bills and bonds aresafebe- signed off on sweetheart 90% of your money. bets. And when I say levered, bull-market crazinessbegan in cause they are backed by the deals that lured the company Imean aChernobyl of debt January 1999 and ran for an- U.S. government, by cash flow to their jurisdictions but waiting to blow. It did, that other year.Dot-com names of taxdollarsand by the coun- brought them little by way of Idon’t think I’m breaking September. peaked in early 2000,but sell- try’sassets(think land, not increased taxrevenue;and newground when Isuggest Marketsopened—at 6:30 ing picked up in October and Fort Knox). Stocks arebacked entrepreneurswho sold their that marketsdogodown. A a.m. on the West Coast—and never really stopped until by expectations of future waresthrough Amazon’s lot. Iwas somewhat newto sold off hard. A“flight to 2003,with the market down a earnings, but if youoverpay websiteonly to see Amazon, Wall Street when the crash of safety” saw investors buying third. Remember that banker during periods of high expec- aftercapturing their sensitive 1987 took 22.6%out of the U.S. Treasurys and selling talking about losing 90%? He tations (liketoday), then your cost and sales data, offer its DowJones Industrial Average. anything and everything risky, wastalking about the late-’70s downside is huge. Cryptois ownself-branded versions in In retrospect, that’s nothing. which unfortunately,that day, death march down, character- backed simply by the faith of competition with theirs. The Apartner at an old-line in- was our fund’s middle name. ized by stocks going up in the those who proclaim it is a company’svertiginous climb is vestment bank oncetold me At the open we were down morning and then down in the storeofvalue.Evenart and not the simple tale of virtue that youhaven’t seen areal 10%. As moreselling kicked in afternoon—optimists quickly exotic cars and silly NFT to- suggested by the friendly bear market until you’ve lost and market makerswerehit stepped on by pessimists. kens are backed only by faith smile on Amazon’subiquitous 90% of your money. with adelugeofsell orders, Sure enough, after2000,high- thewealthywill overpayfor corrugated boxes. Mr.MacGillis, In the mid-1990s, my part- they would simply lowertheir flying tech names were down uniqueness. Faith becomes aformer staffer at the NewRepublic who nowwrites for ner and Iran asmall-cap tech bids until sellerswent away, 90%. Many went to zero. scarce when the selling starts. ProPublica, tells the tale with empathy. hedgefund. We experienced which they never did. We Howdothese bull bashes Write to [email protected]. Yetthe storyofAmazon isn’t really the storyhewants to tell. Mr.MacGillis’slens is wide,capturing images of a countryinwhich manypeople’sliving standards arefalling and entireregions areleftbehind. Amazon, he explains, Let Business Give the Jab in Latin America “was an ideal frame forunderstanding the countryand what the countrywas becoming,given howmany The Food and is the only one that has been adults by the end of May. selves and foremployees contemporaryforcesitrepresented and helped explain.” Drug Admin- fully approved by the regula- TheJohnson &Johnson sin- would removefromthe gov- Thetrouble is,Amazon is not an ideal frame at all. By istration’sap- tor, Anvisa. High global de- gle shot is morepractical for ernment some of the financial sharing with us the heart-rending stories of individuals proval of the mand forthe Pfizer vaccine manycountries than the Pfizer and logistical burden of im- struggling in the faceofeconomic change, as well as Johnson & meansmost Brazilians have and Moderna productsbecause munizing the nation. Thegov- examples of Amazon’salleged abuses,Mr. MacGillis indicts Johnson vac- no option other than waiting it’smoreaffordable,doesn’t ernment could concentrateits the companyfor trends that began well beforeJeff Bezos’s AMERICAS cine could be forthe government—which requirethe deep freeze, and efforts on the neediest. brainchild wasborn. Theauthor’s claim that Amazon has agame- also administersthe emer- canbeproduced morerapidly. Thecountrywould also “segmented the countryintodifferent sortsofplaces,each By Mary changer for gency-approved Chinese and Widespread inoculation will be movetoward wider immunity with their assigned rank,income,and purpose,” is abit far- Anastasia developing Oxford/AstraZenecashots—to easier to pull off in places like faster.This is important be- fetched. I’m no great fan of the Seattle-based giant, whose O’Grady countries all give them the jab. Ecuador,Peru, Brazil and Mex- cause likethe rest of the re- heavy-handed wayshaveenabled it to dominateimportant over the Johnson &Johnson’sbreak- ico. But foroptimal resultsthe gion Ecuador is in arace partsofthe U.S. economy. But Mr.MacGillis’sattack is Western Hemisphere. But not through may mitigate supply “experts” have to drop the pol- against mutation risks.In- almost enough to makeone cryatear of sympathyfor it. as long as governmentsre- problems in the months to itics and open markets. stead, through March 1 Ecua- Let’sstipulate: In recent years, U.S. workerswith strict access to such innova- come, but most countries are dor had managed fewer than graduatedegrees have enjoyed, on average, higher pay; tion in the name of that old likely to continue to facediffi- 900 firstdoses aday.That no those employedatthe federal minimum wage haven’t had Latin-American shibboleth: culties with distribution be- Prohibiting the sale of money officially has changed apay raise since2009.Overthat same period, home- social justice. cause they have weak public- hands is hardly consolation ownersinSyracuse,N.Y., have on averageseen the value States across the region health systems.The vaccines will prolong for a vulnerable population. of their property rise by about 25%, while homes in Silicon justifycontrol of vaccines un- prohibition against the impor- the pandemic and Peru has relied almost ex- Valley appreciated five times as much. Anyone with the der the guise of “public tation and sale of vaccine by clusively on China for supply, wherewithal to purchase an S&P 500 indexfund in 2009 health.” But governments’ mo- businesses means that the harm the poor. andPresident FranciscoSa- and reinvest the dividends has enjoyedagain of roughly nopoly poweroverregulatory market is barred from helping gasti opposes privateinitia- 450%, abonanzathe lessfortunatecould not share. approval and procurement of people getvaccinated on their tives.Businesses that want to These unhappy trends,though, predateAmazon. The Covid vaccines and treatments own. Guayaquil, Ecuador,was contributetoward vaccinating number of factoryproduction jobs,which allowedmany hasn’t served the common It never seems to occur to hard hit by the virus in the the population by importing working-classfamilies to ownhomes and educatetheir good. Most governmentshave the ideologically purethat the spring of 2020,making it one vaccines on their ownand in- children, peaked back when JimmyCarter waspresident. bungled things. poor and working classes do of the world’sdirest hot spots. oculating employees have Theshareofprivate-sector workerswhose working Only Chile’sentrepreneurial notbenefit from afreevac- Yetthe Pfizer and Moderna been told no.Meanwhile poli- conditions areprotected by union contractshas been President Sebastian Piñera cine that is not available. vaccines were not approved ticians and bureaucrats have falling sinceDwight Eisenhower’sday. seems to have anticipated the Johnson &Johnson CEO forpurchase by privateEcua- jumped the queue. high global demand forthe AlexGorsky explained to dorean enterprises,such as Last week aBrazilian first vaccines. He signed con- Bloomberg last week that his pharmacies,until the end of truckers’ union wonaninjunc- Amazon’sbreakneck expansion has leftmuch tractstosecuresupply forhis company’sCovid-vaccine plat- February. That wasmorethan tion against the government’s social wreckageinits wake.But it wasn’t the country early. The rest of the form has been “used beforein two months afterthey were decision to impound vaccines region came latetothe game. areas like Ebola and HIV.” By approved by the FDA. that the union wastrying to first retailer to do so,and it won’t be thelast. At the end of January, applying “new data from the Worse, Ecuador prohibits import. Theruling offers HugoLópez-Gatell, Mexico’s spikeprotein,” scientistscame pharmacies from selling vac- hope—and formorethan undersecretaryfor prevention up with asafe, effectivesin- cines. So even if they import those “elite” truck drivers. So what arewetomakeofthe storyofBill Bodani, a and health, rebuffed Mod- gle-shot solution.The com- them, they cannot accept re- Demand forsalable vaccine forkliftdriver at an Amazon warehouse located on the erna’soffer to sign acontract panycould deliver 100 million imbursement from companies would createmoresupply,and siteofBethlehem Steel’sformer SparrowsPoint complex fordeliveryofits vaccine. doses in the U.S. by June, that want to buy in bulk to a small tax could even be ap- in Baltimore? Mr.Bodani, who retired from Bethlehem Last week Mexican President though theremay be some vaccinate their employees or plied to generatefunds for afteraninjuryin2002, later took ajob at an Amazon AndrésManuel LópezObrador early manufacturing hiccups. from people who want to pay distribution to the poor.Ifthe fulfillment center that paid afraction of his steelworker waspractically begging Presi- Merckhas announced that it for their own jabs. goal is ending the pandemic, wage,then shiftedtothe SparrowsPoint center when it dent Biden to share U.S. vac- will work with Johnson & Thelogic is that someone promoting competition, risk- opened in 2018.After he handed out apro-union leaflet, cine supplies with Mexico. Johnson to boost production. who is able to payshould not taking,and—yes—profitability according to Mr.MacGillis,Amazon docked his payfor Private clinics and compa- Mr. Biden said last week that get ahead of someone who is is smart. It’s the only way to going to the bathroom, whereupon Mr.Bodani quit. This nies in Brazil maypurchase the U.S. would have enough notable to pay. Yetallowing accelerate inoculation rates. proves,Isuppose,that Amazon warehouses canbe only the Pfizer vaccine sinceit vaccine forall American those willing to payfor them- Write to O’[email protected]. unpleasant and poorly remunerated places to work,and that Amazon is as virulently antiunion as Bethlehem Steel wasinits prime.But it doesn’t explain whyworkerslike Mr.Bodani aren’t faring well in the digital economy. ‘Net Zero’? More Like Not Zero Or consider PatWright, aresident of Seattle’sCentral District, who turned her loveofmusic intothe Total By Robert Hargraves lic-benefit corporation that dated the addition of cellu- Scams arise from such com- ExperienceGospel Choir.Asyoung tech workers, including helpscompanies “produce losic ethanol to gasoline to plexrules,such as the ones re- some who were employedatAmazon’sheadquarters, very day, another com- quantifiable emission reduc- reach at least 5.5billion gal- placing petroleum with biodie- flocked to Ms.Wright’soncelargely blackneighborhood, E pany, city or state tions,” offersCO2 indulgence lons of biofuel in 2017. By 2017 sel fuel made from vegetables manyofher neighborssold their homes and moved away. pledges to reach “net by claiming “websitepur- the biofuel industrywas able likesoybeans.Biofuel produc- After45years, Ms.Wright closed down the choir.“She still zero” carbon-dioxide emissions. chases areworking with to produceonly five million ersget a$1tax credit foreach went to church,” Mr.MacGillis reports, “but found fewer Google and Apple claim hunter-gatherer Hazda com- gallons,necessitating Envi- biofuel gallon produced, and and fewerofher friends there.” I’m surethe closure their datacentersare net munities to Protect Biodiver- ronmental Protection Agency these creditsare sold to big oil representsaloss, but should that be deducted from zero.These companies’ mas- sity &ForestsinTanzania.” exemptions and another ethe- producerssothey cancomply Amazon’sbalancesheet? sivecomputer systems use re- real marketplaceof“Renew- with EPA rules. The opportu- Walmart, whose online operations were oncethe liable electricity, largely from able Identification Number” nistic Washakie Renewable object of derision, nowseems to be eating away at fuel-burning,CO2-emitting, Companies buy credits. Energy filed for credits total- Amazon’s dominanceofinternet retailing,and several grid connected generators During President Obama’s ing $644 million, while not young e-commerce companies,such as Shopify, arehelping within afew hundred miles. indulgences, allowing firstterm the EPAproposed a producing asingle gallon of third-party sellersavoid Amazon’sclutches.The one-click They claimnet-zeroemissions them to continue simple limit on newpower biodiesel. world looks lesslikeamonopoly todaythan it did afew by offsetting the CO2-originat- plants,454 kilograms on CO2 Net zero is anew word for yearsago. If competition growsmoreintense,itmay well ing electricity they use by burning fossil fuels. emittedper megawatt-hour. indulgences to emit CO2. When be that shoppers’ perceptions of corporatebehavior will buying renewable energy But unreliable wind and solar will amodern Martin Luther mattermoreasthey decide which e-retailer to favor. creditsfor electricity gener- generatorsneeded backup nail truth to the door of the ca- Walmart, having discovered that lowprices aren’t the ated from intermittent wind ProPublica’s review of carbon natural gas, and their combus- thedral of green religion? only thing that matters to prospectivecustomers, has andsolar at other places and creditsfor alarge tree-plant- tion turbines emittedtoo devoted considerable attention in recent yearstogetting times. ing project in the Amazon much CO2tocomply.In2015, Mr. Hargraves teaches at on the right side of public opinion. If “Fulfillment” is any It turnsout that anycom- ranked itseffectiveness EPA’ssimple rule wasscuttled Dartmouth’s Osher Lifelong indication, Amazon mayneed to followsuit. pany,nomatterhow it uses “worse than nothing” because in favorofacomplexsystem Learning Institute and is aco- energy,can net-zeroits emis- projectscaused ecological of environmental-creditstrad- founder of ThorCon Interna- Mr. Levinson’s most recent book is “Outside the Box: sions by helping reduceemis- damageinother places. ing,the 1,560-pageClean tional, anuclear-engineering How Globalization Changed From Moving Stuff to sions anywhere. Native, apub- In 2007 Congressman- PowerPlan. company. Spreading Ideas.” P2JW067000-0-A01600-1------XA

A16 | Monday, March 8, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Covid Welfare State CongressMakes an Illegal Election PowerGrab

ongress is still working on its $1.9 tril- receive the full benefit. But now people could Your editorial “Making EveryElec- which the State maybeentitled in the lion spending bill, and Democratsare al- collect morefromthe child taxcredit than they tion Like2020” (March 2) identifies Congress.” TheSupreme Court in C ready floating asequel. “Our No.1lode- pay in taxes and even earn in wages. manyflaws in H.R.1—permanently McPherson v. Blacker (1892) empha- transforming Election Dayintoelec- sized that the statelegislature’scon- star is going to be helping the •Parentswould also bene- tion season, requiring that states al- stitutional authority over presidential American people and if they The $1.9 trillion fit from a larger and fully re- lowpredatoryballot harvesting—but elections “can neither be takenaway need more help, we’ll do an- Democratic bill provides fundable dependent care tax it misses the biggest problem: H.R.1 nor abdicated.” otherbill,” SenateMajority credit. Thebill booststhe undermines the Constitution’sfederal- H.R.1 dangerously erodes this sys- Leader Chuck Schumer said a guaranteed income maximum taxcredit to $4,000 ist system. temofdual sovereignty. Saturdayafter Democrats unlinked to work. forone child and $8,000 for Thefoundersrecognized that C. BOYDEN GRAY passed the bill 50-49. two or more from $1,050 and Americans’ liberty depended on con- Washington Only asmall part of what $2,100,respectively.Since stitutional safeguards.Regular elec- Mr. Gray served as White House Democrats passed is for pan- teachersunions have kept tions areone such measure, but so are counsel to President George H.W. demic or economic relief.It’smainly away sta- thousands of schools closed, Democrats now the vertical and horizontal limitson Bush. tion on their high-speed train to a cradle-to- want to make it up to parents by paying their Congress’spower. Congresshas no powerbut what When the chargesofvoting fraud grave welfare-entitlement state. Most of the child care expenses. the Constitution enumerates.Thus,for firstsurfaced, Iexpected they would $1.9 trillion will flow to government unions or •Health insuranceplans on the ObamaCare congressional elections,Article I, Sec- be properly litigated and, regardless supposedly temporary income transfers that exchanges have long been unattractivefor those tion 4gives statelegislatures what of the outcome,Icould have confi- Democratsintend to makepermanent later this who earn toomuch to qualifyfor premium sub- JusticeNeil Gorsuch described as denceinthe election results. That is year. Let’s run down the list. sidies and young adultswith lowhealth ex- “primaryresponsibility” to establish notthe case.While it is true that •Start with the $300 federal enhanced penses.The bill tries to luremorepeople to the the “Times,Places,and Manner of President Trump’schargesmay have weekly jobless benefit, which will be extended exchanges by sweetening subsidies through holding Elections forSenatorsand done agreat deal of harm if they are through Sept. 6. Democratsoriginally proposed 2022, and Democrats will vote to make them Representatives,” with Congresshold- truly false, afar greater harm has bumping this to $400, but West Virginia Sen. permanent in the midterm election year. ing asecondarypowerto“makeoral- been inflicted on our democracyif Joe Manchin said it would discourage unem- Households making above400% of the pov- tersuch Regulations,except as to the they aretrue. ployed workers in his state from taking jobs. erty line—$106,000 forafamily of four—would Places of chusing Senators.” Alexander PETER FRANCO Hamilton described Congress’srole in Flushing, N.Y. Most Democrats want to detach welfare from qualifyfor subsidies with their premiums itsown elections as a“last resort” in work as a matter of principle. capped at 8.5% of their income.Premium subsi- the Federalist No.59. Isee that the proposed H.R.1 bill al- To satisfyMr. Manchin, they loweredthe dies for lower-income households would also By contrast, in the parallel provi- lows up to 10 days afterElection Day weekly enhancement to $300.Most unemployed increase on a sliding scale. Most unemployed sion forpresidential elections in Arti- formail-in ballotstobecounted. Well, workers will still make at least $600 per week wouldn’t have to payapennytoward their pre- cle II, Section 1, the Constitution gives whynot extend this fuzzydeadline to when state benefits are included and as much miums,which will be another disincentivetore- Congresspowerto“determine the all federal government laws? Forex- as they did working.Democratsalso exempted turn to work. Time of chusing the electors,” but oth- ample,Icould wait nine or 10 days af- the first$10,200 in paymentscollected last year • Democrats are also turning the earned in- erwise grantstostatesauthority to terApril 15 to file my taxes, or Icould from federal taxesfor households with lessthan come taxcredit (EITC) intoanunearned income “appoint, in such Manner as the Legis- ignoreafederal jury-duty summons $150,000 in income.This exemption will boost taxcredit. TheEITC wasoriginally intended to laturethereof maydirect, aNumber of for10days.Whatever. Electors, equal to the whole Number WILLIAM D. JOHNSON their value by up to 24%depending on ahouse- increase the incentivefor lowerearnersto of Senatorsand Representatives to Asheville, N.C. hold’s income and tax bracket. work,but complicated rules have turned it into All of this will slowthe labor market’srecov- one moreincome transfer.Now Democratsare ery as the pandemic eases. There’s already a making it so that even the unemployedcan get shortageofworkersinmanyindustries,notably the credit. Culture Lives South and West of the Hudson construction as the housing market booms. Individuals next year will be able to use their •The bill sends another $1,400 to individuals 2019 income as the base fordetermining their “Wall Street Leaves New York” houses, too, have migrated to Palm earning up to $75,000 ($2,800 forcouples with credit size if it’shigher than their income for (Mansion, Feb. 26) contains the sur- Beach and West Palm Beach to better $150,000 income) plus $1,400 per dependent in- 2021. Themaximum benefit forsingle adultswill prising quote from a New York real- serve their clients, which has further cluding kids in college. This follows the $1,200 for triple and the threshold fordisqualifying invest- estate agent describing Florida as a added to the breadth and depth of individuals and $500 per dependent in the Cares ment income will increase to $10,000 from “cultural wasteland.” I would like to our cultural landscape. offer a different perspective. As a re- This vibrant cultural scene, in fact, Act and$600 foreach in the December relief bill. $3,650,aboon forday-trading millennials. cent transplant, I have found that is one of the reasons so many are mi- In total, most non-affluent families of four will get • Democrats say all these income transfers Florida is home to some of the finest grating to Florida. $11,400 in direct payments. areneeded to ensurepeople don’t go hungryor cultural institutions anywhere. GHISLAIN D’HUMIÈRES Republicans pushed to lower the individual become homeless. But their bill would also ex- In addition to the major hub of art West Palm Beach, Fla. income threshold to $50,000,which is about as tend last year’s 15% food stamp boost through and culture in Miami, the Palm much as the average production-level worker September and provide another $27 billion in Beaches are the backdrop to the re- Here in Jacksonville, Fla., we have makes.But Democratsrefused because it would rental and utility assistance, on top of the $25 nowned Kravis Center for the Per- museums, art galleries, theater, music exclude manygovernment workers, especially billion in the December relief bill to coverback forming Arts, the Society of the Four events, sporting events, restaurants, those in blue states with higher salaries.Oregon rent for nonpaying tenants. Arts, Palm Beach Opera, Palm Beach lecture series. We also have gorgeous Sen. Ron Wyden wants to put these payments All of this arrives when the Covid vaccine Symphony, the Chamber Music Soci- beaches and weather that permits be- on autopilot so they don’t lapse until unemploy- rollout is accelerating,the economyisrecover- ety of Palm Beach and many others, ing outside all year. including the Norton Museum of Art, One of the best things about living ment falls below a certain level. ing at arapid pace, and the national joblessrate where I am the director and CEO. The in Jacksonville is that the cost of liv- • Households will also get a $3,600 fully re- is already down to 6.2%. Thegoal of this Demo- Norton Museum of Art, founded in ing is low. The city has some amazing fundable tax credit for each child under age 6 cratic program isn’t Covid relief. The point is 1941 and one of the oldest institu- homes and condominiums, some lo- and $3,000 for those up to age 17. The current to expand and solidify the role of government tions in Palm Beach, has the most cated on the Atlantic Ocean and some $2,000 child taxcredit is only partly refundable, as the guarantor of every American’s income far-ranging collection of art in Flor- on the St. Johns River. Your money meaning people who paylittle or no taxesdon’t unlinked to any obligation to work. ida and the region. goes a long way here. We have low These organizations make our property taxes in Duval County, too. community a cultural hub, boasting I’ve met many people who have Pope Francis Goes to Iraq incredible arts, entertainment and ed- moved here from the northeast, and ucation opportunities for residents, you know what? They love it here. part-time residents and tourists. Re- ELLEN G. SETZER ope Francis made historythis weekend another religious minority targeted by ISIS. cently, art galleries and auction Jacksonville, Fla. when he became the firstpope to visit TheJewsofIraqare almost entirely gone.The P Iraq,ariskytrip amid heightened secu- precarious position of ethnic andreligious mi- rity risksand surging corona- norities in Iraq is areminder Conservatives: Don’t Gloat at Cuomo’s Trials virus infections.The Holy Fa- The safety of religious that the real test forMiddle ther no doubt appreciates minorities is a top Eastern countries goes be- Regarding your editorial “Andrew Democratic nomination next year are Iraq as the biblical birthplace yond holding democratic elec- Cuomo in the Dock” (March 1): Con- dwindling by the day, creating ajuicy of Abraham—revered by Middle East challenge. tions and includes whether servatives in NewYork should be ex- opening formanyofthe state’sDemo- Jews,Christians and Mus- minorities aresecure. This is tremely concerned about the crises cratic politicians who have dreamed lims—and forits rich reli- whythe pope’smeeting with currently engulfing Gov.Cuomo.The foryearsofdethroning him. The gious diversity that is todayunder threat from Grand AyatollahAli al-Sistani,the world’slead- sexual misconduct allegations,inaddi- somewhat-moderateLieutenant Gov. tion to the nursing-home deaths KathyHochul—who would become extremists. ing cleric of the so-called quietest school of coverup, should bother anyNew governor should Mr.Cuomo step Thefirst benefit of his pastoral visit is the ShiiteIslam and amoderating forceinIraq, Yorker regardlessofparty affiliation. down—has little chanceofemerging hope it bringstoIraq’sChristians,whose pres- washis most important. But conservatives have aparticular as the victor in aprimarythat would encethereisalmost as old as Christianity.But Theayatollah knows that Shiites areami- reason to be concerned with the im- be swarming with progressives eager the community has been attacked by extremists nority in most other Muslim nations acrossthe pending downfall of “King Cuomo”: to push NewYork politics further to such as Islamic State,which has killed, raped region. Shiites also knowwhat it’sliketobe the 2022gubernatorial election. the left. and enslavedthem. TheState Department reck- persecuted. Tolerancefor ethnic and religious Gov.Cuomo’s chances of surviving Anylong-term successor to Gov. ons Iraq’sChristian population has dropped minorities will not come to the Middle East to- the concurrent crises and landing the Cuomo is certain to favorincreases in from as manyas1.4 million Christians before morrow.But having Pope Francis and Ayatollah taxesand regulations,critical race the warto250,000 today. Sistani uniting around the idea sends apower- theoryobjectives,evenfurther limita- Elections of 2017 and 2018 tions to Firstand Second Amendment Similar attacks were made on Iraq’sYazidis, fulmessagetothe world. Should Have Alerted GOP rights, and so on. Comparatively,Gov. Cuomo has resisted calls to adopt Regarding your editorial “The manyprogressive-socialist policies The Woke Chinese Communist Party Grievances of Trump Past” (March 2): forcing their way intothe Democratic The miscalculation Republican leader- Party.Hehas been known forhis pro- hinese statemedia rarely deserves atten- as racist is what yousee on progressiveTwitter. ship made in 2020 was to think businessattitude,with ahistoryofof- tion but lately it’staken anotable and in- Readers of acertain agewill recall howthe enough voters would vote their eco- fering significant taxbreaks and in- C structiveturn. It is invoking the woke Soviet Union’spropagandistsused the social and nomic self-interest to re-elect Donald centives to corporations with the hope themes of American progres- antiwarturmoil of the 1960s to Trump, while setting aside their frus- of wooing them to the EmpireState; sives as apropaganda weapon Beijing uses progressive sowdislikeofAmericaaround tration with Donald Trump’s unpresi- his strong support forIsrael and fight- against the U.S. the world. But whatever itspo- dential manner and style. Many vot- ing BDS; and his impressiverecordon rhetoric to attack ers did this, but many did not, and revamping NewYork’stransportation “Canada, the UK and Aus- liticaldifferences,the U.S. then Western interests. one only needs to look to the suburbs infrastructure. Whichever progressive tralia, three membersofthe wasstill largely confident and of Milwaukee, Detroit, Philadelphia, replaces him would makeGov.Cuomo Five Eyes alliance, have re- united in itsfundamental prin- Atlanta and Phoenix for the evidence. look likeaMAGA-hat-wearing Trump cently takenaction to put pres- ciples. Republicans had fair warning after supporter in these areas. sureonChina. They have formed aUS-centered, Thegoal of the civil-rightsmovement wasto seeing suburban Republicans routed JUDAH WAITMAN racist, and mafia-styled community,” said aFeb. match American practicewith itsfounding prin- in places like Virginia in 2017 and in Wesley Hills, N.Y. 23 editorial in Global Times.“They arebecoming ciples,while today’swokeactivistsfind America suburban congressional districts na- aracist axis aimed at stifling the development fundamentally flawed. The entitled workers at tionally in 2018. As one of the Vir- rightsof1.4 billion Chinese.” Google worrymoreabout the Pentagon than ginia Republican legislators who lost Pepper ... TheCommunist Party-run paper notes that they do Chinese censorship.China’sruling Com- in 2017, I stood at the polls on Elec- And Salt the membersofFiveEyes, an intelligence-shar- munistsare trying to exploit this growing lack tion Day shaking hands with voters. By 10 a.m. I had lost count of the THE WALL STREET JOURNAL ing network,“have astrong sense of civilization of American self-belief as they bid forglobal su- number of voters who thanked me for superiority.” U.S. Sen. TomCottonisa“neo-Nazi premacy. doing a fine job but said they would and extreme racist” and “the Trump administra- Thetruth is that the U.S. is among the most vote against me to “send a message tion is an extremely typical whitesupremacy diverse and tolerant nations on the planet. So to Trump.” government.” By resisting this bloc of English- arethe other Five Eyes nations.Political criti- Character counts. So does sound, speaking countries,the editorial concludes, cism is tolerated and is acoredemocratic conservative public policy. Voters de- “China is notonly defending itsown interests, strength. Meanwhile,China’sCommunistsare serve better than to have to choose we arealso defending the diversity of the mod- attempting to erase ethnic Uighur Muslim iden- between the two on Election Day. ern world.” tity in Xinjiang while repressing Tibetans and JIM LEMUNYON Notethe use of “whitesupremacy” and “di- other minorities. Oak Hill, Va. versity” and “civilization superiority,” which China’selites think they’rewinning the global Lettersintended forpublication should come straight from the progressivecritique of competition as they see an Americawracked by be emailed to [email protected]. Please Americaasacountrythat is “systemically” rac- division and self-doubt. They areoverestimating include your city, state and telephone ist and oppressive. TheGlobal Times editorsmay American weakness, but their invocation of number.All letters aresubject to be crude but they’veobviously been reading the woke ideologyshows they realizeits threat to editing,and unpublished letters cannot be acknowledged. NewYork Times. Their dismissal of Mr.Cotton American confidenceand purposes. “I hate Mondays.” P2JW067000-2-A01700-1------XA

THE WALL STREET JOURNAL. ** Monday, March 8, 2021 | A17 OPINION Dividing by Race Comes to Grade School

By Bion Bartning “parents of color.” sible people thought it wasa At this point in the story, per- joke—or at least that it would re- yawakening to the new haps “lived experiences” become main on campus,sinceitcould orthodoxy began dur- relevant. Iamhalf Mexican and never survivecontact with the ingthis past summer Yaqui, an indigenous tribe nativeto “real world.” That waswrong. M of discontent. In mid- the U.S.-Mexicoborder region, and Masquerading as “antiracism,” June,afew weeks after half Jewish. Ispent the firstyear of this cynical worldviewisbeing the George Floyd protestsbegan, the my lifeonacommune in Berkeley, spread likeavirus by an armyof head of Riverdale CountrySchool, Calif.Growing up,Iwas aware that paid consultantsand true believ- the NewYork City privateschool my Ihad darker skin than my mother ers. Fewpeople have been willing wifeand Ientrusted with the educa- and my classmates,but Iwas never to stand up against it. At River- tion of our two young children, sent taught to define my identity by the dale,manyparentsprivately ex- a memo apologizing for unspecified color of my skin. My mixed back- pressconcerns but aren’t willing past wrongs. “Wehavethe responsi- ground and ancestrymade me feel to speak up.They fear being bility to use our privilegetofight for likenothing morethan atypical called racist—or,worse,losing change,” he explained. “We are also American. their covetedspots. free to shiftsome aspectsofour cul- My wifecame to the U.S. as a Thereal storyhereisn’t about turemorequickly than other institu- refugeefromthe former Soviet KI Riverdale.Mykids’ school is one

tions and organizations.” Union. She spent the firstfive OWS tinydatapoint. This backward be- ZL

yearsofher lifeinanintolerant KO lief system is capturing public

society whereher “group identity” TIN and privateschools acrossthe

Students, ages 5 through as aJew wasstamped in her pass- MAR country. City Journal’sChristo- port. In school she was taught to pher Ruforeportsthat apublic 11, are urged to ‘check each keep tabs on friends and family,and mixed race or don’t placeraceatthe the books.But school administrators school in Cupertino,Calif., forced other’s words and actions’ afterone particularly effectiveles- heart of their identity. didn’t want to hear our questions. third-graderstorank themselves ac- son, she was inspired to turn in her Afterconfirming that the curricu- Less than aweek later,concluding cording to their “powerand privi- and become activists. ownfather to the local policefor lum, obtained from anonprofit called an unrelated email exchange, the lege,” and the SanDiegoUnified “crimes against the state.” Fortu- Pollyanna Inc., was“one of manyre- head of the school wrotetous: “I School District held atraining in nately, no harm came of it. But suf- sources” the school was using, I be- wonder if this might be a good mo- which whiteteachersweretold that In September, at the first assem- fice it to say we are both allergic to came concerned by the emphasis on ment to think whether or not this is they “spirit murder” black children bly of theyear,instead of reciting forced conformity,especially when grievance over gratitude and by the the best school foryou and your and should undergo “antiracist ther- the PledgeofAllegianceand singing young, impressionable children are stated goal of turning young children family—being philosophically mis- apy.” Thereare hundreds of exam- “Americathe Beautiful”—longstand- trained to obsessover“racial differ- intocommittedactivists. “By the end aligned is never a very good experi- ples,and countlessothersthat ha- ing school traditions—the head of ences” and be on the lookout forde- of the unit,” one section of the cur- ence for all concerned.” It took him ven’t been reported. Millions of the lowerschool announced that the viations from orthodoxy. riculum explains, “students will set almost amonth to respond to the let- American children arebeing taught “theme” forthe year would be “ally- We started to ask questions.I commitments for rectifying current terwewrote in reply,explaining that to see the world in this reductionist ship.” He then playedavideo in have always felt astrong connection social ills,such as learning and plan- our philosophy hadn’t changed and way. whichthe school mascot told stu- with Martin Luther King Jr.’s dream ning howtocarryout anti-racist ac- asking if our children were still wel- Almost 70 yearsafter Brown v. dents, ages 5through 11, to “check of an Americawherepeople “will not tivism and/or social advocacyin come at the school. BoardofEducation,thereisanur- each other’s wordsand actions.” The be judged by the color of their skin their communities.” We were confused and upset. We gent need to reaffirm and advance lower-school head had earlier writ- butbythe content of their charac- My concerns multiplied when, go- had chosen Riverdale based on its the core principles of the civil-rights tenthat “itisessential that parents/ ter.” I advocate genuine antiracism, ing off the Pollyanna curriculum, our promise to develop “character movement. This isn’t an issue of left caregiversand educatorsacknowl- rooted in dignity and humanity. But fourth-grade daughter and her 9- strengths” likegrit, optimism and versus right. Thedefining question edge racial differences (as opposed theideologyunderlying the “racial and10-year-old classmates were gratitude and to promoteopen- of our time is: Howdowebreak to a‘colorblind’ stance)” and offered literacy” guide distributed by the given “The ThirdChimpanzee for minded inquiryand critical thinking. through the demonization and divi- reading recommendations such as school wasn’t likethat. Instead of Young People,” a book intended for Howhad it, likesomanyother sion, and find the couragetomove Robin DiAngelo’s “White Fragility.” emphasizing our common humanity, middle and high schoolers that cov- schools,gone so quickly down this forwardtogether,asAmericans? Families at Riverdale areencouraged it lumpspeople intosimplistic racial ers mature topics such as adultery, path? to join school-sponsored “affinity” groupings. It teaches that each per- self-mutilation and suicide.After we While manyofushaveencoun- Mr. Bartning is aco-founder of groups to bond with people from son’sidentity and status is based and other parentsargued that it was teredthis intolerant orthodoxy only Eos Products and president of the theirethnicity or skin color.One is largely on skin color, and leaves no inappropriate, the teachersback- recently,itdebuted on collegecam- Foundation Against Intolerance and called simply “the POC,” short for place for people like me, who are of tracked and asked studentstoreturn puses morethan 40 yearsago. Sen- Racism. The Road to Reopening Won’t Be a Straight Line

By Scott Gottlieb Effectiveleadership means finding Stepping up vaccinations is the ple with symptoms need easy access theadvice of the public-health ex- And Mark McClellan amiddle path. most critical step.Supply is increas- to diagnostic tests. Those who do perts. But forall the coverage of As morepeople getvaccinated, ing,and the paceofvaccination become sick need therapies likean- thingsthat didn’t work,therehave incethe lockdown ordersofa especially older Americans, the vul- needstoincrease as well. Last tibody drugstoreducethe chances been valiant effortseverywhereto S year ago, Americans have nerability of the population falls.The week,for the firsttime,therewere of becoming seriously ill. Surveil- keep each other safe. made enormous sacrifices, Biden administration reportsmore days when the number of second lanceshould also include routine Thepath to normalcywon’t be complying with government guid- than 20% of adultshavehad at least shotsdelivered approximated the evaluationofthe genetic sequences linear.Assummer approaches, anceonmasking and social distanc- one shot, including 56% of those over number of firstshots, so we still of different strains that arecol- thingswill likely loosen up,but we ing in hope of bringing about the 65.Measuring the risk from Covid is have room to expand distribution. lected, to quickly identifynew vari- mayneed to reinstatestricter pre- trends we arefinally seeing.Covid no longer primarily about tallying ants, and determine if they pose in- cautions in the fall or winter.Not cases and hospitalizations arefall- daily cases or analyzing the positiv- creased danger. everyone will choose to getvacci- ing,and according to the White ity rate.Asthe most vulnerable As more people get Morepeople getting vaccinated nated, and newvariantsmay leave House,amajority of elderly Ameri- Americansare increasingly being likely means an increase in the moreofusvulnerable.The good cans have received at least one shot protected by vaccines,it’salso about vaccinated, the Covid shareofinfections showing no or news is that therisks from Covid of the several vaccines that arenow assessing the number of people de- threat will change. It won’t minimalsymptoms.So“tracking continue to decline,and the right available.Nursing-home deaths veloping severe disease. and tracing” symptomatic people to steps nowcan limit the risk of fu- have dropped to levels not seen Even as the pandemic retreats, we go away completely. identifyand mitigatespread won’t tureCovid disruptions and let us re- sincespring 2020.Businesses are won’t eliminateall Covid infections, be enough. Communities,work- claim the thingswevalue. reopening.Grandparentsare hug- but we canmakesurethat major places,and other settingsatgreater ging their grandchildren again. The surgesinhospitalizations and deaths We need to broaden access way be- risk of outbreaks,and those where Dr. Gottlieb is aresident fellow at pandemic isn’t over,but people cor- don’t recur.One key indicator to yond massvaccination sites and outbreaks aredetected, will need the American Enterprise Institute rectly sense the danger is declining. track is whether stressonthe makeiteasier forpeople—espe- access to reliable screening teststo andwas commissioner of the Food They want moreoftheir regular healthcaresystemremains low. Fora cially harder-to-reach communities prevent newepidemics. and Drug Administration, 2017-19. lives back. full year,officials have been trying to and groups—toget questions an- Health officials have asked Amer- Dr. McClellan is director of the Federal, stateand local officials ensurethat hospital use doesn’t sweredbyclinicians they trust. Al- icans to makeenormous sacrifices, Duke-MargolisCenter for Health need to develop public-health guid- reach crisis levels.Now,the goal lowing those who have received the and the countryhas pulled together Policy at Duke University andwas ancethat smooths the way back to should be forhospitalization ratesto vaccine the flexibility to engageina to contain the Covid threat. People FDAcommissioner, 2002-04. Dr. normal. We can’t lean toofar for- resemble those associated with rou- greater rangeofactivities could mostly wore masks,small busi- Gottlieb serves on theboards of ward,risking afourth wave of hos- tine infectious diseases.Combined provide an additional incentivefor nesses boreamassiveburden, and Pfizer and Illumina and Dr. McClel- pitalizations and deaths.But we with bettercontrol of seasonal flu getting vaccinated. essential workerstook great risks. lan on the boards of Johnson & also can’t lean toofar in the other which burdens hospitals each winter, Better viral surveillanceisalso Sure,therewas grumbling,and, in Johnson and Cigna; each company direction, with overly restrictive Covid transmission canbesup- necessarytoget out in front of any some places,protestsagainst cer- is involved in aspectsofthe Covid measures that people will ignore. pressed to manageable levels. possible surge in serious cases.Peo- tain measures.Not everyone took response. Effective Cybersecurity Needs Quantum Communication

By David C. Gompert mation sharing,making it difficult TheU.S.has at last come to see qubitsreveals interferenceinstantly puting makes encryption easier to and potentially self-defeating to pre- that retaliating in kind could deter and unfailingly.They would alert us break.But that would makequan- espiteinvesting $80 billion vent access.The cost of network at- Russian cyberattacks.But if deter- when hackersread, copy or corrupt tumcommunication all the more D in cybersecurity over the tacks is doubling everyfew years rencefails,escalation will be peril- transmittedbits. crucial to safeguardencryption. past five years, the U.S. gov- and could reach $6 trillion this year, ous.How,then, canwesecurecyber- Some readerswill remember the ernment utterly failed to detect, even though annual global cyberse- spaceagainst mounting threats? shock of Sputnik,the Soviet Union’s much lessprevent, astunning Rus- curity investment has doubled from With existing technology, we proba- Without it, hacking is 1957launch of the world’sfirst arti- sian cyber aggression. Sensitive $80 billion to $160 billion since bly can’t. ficial satellite. Moreimportant is to agencyand privatenetworks were 2016.These investmentsare yielding Asolution maylie in quantum faster and cheaper than recall the U.S. response: Adozen compromised. As the Biden admin- ever-diminishing returns.The hack- technology. Quantum physics ex- protecting networks or yearslater,anAmerican wasfirst to istration decides howtorespond ersare winning. plains the behavior of the smallest take asteponthe moon. Thestakes tactically,astrategic question Theexpansion of remotework, “quanta” of massand energy.One patching them afterward. areashigh and the lesson as rele- looms: How can the U.S. attain reli- whichislikely to persist, has made quantum phenomenon is that apar- vant today. able cybersecurity? theproblem worse. In April 2020 ticlesuch as aphoton canbeentan- TheBiden administration should Thecyber realm is “offense-domi- the FBI reported cybercrime wasup gled with another over anydistance. Although practical quantum com- declarethat the U.S. intends to nant”:Hacking intonetworks is eas- as much as 300% sincethe pan- Entangled particles,or“qubits,” can putersare yearsaway,digital com- achievecybersecurity with aquan- ier, faster and cheaper than protect- demic’sstart. Hackersfeast on in- have manyvalues from 0to1, puterscan be networked with secure tum internet. To makethis happen, ing or patching them. Most creased network traffic on insecure whereas digital bitscan only be 0or quantum links.This offersthe pros- it should double spending on quan- networks aremeant to enable infor- home computers. 1. Theextraordinarysensitivity of pect of an unhackable quantum in- tumresearch from $1 billion to $2 ternet graftedontotoday’sdigital billion annually,demolish barriersto internet with securelinks.This defense work forprivatequantum Notable & Quotable wouldn’t requireoverhauling inter- firms,assign agencies and depart- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY net infrastructure, and the cost mentstoplan forquantum, and urge Rupert Murdoch Robert Thomson Pollster David Shor of OpenLabs, a would be borne mainly by userswho the North Atlantic Treaty Organizai- Executive Chairman, News Corp Chief Executive Officer, News Corp progressive nonprofit, in an interview seek security. tonto pursue collaboration with an Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher with New York magazine, March 3: Fornow,the rangeofsecure eyetothe Russian threat. This Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: quantum communication falls short would spur companies,fromGoogle- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; We’ve ended up in a situation of the hundreds or moremiles sizetogarage-size, to invest, hire Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; wherewhiteliberals aremoreleft acrosswhich most networks areex- and organizefor rapid development News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; wing than Black and Hispanic Demo- pected to work,though in December of quantum communications.The Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer cratsonprettymuch everyissue: U.S. and Canadian scientistssent quantum market, nowameasly Andrew Dowell, Asia; AnthonyGalloway, Video & taxes, health care,policing,and even qubitsacross27miles of fiber-optic $500 million, would explode if it of- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; on racial issues or various measures cable.China has achieved longer- feredcybersecurity. Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; of “racial resentment.” So as white rangetransmission via the world’s Thepresident of Microsoftcalled Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; liberals increasingly define the only quantum-communication satel- the Russian hack a“moment of reck- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News party’s imageand messaging,that’s lite. While Russia is moreaggressive oning” that demands amoreeffec- Thomas SanFilippo, Customer Service; going to turn off nonwhiteconserva- at cyberwar,China aspires to global tiveresponse from government and GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; tiveDemocratsand push them superiority in quantum technology. industry. Quantum internet should Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; against us....And Black conserva- Quantum communication is no be itscenterpiece. Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International tives and Hispanic conservatives panacea. Even if network links are WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: don’t actually buy intoalot of these secured, other vulnerabilities will Mr. Gompert is an adviser to Ul- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head intellectual theories of racism. They persist, such as poor access con- tratech Capital Partners and avisit-

EDITORIAL AND CORPORATEHEADQUARTERS: oftenhaveaverydifferent concep- trols,malware-laden computers, and ing professor at the U.S. Naval 1211 Avenue of the Americas, New York, N.Y., 10036 tion of howtohelp the Black or His- supply-chain interference. Theday Academy. He served as acting direc- Telephone 1-800-DOWJONES panic community than liberals do. will also come when quantum com- tor of national intelligence in 2010. P2JW067000-0-A0180A-1------XA

A18 | Monday, March 8, 2021 A THE WALL STREET JOURNAL.

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© 2021 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. Monday, March 8, 2021 | B1

Last Week: S&P 3841.94 À 0.81% S&P FIN À 4.29% S&P IT g 1.36% DJ TRANS À 2.23% WSJ $ IDX À 0.97% LIBOR 3M 0.185 NIKKEI 28864.32 g 0.35% See more at WSJ.com/Markets Oxford Vaccine StartupPlans IPO Greensill

University rules pose ford is wrestling with howto companybyyear-end. Big in- of opportunity in the pan- 10%ofthe startup.Vaccitech, Depended rewriteits rules forfostering vestorssuch as pharmaceutical demic.Vaccitech, though, itsbankersand lawyershave hurdle to market companies created by itsaca- giant Gilead Sciences Inc.and hasn’t yet capitalized on its sought access,sofar unsuc- listing for venture demics or born in itslabs, LillyAsia Ventures,aventure- role.Some investorshavebeen cessfully,toOxford’sexclusive On a Few while in astandoff with one capital arm spun off from nervous about high-profile Covid-19 vaccine contract with with AstraZeneca that hasbeen thrust intothe drugmaker Eli Lilly &Co.,have stumbles in the shot’srollout AstraZeneca, according to spotlight by the pandemic.The expressed interest in investing, and early negativeperceptions these people.The pact was For Much BY JENNY STRASBURG startup, Vaccitech Ltd., has according to people familiar about itseffectivenesscom- struck last spring when the been pitching to potential in- with the matterand docu- pared with other vaccines. drugmaker agreed to makeand Astartup behind the vestorsand laying the ground- mentsreviewedbythe Jour- Thereisanother hitch. distributethe Oxfordvaccine. Revenue Covid-19 vaccine developed by work forastock listing in New nal. Longstanding tensions be- Vaccitech and itsadvisers have the University of Oxfordand York as early as this year,ac- Vaccitech’schief executive, tween the startup and Oxford argued that the document AstraZeneca PLC plans an ini- cording to people close to the Bill Enright,declined to com- have raised novel hurdles in spells out financial and legal BY DUNCAN MAVIN tial public offering that back- plans and marketing docu- ment, as did aGilead spokes- thecomplexfundraising pro- obligations that arekey to AND JULIE STEINBERG ershope will be the biggest mentsreviewedbyThe Wall man. Lilly Asia Ventures didn’t cess,according to people fa- valuing the companyfairly and market debut of an Oxford Street Journal. respond to arequest forcom- miliar with the matter. Plans forregulatorydisclosures. Greensill Capital relied on a spinoff in years. Investorsare aiming foran ment. foranIPO arestill in flux and Oxfordand Vaccitech are handful of clientsfor large One hurdle: the university IPO valuation of around $700 Vaccitech is among ahand- maystill fall apart, these peo- separately sparring over the portions of itsrevenue,includ- itself. million, with expectations that fulofonce-obscurebiotechs ple said. narrativeofthe company’srole ing acoal-mining company Nine-hundred-year-oldOx- Vaccitech could be a$1billion that have found their moment Theuniversity owns about PleaseturntopageB2 owned by the governor of West Virginia, according to people familiar with Green- All Spark and FewTakers sill’s operations and docu- Selloff mentsreviewedbyThe Wall ShareofU.S.electric-vehicle U.S. bestselling electric vehicles in 2020 Newelectric-vehicle sales Street Journal. sales by brand in 2020* in the U.S. Bluestone ResourcesInc., Last Year the coal-mining company owned by West Virginia Gov. 300,000 vehicles Tesla 79% Tesla Model 3 122,700 Jim Justice, has borrowed Offers about $850 million from Greensill, making it one of Tesla Model Y 65,400 Greensill’s largest clients, the Lessons people familiar with Green- sill’s operations said. Chevy Bolt 20,754 BY AKANE OTANI Representatives forBlue- stone and the West Virginia 200,000 Ayear ago, the longest-ever Tesla Model S 10,125 governor’s officedidn’t imme- bull market ended. diately respond to requestsfor Thecomeback in the stock comment. market sincethen has been NissanLeaf 9,564 Greensill has long said that nothing short of astounding. it works with millions of cus- TheS&P 500 took 126 trad- Tesla Model X 7,375 tomers, according to its web- ing days to swing from arecord site, manyofthem small to abear market and back to a 100,000 supplierstocorporateclients, newhigh—marking the fastest Audi e-tron SUV 5,919 and has partnerships with such recovery in history. That dozens of banks,insurersand wasevenasmarket prognosti- Porsche Taycan 4,414 companies. cators warned stocks were due But ahandful of relation- foranother bout of selling, ships had become crucial to based on the growing death toll Chevrolet 8% Hyundai Kona EV 3,021 Greensill in recent years. Dur- and job losses caused by the Nissan 4% ing most of 2019,morethan coronavirus pandemic. 0 90% of Greensill’srevenue Audi 3% Kia NiroEV 2,848 TheU.S.isstill in the same came from five clients, accord- Others 7% 2015 ’16 ’17 ’18 ’19 ’20 pandemic that led to the spring ing to an internal Greensill re-

selloff.The market’sfuturere- *Doesn’tadd to 100% due to rounding port reviewed by the Journal. mains mired in uncertainty. Source:Motor Intelligence In 2020,itwas about 70%, ac- Just last week, surging bond cording to the report. yields sent manyofthe most Other large clientsincluded popular technologystocks of Electric Ve hiclesAre the Future— U.K. steel magnateSanjeev thepast decade sliding. Guptaand British wirelessgi- Themarket is barely above ant Vodafone Group PLC, ac- thepoint whereitbegan the cording to some of the people. year.This week,traderssay they If DealersCan FigureOut the Sale Greensill wasfounded in will be focused on inflation data, 2011 by former Morgan Stan- which mayadd to the recent de- ley and Citigroup Inc. banker bate over whether inflationary BY NORA NAUGHTON and a lack of charging infra- when they plan to phase out erssay they arereluctant to LexGreensill. It became em- PleaseturntopageB9 structure outside major cities. gas-poweredcars entirely. stock electric models en masse. broiled in crisis last week Car dealer Brad Sowers is As autoexecutives and inves- Many dealerssay that puts “The biggest challengeis when Credit Suisse Group AG spending money to preparefor tors buzzabout the coming age them in adelicatespot: They that dealershaveabit of ‘boy- froze $10 billion in investment the coming wave of new elec- of the electric car,manydealers aretrying to adjust, but unsure who-cried-wolf’syndrome,” funds that Greensill relied INSIDE tric models from General Mo- saythey arestruggling to whether and howfast custom- said Massachusetts dealer upon to fuel its business. tors Co.Heisinstalling charg- squarethat enthusiasm with the erswill actually makethe Chris Lemley. Greensill plans to file for ing stations,upgrading service reality todayonnew-car sales switch. About 180 GM dealers, Car companies have prom- insolvency in the coming days bays and retraining staff at his lots,wherelast year battery- or roughly 20%, have decided ised foryearstomakeelectric in the U.K. and is in talks to St.Louis-area dealership to poweredvehicles made up to giveuptheir Cadillac fran- cars mainstream, but produced sell itsoperating businessto handle the technology-packed fewerthan 2% of U.S. autosales. chises rather than invest in only low-volume,niche mod- Apollo Global Management vehicles. Most consumerswho come costly upgrades that GM has els, he said. He recalls Ford Inc. the Journal has reported, But when he considershow to showrooms aren’t shopping required to sell electric cars. Motor Co.rolling out an all- citing people familiar with the manyplug-in ChevyBoltshe forelectric cars,and with gas- AGMspokesman said the electric Focus that sold poorly matter. sold last year—nine,out of the oline prices relatively low, companyexpected some Cadil- and stacked up on his lot. It Thesale would be fora nearly 4,000 Chevroletssold even hybrid models canbea lac dealerstoopt out and is wasdiscontinued in 2018. fraction of its peak valuation at hisMissouri dealerships—it tough sell, dealers and indus- pleased that the roughly 700 “So when we aretold, ‘This of $4 billion in 2019. BUSINESSNEWS gives him pause. try analysts say. remaining shareits all-electric time,wereally mean it,’it’s Greensill’sloans were Huaweiloses “The consumer in the mid- Automakersare moving ag- goals. easy to be skeptical,” Mr.Lem- mostly short-term, and some cellular-gear market dle of Americajust isn’t there gressively to expand their elec- Past attemptsbycar compa- ley added. customerswithout access to yet,” when it comes to switch- tric-vehicle offeringswith doz- nies to expand electric-car Some shoppersalso areun- cash will need to find alter- shareoutside ing to electric vehicles,hesaid, ensofnew models set to arrive sales have largely flopped, sad- sure. JoeDaniel, an energy an- natesourcesoffinancing in of China. B3 citing the long distances many in coming years. Some likeGM dling retailerswith unsold in- alyst at the Union of Con- the coming weeks and months. of his customersdrivedaily aresetting firm targetsfor ventory. Even now, some deal- PleaseturntopageB2 PleaseturntopageB5 Finances of Minority Hollywood Renews Love for Westerns

Women AreHit Hard BY R.T. WATSON Cue the Ennio Morricone BY VERONICA DAGHER make difficultfinancial deci- soundtrack.Hollywood is return- sionsand changetheir life- ing to itswestern roots. Thepandemic has takena styles in ways they never ex- Stories with flinty-eyed pro- toll on manywomen’sfinances. pected. One reason is the lack tagonistsset in wide-open Forsome Black and Hispanic of afinancial cushion: While spaces aregaining in popularity women, in particular,the finan- the typical Black or Hispanic among audiences yearning for cial pressureisintensifying. family has$2,000 or lessin armchair travel and abreak from Morethan 2.3million liquid savings, the typical computer graphics and super- women have leftthe labor whitefamily has morethan herofilms.Studios arespending forcesinceFebruaryoflast four times that amount, ac- hundreds of millions of dollars JOURNAL

year,according to the National cording to a September report on both high-profile series and REET ST

Women’sLaw Center.Last from the Federal Reserve. lower-budget films,which, LL

month, the U.S. unemployment Alicia Ocampo,aserver in thanks to the cost efficiencies of WA rate was6.2%. ForBlack Chicago, lost her job in March. shooting awestern, oftenmeans THE

women and Latinas,itwas over Her 4-year-old son’sdaycare profitability is easier to achieve, R 8% compared with 5.2% for shut down soon after. The29- producerssay. FO

whitewomen, according to the year-old single mother had Thelatestpush intowesterns VINE IR

Bureau of Labor Statistics. savedaportion of each pay- includes plans fordozens of new YR IL

“The pandemic hasampli- check and boosted her emer- series and films,manyshot on TA fied manyofthe challenges gencyfund to about six months location, boosting businessfor The Yellowstone Film Ranch in Montana, an authentic Wild West boomtown and film and TV set. women work to overcome ev- of expenses.Her savingswere horse wranglersand local econo- eryday,particularly forBlack gone by the end of September. mies. ViacomCBS Inc.’sPara- Angelina Jolie starsinWarner ageonroads throughout McCarthy, president of Viacom- women and Latinas who face Realizing shehad to move mount television studio plans to Bros.’ “Those WhoWish Me western states,also evokes the CBS’sMTV Entertainment racial wealth gaps in addition quickly to protect what wasleft build on the success of top-rated Dead,” athriller set against the genre. Thefilm’sdirector,Chloe Group,which includes the Para- to gender wealth gaps,” said of her savings, she stopped cable show“Yellowstone,’’which backdrop of the Montana wilder- Zhao,recently announced she mount Network.Season three of Byna Elliott, JPMorganChase & renting last spring and moved starsKevinCostner.Netflix has ness, out in May. will makeafuturistic vampire “Yellowstone” was2020’smost- Co.’shead of Advancing Black in with her parents. She is now two cowboy-themed movies Last week’sGolden Globes western forUniversal Pictures. watched cable show, with an av- Pathways, the firm’seffort to sharing aroom with her son starring English actor Idris Elba, win for“Nomadland,” which fea- “The western is American as erageof6.2 million totalview- invest in Black businesses. and her 22-year-old sister.Un- one of which, “The Harder They tures images of the emptied Ne- apple pie...this timelessbattleof ers, the companysaid. Some women arehaving to PleaseturntopageB5 Fall,” wasshot in NewMexico. vada desert and alonely pilgrim- good versus evil,” said Chris PleaseturntopageB2 P2JW067000-0-B00200-1------XA

B2 | Monday, March 8, 2021 THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Domino's Pizza...... B9 NewHold Investment.B3 Disney’s ‘Raya’ Has Weak Debut Abbott Laboratories...A1 DoorDash...... B10 Nokia...... B3 AbbVie...... A1 Evolv Technology...... B3 Norwegian Cruise Line BY R.T. WATSON “Rayaand the Last Dragon” With pandemic policies according to aperson familiar Advanced Micro Devices Exxon Mobil...... A1 Holdings...... B9 B10 Facebook...... B5,B10 Novavax...... B2 is also available on Disney’s di- shutting theatersand viewers with U.S. boxofficedata. Some Advantest...... B9 Fast Retailing...... B9 Nvidia...... B10 Walt Disney Co.’s“Raya rect-to-consumer streaming turning to at-home entertain- smaller movie theater opera- Air Transport Services FedEx...... B10 Pfizer...... A6 and the Last Dragon,” itsfirst platform, Disney+, foranaddi- ment,Hollywood studios re- tors likeHarkins Theatres, Ford Motor...... B1 PNC Bank...... R3 Group...... B10 domestic release in ayear,de- tional $29.99ontop of the sponded by debuting newfilms whichhas morethan 30 do- Amazon.com...... B4, B10 GameStop...... B9,R4 Qualcomm...... B10 AMC Entertainment General Atlantic...... B5 R - T livered tepid resultsafter Cine- monthly subscription rate of via their streaming services, mestic locations,also didn’t General Catalyst Holdings...... R4 Ridgeback mark theaters, the nation’s $6.99. Thecompanyhasn’t re- cutting out or cutting short offerthe movie,the person Partners...... B3 American Airlines Group Biotherapeutics...... A6 General Motors...... B1 third-largest chain, didn’t play leased viewerdata. the prepandemic windowof also said. A9,B9 Six Flags Entertainment GFG Alliance Group....B5 the film. Cinemark Holdings Inc. exclusivetheatrical release. Harkins Theatres,which Apollo Global B3 Gilead Sciences.....A6,B1 Management...... B1 Smithfield Foods...... A1 Theanimated “Rayaand the didn’t respond to requests With moremultiplexesnow says it is the fifth-largest chain Greensill Capital...... B1 Apple...... B10 SoftBank Group...... B5 Last Dragon” grossed $8.6 mil- about whyitchose not to play open,such as in NewYork City in North America, didn’t re- Grubhub...... B10 AstraZeneca...... B1 Taiwan Semiconductor lion in the U.S. and Canada “Rayaand the Last Dragon,” and SanFranciscoat25% ca- spond to requestsfor com- H - L Atlas Air Worldwide Manufacturing...... B10 over the weekend, according to theweekend’sbiggest release pacity this weekend, morethe- ment. Holdings...... B10 Hapag-Lloyd...... B3 Telefon L.M. Ericsson.B3 preliminarystudio estimates, from thefilm industry’sbig- ater chains,such as AMC En- While toptheater chain B - G Huawei Technologies Tesla...... B2 with the film appearing in gest studio. tertainment HoldingsInc.and AMC showed“Raya and the Bank of America...B9,R3 A9,B3 Twitter...... B5 BioNTech SE...... A6 Johnson & Johnson....A6 Tyson Foods...... A1 2,045 theatersthroughout Butthe movecomes amid Cinemark arehoping forare- Last Dragon” this weekend, Broadcom...... B10 JPMorgan Chase...... R3 U - Z North America, Disney said. growing tension between Hol- covery.However, it is still un- North America’ssecond-largest Latam Airlines...... B10 Bumble...... B10 United Parcel Service Lilly Asia Ventures.....B1 “This is asofttheatrical lywood studios and movie the- clear howsoon consumersare chain, Cineworld Group PLC’s Capital One Financial.R3 B10 Lux Capital...... B3 opening.Disney is the best ater chains over whetherthe ready to embracethe in-per- Regal Entertainment Group re- Cinemark Holdings.....B2 U.S. Bancorp...... R3 Citigroup...... R3 M - Q Vaccitech...... B1 family brand in the business,” theatersshould gettoshow son, bigscreen experience. mains shut, as the company Credit Suisse Group...B1 Match Group...... B10 ViacomCBS...... B1 said box-officeanalyst David movies before they premiere None of Cinemark’s345 the- waitsfor assurances that Hol- CureVac...... B2 McCormick ...... B9 Vodafone Group...... B1 A. GrossofFranchise Enter- on streaming services and for atersacross42statesshowed lywood will stick to plans to Deere...... A1 Merck &...... A6 Walt Disney...... B2 tainment Research Inc. howlong. “Rayaand the Last Dragon,” release high-profile films. Delta Air Lines...... B9 Microsoft...... A5,B3 Wells Fargo...... R3 Discover Financial Moderna...... A6 Zoom Video Services...... R3 Nasdaq...... B2 Communications...... B9 the pandemic,” said author and Hollywood screenwriter LarryMcMurtry. TheTexas author wonthe Pulit- INDEX TO PEOPLE zerPrizefor “Lonesome Dove,” a Still Loves western opus made intoapopu- A F L lar CBS mini-series. Agassi, Andre...... B3 Fedeli, Fabiana...... R2 Lemley, Chris...... B1 Around the time the Altfest, Karen...... R3 Frazzini, Andrea...... R4 Lux, Michael...... R6 Schultzes rolled intoMontana

Westerns JOURNAL Arnott, Rob...... R5 French, Ken...... R1 M last October,land developer and

B G Manning, Peyton...... B3 REET Montana nativeCarter Boehm Gates, Bill...... B3 Marinakis, Evangelos.B3 ContinuedfrompageB1 ST Birk, Craig...... R5 LL wasputting the finishing George, Peter...... B3 Mies, Andrew...... R5 Bringedal, Bard...... R5 Crewstrained in horse wran- WA touches on an authentic Wild Graff, Brian...... R6 Bruno, Sal...... R2 O gling and cattle herding have West boomtownand permanent Graf, Steffi...... B3 THE C Greensill, Lex...... B1 Ostern, Tobin Van...... R6 seen work pick up amid rekin- R film and TV set he and his part- FO Carlton, Kristin...... R3 Gupta, Sanjeev...... B1 R dled love forwesterns.Veteran nersbuilt down the road from H Rolph, Duncan...... R3 wrangler StanSchultz,66years VINE Livingston.

Chan, Fong Yee...... R5 IR

Chaudhuri, Gargi...... R5 Herd, Whitney Wolfe S old, said his businesswith Holly- YR Mr.Boehm said he is invest- B10 IL D Samuelsson, Hakan....B2 wood tapered off in the 1990s, TA ing $10 million to erect the 26- Herman, Linda M...... R3 Daniel, Joe...... B1 Schultz, Stan...... B2 but “there’saresurgenceonthe Above,the church at the Yellowstone Film Ranch. building set, christened the Yel- J Daniel, Kent...... R4 Slott, Ed...... R3 way” as states attract producers lowstone Film Ranch, that will Davis, Tom...... R2 Justice, Jim...... B1 Sowers, Brad...... B1 keen on making westerns. sci-fi,fantasy westerns,com- “incredibly important” to the fu- eventually includeatrain station Deiss, Jeff...... R2 K T Last fall Mr.Schultz,who got pared with 23 between 2000 and tureofits Paramount+ stream- and locomotive. To createapro- Drake, Howard...... B2 Kreps, Michael...... R6 Tan, Hock...... B10 his start working on 1991 Oscar 2009,according to Comscore ing service. duction lot as authentic as possi- winner “DancesWith Wolves,” box-officeanalyst Paul Dergara- In total, Mr.Sheridan will re- ble,his construction crew in- and his son Nick hauled more bedian. Comscoreonly counted ceiveabout $200 million to pro- stalled wallpaper that was than adozen“movie horses” and films that reported ticket sales. ducehis slateofshows,with available in the 1880s. Estimated Box-Office Figures, Through Sunday abundle of 19th-centuryreplica ViacomCBS commissioned each scripted series expected to Afterwatchingmanyrecent saddles from South Dakotato “Yellowstone” co-creator Taylor cost between $70million and films set in Montana but filmed SALES, IN MILLIONS the mountains near Livingston, Sheridan to producethree addi- $100 million per season, accord- elsewhere, Mr.Boehm said he FILM DISTRIBUTOR WEEKEND* CUMULATIVE % CHANGE Mont., to work on “The Last tional western-themed series: ing to people familiar with the lobbied foryearsfor the taxfilm Son,” starring SamWorthington “Y:1883,” aprequel to “Yellow- matter. credit Montana enacted about 1. Raya and the Last Disney $8.6 $8.6 — and Thomas Jane.The film is ex- stone,” “Land Man,” based on an Mr.Sheridan, aTexas cowboy 20 months ago. Now, with his Dragon pected to be released later this oil town, and “6666,” which ex- who relocated to Hollywood in town moreorlessfinished, he 2. Tom & Jerry Warner Bros. $6.6 $23 -53% year. plores the historyofafamous the 1990s,also produces “The has three westerns slated to 3. Chaos Walking Lionsgate $3.8 $3.8 — Therevivalhas been building cattle ranch. He is also produc- Last Cowboy,"areality rodeo shoot at the ranch later this in recent years. Between 2010 ing ashowfor the network competition showfor Para- year,beginning with afilm he is 4. Boogie Focus Features $1.2 $1.2 — and 2019,Hollywood released 49 called “MayorofKingstown,” a mount. also producing entitled “Murder 5. The Little Things Warner Bros. $0.6 $13.7 -41% films domestically classified as series set in Michigan. “The western myth of rugged at Emigrant Gulch.” *Friday, Saturday and Sunday Source: Comscore westerns,modern westerns (also Thecompany’sMr. McCarthy individualism...has regained an “Westerns arethe future,” known as neo-westerns) or as calls the deal with Mr.Sheridan oddpopularity in 2020 during said Mr.Boehm.

denceviewedbythe Journal. as Oxfordtries to overhaul the Executives and investorssay created negativeperceptions rightstoOxford’sCovid-19 vac- Vaccine Thetwo sides also tussled way it backs startups,likeVac- the Covid-19 shot has shown aboutits effectivenesscom- cine and instead stands to briefly over wheretolist, with citech, that seek to turn sci- the potential of Vaccitech’s pared with other vaccines.As- make24% of anyroyalties Ox- some Oxford-affiliated inves- enceand technologyinto technologytofight hepatitis B, traZenecahas also been on the ford receives from AstraZen- Startup tors favoring London. Vac- shareholder returns.The over- prostatecancer and human defensiveovershortfalls in eca’svaccine sales, the Journal citech executives have insisted haul is part of Oxford’syears- papillomavirus—global health doses it said it would deliver previouslyreported. on Nasdaq Inc.inNew York. long questtobettercompete problems with huge markets to Europe by this month. Vaccitech’sworth is based Plans IPO Oxforddidn’t reply to re- with leading U.S. schools like foreffectivetreatments.Vac- Other biotech companies in small part on potential fu- questsfor comment. AstraZen- the Massachusetts Instituteof citech scientistsbelieveits vi- behind Covid-19 vaccines have tureroyalties from the ecadeclined to comment. Technologyand StanfordUni- ral-vector technologyused in struck fundraising gold. Ger- Covid-19 vaccine but much ContinuedfrompageB1 Before Covid-19,Vaccitech versity in attracting startup the Covid-19 vaccine canun- many’s CureVac NV raised moreonits plans to adapt the in thevaccine’sdevelopment, wasalittle-known biotech money and talent. lock other therapies and weap- morethan $200 million in an vaccine technologytofight these people say. Vaccitech startup focused in part on vac- Vaccitech wasco-founded in ons against infection,some of August stock debut that valued other diseases.That pipeline of wantsOxford’simprimatur to cines—a low-profile field until 2016 by two Oxfordscientists which it could license to big it at morethan $2 billion. That drugsneeds at least an addi- market itsscientists’ early last year.Oxford’sbacking nowatthe center of the vac- drug companies. has soared past $15 billion as tional threetofour yearsto work alongside Oxfordinin- helped keep the company cine’sdevelopment.They cre- Human trials of the Oxford- itsvaccine has reached final- bear fruit, according to mar- venting the vaccine and itsas- afloat. TheCovid-19 shot has ated technologyunderpinning AstraZenecashot last year— stagetrials.Shares of Novavax keting documents. Investors sistanceinspeeding up manu- lent newcredencetoVac- the shot, using amodified and real-world evidence Inc., which struggled foryears previouslyvalued the company facturing forearly clinical citech’sown suiteofvaccines chimpanzee cold virus to ferry since—showed it worked to produceamarketable vac- at around £100 million, equiva- trials and providing safety andtherapies,still in clinical genetic material intohuman against Covid-19,preventing cine,havesurgedasitcloses lent to $138.4 million, but now datafor regulators, according trials,aimed at fighting other cells to triggerimmunity.Vac- deaths and serious disease.But in on authorization in the U.S. estimate it is worth morethan to people familiar with the viruses and cancers. citech owns rightstothat the trials also generated acon- of itsCovid-19 vaccine. $250 million, according to up- matterand related correspon- Theconflict is playing out technology. fusing spectrum of resultsthat Vaccitech gaveupdirect dated, nonpublic figures.

Dealers SAVE Struggle $100 On E-Cars

ContinuedfrompageB1 cerned Scientists, said he was JOURNAL determined to buy an electric Reg. $29999 | SALE $199 99

car, but eventually abandoned REET his effort afterrealizing there ST weren’t enough public charg- LL WA ing stations near his apartment THE

in Washington, D.C. Without a R placetoplug in, the purchase FO made little sense,headded. TIS “For EVstotakeoff,they CUR need to be as convenient as

gas-poweredcars—that’sthe WHITNEY wholepoint of this big pur- Ford, GM and other car companies say they are confident in their new electric-vehicle offerings. Can’tHear chase,” Mr. Daniel said. To solveproblems likethis, startups, like Rivian Automo- to online.That’swhat will main light because he is un- Voices On TV? President Biden has said he tiveand Lucid Motors, say happen in the next 10 years,” certain about longer-term wantstospend billions of dol- they’ll likewise sell directly to Mr. Samuelsson said. demand. New AccuVoice® AV157 Speaker uses lars to upgrade the country’s consumersand bypasstradi- Howard Drake, aGMdealer “It’sstill very early days,” patented hearing aid technology to create charging infrastructureaspart tional dealerships. in LosAngeles,said he is con- Mr. Sowers said. 12 levels of dialogue clarity. of a push to incentivizebat- Some carcompanies are sidering converting two of his As soon as dealersfigure tery-powered cars. now following their lead, ini- showrooms.Rather than sepa- outhow to sell EVs, another Flat-screen TVs use tiny speakers with tinny sound. So many people Ford,GMand other major tially stocking dealership lots rate models by brand, he is businessproblem awaitsinthe have to use closed-captioning to watch amovie or sporting event. carcompanies saythey are with few if anyelectric models considering two stores—one service bay. Our patented hearing aid technology lifts voices out of the soundtrack confident in their newelec- and allowing customerstoor- forelectrics,the other forgas- Electric vehicles typically and clarifies them. The result is remarkable. The AV157 has 12 levels of voice boost –incase you need extra clarity.Only 17" wide, it fits tric-vehicle offerings and are der moredirectly from the powered vehicles. have fewermechanical parts just about anywhere. Hookup is simple –one connecting cord. training dealerstosell and manufacturer. “These are really different and don’t requirethe same service them. VolvoCarsCEO Håkan Sam- customers,” Mr.Drake said. “A type of servicethat gasengine Still, some autoretailers uelsson recently said that all Hummer EV buyer probably cars need, such as oil changes. “It’sLike AHearing Aid YouPlug Your TV Into.” Techhive saythey worryabout the long- future battery-electric vehicles doesn’t want to be sitting next That work right nowisabig term implications fortheir would be sold exclusively on- to some guybuying agas-guz- profit center for dealerships. business. line and the pricewould be set zling pickup truck.” “There’sgoing to be an im- Tesla Inc.’sinfluenceonthe centrally,eliminating the abil- Mr.Sowers said he sees en- pact, but it might take three electric-car market has cre- ity to haggle.Dealerships will couraging signs. GM recently or four yearstosee the full ef- Great Sound. Made Simple. ated anew standardfor car help deliver vehicles to custom- droppedthe sticker priceof fect,” Mr.Lemley said. “That’s 866-367-9869 shoppers, offering an online ersand perform other services, the all-electric Bolt and helped really my biggest question 60-Day Home Trial |FreeShipping transaction and asimplified likemaintenance, he said. boost sales forthe model in mark heading intoall of this.” ®ZVOX &AccuVoice areregistered trademarks of ZVOX Audio. lineup with no price negotia- “The marketplaceismoving February. But he said his elec- —William Boston ORDER THE AV157 AT ZVOX.COM tion. Other electric-vehicle from the physical dealership tric-vehicle inventory will re- contributed to this article. P2JW067000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Monday, March 8, 2021 | B3 BUSINESS NEWS Crowd-Safety Firm To Go Public in Merger With SPAC

BY AMRITH RAMKUMAR joins the growing pool of tech- nologycompanies going public EvolvTechnology is com- by merging with SPACs,also bining with aspecial-purpose known as blank-check compa- acquisition companytogo nies.SPACs likeNewHold In- public in adeal that values the vestment are shell companies S

crowd-safety firm at about $1.7 that list on an exchange with NEW billion, the companies said. the sole purpose of acquiring G Backedbyinvestorsinclud- aprivatefirm such as Evolv to ing Microsoft Corp.co- take it public.The private OOMBER founder Bill Gates and former companythen gets the SPAC’s CIA/BL Florida Gov. JebBush, Evolv is place in the stock market. merging with the SPAC NewHold raised $150 million GAR

NewHold Investment Corp. when it went public last sum- ANGEL Based outside of Boston, mer and wasone of several The Chinese telecom company is feeling the pressure of U.S. sanctions on its wireless gear. A Huawei phone at a store in Barcelona. Evolv uses artificial intelli- blank-check firms competing to genceand datascienceto take Evolv public,NewHold screen people forweapons and CEO Kevin Charlton said. other threats. Thecompany Through the mergerand an Huawei’sMarketShareDrops says itsplatform eliminates associated fundraising round the need fordeviceslikemetal called aprivateinvestment in detectorsand physical secu- public equity,orPIPE, Evolv is rity checks.Itisused at ven- expected to generateproceeds In Overseas Equipment Sector uessuch as Six FlagsEnter- of about $470 million. PIPE in- tainment Corp.amusement vestorsinthe deal include fa- parks,New York’sLincoln Cen- mous athletes such as former terand Gillette Stadium, home NFL quarterback Peyton Man- HuaweiTechnologies Co. maker,falling to No.5under to Dell’Oro. It nowrepresents than 60% of the world’scellu- of the National Football ning andtennis players Andre lost ground last year to Western the weight of the U.S. pressure. aboutathirdofglobal sales. lar-equipment market, Mr.Pon- League’sNew England Patri- Agassi and Steffi Graf. rivals in cellular-equipment Now, it is feeling the heat in Despitethe pandemic,spending gratzsaid. Morethan 25 Euro- ots. Evolv says it has screened Mr.Charlton said the SPAC marketsoutside China, accord- the company’scorebusinessof on cellular equipment, which pean telecom providershave will use some of its equity to selling the gear that goes into includes antennas and con- switched from Huaweitoan- launch apublic-benefit corpo- By Stu Woo in London mobile networks. nected components, exceeded othersupplier in recent years, Evolv uses AI and ration designed to make and Dan Strumpf AHuaweispokeswoman re- expectations in multiple re- he said. Evolv’s platform affordable to in Hong Kong ferred to an internal speech gions and reached $35 billion Afterthe U.K. banned Hua- data science to venues such as schools. Evolv earlier this year by Ren Zheng- globally,said Stefan Pongratz, wei’s5Gequipment, forexam- screen for weapons executives also areexpected to ing to an industryresearch firm, fei, thecompany’sfounder,in an analyst at Dell’Oro. ple,Britain’sBTGroup PLC said contribute to the PBC. asignal the U.S. campaign to which he told employees the Outside of China, though, it would replaceits Huawei and other threats. In addition to Messrs. Gates curb the Chinese manufacturer company’sties with customers Washingtoniscontributing to gear,aprocess that it esti- and Bush, Evolv countsven- is starting to makeanimpact. “wereasstrong as ever” and an industryshift. TheTrump mated would cost about $700 ture-capital firms such as Gen- Huawei’sshareofrevenue “wekept our transactions,de- administration took aim at million. It signed on Nokia to eral Catalyst and LuxCapital from sellingwireless-equip- livery, supply and networks go- Huawei, saying Beijing could become itsbiggest infrastruc- morethan 50 million people in among itsexisting investors. ment around the world, exclud- ing uninterrupted.” compel it to spy on or disrupt tureprovider. the past four years, second None of the existing investors ing China, fell 2percentage In the same speech, Mr.Ren networks,acontention the “The effortsofthe U.S. gov- world-wide only to the areselling as part of the deal. points,according to Dell’Oro said Huawei’srevenue andprof- companyhas denied. Pressured ernment have curbed the rise Transportation Security Ad- Combining with aSPAChas Group,coming in at about 20% itsincreased last year despite by the U.S.,manyallies have of Huawei,” Mr.Pongratzsaid. ministration. become apopular way fora in 2020.Huaweiremained in itschallenges.But he said there banned or limited the use of “They’restarting to makeadif- In 2020, Evolv also started companytogopublic because thirdplacebehind rivals Erics- wasneed to retreat from some Huaweiequipment in their ference.” using its technology to check SPAC mergers let startups make son AB and Nokia Corp., which markets: “Wemust dareto build-outsofnext-generation Huawei’sascent to the topof people forelevated body tem- rosy projections—something both picked up market share abandon some countries,some 5G networks,citing national se- the telecom-industryoverthe peratures,afeaturethat Chief that isn’tallowedinatradi- last year,according to the re- customers, some productsand curity.The newBiden adminis- past decade worried U.S. lead- ExecutivePeter George said is tional initial public offering— search firm. Ericsson solidified some scenarios,” he said. tration has said it considers ers,who said the company in high demand as businesses andearn blank-check company itsex-China market sharelead When Chinese sales arein- Huaweiasecurity threat and could send itsmajor non-Chi- reopen following shutdowns creatorsseveral timestheir ini- at around 35%, up 2percentage cluded, Huaweiremains the would work with allies to se- nese rivals,Ericsson and Nokia, designed to stop the spread of tial investment on average. points, while Nokia gained 1 world’slargest wireless-equip- cure their telecom networks. out of business. So great were the coronavirus. The Evolv deal is expected percentagepoint to finish the ment provider overall, andits Nations that have enacted or the concerns that then-Attor- “Wewerebuilt to solvethis to close in the second quarter, year with about 25% share. global sharegrewlast year. areconsidering such restric- ney General William Barr last problem of making venues safe,” and Evolv expects to trade on Huaweilatelast year lost its China eclipsed North America tions—including Australia, the year said that Washington Mr.George said in an interview. theNasdaq under the ticker briefly held crownasthe last year to become the indus- U.K. and several other Euro- should consider investing in Er- Founded in 2013,Evolv “EVLV.” world’slargest smartphone try’sbiggest market, according pean countries—comprise more icsson and Nokia.

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B4 | Monday, March 8, 2021 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Nicole Nguyen Va ccination Sites Face Logins Shouldn’t Be a Pain Lawsuits Over Privacy BY CATHERINE STUPP data. Doctolib stores datafrom itsvaccine-scheduling service If you don’t Coronavirus technologyand in Germanyand France, Chief have strong Learn to BoostYour carrier.You can call your carrier an attacker three years to crack. Covid-19 test- and vaccine- ExecutiveOfficer Stanislas passwords for and add apasscode to your wire- Rule #3—Make it unique. scheduling websites areattract- Niox-Chateau said in ablog every online Password Game lessaccountfor added security. Whatever you do, don’t re- ing lawsuitsand complaintsin post published Tuesday. account, it’s Rule #2—Makelong passwords. use passwords. It’s the most Europe over howthey protect Mr.Parrot said Europeans’ time to dig in. “Password length is a more common way accounts get citizens’ data. privacyisstill at risk even if Don’t wait until someone’s There are four simple rules important factor than complex- hacked, Ms. Aaron said. If hack- Some complaintsfocus on U.S. cloud companies storedata stolen your identity. of password protection: ity, because a longer password ers discover your password large technologyprovidersthat in Europe.Privacyadvocacy You’ve probably heard of Rule #1: Don’t rely on pass- is harder to decrypt,” said used in one place, they try it in have contracted with health au- groups have filed complaints password managers. These words alone. Jameeka Green Aaron, chief in- other places. Use password thorities.InFrance, members sincethe court ruling last sum- services remember all of Use two-factor authentica- formation security officer at managers to create strong of anonprofit association plan mer,arguing that the ruling your passwords and can gen- tion, known as 2FA, wherever customer-authentication com- unique passwords and store to meet with officials at an ad- means that some U.S.-based erate secure new ones. When possible. This requires an addi- pany Auth0. them for all your accounts. ministrativecourt afterpeti- companies could be required to you go to a login page on a tional code or validation sentto The newhotnessispass- Rule #4—Have backup plans. tioning it to weigh in on avac- shareinformation with Ameri- web browser and even in another device. If youhave the phrase. Forexample, the pass- The key to your password cine-scheduling websiterun by canauthorities under U.S. laws. many apps, the manager will choice, use an app authenticator phrase “Raccoon Doorknob manager is a master password, the French companyDoctolib Twoother websites that fill in what you need to ac- (I likeAuthy) overatext mes- Spacecraft” would takecenturies along with a device to authen- SAS.Medical unions,open- provide vaccine-scheduling ser- cess your account. Some sage. It workswhen youdon’t to crack, according to Bitwarden’s ticate your login. A good pass- source software organizations vices in France, Docavenue’s even comb the web to alert have cellular reception, and isn’t free password-strength testing word manager doesn’t know and human rightsgroups sup- Maiia and SAS Nehs Digital’s you if your information susceptible to SIM hijacking— tool. A12-character string, with what your master password port the petition. KelDoc,use French cloud pro- shows up in a breach. whereahacker cons aperson’s uppercase and lowercase letters, is—and can’t help you recover Doctolib uses Amazon.com viders, according to privacy A significant change to phone number from the wireless symbols and numbers, could take your account. Inc.’sAmazon WebServices to statementsontheir websites. one of the most popular host data, and supportersof Aspokeswoman forDoctolib managers, LastPass, is why I the petition arguethat using a didn’t respond to arequest for have passwords on the brain need to hide sensitive infor- accounts. If something hap- end-to-end encryption, se- U.S.-based cloud servicepro- further information. An Amazon again. On March 16, LastPass mation when traveling to pens to you, your designee cure password generator, vider violates Europe’s2018 spokeswoman didn’t respond to Free users will need to up- countries where they fear can request access to your two-factor login and apps for General DataProtection Regula- arequest forcomment. grade to the service’s pre- their phone might be vault. You can set a specified every desktop platform, tion because Europeans’ data Regulatorsorcourtscould mium plan—typically $36 a searched. delay period between three browser and mobile operat- canbeexposed to U.S. govern- order technologycompanies to year but offered to them for Dashlane ($59.99 a year hours and 30 days, during ing system, plus access via ment surveillance. changetheir datapractices,or $27 a year—if they want to for individuals, $89.99 for which you can deny access if the web. “It’sdifficult to put Europe- they could issue fines or sus- continue syncing passwords families of up to five) is also you’re able. A premium membership ans’ dataonU.S.clouds,” said pend theservices. across devices. While I’m a easy to use, and is a good LastPass Premium is a ($10 a year for individuals, Adrien Parrot, president of In- In the U.K.,the nonprofit fan of LastPass, its free plan choice if you’re interested in very capable password man- $40 for families of up to six) terhop,the association that media outlet openDemocracy is no longer a good choice. features such as a built-in ager, also with dark-web is required for bells and started the petition, which pro- and Foxglove, atechnology The best password manag- VPN (virtual private net- monitoring, plus a gigabyte whistles, such as an exposed- motes using open-source soft- rightsadvocacygroup,sued the ers work on as many plat- work) for accessing the in- of encrypted file storage passwords report and en- ware in healthcare. “It’slikea National Health Serviceafter it forms as possible. I tested ternet more securely, and a (and a good Safari browser hanced login protection. no man’sland of justicefor Eu- extended acontract with tech- the most popular ones, in a dark-web monitoring service extension). If you use Safari, “We are a for-profit com- ropean citizens.” nologyfirm Palantir Technolo- quest for high security, that keeps an eye out for and don’t need the VPN, go pany, but we find it com- TheEU’shighest court ruled gies Inc.toprovide adataana- broad options and ease of hackers who might have with LastPass. pletely harmonious and com- last July that companies can lytics platform,the two use. Here’s what I found: your credentials. 1Password views this kind patible to offer a basic send personal datatothe U.S. organizations said. TheNHS I opted for 1Password, be- of emergencyaccessasasecu- manager for free,” said Mi- only if those firms provide spe- and Palantir didn’t respond to Easiesttouse cause of the price. (I also rity threat. In a forumpost,a chael Crandell, Bitwarden’s cial safeguards forexporting requestsfor comment. 1Password ($35.88ayear thought Dashlane’s Mac Sa- companyemployeeexplained CEO. Many users who start forindividuals,$59.88for fari browser extension, now that adomestic abuser,toget with the free plan decide to families of up to five)has a in beta, was buggy. A Dash- intoapassword vault, could upgrade, he added.

user-friendly design and mul- lane spokeswoman said the hold avictim against his or Once you’ve picked a GES

tiple layers of security baked team is working on a fix.) her will. He suggestsstoring a password manager, you can IMA in foragood price. It doesn’t printout of your secret key add in all of your old pass- have afreetier. “Freesoft- Best servicewith code and your master pass- words. If you store pass- GETTY ware almost always involves emergency access word in asafe-deposit boxor words in your computer’s SE/ compromises,” a1Password It’s a tie between Dash- with your attorney. Chrome browser, you can ex- spokesman said. lane and LastPass Premium port them and then import ANCE-PRES

Like other password man- ($36 a year for individuals, Best free option them into your new pass- FR agers, you can organize pass- $48 for families of up to six). Bitwarden has a full-fea- word manager. (Apple ENCE

words into different collec- Both let you grant a trusted tured free plan for individu- doesn’t have a similar pass- AG tions: one for personal contact access to your vault als and two-person busi- word export option.) If you U/

accounts, one for work, one if you’re dead or incapaci- nesses that syncs an are switching from one pass- NNEA

for shared family logins. tated. Features like this are unlimited number of pass- word manager to another, TA Travel Mode is unique to the important because our lives words across devices. The exporting passwords is usu- FRED service—it’s for people who are so tied up in our digital service has many key basics: ally an option, too. Groups oppose using Amazon’scloud foravaccine-scheduling site.

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THE WALL STREET JOURNAL. Monday, March 8, 2021 | B5 BUSINESS & FINANCE Greensill Tech Workers in India Risk Jail Relied on Country flexes new AWhatsApp spokesman said noncompliancewould threaten the companycomplies with the tech companies’ futureina A Handful powers over the big datarequeststhat are“consis- market of morethan 1.3billion platforms as firms eye tent with internationallyrecog- people that, sincethey are nized standards including hu- locked out of China, is key to ContinuedfrompageB1 the market for growth manrights, due processand their global growth. Apollo,through an insur- the rule of law.” AFacebook Facebook and WhatsApp anceaffiliate, is likely to fill in BY JEFF HORWITZ spokesmansaid the company have moreusersinIndia than the gap for some, but not all, AND NEWLEY PURNELL “responds to government re- in anyother country. Facebook of Greensill’sclients, the Jour- questsfor datainaccordance said last year it would spend nal has reported. India’sgovernment has with applicable lawand our $5.7 billion on anew partner- Greensillspecialized in an threatened to jail employees of terms of service.” ship with an Indian telecom op- area known as supply-chain fi- Facebook Inc., itsWhatsApp Twitter“will continue to ad- erator.India is Twitter’sfast- nance, aform of cash advance unit and Twitter Inc.asitseeks vocate forthe fundamental est-growing global market. that letscompanies stretch to quash political protestsand principles of theOpen Inter- Prime Minister Narendra

out the time to paybills. gain far-reaching powers over net,” acompanyspokesman S Modi’sgovernment has shown

Greensill packaged those cash discourse on foreign-owned said, adding: “Threatstothese NEW it is willing to shut out social- advances intobondlike tech platforms,people familiar principles areonthe rise G media platforms,last year ban- securities.Credit Suisse’s with the warningssay. around the world, which is of ning TikTok,which had afar

funds were amajor buyer of Thewarningsare in direct deep concern.” OOMBER larger user base than Twitter, those securities,giving Green- response to the tech compa- Aspokeswoman forIndia’s amid tensions with China.

sill firepowertoexpand its nies’ reluctancetocomply with Ministry of Electronics and In- SINGH/BL Twitterinrecent weeks

business. dataand takedown requests formation Technologydidn’t re- AJ blocked, unblocked and then

Credit Suisse sold the funds from the government related to spond to requestsfor comment. DHIR blocked again hundreds of ac- to insurers and other profes- protestsbyIndian farmers that India has been making new The governmenthas soughtWhatsApp data. Abrand ambassador. countsinIndia forposting ma- sional investors, classifying have made international head- rules that grant itsleaders terial that the government them as relatively low-risk,ac- lines, the people say. At least poweroveronline discourse to WhatsApp,must help identify would requireWhatsApp to ar- deemed inflammatory. The cording to fund documents some of the writtenwarnings adegree unmatched elsewhere theoriginator of messages.A chivewhat each user shares, companyhas said it refused to sent to investors. citespecific,India-based em- among open societies,legal an- government representativesaid robbing them of the absolute take down other accountsde- In addition to Bluestone, ployees at risk of arrest if the alystssay.The rules require the rules would requireplat- privacyprovided by end-to-end spitethe government’sorders. Greensill’sother U.S. clients companies don’t comply,ac- tech companies to appoint ex- forms to track and storere- encryption. “One large country, According to the most recent included several blue-chip cording to some of the people. ecutives who areresident in In- cordsofspecific messages as by adopting and enforcing these statistics made public by Google, companies and stategovern- Thethreatsmark an escala- dia to deal with government re- they traveled among users. rules,could makeitsothat large Facebook and Twitter, the com- ment agencies,according to tion of India’seffortstopres- quests, including acontact “In away,you will getto messaging platforms either pull panies regularly reject Indian documents Credit Suisse sent sureU.S.tech companies at a person for“24x7 coordination knowifamessageisbecoming out or don’t offer encrypted ser- takedown and user-datarequests. to investors. moment when those companies with law-enforcement agencies viralornot,” said Rakesh Ma- vices all over the world,” he said. Facebook platforms complied Morethan half of the assets arelooking to the world’ssec- and officerstoensurecompli- heshwari, director of cyber law Legalobserverssay the rules with half of the government’sor- in the Credit Suisse funds ond-most populous nation for ance” with orders, the rules say. at India’sITministry, in aZoom don’t provide aclear legal way dersfor user data, Google with were tied to clientsinthe U.S. growth in the coming years. Therules would compel forumhosted by an Indian inter- to challengerequeststotake 58% and Twitterwith 1%, num- as of January, according to the Some of the government’s companies to removecontent net trade association Thursday. down content or provide user berswell belowthe companies’ documents. requestsfor datainvolve that undermines national secu- Greg Nojeim, senior counsel data. Under India’slegal sys- world-wide averages.All three On Friday, Credit Suisse WhatsApp,which is hugely pop- rity,public order and “decency forthe Center forDemocracy tem, such requestsdon’t re- companies declined to comment said it would liquidatethe ular in India and promises users or morality.” and Technologythink tank in quireprior approval by acourt. on government datarequestsre- funds.Bluestone wasamong encrypted communication. Some companies,such as Washington, said the guidelines Beyond the risk of arrests, lated to the farmers’ incident. thecompanies in the Credit Suisse funds,according to documents sent to investors. were morelikely than other ADVERTISEMENT Mr.Justiceisthe billionaire Minority women to use their Covid-19 governor of West Virginia who relief checks to payfor necessi- The Marketplace switched parties from Demo- ties and bills rather than add To advertise: 800-366-3975orWSJ.com/classifieds cratictoRepublican in 2017. Women Are thefunds to savingsaccounts. He owns several coal-related They maybemorelikely to businesses in the region, and financially support family dur- CLASSACTION has settled a number of cases Hard Hit ing times of crisis,which fur- in recent yearsfor alleged ther pressures their finances. nonpayment of bills,according Nearly 30%ofaffluent Black T`;-^ PZS8&` to court records published by ContinuedfrompageB1 women and Latinas financially $1))"8- %:3,74 :2 (,638,913,:; :2 3.4 #4++6 &"80: &",8 &1;5 '63"9+,6.45 theinvestigativejournalism employment insurancehas supported friends and family in 9- 3.4 $4718,3,46 !'/7.";04 *:)),66,:; website ProPublica. helped her contributetoward 2020,compared with 11% of af- Supply-chain financeisher parents’ household bills. fluent whitewomen, according almost always paid back with While Ms.Ocampo is thank- to aDecember study from J.P. M( O?7>79*RD*< C)H AEC%H #QBS7:#4*IH O?7RFO D* *S#'#DS* (?< half of Greensill’sprofitfor running out soon and she has neither have nor expect an in- 2018 wastied up in $25 no steady job prospectsinsight. heritance compared with 39% <*B?4**Q:F9#?Q general counsel told the Jour- earningsin2019 were $642, 50s, was furloughed from her N\ !`(2M-2E OY" OAOA" S:` H`&M28S8`1 -\d #G&:-\;` 'Z]]8118Z\ FZ (` `^8;8(^` ?Z2 -X-E]`\S ?2Z] S:` D`^^1 !-2;Z!-82 !M\d" EZM nal the companyhad been compared with $704 forBlack national sales manager job at WS:` 5'Z]]8118Z\4V 811M`d -\ N2d`2 c\1S8SMS8\; '`-1`9-\d9 ]M1S 1-S81?E &`2S-8\ `^8;8(8^8SE &28S`28- S:-S -2` d`1&28(`d 8\ d`S-8^ working with Greensill since women and $910 forwhite the Cincinnati USAConvention %`181S L2Z&``d8\;1 LM21M-\S SZ H`&S8Z\ OY' Z? S:` H`&M28S8`1 8\ S:` L^-\U F:Z1` &28S`28- 8\&^Md` S:` ?Z^^ZI8\;$ YV BZM]M1S 2018 to improve its working- women, according to an analy- and VisitorsBureau in March. #G&:-\;` ,&S Z? Y[Q<" R-78\; !8\d8\;1" -\d c]XZ18\; - :-K` XM2&:-1`d Z2 -&6M82`d D`^^1 !-2;Z&Z]]Z\ 1SZ&7" S2-d`d capital position. sis of Bureau of Labor Statis- She was laid off permanently '`-1`9-\d9%`181S N2d`2 WS:` 5N2d`24V -;-8\1S D`^^1 !-2;Z+ Z\ S:` P`IBZ27 HSZ&7 #G&:-\;` M\d`2 S:` S2-d8\; 1E](Z^ D!'" 'Z]X-\EW5D`^^1 !-2;Z4 Z2 S:` 5J`1XZ\d`\S4VU c\ S:` N2d`2" dM28\; S:` J`&ZK`2E L`28Zd0 OV BZM2 -XX2ZK`dS2-\1-&S8Z\1 ]M1S Theportion of the fees it tics databythe Institutefor in September from the job. S:` 'Z]]8118Z\ ?ZM\d S:-S ?2Z] OAYO S:2ZM;: OAY/" S:` &-^&M^-S` SZ -\ #^8;8(^` TZ11 ,]ZM\S -1 &-^&M^-S`d M\d`2 S:` Women’sPolicyResearch. Beforethe pandemic,her J`1XZ\d`\S K8Z^-S`d S:` ?`d`2-^ 1`&M28S8`1 ^-I1 (E ]81^`-d8\; L^-\ -\d S:` %81S28(MS8Z\ L-E]`\S ]M1S `6M-^ Z2 `G&``d bYAUAA0 Blackand Hispanic women emergencyfund grew to cover 8\K`1SZ21 2`;-2d8\; S:` 1M&&`11 Z? S:` &Z2` (M18\`11 1S2-S`;E Z? -\d QV BZM-2` \ZS -\ #G&^Md`d L-2SE -1 d`>\`d 8\ S:` L^-\U held manyofthe retail and two yearsofliving expenses. S:` 'Z]]M\8SE *-\7 ZX`2-S8\; 1`;]`\S" 8S1 ^-2;`1S (M18\`11 Alimited number of M\8SU ,S -^^ 2`^`K-\S S8]`1" D`^^1 !-2;ZI-1 -XM(^8&^E S2-d`d N?29?1#S* F8SF#R hospitality jobs that were badly She is nowdowntoabout >\-\&8-^ 1`2K8&`1 &Z2XZ2-S8Z\ I8S: &Z]]Z\ 1SZ&7 2`;81S`2`d BZM&-\ &Z]X^`S` -\d 1M(]8S -\ Z\^8\` '^-8] !Z2] Z2 Z(S-8\ relationshipsbecome hit by the pandemic,though eight months of emergency M\d`2 H`&S8Z\ YOW(V Z? S:` H`&M28S8`1 #G&:-\;` ,&S Z? Y[Q< -X:E18&-^ '^-8] !Z2] (E K818S8\; S:` D`^^1 !-2;Z!-82 !M\d31 the sectorsregistered some re- savings. Her brothershaveof- W5#G&:-\;` ,&S4V -\d 6MZS`d Z\ S:` P`IBZ27 HSZ&7 #G&:-\;` I`(18S` -S IIIUD`^^1!-2;Z!-82!M\dU&Z]U c? EZM &:ZZ1` SZ crucial to thefirm in WF8&7`2$ D!'VU ,&&Z2d8\; SZ S:` N2d`2"D`^^1 !-2;Z" -]Z\; 1M(]8S EZM2 '^-8] !Z2] Z\^8\`" 7;=C=DB D="C-B -B ;A ;, covery in the past month. feredtolend her money,but ZS:`2 S:8\;1" ?-8^`d SZ d81&^Z1` SZ 8\K`1SZ21 S:-S S:` 'Z]]M\8SE "63;,688?1> 5.C. *#DB6,A&B#A9#,9 %-C6 ;A (=A6 @1< @4@8. recent years. Arecent study by Capital shedoesn’t want their help. *-\7311-^`1 ]Zd`^ :-d &-M1`d I8d`1X2`-d M\^-I?M^ -\d FZ 1M(]8S -'^-8] !Z2] (E ]-8^" EZM ]M1S 1M(]8S 8S SZ S:` Group,tobereleased later this “Asasingle Black woman, I M\`S:8&-^ 1-^`1 X2-&S8&`1 ]81&Z\dM&S S:-S I-1-SZdd1 I8S: 8S1 !M\d ,d]8\81S2-SZ2 -S S:` ?Z^^ZI8\; -dd2`11 (E >21S &^-11 ]-8^" year,found women of color count on myself,” she said. 8\K`1SZ2 d81&^Z1M2`1 2`;-2d8\; \``d19(-1`d 1`^^8\;" -\d S:-S S:` 5;DBC#,+69 2;, -3 A;B D6AB "7 $.&. '#-)< ,6!6-:690 A; )#B6, XM(^8&^E 2`XZ2S`d &2Z1191`^^ ]`S28& 8\&^Md`d 18;\8>&-\S \M](`21 B/#A (=A6 @1< @4@8$ Z? M\M1`d Z2 M\-MS:Z28C`d -&&ZM\S1U F:` 'Z]]8118Z\ ?ZM\d paid to Greensill that year in S:-S D`^^1 !-2;ZK8Z^-S`d H`&S8Z\ YAW(V Z? S:` #G&:-\;` ,&S -\d D`^^1 !-2;Z!-82 !M\d equity warrants“were very JM^` YA(9= S:`2`M\d`2U &.Z JM1S 'Z\1M^S8\;" c\&U soon afterredeemed fully in !M\d ,d]8\81S2-SZ2 9/[@[ LM21M-\S SZ S:` N2d`2"S:` J`1XZ\d`\S X-8d -b=AA ]8^^8Z\ &8K8^ LUNU *ZG YQ/[ cash,” he said, without speci- ]Z\`EX`\-^SE SZ S:` 'Z]]8118Z\U c\ S:` N2d`2"S:` 'Z]]8118Z\ R8\\`-XZ^81" RP ==<6:NQ:%8" M=U&!># K. A>& '%:6A!> =$ ='.66/>7<@9 $>.G/>3H $.>3+.9<.C Aspokesperson forGFG =>A )C+C "F@>#C2DF5=2>FAE =%$5<"=%B +<% ,=$? (9..6;:I>B5 $*C1-E %77IG@47HC ;##"A H$#55F$>=2F5&E >?F 1-B/B 4'?6<:8/G A>& said itsoperations arerunning 6O; 9$;<=A=>=#% @2CF%> />"CE +<%C=$? ;CFA? ,DFA !4<3;80)FA :/2;C normally and that it is making Q==&8 L>') A>& *!$$A>N 9A6%Q==&8 L>')06"% 15A=A)!A= 4'?6<:8/G '=??%>'%& 8=U:%>'N <:='%%&!>#8 4>&%: 1=6" 3)8) secure funding from other fi- MODEL: 1A>W:4<6'NUAR A>& 5A>A&!A> UAR) *"% 3)8) 3%16=:8 A>& 6"% 5A>A&!A> 3%16=:8 nancial institutions. EP-MA73 "A:%=16A!>%& A46"=:!6N 6= ?A:W%6 6"%!: PUBLIC NOTICES Vodafone has been a long- 148!>%88 A>& A88%68 !> A''=:&A>'% R!6" 6"% 8AU% A>& 1!& <:='%&4:%8 A>& '=>&4'6 A> <-*@!) )+@@ 8/H :C$14GG4/0 /8 &JJ24"&F4/0G 8/H term client of Greensill’s. A A4'6!=>) *"% $=UU=R!># &%A&U!>%8 A<%V HA:+",QC *@*,A6&P@@ supply-chain financefund that ;B>B E;:'3A!O!=$ 5'=6:AO .!>'D) !0GF4FCF4/0 &00/C0"406 F5M JC$24" "&22Q 'KB)6,.),I KD I=) !)FE51:2 KD #K6I=$;2)+K,:; Greensill set up with GAM 9<$>=#%E =D %F$FAA2C&E #% HA:+"**C *@*,A6 ,@P@@ AB>B E;:'3A!O!=$ 5'=6:AO .!>'D) +JJ24"&F4/0 OM&O240MQ JI# $=: 3)8) 3%16=:8V HA:+"*%C Or $134 amonth with Interest FREE Financing *@*,A6QP(@ AB>B ;:'3A!O!=$ 5'=6:AO .!>') KI :-*$')9 inside both firms as the 8AU% M%A:!># $=:5A>A&!A> 3%16=:8V HA:+"*#C KIK @=:3 "E51:2 *;11 :3 ;,,KE,2)+ :, ;22K6+;,2) >:I= “Vodafund” because Vodafone +FREE Nationwide Delivery($450 Value) ,A?L!P AN *>#BL! '%BP *@*,A6,*P@@ ;B>B ;:'3A!O!=$ NA86':= .!>'B I=) %;> K, AI6;I)@:2 &,B)3I.),I3:,I=) !)FE51:2 @+624B1 *5+P6& JGJ")BB =P/:/=(H *F2"5=%F D#C F5=%B 2% #@XF$>=#% ># >?F +25FHA. KD #K6I=$;2)+K,:;- 6)@E1;I:,@ I=) ;FF1:2;I:K, wasboth an investor in the !8 HA:+"*(C *@*,A6&P@@ 1BHB ;:'3A!O!=$ 26:I)6:;- 2K,+:I:K,3 ;,+ F6K2)+E6)- +)I)6.:,;I:K, KD A((+/+- ;C9 >PL7P6&H56 @/E.H '573=6C8 ;3I;IE3- 3)1)2I:K,- F6)F;6;I:K, ;,+ :.F1).),I;I:K, fund and received financing =. M5=6 @/E.H++ 5'=6:AO .!>'C 9%& A<$? #@XF$>=#% ' H2. Unrivaledinprecision. Unique in its ability to @F=%(C=>=%[email protected]>2>F(=>? A!F$=F$=>& >?F KD :,B)3I.),I F6K7)2I3KDI=) =:@=)3I 3I6;I)@:2 %+=-LP6+ (5/ #D3/+..P56 5( O6H+/+.H9 K=/:$ 4F8 FBF4 F6:K6:IC DK6 I=) 2KE,I6C< from it,according to people '56H=:H K=/N+HP6& ,&+6H (5/ *P- O6.H/E:HP56.9 %2>=#%EH$. $#'!5& (=>? familiar with the relationship sense andinstantly adjust massagepressure >?F ;F"FC25 ,<5FA #D ,2%7C$& @C#$F"?F ++99E 2A 2!!5=$2@5FE 2%" H". @F F5F" DIK @=) 6:@=IIKF;6I:2:F;I:K, :, I=) "E51:2 *;11 3=;11 and an email reviewed by the in realtime.Incomparable product quality ,L+D ?=6-+L+E/ R!6" 1=6"6"% 7A>W:4<6'N 5=4:6A>& 6"% 55-- 5) ;29E:6)+ 5C 1)@;1 ),I:I:)3 C,;I:K,;1 ;,+ /+'*%0#$',*- /& .''*"'-- .'*&/*!,0)',0( =L+D<=P/.H/+=70=+/5 5=4:6A>& 8%::%& => 4>&%:8!#>%& '=4>8%U $=: :,I)6,;I:K,;1? .))I:,@ I=) 6)9E:6).),I3;,+ Journal. 6"% 8%UU%:8) FK33)33:,@ I=) +K2E.),I36)9E:6)+ DK6 K5I;:,:,@ ; Vodafone is no longer an in- exceptional massage quality. - '=?& 3I;IE3 KD ;AI6;I)@:2 &,B)3I.),I "6K7)2I :, ;22K6+;,2) '=#8 :%UA6%& 6= 6"% <:=<=8%& >:I= I=) %;> K, AI6;I)@:2 &,B)3I.),I3< vestor in the fund, according BUSINESSOPPORTUNITIES +25F 2A CF52>F" ># >?F )C+C *F@>#CAE =%$5<"=%B EI 9#' ',9!;' 9')9 =& 9#' <-*@!) )+@@ !: 6"% 7!& .:='%&4:%8 0:&%: 0A>& A66A'"%&7!& <-*@!)@( +++!@+*@' =, 9#' ,')9 @!,"Q to the company’sspokesper- @C#$F"?F ,2%7C$& +#E =IIF3/00B1;+;<.40,K+)0HIHGG son. /15=== *'.%,!22'5 ;<57.0'8940)2+*!2, A:% A:A!UA1U% => 6"% 3)8) 3%16=:8-R%18!6%A6 7I +((!9!=,+@ !,&=;-+9!=, "66<8VBB&?)% 6"% 7A>W:4<6'N 5=4:6-8 R%18!6%A6"66<8VBB DK11K>:,@ ;++6)33/ @38@3<@KB<.4 day that Greensill used the %'$)6P81)48'=4:68)#=:B) 5=8 ON SALE NOW at stores and galleries nationwide 9%660;,+02% 7:*'8,02 "06%5 ,8! A>& ?A6%:!AU8 :%UA6%& 6= 6"% <:=<=8%& 8AU% Credit Suisse funds to lend to .%,0.+,5(!# A&!A> 3%16=:8 A>& 6"% and FurnitureForLife.com 55-- .:='%%&!>#8 A:% A:A!UA1U% => 6"% R%18!6% two of itsbiggest outside 4!6%,0$+.0)+ ,+.%*4,- #D SC%A> TI#<%B 4%$CE =% =>A $2!2$=>& 2A +#D THE MARKETPLACE backers, SoftBank Group †FREE financing available with approved credit. *Offers above may not be combined with any A<<=!>6%& J=>!6=:=$6"% 5A>A&!A> 3%16=:8 A6 (800)366-3975|wsj.com/classifieds other offers. Chatwith aComfort Consultant for more details. All offers expire on 3/31/21. ,*$%+9 *2& ,%'6),!02 *+ !+,(%,+33 "66<8VBBRRR)%N)'=?B'AB$:%8"$==&'A>A&A) Corp.’sVision Fund and Gen- ©2021Dow Jones &Company, Inc. *,(( %'#&%)) "-+! $/.!-/! All Rights Reserved. eral Atlantic. P2JW067000-0-B00600-1------XA

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THE WALL STREET JOURNAL. Monday, March 8, 2021 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market Last Year ago Last Year ago 31496.30 s563.93, or 1.82% last week Trailing P/E ratio 32.05 20.11 3841.94 s30.79, or 0.81% last week Trailing P/E ratio * 43.22 23.86 Public Offerings of Stock High, low, open and close for each of P/E estimate * 20.39 16.69 High, low, open and close for each of P/E estimate * 22.15 17.42 the past 52 weeks Dividend yield 1.88 2.51 the past 52 weeks Dividend yield * 1.51 2.01 IPOs in the U.S. Market All-time high All-time high 31961.86, 02/24/21 3934.83, 02/12/21 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) 3/8 1/13 First High-School Education Group FHS 22.5 9.50/ Benchmark Co LLC, 200-day moving average Operator of private high N 10.50 UP Fintech 28500 3500 schools in Western China. Holding Ltd, Valuable Capital Ltd 26000 3200 3/11 2/16 JOANN Inc JOAN 10.9 15.00/ BofA Securities, Credit Suisse, Retailer of fabrics and Nq 17.00 Guggenheim other craft merchandise. Partners, Barclays, WFS, Week's high 23500 200-day moving average 2900 Piper Sandler DOWN UP 3/9 2/12 Coupang Inc CPNG 27.00/ GS, Allen & Co LLC, JPM, Citi, Monday's open Friday's close 120.0 t Software-E-Commerce N 30.00 HSBC, DB, UBS, 21000 2600 company engaged with Mizuho, CITIC 65-day moving average Friday's close Monday's open operating an online Securities t 65-day moving average marketplace. Week's low 18500 2300 3/11 2/17 Hayward Holdings Inc HAYW 40.3 17.00/ BofA Securities, GS, Nomura, Designer, manufacturer N 19.00 Credit Suisse, MS, Bars measure the point change from Monday's open and marketer of a broad R W Baird & Co, portfolio of pool Guggenheim 16000 2000 equipment and associated Partners 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 automation system. Primary NYSE weekly volume, in billions of shares t Lockup Expirations

market t Composite 36 Track the Markets Below, companies whose officers and other insiders will become eligible 24 Compare the performance of selected to sell shares in their newly public companies for the first time. Such 12 global stock indexes, bond ETFs, sales can move the stock’s price. 0 currencies and commodities at wsj.com/graphics/track-the-markets Lockup Offer Offer amt Through Lockup M A M J J A S O N D J F expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index March 7Sept. 3, ’20 BCTG Acquisition BCTG 10.00 125.0 11.2 185 days Major U.S. Stock-Market Indexes Nasdaq Composite March 9Sept. 10, ’20 Broadstone Acquisition BSN.U 10.00 300.0 4.0 180 days Sources: Dealogic; Dow Jones Market Data Latest Week 52-Week % chg t 272.20, or -2.06% High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week IPO Scorecard Dow Jones Performance of IPOs, most-recent listed first 1.82 l Industrial Average 31668.34 30547.53 31496.30 563.93 18591.93 31961.86 21.8 2.9 8.2 % Chg From % Chg From Transportation Avg 13692.74 13020.90 13627.98 296.71 2.23 6703.63 l 13630.55 52.2 9.0 9.6 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day 13500 Utility Average 819.46 792.08 814.03 18.42 2.32 610.89 l 917.38 -9.7 -5.9 6.3 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close l dMY Technology Grp IV 10.28 2.8 ... Lerer Hippeau Acquisition 10.02 0.2 ... Total Stock Market 41388.52 39017.10 40359.08 105.02 0.26 22462.76 41733.23 33.3 2.9 12.8 DMYQ.UT March 5/$10.00 LHAA March 5/$10.00 l 13100 Barron's 400 940.53 892.82 926.23 13.23 1.45 455.11 943.31 46.0 8.7 8.8 First Reserve Sustainable Growth 10.02 0.2 ... Tailwind Two Acquisition 10.05 0.5 ... FRSGU March 5/$10.00 TWNT.UT March 5/$10.00 Nasdaq Stock Market 12700 InterPrivate II Acquisition 10.02 0.2 ... Tribe Capital Growth I 10.20 2.0 ... Nasdaq Composite 13601.33 12397.05 12920.15 -272.20 -2.06 6860.67 l 14095.47 50.7 0.2 20.8 IPVA.UT March 5/$10.00 ATVCU March 5/$10.00 Nasdaq-100 13301.63 12208.39 12668.51 -240.93 -1.87 6994.29 l 13807.7 48.5 -1.7 22.6 InterPrivate III Financial Ptnrs 10.01 0.1 ... VPC Impact Acquisition II 10.00 ...... 12300 IPVF.UT March 5/$10.00 VPCBU March 5/$10.00 S&P 26 1 2 3 4 5 InterPrivate IV InfraTech Ptnrs 10.01 0.1 ... VPC Impact Acquisition III 10.05 0.5 ... 500 Index 3914.50 3723.34 3841.94 30.79 0.81 2237.40 l 3934.83 29.3 2.3 12.2 February IPVIU March 5/$10.00 VPCC.UT March 5/$10.00 MidCap 400 2574.33 2406.18 2512.92 16.66 0.67 1218.55 l 2577.7 39.8 8.9 9.8 DJ US TSM Sources: Dow Jones Market Data; FactSet l SmallCap 600 1320.43 1249.40 1302.12 23.56 1.84 595.67 1323.76 50.2 16.4 11.5 s 105.02, or 0.26% Other Stock Offerings Other Indexes last week Secondaries and follow-ons expected this week in the U.S. market Russell 2000 2279.54 2085.12 2192.21 -8.84 -0.40 991.16 l 2299 51.3 11.0 12.3 None expected this week NYSE Composite 15396.52 14765.55 15251.83 241.37 1.61 8777.38 l 15539.42 23.5 5.0 6.3 Value Line 637.00 602.66 627.18 9.04 1.46 305.71 l 638.89 36.5 10.3 4.1 41500 NYSE Arca Biotech 5839.42 5270.07 5536.55 -207.47 -3.61 3855.67 l 6319.77 12.8 -3.5 5.5 Off the Shelf NYSE Arca Pharma 691.62 660.96 676.86 -4.16 -0.61 494.36 l 725.03 8.5 -1.8 7.8 40500 “Shelf registrations” allow a company to prepare a stock or bond for KBW Bank 120.05 114.08 118.31 4.91 4.33 56.19 l 119.78 41.0 20.8 1.5 sale, without selling the whole issue at once. Corporations sell as PHLX§ Gold/Silver 135.95 128.08 133.58 2.79 2.14 70.12 l 161.14 29.7 -7.4 19.1 conditions become favorable. Here are the shelf sales, or takedowns, 39500 PHLX§ Oil Service 61.95 55.95 61.85 6.071 10.88 21.47 l 61.85 47.2 39.5 -23.4 over the last week: PHLX§ Semiconductor 3172.42 2764.82 2920.75 -146.87 -4.79 1286.84 l 3238.92 71.8 4.5 28.5 Takedown date/ Deal value Issuer/Industry Registration date ($ mil.) Bookrunner(s) Cboe Volatility 31.90 22.45 24.66 -3.29 -11.77 19.97 l 82.69 -41.2 8.4 9.6 38500 26 1 2 3 4 5 Karuna Therapeutics Inc March 1 $250.0 GS, JPM, Stifel § February Nasdaq PHLX Sources: FactSet; Dow Jones Market Data Healthcare July 2,320 Syneos Health Inc March 1 $524.7 GS International Stock Indexes Commodities and Healthcare Nov. 27,318 Currencies Royal Caribbean Group March 1 $1,541.4 MS, BofA Securities Latest Week 52-Week Range YTD Leisure & Recreation March 1,321 Region/Country Index Close %chg Low Close High %chg Last Week YTD INDUS Realty Trust Inc March 2 $105.0 MS, Citi, R W Baird & Co World MSCI ACWI 657.49 0.05 384.04 • 685.081.7 Close Net chg % Chg % chg Real Estate/Property Feb. 2,321 MSCI ACWI ex-USA 332.21 –0.27 200.33 350.01 1.8 • Heska Corp March 2 $175.0 JPM, Piper Sandler DJ Commodity 824.36 9.13 1.12 12.68 MSCI World 2728.56 0.06 1602.11 • 2829.67 1.4 Healthcare March 1,321 MSCI Emerging Markets 1339.31 0.004 758.20 1444.93 3.7 3.01 15.29 • Refinitiv/CC CRB Index 193.45 1.58 SITE Centers Corp March 2 $198.0 MS, WFS Americas MSCI AC Americas 1493.24 0.38 850.77 • 1543.63 1.7 Crude oil, $ per barrel 66.09 4.59 7.46 36.21 Real Estate/Property June 14,318 Canada S&P/TSX Comp 18380.96 1.78 11228.49 18492.72 5.4 • Natural gas, $/MMBtu 2.701 -0.070 -2.53 6.38 Cardlytics Inc March 2 $500.5 BofA Securities, JPM, WFS Latin Amer. MSCI EM Latin America 2254.32 1.82 1382.94 • 2546.61 –8.1 Computers & Electronics March 1,321 Gold, $ per troy oz. 1698.00 -30.10 -1.74 -10.31 Brazil Sao Paulo Bovespa 115202.23 4.70 63569.62 • 125076.63 –3.2 JELD-WEN Holding Inc March 1 $234.0 GS Chile Santiago IPSA 3221.90 3.07 2045.49 • 3272.28 12.75 U.S. Dollar Index 91.99 1.11 1.22 2.28 Construction/Building March 1,321 Mexico S&P/BMV IPC 46342.54 3.92 32964.22 • 46729.30 5.2 GrafTech International Ltd March 2 MS WSJ Dollar Index 86.77 0.83 0.97 2.09 $356.4 EMEA Stoxx Europe 600 408.68 0.91 279.66 • 419.47 2.4 Chemicals June 18,319 Euro, per dollar 0.8395 0.011 1.35 2.54 Stoxx Europe 50 3162.34 1.21 2383.14 • 3247.40 1.7 WillScot Mobile Mini Holdings Corp March 1 $346.8 MS Eurozone Euro Stoxx 407.75 0.51 261.53 • 417.14 2.6 Yen, per dollar 108.38 1.82 1.71 4.91 Transportation March 1,321 Euro Stoxx 50 3669.54 0.91 2385.82 • 3734.20 3.3 U.K. pound, in dollars 1.38 -0.009 -0.63 1.25 Redhill Biopharma Ltd March 2 $35.0 HC Wainwright & Co LLC Austria ATX 3082.50 2.36 1630.84 • 3093.79 10.9 Healthcare July 24,319 52-Week Belgium Bel-20 3769.14 0.19 2528.77 3863.41 4.1 Morphic Holding Inc March 2 $245.0 Jefferies, Cowen & Company LLC, • Low Close(l) High % Chg France CAC 40 5782.65 1.39 3754.84 • 5830.65 4.2 Healthcare July 1,320 BMO Cptl Mkts, RBC Cptl Mkts Germany DAX 13920.69 0.97 8441.71 • 14109.48 1.5 DJ Commodity 433.70 l 836.48 47.96 PLx Pharma Inc March 3 $63.0 Raymond James & Associates Inc, Greece Athex Composite 825.02 4.12 484.40 825.02 2.0 Healthcare March 25,319 Oppenheimer Inc • Refinitiv/CC CMD 106.29 l 195.13 24.13 Israel Tel Aviv 1538.94 –0.69 1171.21 • 1631.18 2.7 Digi International Inc March 3 $68.3 Piper Sandler Italy FTSE MIB 22965.63 0.51 14894 • 23604 3.3 Crude oil, $ per barrel -37.63 l 66.09 60.10 Computers & Electronics March 2,321 Netherlands AEX 653.87 0.40 404.10 • 687.43 4.7 Natural gas, $/MMBtu 1.482 l 3.354 58.14 Stratasys Ltd March 3 $200.0 JPM, Stifel, MS Portugal PSI 20 4671.94 –0.64 3596.08 5282.02 –4.6 Computers & Electronics March 2,321 • Gold, $ per troy oz. 1477.30 l 2051.50 1.63 Russia RTS Index 1447.46 2.52 832.26 • 1500.58 4.3 Salarius Pharmaceuticals Inc March 4 $20.0 Ladenburg Thalmann South Africa FTSE/JSE All-Share 68271.19 3.23 37963.01 68510.75 14.9 Healthcare April 24,319 • U.S. Dollar Index 89.44 l 102.82 -4.13 Spain IBEX 35 8286.80 0.75 6107.2 • 8407.7 2.6 AES Corp March 5 $1,000.0 Citi, GS, BofA Securities, MS Sweden OMX Stockholm 822.22 1.41 478.95 • 835.79 7.0 WSJ Dollar Index 84.56 l 97.02 -3.69 Utility & Energy Feb. 27,319 Switzerland Swiss Market 10607.79 0.81 8160.79 • 10964.05 –0.9 Euro, per dollar 0.8112 l 0.9352 -5.26 nLIGHT Inc March 4 $75.0 Stifel, U.K. FTSE 100 6630.52 2.27 4993.89 6873.26 2.6 Computers & Electronics March 3,321 Raymond James & Associates Inc • Yen, per dollar 102.37 l 111.24 2.93 Asia-Pacific MSCI AC Asia Pacific 206.01 –0.27 121.5 • 220.6 3.0 Dynex Capital Inc March 3 $64.2 JPM, JMP Securities LLC U.K. pound, in dollars 1.15 l 1.41 6.05 Australia S&P/ASX 200 6710.80 0.56 4546.0 • 6917.3 1.9 Real Estate/Property Dec. 29,317 China Shanghai Composite 3501.99 –0.20 2660.17 • 3696.17 0.8 Hong Kong Hang Seng 29098.29 0.41 21696.13 • 31084.94 6.9 Real-time U.S. stock Public and Private Borrowing India S&P BSE Sensex 50405.32 2.66 25981.24 • 52154.13 5.6 quotes are available on Japan Nikkei Stock Avg 28864.32 –0.35 16552.83 • 30467.75 5.2 WSJ WSJ.com. Track most- Treasurys Malaysia FTSE Bursa Malaysia KLCI 1600.12 1.42 1219.72 • 1684.58 –1.7 .COM active stocks, new Monday, March 8Thursday, March 11 Singapore Straits Times highs/lows, mutual 3013.85 2.20 2233.48 • 3017.15 6.0 Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; South Korea Kospi 3026.26 0.44 1457.64 • 3208.99 5.3 funds and ETFs. announced on March 4; settles on March 11 announced on March 9; settles on March 16 Taiwan TAIEX 15855.23 –0.62 8681.34 • 16452.18 7.6 All are available free at Tuesday, March 9 WSJMarkets.com Source:FactSet; Dow Jones Market Data Auction of 3 year note; announced on March 4; settles on March 15 Consumer Rates and Returns to Investor Benchmark Yields and Rates U.S. consumer rates Selected rates Treasury yield curve Forex Race Currencies A consumer rate against its Money Market/Savings Accts Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 0.08% US$ vs, US$ vs, Fri YTD chg Fri YTD chg Colorado Federal Savings Bank 0.45% 2.50% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) 12% t Federal-funds 0.80% Greenwood Village, CO 877-484-2372 Americas Vietnam dong .00004341 23034 –0.2

target rate 2.00 s VirtualBank 0.45% Euro Argentina peso .0111 90.2861 7.4 Europe 0.60 Tradeweb ICE 6 Miami, FL 877-998-2265 Friday Close t 1.50 Brazil real .1757 5.6907 9.6 Czech Rep. koruna .04523 22.108 3.0 Canada dollar .7901 1.2657 –0.6 Denmark krone .1602 6.2432 2.5 Money market 0.40 BankDirect 0.50% 0 1.00 s Chile peso .001364 733.40 3.2 Euro area euro 1.1913 .8395 2.5 account yields Richardson, TX 877-839-2737 Yen t One year ago Colombiapeso .000275 3635.15 6.2 Hungary forint .003242 308.47 3.9 0.20 First Internet Bank of Indiana 0.50% t 0.50 –6 s Ecuador US dollar 11unch Iceland krona .007792 128.33 0.4 WSJ Dollar Index Indianapolis, IN 888-873-3424 Mexico peso .0469 21.3139 7.2 Norway krone .1169 8.5564 –0.3 0.00 0.00 –12 Uruguay peso .02277 43.9200 3.7 Poland zloty .2596 3.8518 3.2 M A M J J A S O N D J FM CFG Community Bank 0.56% 1 3 6 1 2 3 5 7 10 20 30 2020 2021 Asia-Pacific Russia ruble .01345 74.345 0.4 2020 2021 Baltimore, MD 888-205-8388 Sweden krona .1172 8.5319 3.7 month(s) years Australian dollar .7684 1.3014 0.1 Switzerland franc 1.0741 .9310 5.2 maturity China yuan .1539 6.4968 –0.5 Turkey lira .1326 7.5392 1.4 Yield/Rate (%) 52-Week Range (%) 3-yr chg Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Hong Kong dollar .1288 7.7634 0.1 Ukraine hryvnia .0359 27.8500 –1.8 Interest rate Last (l)Week ago Low 0246 8High (pct pts) India rupee .01366 73.181 0.2 Corporate Borrowing Rates and Yields UK pound 1.3836 .7228 –1.2 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.25 -1.25 Indonesia rupiah .0000699 14300 1.8 Japan yen .009227 108.38 4.9 Middle East/Africa Prime rate* 3.25 3.25 3.25 l 4.25 -1.25 Spread +/- Treasurys, Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002382 419.79 –0.4 Bahrain dinar 2.6516 .3771 0.02 Libor, 3-month 0.19 0.19 0.18 l 1.45 -1.85 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1250 8.0000 0.1 Egypt pound .0637 15.6946 –0.3 Money market, annual yield 0.08 0.08 0.08 l 0.49 -0.22 Malaysia ringgit .2455 4.0740 1.3 Israel shekel .3002 3.3310 3.7 U.S.Treasury,Barclays 0.920 0.840-2.05 4.67 Five-year CD, annual yield 0.45 0.45 0.45 l 1.35 -1.15 New Zealand dollar .7165 1.3957 0.3 Kuwait dinar 3.2999 .3030 –0.4 U.S. Treasury Long,Barclays 2.210 2.050-10.40 7.84 30-year mortgage, fixed† 3.27 3.19 2.83 l 4.22 -1.16 Pakistan rupee .00638 156.780 –2.2 Oman sul rial 2.5976 .3850 –0.01 Aggregate,Barclays 1.510 1.4203332127 -0.26 5.08 Philippines peso .0206 48.661 1.3 Qatar rial .2746 3.641 ... 15-year mortgage, fixed† 2.53 2.51 2.32 l 3.43 -1.38 Fixed-Rate MBS,Barclays 1.660 1.6201211132 1.17 4.17 Singapore dollar .7451 1.3421 1.6 Saudi Arabia riyal .2665 3.7519 0.01 Jumbo mortgages, $548,250-plus† 3.29 3.21 2.85 l 4.36 -1.37 South Korea won .0008864 1128.20 3.9 South Africa rand .0650 15.3866 4.7 High Yield 100,ICE BofA 3.900 3.638 322 278 10186.553 5.443 Five-year adj mortgage (ARM)† 3.21 3.16 2.85 l 3.68 -1.06 Sri Lanka rupee .0051044 195.91 5.8 Muni Master,ICE BofA Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.03 4.03 4.02 l 4.50 0.51 1.011 1.079 18 -12 41 1.256 4.662 Taiwan dollar .03578 27.948 –0.5 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 4.956 4.838 332 311 662 -1.275 4.113 Thailand baht .03274 30.540 1.7 WSJ Dollar Index 86.77 0.31 0.36 2.09 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 P2JW067000-0-B00800-1------XA

B8 | Monday, March 8, 2021 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo 52 wk measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not PionrFltRate Tr PHD NA 11.07 NA 6.6 Nuveen Int Dur Mun Term NID NA 13.73 NA 3.7 buy their shares back from investors who wish to cash ASA Gold & Prec Met Ltd ASA 21.70 18.92 -12.8 42.4 Gabelli Healthcare GRX 13.96 12.19 -12.7 22.1 High Yield Bond Funds Nuveen Mu Crdt Opps NMCO NA 13.94 NA 5.1 VirtusTotalRetFd ZTR 8.87 9.14 +3.0 -1.9 in their holdings. Instead, fund shares trade on a stock BR Enh C&I CII 19.55 18.54 -5.2 26.2 Gab Utility GUT 4.03 7.57 +87.8 14.4 exchange. NA signifies that the information is not AllianceBernGlHiIncm AWF 12.79 11.67 -8.8 6.7 Nuv Muni Credit Income NZF NA 16.08 NA 4.8 BlackRock Energy & Res BGR 9.70 9.24 -4.7 6.5 GAMCOGlGold&NatRes GGN 3.88 3.43 -11.6 3.5 Barings Glb SD HY Bd BGH 17.28 15.65 -9.4 8.3 NuvMuniHiIncOpp NMZ NA 14.39 NA 5.2 Prem12 Mo available or not applicable. NS signifies funds not in Fund (SYM) NAV Close /Disc Yld existence for the entire period. 12 month yield is BlackRock Eq Enh Div BDJ 9.76 8.98 -8.0 16.4 J Han Finl Opptys BTO 36.44 37.38 +2.6 49.0 BR Corporate HY HYT 12.05 11.59 -3.8 8.1 Nuveen Muni Val NUV 10.64 10.95 +2.9 3.4 computed by dividing income dividends paid (during BlackRock Enh Glbl Div BOE 12.18 11.02 -9.5 18.5 Neuberger Brmn MLP & EI NML 5.44 4.12 -24.3 -12.6 BlackRock Ltd Dur Inc BLW Loan Participation Funds the previous 12 months for periods ending at month- 17.10 16.09 -5.9 7.4 Nuveen Quality Muni Inc NAD 16.10 14.85 -7.8 4.6 end or during the previous 52 weeks for periods BlackRock Enh Intl Div BGY 6.43 5.90 -8.2 18.1 Nuv Dow 30 Dyn Overwrite DIAX 17.17 15.37 -10.5 3.0 BNY Mellon Hi Yield Str DHF 3.29 3.06 -7.0 8.4 Nuveen Sel TF NXP NA 16.51 NA 3.2 1WS Credit Income NA NA NA 5.0 ending at any time other than month-end) by the BlackRock Hlth Sci Tr II BMEZ 28.34 26.77 -5.5 40.1 NuvCorEqAlpha JCE 15.59 14.46 -7.2 13.8 Brookfield Real Asst Inc RA 19.79 20.53 +3.7 11.8 Nuveen Sel TF 2 NXQ NA 15.48 NA 3.1 AlphCntrc Prime Merid In 9.78 NA NA 11.0 latest month-end market price adjusted for capital BlackRock Hlth Sciences BME 43.57 44.63 +2.4 16.5 Nuveen Nasdaq 100 Dyn Ov QQQX 26.63 26.49 -0.5 27.1 CrSuisHighYld DHY NA 2.42 NA 8.3 Axonic Alternative Inc NA NA NA 4.5 gains distributions. Depending on the fund category, PIMCO MuniInc PMF 12.98 13.90 +7.1 4.6 either 12-month yield or total return is listed. BlackRock Res & Comm BCX 9.26 9.30 +0.4 56.7 Nuv Real Est JRS NA 9.05 NA 2.1 DoubleLine Inc Sol DSL NA 17.92 NA 9.6 PIMCOMuniIncII PML 12.21 14.53 +19.0 4.9 Blackstone/GSO FR EI D 24.06 NA NA 5.3 Source: Lipper BlackRock Sci&Tech Tr II BSTZ 38.68 34.78 -10.1 83.8 Nuveen Rl Asst Inc & Gro JRI NA 14.41 NA -5.2 DoubleLine Yld Opps DLY 20.42 19.38 -5.1 6.7 Pimco Muni III PMX 11.17 12.13 +8.6 4.5 Blackstone/GSO FR EI I 24.02 NA NA 5.6 Friday, March 5, 2021 BlackRock Sci&Tech Trust BST 51.05 52.19 +2.2 69.4 NuvS&P500DynOvFd SPXX NA 15.74 NA 14.2 First Tr Hi Inc Lng/Shrt FSD 16.29 14.86 -8.8 8.8 PioneerHilncAdv MAV NA 11.70 NA 4.7 Blackstone/GSO FR EI T 23.98 NA NA 5.1 52 wk BlackRock Utl Inf & Pwr BUI 23.05 24.57 +6.6 17.4 NuvSP500BuyIncFd BXMX 14.08 12.94 -8.1 13.2 First Trust HY Opp:2027 FTHY 21.19 19.78 -6.7 NS PioneerMunHiIcmT MHI NA 12.31 NA 4.6 Blackstone/GSO FR EI T-I 24.58 NA NA 5.1 Prem Ttl CBRE ClrnGlbRlEst IGR 8.03 7.21 -10.2 4.5 ReavesUtilityIncome UTG 30.62 30.98 +1.2 -7.1 IVY HIGH INCOME OPP IVH 14.98 13.47 -10.1 8.3 Putnam Mgd Inc PMM 8.18 8.06 -1.5 4.7 Blackstone/GSO FR EI U 25.04 NA NA 5.1 Fund (SYM) NAV Close /Disc Ret CLEARBRIDGE ENGY MDS OPP EMO NA 18.55 NA -26.7 Tortoise Enrgy Infra Crp TYG 32.38 24.88 -23.2 -43.6 NeubHgYldStrt NHS 12.59 12.39 -1.6 8.8 Putnam Muni Opp PMO 13.74 13.38 -2.6 4.9 Blstn Commnty Dev 9.99 NA NA 3.3 General Equity Funds ClearBridge MLP & Midstm CEM NA 23.12 NA -34.0 VAGIAI & Tech Opptys AIO 27.96 26.50 -5.2 61.5 New Amer Hi Inc HYB 9.83 8.85 -10.0 7.3 RiverNorth Mgd Dur Mun I RMM 19.81 18.19 -8.2 6.1 BNYM Alcntr Glb MS Cr Fd 104.45 NA NA 6.8 Adams Diversified Equity ADX 20.50 17.67 -13.8 29.9 ChnStrInfr UTF 24.09 26.27 +9.0 14.1 VDivInt&PremStr NFJ 15.16 13.36 -11.9 21.5 NexPointStratOppty NHF 19.25 11.89 -38.2 8.2 Western Asset Mgd Muni MMU NA 12.78 NA 4.2 CLIFFWATER CL FD;I 10.52 NA NA 6.7 Boulder Growth & Income BIF 14.57 12.08 -17.1 20.0 Cohen&SteersQualInc RQI 13.22 12.88 -2.6 5.4 Income & Preferred Stock Funds Nuveen CI Nov 2021 Tgt JHB 9.46 9.33 -1.4 3.6 Westn Asst Mu Def Opp Tr MTT NA 20.90 NA 3.0 CNR Strategic Credit 10.73 NA NA 7.6 Central Secs CET 43.69 36.06 -17.5 26.6 Cohen&Steers TotRet RFI 13.09 14.08 +7.6 9.5 CalamosStratTot CSQ 16.23 16.58 +2.2 43.3 Nuveen Crdt Opps 2022 TT JCO 8.33 8.27 -0.7 6.8 Single State Muni Bond FedProj&TrFinanceTendr 9.97 NA NA 2.7 CohenStrsCEOppFd FOF 12.96 12.95 -0.1 14.5 CohenStrsREITPrefInc RNP 23.52 22.72 -3.4 8.3 CohenStrsLtdDurPref&Inc LDP 25.75 25.16 -2.3 7.0 Nuveen Global High Inc JGH 16.85 15.23 -9.6 7.0 BlackRock CA Mun BFZ 15.71 13.97 -11.1 3.2 FS Global Crdt Opptys D NA NA NA 8.2 EVTxAdvDivIncm EVT NA 24.58 NA 18.6 Columbia Sel Prm Tech Gr STK 29.69 28.55 -3.8 45.2 CohenStrsSelPref&Income PSF 26.40 26.94 +2.0 -5.0 PGIM Global High Yield GHY NA 14.90 NA 8.5 BR MH CA Qly Fd Inc MUC 15.74 14.83 -5.8 4.1 Schrdrs Opp Inc;A 25.93 NA NA 2.1 GabelliDiv&IncTr GDV 26.34 23.03 -12.6 30.3 DNP Select Income DNP 8.82 10.15 +15.1 -8.9 CohenStrsTaxAvPreSecs&I PTA 25.33 24.86 -1.9 NS PGIM High Yield Bond ISD 17.04 15.54 -8.8 8.1 BR MH NJ Qly MUJ 15.95 14.52 -9.0 4.9 Schrdrs Opp Inc;A2 NA NA NA 0.5 Gabelli Equity Tr GAB 6.32 6.84 +8.2 33.5 Duff&Ph Uti&Infra Inc Fd DPG 12.92 13.25 +2.6 3.3 FirstTrIntDurPref&Inc FPF 24.10 23.14 -4.0 8.6 PGIM Sh Dur Hi Yld Opp SDHY 19.96 NA NA NS BR MH NY Qly MHN 14.97 13.88 -7.3 4.4 Schrdrs Opp Inc;I 25.93 NA NA 2.2 GeneralAmer GAM 44.70 37.81 -15.4 19.2 EtnVncEqtyInc EOI NA 16.44 NA 23.4 JHanPrefInc HPI 19.61 19.15 -2.3 -3.2 PioneerHilncmTr PHT NA 9.24 NA 8.2 BR MuniYld CA MYC 16.04 14.39 -10.3 3.5 Schrdrs Opp Inc;SDR 25.97 NA NA 2.3 JHancockTaxAdvDiv HTD 22.88 21.72 -5.1 -8.9 EtnVncEqtyIncoII EOS NA 21.52 NA 40.4 JHPrefIncII HPF 19.31 18.90 -2.1 -1.2 Wells Fargo Income Oppty EAD 9.11 8.36 -8.2 8.3 BR MuniYld CA Qly MCA 15.97 14.40 -9.8 4.2 Invesco Sr Loan A 6.41 NA NA 3.9 Liberty All-Star Equity USA 7.49 7.36 -1.7 35.0 EVRskMnDvsEqInc ETJ NA 10.68 NA 30.8 HnckJPfdInco III HPS 17.29 16.93 -2.1 -0.4 WstAstHIF II HIX NA 6.82 NA 8.6 BR MuniYld MI Qly MIY 15.74 14.49 -7.9 4.4 Invesco Sr Loan C 6.42 NA NA 3.2 Liberty All-Star Growth ASG 7.81 8.83 +13.1 55.9 ETnVncTxMgdBuyWrtInc ETB NA 14.93 NA 5.5 J Han Prm PDT 13.68 13.82 +1.0 -9.5 Western Asset Hi Inc Opp HIO NA 4.99 NA 7.9 BR MuniYld NJ MYJ 15.97 14.39 -9.9 5.1 Invesco Sr Loan IB 6.41 NA NA 4.1 Royce Micro-Cap Tr RMT 13.22 11.47 -13.2 68.8 EtnVncTxMgdBuyWrtOpp ETV NA 15.09 NA 17.5 LMP CapInco SCD NA 12.31 NA 7.0 Western Asset Hi Yld D O HYI NA 15.21 NA 7.3 BR MuniYld NY Qly MYN 14.36 13.27 -7.6 4.3 Invesco Sr Loan IC 6.41 NA NA 4.0 Royce Value Trust RVT 20.36 17.86 -12.3 46.8 EvTxMnDvsEqInc ETY NA 12.51 NA 21.8 Nuveen Pref & Inc Opp JPC NA 9.14 NA 1.7 Other Domestic Taxable Bond Funds EVCAMuniBd EVM 12.58 11.32 -10.0 4.2 Invesco Sr Loan Y 6.41 NA NA 4.1 Source Capital SOR 47.45 43.02 -9.3 21.7 EtnVncTxMgdGlbB ETW NA 9.80 NA 16.9 Nuveen Fd JPS NA 9.39 NA 6.0 Apollo Tactical Income AIF NA 14.73 NA 6.9 Eaton Vance NY Muni Bd ENX 13.28 11.92 -10.2 4.2 Pioneer Sec Inc 9.89 NA NA 4.4 Tri-Continental TY 35.17 31.00 -11.9 27.0 EVTxMnGblDvEqInc EXG NA 9.02 NA 24.0 Nuveen Pref & Inc Term JPI NA 24.20 NA 7.2 Ares Dynamic Crdt Alloc ARDC NA 14.84 NA 7.9 InvCaValMuIncTr VCV 13.51 12.78 -5.4 4.2 High Yield Bond Funds Specialized Equity Funds First Trust Energy Inc G FEN 13.41 12.33 -8.1 -22.8 Nuveen TxAdvDivGr JTD NA 14.52 NA 0.1 BlackRock Mlt-Sctr Inc BIT 18.55 17.77 -4.2 8.4 InvPAValMuIncTr VPV 14.14 12.74 -9.9 4.6 Griffin Inst Access Cd:A NA NA NA 5.9 Aberdeen Glb Prem Prop AWP 5.99 5.49 -8.3 -2.0 First Tr Enhanced Eq FFA 19.04 17.86 -6.2 25.9 Convertible Sec's. Funds BlackRock Tax Muni Bd BBN 24.29 24.22 -0.3 5.4 InvTrInvGrNYMu VTN 14.28 12.86 -9.9 4.2 Griffin Inst Access Cd:C NA NA NA 5.9 Adams Natural Resources PEO 17.66 15.03 -14.9 34.5 FirstTrMLPEner&Inc FEI 7.49 6.58 -12.1 -24.4 AdvntCnvrtbl&IncFd AVK 19.97 16.82 -15.8 24.2 DoubleLine:Oppor Crdt Fd DBL NA 20.03 NA 8.6 Nuveen CA AMT-F Qual MI NKX 16.56 15.07 -9.0 4.2 Griffin Inst Access Cd:F NA NA NA 5.8 CalamosConvHi CHY 15.84 14.48 -8.6 44.5 Duff&Ph Util Cor DUC 9.31 10.62 +14.1 5.7 Nuveen CA Val NCA 10.68 9.96 -6.7 3.1 Griffin Inst Access Cd:I NA NA NA 5.9 CalmosConvOp CHI 15.01 13.88 -7.5 46.4 EVLmtDurIncm EVV NA 12.66 NA 9.5 NuveenCAQtyMuInc NAC 15.99 14.69 -8.1 4.3 Griffin Inst Access Cd:L NA NA NA 5.9 VAGI Conv & Inc II NCZ 5.59 4.89 -12.5 15.4 Franklin Ltd Dur Income FTF 9.40 9.33 -0.7 6.3 Nuveen MD Qual Muni Inc NMY 15.19 13.81 -9.1 4.3 PIMCO Flexible Cr I;A-1 9.40 NA NA NS A Week in the Life of the DJIA VAGI Conv & Inc NCV 6.23 5.55 -10.9 15.7 J Han Investors JHI 18.59 17.97 -3.3 7.7 NuvNJ Qual Muni Inc NXJ 16.52 14.11 -14.6 4.7 PIMCO Flexible Cr I;A-2 9.41 NA NA 7.2 VAGI Dvs Inc & Conv ACV 34.42 31.46 -8.6 49.2 KKR Income Opportunities KIO NA 15.55 NA 9.2 Nuveen NY AMT/Fr Qual MI NRK 14.89 13.43 -9.8 4.2 PIMCO Flexible Cr I;A-3 9.41 NA NA NS Alook at how the Dow Jones Industrial Average component stocks VAGI Eqty & Conv Inc NIE 30.57 27.38 -10.4 33.8 MFS Charter MCR 8.70 8.55 -1.7 8.1 Nuveen NY Qual Muni Inc NAN 15.40 13.93 -9.5 4.4 PIMCO Flexible Cr I;A-4 9.41 NA NA 7.4 did in the past week and how much each moved the index. The DJIA World Equity Funds Nuveen Taxable Muni Inc NBB 22.18 22.10 -0.4 5.0 Nuveen OH Qual Muni Inc NUO NA 15.23 NA 3.6 PIMCO Flexible Cr I;Inst 9.41 NA NA 8.2 Aberdeen Emg Mkts Eq Inc AEF 10.02 8.70 -13.2 34.6 PIMCO Corp & Inc Oppty PTY 14.14 17.97 +27.1 8.7 Nuveen PA Qual Muni Inc NQP NA 14.09 NA 4.5 PionrILSBridge NA NA NA 0.0 gained 563.93 points, or 1.82%, on the week. A$1change in the price Aberdeen Tot Dyn Div AOD 10.38 9.15 -11.8 22.3 PIMCO Corp & Inc Strat PCN 14.33 17.12 +19.5 7.8 Nuveen VA Qlty Mun Inc NPV 15.15 15.72 +3.7 3.6 WA Middle Mkt Inc NA NA NA 7.2 of any DJIA stock =6.58-point change in the average. To date, a BlackRock Capital Alloc BCAT 20.98 21.00 +0.1 NS PIMCOHilnco PHK 5.86 6.45 +10.1 9.8 PIMCO CA PCQ 13.94 17.86 +28.1 4.3 Other Domestic Taxable Bond Funds $1,000 investment on Dec. 31 in each current DJIA stock component Calamos GloDynInc CHW 9.86 9.91 +0.5 38.9 PIMCO IncmStrFd PFL 10.58 11.78 +11.3 9.2 PIMCOCAMuniII PCK 8.88 8.86 -0.2 4.3 Alternative Credit Inc:A 10.84 NA NA 6.4 China CHN 33.26 30.72 -7.6 61.0 PIMCO IncmStrFd II PFN NA 10.24 NA 9.4 Pimco CA Muni III PZC 10.09 10.38 +2.9 4.4 Alternative Credit Inc:C 10.95 NA NA 5.7 would have returned $31,324, or again of 4.41%, on the $30,000 EV TxAdvGlbDivInc ETG NA 18.23 NA 22.0 Putnam Mas Int PIM Alternative Credit Inc:I 10.87 NA NA 6.7 4.50 4.24 -5.8 8.0 52 wk investment, including reinvested dividends. EtnVncTxAdvOpp ETO NA 25.24 NA 18.6 Putnam Prem Inc PPT 4.98 4.84 -2.8 8.2 Prem Ttl Alternative Credit Inc:L 10.83 NA NA 6.2 FirstTr Dyn Euro Eq Inc FDEU 14.26 12.37 -13.3 2.5 Wells Fargo Multi-Sector ERC 12.88 12.48 -3.1 9.1 Fund (SYM) NAV Close /Disc Ret Alternative Credit Inc:W 10.84 NA NA 6.4 The Week’s Action Gabelli Multimedia GGT 9.15 9.50 +3.8 51.5 World Income Funds Am Beacon Apollo TR:T 10.16 NA NA 1.8 General Equity Funds Pct Stock price Point chg $1,000 Invested(year-end '20) India Fund IFN 24.04 21.03 -12.5 33.2 Abrdn AP IncFd FAX 4.74 4.34 -8.4 7.6 Am Beacon Apollo TR:Y 10.25 NA NA 2.6 chg (%) change in average* Company Symbol Close $1,000 Japan Smaller Cap JOF 10.40 9.01 -13.4 25.8 BrndywnGLB Glb Inc Oppts BWG NA 12.15 NA 6.9 Alternative Strategies:I 5.86 NA NA -0.8 Am Beacon SP Enh Inc:T 9.62 NA NA 3.3 9.00 9.00 59.22 Chevron CVX $109.00 $1,309 LazardGlbTotRetInc LGI 19.52 18.52 -5.1 32.7 EtnVncStDivInc EVG NA 13.19 NA 6.8 BOW RIVER CAPTL EVGN;I NA NA NA N Am Beacon SP Enh Inc:Y 9.72 NA NA 4.0 Specialized Equity Funds 8.92 12.07 79.41 American Express AXP 147.33 1,223 Mexico MXF NA 13.23 NA 11.6 MS EmMktDomDebt EDD 6.90 5.97 -13.5 7.2 Angel Oak Str Crdt:Inst 23.01 NA NA 8.0 MS ChinaShrFd CAF 25.74 22.15 -13.9 24.5 PIMCO Dyn Crd & Mrt Inc PCI CIM RA&C A NA NA NA NS BR Credit Strat;A 10.47 NA NA NS 6.07 3.60 23.69 Dow DOW 62.91 1,146 20.33 22.24 +9.4 9.6 MS India IIF 27.69 23.92 -13.6 30.9 PIMCO Dynamic Income PDI 24.78 28.33 +14.3 9.6 CIM RA&C C NA NA NA NS BR Credit Strat;Inst 10.47 NA NA 5.2 5.29 11.21 73.76 Boeing BA 223.22 1,043 New Germany GF 21.84 19.55 -10.5 56.9 PIMCO Income Opportunity PKO 23.48 25.64 +9.2 8.8 CIM RA&C I NA NA NA NS BlackRock Mlt-Sctr Oppty 89.32 NA NA 8.0 CIM RA&C L NA NA NA NS 4.71 6.86 45.14 Travelers TRV 152.36 1,085 Templeton Dragon TDF 26.15 24.43 -6.6 66.4 PIMCO Stratg Inc RCS NA 7.32 NA 8.8 BlackRock Mlt-Sec Opp II 92.23 NA NA 7.8 Templeton Em Mkt EMF 21.47 19.57 -8.8 46.7 Templeton Em Inc TEI 8.41 7.53 -10.5 1.1 GS Real Est Div Inc:A 9.86 NA NA 0.5 Carlyle Tact Pvt Cred:A NA NA NA 7.5 4.48 14.88 97.90 UnitedHealth Group UNH 347.10 990 Wells Fargo Gl Div Oppty EOD 5.77 5.27 -8.7 14.2 Templtn Glbl Inc GIM 5.90 5.46 -7.5 0.5 GS Real Est Div Inc:C 9.85 NA NA -0.1 Carlyle Tact Pvt Cred:I NA NA NA 8.2 GS Real Est Div Inc:I 10.30 NA NA 0.8 3.67 1.80 11.84 Coca-Cola KO 50.79 926 Prem12 Mo WstAstEmergDebt EMD NA 13.27 NA 8.8 Carlyle Tact Pvt Cred:L NA NA NA 7.7 Fund (SYM) NAV Close /Disc Yld Western Asset Gl Cr D Op GDO NA 17.39 NA 6.8 GS Real Est Div Inc:L 9.87 NA NA 0.3 Carlyle Tact Pvt Cred:M NA NA NA NS 3.28 3.90 25.66 IBM IBM 122.83 989 GS Real Est Div Inc:W 10.02 NA NA 0.5 U.S. Mortgage Bond Funds National Muni Bond Funds Carlyle Tact Pvt Cred:N NA NA NA 8.2 3.28 5.74 37.77 3M MMM 180.80 1,043 NexPointRlEstStrat;A 16.57 NA NA -4.8 Carlyle Tact Pvt Cred:Y NA NA NA 7.8 BlckRk Income BKT 6.17 6.08 -1.5 6.8 AllBerNatlMunInc AFB 15.22 13.98 -8.1 4.2 BlckRk Inv Q Mun BKN NexPointRlEstStrat;C 16.75 NA NA -5.3 CION Ares Dvsfd Crdt;A NA NA NA 5.5 3.08 1.38 9.08 Cisco CSCO 46.25 1,042 Invesco HI 2023 Tgt Term IHIT 9.16 9.14 -0.2 6.6 16.44 17.72 +7.8 4.3 NexPointRlEstStrat;Z 16.74 NA NA -4.5 CION Ares Dvsfd Crdt;C NA NA NA 5.5 Investment Grade Bond Funds BlackRock Muni 2030 Tgt BTT 26.67 25.44 -4.6 2.9 2.54 3.74 24.61 JPMorgan Chase JPM 150.91 1,196 BlackRock Muni BFK 14.50 14.70 +1.4 4.5 PREDEX;I 25.45 NA NA 0.8 CION Ares Dvsfd Crdt;I NA NA NA 5.5 Angel Oak FS Inc Trm FINS 18.70 17.32 -7.4 7.1 BlackRock Muni II BLE 14.91 15.17 +1.7 4.8 PREDEX;T 25.56 NA NA 0.7 CION Ares Dvsfd Crdt;L NA NA NA 5.5 2.47 7.89 51.91 Goldman Sachs GS 327.37 1,246 BlRck Core Bond BHK 15.87 15.60 -1.7 5.3 BlckRk Muni Inc Qly BYM 15.72 14.85 -5.5 4.2 PREDEX;W 25.55 NA NA 0.7 CION Ares Dvsfd Crdt;U NA NA NA 5.5 2.09 4.23 27.83 Honeywell HON 206.58 976 BR Credit Alloc Inc BTZ 15.30 14.61 -4.5 7.0 BR MuniAssets Fd MUA 14.55 14.65 +0.7 4.4 Principal Dvs Sel RA A 26.08 NA NA 6.0 CION Ares Dvsfd Crdt:U2 NA NA NA NS Insight Select Income INSI 21.29 20.77 -2.4 3.7 1.98 2.45 16.12 Procter & Gamble PG 125.98 911 BR MuniEnhanced MEN 12.31 11.67 -5.2 4.4 Principal Dvs Sel RA Ins 26.14 NA NA 6.2 CION Ares Dvsfd Crdt;W NA NA NA 5.5 InvescoBond VBF 20.63 20.04 -2.9 3.5 1.98 4.28 28.16 Caterpillar CAT 220.16 BR MuniHoldings Qly MFL 14.96 14.07 -5.9 4.0 Principal Dvs Sel RA Y 26.23 NA NA 6.5 CNR Select Strategies 11.60 NA NA 0.0 1,216 J Han Income JHS 15.99 15.84 -0.9 5.1 BR MH Qly 2 MUE 14.09 13.31 -5.5 4.3 SharesPost 100;A 39.44 NA NA 32.5 First Eagle Crdt Opps A 26.02 NA NA NS MFS Intmdt MIN 1.42 3.02 19.87 Visa V 215.41 986 3.84 3.75 -2.3 8.9 BR MuniHoldngs MHD 16.99 16.02 -5.7 4.5 SharesPost 100:I 39.76 NA NA 32.8 First Eagle Crdt Opps I 26.02 NA NA NS Western Asset Inf-Lk Inc WIA 1.27 0.70 4.61 Verizon VZ 56.00 963 NA 12.76 NA 5.9 BR MuniVest Fd MVF 9.75 9.01 -7.6 4.4 SharesPost 100:L 39.14 NA NA 32.2 FS Credit Income;A NA NA NA 5.3 Western Asset Inf-Lk O&I WIW NA 12.07 NA 3.1 USQ Core Real Estate:I 24.87 NA NA 0.1 1.25 2.81 18.49 Amgen AMGN 227.73 998 BR MuniVest 2 MVT 15.33 14.63 -4.6 4.6 FS Credit Income;I NA NA NA 5.5 Westn Asst IG Def Opp Tr IGI NA 21.50 NA 3.8 BR MuniYield Fd MYD 15.01 14.17 -5.6 4.7 USQ Core Real Estate:IS 24.89 NA NA 0.1 FS Credit Income;T NA NA NA 5.1 0.70 0.51 3.36 Merck MRK 73.13 894 Loan Participation Funds BR MuniYield Qlty MQY 16.40 15.53 -5.3 4.4 Versus Cap MMgr RE Inc:I 27.23 NA NA NE FS Credit Income;U NA NA NA 5.1 0.60 1.23 8.09 McDonald’s MCD 207.37 972 Apollo Senior Floating AFT NA 14.70 NA 6.7 BR MuniYld Qlty2 MQT 14.40 13.73 -4.7 4.3 Versus Capital Real Asst 25.39 NA NA 2.9 FS Credit Income;U-2 NA NA NA NS BR Debt Strategy DSU 11.69 10.69 -8.6 7.6 BR MuniYld Qly 3 MYI 15.11 13.93 -7.8 4.0 Wildermuth Endwmnt:A 13.58 NA NA -2.6 GL Beyond Income 0.60 NA NA NE 0.50 0.95 6.25 Walt Disney DIS 189.99 1,049 BR F/R Inc Str FRA 14.01 12.86 -8.2 7.0 BNY Mellon Muni Bd Infra DMB 14.47 14.01 -3.2 4.5 Wildermuth Endwmnt:C 13.05 NA NA -3.5 KKR CREDIT OPPTY;D NA NA NA NS 0.13 0.16 1.05 Apple AAPL 121.42 916 BlackRock Floatng Rt Inc BGT 13.60 12.45 -8.5 7.1 BNY Mellon Str Muni Bond DSM 8.26 7.73 -6.4 4.6 Wildermuth Endowment:I 13.66 NA NA -2.9 KKR CREDIT OPPTY;I NA NA NA 5.3 Blackstone Strat Cr BGB 14.52 13.10 -9.8 8.0 Income & Preferred Stock Funds –0.07 –0.04 –0.26 Intel INTC 60.74 1,226 BNY Mellon Strat Muni LEO 8.61 NA NA 5.0 KKR CREDIT OPPTY;T NA NA NA NS Eagle Point Credit ECC NA 11.39 NA 9.7 DWS Muni Inc KTF 12.56 11.50 -8.4 4.2 A3 Alternative Cr 10.03 NA NA -1.1 KKR CREDIT OPPTY;U NA NA NA NS –0.34 –0.78 –5.13 Microsoft MSFT 231.60 1,044 EtnVncFltRteInc EFT NA 13.95 NA 5.4 EVMuniBd EIM 14.04 13.02 -7.3 4.4 Calamos L/S Eqty and DI CPZ 22.20 19.32 -13.0 29.2 Lord Abbett Cred Opps Fd 10.81 NA NA 6.1 –0.62 –0.80 –5.26 Walmart WMT 129.12 896 EV SenFlRtTr EFR NA 13.53 NA 5.9 EVMuniIncm EVN 14.10 13.58 -3.7 4.2 Destra Multi-Altrntv;A 11.78 NA NA -4.5 Lord Abbett Cred Opps Fd 10.82 NA NA 6.8 EVSnrIncm EVF NA 6.65 NA 5.8 EVNatMuniOpp EOT 21.73 21.41 -1.5 3.5 Destra Multi-Altrntv;C 11.24 NA NA -5.2 Lord Abbett Crd Op:U 10.82 NA NA NS –1.06 –1.43 –9.41 Nike NKE 133.35 945 FT/Sr Fltg Rte Inc 2 FCT 12.78 11.92 -6.7 9.7 InvAdvMuIncTrII VKI 12.10 11.74 -3.0 4.7 Destra Multi-Altrntv;I 12.02 NA NA -4.3 Palmer Square Opp Inc NA NA NA 5.6 –1.49 –2.36 –15.53 Johnson & Johnson JNJ 156.10 998 FT/Sr Fltg Rte 2022 TgTr FIV 9.62 9.29 -3.4 2.3 Invesco MuniOp OIA 7.72 7.79 +0.9 4.8 Destra Multi-Altrntv;T 11.42 NA NA -5.0 Thrivent Church Ln&Inc:S NA NA NA 2.5 Highland Income HFRO –1.52 –0.73 –4.80 Walgreens WBA 47.20 1,195 13.65 10.70 -21.6 8.9 InvescoMuOppTr VMO 13.53 13.20 -2.4 4.6 Variant Altrntv Inc:Inst 26.97 NA NA 6.2 World Income Funds InvDYCrOpp VTA 12.05 11.11 -7.8 8.1 InvescoMuTr VKQ 13.55 12.93 -4.6 4.7 Variant Altrntv Inc:Inv 26.98 NA NA 5.9 Destra Int&Evt-Dvn Crd:A 26.83 NA NA 2.5 –1.87 –4.82 –31.71 Home Depot HD 253.52 954 InvSnrIncTr VVR 4.57 4.19 -8.3 6.2 InvescoQual Inc IQI 13.65 12.81 -6.2 4.8 Convertible Sec's. Funds Destra Int&Evt-Dvn Crd:I 26.84 NA NA 2.7 –2.65 –5.74 –37.77 salesforce.com CRM 210.76 947 Nuveen Credit Strat Inc JQC NA 6.46 NA 15.3 InvTrInvGrMu VGM 13.95 13.38 -4.1 4.7 Calmos Dyn Conv and Inc CCD 30.61 30.86 +0.8 65.4 Destra Int&Evt-Dvn Crd:L 26.80 NA NA 2.3 NuvFloatRateIncFd JFR NA 9.52 NA 6.4 InvescoValMunInc IIM 16.60 15.55 -6.3 4.5 World Equity Funds Destra Int&Evt-Dvn Crd:T 26.76 NA NA 2.2 *Based on Composite price. DJIA is calculated on primary-market price. NuvFloatRteIncOppty JRO NA 9.35 NA 6.3 MAINSTAY:MK DEFTR MUN OP MMD NA 21.50 NA 4.6 ACAP Strategic:A 25.41 NA NA 36.9 National Muni Bond Funds Source: Dow Jones Market Data; FactSet. Nuveen Senior Income NSL NA 5.62 NA 6.9 NeubrgrBrm NBH 15.08 16.05 +6.4 4.8 ACAP Strategic:W 18.76 NA NA 37.9 PIMCO Flex Mun Inc;A-3 NA NA NA 2.2 Nuveen AMT-Fr Mu Val NUW 17.25 16.16 -6.3 2.7 CalamosGlbTotRet CGO 15.07 15.10 +0.2 52.8 PIMCO Flex Mun Inc:A1 NA NA NA NS Nuveen AMT-Fr Qlty Mun I NEA 15.75 14.63 -7.1 4.7 CPG Cooper Square IE A NA NA NA NS PIMCO Flex Mun Inc;A2 NA NA NA NS Nuveen AMT-Fr Mu CI NVG NA 16.40 NA 4.8 CPG Cooper Square IE I NA NA NA NS PIMCO Flex Mun Inc;Inst NA NA NA 2.9 Insider-Trading Spotlight Nuveen Enh Muni Val NEV NA 15.29 NA 4.5 Primark Priv Eq Inv:I 11.98 NA NA NS Tortoise Tax-Adv Soc Inf 9.41 NA NA 4.6 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys new information about the prospects of a company. Insiders are required to report large trades to the SEC within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Refinitiv on March 5, and year-to-date stock performance of the company KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Money Rates March 5, 2021 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a unknown VP: vice president Excludes pure options transactions guide to general levels but don’t always represent actual transactions. Biggest weekly individual trades Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Based on reports filed with regulators this past week Jan. Index Chg From (%) level Dec. '20 Jan. '20 High 0.0900 0.1200 1.1500 0.0800 Commercial paper (AA financial) No. of shrs in Price range ($) $ Value Low 0.0200 0.0000 1.0000 0.0000 90 days 0.11 0.12 2.53 0.04 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) U.S. consumer price index Bid 0.0700 0.0700 1.0800 0.0100 Offer 0.1000 0.0800 1.1200 0.0500 Libor Buyers All items 261.582 0.43 1.4 Core 269.755 0.20 1.4 Treasury bill auction One month 0.10325 0.11850 1.01625 0.10300 Three month 0.18538 0.18838 1.45050 0.17525 Feb. 26-Mar. 2Ironwood Pharmaceuticals IRWD A. Denner DI 1,350 9.20-9.60 12,738 10.11 -11.2 4 weeks 0.030 0.035 0.925 0.000 International rates Six month 0.19588 0.20300 1.23825 0.19500 Feb. 9 Fifth Wall Acquisition Corp I FWAA A. MykhaylovskyyCFOI 13 weeks 0.040 0.030 0.463 0.000 1,048 10.00 10,475 10.58 One year 0.27775 0.28375 1.06013 0.27775 26 weeks Feb. 9B. Wallace CEOI 1,048 10.00 10,475 Week 52-Week 0.060 0.045 1.010 0.045 Mar. 2 Exxon Mobil XOM J. Ubben DI 177 56.26 9,958 60.93 47.8 Latest ago High Low Secondary market Euro Libor Mar. 1M. Angelakis D 25 57.16 1,429 One month -0.579 -0.579 -0.360 -0.621 Prime rates Mar. 4 Teledyne Technologies TDY R. Mehrabian ODI 10 359.53-365.76 3,615 387.15 -1.2 Fannie Mae Three month -0.548 -0.552 -0.142 -0.574 Mar. 4J. Vanwees O 3356.96-357.70 1,072 U.S. 3.25 3.25 4.25 3.25 30-year mortgage yields Six month -0.520 -0.513 -0.052 -0.543 Canada 2.45 2.45 3.95 2.45 One year -0.489 -0.480 0.008 -0.511 Mar. 1 Primo Water PRMW E. Rosenfeld DI 213 14.48 3,079 15.26 -2.7 30 days 2.485 2.493 3.017 1.751 Japan 1.475 1.475 1.475 1.475 60 days 2.534 2.539 3.081 1.804 Mar. 2 Discovery DISCK G. Wiedenfels CFO 40 48.50 1,940 53.00 102.4 Secured Overnight Financing Rate Feb. 22 Essa Pharma EPIX F. Berger D 57 27.00 1,539 27.06 126.8 Policy Rates Other short-term rates 0.02 0.03 1.20 0.01 Mar. 1-4 Kaleyra KLR E. Hirsch DOI 80 18.36-19.88 1,537 16.92 71.6 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low Feb. 26 Danaher DHR M. Rales OD Latest high low 7* 221.46-221.59 1,462 218.35 -1.7 Britain 0.10 0.75 0.10 ago 0.10 DTCC GCF Repo Index Feb. 26-Mar. 1LendingTree TREE G. Thompson DI 5268.95-282.00 1,375 239.01 -12.7 Australia 0.10 0.10 0.50 0.10 Call money Treasury 0.035 48.700 1.194 0.002 Feb. 26-Mar. 1Crown Castle International CCI J. Martin D 8* 155.49-158.95 1,228 150.15 -5.7 Overnight repurchase 2.00 2.00 3.00 2.00 MBS 0.043 15.050 1.309 0.011 Feb. 25 Royalty Pharma RPRX H. Fernandez DI 26 46.83 1,203 42.54 -15.0 U.S. 0.04 0.04 1.18 -0.07 Notes on data: Feb. 26 Avangrid AGR D. Arriola CEOI 25 46.53 1,163 46.08 1.4 U.S. government rates U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Mar. 2 Editas Medicine EDIT J. Mullen CEO 25 46.27 1,157 41.63 -40.6 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Mar. 3 Dominion Energy D R. Blue CEO 14 69.44 1,000 69.86 -7.1 as of March 4, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average 0.25 0.25 1.75 0.25 for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Sellers Federal funds Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Feb. 24-26 MGM Resorts International MGM K. Meister DI 6,864 37.02-38.92 261,186 37.14 17.9 Effective rate 0.0700 0.0700 1.1200 0.0600 Tullett Prebon Information, Ltd. Mar. 2 Focus Financial Partners FOCS J. Carey DI 4,662 46.20 215,397 47.09 8.3 Mar. 2-3 Virgin Galactic Holdings SPCE C. Palihapitiya DO 6,200 32.29-37.89 212,772 27.29 15.0 Feb. 25-26 Walmart WMT J. Walton BI 1,000 130.52-131.86 130,989 129.12 -10.4 Cash Prices | wsj.com/market-data/commodities Friday, March 5, 2021 Feb. 25-26 S. Walton DOI 1,000 130.52-131.86 130,989 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Feb. 25-26 A. Walton BI 1,000 130.52-131.86 130,989 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Mar. 1 Trinity Industries TRN B. Boze DOI 3,900 31.85 124,215 29.48 11.7 months. Feb. 24 ContextLogic WISH P. Szulczewski P 5,374 19.65 105,592 17.77 -2.6 Friday Friday Friday Mar. 1 Snap SNAP E. Spiegel CEO 1,542 63.84-67.49 100,046 57.43 14.7 Energy Aluminum, LME, $ per metric ton *2169.0 Wheat - Hard - KC (USDA) $ per bu-u 6.4625 Mar. 3 Estee Lauder Companies EL R. Lauder OB 282 289.48-293.10 82,169 292.89 10.0 Copper,Comex spot 4.0870 Wheat,No.1soft white,Portld,OR-u 7.4250 Feb. 26 Revolve Group RVLV M. Karanikolas CEOI 2,118 38.60 81,746 44.67 43.3 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 57.350 Iron Ore, 62% Fe CFR China-s 174.7 Food Feb. 26 M. Mente CEOI 2,118 38.60 81,746 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.000 Shredded Scrap, US Midwest-s,m 402 Beef,carcass equiv. index Mar. 1-3 Freeport-McMoRan FCX G. Ford DI 2,020 34.67-35.99 70,555 35.02 34.6 Metals Steel, HRC USA, FOB Midwest Mill-s 1244 Fibers and Textiles choice 1-3,600-900 lbs.-u 193.85 Mar. 1 Shockwave Medical SWAV A. Papiernik DI 555 120.00 66,600 98.42 -5.1 Gold, per troy oz select 1-3,600-900 lbs.-u 182.33 Mar. 2 Microsoft MSFT S. Nadella CEO 279 234.12-236.70 65,440 231.60 4.1 Engelhard industrial 1702.00 Burlap,10-oz,40-inch NY yd-n,w 0.7100 Broilers, National comp wtd. avg.-u,w 0.8337 Cotton,1 1/16 std lw-mdMphs-u Butter,AA Chicago 1.6900 Feb. 24-26 Match Group MTCH J. Levin D 416 147.19-161.42 64,672 146.29 -3.2 Handy & Harman base 1696.25 0.8501 Handy & Harman fabricated 1882.84 Cotlook 'A' Index-t *93.65 Cheddar cheese,bbl,Chicago 150.75 Cheddar cheese,blk,Chicago Mar. 1-3 Lyft LYFT L. Green CEO 889 57.38-61.28 53,195 64.12 30.5 LBMA Gold Price AM *1710.05 Hides,hvy native steers piece fob-u n.a. 173.25 Milk,Nonfat dry,Chicago lb. 117.75 LBMA Gold Price PM *1712.10 Wool,64s,staple,Terr del-u,w n.a. Mar. 1 Workday WDAY D. Duffield DO 200 245.23-252.97 50,006 237.02 -1.1 Coffee,Brazilian,Comp 1.2462 Krugerrand,wholesale-e 1769.82 Coffee,Colombian, NY 1.7832 * Half the transactions were indirect **Two day transaction Maple Leaf-e 1786.84 Grains and Feeds Eggs,large white,Chicago-u 1.1150 p - Pink Sheets American Eagle-e 1786.84 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.60 Mexican peso-e 2059.80 Bran,wheat middlings, KC-u 183 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1671.06 Corn,No. 2 yellow,Cent IL-bp,u 5.4000 Hogs,Iowa-So. Minnesota-u 83.68 Buying and selling by sector Austria phil-e 1786.84 Corn gluten feed,Midwest-u,w 191.1 Pork bellies,12-14 lb MidUS-u n.a. Based on actual transaction dates in reports received this past week Silver, troy oz. Corn gluten meal,Midwest-u,w 652.7 Pork loins,13-19 lb MidUS-u 0.9105 Engelhard industrial 25.4000 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u n.a. Sector Buying Selling Sector Buying Selling Handy & Harman base 24.9650 Hominy feed,Cent IL-u,w 155 Steers,feeder,Okla. City-u,w 154.63 Handy & Harman fabricated 31.2060 Meat-bonemeal,50% pro Mnpls-u,w 343 Basic Industries 604,451 83,874,384 Finance 5,199,052 259,973,244 LBMA spot price *£18.6200 Oats,No.2 milling,Mnpls-u 4.0150 Fats and Oils Business services 719,060 104,165,577 Health care 1,565,893 106,696,991 (U.S.$ equivalent) *25.9550 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 48.5000 Coins,wholesale $1,000 face-a 19544 Sorghum,(Milo) No.2 Gulf-u 8.0125 Capital goods 00Industrial 6,358,503 74,226,851 Grease,choice white,Chicago-h 0.4500 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 420.70 Lard,Chicago-u n.a. Consumer durables 308,178 93,781,111 Media 088,372,164 LBMA Platinum Price PM *1162.0 Soybeans,No.1 yllw IL-bp,u 14.2950 Soybean oil,crude;Centl IL-u 0.5340 Consumer nondurables 4,957,263 93,196,693 Technology 1,909,594 180,587,542 Platinum,Engelhard industrial 1127.0 Wheat,Spring14%-pro Mnpls-u 7.5025 Tallow,bleach;Chicago-h 0.4750 Consumer services 2,185,027 47,176,742 Transportation 105,422 11,910,557 Palladium,Engelhard industrial 2373.0 Wheat,No.2 soft red,St.Louis-u 6.8550 Tallow,edible,Chicago-u 0.5450 Energy Utilities 11,512,997 15,720,202 3,541,388 32,843,232 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 3/4 Sources: Refinitiv; Dow Jones Market Data Source: Dow Jones Market Data P2JW067000-2-B00900-1------XA

THE WALL STREET JOURNAL. ** Monday, March 8, 2021 | B9 MARKETS GameStop Revives Talk of Trading Tax

Videogame retailer’s the WhiteHouse and narrow who proposed his ownversion vices Committeelast month de- trades wasn’t part of Mr.Bi- raised anywherenear the majorities in Congress, progres- of a transaction tax last year. votedtothe GameStopepisode. den’scampaign plan. As acan- amount of revenue that was stock rally emboldens sives have their best chancein Mr.Weiss’splan calls fora Abill sponsored by Rep.Pe- didate, he made contradictory advertised,” Kenneth E. proponents of tax on yearsofenacting an FTT.Po- 0.1% taxonstock,bond and de- terDeFazio (D., Ore.)toimpose comments on the issue. Bentsen Jr., president of the tentially,such atax could be rivativetrades that would be afinancial-transaction taxat- Thepresident’steam in- Securities Industryand Finan- financial transactions passed without Republican sup- phased in. Such atax could tracted House Majority Whip cludes some vocalFTT sup- cial MarketsAssociation, said. port, using the budget-reconcil- raise $60 billion ayear,heesti- James Clyburn, aSouth Carolina porters, such as JaredBern- Groups likeSifma warn that BY ALEXANDER OSIPOVICH iation processthat allows tax mates.Some lobbyistsand tax- Democrat, as aco-sponsor.The stein, a member of the White brokerages would passthe and spending bills to passthe policyadvisers see his plan as bill has 27 co-sponsorsinall. House Council of Economic cost of the taxtoinvestors, Thevolatility in GameStop Senateonamajority vote. abasis forabill that could win Further hearingsonGameStop Advisers, and otherswho have and mutual funds would incur Corp.shares this year has em- To be sure, the odds are over Democratic moderates. areplanned later this month. criticized the idea, including the cost of the taxeach time boldened Democratswho sup- stillagainst an FTT passing Lately,the FTT issue has In Albany, N.Y.,some law- TreasurySecretaryJanet Yel- they rebalanced. port a tax on stock trades. Congress.Thereisbroader gained fresh visibility from an makersare pushing to revivea len. Asked about atransaction In June,VanguardGroup Afinancial-transaction tax, support among Democratsfor unlikely source:GameStop. Af- New York tax on stock trades taxlast month, Ms.Yellen released an analysis of how or FTT,would raise money by other ways to raise revenues, terthe furious rally and crash of that the statehasn’t collected said: “It could deter specula- various types of transaction collecting afraction of the such as lifting the topindivid- the videogame retailer’s stock in since1981. Supporterssay it tion,but it might also have taxeswould affect an investor value of securities trades.Pro- ual taxrateorcorporatetax January, politicians and pundits would shoreupastate budget negative impacts.” putting away $10,000 annually ponentssay such atax could rate, both of which were low- stepped up scrutinyofhigh- batteredbythe pandemic,but Wall Street and itscongres- for40years. Foraportfolio help fund programs likePresi- ered during the Trump admin- speedtrading and questioned business groups and the New sional allies sayatransaction with a mix of stock and bond dent Biden’s $2 trillion infra- istration. Still, the idea of tax- whether the stock market is fair York Stock Exchangesay it taxwould makeU.S.capital indexfunds,Vanguardesti- structureplan,while reining ing trades has gained traction to small investors. Some pro- could prompt an exodus of fi- marketslesscompetitiveand mated that a 0.1% tax on pur- in high-frequencytrading and among morecentrist Demo- gressiveshaveseized the op- nancial firms,hurting the spur trading activity to shift chases would cost the investor excessivespeculation. Critics, cratsinrecent years, raising portunity to promoteanFTT. stateeconomy. Similar push- overseas.They accuse FTT pro- $25,705—or between 2% and including Wall Street lobbying the hopes of FTT advocates. “One way to ensurethat this back from Wall Street helped ponentsofmaking overly opti- 3% of his or her savings, which groups, say it is a flawed pol- “There’s much broader sup- enormous wealth generated on scuttleabill to taxtrades in mistic projections of howmuch under Vanguard’sassumptions icy that would hurt investors. port and interest in the con- Wall Street actually reaches the New Jersey last year. revenue such taxeswould raise. would grow to $1.2 million at Left-leaning politicians such cept among members of Con- real economy...is to enact and At the federal level, it is un- “Wherever this has been the end of 40 years. as Vermont Sen. Bernie Sanders gressthan therewas adecade look at proposals likeafinancial clear whether Mr.Biden would tried in the past, it has ended Proponents of atransaction have long advocated atransac- ago,” said Antonio Weiss, a transaction tax,” Rep.Rashida back atransaction tax. The up having negativeconse- tax say such industry studies tion tax, with little success. Treasury Department official Tlaib (D., Mich.) said at ahear- WhiteHouse has made no for- quences with respect to mar- are distorted to overstate the Now, with Democratsholding in theObama administration ingofthe House Financial Ser- mal FTT proposal, and taxing ket liquidity, and it has never impact on investors. Last Year’s ShareperformanceofS&P 500 stocks sincethe index’sFeb.19, 2020,peak Bank of Japan Draws 400% Howtoreadthis chart Tumult Each hexagon representsthe Days of stock performance Criticism on Holdings 350 number of stocksthatperformedin this range during amultidayperiod. HasLessons Lightershading means fewer 0 500 1,000 BY MEGUMI FUJIKAWA Nikkei Stock Average topping stocks. Darkermeans more. 30,000 this year forthe first 300 TOKYO—Making a$130 bil- time since 1990. ContinuedfrompageB1 lion profit in the stock market Most of the BOJ’spurchases Forexample: pressures arepicking up.What- Etsy isn’t as funasitseems—at least areinexchange-traded funds ever thedatashow, manyinves- CompanyA:1day if you’rethe Bank of Japan. that track the entireTokyo 250 tors saythe ups and downs of Over morethan adecade, Stock Exchangefirst section, thepast year reminded them CompanyB:3days the Japanese central bank, and it doesn’t buy ETFs focused that some investing truths are Tesla uniquely amongits global solely on aparticular industry. eternal. Amongthem: 200 peers, poured hundreds of bil- Partly because of quirks in CompanyC:2days  Themarketslook way lions of dollarsintolocal equi- the 225-issue Nikkei Stock Av- ahead of us: Stocks bottomed Total number of days: 6 ties and nowowns about 7% of erage, which underlies other out on March 23.The next day, all the shares traded on the stock funds the BOJhas 150 afurious rally sent the Dowup TokyoStock Exchange’sfirst bought, the central bank has morethan 11% forits best ses- Enphase section. With stock prices near extralarge holdingsinsome sion since1933. Energy a30-year high in Japan, shares companies. It indirectly holds Thepandemic wasfar from 100 bought by the central bank about aquarter of semicon- over.Inthe same week,politi- yearsago surgedinvalue. ductor test-equipment maker cians and health expertsde- Instead of winning praise Advantest Corp.and afifth of clared NewYork City the epi- forits investing acumen, Uniqlo clothing-storeoperator 50 center of the pandemic,the U.K. though, the BOJfaces growing Fast Retailing Co., according went intolockdown and Japan pressuretofind waystospread to NLI Research Institute postponed the TokyoOlympics. thewealth. Some arecalling on strategist Shingo Ide. Howwas arally possible? 0 the BOJtohand out shares to Manymarket players expect Investorsliketocitethe ad- the public or use itsgains to the central bank to makead- agethat marketsare forward- seed corporateinnovation. justmentsassoon as itsregular looking.Thereisnoclearer ex- Otherssay the BOJisinter- policymeeting on March 18 and –50 ample of that in recent memory fering with the independence 19.Currently it has atargetof than what happened last year. of the stock market and buying ¥6trillion, equivalent to Those buying stocks last needs—at the least—tostop $56 billion, in stock funds every spring weren’t doing so out of a –100 adding to its holdings. year,though it authorized a belief that the pandemic was Feb. March April May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. March April “It is unhealthyfor acentral temporaryexpansion up to ¥12 close to an end. They were bet- 2020 2021 bank to be the biggest share- trillion during the pandemic. ting on the futureturning out to Note:CurrentS&P 500 components thattraded on Feb. 19,2020shown. holder and have itspresence TheBOJ could removeits be better. And they were right. Source:Dow Jones Market Data Tristan Wyatt/THE WALL STREET JOURNAL grow even further in amarket annual buying target, market Companiesare expected to re- that serves as the foundation of players say, allowing it to stay port a3.9%increase in earnings ness, which began rallying in the On Jan. 28, GameStop Corp. their benchmarks in February, capitalism,” said Kazuo Momma, out of the market unlessacri- forthe fourth quarter of last final months of 2020.While the started the trading dayat$265, the highest sharesince2007. an economist at Mizuho Re- sis occurs. year.That is amodest increase S&P 500 is essentially flat this down 24%fromthe prior after- Much of that outperfor- search Institutewho once Signs of a policy shift have but neverthelesswould mark year, Norwegian Cruise Line noon. It swung as high as $483 manceappearstohavebeen served as aBOJ executivedirec- already emerged. While the thefirst quarter of year-over- Holdings Ltd., American Air- and as lowas$112.25 before driven by tech stocks having torincharge of monetarypolicy. BOJhas almost always year growth sincethe end of linesGroup Ltd. and DeltaAir ending theday somewherein underperformed lately.Tech- BOJGov.HaruhikoKuroda stepped in with afternoon buy- 2019,according to FactSet. Lines Inc.havenotched double- between at $193.60. nologyhas abig pull on market defended his policyinParlia- ing when the market suffersa An investor waiting fora digit percentageincreases.  Stock pickerslovevolatil- cap-weighted indexeslikethe ment on Feb. 24.“Ihaven’t seen sharp fall in morning trading, clear turning point on the pan-  Cycles movequickly: If ity,but it doesn’t always love S&P 500,soactivemanagers anyseveredamagetomarket it held back on several occa- demic—say, the firstvaccine ap- last year’s selloff felt likeit them back: Thefeeling that who haven’t heavily weighted functionsorany big issues in- sions in February. proval—would have missed happened with vicious speed, marketsare moving faster than the sector in their funds have volving corporategovernance” much of the market’sride higher. that is because it did.Ittook 16 ever should be aboon to active historically struggled to beat at thecompanies that arepartly Bank of Japan's ETF holdings “It’shard, it feels counterin- trading days forthe S&P 500 to managers. Analystshavelong the market. This year,itseems owned by the BOJ, he said. tuitivefor alot of investors, fall from itsFeb.19recordinto argued that the professionals several fund managersgot the Mr.Kuroda has said the 50 trillion yen but if youonly focus on buying abear market, or a20% drop have the best opportunity to timing right. Manyare holding BOJ’spolicyhelped stabilize Market thingsthat were loved in the from that high.That marked provethemselves when thereis on to moreshares of compa- the market during itsbrief value past, you’ll always be buying the index’sfastest-ever such plenty of dispersion: meaning nies likebanks,utilities and en- crash in March 2020—triggered 40 high and selling low,” said Don descent, according to Dow the gapbetween the market’s ergy producers, which held up by the initial Covid-19 wave— Calcagni,chief investment offi- Jones Market Data. Thecome- losers and winnersiswide. betterinthe market pullback. and investorsfear anyhasty cerofMercerAdvisors. back that followedwas also But that didn’t pan out in On the other hand, investors move to reversecourse could 30 Themoment wasalso fleet- historically swift. the firsthalf of 2020,aperiod who have made aname for undo themarket’sadvance. ing forstay-at-home stocks. “You’rereally going to either rifewith volatility.Just 37% of themselves betting big on tech Central banks around the Manysoared in the firsthalf of have to playthe speed game all U.S. large-cap equity funds have been stung by losses. globe introduced huge asset- 20 last year.But as scientists the way around, or yougotta managed to beat the S&P 500 Thegrowthversus value de- buying programs in this cen- pushed closer to developing grin and bear it, be patient and over the firstsix months of last batehas playedout countless tury,especially sincethe 2008 Book vaccines, momentum forthose just hang on and really stick to year,according to S&P Dow times over the past decade. But financial crisis,aswell as neg- value 10 trades faded. Domino’s Pizza your buy and hold strategy,” said Jones Indices.(Thefirm hasn’t with rising interest ratesputting ative interest rates. Japan, a Inc., Zoom Video Communica- RichardGrasfeder,senior portfo- yetreleased itsfull-year report pressureonlong-loved corners pioneer with these moves, tions Inc.and McCormick & lio manager at Boston Private. on activemanagers.) of the market, money managers added the idea of using cen- Co.haveone thing in common: Thepaceofthe action in Will stock pickersbuck the likeJohn Allen,chief investment tral-bankmoney to prop up 0Monthly Their shares peaked last fall. morespeculativecornersofthe trendin2021? So far,they are officer of Aspiriant, arefeeling the stock market, hoping to 2011 ’13 ’15 ’17 ’19 ’21 What wasbad news forstay- market—think bitcoin, doge- off to agood start. Bank of hopeful. “Webelievethis is go- revivethe spiritsofinvestors. Notes: Data as of March 1; at-home stocks wasgood news coin or anyofthe “meme America found 70%ofU.S. ing to be adecade whereactive Themarket rose even more 10 trillion yen=$93billion forcompanies in the travel busi- stocks”—has been even wilder. large-cap mutual funds beat investing prevails,” he said. than the BOJ hoped, with the Source:NLI Research Institute

THE TICKER | MARKETEVENTSCOMING THIS WEEK

Monday Inari Medical 0.01/n.a. Refinan., prev. up 0.1% Initial jobless claims MongoDB (0.39)/(0.25) Previous 745,000 Wholesale inventories Open Lending 0.12/n.a. Treasury budget Expected 735,000 Dec., previous up 0.3% Sotera Health 0.08/n.a. Feb., ’20 $235 bil. deficit Jan., expected up 0.9% Thor Industries 1.57/0.67 Feb., ’21, expected n.a. Earnings expected* Estimate/Year Ago Earnings expected* DocuSign 0.22/0.12 Wednesday Earnings expected* Estimate/Year Ago eXp World Holdings Casey’s General Stores Estimate/Year Ago Consumer-price index 0.08/0.03 0.97/0.91 Ballard Power Systems All items, Jan. up 0.3% StoneCo 0.21/0.22 ContextLogic(2.27)/n.a. (0.04)/(0.04) Feb., expected up 0.4% Bumble (0.21)/n.a. Ulta Beauty 2.32/3.89 Core, Jan. 0.0% CampbellSoup 0.83/0.72 Vail Resorts 2.19/5.04 Tuesday Feb., expected up 0.2% Cloudera 0.11/0.04 Wheaton Precious Franco-Nevada Metals 0.33/0.17 EIA status report Short-selling reports Previous change in stocks in 0.69/0.59 S Ratio, days of trading volume millions of barrels Oracle 1.11/0.97 Friday NEW

of current position, at Feb 12 Crude-oil stocks up 21.6 G NYSE 2.7 Gasoline stocks U.Mich.consumerindex Nasdaq 1.2 Thursday down 13.6 Feb., final 76.8 OOMBER

Earnings expected* Distillates down 9.7 EIA report: natural-gas March, preliminary 78.5 /BL Estimate/Year Ago Previous change in stocks in Array Technologies Mort. bankers indexes billions of cubic feet Producer-price index MORRIS

0.05/n.a. Purch., previous up 2% down 98 All items, Jan. up 1.3% UL Feb., expected up 0.4% PA * FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in Core, Jan. up 1.2% VID parentheses) u Adjusted for stock split DA Note: Forecasts are from Dow Jones weekly survey of economists Feb., expected up 0.3% Oracle is expected to report earnings of $1.11 a share Wednesday, up from 97 cents a share a year earlier. P2JW067000-0-B01000-1------XA

B10 | Monday, March 8, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Yo u’ve Got A Friend in New Social-Media Apps

Dating programs are taking a platonic turn

Relationships come and go, but fastest-growing apps nationwide, friends are forever. At least, that solving for various pain points is the direction dating apps that exist in social media today. are swiping. Itsme, for example, lets you make Social media is getting crowded, friends as your avatar to avoid S with nearly half of the world’s getting judged based on a photo; NEW

population using one of Face- Wink allows you to make friends G book’s apps every month. The safely without the awkwardness of market for connecting with exist- exchanging phone numbers or tra- OOMBER ing friends may be well saturated, ditional social-media handles.

but it seems finding new ones is Dating apps want in on the pla- GLE/BL

still something of an unmet need. tonic action. Women-first dating NA Friendship finding is, appar- app Bumble is a prime example.

ently, very hot right now. An Its founder Whitney Wolfe Herd MICHAEL analysis recently published by ven- seems to have a knack for under- Apps such as Bumble are looking to apply what has worked for them with dating to finding friends. ture-capital firm Andreessen Horo- standing what is next in social me- witz showed friend discovery is dia. Ms. Herd co-founded Tinder, actually rather hard to find, re- teasing its interest in “dating adja- launched in 2019 and allows people the fastest-growing category of which has grown to become the quiring a dating user to toggle to cent categories” on its fourth- to match with othersacrossthe mobile social app in the U.S. Citing world’s largest dating app. She settings and switch to BFF mode. quarter conference call, the com- world through video.And amid the data from Apptopia, the firm then left to found Bumble, a deci- Still, the company says BFF has pany said last month it was paying pandemic,its Tinder userswere showed friendship apps like Itsme, sion that has reportedly made her been extremely popular, particu- more than $1.7 billion in cash and temporarily able to use itsPassport Wink and Yubo are some of the the world’s youngest female self- larly for people like new moms, stock to acquire South Korean so- feature free to chat with people in made billionaire following the those who have just moved to a cial-media company Hyperconnect other ZIP Codes.They did this to Global downloads forfriend-finding company’s public offering earlier new city because of remote work, in its biggest acquisition ever. connect with usersincountries apps via iOSand Google Play this year. and those who already have Match says Hyperconnect is al- wherethe pandemic wasfarther Ms.Herdisbetting her company enough best friends, but are look- ready generating profit and had along,helping to understand what Snapchat canapply what has worked with ing for, say, a yoga buddy. Bumble $200 million in revenue in 2020, wastocome wherethey live, the dating to friend finding,and even said its product extensions like up 50% year on year. Hyperconnect companysaid. Tinder use it as amorerelaxed way to en- BFF and newer Bizz, which is fo- owns two video apps in Azar, While friendship apps are well ticenew userstopay forits higher cused on professional connections, which Match says is the highest on their way in terms of increas- stakes dating app.Bumble BFF,the have even been useful as customer grossing one-to-one video chat app ing adoption, many aren’t yet Azar app’sproduct extension forfriend- acquisition tactics to entice users in the world; and Hakuna, which widely monetized. Bumble, for ex- ships,was launched in 2016,though in geographies like India where offers group live video, audio and ample, isn’t making any money off Bumble the companysays it is still in the dating apps aren’t yet the norm. avatar-based streaming. About 75% BFF yet, but said in its initial pub- early stages of itsdevelopment. Dating giant Match Group, of Hyperconnect’s usage currently lic offering filing it plans to invest Hakuna It has had a promising start. Per which owns Tinder, Hinge, comes from Asia, but Match plans in marketing for the app and to Live Bumble’s public offering filing, Match.com and Pairs, among other to expand that into new geogra- develop a monetization strategy, Bumble BFF already accounted for apps, has also been chasing friend- phies under its umbrella and lever- indicating revenue from that chan- Wink about 9% of its total monthly ac- ships and other platonic connec- age its technology to bolster its nel could come soon. 0255075100 tive users as of September 2020. tions. It estimates this market is existing platforms. That would be a bonus for in- That traffic seems to have come twice the size of dating because it Match isn’t entirely newtothe vestors in dating apps, who Note:Dataare forMar 2020 to Feb2021and areindexed to Snapchat's downloads, which areset to 100. mostly organically, without much isn’t narrowly focused on meeting social-discoveryspace. It incubated still have time to get a fresh Source:App Annie recent marketing. The feature is one single person at a time. After Ablo,for example,anapp that introduction. —Laura Forman E-Commerce Is Risky Olo Bids for Food-Delivery Investors For the Aviation Industry As if the online food-delivery in- order fulfillment, aggregator and dustry wasn’t convoluted enough, channel management solutions. it turns out there is yet another Transaction revenue from DoorDash For aviation, a lot is riding on e- joined the freighter fleet since intermediary. accounted foratleast 19% of Olo’s commerce right now—perhaps too May, according to data from ana- Unlike DoorDash and Grubhub, overall topline last year,upfrom

much for its own long-term good. lytics firm IBA. This sets the stage 15-year-old Olo isn’t aname known GES 2.6% in 2018.That likely means

In the midst of the worst crisis for a big capacity glut once most to your averageeater.Fromacon- IMA DoorDash’spandemic-driven surge for the industry ever, airfreight passenger planes start flying sumer’s perspectiveitmostly exists in businesswas akey factor in Olo’s ETTY

has been a lifeline. The money again, however slowly that on the back end of their experience /G ability to turn profitable—Olo lost yielded by each pound of cargo happens. ordering online from arestaurant, money in the two yearsbefore2020. ENCY

was 75% higher in January 2021 The cargo fleet grows when helping chains with thingssuch as AG Slowing growth isn’t the only than a year earlier, the latest fig- companies either buy freighters or third-party order integration and U risk related to DoorDash. Olo also ures from data provider convert passenger jets. It isn’t fulfillment. It competes with online discloses in itspublic-offering filing

WorldACM show. Since few people cheap: Price tags for used cargo deliveryplatforms in some facetsof ANADOL that it is being sued by the com- are traveling, legacy airlines are planes have fallen by less than for itsbusiness, but countsthem as sig- pany, which is alleging abreach of SKUN/

planning their networks based on commercial aircraft during the nificant customersinothers. It also CO contract relating to fees.While Olo where they can fly goods, and pandemic, and reconditioning a boastsanother key distinction: Its says the allegation is without YFUN

have exploited regulatory exemp- plane often cost north of $15 businessisdesigned to be morelike TA merit, the morethan $7 million tions allowing freight to fill pas- million. asoftware-as-a-servicecompany. Unlike DoorDash, Olo isn’t a name DoorDash is seeking wouldn’t be senger seats. Recentconversions have been Food delivery, but makeitSaaS, that is known to your average eater. insignificant if awarded. Further, Express shipping, which is often led by the A330—traditionally an essentially.Inits initial public offer- the suit could threaten to injure reliant on sending goods by air, unpopular choicefor medium-haul ing filing last month, Olo gavein- coming not only from subscriptions what is clearly asignificant finan- has expanded rapidly during the trips compared with the leaner Boe- vestorsatasteofthe profit that but also from fees per transaction. cial relationship forOlo. pandemic as households turn to ing 767—and newerversions of the most food-deliveryplatforms ha- Thelatterrevenue source is impor- Olo may be the latest food-com- home deliveries. Purchases of 737. This suggeststhe post-Covid-19 ven’t been able to sustainably tant because it is nowthe majority merce-technology company to manufactured products generally freighter fleet won’t just be larger, achieve. Even DoorDash, which ex- of itsbusiness: While Olo says less come to the public markets, but it also have held up better than in but also made up of bigger, more panded revenue by 226% in 2020, than 7% of itsrevenue came from is hardly new. Predating DoorDash, previous downturns. modern planes.Meanwhile,new still lost money forthe year.But Olo transactions in 2018,that percent- Uber Eats and even Grubhub, the Money is chasing the higher passenger-jet models coming into said it made just over $3 million of agegrewtonearly 57% in 2020. company says its name is actually freight rates. On Wednesday, Chil- the market likethe 787and the net income in 2020 on revenue that That mixofbusinessalone should an acronym for “online ordering,” ean carrier LatamAirlines,which A350 will also have morecargo grew at less than half the rate of the have SaaS investorsbiting their which back in the dial-up era used recently filed forchapter 11 bank- spacethan the ones being retired. leading U.S. food-deliveryplatform. nails.But thingsget even more to be three words. ruptcy in the U.S.,announced abig Expanding the fleet still makes It is unclear,however, howeasily dicey when youconsider that the Olo began its business well expansion of cargooperations.E- sense for Amazon, which isn’t re- profit canrecur.Unlikeatypical very food-deliveryplatforms which ahead of the times, sending text commerce giant Amazon is ex- ally focused on chasing short-term SaaS model, whereabusinesshas expect to see significant moderation message orders to printers before panding itsfleet faster than profit but rather on implementing significant visibility intofuturerev- in their paceofgrowthoverthe the world had iPhones. Investors planned beforeCovid-19,with a a strategic shift in logistics that enue thanks to contractsthat pay next year aresome of Olo’s largest now have to wonder whether it newfocus on buying aircraftrather requires shedding part of its reli- up front, Olo calls itself a“transac- customers. According to itsfiling, has gotten ahead of itself. than leasingthem. French con- ance on FedEx and UPS. Dedicated tional SaaS” model, with revenue Olo provides DoorDash access to its —Laura Forman tainer-shipping firm CMA CGMre- freight firms like CMA, however, cently purchased four Airbus A330 may end up regretting opportunis- jetstocreateanairfreight division. tic investments. Shares in specialist cargooperators This much capacity growth only Atlas Air and Air Transport Ser- makes sense if e-commerce pro- Broadcom’s No-Cancel Culture vices Group were up about 100% vides a much larger permanent and 29% latelast week sincethe boost to air-cargo demand than Among the advantages of being ordersmorethan they think they majority” of the production of its start of the pandemic,respectively. expected. More likely, many have Broadcom isn’t having to take will need, to prevent getting caught wafers,according to the company’s If the traditional economics of confused pandemic resilience for “no” for an answer—at least if without crucial components. Such a regulatoryfiling in December.That the freight business reassert them- long-term prospects. that “no” comes in the form of a situation canlead to supply gluts means Broadcom is competing for selves, though, investors could —Jon Sindreu customer canceling its order for later and canceled orders, as buyers production spaceagainst Apple, easily get burned. Broadcom’s chips. want to avoid building up inventory Nvidia, Advanced MicroDevices The main reason air-cargo Global air cargo, As asupplier of key components of expensivechips—some of which and Qualcomm—just to name a yields have jumped is because 30% change from ayearearlier acrossseveral productfamilies such cangoobsoleteinlessthan ayear. few.Itisalso highly exposed to the of the commercial fleet remains as smartphones,servers, telecom- Thus Broadcom’spolicyofforbid- cyclical smartphone business with grounded, dramatically reducing 10% Demand Supply munications equipment and data ding order cancellations is designed itsradio-frequencychips; Apple ac- belly-hold space in passenger jets, storage, Broadcom has amassed to act as ahedgeagainst double or- counted for15% of revenue in the which normally carry two-thirds of 0 enough muscle to enforce noncan- dering.But Chief ExecutiveOfficer fiscal year that ended Nov.1. air cargo. This is much more a celable ordersfor itscustomers. The Hock Tanwent further in Thurs- But that Apple businessshould story about tight supply than ram- -10 companybegan touting this seem- day’scall, describing a“rigorous, serveBroadcom well this year,given pant demand. Despite the jump in ingly customer-unfriendly policylast disciplined process” to makesure the strength of the iPhone 12 family. express shipping, the overall vol- -20 year,asitbecame clear that demand orderslined up with actual end-user Wall Street sees Broadcom expand- ume of airfreight didn’t bounce forchips acrossmultiple industry demand. He noted that Broadcom is ing revenue by 12% forthe current back to pre-Covid-19 levels until -30 groups was outpacing the world’s nownearly 90% booked forthis fiscal year—morethan twicethe January, data by the International production capacity.And Broadcom year,adding,“And we believethis is growth rate forlast year.And that Air Transport Association showed -40 reminded investorsofthe policy real, because they can’t cancel it.” is without assuming alarge-scale last week. during acall lateThursdaytodis- That doesn’tcompletely shield acquisition.Broadcom’sability to While container-shipping firms -50 cussits fiscal firstquarter results. Broadcom from problems posed by tightly manageits supply chain and are treating higher rates with due Oct. 2019 '20'21 Whythe reminder? The continu- the industry’scurrent production customer base in aturbulent chip caution, airfreight seems to have ing production shortage has raised shortage. Thecompanyrelies on market should keep the production Note:Measured in occupied and available cargo taken the windfall as a cue to per- tons kilometer fearsamong analystsofdouble or- Taiwan Semiconductor Manufac- shortagefromgiving it short shrift. manently expand: 200 planes have Source:International AirTransport Association dering.That is when achip buyer turing,orTSMC,for a“substantial —Dan Gallagher P2JW067000-0-R00100-17FFFF5178F INVESTJOURNINALGIREPORNFT • AMUNDonthly AnalySsis &ETFS Pull+Fold © 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. WSJ202Mo1 nday, March 8, 2021 | R1 TaxGuide Aspecial supplement on the big questions this tax season R7-8

• Saving forCollege STUDENT-LOAN CHOICE: TAKE THE FORGIVENESS OPTION? Questions about income-driven plans

BY CHERYL WINOKUR MUNK

With all the talk out of Wash- ington about possible mass stu- dent-loan debt forgiveness, it’s easy for borrowers to lose sight of the forgiveness options that already exist. One important and often overlooked option is available to borrowers in all professions who are enrolled in income-driven re- payment plans, which set monthly student-loan payments at an amount intended to be af- fordable based on a borrower’s income and family size. After 20 or 25 years, depending on the plan, borrowers can have the re- mainder of their federal student- loan debt forgiven. At present, the remaining balance is consid- ered taxable income, though this is poised to change—at least for the short term—with the Covid-19 relief bill working its way through Congress. Does it make sense for bor- rowers to try for this type of forgiveness by paying only the monthly minimum? Or would borrowers with extra cash be PleaseturntopageR6

Inside Just Howto SayNo?

If family membersask for Understand financial help when you’re retired,itissometimes The Small-Stock Rally all righttodecline. R3 Fund Results

Mutual-fund and ETF monthly data on pages R4 and R9 and Small-caps are MALL STOCKS so far this year have beaten large-caps over time—along-term tendencythatWall at WSJMarkets.com their large-capitalization brethren by a Street analysts refertoasthe “sizeeffect”—whatis drubbing large wider margin than they have in more than unusual is the magnitude of the outperformance. It SCOREBOARD ones this year. two decades, raising questions about what has averaged just 0.9percentagepoint over all two- S is driving the outperformance and what it month periods since1926,according to data from February2021fund performance, What does that means for the overall market ahead. Dartmouth professor KenFrench. total return by fund type.MoreonR2. mean for Theyear-to-date return forsmall-caps through the Youhavetogoback to Januaryand Februaryof2000, U.S. Intl. Bonds end of Februarywas aremarkable 25 percentage at the topofthe internet-stock bubble on Wall Street, to stocks* stocks* (intmd.) what’s ahead? pointsgreater than thatoflarge-caps (asmeasured find atwo-month stretch in which the small-caps beatthe FFER

by the 20%ofstocks with the smallest market caps large-caps by more. Their margin of outperformanceover AU

BY MARK HULBERT ST vs.the comparativequintile of the largest).While it those two months was41percentagepoints. 4.9% 2.4%–1.4% isn’t unexpected forsmall-cap portfolios to beat PleaseturntopageR4 *Diversifiedfunds only,excluding sector BRIAN and regional/countryfunds Source:Refinitiv Lipper

Meet the three newmembers of theInvesco QQQ family.

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

NOTADEPOSIT NOTFDIC INSURED NOTGUARANTEED BY THE BANK MAYLOSEVALUE NOTINSURED BY ANY FEDERAL GOVERNMENT AGENCY Thereare risksinvolved with investing in ETFs, including possible loss of money. ETFsare subject to riskssimilar to those of stocks. Investments focused in aparticular sector, such as technology,are subject to greater risk, and aremoregreatly impacted by market volatility,than morediversified investments. An investment cannot be made directly into anyindex. BEFORE INVESTING,CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGESAND EXPENSES. VISIT INVESCO.COM/FUNDPROSPECTUS FORAPROSPECTUS CONTAINING THIS INFORMATION.READ IT CAREFULLYBEFORE INVESTING. Invesco Distributors, Inc. P2JW067000-0-R00200-2------XA

R2 | Monday, March 8, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

A Journal Report U.S.-stock funds Monthly special look at the

DA Monitor numbers and news about 13.4 2020 ’21 this month’s investing 5.4 4.9 William Power O

0.3 TA JR l –0.7% ND J F

l Insight $3

1b WhatInflation? Stock Funds Rose 4.9% illion Investors have been feeling pretty good so far this year, and it appears that only the inflation ghost can spook them. Major indexeshit morerecords during February, which meant con- tinuedgains formanyfund cate- gories.The total return of the av- erage diversifiedU.S.-stock fund forFebruarywas 4.9%,topush Investors’ net buying of the year-to-date gain to 5.3%,ac- international- cording to Refinitiv Lipper data. stock ETFs However, the market’s sup- to start the portivepillars—government year (in spending and the Federal Re- January and serve’saggressivemonetary pol- February). icy—are also making investors More on worryabout whether inflation page R5. canbekeptincontrol as the economyrecovers from the pan- demic lockdowns.Asaresult,  marketshave been volatile.

For more than 31 years, the The year that Arturo The Dow’s bullish 94 “Good earnings with lowinter- bronze ‘Charging Bull’ has Di Modica installed his rise, through Friday, estrates have been positivefor 2/1/21 been a tourist favorite. It also 1989 statue near the NYSE 69% from its 52-week the market,” says SalBruno, chief has put up with vandalism. in the dead of night. low in March 2020. investmentofficer of IndexIQ,a unit of NewYork LifeInvest-

9. ments. Still, he says the real story Bullish ArturoDiModica,creator of the famous “Charging Bull” statue in NewYork, has been rotation between sec- diedonFeb.19inhis hometown in Italy at the age of 80.Appropriately,the tors of the market—whathecalls aCovid rotation, “which is taking Tribute 75 U.S. stock market is in abull market thesedays, with mostindexessmashing alittle steam out of growth recordsinFebruary. However, Di Modicadidn’t makethe 7,000-pound bronze stocks, and into alittle more-cycli- creaturetocelebratestock gains likethese. He had said he did so because calplays,likeindustrials which do abit betterinacyclical recovery.” he felt sorryfor Americaafter the Black Mondaycrash in October 1987. Meanwhile,“alot of flows are going into small-caps sincethey pt aremoregeared to growth and re- ‘If Covid has shown us anything, it’s the speed at which covery,” says Mr.Bruno. Interestingly, gold prices aren’t science is moving. Scientific innovation is rising even though there are in- s. transforming how we treat and diagnose disease, flation worries—despite the tradi- tional relation between the two. moving us closer to true personalized medicine.’ Some analysts speculate that bit- Debra Netschert, health-sciences equity portfolio manager, Jennison Associates coin is replacing gold in some The Dow people’s minds as an inflation Jones hedge. Gold-oriented funds fell Industrial 7.8% in February and are down l Charted Average’s 12.5% for the year to date. advance in International-stock funds rose Forthe Records February, or 2.4% in February, and are up 1.5% 3.2%. The Despitesome bouts of volatilitylately,mostmajor stock-market indexeshave poweredthrough record highs this year,asinvestors express for the year to date. gains have hope thatthe economywill be strong as lockdowns ease. These international funds are continued in enjoying a snapback. Last year, DJIA Nasdaq S&P500 March. the U.S. market did so well while Number of recordsbyyear Europe and developed Asian mar- 80 kets weren’t as strong, says Tom Davis, managing director and

60 51% global equity portfolio manager 40 at Jennison Associatesin Boston. 20 “So there is some thought, rightly or wrongly, that somehow those 0 overseas markets have more 2016 ’21* 2016 ’21* 2016 ’21* room to run than the U.S. So Recordsthis year there’s some push to move into those products and reduce the 32000 14500 4000 U.S. exposure,” he says. (More on Year-over-year international stocks, page R5.) gain for both 31500 14000 3900 Bonds fell. Funds tied to inter- the Nasdaq mediate-maturity, investment- composite 31000 13500 3800 and the grade debt (the most common Russell 2000, type of fixed-income fund) were 30500 13000 3700 outpacing down 1.4% in February and are other indexes. down 1.9% for the year to date. 30000 12500 3600 See more in One thing is clear as the U.S. today’s cover JFMJFMJFM and the world try to reopen from article (R1). the pandemic lockdowns: “I think *Asof3/5/2021 Source:Dow Jones Market Data we’re in for a pretty choppy mar- ket both up and down over the course of the year, and how we

l In Translation OW BL 10 end the year is anyone’s guess,”

says Mr. Davis. Given this, compa- UL Explaining PA

nies’ underlying fundamentals will A; Buying stocks this way has risks, continue to make the difference, GNAR

but investors do it anyway. he says. BA

Margin Debt .9 MO

Mr. Power is a Wall Street CO Margin debtisasometimes-overlooked gin debt at U.S. brokers Journal news editor in South GIA GES; but key part of the stock market that is regulated by the Financial % Brunswick, N.J. Email him at particularly pertinent right now. Industry Regulatory Au- [email protected]. IMA

It is the money that investors borrow thority, or Finra, jumped to GETTY

from stockbrokers to buy securities when $799 billion from $562 bil- SE/ they can’t or don’t want to fund the en- lion a year earlier. Reprints Available tire purchase with cash. Say an investor Analysts say the jump Small-cap ANCE-PRES

wants to purchase 100 shares at $50 came from individual investors value funds’ FR each for a total of $5,000 but has only who turned to online trading average Printed Copies

$2,500 to invest. That individual could amid pandemic lockdowns. A February Individual copies of The Wall Street GENCE Journal and individual reports such /A buy the rest on margin. The same process combination of easy-to-use trading advance, one as this one can be purchased at

canbeusedtobuy exchange-tradedfunds. technology, ultralow borrowing of the best wsjshop.com while supplies last. ANCUR Bulk pricing is also available. Investorsuse margin to get morebang costs and stimulus checks fueled the for any fund BET fortheir investing buck.“The proofmar- “Buying on margin comes with a lot phenomenon. “For younger folks, it’s kind category.

Reprint or License Articles KENA gin is thatitincreases your purchasing of risk, and if you are going to use mar- of the drug of choice,” Mr. Deiss says. To order reprints of individual :

articles in printordigital format, or LEFT

power,” says Jeff Deiss, directorofwealth gin, it is probably a good idea to have Problem is, when there is a lot of mar- P to license content, pleasecontact: planning at ACMinRidgewood, N.J. The some cash on the side,” says Mr. Deiss. gin debt concentrated in a few stocks, TO Online: www.djreprints.com downside:Brokers typically charge interest. Investors who don’t have the required those stocks tend to see wild price OM Sources: Dow Phone: 1-800-843-0008 FR And if the individual starts losing money additional cash may be forced to close swings, says Fabiana Fedeli at Rotterdam Jones Market Email: on the investment, the broker mightask out their positions at a loss. asset-management company Robeco. Data, FactSet, [email protected] WISE Refinitiv Lipper OCK

formorecash as securityorcollateral. At the end of January, customer mar- —Simon Constable CL P2JW067000-0-R00300-1------XA

THE WALL STREET JOURNAL. Monday, March 8, 2021 | R3 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

AskEncore • Glenn Ruffenach

which to prepare for their own re- You will need to indicate, on your tirement,” Ms. Herman writes. return, that you performed a roll- Saying ‘No’ to Financial “Don’t be too quick to give away over, Mr. Slott says. And that’s your own.” what returning an unwanted RMD is—a rollover. Line 4a on Help for Family Form 1040 is for “IRA distribu- • tions.” Here, enter the amount I took my 2020 required you withdrew in January 2020. It feels good as a retiree to provide financial help to minimum distribution from Line 4b is where you enter, nor- someone you love, but sometimes you have to refuse my retirement account in mally, the taxable amount of that January 2020. Later I withdrawal. But instead, enter learned I could return the “Rollover” next to line 4b. • • Throwing good money after members, but don’t lose sight of gross amount and avoid If you’re using tax software, In a recent column, you bad. Let’s face it: Some adult chil- the fact that you deserve a se- taxation on it. I did this in you shouldn’t actually have to talked about the possible dren who receive financial help cure financial future, as well. June. The problem: I tried write in “Rollover.” There will be, pitfalls in retirement of giv- use the money irresponsibly. At “Adult children have years in to report the taxable or should be, an option that al- ing financial help to adult some point, Ms. Herman says, you amount as zero, but my tax lows for this step—probably a children and family mem- have the right, and perhaps the software ignores the zero check box that will automatically bers. My question: How do obligation, to stop funding profli- and treats the RMD as tax- write in “Rollover.” At that point, you say “no”? I think refus- gacy. “Parents do not owe their able. I am certain there are the software should show your ing a request is difficult for children the lifestyle to which more than a few seniors taxable amount as zero. most parents. they may have become accus- with the same problem. Two additional notes. First, in a tomed,” she writes. few months, your financial insti- It is. And I’m a case in point. You’re correct: A lot of people tution will furnish you and the In recent years, my wife and I • The value in are wrestling with this. But IRS with Form 5498, which will have helped several family mem- boundaries. Saying the solution is relatively confirm officially the rollover bers with financial problems. In no, or setting limits on straightforward. most instances, we were happy to your generosity, isn’t The confusion starts step up. It feels good, obviously, necessarily a bad with Form 1099-R. That’s Financial Sacrifices to help someone you love. And, as thing. On the contrary: the paperwork you receive we get older, it’s nice to know It can send a powerful from your retirement plan Surveyedparents, asked what financial sacrifices theywould make that we’re still needed. Even if message to adult chil- or the custodian of your foradult children, said: that need involves cash. dren, Ms. Herman retirement account if you But there have been occasions says. “You consider withdraw funds from your Pull moneyfrom when we wanted to say no—and them the adults they savings. In all likelihood, asavings 50% didn’t. In one case, it was easier are. You have faith in your 1099-R for 2020 account to say yes. In another, we ratio- them to handle their shows your RMD as a tax- Livea nalized, “We’ll help just this one own finances. You al- able distribution—which, of less-comfortable 43 time.” (As it turned out, one time low them to experi- course, it’s not. That’s be- lifestyle became multiple times.) In still ence delayed gratifi- cause you repaid the another instance, one family cation, a sign of money to your account. Take on debt 26 member became aware of help maturity,” she says. (Note: Most repayments we had provided to another, and had to be completed by Pull moneyfrom asked for the same help. • Who’s watching out for you? Aug. 31, 2020.) A 1099-R, though, aretirement 25 To date,our gifts haven’tput a Adult children might feel as if isn’t built that way; it shows only account big dentinour retirementsavings. they have a right to your support. withdrawals and not what hap- Retirelater/ But as Iindicated in my recent col- But parents have rights, as well, pened to those dollars after they 19 umn,older parents can’tnecessar- Ms. Herman notes. And one of were withdrawn. work longer ily seewhether the help theypro- those rights is So…don’t be alarmed if your Refinance vide today—and/or continue to reaping, at 1099-R is showing 14 provide in the future—will put their some point, your RMD as tax- home nestegg at risk. the benefits able. Rather, says A wonderful book that looks at of a lifetime Ed Slott, an IRA Come out of 8 these issues is “Parents to the of work. Yes, expert in Rockville retirement End: How Baby Boomers Can Par- it’s all well Centre, N.Y., turn Source:Merrill Lynch Wealth Management/AgeWave ent for Peace of Mind, Foster Re- and good to your attention to ‘The Financial JourneyofModern Parenting: Joy, sponsibility in Their Adult Chil- sacrifice for Form 1040, your Complexityand Sacrifice' 2018 dren, and Keep Their Hard-Earned family federal return Money.” The author, Linda M. Her- for 2020. amount. It’s not necessary to file man, doesn’t spell out how to say The key: Form 5498 with your tax return. no, but she explains why it can be Second, 2020 was, with regard appropriate. Among the reasons: to RMDs, an anomaly. Since Con- gress waived RMDs in 2020, Mr. • Forget “perfect.” Some Slott says, your withdrawal early parents equate refusing an last year wasn’t considered an adult child’srequestfor fi- RMD; as such it could be repaid. nancial help with failing in In 2021, traditional rules apply: their parental duties. To You can’t roll over an RMD. which Ms.Herman says:Get overit; stoptrying to be Mr. Ruffenach is a former perfect. “Sometimes being a reporter and editor for The Wall ‘good enough’parentissuf- Street Journal. The Ask Encore ficient,” she writes.“A‘good column examines financial issues enough’parentrecognizes for those thinking about, planning her ownstrengths and limi- and living their retirement. Send tations and, on balance, is questions and comments to comfortable thatshe is do- [email protected]. ing an adequate job.”

membership rewardswhen her hus- How to Avoid a Credit-Card Surprise When a Spouse Dies band, the card’s primaryholder,died.

There’s a difference penses. But when one spouse card issuers do report to the credit to release that person from liabil- Banks’ interests between a joint account doesn’t have a strong credit his- bureaus on authorized users, but in ity. The bank will check the credit Still, while all of the financial insti- and an ‘authorized user’ tory—for example, because he or some cases, the impact of the of the remaining user to be sure he tutions named in this article allow she is a stay-at-home parent—the card’s activity on the authorized or she is worthy of the credit line. primary consumer cardholders to card is typically issued to a primary user’s credit record isn’t as signifi- As happened with Ms. Altfest’s add authorized users, many have cardholder who can then name ad- cant as for a primary cardholder. client, revelations may be in store moved away from offering joint ac- ditional authorized users. Having when a couple is divorced or when counts, because designating one BY DAISY MAXEY more users can build up whatever a primary cardholder dies. If a card party legally responsible for the rewards points a card might offer. Removal procedures represents a joint account, the sec- debt makes the process easier for After her husband’s death, an el- And some credit cards permit a It is easy to remove an authorized ond user can typically go on using the card companies if they have to derly widowreceived ajarring sur- primary cardholder to set spending user from an account with a re- the card, but he or she will also be take legal action to collect. “To prise—the credit card she had been limits on authorized users. Parents quest either from the primary ac- responsible for any debt. If a hus- have two payers, it just muddies using wasshut down. Her husband often name college-age children as count holder or from the autho- band dies owing $50,000 on a joint the waters,” says Ms. Altfest. had been the primaryaccountholder. authorized users to help them rized user. For one of the parties in credit card, his wife on that ac- Financial institutions thatstill The distraught widow had cash build or rehabilitate their credit re- a joint account to be removed, by count is liable for that debt. offerjointaccounts include Bank of in a bank account, but without a cords. Most of the biggest credit- contrast, both parties must agree But authorized usersmay find America Corp., PNC Bank and U.S. credit history or income of her own, their card canceledbecause of the Bancorp.Bank of Americaoffers it would take time for her to build primaryholder’s death. Theycan jointcards only on alimited basis. her credit record to where she could then apply fortheir owncredit Wells Fargo & Co. hasn’t offered be approved for her own credit card. line,but theymightfind thattheir new joint general-purpose credit- “I know so many women who credit history isn’t sufficient. card accounts since 2017. Other in- have a card that has their name on Authorized users—whether a stitutions that don’t offer joint con- it, but it isn’t really their card,” says spouse or not—are generally not li- sumer credit-card accounts include Karen Altfest, executive vice presi- able for debt left on a credit card Capital One Financial Corp., Citi- dent at Altfest Personal Wealth when the primary holder dies. The group, DiscoverFinancial Ser- Management in New York, who is debt is generally assumed by the vices and JPMorgan Chase & Co. now working with the widow. decedent’s estate. The law in some A family member should notify The problem, Ms. Altfest and states does hold a spouse who is credit-card companies, credit bu- others say, is that consumers often an authorized user responsible. reaus and the estate’s executor

don’t understand the differences When both spouses qualify, there when a family member dies, and GES

between having a joint credit-card canbeadvantages to holding a close out a credit-card account IMA when its primary cardholder dies, account—one in which both parties jointcredit-cardaccount, says Kris- ETTY have charging privileges and are tin Carlton, aSan Antonio-basedse- says Duncan Rolph, managing part- /G TO equally responsible for the debt— nior wealth adviser with Exencial ner at Miracle Mile Advisors, an in-

and an account issued to a primary Wealth Advisers, aregisteredin- vestment advisory firm in Los An- CKPHO TO

cardholder, who designates addi- vestmentadviser.One of her clients geles. That helps to eliminate any IS tional authorized users. In the latter, losthundredsofthousands of recurring charges that may be go-

both parties have charging privi- ing onto the card, he says. PULIDO;

leges, but the primary cardholder is NIA Ms. Maxey is a writer in Union SO generally solely liable for the debt. Authorized users may find P: Joint credit cards are often used their card canceled after City, N.J. She can be reached at TO by couples to handle household ex- [email protected]. OM the primary holder’s death. FR P2JW067000-0-R00400-1------XA

R4 | Monday, March 8, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

This pattern has been espe- determine whatisdriving small The Small‑Cap cially strong in recent months, stocks’ relativestrength. If it is making it difficult to determine being causedbydifferences in Conundrum whataccounts forsmall-caps’ sector weightings,however, it is relativestrength this year.But likely to persistonly if the sectors ContinuedfrompageR1 Prof.Daniel says thereisthe in which the small-caps areover- Any parallel to the top of the distinct possibilitythatitisre- weightcontinue outperforming. internet-stock bubble is ominous, ally a“value effectmasquerad- to be sure. But there are several ing as asizeeffect.” If so,abet idiosyncrasies to small-caps’ re- on small-caprelativestrength cent performance that stand in continuing is really abet that 3. Is the small-cap the way of drawing any straight- value will outperform growth. effect real? forward analogies to the frenzy That bet may pay off in com- This discussion also points to a in small stocks that heralded the ing months, he says, and value more fundamental question that 2000 tech-stock crash. could continue to outperform many researchers have been ask- Indeed, according to several ing in recent years: researchers, small-caps’ recent Does the small- strength may actually be some- Small Outweighs Big cap effect even ex- thing else in disguise—that is, it ist, in and of it- In Russell indexes, performancegoes up as yougo self? That is, do may be due to factors other than down the market-cap scale.Since12/31/2020: just size, such as the battle be- smaller firms re- tween growth and value stocks. 130 Indexes ally have higher That doesn’t mean there is returns than larger 120 Russell Microcap nothing to worry about in this firms, on average, bull market, where valuations are 110 Russell 2000 over long periods? stretched thin for many stocks. Andrea Frazzini, 100 Russell 1000 But it does mean that investors Russell Top50 a principal at AQR who are focused solely on the 90 Capital Manage- small-cap/large-cap divergence 2021 Feb. March ment and an ad- could be missing the bigger pic- Note:12/31/20indexvalue =100 Source:FactSet junct professor of ture. Here’s why. finance at New York University, growth for many years. But he has concluded that it exists only also says that value stocks have among a very narrow group of 1. Value versus growth lagged behind growth stocks for stocks. He says that some of the One distinction that is crucial for at least a decade now, and while relative strength of small-caps in understanding the relative there have been numerous pre- recent months traces to specula- strength of small-caps this year dictions of a value resurgence tive fervor for stocks outside that has to do with where small- and over that time, it hasn’t hap- narrow group, making it risky to large-cap stocks lie on the growth- pened—at least not yet. bet that it will continue. versus-value spectrum. Small-cap According to his research,small- stocks currently are far closer to caps areagood bet to outperform the value end of the spectrum the large-caps only if youlimit your than large-caps, meaning they are 2. Sector bets focus to companies’with high fi- trading for lower prices relative to Thebenchmark indexesfor nancial quality. By financial quality their net worth. small-caps and large-caps have he means firms thatare profitable, Astock’s placeonthis spec- differentsectorweightings, have robustprofit growth and a trum is definedbyits ratio of which also makes it difficult to stable earnings stream and ahigh pricetoper-sharebook value, gauge whether the recent rela- dividend-payout policy,among other with the highestratios at the Skewed Sector Bets tivestrength of small-caps is ac- characteristics.Manyofthe small growth extreme and the lowest Currentportfolio weightings by sector tually due to companysize. companies thathave performedthe at the value extreme.Consider Consider the information-tech- bestsofar this year don’t qualify. the Russell Microcap Index, which IWM: iShares Russell 2000 ETF SPY: SPDR S&PETF nology sector.The ETF bench- Companies that have been bid contains the smallest1,000 IWC: iShares Russell Microcap ETF XLG: InvescoS&P 500 Top50ETF marked to the largest50stocks higher in recent weeks through so- stocksinthe broad-market Rus- 0% 20 40 currently has a38.6% weighting cial-media investor campaigns— sell3000 index. Its average price- to this sector,morethan three such as GameStop and AMC En- to-book ratio is 2.5atthe end of Healthcare times the 12.7%weighting of the tertainment—are two examples, February, according to Russell In- Russell Microcap Index. but they are hardly alone in not dexes. Thatcompares with a4.2 Industrials Conversely,the microcap index qualifying for Prof. Frazzini’s high- ratio forthe Russell 1000 Index has morethan 10 times the quality category. Nearly half of the (which contains the largest1,000 Financials weighting of the largest-50-stock 2,000 companies in the Russell stocks) and a5..7ratio forthe ETF to the industrials sector 2000 small-stock index had nega- Consumer Russell Top50Mega-Cap Index (11.7% versus 0.8%) and more tive earnings in 2020. Discretionary (which contains the largest50.) than double the allocation to the Prof. Frazzini’s research there- Information These aresignificantdifferences, financials sector (17.6% to 7.1%). fore suggests that, if you want to Technology according to Kent Daniel, afinance These differences areabig bet on a continuation of recent professor at Columbia University Real Estate part of small-caps’year-to-date small-cap relative strength, you and aformer co-chief investment performance, sinceindustrials and should focus on small stocks that officer at Goldman Sachs.Hesays Materials financials have eachoutperformed score high on various measures of that, on average,small-cap growth the information-technology sector. financial strength, safety and qual- stockstend to underperform the Consumer It wasjustthe oppositefor calen- ity. And don’t sweat the compari- market,while small-cap value Staples dar 2020,and sureenough, the sons to that internet-stock frenzy stockstend to outperform. Since Energy smalleststockslaggedbehind the of 20 years ago. 1926, he says,the smallest-cap largestlastyear. Mr. Hulbert is a columnist whose stocksclosesttothe growth end of Utilities Until thereare small-cap and the spectrum have lost3.3%annu- large-cap benchmarkswith the Hulbert Ratings tracks investment FFER

alized,while the smallestmost same sector weightings—Prof. newsletters that pay a flat fee to AU

Communications ST value-orientedstockshave gained Danielsaysheisunaware of any be audited. He can be reached at currently—it will be difficult to [email protected]. 13.3%annualized. Source:Hulbert Ratings BRIAN

Mutual-Fund Yardsticks: How Fund Categories Stack Up How the Largest Funds Fared Performance numbers are total returns (changes in net asset values with reinvested distributions) as of Includes mutual funds and ETFs for periods ended Feb. 26. All data are final. Feb. 26; assets are as of Jan. 29. All data are final. Performance (%) Performance (%) Investment objective February 1-yr 5-yr* 10-yr* Investment objective February 1-yr 5-yr* 10-yr* Stock Mutual Funds and ETFs Diversified stock & stock/bond funds World stock funds Total Return (%) Large-Cap Core 3.0 29.6 15.4 12.0 Global 2.9 32.5 13.7 9.1 Assets Annualized Large-Cap Growth 1.8 43.4 21.2 15.2 International (ex-U.S.) 2.4 26.4 10.4 5.3 Fund Ticker ($ billions) February 1-year 3-year 5-year 10-year Large-Cap Value 5.8 24.0 12.2 9.9 European Region 2.8 25.1 9.4 5.2 Vanguard TSM Idx;Adm VTSAX 1079.43 3.2 35.6 15.0 17.4 13.5 Midcap Core 6.3 30.0 12.7 9.8 Emerging Markets 1.8 36.5 14.7 4.6 Vanguard 500 Idx;Adm VFIAX 630.67 2.8 31.3 14.1 16.8 13.4 Midcap Growth 3.6 53.5 21.8 14.2 Latin American –1.3 –3.7 9.2 –3.7 Vanguard Tot I S;Inv VGTSX 394.82 2.3 26.0 5.6 11.3 4.9 Midcap Value 8.1 29.0 10.9 9.0 Pacific Region 0.6 43.9 16.7 8.0 SPDR S&P 500 ETF SPY 316.46 2.8 31.3 14.1 16.7 13.3 Small-Cap Core 8.9 40.5 13.8 10.0 Gold Oriented –7.8 29.5 11.7 –5.3 Fidelity 500 Index Fund FXAIX 284.62 2.8 31.3 14.1 16.8 N.A. Small-Cap Growth 4.8 60.0 22.1 13.7 Global Equity Income 2.6 15.5 8.5 6.4 Vanguard Instl Indx;InsP VIIIX 255.86 2.8 31.3 14.1 16.8 13.4 Small-Cap Value 10.9 40.9 12.4 8.8 International Equity Income 2.4 15.2 7.8 3.6 American Funds Gro;A AGTHX 254.16 1.6 46.4 18.3 21.1 14.9 Multicap Core 3.5 31.5 15.0 11.7 Taxable-bond funds iShares:Core S&P 500 IVV 234.16 2.8 31.3 14.1 16.8 13.4 Multicap Growth 2.9 51.2 21.6 14.8 Short-Term –0.1 2.3 2.5 1.9 American Funds EuPc;R6 RERGX 188.07 2.2 38.6 10.3 14.7 7.9 Multicap Value 6.2 24.7 11.6 9.3 Long-Term –1.7 3.2 5.5 4.9 American Funds Bal;A ABALX 182.32 1.5 16.4 9.1 10.8 9.6 Equity Income 4.0 20.9 11.3 9.6 Intermediate Bond –1.4 2.7 3.9 3.6 Invesco QQQ Trust 1 QQQ 148.25 –0.1 53.5 24.5 26.2 19.7 S&P 500 Funds 2.7 30.8 16.3 12.9 Intermediate U.S. –1.2 5.2 3.4 2.7 Vanguard Gro Idx;ETF VUG 143.37 0.8 45.2 21.4 21.9 16.1 Specialty Divers. Equity 2.5 34.8 18.7 13.8 Short-Term U.S. –0.2 1.4 1.5 1.1 Vanguard Dev Mkt;ETF VEA 137.78 2.5 24.4 5.5 10.6 5.5 Balanced (BL) 1.7 18.2 9.8 7.3 Long-Term U.S. –2.4 –0.7 2.7 3.6 American Funds Wash;A AWSHX 134.80 4.0 23.1 10.3 14.0 11.9 Stock/Bond Blend 1.8 20.3 10.3 7.2 General U.S. Taxable –1.0 3.0 5.7 5.0 Vanguard Md-Cp I;Adm VIMAX 131.99 5.3 36.0 13.7 15.8 12.2 Avg. U.S. Stock Fund† 4.9 37.7 16.2 11.8 High-Yield Taxable 0.5 8.1 7.6 5.4 Fidelity Contrafund FCNTX 131.88 1.6 38.6 16.6 20.0 14.9 Sector stock funds Mortgage –0.4 2.0 2.6 2.8 American Funds NPer;A ANWPX Science & Technology 3.8 66.2 28.5 17.2 World Bond –1.1 3.8 5.0 2.9 129.41 1.4 44.0 16.7 18.8 12.4 Telecommunication 2.7 34.9 11.2 8.0 Avg. Taxable-Bond Fund** –0.5 3.8 4.3 3.4 Vanguard S-C Id;Adm VSMAX 118.43 6.1 44.4 14.8 17.1 12.2 American Funds Inc;A AMECX Health/Biotechnology –0.9 39.2 16.7 16.0 Muncipal-bond funds 115.28 2.4 14.9 7.0 9.2 8.1 American Funds FInv;A ANCFX 113.88 3.9 28.3 11.4 15.7 12.1 Utility –4.1 0.1 8.4 8.6 Short-Term Muni –0.4 1.3 1.5 1.1 Natural Resources 19.0 17.7 –2.1 –6.5 Intermediate Muni –1.4 0.6 2.4 3.2 Bond Mutual Funds and ETFs Sector 5.5 17.5 9.0 7.7 General & Insured Muni –1.6 0.6 3.4 4.5 Total Return (%) Real Estate 3.6 5.6 7.0 7.7 Assets Annualized High-Yield Muni –1.2 0.2 4.4 6.0 Fund Ticker ($ Billions) February 1-year 3-year 5-year 10-year Vanguard Tot Bd;Adm VBTLX 305.35 –1.5 1.3 5.3 3.6 3.5 Stock and Bond Benchmark Indexes All total return unless noted Vanguard Tot Bd II;Inv VTBIX 226.88 –1.5 0.9 5.1 3.4 3.4 Performance (%) Performance (%) Vanguard Tot Itl BI;Adm VTABX 168.63 –1.8 –0.5 4.3 3.4 N.A. Investment objective February 1-yr 5-yr* 10-yr* Investment objective February 1-yr 5-yr* 10-yr* PIMCO:Income;Inst PIMIX 133.46 –0.4 5.4 5.0 6.3 7.0 Large-cap stocks Stock indexes MetWest:Total Rtn;I MWTIX 89.67 –1.4 3.3 6.1 4.1 4.4 DJIA 3.4 24.4 16.1 12.5 DJ U.S. TSM Growth 0.8 46.1 22.0 15.9 iShares:Core US Agg Bd AGG 86.17 –1.5 1.3 5.3 3.5 3.5 S&P 500 2.8 31.3 16.8 13.4 DJ U.S. TSM Value 5.4 21.9 12.1 10.6 Vanguard Int-Tm TxEx;Adm VWIUX 83.18 -1.4 1.6 4.6 3.2 4.0 Midcap stocks Taxable bond Vanguard Sh-Tm Inv;Adm VFSUX 74.17 –0.2 3.4 4.2 3.2 2.7 American Funds Bond;A ABNDX 71.58 –1.4 4.7 6.1 4.1 3.7 S&P MidCap 400 6.8 39.8 15.2 11.7 Barclays Agg. Bond –1.4 1.4 3.6 3.6 PIMCO:Tot Rtn;Inst PTTRX 69.80 –1.4 2.8 5.5 4.4 3.9 Small-cap stocks Muncipal bond Dodge & Cox Income DODIX 69.44 –1.1 5.2 6.0 5.4 4.4 Russell 2000 6.2 51.0 17.9 11.9 Barclays Muni. Bond –1.6 1.1 3.4 4.4 PGIM Tot Rtn Bond;Z PDBZX 64.25 –2.0 0.9 5.8 4.9 4.8 Broad stock market International stocks Vanguard Sh-Tm B;ETF BSV 62.77 -0.3 2.3 3.8 2.4 2.0 DJ U.S. Total Stock Market 3.2 35.5 17.4 13.4 MSCI EAFE†† (price return) 2.1 19.8 6.8 2.2 Fidelity US Bond Index FXNAX 58.10 –1.6 1.4 5.3 3.5 N.A. Russell 3000 3.1 35.3 17.4 13.4 Dow Jones World (ex. U.S.) 2.1 27.5 11.5 5.1 Lord Abbett Sh Dur;F LDLFX 56.72 0.2 2.5 3.5 3.4 3.0 *Annualized †Diversified funds only **Excludes money-market funds ††Europe, Australia, Far East Source: Refinitiv Lipper Note: For funds with multiple share classes, only the largest is shown. N.A.: Not applicable; fund is too new or data not available Refinitiv Lipper P2JW067000-0-R00500-1------XA

THE WALL STREET JOURNAL. Monday, March 8, 2021 | R5 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

• Exchange-TradedFunds

the $3.3 billion iShares MSCI United Kingdom ETF (EWU) and Investors Look Overseas Again the $180 million Franklin FTSE United Kingdom ETF (FLGB). Todd Rosenbluth, director of International ETFs hold 58% of all assets in the $945 ternationally,” says Craig Birk, year, or 59% of its total assets, mutual funds and ETF research at have taken off in billion category. chief investment officer at Per- But ETFs focused on Chinese con- CFRA, offers a word of caution for recent months, sonal Capital, a unit of Empower sumers are attracting assets, investors considering ETFs fo- Beyond the S&P 500 Holdings. That allocation “provides from Xtrackers Harvest CSI 300 cused on particular countries. “If thanks in part to the Some investors may consider in- maximum diversification benefits China A-Shares ETF (ASHR) to you are considering adding a coun- run-up in U.S. stocks vestment in the S&P 500 stock while recognizing increased vola- Global X MSCI China Consumer try-specific ETF to a portfolio that index to be enough exposure to tility from international, which is Discretionary ETF (CHIQ). includes regional funds, be sure economies outside the U.S., be- primarily driven by currency Broad country-specific funds that you understand how that BY ARI I. WEINBERG cause of American companies’ ex- swings,” he says. garnering investor interest include country may be represented in the tensive sales in foreign markets. A wave of investment antici- iShares MSCI Taiwan ETF (EWT) regional fund already,” he says. nternational exchange-traded But that doesn’t give investors pating a renewal of global eco- and iShares MSCI India ETF “It’s OK to overweight in a specific funds are back in favor. exposure to the domestic growth nomic growth or just a wide- (INDA). area, but you don’t want the com- The turnaround has been of emerging markets—what Black- spread rebalancing of portfolios in Among developed markets, the bined exposures to overdo it.” building formonths.Following Rock refers to as “emerging the wake of the recent surge in U.K. has been battered but may the summer 2020 rally forU.S. wealth.” And the share of sales of U.S. stocks “could favor interna- offer some opportunities as stocks, interest in in- S&P 500 companies that comes A narrower focus Iternational developed- Anticipation of a global and emerging-markets economic rebound has stockspicked up in No- the potential to re-ener- vember and December gize laggard small-cap and has surgedthrough Spain’s economy and value stocks in for- February. According to is expected to eign markets, largely left FactSet, international- grow faster out of last year’s stock- stock ETFs(excluding than advanced market rally that was “global” funds,which have economies overall. fueled mostly by large Shown, Madrid in U.S. exposure), have gath- growth stocks and mo- October 2020. ered $31billion in net mentum trading. For ex- newassets in thefirst ample, iShares MSCI twomonths of this year, EAFE Value ETF (EFV), compared with $30billion which holds value stocks forall of 2020. in developed markets, “The domestic equity has attracted $4 billion run was so extraordinary in net flows in the first that investors ended up two months of this year being underweight in while gaining 3.9%. both developed and Two actively managed emerging markets” out- funds from American side the U.S., says Century Investments— Andrew Mies, chief in- Avantis Emerging Mar- vestment officer at kets Equity (AVEM) and 6 Meridian in Wichita, Avantis International Kan. “The recent flows Small Cap Value show a move to rebal- (AVDV)—have also ance.” drawn new investors “It’s really an exciting since the beginning of time,” says Gargi Chaud- the year for their focus huri, head of U.S. iShares on so-called investment markets and investments factors, which are spe- strategy at BlackRock. cific economic trends, “International investing is company metrics and happening in more di- market-sector trends ex- verse ways than in the pected to boost returns. past,” she says. Both funds are outpacing Among the themes comparable broad-based Ms. Chaudhuri has ob- indexes in emerging and served are a shift into developed markets. ESG funds and more in- The rush into equity terest in targeted invest- ETFs investing along en- ments, as opposed to vironmental, social and broad international funds. governance (ESG) “Everything plays into the themes is also finally broad global growth catching on for interna- story,” she says. tional ETFs. Developed- The International Mon- and emerging-markets etary Fund is projecting ESG funds from Black- 5.5% global GDP growth One adviser says U.S. tional funds broadly in the coming growth rebounds from the effects Rock and Vanguard are attracting in 2021, with growth in years,” says Mr. Birk. He generally of the pandemic. Enduring Brexit investors by tilting toward compa- emerging markets and de- investors should put as recommends broad funds but on top of the pandemic in 2020 nies with high ESG scores and veloping economies as a much as 30% of aportfolio thinks emerging markets and sent the U.K. to an 11% contrac- eliminating companies operating in group projected at 6.3%, small-caps are promising areas for tion of GDP last year and a 7% controversial industries such as led by India (11.5%) and overseas, recognizing investors who want something decline in the 100 largest-capital- weapons or those that contribute China (8.1%). Among de- there is currency risk. more focused. ization domestic stocks, compared heavily to climate change. veloped economies, Spain with a 3.7% contraction of GDP Two funds from WisdomTree (5.9%), France (5.5%) and and a 21% rise in the Russell 1000 Investments that eliminate expo- the U.K. (4.5%) are ex- The China question index in the U.S., according to in- sure to state-owned industries in pected to grow at a faster pace from overseas has trended lower Some investors have shunned vestment adviser Research Affili- China and in emerging markets— than the projected 4.3% for ad- over the past several years, ac- China, the biggest emerging mar- ates. In a February research note, WisdomTree China ex-State- vanced economies as a whole. (The cording to separate analysis from ket. Funds investing in large and Research Affiliates founder and Owned Enterprises Fund (CXSE) IMF estimates U.S. GDP growth at Goldman Sachs and S&P Dow midcap Chinese stocks have had Chairman Rob Arnott wrote that and WisdomTree Emerging Mar- 5.1% in 2021.) Jones Indices. moderate outflows despite year- “U.K. equities stand out as offer- kets ex-State-Owned Enterprises The stalwarts of international So, many advisers recommend to-date returns in the low teens, ing one of the most attractive Fund (XSOE)—are also drawing in- ETFs include funds from Vanguard, that investors in the U.S. looking according to FactSet. By contrast, risk-return trade-offs, priced to vestor interest this year. BlackRock and Charles Schwab that to benefit from growth overseas iShares MSCI Emerging Markets earn a return a notch higher than offer wide exposure to developed- invest in international stocks. “For ex-China ETF (EMXC) has at- emerging-market equities with Mr. Weinberg is a writer in and emerging-markets indexes. The most U.S.-based investors, we al- tracted $250 million in net flows significantly lower volatility.” Connecticut. He can be reached at 10 largest international-stock ETFs locate about 30% of equities in- in the first two months of this ETFs tracking the U.K. include [email protected].

LoweredDisclosure New EU rules The EU's final draftregulations on sustainable ing required to gather sustainability Fund Managers whittleddownthe number of investing begin data that either doesn’t exist or to take effect mandatory adverse-reporting doesn’t rise to the standard of in- Bracefor on March 10. metrics forasset managersto vestment-grade use. 18 from 47,moving manytothe That opposition led the EU to de- additional, nonmandatory Europe’s New lay the rules and to split them into category. two phases: the rules being intro- Greenwashing duced this month, and a more de- Environment Social Rules manding set of rules that is ex- 0 50 pected to start taking effect in 2022 and 2023. Disclosures are designed Proposed Vanguard Group was among big to help investors make U.S. fund managers that criticized the draft regulations as originally S better decisions proposed. The latest regulations are PRES Required an improvement, says the Malvern, TED Big fund managers are steeling Pa., company, which has more than

OCIA themselves for a sweeping set of $6 trillion in assets under manage- SS Source:European Union /A anti-greenwashing rules in Europe ment. “The revised technical stan- that could affect their operations dards strike a careful balance be-

DEJONG globally when rules begin to take environmental and social impacts of the 500-staff threshold can opt out, pects in detail. That will help end tween disclosures that help reduce effect in days. their investments based on 18 met- but must say why. investors separate good sustainable the risk of greenwashing and the PETER investing from the not so good.” S; BY DIETER HOLGER Greenwash- rics. They can also choose to ex- Until now, institutional investors challenges of data credibility, quality AND FABIANA The financial-services industry

NEW ing is when a plain why they aren’t considering and asset managers could pretty and availability for reporting,” says G NEGRIN OCHOA fund mislead- those impacts, which range from much say whatever they wanted to has had a mixed reaction to the Fong Yee Chan, head of ESG strat- ingly labels it- greenhouse-gas emissions to gen- with regard to sustainable investing, new rules. When the push for egy for Europe at Vanguard. OOMBER self as “eco” or “sustainable” to at- der pay gaps. says Bård Bringedal, chief equities tougher standards started, there tract environmentally minded By June 30, money managers investment officer at Storebrand, was pushback from asset managers Mr. Holger is a Wall Street Journal investors. Rules that begin to take and other critics arguing that the HANNA/BL with more than 500 employees will Norway’s largest private asset man- reporter in Barcelona. Email him at

UL effect March 10 will require invest- no longer have that choice: They ager. “But with the new Sustainable proposed regulations were too de- [email protected]. Ms. Negrin PA manding and that ESG data to be

P: ment firms managing money in must state that they are consider- Finance Disclosure Regulations,” Mr. Ochoa is a reporter for The Wall TO the European Union to say ing the adverse impacts of their in- Bringedal says, “we will have to used for the 18 metrics was unreli- Street Journal in Singapore. Email OM whether they are reviewing the vestments. Those that don’t meet document and report on these as- able. The critics said they were be- her at [email protected]. FR P2JW067000-0-R00600-1------XA

R6 | Monday, March 8, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

The muddle of state regulation traces to an SEC decision.

raise the cost of financial advice. If enhanced disclosures or additional reporting comes with an added cost, he reasons, that cost is likely to get passed on to the consumer.

Annuities Additional rule proposals could make things more complicated for sales and purchases of annuities, too. The National Association of In- surance Commissioners, or NAIC, the body that oversees regulation of annuities, has announced its own effort to establish a suitability rule for selling and advising on annuities. According to the rules being pro- posed by NAIC, recommendations of annuities would have to ensure that the product is in line with the goals of the investor; free of conflicts of interest for the adviser or insurance agent; and provides transparency around the total cost of the product. Annuities don’t fall under the scope of Reg BI. Instead, they are insurance products, which means they will be subject to state rules regarding insurance. Nevertheless, annuities can be sold by financial advisers in addition to insurance agents. It isn’t yet clear whether fi- nancial advisers’ annuity sales will be subject to Reg BI on top of the state insurance rules. Sometimes annuities also are sold within em- ployee retirement plans like 401(k)s. Financial Advice Gets More The NAIC has included a carve-out for brokers and advisers that al- ready comply with Reg BI, but it is Regulation. It’s Complicated. unlikely that individual investors will be aware of who complies with what without additional research. Various staterules come on passed or are expected to pass leg- bly not going to happen,” Mr. Kreps Alabama, Arkansas, Arizona, Del- topoffederal ones islation that holds more financial says. “What we have now is the re- ware, Iowa, Michigan and Rhode Is- professionals to a fiduciary stan- sult of congressional inaction to land have adopted the NAIC rules, dard. The state regulations, how- form that kind of system.” which will go into effect this year. BY BAILEY MCCANN ever, differ slightly from one an- other, which could add to the hodgepodge of newstate and federal confusion for both investors and fi- Fiduciaryrules Buyer beware rules forfinancial-services profession- nancial professionals. So far, four states—Massachusetts, The Biden administration might als promises to leave investorscon- “I don’t think anyone, even the Nevada, New Jersey and New make the regulatory puzzle more fusedastothe natureofthe advice consumer advocates, thinks 50 York—either have passed or are complicated. President Biden has theyare getting. states making their own rules is a about to enact their own fiduciary signaled his interest in more-robust This muddle canbesaid to have good idea,” says Brian Graff, CEO of rules. These measures would hold oversight of the financial industry, Astarted in 2019,when the Securities the American Retirement Associa- brokers and advisers to the same fi- and is likely to revisit both the fidu- and Exchange Commission put the final tion, an industry group for retire- duciary standard. ciary standard and Reg BI. But any touches on an investor-protection ment professionals. “I’d But each statehas aslightly dif- new rules will have to reconcile measureitdubbedRegulation like to think that more ferent interpretation of howafidu- what brokers have already done in Best Interest,or“RegBI,” de- people would recognize ciarystandardwill work.InMassa- response to Reg BI, as well as regu- signedtoset aminimum stan- If you’re a that a lack of uniformity chusetts, Nevada and NewYork,the latory trends at the state level. dardfor financial advice. At the is going to create chaos states want advisersand brokersto Mr. Kreps says that fiduciary reg- time,consumer advocates were retirement-plan and inefficiency,” be placed on the same level, with ulation could end up evolving in a pushing forwhattheyargued investor who is Michael Kreps, aprinci- each adhering to afiduciarystandard. way similar to the Affordable Care wasahigher standard: afidu- confused by the pal at Groom LawGroup, However, NewJerseygoes further, Act. “Federal inaction led Massachu- ciaryrule thatlegally required alaw firm thattracksreg- applying the standardtobrokers, setts to do Romneycare and then brokerstobeheld to the same crazy quilt of ulations relatedtoretire- agents, investmentadvisersand in- other states did their own versions,” standardasfinancial advisers, state regulations, mentinvestmentproducts vestmentadviser representatives.In he says. “That eventually led to the and thatrequired all decisions be such IRAs,annuities and practice, this means thatbrokers ACA, which borrowed from what made to the benefit of investors, you’re not alone. pensions,saysitislikely who operateinmultiple states will the states did. I think what we’re without loyaltytoany financial thatthe patchwork will have to comply notjustwith RegBI going to see here is the same story.” firm. But the SECinthe end continue to grow. but also with morestringentrules, If Mr. Kreps’s prediction turns out optedfor the less-strict RegBI, which simply says “Ideally, we would have some depending on wherethe clients live. to be true, it could take years for a investments proposedbybrokers and other financial kind of federal standard of care for Advisers, too, will have to ensurethat unified standard at the federal level. professionals should align with investor goals,have people who sell financial products theyare complying with both SEC clear disclosures and be free of conflicts of interest. and a standard of care for people regulations and state-levelregula- Ms. McCann is a writer in Several states seem to agree that a higher stan- who provide advice with some kind tions on fiduciaryduty. New York. She can be reached dard for broker conduct is still necessary, and have of bright-line test, but that’s proba- Mr. Graff suggests that could at [email protected].

• Saving for College

Is forgiveness under an in- get more aggressive about pay- Student‑Loan come-driven repayment ments, they will have funds avail- Forgiveness: plan right for me? able. And if they decide to ride it That depends. out and seek forgiveness on the Questions to Ask Borrowers who qualify for the balance, they will have money for public-service loan forgiveness the tax bill, if there is one. probably would be better off seek- ContinuedfrompageR1 ing relief through that program. better off paying down their loans They won’t owe taxes on the for- Should I rethink my more aggressively? given amount and loans under the payment strategy given the There is no one-size-fits-all an- PSLF program are eligible for for- current environment? swer. But some things to consider: giveness after 10 years of qualify- Since Washington has frozen pay- ing payments, rather than 20 or ments and interest on many fed- 25. There also could be other for- eral student loans through Sep- How do I qualify giveness options available from tember, it may not be worth it to for income-driven the government that are more ap- aggressively pay down this kind of repayment forgiveness? propriate to a borrower’s situation. debt right now. Many borrowers There are four income-driven re- Meanwhile, those who have the might be better off putting the payment plans offered by the fed- money to pay off their loans early money they would have spent on eral government, and most federal might benefit from doing so be- these payments into a high-yield student-loan borrowers are eligible cause holding out for forgiveness savings account, Mr. Lux says. for at least one, according to the could end up costing them too with a low income relative to their Students move back for There’salso the possibilitythat

U.S. Education Department’s Fed- much in interest and taxes, as debt, to have a six-figure student- the fall at the University some amountoffederal loan debt NIN/REUTERS eral Student Aid office. Under things now stand. loan balance at the end of 20 or will be canceled. PresidentBiden CO of Michigan in 2020. EL these programs, borrowers might But for borrowers buried under 25 years, says Tobin Van Ostern, has indicated he is leaning toward Y

not have to make monthly pay- a mountain of debt, it can make co-founder at Savi, a service that $10,000 of federal-loan forgiveness EMIL

ments at all if their incomes are sense to go for the lowest pay- helps student-loan borrowers de- Loan Simulator (at studentaid.gov) per borrowerthrough Congress; GES;

low enough. But it also could be ment possible through an income- termine repayment options. to see how much more in interest some Democratsare pressing for IMA that borrowers in some cases end driven repayment plan, and stick Depending on how much debt they would pay by stretching out $50,000 through executiveorder. up paying more than they would with it until they eventually qualify is erased, forgiveness also could payments. There also are online If this is still in limbo once the GETTY under a standard 10-year repay- for forgiveness, says Michael Lux, push borrowers into a higher tax services such as Savi and Summer payment pause is lifted, some bor- SE/ ment plan, based on their income founder of the Student Loan bracket. “You need to make sure that work directly with borrowers rowers may want to pay only the

and other factors. Sherpa, a website focused on stu- you’re saving enough to pay for or through their employers to help minimum and take the chance this ANCE-PRES Borrowers in any of the four in- dent-loan education, strategy and that tax hit,” Mr. Van Ostern says. with these decisions. additional forgiveness will materi- FR come-driven plans who have a borrower advocacy. However, bor- The tax ramifications, of course, Those who are less confident alize, Mr. Lux says. For others, the GENCE

loan balance at the end of the re- rowers need to remember that, are poised to change, at least about their finances could pay the cost of letting the interest linger /A EB

payment period are eligible to under the current rules, they will through 2025, as part of the pan- minimum monthly amount under could make that a bad bet. LO

have that debt erased. There is no owe taxes on the forgiven demic-relief package. an income-driven repayment plan UL SA

requirement that they work in amount—and that bill could be Borrowers who have money to and set aside any extra money in Ms. Winokur Munk is a writer in P: public service or have a permanent steep. For example, it isn’t uncom- pay down their loans more aggres- a special savings account, Mr. Lux West Orange, N.J. She can be TO disability, for example. mon for people, especially those sively can use the government’s says. That way, if they decide to reached at [email protected]. OM FR P2JW067000-0-R00700-2------XA

THE WALL STREET JOURNAL. Monday, March 8, 2021 | R7

FO

LD

Checklist  THE WALL STREETJOURNAL. Ways You Can Still Save on 2020 Taxes Pull out Tax +Fold Thereare still afew things people candonow to cut lastyear’staxes. Hereare some:

Contribute to a traditional IRA Contribute to an HSA Guide Savers can take a tax deduction for Taxpayers covered by approved WSJ.COM/ putting up to $6,000 in a tradi- high-deductible healthcare plans for TAXGUIDE tional IRA, and people age 50 and 2020 have until April 15, 2021, to over can put in an extra $1,000. make tax-deductible contributions to 2021

(Limits may apply based on type or health savings accounts (HSAs) for amount of income.) The deadline 2020, or June 15 if they are in Texas

for 2020 contributions is April 15, or Oklahoma, unless the IRS delays 2021, unless the IRS delays it the tax deadline further. The deduc- further. Residents of Texas and tion for single coverage is up to With the latest on pandemic changes, Oklahoma have until June 15, 2021. $3,550, plus $1,000 for those age 55 taxesonremote work and more and older. The deduction for family coverage is up to $7,100, plus $1,000 —By Laura Saunders, Contribute to a SEP IRA if the HSA owner is 55 or older. Richard Rubin and the staff People with self-employment of The Wall Street Journal income can often make a tax-de- ductible contribution for 2020 of Save on penalties up to $57,000 to these retirement People who didn’t pay in enough tax accounts. The deadline for setting in 2020, and can’t file a return now, them up and contributing for 2020 can make a payment of part or all of TOP FOLD is Oct. 15, 2021, for taxpayers who the overdue tax to stop the penalty have a six-month extension to file. or lessen it. See IRS.gov/payments.

FOLD BACK A Tax Year Like No Other

he Covid-19 pandemic made 2020 atax year likenoother.Now those

issues arepartof2021, forbothtaxpayers filing 2020 returns and those T planning ahead. • Forfilerswith questions,The Wall Street Journal Tax Guide for2021provides information about the tax provisions affecting individuals forlastyearand this one.Inaddition to pandemic tax changes,itdiscusses other provisions and includes rates, bracketsand other benchmarks. • At this mo- ment, akey unresolved issue is whether the Internal Revenue Servicewill post-

ILLUSTRATIONS BY MARTIN TOGNOLA pone the April 15 tax due date as it did lastyear.Congressand professional groups such as the American InstituteofCPAshaveasked forsuch adelay, but Moreavailable so farIRS officials have said theydon’t plan to makeachange.The only current Business meals, alimony, “529” plans… There are tax issues with many exception is Texasand Oklahoma residents and businessowners. Theyhave until facets of life. Subscribers can download the complete WSJ ebook on June 15 because of the storms thatrecently ravagedthe states. • This pullout, this year’s key tax matters at WSJ.com/taxguide. foldable section includes highlights from this year’s guide.For details on howto access the full guide online,see the lastpage.

5 1

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R8 | Monday, March 8, 2021 THE WALL STREET JOURNAL. TAX H21 Unemploymentcompensation

Unemployment payments—including extra amounts due to the pandemic—are usually taxable,and recipients should receivea KeyInflation-AdjustedTax Numbersfor 2020 Medical expenses Form 1099-G thatreports the 2020 total both to them and to the IRS. These forms Individual income tax Taxable income In late 2020,Congressalso were supposedtobemailedormade enacted apermanentthreshold available by Jan. 31,2021. However, Con- RATE SINGLE MARRIED, FILING JOINTLY of 7.5% of adjustedgross income gressispoisedtopassatax exemption 10% Up to $9,875 Up to $19,750 fortaxpayers who want to de- forthe first $10,200 of 2020 unemploy- duct medical expenses on Sched- mentpayments per spouse 12% $9,876 to 40,125 $19,751to80,250 ule A. This means thatfilerswho for households making up to $150,000. 22% $40,126 to 85,525 $80,251to171,050 itemizecan deduct eligible ex- Some taxpayers have been victims of penses only to the extentthat unemployment-payment ID theft and have 24% $85,526to163,300 $171,051 to 326,600 theyexceed 7.5% of their AGI. received 1099-G forms for amounts they 32% $163,301 to 207,350 $326,601to414,700 Without the change,the thresh- didn’t file for or receive. The IRS has a old would have risen to 10%. webpage for these victims at IRS.gov. 35% $207,351 to 518,400 $414,701 to 622,050 Relatively few taxpayers ben- 37% $518,401+ $622,051 + efit from this write-off because their expenses don’t exceed the Source:Internal Revenue Service threshold. But it covers a range of unreimbursed costs when it does apply, and it is valuable to people with expenses for chronic or nursing-home care. Other eligible costs include in- surance premiums paid with af- State taxes ter-tax dollars, prostheses, eye- glasses and even a wig if on remote work needed after chemotherapy. For a long list of deductible costs, If you worked remotely in a state see IRS Publication 502. different from your usual one, you may have to file a tax return, and perhaps pay taxes, to more than one state. This is a complex area with rules that vary from state to state, and it will pose problems for many telecommuters whose offices closed in 2020. Some states also have special pandemic rules that will add more complications. 2020 RMDsfrom Think twice before cheating on retirementplans this issue: Employers and tax pre- parers are unlikely to risk conse- A year ago, Congress sus- quences by filing incorrect forms, pended the requirement and do-it-yourself filers should re- that retirement-account member that tax returns are holders take out at least signed under penalty of perjury. some money once they hit a certain age. But by the time of the suspension, many savers had already made their annual RMD (re- quired minimum distribu- tion) from retirement ac- Covid-19 counts such as IRAs and 401(k)s. The IRS then said Emergency that such withdrawals could retirement-plan be returned to the accounts withdrawals by Aug. 31, 2020. Filersshould treatthese Pandemic Response In 2020,Congressallowed transactions as rollovers. Thatmeansreporting the manypeople affectedby required payouts on Line 4a the pandemic to make formostIRAsand 5a for withdrawals of up to WhatWas Changed $100,000 from retirement mostother accounts. Then, if the saverput the entire plans such as 401(k)s, payout back,recordazero IRAs and Roth IRAs.Most on Line 4b or 5b and write important,lawmakers the word “rollover” next to Congressand the IRSrespondedtothe pandemic and waived the 10% penalty thatorcheck the boxonthe lockdowns with ahostoftax changes,although lawmakers thatoften applies to such software.Ifpart of the pay- didn’t alter basic tax ratesand brackets.Manytaxpayers are withdrawals. out wasn’t put back,then These payouts them- put thatamountonLine 4b coping with neworunfamiliar tax provisions this year, selves are taxable, unless or 5b instead of azero. so hereisaselection of changes to be aware of. the saver puts the money back into the account or a similar one. The income from the withdrawals can be spread over three years, but there is room tional payments basedontheir to strategize. Stimulus payments 2020 tax return—say, because their Forexample,say that income droppedintothe eligibility someone affectedbythe Congress has made two rounds range or theyhad achild. This is pandemic withdrew of stimulus payments totaling up known as the Recovery Rebate $50,000 from an IRAlast to $1,800 per adult and $1,100 Credit,and it’s on Line 30 of the year and expects much per dependent under age 17. 1040 and 1040-SR forms.There’sa lowerincome for2020 These payments began to phase worksheet to determine amounts than 2021 or 2022.Ifthe out at $75,000 of adjusted gross due the taxpayer. saverthinksheorshe income for single filers and Stimulus payments and Rebate won’tput the moneyback, $150,000 for married joint filers. Recovery Credits aren’t taxable,and it mightlowerthe overall Lawmakers are poised to ap- in mostcases overpayments don’t taxes to declarethe entire prove a third round of $1,400 need to be returnedtothe IRS. $50,000 as 2020 income, payments for many people. However, the agency will be match- instead of spreading it The first tworounds were up- ing stimulus payments with rebate overthree years. frontpayments of atax credit for credits to detectdouble dippers. So far, Congresshasn’t 2020,but theyweredetermined The thirdround of stimulus pay- authorized such Covid- by income on taxpayers’2018or ments will likely be basedon2019 relatedwithdrawals 2019 returns.Asaresult,some or 2020 tax returns—whateveris for2021. taxpayers canclaim full or addi- available when payments go out. Related article, page R10

the moneyintheir 2020 accounts because Flexible spending accounts of the pandemic.Atthe end of 2020,how- ever,CongresseasedFSAsuse-or-lose-it Flexible spending accounts (FSAs) are rules.Workerscan nowcarryoverunused employer-sponsored plans thatallow funds from 2020 to 2021 or 2022.For de- workerstoset asidepretax dollarstopay pendent-care accounts, lawmakersex- forunreimbursedhealth expenses (such tendedthe age limit from 12 to 13 for as glasses or over-the-countermedica- somecarried-overfunds. tion) or certain dependent-care expenses, Forworkerstotakeadvantage of these such as summer camp. changes,companyplans oftenmustopt ManyFSA participantsdidn’t use all into them.

KeyInflation-AdjustedTax Numbersfor 2021

Individual income tax Taxable income

RATE SINGLE MARRIED, FILING JOINTLY 10% Up to $9,950 Up to $19,900 Charitable-donation deductions 12% $9,951 to 40,525 $19,901to81,050 Forthe 2020 tax year,Congressisallowing filerstodeduct up to $300 22% $40,526to86,375 $81,051 to 172,750 in 2020 charitable donations if theydon’t break out their deductions on 24% $86,376to164,925 $172,751to329,850 Schedule A. This deduction rises to $300 forsingle filersand $600 for marriedjointfilersfor 2021. 32% $164,926 to 209,425 $329,851 to 418,850 These donations must be in cash—by check, credit card or similar transfer— 35% $209,426 to 523,600 $418,851 to 628,300 and they can’t be property such as used clothing or furniture. Also for 2020 and 2021, many taxpayers who make large cash donations 37% $523,601+ $628,301 + can immediately deduct amounts up to 100% of their adjusted gross income. Source:Internal Revenue Service Absent this provision, the limit would be 60% of AGI. As in other years, excess donations carry forward for use in the future. 4 P2JW067000-0-R00900-1------XA

THE WALL STREET JOURNAL. Monday, March 8, 2021 | R9 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

Category Kings in 16 Realms Leaders and Laggards Top-performing funds in each category, ranked by year-to-date total returns (changes in net asset values Performance numbers are total returns (changes in net asset values with reinvested distributions) as of with reinvested distributions) as of Feb. 26; assets are as of Jan. 29. All data are final. Feb. 26; assets are as of Jan. 29. All data are final. Large-Cap Core Small-Cap Core Best-Performing Stock Funds Total Return (%) Assets Total return (%) Assets Total return (%) Assets Annualized ($ millions) Feb YTD 1-yr 5-yr* ($ millions) Feb YTD 1-yr 5-yr* Fund Ticker ($ millions) February YTD 1-year 3-year 5-year Pacer Lunt LC Alt 49.2 18.1 17.5 N.A. N.A. Jacob Discovery;Inv 41.3 15.8 31.4 139.1 36.8 MS US BO Idx 3X Lvrgd NRGU 229.0 96.0 109.2 –69.0 N.A. N.A. Pacer Lunt LC MF Alt 18.2 14.3 15.5 N.A. N.A. Perkins Discovery 20.9 11.0 25.8 119.4 32.3 Direxion:Reg Bnk Bull 3X DPST 217.8 61.9 79.3 –19.2 –34.6 1.9 Selected American Shs;D 1,846.0 7.8 9.4 33.9 16.4 Acuitas US Microcap;Inst 53.2 14.1 23.2 60.4 16.7 iPath ETN S&P GSCI CTR A 35.1 44.2 73.9 –48.0 –29.9 –11.5 Davis NY Venture;A 8,308.4 7.8 9.0 32.7 16.2 iShares:Micro-Cap 1,131.2 6.0 21.1 64.7 19.1 Amplify Seymour Cannabis CNBS 54.8 29.4 73.4 183.4 N.A. N.A. PRIMECAP:Odyssey Stock 6,974.3 6.6 8.4 35.9 16.4 Pacer US SC Csh Cws 100 101.1 9.7 20.4 67.4 N.A. Glbl X Cannabis ETF POTX 84.4 15.3 68.7 53.2 N.A. N.A. Vanguard PrmCp Cre;Inv 10,817.2 6.0 8.4 36.0 17.4 THB Asst Mgt MicCp;Inst 76.3 10.3 20.2 78.7 20.8 ETF Mgr:Brkwv DB Shppng BDRY 24.8 23.1 61.9 64.6 N.A. N.A. Glbl Beta:Rising Stars 1.2 3.7 8.2 N.A. N.A. Hancock Hrzn Miccap;Inst 12.4 11.7 19.9 24.1 5.9 Cannabis ETF THCX 91.6 18.3 58.5 107.6 N.A. N.A. Vanguard PRIMECAP;Adm 69,900.3 5.1 7.4 38.6 19.7 Royce Fd:Oppty;Inv 1,469.1 12.7 19.6 74.7 21.4 Cannabis Growth;Investor CANNX 4.0 23.0 58.4 128.8 N.A. N.A. 2ndVote:Society Defended 2.7 7.7 7.4 N.A. N.A. Hodges Sm Intr Val;Rtl 13.2 13.9 18.9 57.4 12.5 Direxion:EnergyBull 2X ERX 444.2 48.4 57.9 –68.3 –55.1 –33.1 Davis Sel US Equity ETF 313.2 6.9 7.2 32.4 N.A. Invesco S&P SC600 Eq 33.9 7.8 18.2 60.7 17.1 Direxion:Retail Bull 3X RETL 127.2 –30.0 57.7 317.9 30.6 21.2 Category Average: 1,614.2 3.0 1.9 29.6 15.4 Category Average: 620.7 8.9 11.8 40.5 13.8 ETFMG Alternative Hrvst MJ 1,443.2 18.0 57.1 69.5 –7.6 5.4 Fund Count 690 689 683 635 515 Fund Count 914 913 912 894 732 ProShares:Ult Oil & Gas DIG 125.3 46.5 56.3 –17.2 –28.0 –13.2 Direxion:S&P 500 HB Bl3X HIBL 53.6 62.2 55.7 85.0 N.A. N.A. ProShs II:Ult Blm CrO UCO 899.7 35.9 51.6 –79.5 –55.3 –32.5 Large-Cap Value Small-Cap Value AdvsrShs Pure Cannabis YOLO 265.1 19.0 47.3 166.7 N.A. N.A. Assets Total return (%) Assets Total return (%) Amplify Trans Data Shrng BLOK 530.4 32.8 46.3 189.9 39.2 N.A. ($ millions) Jan YTD 1-yr 5-yr* ($ millions) Feb YTD 1-yr 5-yr* MS US BB Idx 3X Lvrgd BNKU 35.1 58.5 45.8 –13.6 N.A. N.A. Smead Value;I1 1,372.0 6.3 13.5 34.3 14.3 Bridgeway:Sm Cp Val 49.3 8.9 31.6 76.1 16.5 American Gro Cannabis;E AMREX 1.5 19.8 44.6 80.1 9.9 1.7 QRAFT AI-Enhanced US NV 3.5 5.9 10.9 N.A. N.A. Bridgeway:U-Sm Co Mkt 225.9 12.2 29.7 88.2 18.5 Invesco S&P SC Enrgy PSCE 36.2 24.1 43.8 37.8 –22.8 –11.7 Invsc Comstock Select;A 556.8 9.7 9.0 27.9 11.7 Ancora MicroCap;I 11.6 16.8 27.1 51.5 10.9 Upright Growth Fund UPUPX 29.8 10.9 42.8 166.7 24.5 7.0 Invesco Comstock;A 8,496.2 9.0 8.8 26.4 12.5 Perritt Ultra MicroCap 15.9 11.5 26.0 58.2 12.6 Invesco Dyn Enrgy PXE 18.3 30.6 42.3 42.3 –7.7 0.4 BrndywnGLB Dyn US LCV;IS 202.2 6.8 8.6 33.2 13.9 Invesco S&P SC 600 Rev 363.5 0.1 25.4 84.2 16.9 Invesco DWA Energy PXI 20.4 27.0 40.6 28.8 –10.2 –1.4 LSV Consv Val Eqty;Inst 91.4 7.1 8.5 22.4 10.9 Fuller&Thaler BMCE;Inst 10.6 11.2 24.4 69.6 N.A. ProFunds:Oil & Gas;Inv ENPIX 13.1 33.5 40.6 –0.1 –17.3 –6.8 PIMCO:RAE PLUS;Inst 1,385.5 2.8 7.8 28.9 14.8 Bridgeway:Ultra-Sm Co 88.8 10.0 23.8 78.4 14.2 Frst Tr:Natural Gas FCG 119.5 25.4 40.2 70.1 –12.6 –3.6 Fidelity Mega Cap Stock 1,276.2 8.5 7.7 36.8 16.4 Invesco S&P SmallCap VM 140.1 –1.0 22.3 52.6 17.4 Cambria Cannabis TOKE 26.7 14.9 40.0 74.2 N.A. N.A. EIC Value Fund;Inst 144.3 7.0 7.6 27.5 10.8 Invesco S&P SC600 PV 170.6 14.7 21.6 59.4 10.6 ProFunds:OE & S US;Inv OEPIX 12.0 32.9 38.5 –17.8 –41.8 –26.5 Matrix Adv Value Fund 54.1 6.2 7.6 35.8 14.4 Rydex:S&P SC 600 P Val;H 6.1 14.4 21.1 54.8 8.3 Morg Stan I:Inc;I MSSGX 1,454.9 3.7 38.1 233.0 65.6 46.1 Category Average: 1,187.0 5.8 4.9 24.0 12.2 Category Average: 425.9 10.9 15.0 40.9 12.4 SPDR S&P Oil&Gas Exp XOP 2,480.9 25.2 37.6 34.8 –13.8 –2.6 Fund Count 373 374 374 363 326 Fund Count 223 224 224 218 182 iPath Bloomberg Energy A 0.2 25.1 36.5 –11.6 –16.0 –4.2 VnEck Vctrs:Unconv O&G FRAK 11.8 27.6 36.2 32.0 –8.5 –1.5 Best-Performing Bond Funds Large-Cap Growth Small-Cap Growth Total Return (%) Assets Total return (%) Assets Total return (%) Assets Annualized ($ millions) Feb YTD 1-yr 5-yr* ($ millions) Feb YTD 1-yr 5-yr* Fund Ticker ($ millions) February YTD 1-year 3-year 5-year RvrPrk:Lg Gro;Rtl 76.8 6.7 5.3 70.9 25.0 Morg Stan I:Inc;I 1,454.9 3.7 38.1 233.0 46.1 ProShares:UPSh 20+ Trs TTT 38.5 22.2 36.9 –4.4 –29.0 –18.2 MF&Var:Rtnl Dy Brnd;Inst 71.8 5.0 5.3 61.4 21.1 Kinetics:Paradigm;NL 668.5 19.0 25.4 38.5 21.3 Direxion:20+Y Trs Br 3X TMV 133.3 17.5 30.8 –8.9 –30.2 –19.4 Monetta:Fund 74.5 6.2 4.6 45.4 18.4 Oberweis:Micro-Cap;Inv 82.9 13.8 24.1 79.1 24.4 iPath ETN Trs 5Yr Bear DFVS 1.9 20.5 25.4 –15.3 –22.4 –8.9 Evolutionary Tree Innov 27.3 4.8 4.6 N.A. N.A. Friess Small Cap Gr;Inst 45.5 10.1 23.9 72.6 N.A. ProShares:UlS 20+ Yr Trs TBT 676.0 14.5 23.6 1.1 –18.3 –10.8 Grandeur US Stlwrts;Inst 64.2 4.1 4.6 N.A. N.A. Jacob Small Cap Gro;Inst 21.7 10.4 22.4 110.5 32.7 Direxion:M25TBr1.35X;Inv DXSTX 1.2 8.0 13.5 6.4 –12.8 –7.7 Fidelity Adv Dvs Stk;O 2,562.2 4.8 4.5 41.5 19.3 AdvisorShs Dorsey W M-C 3.2 9.3 21.2 62.0 N.A. ProFunds:Rs Rt Opp;Inv RRPIX 11.9 7.4 13.2 1.7 –13.3 –7.7 NS Multi Strategy;A 53.0 2.2 3.9 32.8 13.6 Hodges Small Cap;Retail 194.3 12.5 20.8 68.0 14.3 ProShares:Sht 20+ Treas TBF 356.2 7.0 11.2 2.5 –8.4 –4.6 Fidelity Blue Chip Gr 49,345.0 2.3 3.6 72.9 28.4 Ranger:Micro Cp;Inst 13.4 9.7 18.5 87.2 N.A. Rydex:Inv Gv LB Str;Inv RYJUX 66.9 6.2 11.0 2.5 –9.7 –5.1 Fidelity OTC K6 1,555.9 2.9 3.5 58.8 N.A. Lord Abbett McCp Gro;I 256.8 9.7 18.3 118.3 39.0 Direxion:7-10Y Trs Br 3X TYO 7.0 7.0 10.3 –3.8 –16.3 –8.9 T Rowe Price LC Gro 21,518.5 2.5 3.5 50.4 25.3 Driehaus:Micro Cap Gro 363.0 8.1 18.0 126.9 39.4 ProShares:UlS 7-10Y Trs PST 25.3 5.6 8.0 –0.9 –9.5 –4.2 Category Average: 2,623.7 1.8 0.5 43.4 21.2 Category Average: 734.8 4.8 7.8 60.0 22.1 Frst Tr IV:SSI St Cnv Se FCVT 304.3 4.8 7.7 64.6 24.2 19.8 Fund Count 680 680 680 656 555 Fund Count 677 677 677 672 541 iShares:Convertible Bond ICVT 1,405.7 3.8 7.3 71.3 26.9 23.8 Direxion:M7-10Y B 2x;Inv DXKSX 1.4 4.7 6.8 –1.1 –10.2 –5.2 Lord Abbett Convert;F LBFFX 1,640.2 3.5 6.7 68.9 27.8 24.3 Midcap Core Multicap Core Columbia:Conv Secs;I NCIAX 2,551.4 3.2 6.6 58.8 24.6 22.6 VA Cnvrtbl;Inst ANNPX 2,857.6 3.5 6.5 65.7 28.0 23.0 Assets Total return (%) Assets Total return (%) ($ millions) Feb YTD 1-yr 5-yr* ($ millions) Feb YTD 1-yr 5-yr* Fidelity Convertible FCVSX 2,145.3 3.9 6.4 56.4 24.0 19.2 Monteagle Texas;I 11.7 8.1 16.2 48.4 12.2 TANAKA:Growth Fund;R 16.9 12.5 28.9 105.9 15.0 ProShs II:UlS Yen YCS 24.4 3.4 6.3 –4.3 2.3 –1.3 Private Cap Mgmt Val;I 27.6 12.1 15.3 51.9 13.7 Changebridge Sus Eqty 5.2 13.7 18.0 N.A. N.A. iShares:Intl Pref Stk IPFF 44.7 4.4 5.9 19.9 0.2 7.5 Thompson MidCap 54.0 10.1 15.2 52.2 15.6 SPAC and New Issue 117.8 4.2 17.4 N.A. N.A. MainStay:MK Convert;I MCNVX 1,886.6 4.3 5.6 46.0 18.8 17.8 Tarkio 142.8 8.6 14.7 63.5 20.1 Miller Opportunity;I 2,425.6 7.6 16.2 87.1 24.4 Franklin Inv:Cv Sc;Adv FCSZX 5,110.8 4.4 5.5 55.8 24.1 21.7 Destinations SMC Eq;I 1,148.7 7.6 11.2 53.7 N.A. Chr Weil & Co Core Inv 64.3 6.9 13.4 59.5 19.1 Harbor:Conv Sec;Inst HACSX 173.1 3.7 5.4 40.4 17.1 14.3 Cambiar SMID Fund;Inv 94.7 8.2 10.8 40.1 17.0 DF Momentum;I 14.8 7.7 12.7 24.4 N.A. SPDR Bbg Barclays Cnv Sc CWB 7,004.3 2.9 5.3 61.9 23.5 21.0 DFA US Vector Eqty;I 4,371.0 8.7 10.7 37.6 14.0 RBB:Free Mkt US Eq;Inst 3,066.0 8.6 11.6 37.3 13.3 Putnam Conv Sec;A PCONX 1,030.2 3.8 5.1 53.7 21.8 19.7 LeaderShs Activist Ldrs 53.1 5.8 10.0 N.A. N.A. Parnassus:Endeavor;Inv 3,263.9 9.2 10.9 51.9 19.9 Calamos:Convertible;I CICVX 1,429.1 4.1 5.1 58.2 22.5 19.6 Invesco RJ SB-1 Eq 123.5 7.7 10.0 36.9 14.1 Thompson LargeCap 148.0 7.9 10.4 46.5 18.0 AlphaCentric Inc Opps;I IOFIX 3,439.5 2.0 5.0 –8.7 3.0 6.7 Vanguard Strat Eqty;Inv 6,930.1 6.4 9.7 37.3 14.2 PRIMECAP:Odyssey Growth 9,739.7 4.3 10.3 43.1 19.4 Columbia:Mort Opptys;I CLMZX 2,325.9 2.4 4.8 12.5 8.8 8.8 Category Average: 1,420.7 6.3 6.1 30.0 12.7 Category Average: 2,673.9 3.5 3.1 31.5 15.0 Invesco Conv Sec;A CNSAX 1,421.4 3.1 4.4 52.3 20.7 17.4 Fund Count 351 348 348 338 258 Fund Count 682 684 683 651 510 Rareview Dynamic Fxd Inc RDFI 13.6 3.6 4.4 N.A. N.A. N.A. Victory:INCORE Iv GC;I VICIX 300.5 4.2 4.2 21.6 11.0 13.0 Worst-Performing Stock Funds Midcap Value Multicap Value Total Return (%) Assets Annualized Assets Total return (%) Assets Total return (%) Fund Ticker ($ millions) February YTD 1-year 3-year 5-year ($ millions) Feb YTD 1-yr 5-yr* ($ millions) Feb YTD 1-yr 5-yr* MS US BO Idx -3X Inv Lev NRGD 22.5 –55.1 –63.4 –97.0 N.A. N.A. Hotchkis:Mid Cap Val;I 358.4 14.2 18.3 47.5 9.6 Athena Bhvrl Tctcl;I 27.7 11.6 21.7 61.4 17.1 Direxion:S&P OG EP Br 2X DRIP 77.2 –39.8 –52.7 –91.3 –41.7 –53.3 Ballast Small/Mid Cap 3.5 12.4 18.2 N.A. N.A. BM&O Partners 42.8 6.5 18.5 36.0 14.7 Direxion:S&P 500 HB Br3X HIBS 39.0 –42.2 –44.1 –96.7 N.A. N.A. Hennessy:Crnst MdCp;Inv 369.4 8.2 18.1 63.2 11.2 Invesco S&P500 Hi Be 582.7 18.3 17.7 69.7 23.1 MS Gold Minrs 3X Lv GDXU 18.6 –29.1 –42.5 N.A. N.A. N.A. iShares:Focused Val Fctr 26.1 15.6 17.9 21.2 N.A. Hotchkis:Value Opps;I 437.4 11.6 14.8 38.4 15.9 Direxion:EnergyBear 2X ERY 37.4 –35.5 –42.0 –75.8 –27.7 –33.1 Huber Cap MC Val;Inst 6.1 12.4 17.2 28.7 10.0 ProShares:Eqts for RR 1.9 14.2 14.4 30.3 N.A. ProShares:UlS OIl Gas DUG 19.8 –34.5 –41.3 –73.7 –26.2 –25.7 Monteagle Select Value;I 13.2 11.0 17.0 52.8 12.7 Longleaf Partners 1,681.2 10.2 13.3 40.1 12.0 MS US BB Idx -3X Inv Lev BNKD 17.9 –40.6 –40.7 –94.1 N.A. N.A. Frst Tr VI:DW Mom&Value 15.6 13.5 16.2 24.3 N.A. Invesco S&P500 Pre V 1,220.7 10.6 13.3 26.6 10.9 ProShs II:UlS Blm CrO SCO 98.1 –28.3 –36.9 –66.2 –31.3 –37.9 Ariel:Fund;Investor 2,159.8 9.8 14.8 45.5 14.7 Rydex:S&P 500 Pure Val;H 11.9 10.4 12.9 24.3 9.3 Direxion:Semicnd Bear 3X SOXS 86.7 –22.9 –33.5 –95.9 –79.5 –78.4 TCW:Rel Value MC;I 65.9 10.3 14.1 38.7 13.9 Hotchkis:Dvsfd Value;I 81.7 12.2 12.8 32.7 14.4 ProShares:UltPSh Rus2000 SRTY 112.9 –19.2 –32.4 –90.6 –58.1 –55.9 DFA US Sust Tgt Val;Inst 161.0 10.4 13.3 N.A. N.A. Poplar Forest Prtnrs;I 254.2 10.4 12.2 33.8 9.6 Direxion:Sm Cap Bear 3X TZA Category Average: 551.4 8.1 8.9 29.0 10.9 Category Average: 766.3 6.2 6.0 24.7 11.6 437.6 –19.2 –32.2 –90.5 –57.6 –55.6 Direxion:Jr Mnr Bull 2X JNUG 704.1 –18.1 –31.6 –82.2 –49.5 –42.3 Fund Count 167 167 167 158 134 Fund Count 606 605 604 599 479 DB Commodity Db Sht ETN 0.2 –23.4 –30.5 –55.1 –16.8 –18.7 Direxion:MSCI Bra Bull2X BRZU 201.1 –14.1 –27.9 –87.6 –64.3 –24.2 Midcap Growth Multicap Growth ProShares:Ult MSCI Braz UBR 7.2 –14.0 –27.8 –55.7 –35.5 1.6 Direxion:Finl Bear 3X FAZ 206.8 –28.7 –27.3 –85.7 –53.7 –54.2 Assets Total return (%) Assets Total return (%) ProShs II:UlS Blm Nat Gs KOLD 40.9 –21.8 –27.3 –44.4 –8.0 –15.6 ($ millions) Feb YTD 1-yr 5-yr* ($ millions) Feb YTD 1-yr 5-yr* Direxion:Gold M Id Bl 2X NUGT 1,073.9 –19.6 –27.3 –56.6 –23.2 –26.2 Inspire Faithwd MC M ESG 29.7 1.3 17.1 N.A. N.A. Cabot Growth ETF 29.3 7.5 20.0 N.A. N.A. VelShs 3x Long Gold 104.7 –19.2 –26.2 4.8 11.7 6.7 Taylor Frigon Core Gr 53.4 3.3 13.9 109.8 N.A. Schwartz Inv:Val Focused 18.2 12.5 15.9 42.1 14.1 MS FANG+ Idx -3X Inv Lev FNGD 56.6 –17.2 –26.1 –95.5 –78.9 N.A. Calamos Timpani SMID;I 23.2 7.4 11.6 79.7 N.A. Innovator IBD 50 231.0 5.8 11.3 41.1 18.0 Morg Stan I:Disc;A 5,386.4 2.4 11.2 153.1 42.8 Frst Tr:Lunt US Fctr Rot 132.4 11.5 11.3 59.8 N.A. ProShares:UlS SC600 SDD 2.9 –14.8 –25.9 –74.6 –38.2 –37.7 Driehaus:SMC Gro;Inst 15.7 6.3 10.7 N.A. N.A. Vanguard US Momentum Ftr 77.0 5.4 11.0 56.2 N.A. ProShares:UltPSh MdCp400 SMDD 7.0 –19.4 –24.9 –86.6 –51.8 –49.8 Ave Maria Value 251.3 9.4 10.3 29.6 13.6 Midas Magic 16.5 9.1 10.5 38.8 15.8 DB Crude Oil Short ETN 0.2 –18.2 –24.3 –76.2 –36.2 –30.0 Blackrock:Future Innov 11.3 4.3 10.2 N.A. N.A. Morg Stan Insight;A 7,647.0 6.4 9.9 122.7 42.3 ProFunds:UlSh China;Inv UHPIX 0.8 –6.6 –23.2 –74.0 –37.8 –41.4 Alger:Mid Cap Fcs;Z 620.9 6.1 9.7 103.5 N.A. PRIMECAP:Odyssey Ag Gr 11,563.4 3.2 9.1 52.4 21.6 ProFunds:Sh Oil&Gas;Inv SNPIX 1.0 –18.7 –22.7 –39.1 –7.7 –9.8 PENN:Cp MA SMIDC Eq;Inst 16.9 10.7 9.1 33.0 17.4 Bail Giff US EG;I 140.8 1.1 9.0 137.7 N.A. ProShares:Sht Oil & Gas DDG 3.0 –18.7 –22.6 –38.4 –7.0 –9.1 Principal Sm-MC G;Inst 10.8 7.1 9.0 103.8 N.A. Emerald Insights Fd;A 19.5 4.4 8.2 71.8 23.8 Direxion:S&P Btech Br 3X LABD 126.8 2.8 –22.6 –93.1 –69.4 –73.5 ProFunds:UltSh Sm-Cp;Inv UCPIX 5.5 –12.9 –22.3 –75.6 –39.9 –39.3 Category Average: 929.6 3.6 3.4 53.5 21.8 Category Average: 814.4 2.9 2.2 51.2 21.6 ProShares:UlS Rus2000 TWM 90.7 –12.8 –22.1 –75.2 –39.2 –38.6 Fund Count Fund Count 412 412 412 394 336 521 516 516 504 409 Rydex:Inv Rus 2x;H RYIRX 7.2 –12.9 –22.1 –75.2 –39.3 –38.7 Worst-Performing Bond Funds Balanced Funds Science and Technology Total Return (%) Assets Annualized Assets Total return (%) Assets Total return (%) Fund Ticker ($ millions) February YTD 1-year 3-year 5-year ($ millions) Feb YTD 1-yr 5-yr* ($ millions) Feb YTD 1-yr 5-yr* Direxion:20+Y Trs Bl 3X TMF 254.9 -17.0 -26.2 -31.0 14.7 2.8 CGM Tr:Mutual Fund 288.2 5.5 8.6 28.6 7.9 Amplify Trans Data Shrng 530.4 32.8 46.3 189.9 N.A. ProShares:Ult 20+ Yr Tr UBT 34.2 -13.2 -20.2 -19.7 12.0 3.8 FBP Apprec & Inc Opps 31.8 7.0 8.4 23.6 10.4 Direxion:Moonshot Innov 63.0 8.0 34.1 N.A. N.A. Direxion:M25+TB1.35X;Inv DXLTX 8.3 -8.3 -13.3 -12.0 8.7 2.8 Dodge & Cox Balanced 13,969.1 6.0 5.9 23.0 12.5 Jacob Internet Fund;Inv 116.5 21.0 31.6 185.6 41.6 iShares:25+ Trs STRIPS B GOVZ 29.1 -8.0 -12.9 N.A. N.A. N.A. Oakmark Eqty & Inc;Inv 7,384.8 5.2 5.7 24.7 10.8 Kinetics:Internet;NL 182.6 15.2 19.7 88.2 24.0 Rydex:Gv LB 1.2x Str;H RYHBX 57.6 -7.9 -12.9 -11.9 9.0 3.2 Dscpld Growth Invest;I 328.5 2.9 5.7 40.4 16.3 Eventide Expo Tech;I 70.0 12.5 15.4 N.A. N.A. ProFunds:US Gov Pl;Inv GVPIX 13.9 -7.7 -12.9 -13.7 9.0 3.1 Buffalo:Flex Inc;Inv 413.0 2.4 4.8 15.0 8.1 SPDR S&P Internet 79.6 5.8 14.2 128.4 N.A. PIMCO ETF:25+ Yr US Tres ZROZ 359.5 -8.0 -12.7 -10.7 11.6 5.4 Am Beacon:Bal;Inv 184.5 5.4 4.7 19.9 8.4 Amplify Online Retail 1,664.6 5.4 14.1 164.1 N.A. Wasatch:Hois US Tr;Inv WHOSX 466.6 -8.0 -12.5 -9.8 8.7 3.8 MainStay:Balanced;A 541.3 3.4 3.4 17.4 8.2 Siren:Nasdaq NexGen Econ 210.6 14.0 13.6 89.4 N.A. Vanguard Ext Dur T;ETF EDV 2,436.8 -7.6 -12.2 -9.1 11.0 5.2 Lord Abbett MA Bal;A 2,577.9 3.4 3.1 28.9 11.8 Invesco S&P SC Info 416.7 9.0 13.5 65.0 22.1 PIMCO:Extend Dur;Inst PEDIX 1,080.0 -7.6 -11.9 -8.8 11.0 5.4 ALPS/Smith Bal Opp;I 17.3 3.6 3.0 N.A. N.A. iShares:Evd US Md & Ent 15.7 10.2 13.1 58.3 N.A. Direxion:7-10Y Trs Bl 3X TYD 20.1 -7.1 -10.3 -4.2 14.4 4.6 Category Average: Category Average: 1,427.5 1.7 1.2 18.2 9.8 1,774.4 3.8 5.5 66.2 28.5 iShares:20+ Trs Bd ETF TLT 17,041.9 -5.8 -9.3 -6.4 8.7 4.1 Fund Count 543 542 542 523 473 Fund Count 195 197 195 187 150 Fidelity SAI LT TBI FBLTX 1,218.4 -5.7 -9.1 -6.4 9.0 4.3 SPDR Ptf LT Treasury SPTL 2,929.8 -5.6 -9.0 -6.0 8.7 4.1 Vanguard LT Trs;ETF VGLT 6,054.3 -5.6 -9.0 -6.3 8.7 4.2 Global Stock Emerging Markets Schwab Str:LT US Trsry SCHQ 105.8 -5.5 -9.0 -6.0 N.A. N.A. Assets Total return (%) Assets Total return (%) T Rowe Prc Trs:LTI;Z TRZUX 3,166.4 -5.6 -8.9 N.A. N.A. N.A. ($ millions) Feb YTD 1-yr 5-yr* ($ millions) Feb YTD 1-yr 5-yr* Vanguard Lg-Tm Trs;Adm VUSUX 4,223.3 -5.6 -8.9 -5.7 8.9 4.2 Upright Growth Fund 29.8 10.9 42.8 166.7 7.0 Frst Tr:Chindia 287.6 6.7 14.2 81.3 23.8 Fidelity Srs LgTm Trs FTLTX 8,093.3 -5.6 -8.9 -6.5 8.6 N.A. Morg Stan I:Gl End;I 18.2 2.4 33.4 182.0 N.A. Glbl X Emerg Mkts I&E 6.0 3.8 11.2 N.A. N.A. Fidelity Lg Tr Trs Bd Ix FNBGX 3,101.9 -5.6 -8.9 -6.3 8.7 N.A. Kinetics:SC Oppty;NL 186.1 22.0 29.1 41.7 22.8 Ashmore:EM SC Eqty;Inst 9.9 7.5 9.1 69.1 16.0 DFA LTIP Portfolio;Inst DRXIX 318.3 -6.9 -8.5 4.1 10.5 7.6 Kinetics:SO & CR;Inst 18.7 20.7 28.2 48.5 18.5 PIMCO:RAE PLUS EMG;Inst 1,063.5 6.4 9.1 36.1 16.8 PIMCO:Lng-Tm Govt;Inst PGOVX 685.3 -5.3 -8.1 -5.2 8.6 4.3 Fidelity Flex Intrnsc Op 36.8 7.0 24.2 60.5 N.A. BlackRock:Emg Mkt;I 2,588.3 4.4 8.3 44.2 20.5 Schroder:LgDur IG Bd;Inv STWLX 136.2 -5.0 -8.0 0.6 9.7 7.5 Third Avenue:Value;Inst 530.7 13.6 15.0 45.9 9.6 iShares:MSCI UAE 15.1 –2.8 8.1 8.8 –0.3 iShares:10-20 Trs Bd ETF TLH 1,436.6 -5.1 -8.0 -5.4 6.5 2.9 Glbl X Thematic Growth 58.5 3.2 14.8 94.4 N.A. Templeton Em Mk SC;A 445.5 5.1 8.0 30.9 9.4 ProShares:Ult 7-10 Yr Tr UST 30.6 -5.5 -7.8 -3.0 9.5 3.1 Kinetics:Global;NL 20.1 11.9 14.5 44.4 18.4 AMG TimesSquareEMS;Z 7.5 4.6 7.9 44.8 N.A. DoubleLine:Lng Dur TR;I DBLDX 86.9 -5.3 -7.6 -7.0 6.8 3.5 Global Tactical;Inst 18.5 17.0 14.2 56.8 N.A. Cambria Emg Shrhldr Yld 49.6 7.4 7.8 37.4 N.A. SEI Inst Inv:Long Dur;A LDRAX Cambiar Aggrssv Val;Inv 49.6 5.5 13.7 41.9 8.1 PIMCO:RAE EM;Inst 1,704.5 6.3 7.7 27.4 13.9 1,367.4 -4.5 -7.3 1.0 9.9 8.0 Direxion:M7-10Y T 2x;Inv DXKLX 32.5 -4.9 -7.2 -3.6 8.6 2.1 Category Average: 686.9 2.9 2.5 32.5 13.7 Category Average: 907.6 1.8 4.2 36.5 14.7 SEI Inst Inv:L Dur Cr;A SLDAX 4,723.9 -4.1 -7.1 0.8 9.1 7.8 Fund Count 1031 1031 1028 969 706 Fund Count 802 791 790 766 568 Vanguard Lg-Tm Bd;ETF BLV 11,479.2 -4.3 -7.0 -1.6 9.0 6.8

N.A.: Not applicable; fund is too new * Annualized Note: For funds with multiple share classes, only the largest is shown. Source: Refinitiv Lipper Note: For funds with multiple share classes, only the largest is shown. N.A.: Not applicable; fund is too new or data not available Source: Refinitiv Lipper P2JW067000-0-R01000-17FFFF5178F

R10 | Monday, March 8, 2021 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

when youare down by taking away moneylikeitwas theirs. 10% of your moneywhen youare —ROBERTSMITHEE the most financiallyvulnerable. —WILLIAM BARRY If anything,this pandemic should’vetaught agood lesson to the public.Alwayshavesix months’ When I was younger (early 30s; I to ayear’s worthofliving ex- am retired and 69 now), I was in penses.Save. Save.Save. A401(k) need of funds for my family. How- should be alast resort. ever, I was fortunate at the time —TAMAR JUNE to borrow from my 401(k). I did run the risk of “if terminated” [from a job] to have to pay it all The answer is not simple. There is a back. That was OK, since it rein- good case for taking out funds, but forced my determination to re- many folks just keep taking the store my finances and discipline money out until gone. This is the myself to budget and sacrifice. danger. Maybe the thing to do is —JOE ROMANELLI freeze half when someone tries to take out, thus prohibiting those dol- lars from ever leaving early. Does the 10% As a senior citizen who has lived —JOSEPH F. WEISS penalty keep off retirement withdrawals for some people over 10 years, I believe strongly in from funding punishing fines for early with- We are currently looking for ways to their 401(k)s? drawals, save for the reasons al- forgive big chunks of college loans, ready allowed by law. Already, for any or no reason. So, why should people save too little for retire- we continue to turn the screws on • Saving forRetirement ment and expect Social Security these more-diligent savers? It is checks will cover their expenses. their money. Mine covers just one-third, and —MARTIN MCCUE Readers’ Views on Making the rest comes from savings. —ELIZABETH GILLETTE It doesn’t make sense to have a fed- 401(k) Withdrawals Easier eral 10% penalty to withdraw early This government rule [the 10% that forces a person to run up his penalty] sounds good on the sur- credit-card debt with interest rates Some stress that the retirement accounts do double duty as face, but I have found from per- at 30% or more. emergency funds; others say early payouts are senseless sonal experience that it does one —BILL POULOS thing really, really well. It keeps people from funding their retire- BY WILLIAM POWER ple should control ment accounts. If people want to turn their 401(k) their own money, not —DAVID J. LEUSCHEN into just another savings account, ost financial advisers recoil at Congress, and that then it should be treated as just an- the idea of taking a withdrawal the 10% penalty other savings account and have its from your 401(k)“early”—before should be waived I’m not a fan of bigger govern- tax-advantaged status stripped out. age 59½.Anearly cash with- permanently. Olivia ment, but in the case of retire- —FRANK JACKSON drawal—as opposedtotaking a S. Mitchell, director ment savings, I think that the gov- loan from your account—typically of the Pension Re- ernment does have a role of AT

Mtriggersa10% tax penalty. search Council at the protecting people from them- If they capped the withdrawal at 5% SERR

But lastyear,Congressallowedpeople affectedby Wharton School of selves. I do think that there or 10% [of your account balance], MONT Covid to takeearly withdrawals from 401(k)s and the University of should be more carve-outs to al- it’s possible to mitigate the damage PRP IRAs—up to $100,000—without that10% penalty. Pennsylvania, wrote low people to withdraw funds people are allowed to do to their re- And that raised the question: Should such with- that early withdraw- early without penalty in instances tirement finances. GES; IMA drawals always be easier? After all, tapping such als are financially damaging. of medical hardships, extended —CESAR AQUINO

retirement accounts can be a lifesaver when some- The debate prompted all sorts of com- unemployment, etc. ETTY /G

one needs the cash, rather than turning to other ments from readers, on both sides. Here are —GEOFFREY LEY TO sources, such as credit-card debt. edited excerpts of some of the responses: Youcan’t touch your moneyuntil CKPHO

In February, two experts argued the case for youretire, but the rich and power- TO IS

each side in the Investing in Funds & ETFs report. Two thingsIhate: the govern- fulcan do whatevertheywant at P: Norbert J. Michel, director of the Heritage Foun- Investing in a401(k) has ahugeinitial dis- ment telling me whatmymoral anytime. TO dation’s Center for Data Analysis, argued that peo- incentive. Thegovernment will kick you obligations areand treating my —ALEX AGORIO OM FR

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