Businesses Stay Cautious Despite Rebound

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***** MONDAY,NOVEMBER 2, 2020 ~VOL. CCLXXVI NO.105 WSJ.com HHHH $4.00

Last week: DJIA 26501.60 g 1833.97 6.5% NASDAQ 10911.59 g 5.5% STOXX 600 342.36 g 5.6% 10-YR. TREASURY g 5/32 , yield 0.858% OIL $35.79 g $4.06 EURO $1.1647 YEN 104.67 Race for What’s News President Heads to Business&Finance Its Finale usiness formanycom- Bpanies rebounded faster Trump hopscotches than expected afterthe virus- related shock this spring,but through close states corporateleadersare warning while Biden trains his the bounceback wasn’t uniform and mayprove fleeting sights on Pennsylvania as infections surge again. A1 WASHINGTON,Mich.—Pres-  Airlines are resorting to ident Trump barreled through giving away seatsasthey nav- battleground states Sunday igatethe pandemic-inspired seeking alatesurge of support, collapse in travel, helping while Democratic challenger them drum up demand and JoeBiden appealed to Black keep some cash flowing in. A1 voters as he aimed to shoreup  Stonepeak Infrastruc- the key prizeofPennsylvania. ture said it is buying As- tound Broadband, the By Catherine Lucey, sixth-largest U.S. cable-TV Eliza Collins provider, for $3.6 billion in and Joshua Jamerson one of the biggest lever- S

aged buyouts this year. B1 PRES Both candidates were look-

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ahead of the U.S. election. B1 EV poll showedMr. Biden ahead of

 Amazon is off to a slow GES; the Republican president by 10

start in itslatesteffort to woo IMA pointsnationally andby6 luxury goods onto its plat- pointsacrossagroup of 12 bat- form, having amassed just a GETTY tleground states. handful of big brands sincethe AN/ Theformer vicepresident push began in September. B3 wasinPhiladelphia on Sunday SULLIV and is expected to continue  Newrules restricting skilled TIN campaigning in that stateand foreign workersare unnerving JUS P: in neighboringOhio on Mon-

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will hamstring their ability FR Supporters of the Democratic ticket, top, turned out to see vice-presidential candidate Sen. Kamala Harris in Duluth, Ga., on Sunday,  Millions of mail-in ballots are to recruit top-tier talent. B3 while a crowd listened to President Trump speak at a rally in Dubuque, Iowa, bottom, as the campaigns eye the finish line Tuesday. still out...... A6 World-Wide Businesses Stay Cautious Despite Rebound  Trump barreled through battleground states seeking alatesurge of support, while Biden appealed to Black vot- BY MICAH MAIDENBERG during the quarter that ended Coca-Cola Co.Chief Executive Thecompanydeclined on cut up to 15% of itsglobal ersasheaimed to shoreup in September as businesses James Quincey told investors Thursday to offer arevenue workforce,including 1,900 po- the key prize of Pennsylva- Businessfor manycompa- and consumersadapted to the in October after the beverage forecast forits current quar- sitions in the U.S.,overthe nia before Election Day. A1 nies rebounded faster than ex- disruptionscaused by the cor- giantsaid quarterly revenue ter, disappointing investors. next year. pected following the coronavi- onavirus pandemic. fell 9%,moremoderatethan Luca Maestri, Apple’s chief Boeing Co.said last week  Trump trails by 10 per- rus-related economic shock Yetexecutives described the28% decline in the prior financial officer,cited “the that it expectstoreduceits centagepointsamong voters this spring,but manycorpo- the path forwardastenuous, period.“It’simportant to re- continued uncertainty around head count by another 11,000 nationally, facing substantial rate leaders are warning that with caseloads hitting records member the world is in afrag- the world in the near term.” employees,including 7,000 public anxiety over the pan- the bounceback wasn’t uni- in the U.S. and government of- ile state.” Other companies have made layoffs,ontop of the almost demic but with broad approval form and might provefleeting ficials in Europe and else- Even companies that have public fresh rounds of job re- 20,000 already announced. of his management of the as infections surge again. whereimposing limitson benefited from shifting cus- ductions as the pandemic con- PleaseturntopageA2 economy, anew poll finds. A4 Stronger demand buoyed some activities. tomer behavior during the tinued to drag down their end  Political groups areget- companies ranging from auto “It is not astraight-line re- pandemic,likeApple Inc., have markets.  Investors get ready for an ting around Facebook’ssys- makerstocereal producers covery around the world,” sounded cautionary notes. Exxon Mobil Corp. plans to election jolt...... B1 temfor blocking false politi- caladvertising by reposting ads found to violateits poli- Airlines Try INSIDE cies,exposing aloophole. A6 Doctors Tackle  The Pentagon has qui- S etly begun withdrawing Two for One PRES top military officers from GES

TED MysteryofCovid U.S. embassies in Africa To Attract IMA CIA ETTY and downgrading other SO /G such postsworld-wide. A3 Customers AS ‘Long Haulers’

 Theranks of caregiversat MILLER dozens of U.S. nursing homes Airlines areresorting to a MEDIAPUNCH/ plunged to dangerously low ETHAN levels on some of the deadli- newtactic in navigating the estdays of the pandemic. A7 pandemic-led collapse in travel: LEISURE &ARTS BUSINESS&FINANCE Fatigue, memory lapses, heart problems affect They aregiving seatsaway. Joe Morgenstern on Growth in music  Johnson announced ana- those who weren’tthatbadly hit initially Sean Connery, the streaming services tionwide lockdown in England, By Benjamin Katz, the latest moveinawidening Alison Sider iconic James Bond, raises the value of Nearly a year into the tors is that many such cases European effort to contain the and Mike Cherney who diedatage 90. A13 song catalogs. B1 global coronavirus pandemic, involve people whose origi- coronavirus’sresurgence. A8 scientists, doctors and pa- nal cases weren’t the most  Died: Sean Connery, 90, Alaska Air Group Inc.ran tients are beginning to un- serious, undermining the as- the essential James Bond. A13 48-hour sales in August and lock a puzzling phenomenon: sumption that patients with September, offering an entire Anxious About Election Day? mild Covid-19 recover within three-seat rowfor the priceof By Sarah Toy, two weeks. Doctors call the asingle ticket. Europe’sbiggest So Is Everybody Else Sumathi Reddy condition “post-acute Covid” JOURNAL REPORT airline,budget carrier Ryanair and Daniela Hernandez or “chronic Covid,” and suf- Small Business: Atale Holdings PLC,offered 2-for-1 iii ferers often refer to them- specials forflightsthrough For many patients, including selves as “long haulers” or of tworestaurants in mid-December.Southeast Americans plan strategies to cope with young ones who never re- “long-Covid” patients. the pandemic. R1-10 Asia’sAirAsia brand earlier this quired hospitalization, “Usually, the patients with year sold “unlimited passes,” Tuesday; sorting Legos, setting sail Covid-19 has a devastating bad disease are most likely CONTENTS Outlook...... A2 allowing customersinsome second act. to have persistent symp- Arts in Review... A13 Personal Journal A11-12 BusinessNews...... B3 Sports...... A14 marketstotravelasmuch as Many are dealing with toms, but Covid doesn’t Crossword...... A14 Technology...... B4 they wanted forafew months. BY JAMES R. HAGERTY they makeitthrough the symptoms weeks or months work like that,” said Trisha HeardonStreet... B10 U.S. News...... A2-7 The deals can drum up de- AND ELIZABETH BERNSTEIN night? after they were expected to Greenhalgh, professor of pri- Markets...... B8,10 Weather...... A14 mand and gettravelerscom- Some have already made recover, often with puzzling mary care at the University Opinion...... A15-17 World News... A8-9,18 fortable with flying again. “Whatever will be,will be,” theircoping plans.Saraand new complications that can of Oxfordand the lead au- They arealso keeping at least as Doris Day used to sing. KenAiken expect to board affect the entire body—se- thor of an August BMJ study > some cash coming in the door, That’sfine formanypeople, their 40-foot Island Packet vere fatigue, cognitive issues that was among the first to as airlines keep much of their but what about those who will yacht in Annapolis,Md., Mon- and memory lapses, diges- define chronic Covid patients fleets parked. Alaska Airlines be quivering wrecks on elec- dayand cruise intoChesa- tive problems, erratic heart as those with symptoms last- usually runs 10 to 12 big pro- tion night, flung from hope to peakeBay.“No phones,no rates, headaches, dizziness, PleaseturntopageA10 motions ayear; it has recently despair and back by updates television, no political discus- fluctuating blood pressure, s 2020 Dow Jones & Company, Inc. All Rights Reserved been offering three a month. from counties with two pre- sion,” says Ms.Aiken, who even hair loss.  Stricter lockdowns are PleaseturntopageA7 cinctsreporting? Howwill PleaseturntopageA10 What is surprising to doc- reimposed in Europe...... A8 P2JW307000-0-A00200-1------XA

A2 | Monday, November 2, 2020 THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Nick Timiraos ECONOMIC Fed Digs Deeper Into Its Toolbox CALENDAR Monday: The Institute for Supply Management’s survey of Federal Re- The Fedhas lessroom to push down yields by purchasing Treasurys, whichitisbuyinginlarge gained by driving down yields. purchasing managers at facto- serveofficials quantities.But it could hold yields down by shifting the composition of its purchases to By contrast, the 10-year ries is expected to show another at their meet- longer-dated securities. rate reached 3.7% in 2011, be- month of expanding activity in ing in Septem- Treasuryswith maturities of fore the Fedbegan discussing October. Strong demand for con- ber reinforced Yield on 10-year Fedholdings of Treasurys, ﬁveyears or longer as ashare whether to shiftthe composi- sumer goods and capital equip- Chairman Je- Treasury note by maturity;intrillions of FedTreasury holdings tion of itsTreasuryholdings. ment has driven a manufactur- rome Powell’sstatement that 5% $4 trillion 80% Ratesonthe 30-year mort- ing rebound after coronavirus- they weren’t even “thinking gage fell from 5% to 3.5% over related disruptions this spring. about thinking about raising RECESSION the next two years. Tuesday: The U.S. election is 4 Over 10 interest rates.” 3 60 “I don’t think very much Tuesday, with markets focused By contrast, they offered lit- years decision-making of house- on divergent fiscal policies of tle to guide expectations 3 holds or firms aregoing to be President Trump and challenger around their monthly pur- Between determined on whether the Joe Biden. Results for the presi- chases of $120 billion in Trea- 2 5and 10 40 10-year Treasuryis0.66% or dential contest and control of years suryand mortgagesecurities. 2 0.5%,” said Boston FedPresi- the Senate might not be known Officials aren’t preparing Maturing dent Eric Rosengren in a immediately after polls close. to announceany changes af- 1 in 1to5 20 Sept. 23 interview. Wednesday: The U.S. trade tertheir policymeeting ends 1 years Some officials and analysts deficit is expected to narrow in Thursdaybut could begin re- said lowyields givethe Fedthe September after advance data viewing contingencyplans for luxuryofwaiting longer to showed a rebound in goods ex- 0 0 0 possible refinements, accord- shiftthe composition of their ports alongside a small drop in ing to interviews and recent 2010 ’20 2010 ’20 2010 ’20 purchases,for example until goods imports. public statements. Sources: TullettPrebon (yield); Federal Reserve(holdings, share) yields start rising because the Thursday: The Bank of Eng- Recent surveysshowa economyisstronger. land is expected to respond to rangeofopinions about how clarifying that these pur- Right now, the Fedisbuy- rise in long-term yields,some Othersare reluctant to the drag on the U.K.’s economy long investorsand economists chases were being conducted ing $80 billion in Treasurys a economistssay it would be makefurther changes,absent from tightening restrictions amid expect the Fedtocontinue to to support the economic re- month and $40 billion in worthwhile—particularly arise in long-term rates, be- rising coronavirus infections by buy assetsatthe current covery,after being initiated to mortgage-backed securities, given threatstothe economy cause they don’t think the increasing its program of bond pace. quell market dysfunction. net of redemptions.This is from rising coronavirus cases, benefitsoutweigh potential purchases by as much as £100 Morethan half of large in- largerthan the $85 billion in delays in newfiscal-relief costs. “My concern about as- billion, equivalent to $129.5 bil- vestment firms surveyed by ed policyinthe past de- monthly purchases during the measures and Fedprojections set purchases is they candis- lion. the NewYork FedinSeptem- F cade has been guided by Fed’slargest bond-buying in September that showoffi- tort markets,” said Dallas Fed U.S. weekly jobless claims ber expected the central bank the theorythat holding program afterthe 2008 cri- cials don’t expect to meet President Robert Kaplan in an are expected to fall again. The to continue the current pace long-term securities stimu- sis—the thirdround of quan- their inflation and employ- Oct. 2interview. downward trajectory of claims of bond buying intothe first lates financial marketsand titativeeasing,orQE3,be- ment goals foratleast three Most Fedofficials also shows the labor market is heal- half of 2022. Aseparatesur- the economybyholding down tween 2012 and 2014. moreyears. have said what the economy ing, while the historically ele- veyofthe banks that serveas long-term interest rates. That Now, the Fedisbuying “I don’t knowifyou canbe most needs is additional fed- vated level indicates that layoffs the Fed’scounterparties on is thoughttodriveinvestors equal amountsofshort-, me- confident that rateswill stay eral spending to improvepub- remain high as businesses cope Wall Street shows those firms intoriskier assetsand encour- dium- and long-term debt, low,” said Mr.Carpenter.“The lic-health measures and to re- with the pandemic. think the purchases could agebusinessinvestment and while QE3 focused on long- Treasuryiscontinuing to is- placeincomes lost. The Federal Reserve con- slownextyear. consumer spending. term securities. sue lotsofdebt, and they have “The lack of fiscal policyis cludes a two-day policy meeting. Fedofficials areunlikely to Theidea wasatthe core of Theweighted averagematu- extended the duration of what amuch biggerproblem than Little is expected on the policy trim those purchases so long former Chairman Ben Ber- rity of monthly Fedpurchases they areissuing,” creating the what we’redoing with our front, with interest rates locked as the coronavirus pandemic nanke’sstrategytomove sinceMarch has been just six potential forgreater supply- balancesheet,” said Mr. in at a low level while the econ- is menacing the economy. holdingsheavily intolong- years, compared with 12 years demand imbalances of long- Rosengren. omy recuperates and inflation This means they arelikely to term Treasurybonds after during QE3,according to TD term debt. Therisks of asubpar eco- remains low. focus discussions on howto the 2008 financial crisis.Fed Securities.“They could have nomic rebound—together Friday: U.S. employers are ex- provide morestimulus,ifthey estimates suggest the strat- been doing morewhile buying ed officials have said with political wrangling over pected to add hundreds of thou- decide it’sneeded, by shifting egyloweredlong-term inter- less,” said Seth Carpenter, thereislessreason to relief measures—leave the sands of jobs and the unem- the composition of these pur- est ratesbyafull percentage chief U.S. economist at UBS F ployment rate to fall again in focus on the long end Fedinanuncomfortable spot. chases toward longer-dated point, making it lesscostly and aformer Fedeconomist. on the Treasuryyield curve Thedanger is that anyfur- October. Even with the sixth Treasurys. formillions of homeowners, Even if acomposition shift because with 10-year Treasury ther slowdownlays barethe straight month of job gains, pay- They took one step in this carbuyers, corporations and provides asmall economic yields at or below0.8%since weaknessinthe Fed’sremain- rolls will likely remain well short direction in September by governmentstoborrow. boost that pre-emptsafuture June,thereislittle to be ing tools. of their pre-pandemic peak. U.S. WATCH

TEXAS pand voting options during the aged 22 and 24, and a 17-year- Covid-19 pandemic. The chal- old, the officials said. Court Denies Effort lenges haven’t involved Presi- Another 17-year-old was hos- To Throw Out Ballots dent Trump’s campaign. pitalized in stable condition with Harris County has offered 10 gunshot wound to the face, au- The Texas Supreme Court de- drive-through locations whereits thorities said. nied aRepublican-led petition to nearly fivemillion residents can No arrests were reported. toss nearly 127,000 ballots cast castballots in their cars instead —Associated Press at drive-through voting places in of going inside polling centers. the Houstonarea. The accommodation aims to pre- OHIO The state’sall-Republican high vent transmission of the coronavi- court on Sundayrejected the re- rus. Jared Woodfill, aformer Falling Tree Kills questfromastate representative chairman of the Harris County Pickup Truck Driver and twoGOP candidateswithout GOP,argued thatTexaselection S

explaining its decision. Their effort lawmakes no explicit allowances PRES One man was killed and an-

to have the Harris County ballots fordrive-through voting. TED other man injured when a large

thrownout is still set to be taken —Associated Press CIA tree fell on their pickup trucks in up during an emergency hearing SO a city on the shore of Lake Erie AS

in federal court on Monday. ALABAMA O/ in Ohio, police said. ConservativeTexasactivists ER Police in Mentor-on-the-Lake Long-Running Parade OT

have railed againstexpanded vot- LM near Cleveland said the tree fell ing access in Harris County,where Canceled This Year GRIEVING: Hailey Ortiz, left, and Destiny Carreno carried photos of their relative Maria Carmen Soto, across the roadway on Lake- 1.4 million early voteshave al- who recently died of Covid-19, during a Day of the Dead memorial march Sunday in downtown Dallas. shore Boulevard shortly after ready been cast. The county is An Alabama tradition that 11:30 a.m. Sunday. the nation’sthird-largest. bills itself as the nation’s lon- it would be replaced by an on- PITTSBURGH ties said Sunday. A26-year-old Mentorman U.S. District Judge Andrew gest-running Veterans Day pa- line-only event for the first time. Officers responded to the who wasdriving one of the Hanen is expected to rule on the rade is being canceled because The parade through downtown Three People Die city’s Allentown neighborhood truckswas killed, policesaid. His same issue on Monday. The Texas of the coronavirus pandemic. Birmingham has been held annu- In Weekend Shooting shortly after 9 p.m. Saturday, name waswithheld pending noti- Supreme Court rejected anearly The National Veterans Day ally since1947. The virtual parade Pittsburgh public safety officials fication of relatives. The 51-year- identical challenge lastmonth. Parade in Birmingham won’t is set forNov.11and will include A weekend shooting in Pitts- said. Two of the victims were old driver of the other truck sus- Conservative GOP activists happen this year because of the recorded and livecontent featur- burgh has left three people pronounced dead at the scene tained minor to moderateinjuries, have filed a battery of court threat of spreading Covid-19. A ing various groups shown online. dead, including a teenager, and and one died later, they said. policesaid. challenges over moves to ex- statement from organizers said —Associated Press another youth wounded, authori- The dead included two men —Associated Press

strong rebound in gross-do- ple, Amazon.comInc., Google 2020 will wrap up and what billionand profit almost tri- pandemic to position their Businesses mestic product in the U.S. and parent Alphabet Inc., Facebook next year might bring. pled. companies for the long term. acrossthe eurozone during the Inc.and MicrosoftCorp.col- Amazon financechief Brian The company forecast $112 That includes KelloggCo., third quarter; however, eco- lectively generated 18% more Olsavskysaid the company billion to $121 billion in sales the companybehind cereals Stay Wary nomic forecastersand govern- generally faces issues tied to for the current quarter. such as Corn Flakes,which has ment officials believe econo- theholidays,such as spending Facebook operations chief benefited as consumersbuy mies in both regions will likely The cautious tone levels, and noted it saw some Sheryl Sandbergsaid the next more food to eat at home. In Upturn lose steam as the year ends. disruption during the election few quarters will continue to “Webelievethat this crisis, TheInternational Monetary follows betterthan four years ago. be precarious formanybusi- as terrible as it’sbeen, has Fund expectsChina will be the expected quarters at But the coronavirus re- nesses. given us an opportunity to re- ContinuedfromPageOne only major economytogrow mains the major issue Amazon The social-media company ally engagewith consumersin “The coronavirus remains a this year overall. many companies. is trying to navigate. also said itsown performance meaningfuland lasting ways central problem,” said Frank Diverging outlooks for “I think the fact that Covid next year is uncertain,citing and to makethose invest- Witter,financechief at Volks- growth across global markets is dwarfing all of those is potential changes in demand mentstoemerge stronger,” wagenAG, as the world’slarg- is making it difficult for com- causing us alot of uncertainty for advertising related to on- Kellogg Chief Executive Steve est carmaker by sales re- panies to forecast the end of revenue than in the year-ear- on ourtop-line range,” he said line commerce. Cahillanesaid. ported athird-quarter profit the year, executives said. lier period. on Thursdayafter the com- Executives said they arefo- Thecompanyraised on of €2.6billion, equivalent to Samsung Electronics Co., But those giantsare also panysaid revenue shot up 37% cusing on controlling the vari- Thursdayits comparable-sales $3 billion, compared with a which reported a49% increase having trouble laying out how for the third quarter to $96.2 ables they canbyusing the forecast for 2020. loss in the previous quarter. in quarterly profit forthe The cautious tone from ex- thirdquarter,said itstelevi- ecutives comes aftermany sion businessfaces fresh chal- CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL companies reported better- lenges in the fourth quarter (USPS 664-880) (Eastern Edition ISSN 0099-9660) than-expected quarters. because of the spread of the (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Of the 64% of companies in coronavirus in marketssuch Jeffrey Epstein was a U.S. News article on Saturday Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Published daily except Sundays and general legal holidays. the S&P 500 indexthat had as the U.S. and Europe. member of the Council on For- about the program incorrectly Periodicals postage paid at New York, N.Y., and other mailing offices. given resultsasofFriday, “Some of these countries eign Relations.ABusiness& referred to it as the PPP,or Postmaster: Send address changes to The Wall Street Journal, morethan 80% have posted maygoback intolockdown,” Financearticle Fridayabout Paycheck Protection Program. 200 Burnett Rd., Chicopee, MA 01020. revenue and per-shareearn- Kim Won-hee,vicepresident Apollo Global Management All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of ings aboveanalyst estimates, of Samsung’svisual-display CEO Leon Black’sdiscussion of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s according to FactSet, on track business, told investors. “This his ties to the disgraced finan- Noticetoreaders order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. to be the highest such levels maylead to economic contrac- cier incorrectly implied that Wall Street Journal staff Letters to the Editor: Fax: 212-416-2891; email: [email protected] sincethe companystarted tion globally on along-term Epstein served on the coun- membersare working re- Need assistance with your subscription? tracking those metrics in 2008. basis.” cil’sboard. motely during the pandemic. By web: customercenter.wsj.com; By email: [email protected] By phone: 1-800-JOURNAL (1-800-568-7625) Overall, though, revenue and Tech companies have been Forthe foreseeable future, Reprints &licensing: earningsfor the quarter are among the biggest winnersas Theminimum loan amount please send reader comments By email: [email protected] stillexpected to decline year morepeople spend moretime under the Federal Reserve’s only by email or phone, using By phone: 1-800-843-0008 over year,but by asmaller per- working and socializing at Main Street Lending Program the contactsbelow, not via WSJback issues and framed pages: wsjshop.com centagethan the June quarter home,and as businesses in- is $100,000.Displaytextina U.S. Mail. Our newspapers are100% sourcedfromsustainably certified mills. and what wasexpected by ana- vest in digital tools to adapt to lystsamonth ago. the trend. Readers can alert The Wall Street Journal to any errors in news articles by GOTATIP FORUS? 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THE WALL STREET JOURNAL. ****** Monday, November 2, 2020 | A3 U.S. NEWS Pentagon Moves Attachés From Africa

Other such posts are downgraded in rank in eight calmilitaryplays an outsize as maintain global partnerships forit,” one senior official said. ships, relationships,” said re- key allied countries—including role in government and politics. and capabilities,” the Pentagon Thedefense secretary tired Vice Adm. MikeLeFever, also being shifted, the U.K. and Saudi Arabia—ac- Thedowngrading and re- said in response to questions wrotethat the changes were who served as defense attaché with resources aimed cording to an Aug.24order moval of attachéshasn’t previ- from the Journal. It referred to necessary to meet reductions in Pakistan in 2008-2011. “You signed by Defense Secretary ously been reported. In some the strategythat cites competi- in the number of generals and canhavethem in anyorder at China and Russia Mark Esper. cases,the details of the tion with China and Russia as admirals across the U.S. mili- butthose arethe topthree Meanwhile,attachéshave changes areclosely held, offi- the U.S. military’stop priority. tary mandated by Congressin and foundational to trust.” BY WARREN P. STROBEL been withdrawnentirely from cials said, and couldn’t be ThePentagon’sactions have the 2017National Defense Au- Adm. LeFeverserved during AND GORDON LUBOLD several embassies in West Af- learned. met with resistancefromlaw- thorization Act,and said they that tour in Pakistan firstasa rica, wheregovernmentsare In the August memo to makersofboth parties on would happen by attrition. two-star then as athree-star WASHINGTON—ThePenta- fighting potent Islamist insur- Chairman of the Joint Chiefs of Capitol Hill, as well as officials Thelaw ordered the Penta- admiral. gonhas quietly begun with- gencies tied to Islamic State Staff Gen. Mark Milley and the in other U.S. agencies,the offi- gontocut the number of se- He said the Pentagon drawing topmilitaryofficers and al Qaeda, officials familiar individual armed-services chiefs, cials said. nior officersby110 general or should be carefulabout downfrom U.S. embassies in Africa with the matter said. Mr.Esper directed the down- Opponentscall the moves admiral positions by December grading or spreading too thin and downgrading other such U.S. defense attachésover- grading of defense attaché posi- shortsighted, saying they could 2022, but didn’t dictatewhere the officer positions in coun- postsworld-wide,amoveoffi- see U.S. training of foreign mil- tions in Saudi Arabia, Egypt, harm relations with key U.S. the reductions would occur. tries with which the U.S. must cials sayisnecessarytoshift itaries,gather intelligence, help Pakistan, the U.K.,the United allies,hinder counterterrorism Replacing aU.S.one- or maintain an important link. resourcestocounter China and arrangearms sales and coordi- Arab Emirates,Kuwait, Iraq and partnerships and open Africa two-star general or admiral “Rank means a lot in some Russiaonthe geopolitical stage nateAmerican militaryassets Turkey from general or admiral and the Middle East to greater defense attaché with acolonel of these countries,” he said. and meet congressional caps in the case of humanitarian di- rank to colonel or Navy captain influencefromChina and Rus- or aNavycaptain could reduce Downgradingtheir rank in on the number of generals and sastersorother emergencies. rank.The memo wasreviewed sia, even as the Pentagon gives U.S. access and clout in coun- those countries will lead those admirals in the U.S. military. While the number of person- by TheWall Street Journal. priority to competing with tries wherestatus and rank are allies to question their value The position of defense at- nel involved is relatively small, “Options under reviewwill those two powers elsewhere. important to build trust with lo- in the U.S.’s eyes andrisks “di- taché,the senior U.S. military the attachésare akey part of continue to align our forces “The Middle East countries calmilitaryofficers, current and minishing their ability to pro- representativeinAmerican U.S. outreach overseas,particu- and our people with the Na- arethe ones that will be suffer- former officials said. tect and advanceU.S.inter- diplomatic posts, is being larly in countries wherethe lo- tional Defense Strategy,aswell ing,they will be the bill payer “Relationships,relation- ests.” Enrollment Firefighters Battle Colorado Wildfires, Although Snow Provided Welcome Assist In ACA Faces New Challenges

BY STEPHANIE ARMOUR

This year’s open-enrollment period under the Affordable CareAct maybethe most un- predictable in the historyof the 2010 health law. Thestart of the ACA’sopen enrollment Sundaycame as millions of Americans have lost or arelosing job-based cover- ageduring the coronavirus pandemic,casting aspotlight on health care in the final sprint of the presidential and congressional elections. Open enrollment runs through Dec.15inthe 36 states that rely on thefederal exchange, HealthCare.gov. The sign-up period ends later in California, Minnesotaand a S number of other states running their ownexchanges. PRES People who don’t getcover- TED CIA

agethrough work or federal in- SO

suranceprograms cangoon- AS line during thesign-up period and join ACA-compliant plans, with coverage starting in Janu- GAZETTE/

ary. They canalso determine /THE eligibility forsubsidies that re-

ducemonthly premiums and BENNETT out-of-pocketexpenses.

Morepeople need ACAcov- JERILEE eragebecause of job losses, but TROUBLE EASES: Firefighters from Oregon knock down smoldering tree stumps near Grand Lake, Colo., on Sunday. A snowfall of 8 inches at Grand Lake helped slow the lawcould be invalidated by the East Troublesome wildfire, but the fire can still smolder underneath the snow. The fire is the second-largest recorded wildfire in Colorado history. the Supreme Court. Aruling could also end federal subsidies relied on by morethan 80% of enrollees.Health-policy expertssaid those pressures Florida Minimum-Wage Increase on Ballot complicateeffortstoestimate enrollment. “Ifthis were anormal year, BY JUSTIN BAER higher minimum wagesinrecent pay. moreweight with voters this would support the measure, 63% we would expect to see enroll- years, but far fewerstateshave Backers of ahigher wage ar- year,amid abroader economic of registered voters polled by ment quitestable with premi- ManyU.S.workersand busi- adopted plans to liftthe wage gueitwould liftsome families slowdown. Monmouth University on Oct. umsnot increasing and more nesses will be watching Florida floor to $15, the level endorsed outofpoverty and help many Restaurantshaverallied to 24-28said “yes.” While that is insurers participating,” said closely on Election Day, and not by Democraticpresidential can- morekeep pacewith the rising stop the amendment. abovethe 60% threshold re- LarryLevitt,executivevice just forits role in selecting a didateJoe Biden. Most states costsofhousing,health care and Higher labor costswould quired to passthe proposed president forhealth policyat president: Ahigher minimum that have,including California, transportation. Financial stabil- forcemanyrestaurantstoraise amendment, the race appearsto the Kaiser Family Foundation, wage is also on the ballot. NewJersey and Illinois,are gov- ityofthose workerscould lead food prices and tack on sur- be tightening.Amonth earlier, ahealth-careresearch organi- Floridiansvoteonaproposal erned by Democrats. Florida Gov. charges, or eliminatesome jobs 67% of those surveyed said they zation. “But this is not anor- to liftthe state’swagefloor to Ron DeSantis is aRepublican. and reducethe work hours, said would support it, Monmouth mal year.There’snomodel in $15 by 2026,fromthe current Florida is “a diverse,huge Opponents say J.T. Corrales,director of business said. anycomputer that canpredict $8.56anhour.The measure, if statethat’sheavily reliant on development at Crabby Bill’s Thenew amendment would what will happen.” successful, would makeFlorida tourism,” said Alexis Davis,a higher wages would Family Brands,which operates raise the wagesof2.5 million Theattention to open enroll- the eighth statetoadopt an policyanalyst with the Florida cost lowerpaid sevenrestaurantsinthe Tampa Floridians,ormorethan 26% of ment could mean morefocus on eventual $15-an-hourpay floor, PolicyInstitute, athink tank that area. the state’sworkforce,according health care in the election.Poll- according to the National Con- has recommended ahigher mini- workers their jobs. “Right now, we’refighting for to the Florida PolicyInstitute. ing shows that the issue is a ferenceofState Legislatures.The mum wage.“If we canmakeit our lives,” he said, adding those About 64% of food-servicework- paramount concern to voters. increase could arriveasworkers work,that would be asignal to wage rises would begin just as ersand nearly half of hotel em- An October Wall Street Journal and small businesses arestill the rest of the country,” she said. businesses were trying to pull ployees would benefit from the poll found the economyisthe reeling from the coronavirus and Florida’s Supreme Court ap- to morespending on goods and outofatailspinâ. higher wage floor.The institute topissue formost registered itseffectsonlocal economies. proved inclusion of the proposal, services,supportersofthe mea- Florida had451,000 fewer didn’t estimateaneffect on em- voters,followedclosely or While the federal minimum Amendment 2, on the 2020 bal- suresay. jobs in September,compared ployment. matched by the combined is- wage has remained at $7.25 since lot last December.That wasbe- Opponentssuch as the state’s with ayear earlier,according to In areport last year,the Con- sues of health care and the cor- 2009,most states have set fore the pandemic swept restaurant industrysay higher the U.S. Labor Department,in- gressional Budget Officefound onavirus pandemic. higher levels.Florida’sminimum through the country, causing clo- wageswould cost some lower- cluding 235,000 fewerjobs in the raising the national minimum Fifty-five percent of Ameri- is aboveneighborsGeorgia and sures and slowersales at many paid workerstheir jobs and hurt hospitality industry, which in- wage to $15 an hour would cost cans had afavorable viewof Alabama, which followthe fed- restaurants, hotels,theme parks businesses already bruised by cludes restaurants, hotels and 1.3million Americans their jobs, the ACAinOctober,upfrom eral rate. and other businesses in Florida the pandemic.They arehopeful themeparks. while lifting the same number 49% in September,according to Voters in states from Arizona that employlower-wageworkers warningsabout potential job loss TheFlorida vote could be a out of poverty,byraising the pay the Kaiser Family Foundation. to South Dakotahaveapproved who would see abump in their and businessclosures carry closeone.When asked if they of workersliving in poverty. Mississippi Vo ters to Decide Replacement forState Flag

BY CAMERON MCWHIRTER sion to pick anew flag with groups likethe National Colle- considered the banner to be a therequirement that it bore giateAthletic Association, tributetoancestorswho Mississippi voters will de- the words“In God We Trust.” Blackactivistsand others fought in the Civil War. They cide Tuesdaywhether to adopt Thecommission received pushed to have the Confeder- pointed to astate referendum anew stateflag,following the thousands of submissions and ateemblem removed from the in 2001 in which voters over- legislature’smovethis sum- chose aflag that bearsamag- stateflag.Manysaw it as a whelmingly chosetokeep the mer to retire the old one that nolia flower surrounded by symbol of slavery and segrega- Confederate-themed flag. bore a large Confederate bat- stars. tion and argued it hurt invest- Whatever theresult of the

S tle emblem. Under the law, people will ment in the economically chal- vote, they will continue to fly

PRES AfterBlack Lives Matter vote fororagainst the new lenged stateofabout three the old stateflag at their protestsaround the country flag; but either way,the old million people. homes and businesses,they TED this summer, the Republican- stateflag won’t return. If vot- State Rep.Kabir Karriem, said. DannyBishop,com- OCIA

SS dominated legislature votedby ersreject the magnolia design, an African-American Democrat mander of alocal Sons of Con-

/A awide margin to changethe the stateflag commission will who pushed forthe law, said federate Veterans group, said LIS

SO state’sflag after126 years. Re- have to find another option to he planned to vote forthe new the legislaturedidn’t givevot-

V. publican Gov.TateReeves offer to voters. flag.“Just the merefact that ers the chance to vote for the quicklysigned the bill into Mississippi politicians had theold flag is coming down old flag again because it GELIO

RO law, and the old flag wastaken debated the old state flag for and not coming back is great,” feared the outcome. The new magnolia-centered banner chosen by the Mississippi State down from state property. years. This year,businesses he said. “It wasanend run,” he Flag Commission displayed outside a museum in downtown Jackson. Thelaw set up acommis- likeWalmart Inc., sports Supportersofthe old flag said. P2JW307000-2-A00400-17FFFF5178F

A4 | Monday, November 2, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL. U.S. NEWS

Preferencefor president ShareapprovalofPresident Trump's handing of: Joe Biden The economyCoronavirus Biden Leads Trump Donald Trump Approve Disapprove 55% 70% 70% By 10 Points in Poll 50 60 60 45 50 50

BY AARON ZITNER Electoral Collegemajority likeformer President George without winning the national W. Bush did in 2004 by draw- 40 40 40 President Trump trails by 10 popular vote,ashedid in 2016. ing morereligious conserva- percentagepointsamong vot- “This election is probably tivestothe polls. 35 30 30 ersnationally in thefinal days the most competitive10-point Mr.Horwittsaid that Mr. April 2020 Nov. 2018 '20 April 2020 Nov. of his re-election campaign, race I’veseen,” said Republi- Trump is facing an electorate facing substantial public anxi- canpollster Bill McInturff,who that holds negativeviews of Source:WSJ/NBC News telephone polls, most recently of 1,000 registeredvoters conducted Oct. 29-31, 2020; margin of error +/- 3.1pct. pts. ety over the coronavirus pan- conducted the survey with his overall job performance. In demic but with broad approval Democrat Jeff Horwitt. Mr. the 41 Journal/NBC News sur- coronavirus—a 3-point gap The Wall Street Journal/NBC News poll wasbased on nationwide telephone inter- of his management of the Trump’s support remains veys that measured views of that narrowedfrom8points views of 1,000 registered voters. It was conducted Oct. 29-31, 2020, by the polling economy, anew Wall Street strong among his base of howMr. Trump has handled last month. Andinasign of organizations of Bill McInturff of Public Opinion Strategies and Jeff HorwittofHart Research Associates. Journal/NBC News poll finds. largely working-class, white his office, he said, “therewas substantial concern about the The sample wasdrawn in the following manner: Individuals were randomly selected Former Vice President Joe voters,who areplentiful in the not asingle poll that produced virus,55% said the worstof from national lists of registered voters and were chosen by a systematic procedure Biden leads Mr.Trump,52% to swing states. aresult wheremoreAmericans the pandemic wasyet to come. to provide abalanceofrespondents by sex. Respondents reached on their cellphone were randomly selected from national lists of cellphone numbers. 42%, in the poll’sfinal reading While Mr.Biden holds large approved than disapproved of One of Mr.Trump’sstron- Of the 1,000 interviews in the weighted data, 590 respondents were reached on of voteropinion beforeElec- leads among people who have his performanceaspresident.” gest advantages is that 55% of acellphone and screened to ensurethat their cellphone wasthe only phone theyhad. Interviews were conducted in English and Spanish. The margin of error is plus or mi- tion Day, essentially unchanged votedearly or plan to,Mr. The2020 campaign is ap- voters approveofhis handling nus 3.1 percentage points. from Mr.Biden’s11-point ad- Trump holds abig lead among proaching itsend amid near-re- of the economy, 14 pointsmore In addition to the 1,000 voters in the national sample, 539 interviews were con- vantage in mid-October.Inpar- those who saythey will vote cord voterinterest and disquiet than who disapprove. One of ducted in battleground states to create a sample of 833 registered voters in those states. The states included were Arizona, Florida, Georgia, Iowa, Maine, Michigan, ticular,women and seniors on Election Day, the poll finds. over the coronavirus pandemic histop challenges is that 57% Minnesota, North Carolina, NewHampshire, Nevada, Pennsylvania and Wisconsin. The have turned against the presi- Mr.Trump’shopes forvictory that on Fridayreached ahigh disapproveofhis management margin of error for battleground states is plus or minus 3.4 percentage points. dent, the poll finds,with both rest in large part on effortsby fornew cases.Some 83% of of the pandemic,17points Some 310 additional interviews were conducted among Latino voters to createa sample of 410 Latino registeredvoters. Respondents could takethe survey in English groups favoring Mr.Biden by the Republican National Com- voters rate themselves at the morethan who approve. or Spanish. The margin of error for this group is plus or minus 4.8 percentage points. double-digit margins. mitteetoregister swing-state highest levels of interest in the Mr.Trump is contending However, the survey finds voters who back Mr.Trump, campaign, ashareunseen since with significant opposition the race tightening when the and whose presencewill be just beforeformer President from two large votergroups: tional survey,Mr. Trump trails in large measureonthe fact landscape is narrowedtoaset seen more on Election Day Obama’sfirst election in 2008. Women, who outnumber men by 23 points, 58% to 35%, a that he is viewedmorefavor- of 12 battleground states.Mr. than in early balloting,Mr. Asked which issue wasmost in the electorate, and seniors. substantial reversal from his ably in battleground states Biden holds a6-point lead McInturff said. important to their decision in Thepresident trails Mr.Bi- winning margin among those than among voters nationally. across those states,51% to “The RNC has spent how the election—the economyor denby20percentagepoints voters in 2016,measured at be- In the 12 statebattle- 45%, compared with a10-point manymillions of dollars, and coronavirus—votersweredi- among women in the newsur- tween 7and 10 pointsinvari- grounds, forexample,Mr. lead last month. the only thing they’vefocused videdalmost evenly,asign of vey, 57% to 37%, while leading ous surveysofthe electorate. Trump leads by 21 points Mr.Biden’sadvantage in on is turnout of noncollege, howmuch the pandemic has amongmen by one point, 48% Seniorsare aclosely among whitemen, compared swing states is within the whitevoters, especially in upendedexpectations as they to 47%. If the election outcome watched group,inlarge part with a12-point lead among poll’smargin of error and cor- about six states,” he said. Mr. stood at the start of the elec- matched those results, the because most swing states that group nationally. Among responds with the many McInturffsaid the party’s ef- tion season. 2020 campaign would show have largershares of them seniors, Mr.Trump trails Mr. swing-statesurveysthat show fortsraised the potential that Some 41% of voters named one of the largest gender gaps than the national average. Bidenby11pointsinbattle- close racesand apotential Mr.Trump has changed the theeconomyasthe most im- on record. Mr.Trump’shopes foran ground states,compared with path forMr. Trump to build an electorate in his favor, much portantissue,while 38% cited Among seniorsinthe na- Electoral Collegemajority turn the 23-point deficit nationally. President Pushes to Build Support Among Latinos

BY JOHN MCCORMICK

President Trump appears poised to receive roughly the same amount of Latino support in this week’selection as in 2016,despiteeffortsby each party to movethe needle with akey voting bloc,the latest Wall Street Journal/NBC/ Telemundo poll shows. Democrat JoeBiden leads Mr.Trump among Latino voters, 62%to29%. That is a within-the-margin-of-error up- tick forMr. Trump from when the survey waslast conducted, in September,when Mr.Biden led the president 62% to 26%. In 2016,HillaryClinton won 66% of the Latino vote,exit polls found, while Mr. Trump received 28%. In this survey, 9% of Latino voters remain un- decided or plan to back another candidate, down from 13% in September. Acentral part of Mr. Trump’scampaign messageis that he would be abetter steward of the economy. The

poll shows that 49% of Latino S voters approveofhis handling PRES of the economy, while 39% disapprove. TED OCIA

Mr.Biden has argued that SS

the president has mismanaged /A the coronavirus pandemic and a

majority of Latino voters agree. HARNIK Almost two-thirds—64%—say

they disapproveofMr. Trump’s ANDREW handling of the crisis,while Supporters gathered in Phoenix in September at a Latinos for Trump Coalition Event. Joe Biden leads President Trump among Latino voters, 62% to 29%, the poll found. 28%approve. By a12-point margin, Latino voters said coro- in thepoll said the crisis has group 55% to 33% and 66% to pressing lessinterest in the in aWall Street Journal/NBC interest sometimes translates navirus wasmoreimportant changedtheir lives in either a 26%, respectively. election than other demo- News poll conducted shortly intolowerparticipation rates.” than the economyindetermin- very major or fairly major way. Thenonpartisan PewRe- graphic groups,potentially before the 2016 election. Theoversample of Latino ing their vote. Levels of support will be search Center says 17%ofreg- presenting aDemocratic turn- “Historically,wedosee voters was conducted in con- Latinos have been hit espe- critical in the battleground istered voters in Florida—the out challenge. lowerinterest among Latino junction with The Wall Street cially hard by the pandemic, states with the largest Latino biggest Electoral Collegeprize Just 63% of Latino voters voters,” said pollster Aileen Journal/NBC News poll con- both medically and economi- populations,including Florida, among the topbattle- ranked their interest in the Cardona-Arroyo, who worked ducted Oct. 29-31. Thesurvey, cally,because they tend to live Arizona and Nevada. NewYork grounds—areLatino.That is race at the very top of a scale on the survey.“Part of that has whichincluded 410 registered in moredensely populated ar- Times/Siena College polls re- up from 16% in 2016. from one to 10,compared with to do with howmuch outreach Latino voters,has amargin of eas and aremorelikely to leased Sunday that included The nation’s rapidly grow- 82% of non-Hispanic white Latinos getduring presidential error of plus or minus 4.8per- work in service-industrypro- likely Latino voters in Florida ing Latino population, which voters and 74%ofBlack vot- elections,but certainly it’s centage points. fessions significantly affected and Arizona had Mr.Biden represented 11% of the total ers. The63% forLatinosis something that is concerning in —Sabrina Siddiqui by job reductions.Seven in 10 leading Mr.Trump among the 2016 electorate, is also ex- higher than the 58% recorded terms of turnout because low contributed to this article.

in this country?” the president Trump in national surveys to alead on election night. plan to decisively win this voters in cities and is focused Campaigns said Sundayatapacked rally throughout the year,with pub- “Ifyou speak with many election.SoIdon’t, Idon’t moreintently on afew key in Iowa. lic attention remaining focused smart Democrats, they believe thinkwe’regoing to need to battlegrounds. “Who’s going to vote on on the president’sresponse to that President Trump will be gettothat point.” Mr.Biden, who is leading or Approach Election Day?” Mr.Trump the pandemic. ahead on election night,” Mr. As he landed forarally in close in manybattleground asked the crowd in Iowa,draw- Morethan 93 million ballots Miller said. North Carolina, Mr.Trump was polls, appearsfrompolls to ing loud cheers. have already been cast before AnitaDunn,atop Biden ad- asked about reportsthat he have morepathstovictory FinishLine While news organizations Election Day, through in-per- viser,countered on ABC that would prematurely declarevic- than Mr.Trump,who needs to might call araceifacandidate son early voting or mail-in bal- “three battleground states may tory.“No,nothat wasafalse keep much of his 2016 terri- is clearly ahead, resultsare lots. Both parties arefighting be slowertocount their report,” he said, beforeadding tory to win. While Mr.Biden ContinuedfromPageOne considered unofficial until all in courtsoverelection rules votes—Pennsylvania in partic- that oncethe election is over, has an edgeinsome key states, day, seeking to energizeminor- votesare counted and certi- that could determine whether ular,which both of us,both “we’regoing in with our law- manypolls shownarrow leads ity supporters. “Pennsylvania fied, which oftentakes weeks. thousands of ballots, if not yers.” and Mr.Trump within striking is critical in this election,” he Some key states haven’t yet more, arecounted as valid or TheWSJ/NBC News poll distance. told backersatadrive-in begun tallying early votesand tossed out. More than 93 from Sundayshowsupporters TheNew York Times and Si- “Souls to the Polls” rally.“If have said they would report TheTexas Supreme Court of Mr.Biden aremorelikely to ena Collegereleased polls in youhaveyour say, he doesn’t resultsWednesdayand be- rejected on Sundayachallenge million ballots have saythey arevoting early or al- four battleground states Sun- stand achance.” yond. In Pennsylvania, forex- by stateRepublicans to drive- already been cast ready have.Meanwhile,Mr. daythat Mr.Trump carried in Mr.Trump is holding afinal ample,officials don’t expect through voting in Democratic- Trump’sbackersare more 2016,showing that Mr.Biden flurryofrallies in multiple the majority of resultstobe leaning Harris County,the before Election Day. likely to vote in person on ledby3to11points, depend- states and voiced concerns counted until Friday. state’smost populous.Afed- Election Day. ing on the state. about counting votesbeyond Thewhirlwind of activity eral judgeisscheduled to hold Thecandidates’ schedules In asignal of howcritical Election Day, even though elec- closed an extraordinaryelec- ahearing Mondayonthe same reflected their closing strate- Mr.Biden sees Pennsylvania tion officials have said the tion year that began with Mr. issue,creating uncertainty for campaigns areveryfocused on gies.Mr. Trump is looking to the Democratic ticket along countswill go past Tuesday Trump’simpeachment, moved morethan 120,000 votesthat right now.” boost turnout with white with theirspouses will be in because of the volume of mail- through the near collapse of already have been cast. Asked later in the dayifthe working-classvotersinthe ru- Pennsylvania Mondayfor in ballotsthat take extratime Mr.Biden’sprimaryhopes and Signaling potential election- Biden camp wasconcerned the raland exurban areas that de- events.They arescheduled to to count. “Weshould knowthe ground to atemporaryhalt by night conflict, Trump cam- president might prematurely livered him to the WhiteHouse be joined by Lady Gaga and result of the election on Nov.3. the deadly coronavirus. paign senior adviser Jason declarevictoryonelection in 2016 and is trying to hit as John Legend in Pittsburgh and Theevening of Nov.3.That’s Yet, despitethe tumult, Miller argued on ABC on Sun- night, Democratic vice-presi- manystatesaspossible.Mr. Philadelphia, respectively. theway it’sbeen and the way polls showedMr. Biden with a daythat campaign officials dential candidateKamala Har- Biden is seeking to generate —Tarini Parti it should be.What is going on consistent lead over Mr. think the president could jump ris said, “Well, firstofall, we enthusiasm among minority contributed to this article P2JW307000-4-A00500-1------XA

THE WALL STREET JOURNAL. **** Monday, November 2, 2020 | A5 U.S. NEWS Vo te Count PartiesGirdfor CourtFightsinBattlegrounds MayTake BY D EANNA PAUL also seeing election litigation, counsel, said Pennsylvania is mon Cause,which has been in- said Wisconsin GOP Chairman Pennsylvania, Michigan and “certainly the epicenter,Ithink volved in pre-election lawsuits Andrew Hitt. Days in Democrats, Republicans and Wisconsin pose particular chal- right now, forproblems,” and a over voting laws this year. Those effortstrack with na- voting-rightsgroups areready- lenges because of their ballot- focus forboth parties.The Re- In Michigan, topDemocratic tional moves by the parties, ing forpostelection legal bat- counting rules.None have yet publican Party has dozens of attorneyswill spend Election which have retained attorneys Pennsylvania tles in Pennsylvania, Michigan begun tallying millions of mail- people deployedtoPennsylva- Dayatahotel in Detroit, acrossthe country. and Wisconsin—closely con- in ballots, and election officials nia to monitor the situation watching forproblems across TheDemocratic Party began BY SCOTT CALVERT tested states wherethe latetal- in these states saythey may and communicatewith election the state. Michigan has the building what it calls voter-pro- lying of absentee ballotscould report resultsonWednesday officials, Mr.Riemer said. country’smost decentralized tection infrastructuremuch Pennsylvania’schief election result in litigation. andbeyond. Pennsylvania voters have re- election system,with different earlier than in previous elec- official warned voters that the TheTrump and Biden cam- Election-lawexpertswarn quested arecordnumber of clerks and ballotsin1,600 dis- tion cycles,spreading tens of outcome of the presidential paigns and the two major par- that anyperiod of uncertainty morethan three million absen- tricts.Each will have one poll thousands of lawyersacrossthe race in the statelikely ties have poured legal re- over the election’swinner could teeballotsthis year.The state watcher from each party,plus countryand staffing programs wouldn’t be known on Election sourcesintothese three states, spark legal fights. Adding to chapter of Common Cause,a morefor the absentee-ballot in battlegrounds in early 2020. Night and said her officeisin which President Trump cru- the focus on Pennsylvania, Wis- left-leaning voting-rightsadvo- counting room. Republican law- “Our job is to makesurevot- touch with the National Guard cially flipped from Democrats consin and Michigan: They are cacy group,has assigned 2,000 yers said they would raise any ersknowall their options for to preparefor anypotential se- in his2016 victory, and where all split between Democratic volunteerstovoting sites in 11 issues with stateofficials. voting and to protect their vote curity concerns. he is closely trailing former governorsand Republican-run counties that the group be- In Wisconsin, Democratsand and makesureit’scounted,” KathyBoockvar, secretary Vice President JoeBiden,ac- legislatures,teeing up aparti- lieves could have election-day Republicans have election-day said DavidBergstein, director of the commonwealth, has cording to RealClear Politics san clash over counting votes. problems.This armyofpoll litigation teams on standby.“If of battleground-statecommuni- been working 80-hour weeks pollingaverages. Justin Riemer,the Republi- watcherscan funnel complaints we have to document or chal- cations forthe Democratic Na- in the lead-up to Tuesday’s While other swing states are canNational Committee’schief to lawyersworking with Com- lengeanything,we’ll do it,” tional Committee. election and is confident it would go smoothly,she said in an interview. She has been coordinating effortstoensureballotsare tabulated accurately and as rapidly as possible,she said. Working from home,she is busy in Zoom meetings and regular calls with officials in the67counties that runlocal elections, stateagencies like the Pennsylvania National Guardand her counterpartsin other states who shareadvice. PRATT PROVIDES Ms.Boockvar, a52-year-old Democrat appointed by Demo- cratic Gov.Tom Wolf,said election officials are“managing a volume of vote-by-mail that we never would have imagined in a million years.” Because statelaw prevents counties from processing mail- in ballotsuntil Election Day and seven counties have indi- 10,000 catedthey won’t start counting until afterElection Day, Ms. Boockvar said she thinks the majority of thestate’s votes will be counted by Friday. She said largercounties plan to count mail-in ballotsaround the clock.She will be in Harris- burgwith her team on Tues- AMERICAN FAMILIES day. Pennsylvania set arecord this year with morethan nine million of itsresidentsregister- ing to vote,and Ms.Boockvar said she expectsrecordturn- out. She anticipates nearly WITH WELL-PAYING Akey official thinks themajorityofvotes in thestate will be counted by Friday. GREEN-COLLAR

three million of the morethan six million expected voteswill come in by mail, she said. As of Thursday, the state said it had processed 3.1million applications formail-in ballots, MANUFACTURING and counties had received about 2.2 million of them back. Two-thirds of returned ballots have come from registered Democrats, statefigures show. On-the-ground security concerns aregreater than in past presidential election years, Ms. Boockvarsaid. “The National Guardisgoing JOBS to be ready,ifthey’reneeded. And all the partners, both at the state, federal and local level, aregoing to be there, should we be needed,” she said of potential voterintimidation. People arewelcome to exercise their right to free assembly and free speech, “itjust needs to stay away and not obstruct voters,” she said. Ayear ago, Mr.Wolf signed anew election lawthat allows Pennsylvania voters to request amail-in ballot without area- son, achangethat took on added significancewhen the Anthony Pratt pandemic emergedlast spring. Thestate Supreme Court, following Ms.Boockvar’sguid- ance,ruled in September that Chairman of Pratt Industries ballotswould count if they arrived by 5p.m. Friday, Nov.6. &The Pratt Foundation Ballots have to be postmarked by Nov.3or, if they lack an in- telligible postmark,showno evidenceofhaving been mailed afterElection Day. Thestate RepublicanParty and otherstwiceappealed to the U.S. Supreme Court, but in both cases the high court declined to disturb the deadline extension. Pratt Industries is one of the largest corrugated Themail-in voting trend in many states has drawnthe attention of President Trump, boxmanufacturers in the United States. who has said without evidence that the practiceyields widespread fraud. www.prattindustries.com Ms.Boockvarsaid she has givenpriority to votereduca- www.prattindustries.com tion, both to publicizerecent changes to stateelection law andtocombat disinformation that could sowconfusion. “I want everyvoter to not be distracted by the hype or the disinformationorthe sky-is- falling messages,” she said. P2JW307000-0-A00600-1------XA

A6 | Monday, November 2, 2020 THE WALL STREET JOURNAL. U.S. NEWS

New York Wraps Up Early Voting Ahead of Election Day Millions of Mailed Ballots AreStill Out

Millions of mail-in ballots Tuesday, with Philadelphia and haven’t been received by elec- Detroit both seeing on-time de- tion officesincritical battle- liveryrates below50% that day. ground states,whererecent Performanceticked up in those slowdowns in mail deliveries cities on Wednesday, with the risk some votesnot arriving in national on-timedeliveryaver- time to count forthe presiden- agecurrently hovering at 89%. tial election. In the court filings, the Postal Servicealso gaveasnapshot of By Rob Barry, mail-in ballot performance. Bal- Kevin Poulsen lots arrived on time moreoften and Vanessa Qian than regular first-classmail, though in some areas,asubstan- As of Friday, morethan seven tial number were late. On Thurs- million mailed ballotshad not day, 9% of returned mail-in bal- S been returned in the 13 most lotswerelateinPhiladelphia and PRES competitivestatesthat require 20% were delivered lateinDe- TED ballotstoarriveonorbefore troit. Overall, thePostal Service

OCIA Election Day, aWall Street Jour- delivered 94%ofreturned ballots SS

/A nal analysis of datafromthe on time on Thursday, it said. University of Florida’sU.S.Elec- David Partenheimer,the tions Project found. That’sabout Postal Servicespokesman, said WILLENS 28% of the morethan 24 million the daily dataproduced in court THY

KA ballotsthat had been tallied in wasunreliable.“Theprocessing CAREFUL CHOICES: Poll workers checked voters’ registration information on Sundayatapublic school in Manhattan’sHarlem neighborhood. thosestates, the Elections Proj- dataincluded aredaily scores,as ect datashow. ordered by the court, but they Manyofthe states,including arenot comparable to our nor- Michigan, Wisconsin, Arizona mal reporting,” Mr.Parten- and Florida, were narrowly won heimer said. Political Groups Skirt Facebook Ban in the 2016 presidential election, In the week ended Oct. 23, making the outstanding ballots 80.85% of first-classmail was potentially critical. delivered on time,downfrom BY JEFF HORWITZ Theissue shows Facebook’s known as Antifa,backs sex- director of American Princi- In astatement, the Postal about 85% earlier in the month, continued challenges with en- changeoperations forchildren ples Project, said he had Servicesaid it had seen an ex- Postal Servicedatashow. The Political groups aregetting forcing itsown policies across and supports legislation that sought to alter the ads in ways ceedingly high volume of mail Postal Servicesaid the slow- around Facebook Inc.’ssystem itsplatforms,especially on con- would “destroy girls’ sports” that mightavoid further action moving through the system and down wasdue in part to impacts forblocking false political ad- tent that is politically divisive. by allowing transgender ath- by fact checkers, such as by wascontinuing to “implement from the virus,increased mail vertising by reposting ads Manyonthe lefthavesaid letes to compete in them. removing references to state- extraordinarymeasures to ad- volume and effortstoprioritize found to violateits policies, Facebook isn’t aggressive Facebook removed the ads specific public policyissues. vanceand expeditethe delivery ballots. exposing aloophole in the afterits fact-checking partners “Frankly,the fact check or- of the nation’sballots,” including In Michigan, whereDonald company’s efforts to contend including PolitiFact, an arm of ganizations—especiallyPoliti- extratrips,extendedovertime Trumpekedout avictorywith with misinformation. Reposted ads reflect the nonprofit Poynter Institute Fact—areextremely unhelpful forworkersand mail collection just 10,704 morevotes than Hil- Threepolitical groups back- forMedia Studies,deemed in offering guidanceonhow to on Sunday. lary Clinton in 2016,morethan ing President Trump’sre-elec- the socialmedia them to be either false or improvethe accuracyofthe Thetotal number of out- 700,000 requested ballotshad tion have adopted the tactic,re- giant’s challenge in missing context. American ad. So in some cases we did a standing votesisdifficult to not been received by election of- peatedly uploading with little Principles Project reposted best guess,” he wroteinan knowwith precision. Some vot- ficials as of Oct. 29,Elections or no alteration ads that Face- enforcing itspolicies. versions of the ads with the email to TheWall Street Jour- erswho requested mail-in bal- Project datashow. Delivery book had pulled down afterits same claims,but slight differ- nal. lots maywind up voting in per- times averaged morethan six fact checkersjudged them to be ences to the wording.The ads Facebook acknowledged sonornot at all. Some states, days this past week,the Gray- inaccurate, according to re- were targeted heavily at swing that it hadfailed to prevent such as Colorado,automatically Hair datashow, raising ques- searchersonmisinformation enough on policing misinforma- states,including Wisconsin and some claims that hadbeen mail ballotstoevery eligible tions about howmanyofthose and apublic archiveFacebook tion, while conservatives have Michigan, according to Face- previously determined mis- voter, leading to potential over- ballotscould arrivelateand then maintains of ads runonits plat- accused Facebook and itsfact book’sadarchive. In total, the leading from returning to the estimatesinthe number of out- go uncounted. Michigan’sdead- form. Some of those reposted checkersofbias and censorship. reposted ads have been shown platform. “Wereviewedthese standing ballots. Manystates, in- line forballotstobecounted is ads have been shown millions American Principles Proj- to Facebook usersmorethan ads and aretaking action on cluding Florida and Arizona, also Election Day. of times in swing states during ect, aconservativegroup threemillion times,according those that violateour policies, offer ballot drop boxes. Legalexpertssay mail delays the waning days of the U.S. based in Arlington, Va., ran to datagathered by Laura while also working to improve Thus far,the Postal Service in states with rigid ballot dead- presidential campaign, aperiod ads on Facebook in October Edelson,aNew York University howwefind similar ads to said it has processed morethan lines could lead to challenges when Facebook has said it is saying former Vice President researcher who studies politi- those that were already 4.5billion pieces of political and that delaythe results. taking extracaretostamp out Joe Biden supports the loose caladvertising online. rated,” spokeswoman Andrea election mail, morethan double “It increases the chanceoflit- misleading political ads. collection of far-left activists TerrySchilling,executive Vallone said. the 2016 election cycle,including igation,” Akhil Reed Amar,aYale 122million ballots. Aspokesman University professor of constitu- said the Postal Servicedidn’t tional lawand political science comment on third-party data. said. GOP Chair Aims to Win Over Women Documentsfiled Fridaybythe At the same time,record Postal Serviceinfederal court in early-voting numberscould limit the District of Columbia show the impact of the national slow- BY MICHAEL C. BENDER ing voters most likely to sup- theservicehas struggled in re- downs in mail delivery—more port Mr.Trump and then cent weeks to hit itsown on- than 80 million ballotshad al- WASHINGTON—President pushing them to the polls on time targets, which typically ready been cast by Thursday, ac- Trump’s deficit with suburban Election Day. This effort, with rangebetween two and five cording to the Associated Press. women has widened to the more than 3,000 paid staff in businessdays forfirst-classmail. “Half the people who aregoing point that it poses aserious the battleground states be- Nationwide,the Postal Ser- to vote have voted, and their threat to his re-election, polls tween the RNC and campaign, vicesaid just 62%offirst-class mail has already been delivered,” show. But he still maintains has brought in 2.6million vol- mail wasdelivered on time on Mr.Amar said. thesupport of one of them unteers, contacted five times who, like the president, has a the number of voters as in Average days needed forﬁrst-classletter lot riding on Election Day. 2016 and quadrupled the num- Ronna McDaniel is the Re- S ber of newvoter registrations deliverylastweek

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frequently toutsher role as SC longer than most by preserving AK ME mother of two teenagersin Ronna McDaniel frequently touts her role as the mother of twoteens. her political capital with the suburban Detroit as one of her president and carefully choos- most important attributes as the final stretch to push for a favor this year, and prove du- ing her internal battles,White VT NH she helps guide the president’s big RNC investment in TV ads rable and valuable enough to House officials and Republi- re-election bid. forMr. Trump,particularly in outlast Mr. Trump regardless cans said. In political meetings, WA ID MT ND MN WI MI NY MA RI “I represent suburban her home stateofMichigan, of November’s outcome. she has urgedthe president to women because Iamone,” Ms. an election battleground. The “It’sgoing to be tight,” Ms. focus on an economic-recovery OR UT WY SD IA IL IN OH PA NJ CT McDaniel said. “The more we 30-second spot released last McDaniel said about Republi- messagetorehabilitatehis im- focus on policy, the morewe week wasaimed at seniors can prospects this year. “And agewith women and countered CA NV CO NE* MO KY WV VA MD DE reach suburban women.” and strikes a soft tone. the infrastructure we’ve built senior campaign officials who Ms.McDaniel has forged a Ms.McDaniel is also mar- will be adifference-maker in push Mr.Trump to intensify AZ NM KS AR TN NC SC DC close relationship with the shaling supportersacross20 an election like this. Not just his attacks. president over the past four states.Republicans up and for the president, but for the “Weknowsome suburban OK LA MS AL GA years, becoming one of Mr. down the ballot arerelying on whole party.” women who were with Donald Trump’slongest-running polit- that effort to close the gap Under Ms.McDaniel’sdirec- Trump in 2016 mayhavefaded HI TX FL ical advisers, particularly Democrats have built in early tion, the party has spent $250 away,” Ms.McDaniel said. “We among those who don’t inhabit voting.Republicans areex- million in the past two years call them wavering voters,and *Refers to the Second Congressional District abranch on his family tree. pecting this data-driven oper- on the labor-intensive task of we knowthat they’rethe easi- Note:DataasofOct. 29. She used that influencein ation to tip close racesintheir walking door-to-door,identify- est to bring back.” Source:GrayHair Software Democrats Try to Reach Into Redder Suburban House Districts

BY LINDSAY WISE election watchersexpect the in Missouri’sSecond District, This year,Democratsare anapolis area, whereRepubli- government, higher taxesand party to maintain itsadvantage losing supportamong women, pushing intosuburbs of canstate Sen. Victoria Spartz,a defunding the policeisapoliti- Thirty-six of the 43 U.S. or slightly expand it in Tues- especially younger women, ac- smaller,more-red-leaning businesswoman, and Democrat calloser,” said Michael McAd- House seatsthat Democrats day’selection. cording to aRepublican strate- metroareas such as St.Louis, Christina Hale,anonprofit ams,aNational Republican flipped from redtoblue in the One of those battlegrounds gist familiar with the data. Indianapolis,Phoenix,Cincin- leader and former statelegisla- Congressional Committee 2018 midterm elections were in is in the St.Louis suburbs, Ms.Wagner’s voting record nati,San Antonio and Omaha, tor, areinaclose race to suc- spokesman. suburban districts. whereMr. Trump wonby10 is largely in line with Mr. Neb., said Dave Wasserman, ceed retiring Republican Rep. Former GOP Rep.Carlos Now, Republicans who man- percentagepointsin2016.GOP Trump’sagenda. But to beat House editor of the nonpartisan Susan Brooks,and ahandful of Curbelo,who lost his bid forre- aged to survivethe blue shift Rep.Ann Wagner,aformer am- her Democratic challenger,Jill Cook Political Report. Themain GOP-held suburban House dis- election in aFlorida swing dis- that swept Democratstopower bassador and co-chair of the Schupp,astate senator,Ms. reason, he said, is that Mr. trictsnear Houston, SanAnto- trict in 2018,said Republicans then arefighting again to keep RepublicanNational Commit- Wagner needs some voters who Trump is “politically radioac- nio,Dallas and Fort Worth, who have worked to build their their seats, in atest of whether tee, outperformed Mr.Trump aredisillusioned with the presi- tiveamong voters with acol- Texas. ownidentities separatefrom the GOP canfend off challenges in her district that year,win- dent to makeadistinction be- lege degree,and particularly “Ifthey win, you’regoing to Mr.Trump arelooking resilient in traditionally right-leaning ning re-election by 21 points. In tween her and the occupant of women.” see awave,” Mr.Hoyer said of ahead of Election Day. metroareas,wherepolls show 2018,she fended off Democrat the WhiteHouse. Ms.Wagner’s district is one the Democratic candidates. Still, it is abalancing act. If voters have cooled on President Cort VanOstran by just 4 In 2018,Democratspicked of several that HouseMajority Republicans said they are GOP candidates aggressively Trump. points. up seatsinblue metroareas Leader StenyHoyer (D., Md.) confident they will hang on. challengethe president, they Democratshavea232-to-197 As Election Dayapproaches, such as Orange County,Calif.; said he is watching closely on “Democratsare going to learn could lose their base voters, majority in theHouse,with one internal GOP polling has Mr. Northern NewJersey; Northern election night. Othersare Indi- in afew days that their social- Mr.Curbelo said. If they don’t, Libertarian, and nonpartisan Trump down by about 6points Virginia; and Denver. ana’sFifth District, in the Indi- istagenda consisting of bigger they could lose swing voters. P2JW307000-0-A00700-17F7DF7158B

THE WALL STREET JOURNAL. Monday, November 2, 2020 | A7 U.S. NEWS Staff Shortages Plagued Nursing Homes

Number of caregivers roll-based daily staffing datare- emeritaprofessor at the nurs- leased last week by the Medi- ing school of the University of fell well below normal care agencylooked only at California, SanFrancisco. early in pandemic on nursing homes that reported to Aspokeswoman forthe Cen- the federal government virus- ters forMedicareand Medicaid some of deadliestdays related deaths in the firsthalf Services,which released the of 2020. newdata, said theJournal’s BY CHRISTOPHER WEAVER Thefindingsshowstaffing methodologydidn’t account for AND ANNA WILDE MATHEWS levels became direinthose changes such as differences in places,said David Grabowski,a howsick the residentswere. Theranks of caregiversat professor of health-carepolicy She said the agencyhad taken dozens of nursing homes at HarvardMedical School, who action to help nursing homes plunged to dangerously lowlev- studies nursing homes.“That’s addstaff during the pandemic, els on some of the deadliest really endangering the resi- such as waiving training re- days of the pandemic,under- dents,” he said. “Problems hap- quirementsfor aides. cutting care forvulnerable resi- pen during the pandemic when Genesis Healthcare Inc.- dentsatthese facilities,accord- youdon’t have sufficient staff- owned Kimberly Hall North in ing to aWall Street Journal ing on that given day.” Windsor,Conn., had nine days analysis of newfederal data. Nursing homes overtaken by with staffing levels at least TheJournal found that as that firstwaveofthe virus ulti- 20% below2019 levels in the novel coronavirus tore /REUTERS mately reported some of the Marchand April, and Life through states likeNew Jersey highest death rates of the pan- CareCentersofAmerica’s and NewYork in April, as many SNYDER demic. Therehavebeen more Nashoba Valley nursing home

as 127 hard-hit nursing homes BRIAN than 88,000 Covid-19 deaths in Littleton, Mass.,had 14 such on asingle dayhad nurse-staff- Nashoba Valleynursing home, in Littleton, Mass., wasone of the facilities thatfaced staffing shortfalls. linked to long-term care facili- days in the same period. ing levels that fell at least 25% ties in theU.S., according to a At Kimberly Hall, the virus belowtheir levels forthe com- morethan 40% belowtheir lev- munities,didn’t respond to re- viewedbythe Journal also be- Journal tally of recent state, lo- infected 45 staff membersout parable days in 2019,asign that els forthe comparable daylast questsfor comment. lievethat the lowerlevelsof caland federal data. That repre- of 140employees in the build- expertssay pointstoasignifi- year.The Journal’sanalysis The staffing shortages dur- staffing hurt their ability to sentsabout 40% of all recorded ing,Genesis’schief medical of- cant shortage. On manydays in matched up each dayin2020 to ing the pandemic’sfirst peak in communicatewith caregivers Covid-19 deaths. ficer, Richard Feifer, said. He April the number of facilities the equivalent weekdayin2019. April were triggeredbywaves about their loved ones during a Thenew federal datare- said staffing didn’t affect pa- with Covid-19 outbreaks that In the case of one such facil- of illnessamong staff members, terrifying time. leased last week givethe first tient care and that Genesis de- hadsuch shortfalls wasmore ity,staffing levels at Atrium quarantine requirementsfor Thedatashowthat several broad look at nursing home ployed other workers to rein- than twicewhat wastypical at Post AcuteCareinPark Ridge, people potentially exposed to nursing homes ravagedbythe staffing during aparticularly force the facility. those same facilities in the N.J.,wereatleast 30% below the coronavirus and call-outs virus in the spring actually saw deadly period of thepandemic “Covid-19 crippled staffing months beforethe pandemic, 2019 levels for19straight days sparked by factorsincluding an improvement in their staff- fornursing homes and shows at any skilled nursing facility thedatashow. in April. Thefacility wasinthe fear of infection and lack of ing levels,relativetothe num- more-widespread shortages that faced a major outbreak,” Morethan 300 nursing midst of an outbreak at the child care.Those factorscom- berofresidents, as their out- than previouslyknown. Prior to aLifeCarespokeswoman said, homes with virus outbreaks re- time that ultimately killed 34 pounded nursing homes’ strug- breaks subsided.That wasin the newrelease,nursing-home noting that on the day the fa- ported at least one dayinthe residents, statedatashow. A gles to provide care to their part because of the lossofresi- staffing during that period was cility hadits peak of 50 resi- second quarter of 2020 in spokeswoman forAtrium’s residents,expertssay. dentstodeath, expertssay. “just acompleteblack box,” dent cases,57employees were which their staffing levels fell owner,Spring Hills Senior Com- Some family membersinter- TheJournal analysis of pay- said Charlene Harrington, an out. Dakotas, Once a Haven, Now See Infections Surge

BY ELIZABETH FINDELL “Wefeel pretty good about Troubling Trend TheDakotas’ surge comes wherewe’reat,” Ms.Seidel North aftercases had been lowthere U.S. Cases Fall After The percentage of tests for said. “The governor is not go- Dakota formonths.North Dakotahas Covid-19 coming back positive ing to changeany of her ap- Weekly newcases per 100,000 people 813.2 762,000 people and South Da- Reaching a Record in South Dakotahas soared to proach—whyshould she?” States ranked mosttofewest, kota has 884,000.Hospitaliza- 46%. That is more than eight “Showing respect and un- through week endedOct.31 South tions and deaths arealso rising times the World Health Organ- derstanding” forpeople who Dakota in both states.Hospitalizations The U.S. reported more ization’srecommended 5% choose not to followhealth 767.4 have roughly doubled in the than 89,000 newcoronavirus threshold forbusinesses to be guidelines is the right thing to past month, to 412 from 209 in cases on Saturday, adecline open. do,and even places with harsh South Dakotaand to 284 from from the record high reached As Covid cases surge across restrictions have seen cases 105 in North Dakota. the previous day. the U.S. and in Europe, South spikeattimes,Ms. Seidel said. Florida peak People in their 20s and 30s Saturday’sfigureis10% Dakotaand North Dakotahold While therewasn’t acon- 315.5 have seen some of the highest lowerthan the morethan adistinct position: Each has sensus on mask wearing at the numbersofnew cases,and 99,300 cases Friday, according morenew virus cases per cap- start of the pandemic,both health officials said it is diffi- to the latest data compiled by itathan anyother states have Republican and Democratic cult to stop the virus from Johns Hopkins University. seen sincethe pandemic be- governorsinmanystatessince spreading from young people Thattakes the total number gan. South Dakotahas the then have strongly encouraged NewYork peak to morevulnerable populations of infections in the country to most andNorth Dakotathe or mandated mask wearing as 297.5 such as the elderly. morethan 9.1 million. second-most. health authorities recom- North DakotaGov.Doug Bur- Deaths on Saturdayto- “Those who don’t want to mended their use.Manyalso gum, aRepublican, said at are- taled 908, down from Friday’s wear amask shouldn’t be restricted businessoperations cent news conferencethat he 1,030, according to Johns shamed intowearing one,” when cases and positivity supportedcities taking their Hopkins, taking the death toll wroteSouth DakotaGov.Kristi rates hit thresholds they con- ownapproaches to health poli- to nearly 231,000. Noem, aRepublican, in an opin- sidered too high. cies.But he said he wouldn’t is- As of Saturday, there ion piecepublished in the Rapid Health officials have several April May June July Aug Sept OctNov sue astatewide mask mandate, were 47,374 people hospital- City Journal.Hospital visitsand explanations forwhy the virus saying everyone needs to “find ized, according to the Covid Note:LastupdatedNov.1,at11:34 a.m. Rolling seven-daytotal through week ended Oct. 31. caring forsymptomatic people is spreading in the sparsely Source:Johns Hopkins University their why” formask-wearing. Tracking Project, the highest aretimes when masks areap- populated Dakotas. Viruses TheCentersfor Disease sinceAug. 12. propriate, she wrote. typically moveunevenly from and Policyatthe University of with the positivity rate New Control and Prevention recom- The U.S. added morethan Maggie Seidel, asenior ad- one community to another,es- Minnesota. York recorded in April, when mends that masks be worn in half amillion newcases in viser to Ms.Noem, said that pecially to newpopulations South Dakota’s46% positiv- testing wasmuch morelimited. public to reducetransmission the pastweek, with infections the governor has no opinion that had few cases earlier in ity rate,asreported by Johns North Dakota’spositivity from people who maynot yet trending upward in most on whether people should the pandemic and wherehardly Hopkins University,isroughly rate is 11%. Thestate has aver- knowthey aresick,among states, including Illinois, Flor- wear masks while in proximity anyone is immune,they said. double the 20% and 24%rates aged 109 newcases per other reasons.Studies have ida, Missouri and Texas. Other to othersinpublic locations. Largepublic gatheringsmay that Texas and Arizona, respec- 100,000 people daily over the shown that aperson who is states wherenew cases are Ms.Seidel said the governor’s also have spread it, and few tively, sawoverthe summer, past seven days,while South sick is lesslikely to spread the running high include Ohio, response is ameasured one to people wearing masks in public promptingtheir Republican Dakotahas averaged 115 cases. virus while wearing amask. Michigan, Indiana, Minnesota avirus that she said will is acause,said Michael Oster- governorstoclose businesses By contrast, the highest num- and North Carolina. spread with or without gov- holm,director of the Center for such as bars. Texas also began ber of newcases in NewYork  Drone start-ups stand by to —Christine Mai-Duc ernmental restrictions. Infectious Disease Research requiring masks.Itisonpar was59per 100,000 on April 14. help ship vaccines...... B4

Average U.S. ticket price, tioned to afford to give seats sia.comChief ExecutiveKaren AirlinesTry change from ayearago away,analystssaid, because so Chan.AirAsia expected pas- much of their revenue comes sengersonaverage to redeem 10% from extracharges, likelug- the passes between three and Deals to gage fees and food. Buy-one- five times,though some pas- 0 get-one-free seats can pay off sengershaveused the pass if the extra passenger spends more than 20 times. LureFliers money on those extraservices, Airlines have been finding -10 even though the seat is free. other waystokeep fliersen- “It’slikely that the person gagedwith their brands while ContinuedfromPageOne who comes for free will drop bringing in alittle cash. Sing- Alaska Airlines wasalready -20 some money on the flight,” aporeAirlines Ltd. is convert- keepingthe middle seat open said Geoffrey Weston,head of ing parked A380 super jumbo forsocial distancing.Its buy- Bain&Co.’s EMEA aviation jets into restaurants. Its first one-get-one-free offer allows a -30 consultancy business. batch of lunch reservations, pair of passengerstraveling to- Ryanair,Europe’sanswerto fortwo days of sittings, sold gether to gettheir ownrow for Southwest, has rolled out a out in 30 minutes, prompting the priceofasingle seat. On -40 stream of specials during the it to add two moredays,as days when the Seattle Sea- JFMAMJJASO coronavirus crisis,including well as dinner,the airline said. hawks playathome,the airline, Source:Cirium; IATA itsfirst-ever 2-for-1deal in About half the seatsineach which is based in that city,of- Septemberon1,600 routes 470-seater aircraftweremade fers discountsofasmuch as Scott’sCheap Flights. Round through December.Ithas mar- available to diners, to adhere 40%depending on howmany trips from ChicagotoLas Vegas, ketedseveral 24-hour,50%-off to social-distancing measures. touchdowns quarterback Rus- which usually sell for$350,are ticketsspecials,and a48-hour Costsrangefromabout $40 sell Wilson makes.Overall dur- selling for$81, he said. promotion in which it placed a foraneconomyseat and meal, ing the thirdquarter,Alaska “Airlines arehaving to do million seatsonsale for€5, $235 forbusinessclassand every Airlines said ticket prices were the unthinkable and slash equivalent to $5.80, each. about $475 for a suite. down 17%. fares on the peak travel “It is engagement with our “We’reseeing we’reable to dates,” Mr. Keyes said. customersthat remains our pri- stimulatedemand in away we Executives at Southwest mary objective,” said Karl Schu- one Discounters are in weren’t sure we’d be able to,” Airlines Co.and American bert, aspokesman forSinga- said Natalie Bowman, manag- Airlines Group Inc. said re- a better position poreAirlines.Nofurther ing director of marketing and cently thereare signs that to afford to give restaurant sittingsare being deservesadecent advertising. fares might be climbing again, planned at the moment, he said. Carriers’ priority has been at least for last minute book- seats away. Taiwan’s EVAAirways place to live. to drop prices low enough to ings on some flights. Corp.has created one-day“avi- fill the few planes they are Recentrises in Covid-19 in- ation camps” with three tracks: still flying to a level at which fections in the U.S. and Europe pilots, flight attendantsand they cansimply break even, could threaten that, though. AirAsia’s“unlimited airline catering.Each camp in- said Mark Simpson, an avia- European carriershavealready passes,” each selling forabout cludes guided toursoftraining tion analyst at Dublin-based started cutting back flying $100,let flierschoose between and operations facilities,with Goodbody Stockbrokers. plans forthe end of the year. domestic destinations served participantsable to flyasimu- Returntrips on full-service In the U.S.,some airline ex- by itsThai and Malaysian air- lator,put out afireinamock Learn moreat airlines over Christmasfrom ecutives have said they have lines, and international desti- cabin or learn howtoprepare habitat.org. NewYork City to Nashville are seen some ebbs in demand but nations at its long-haul AirA- side dishes.The camps arebe- going foraslittle as $71, instead remain cautiously optimistic sia X brand. The airlines sold ing held everyweekend from of the usual $300 or so,accord- as Thanksgiving and Christ- morethan 200,000 passes, mid-October through the end ing to ScottKeyes, founder of mas bookings are holding up. and 500,000 seatshavebeen of Januaryand rangeinprice the price-tracking website Discountersare betterposi- redeemed to date, said AirA- from about $100 to $350. P2JW307000-5-A00800-1------XA

A8 | Monday, November 2, 2020 ***** THE WALL STREET JOURNAL. WORLD NEWS Stricter Lockdowns Reimposed in Europe

Surge in coronavirus howthe virus is transmitted has grownsincethe early days cases makes countries of the pandemic,offering rethink measured plans clearer signpostsfor effective policies that haven’t always thatworked in summer been rigorously followed, public-health experts say. BY JASON DOUGLAS “Anything we can do to re- AND BRIANNA ABBOTT duce contact between people is going to makeadifference,” GovernmentsacrossEurope said Anne Rimoin, an infec- arereintroducing strict new tious-diseaseepidemiologist measures to tame a resurgent at theUniversity of California, pandemic afterconcluding that LosAngeles,Fielding School light-touch strategies aimed at of Public Health. “Right now, containing Covid-19 have failed all we have arethe blunt pub- to keep infections in check. lic-health measures that we’ve Britain, France, Germany, been using all along.” Ireland, Austria and Belgium Some disease expertsoffer areback under pandemic-con- moreradical proposals.Re- tainment regimes similar to searchersworking forthe U.K. those imposed in the spring, government’sscientific-advi- with barsand restaurantsshut sorygroup published apaper and people’sfreedom to so- setting out asystemofregular cializewith otherscurtailed. precautionarylockdowns last- Schools by and large remain ingtwo weeks.The idea, said open, though, and govern- Graham Medley,professor of mentshaveexpressed hope infectious-disease modeling at the newrestrictions will be /REUTERS the London School of Hygiene lifted within weeks. and Tropical Medicine and one Some public-health experts LENOIR of the paper’s authors, is that saythe reimposition of lock- brief,predictable lockdowns ev- ANÇOIS

downs shows the middle-way FR eryfew months would keep the policies deployedoverthe Belgium is one of the European countries to reimpose lockdowns as Covid-19 cases rise. Above,anurse in Brussels holds swab samples. epidemic under control while summer,such as restrictions allowing households andbusi- targeted at specific places or it’sbecause we’vefailed,” said wearycitizens back on board back thevirus. said Gabriel Scally,aformer nesses to plan better. demographic groups, haven’t Martin McKee,professor of Eu- with public-healthmeasures Caseloads in Scandinavia director of public health in the Tackling public fatigue is a succeeded in curbing the ropean public health at the that will inevitably disrupt and Europe’s Baltic states are U.K. who nowteaches at the growing challenge. Governments spread of the virus.New coro- London School of Hygiene and their lives,amid signs that afraction of those in the west University of Bristol. areexperimenting with fines for navirus cases in the European Tropical Medicine. complianceisfraying as gov- of the Continent. East Asian Another improvement, Prof. breaking the rules and shorter Union and the U.K. arerun- Public-health authorities say ernmentslayer on newrestric- countries have slowedcases to McKee said, would be to start stays in quarantine as methods ning in excess of 175,000 aday countries need to use the time tions afterarelaxed summer. a trickle and their economies figuring out wherepeople of boosting compliance. on average, according to the locked down to fixmisfiring “What will carryusthrough are humming again. picked up the virus in the An important step forgov- latest official tallies, while in systems forlocating virus carri- this pandemic is human behav- Public-health expertssay hope of working backward to ernments is setting out what the U.S. daily cases arearound ers, and tracing and quarantin- ior,” said Flemming Konradsen, the virus’sresurgenceinWest- uncover moreclustersof theirpandemic strategies are, 80,000.Without tougher ac- ing those they have been in professor of global health at ern countries shows they need cases. Standard contact trac- said Samir Bhatt, adisease tion, these governmentssay contact with to break the chains the University of Copenhagen. to overhaul test-trace-and-iso- ing focuses on stopping on- modeleratImperial College hospitals in manyplaces will of transmission. Disease and Thevirus came roaring back latesystems that aren’t work- ward transmission, and only a London who advises the stateof be overwhelmed in weeks. public-healthexpertssay the this summer in Europe and the ingaswell as in partsofAsia, few countries in Europe, such NewYork on pandemic policy. Hospitalizations and deaths pandemic’sresurgenceassum- U.S. after lockdowns were wherecountries such as South as Norway and Finland, prac- “The question is not so areonthe rise in both regions, mer turned to fall shows these eased swiftly in the spring and Koreahave blended testing, ticesuch retrospectivetracing much what policyneeds to be straining the capacity of test-trace-and-isolatesystems people began mixing and trav- technology and manpower to as well, he said. enacted, but what are people health systems to cope. aren’t working as well in badly eling,sometimes with the en- quickly spot clustersofcases. Some governments, includ- willing to embrace?” said Ajay “Right at the beginning ev- hit countries as they should. couragement of governments To work effectively,con- ing those in Germany and the Sethi, an infectious-disease erybody had alockdown be- But an imperativebeyond eager foraneconomic revival. tact-tracing systems need peo- U.K., are expanding coronavi- epidemiologist at the Univer- cause we didn’t knowwhat was anyone specific policyormea- Thepattern of rising infec- ple to knock on doorsand ade- rustesting to getabetterpic- sity of Wisconsin-Madison. “A happening.Now,weshouldn’t sure, infectious-disease experts tions isn’t uniform and neither quatefinancial support for ture of the scale of infection. policyisonly as effectiveas need to,and if we do need to, say, is bringing pandemic- arepolicies aimed at beating people asked to stay home, Scientists’ knowledgeof people will follow it.” Israel’s Fresh Restrictions Pay Off U.K. Sets New Curbs BY DOV LIEBER thegovernment on Covid-19 In Bid to Stem Cases andchief innovation officer TELAVIV—Israel’ssecond for the Israeli HMO Clalit. coronavirus lockdown has “People getitand people BY JASON DOUGLAS million, although scientists been lessstringent forindivid- arelesslikely to accept that caution the true number is uals and more widely flouted other people won’t wear masks LONDON—British Prime likely higher because of lim- than its first. The surprise: It near them,” Dr.Balicer said. He Minister Boris Johnson an- ited testing earlier in the year. seems to be working. added that much of the coun- nounced anationwide lock- Thedecision follows the im- As manycountries across tryfollowedmask-wearing down in England, thelatest position of similar restrictions Europe impose newrestrictions rules during the second lock- move in a widening European in Franceand Germany last amid surging Covid-19 cases, down outoffear of the virus. effort to contain the coronavi- week.Europe has become the Israel is gradually starting to Asecond reason wasthe rus’s resurgence. epicenter of the world-wide emerge from itslockdown, risk of being fined. Starting Thursday, bars, res- coronavirus crisis,with the 27 which began in mid-September. Areport released Oct. 15 by taurantsand nonessential nations of the European Union

Newinfections in Israel UN/REUTERS the Israeli behavioral econom- stores must close,and people and the U.K. registering more peaked at the start of October ics research and consulting must stay at home,with limited than 195,000 daily cases on av- ZVUL at about9,000 reported cases companyKayma Labs found exceptions forwork,education erageoverthe past seven days. NEN

daily, or about 100 daily new RO that the percentageofIsraelis and exercise,Mr. Johnson said. Thepandemic’scomeback cases per 100,000 people,in Students gathered at a reopened school in Rehovot on Sunday. saying those around them Schools will remain open. in Europe following asummer line with current levels in were wearing masks rose to “We’vegot to be humble in lull has wrecked governments’ countries likeFrance. On People have been required government took steps to sta- 70%from40% within amonth the faceofnature.Inthis coun- hopes of containing the virus Thursday, with schools and to wear masks whenever they bilizethe economybeforethe starting in June. try, alas,asacrossmuch of Eu- with targeted measures aimed most businesses still closed, areoutside their homes,ex- second lockdown, including During Israel’ssecond lock- rope,the virus is spreading at localized flare-ups or tamp- the daily case count was hov- cept during exercise.The sec- improvingthe safety net for down, the study showed that even faster than thereasonable ing down transmission within ering near 700. ondlockdown is also unwind- the unemployed and self-em- increasing further to nearly worst-case scenario of our sci- certain groups,such as the “The second lockdown was ing far moreslowly than the ployed, increasing government 80%, with 73%ofthe public entific advisers,” he said. young.Italso threatens the re- much lesstight than the first. first, with the government lay- compensation forbusiness saying they feared being fined “Wewill getthrough this, gion’s economic recovery. Butthe datawas surprising,” ing out at least six stages of losses and creating employ- for not wearing a mask. but we must act nowtocon- Thehope nowinLondon, said Eran Segal, acomputational opening,each contingent on ment-retention plans. Israel isn’t necessarily out tain this autumn surge,” Mr. Paris and Berlin is that these biologist at the Weizmann Insti- holding infections in check. Mr. Segal said government of thewoods.The countryre- Johnson said, adding that he newlockdowns will slowthe tuteofScience. He and other Thenew round of restric- data showed the second lock- mainsatrisk of another wave hoped the newrestrictions transmission rate of the virus epidemiologistssay an impor- tions has carried asignificant down led to declining infection of infections,health experts could be eased in early Decem- and prevent hospitals from be- tant reason forthe sharp reduc- economic cost, shaving about rateswithin 10 days,incon- say, as some ultra-Orthodox ber and families would be able ing swamped with Covid-19 tion in newinfections wasanin- a third off national economic trast to 20 days during the Jews ignorethe rules and anew to spend Christmas together. cases over the winter. crease in mask-wearing. output each week in itsinitial firstclosure. Oncethe decline rise of infections has begun in Thenew curbs come as Mr.Johnson said awage- This autumn, businesses weeks, according to the Bank in infection ratesbegan, it was Israel’sArabcommunity. hospitalizations and deaths subsidy program that had faced stricter limitsthan in the of Israel, the central bank.Un- also steeper in the second Fornow,Israelis arehoping from Covid-19 acceleratein been due to expirethis month spring.Only essential busi- employment has risen to lockdown than in the first. schools foryoung children will the U.K.Morethan 10,000 will be extended until Decem- nesses were allowedtoremain 14.6%, according to the Israeli “The mask mandateand the open next week and street people arecurrently in the ber.Hesaid he is optimistic open. Individuals,onthe other Employment Bureau. high acceptanceofmasks by shopsthe week after. Prime hospital with Covid-19 and 326 that next year will be better hand, had morefreedom. They Karnit Flug, former gover- nowinthe community is akey Minister Benjamin Netanyahu, new deaths were reported on thanks to improving treat- have been allowedtogoout for norofthe Bank of Israel and component in the drastic drop in atelevised speech Thursday Saturday, according to official ments, the prospect of a vac- exercise,whereas in the spring vice president of the Israeli in incidences we’veseen,” said night, made clear such steps data. Thenumber of infections cine in the firstquarter and they needed to stay within 100 DemocracyInstitute, aJerusa- RanBalicer,aphysician who is would be contingent on the sincethe pandemic began in plans formasstesting in Brit- yardsoftheir homes. lem-based think tank,said the chairman of the panel advising public’s behavior. the U.K. has nowexceeded one ish towns and cities. WORLDWATCH

AEGEAN SEA Theycontinued searching in Orthodox priest in Lyon on Sat- eighttoppled buildings, but urday stemmed from a personal Quake Kills Dozens work waspaused at one when dispute, officials said. The shoot- In Turkey and Greece authorities determined the ing rattled the nation, coming damaged structurenext door days after three people were Rescue workers in western wasalso at risk of falling, forc- killed at a basilica in Nice in a Turkey extricated a70-year-old ing rescuers and people waiting suspected terrorist attack. man from acollapsed building outside to retreat. The priest was seriously Sunday, some 34 hours after a The quakewas centered wounded, police officials said. strong earthquakeinthe Ae- northeastofthe Greek island Police have detained a man but gean Sea struck Turkey and of Samos. Turkey’s Disaster haven’t determined if he was Greece, killing at least71peo- and Emergency Management the shooter, one official said. ple and injuring morethan 900. Presidency raised the death toll Investigators areexamining The man waspulled out of in Izmir provinceto69. The whether along conflict between the rubble overnightand doing agency said 949 people were the priestand aformer Greek Or- well at ahospital, officials said. injured in Turkey. thodoxmonk in Lyon could be be- The operation thatsaved —Associated Press hind the shooting, officials said. Citim wasthe latest in aseries France has been on high-alert of remarkable rescues after the FRANCE following an appeal by a group Fridayafternoon earthquake. affiliated with al Qaeda for Mus- On the thirdday sincethe Lyon Attack Probed lims to wage “individual jihad” /REUTERS disaster, search-and-rescue As Personal Dispute against France. The group cited

teams appeared to be finding churches as a possible target, GAILLARD

morebodies than survivors in Authorities are investigating according to a memo to police. ERIC Izmir,Turkey’s third-largestcity. whether the shooting of a Greek —Matthew Dalton Amasswas held Sundayatthe NotreDame church in Nice, France, forthe victims of adeadly knifeattack. P2JW307000-0-A00900-1------XA

THE WALL STREET JOURNAL. Monday, November 2, 2020 | A9 WORLD NEWS Drug Cartels Fill Breach In Colombia

BYJUAN FORERO shaking acountrythat had hoped apeacepact with Marxist MUNCHIQUE, Colombia— rebels would end acycle of vio- The gunmen burst in without lencedating back to the 1950s. warning,tossing grenades and Instead, the 2016 ac- letting loose avolley of fire cord that disarmed 13,000 reb-

that killed six young men in an els from the once-powerful JOURNAL abandoned house that served RevolutionaryArmed Forces of REET

as a cockfighting ring. Colombia, or FARC, leftavoid ST

Days afterthe lateSeptem- in communities likeMunch- LL ber attack,townspeople in this ique that powerfully armed WA

remotehamlet stricken by ris- drug-trafficking organizations THE R

ing violence marched along a have filled.These groups have FO rutted road past the house killed hundreds of people in Y

wheretheir neighborshad thepast four years, settling FERR died, waving signs and de- scores andtargeting those EPHEN

manding, “We want life.” who challengetheir activities. ST “This is a war here, but we “The problem in deactivat- Members of the Indigenous Guards patrol near Toribio, Colombia, which has seen an increase in violence linked to narcotics gangs. don’t knowwhy,” said Samir ing the FARC is that they Balanta,whose brother died in hadcontrol over manyre- because the backwardnessin has accelerated, with 21 mas- Massacreevents in rural have not yet been built,” said the shooting.“Ikeep asking, gions,” said Gen. Marco May- these regions is gigantic.” sacres and105 people killed. Colombia and people killed Rafael Guarín, Mr.Duque’sna- ‘Why?’ ” orga,who commands army Theviolenceiscaused by Thechaos reflectsthe wide tional-security director.“It’s While Colombia as awhole is forces in this region and went shadowy organizations that gulf between the countryside Events Victims been 200 years[of Colombian ever more peaceful, asurge of from battling the FARC to operatefromthe chain of andColombia’sbustling and history], and we haven’t fin- 30 120 bloodshed in ruralregions,in- fighting the group’ssucces- mountains herenear the Pa- relatively prosperous cities, ished resolving this problem.” cluding astring of masskillings sors. “The vacuum the FARC cific to the eastern plains near among them Cali, whose flick- Thekillingsinthis region and selectiveassassinations,is leftbehind wasdifficult to fill Venezuela. It has caused an ering lights can be seen from affect various communities, uproar acrossabroad section the mountains whereviolence from the descendants of Afri- of Colombian society, leading is part of everyday life. 20 80 canslaveswho liveinthe low- New Threat Leaves “The war with the largest to proteststhat have undercut Colombia has registered lands to the Nasa Indians in insurgency in Latin America President Iván Duque’stough- adropinthe nationwide ho- the mountains that rise more GovernmentatLoss ended, and you now have a on-crime persona. Thepresi- micide rate to its lowest level than 13,000 feet. different kind of threat, more dent’s approval rating stands in 46 years. But that is mostly 10 40 In thetownofToribio,in- like criminal gangs with territo- at 31%, down from 38%inAu- because of reductions in big digenous leadersworryabout Sergio Jaramillo, a former rial ambitions,” Mr. Jaramillo gust, according to arecent cities. young Indians recruited to join national-security director who said. “What you need is to Gallup poll. Rural pocketsremain hot- drug gangs. headed the government team adapt the security strategy to The United Nations, which beds of violence, even 0 0 TheNasa community’s only that negotiated peace with the the new situation, which this monitorsviolenceinthe coun- though the FARC pact prom- defense arethe so-called In- 2010 ’15 ’20 2010 ’15 ’20 Revolutionary Armed Forces of government hasn’t been able try, said more than 500 com- ised to reduce that chasm. digenous Guards,young men Colombia, said President Iván to read.” munity leadersand human- “Wehad hope that at last Note:2020datathrough September.Incidents who carrystaffs with tassels Duque’s two-year-old govern- Duque administration offi- rightsactivistswereslain we were going to liveinpeace, in which three or morepeople arekilled are that identify them as sentries considered massacres. ment hasn’t formulated a cials and military officers don’t from thestart of 2016,the do what we wanted, do things Source:Colombia Defense Ministry in ahigh mountain patrol. strategy to deal with a new re- dispute the shift to drug gangs year Colombia wasmoving to- without fear,” said Edilson Their job is to stop motorcy- ality since FARC disarmed. and their targeting of peo- ward peacewith the FARC, Agrono,atown-council mem- sponsible in 60% of the cases cles and cars on mountain Guerrilla commanders who ple perceived as threats to through Oct. 26.Other organi- ber who lost two cousins to the and secured 61 convictions, passes to ensurethey aren’t brought a semblance of order their business, such as leaders zations,including the govern- massacrehereinMunchique. the government said. carrying drugs or guns. in some rural areas by intimi- of small towns or ethnic mi- ment’shuman-rightsombuds- Thegovernment said it is At the same time,the state “Sometimes we don’t let dating rivals have been re- norities who push back against man, tally dozens more. deploying troops and mobile is making halting progressim- them go wherethey want to placed by groups looking to traffickers and demand better Thenumber of massacres— unitsofprosecutorstoinvesti- plementing sections of the go, and that’swhen they kill control the spoils of illicit in- security from the state. Other attacks in which three or more gate the new spate of crimes. peaceaccords that call forde- us,” said Floresmiro Pazu, 35, dustries once tapped by the casualties include rivals, sus- die at atime—increased to 22 Amongthe nearly 400 deaths velopment in ruralregions. one of the Indigenous Guards. rebels to fund their war chest: pected informants and inno- last year from nine in 2016, of community leadersand Modernizing along-neglected “I think we can’t take astep cocaine, gold, extortion and a cent victims caught in the claiming 279 lives,according to rightsactivistsregistered by and mountainous countryside back. We can’t let them scare bustling marijuana business. crossfire, investigators say. the Defense Ministry. This year prosecutors, investigators is a tremendous challenge. us.Wehavetofight forabet- through September,the pace have determined who is re- “The country and the state ter community.”

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A10 | Monday, November 2, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

but mayresort to calming “God’sgoodnesscarries on Uncertainty is worsefor our morning to turn on the news. his 5,000 records, playing mu- Coping tasks,such as reorganizing her whatever happens in an elec- brains than knowing anega- Elizabeth Plummer,clinical sic.He’ll stream his perfor- bookshelves and sorting her tion.” tive outcome, he says. director at the RiceUniversity manceonsocial media. But his son’sLegoblocks by color.If Formanypeople,2020 is Andrew Turnbull, acerti- counseling center in Houston, only live audience will be his With she weakens and checks social the most stressful election cy- fied public accountant from is advising studentstothink partner,Sean Horan, aprofes- media, she will be selective. cle they canremember.Are- New Hampshire now living in ahead about “how much media sor, and the couple’s two res- “Twitter’sjust an absolute cent Harris Poll, taken on be- PuertoRicowho supports you’regoing to consume,how cuedogs. “Anything to take Tuesday gutter,” she says, while Face- half of the American President Trump,says he much media canyou person- our minds off the election,” book is lessriskybecause “I’ve Psychological Association, plans to limit his exposure to ally tolerate.” Mr. Morales said. curated it down to people who found that 68% of respondents preliminaryresultsbygolfing, She canrelatetoanyone Patricia Deldin, a sleep re- ContinuedfromPageOne agree with me.” described the U.S. presidential doing abit of work and then feeling jumpy. As a mother of searcher and professor of psy- runs acompanythat makes Jason Carlton, apastor at election as asignificant source bingeing forhoursthe Cana- four children, aged 7to12, chologyatthe University of pickleball paddles and declines Memorial Baptist Church in De of stressintheir lives,upfrom dian sitcom “Schitt’s Creek.” whose Rice University duties Michigan in AnnArbor,who to saywhich presidential can- Queen, Ark., who declines to 52% four years ago. Watching the early returns have been expanded to include declines to saywhich candi- didateshe supports. “Just a say how he is voting, expects “Our anxiety has been acti- would be toostressful, he Covid-19 contact tracing, dateshe prefers, has very spe- nice dinner in a quiet anchor- to share the evening with his vated since March,” says Jud says:“If resultslook good, we stress is “a continuous thing, cific plans to avoid election- age.” daughters, aged 12 and 14, Brewer, apsychiatrist who di- could still lose the election in it’snot just aone-night thing,” night anxieties. First, she will TheAikens mayreturn to who, he says,“have been radi- rectsresearch at BrownUni- theend. Or if they look bad, says Ms.Plummer,who de- put on her favorite Christmas land Wednesday or Thursday. calized by TikTok.” He will versity’s Therapeutic Neuro- we could still win. I don’t see clines to sayhow she is vot- pajamas,which arered and “Therewill be no decision makedinner and turn on the science Lab, a combination of apoint in watching beforethe ing. She expects to follow the feature “Believe” acrossthe come Wednesday,” predicts TV news, Pastor Carlton says, the uncertainty created by fourth quarter.Beforethat it’s news Tuesdayevening while chest. At 6 p.m., she will join Ms.Aiken, “but Iwant to be “but at some point I’m going both the pandemic and the just cotton candy.” “checking in with myself on her husband and two sons, 17 away from watching the news to turn it off and pick up the election.Social media can Mark McMiller of Wood- howmuch Ican take.” One and 25, in watching the com- provide clips of the candi- newJohn Grisham book,” makethingsworse: “Anybody bridge, Va., who has an office thing is sure, she says:“I’ll hit edy “Borat Subsequent Mov- dates’ bickering,unending the- called “A Time for Mercy.” cansneeze on your brain from job at aconstruction company, my Peloton hard.” iefilm.” Then Dr. Deldin, who ories and speculations as to Perhaps, he adds, he won’t anywhereinthe world emo- says he plans to vote forPresi- On Tuesday, Edwin Morales, is also chief executiveofMood who is voting and why.” turn off the TV while he’s lis- tionally,” Dr.Brewersays.The dent Trump Tuesdayand then a professional DJ in West Ha- Lifters,amental-health pro- Sheryl Zohn, apodcast host tening to his audio book: “I good news,Dr. Brewersays,is tune out the news in the eve- ven, Conn., who supports Mr. gram, intends to take a sleep- and television writer in Los may just mute CNN.” that people will feel betteraf- ning.“I’ll probably just watch Biden, plans to getupearly to ing pill. “Avoidance, in the Angeles who supports Joe Bi- Forhis parishioners, Pastor terthey knowthe results, even Netflix or something,” he says, vote,then spend the rest of shortrun, is sometimes a den, won’t entirely check out Carlton has this thought: if thingsdon’t go their way. and wait until Wednesday the day—and evening—with helpful strategy,” she says.

Hopkins University varsity APersistent MultifrontAttack cross-countryteam, 19-year-old HowCovid-19 affects the body Christopher Wilhelm used to run10miles aday.Now,there Taste and Smell Nervous System Cardiovascular System aredays he can’t even walk a It cantakeweeks or Issues with Racing heartbeat, or quarter mile with his mom months to regain the concentration and tachycardia, as well as around their Maitland, Fla., senses of smell and memory, extreme blood pressure neighborhood without feeling taste.The lossof sometimes changes.This could be wiped out. these senses affects referred to as relatedtoanissue with Mr.Wilhelm, who tested notjustdiet but “brain fog.” the nervous system, positivefor Covid-19 in June, mental health. Cognitive particularly the said his heart rate shootsup problems are autonomic arm. during those walks,ranging from 130 to 170beatsaminute. Lungs among the most Some patients have He wasdiagnosed recently common signs of heart-muscle Persistent symptoms. with aform of dysautonomia shortnessofbreath. inﬂammation weeksor characterized by fluctuations Asthma inhalers Also signs of months afterinfection. in bloodpressureand heart and breathing dysautonomia, or rate when patientssit or stand exercises areoften dysregulation of Musculoskeletal up,acondition known as pos- prescribedtohelp. the autonomic System turalorthostatic tachycardia immune system, It could be related Mild to severe muscle syndrome,orPOTS. His doc- which regulates to aberrantnervous and jointaches or pain. tors also areevaluating him for Digestive breathing, systemfunction, Persistent fatigue weeks cardiac issues.Medications he System digestion and lung injuryora or months aftercoming has tried haven’t yethelped his heartrate. compromised Abdominal pain down with Covid-19,even heart-ratespikes. cardiovascular and diarrhea with mild or moderate “After Itested positive, I system. forweeks or courses of illness. The wasjust expecting it to be two months. fatigue canbe weeks of flulikesymptoms,and debilitating. then I’dprettymuch be back to normal,” he said. “It’sbeen so Source:Medical professionals Merrill Sherman and Josh Ulick/THE WALL STREET JOURNAL long already,it’skind of daunting.” gencytostudy this patient pop- Covid’s ulation, researcherssaid. What they find could have implica- Persistent fatigue tionsfor howclinicians define Six months aftergetting sick Long-Term recovery and what therapies with Covid-19,JennicaHarris, they prescribe,doctorssaid. 33,said she has persistent fa- Doctorssay anxiety caused tigue and problems with mem- Effects by social isolation anduncer- oryand concentration. She tainty surrounding the pan- struggles to find simple words demicmay exacerbatesymp- during conversations,often ContinuedfromPageOne toms,though that isn’t likely loses her train of thought and ing morethan 12 weeks and theprimarycause. has developed astutter. spanning multiple organ sys- Other viral outbreaks,in- “I usually knowwhat Iwant tems. cluding the original SARS, to saywhen Iwant to sayit, Formanysuch patients, she MERS,Ebola, H1N1 and the and Iusually don’t hold back,” said, “the disease itself is not Spanish flu, have been associ- she said. “When Itry to getmy that bad,” butsymptoms like ated with long-termsymptoms. point acrossand Ican’t, that memorylapses and rapid heart Scientistsreported that some hurtsmyconfidence, my sense rate sometimes persist for patientsexperienced fatigue, of self.” JOURNAL months. sleep problems and joint and Theconstellation of such

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Covid-19 treatment guidelines, clingthe long-term effectsof THE myalgic encephalomyelitis,also saying doctorswerereporting viral infections. R known as chronic fatigue syn- FO Covid-19-related long-term What differentiates Covid-19 drome,said AnthonyKomaroff, OCK

symptoms and disabilities in is the far-reaching natureofits SC aHarvardMedical School pro-

people with milder illness. effects. While it startsinthe GLA fessor of medicine who has

“You don’t realizehow lucky lungs, it oftenaffectsmany OR studied the syndrome forde- youare with your health until other partsofthe body,includ- YL cades.The condition canfollow TA youdon’t have it,” said Eliza- ing the heart, kidneysand the Elizabeth Moore, with her son, has been plagued by memory and gastrointestinal problems. certain viral and bacterial in- beth Moore, a43-year-old law- digestiveand nervous systems, fections,hesaid. He thinks the yerand mother of three in Val- doctorssaid. ymptomatic patients. Moore, who tested positivefor immune response,they said. condition likely follows paraiso,Ind. Pre-Covid-19 she “I haven’t really seen any “Even those who had no coronavirus antibodies in May. Anotherpossibility is that Covid-19,too,atleast in apor- wasanavid skier and did boot- otherillnessthat affectsso symptoms and were young and That month, herhealth took the virus causes some people’s tion of patients. A2009 study camp workoutsseveral timesa manydifferent organsystems fit…even in those patientswe asharp turn forthe worse. She immune systems to attack and of 233SARS survivors found week.Sincefalling ill in March, in as many different waysas sawabnormalities,” said Eike struggled with tachycardia, or damagetheir ownorgans and 27% met criteria forchronic fa- she has been struggling with Covid does,” said Zijian Chen, Nagel, one of the lead authors aracing heartbeat, and blood- tissues,researcherssaid. A tigue syndrome four yearsaf- symptoms including memory medical director forMount Si- and director of the Institutefor pressurefluctuations.Those June study found roughly half tergetting sick. problems andgastrointestinal naiHealth System’s Center for Experimental andTranslational symptoms improved, but she of 29 hospitalized ICU patients It still isn’t known whether issues.She has lost nearly 30 Post-Covid Care. Cardiovascular Imaging at the stillhas gastrointestinal prob- with Covid-19 had one or more the newcoronavirus gets into pounds. He described colleagues who University Hospital Frankfurt lems.Arecent test found stom- types of autoantibodies—anti- the brain itself,orifCovid-19’s Estimates about the per- were energetic,but afterget- in Germany. ach-lining inflammation. Pep- bodies that mistakenly target neurological symptoms stem centageofCovid-19 patients ting sick,had trouble getting Some patientshad scarring cid, antihistamines and andattack apatient’sown tis- from abody-wide inflamma- who experiencelong-haul through the day. He said he has on their heart imaging,hesaid, avoiding dairyproductshave sues or organs. tory response,scientistssay. symptoms rangewidely. Are- seen up close howCovid-19 which worried him. Thescar- provided some relief,but other Doctorssay some patients In autopsies of some cent survey of morethan 4,000 still affectstheir ability to do ring wasn’t tooserious,he symptoms such as memory appear to be developing dysau- Covid-19 patients, doctorshave Covid-19 patients found that thethingsthey love. said, but “weknowfromother deficitspersist. tonomia, or dysregulation of observed encephalitis,orin- about 10% of those age18to49 studies that this is related to “I feel liketherehas to be the autonomic nervous system, flammation of the brain. Small still struggled with symptoms worseoutcomes.” some sort of next step,” she the part of the nervous system autopsy studies also have four weeks afterbecoming ‘Really scary’ Doctorsalso arereporting said, “because I’m not ready to that regulates involuntary found preliminaryevidenceof sick,that 4.5% of all ages had “Wethought it wasavirus cases of long-Covid patients functions likebreathing, diges- coronavirus particles in regions symptoms formorethan eight that, onceitdoes what it does, with gastrointestinal issues. tion and heart rate,some re- of the brain important for weeks,and 2.3% had them for yourecover and yougoback to Recentwork has found the new ‘We thought it was a searchersand doctorssaid. smell. With other infections,vi- morethan 12 weeks.The study, normal,” he said. Sometimes coronavirus,known as SARS- David Putrino,director of ralparticles have been found in which hasn’t yetbeen peer re- that isn’t the case,and that “is CoV-2, in fecalmatterand in- virus that, once it rehabilitation innovation at the brains of patientswith en- viewed, wasperformed using really scary,” he said. testinal lining of some Covid-19 does what it does, Mount Sinai Health System in cephalitis,though it is rare, an app created by the health- Aleading explanation for patients, suggesting the virus NewYork City,said the major- said Walter Royal, aneurovi- sciencecompanyZoe in coop- long-Covid symptoms is that caninfect and damagethe cells you recover.’ ity of the morethan 300 long- rologist and director of More- eration with King’sCollege immune-systemactivity and of the gut.The intestines have Covid patientsbeing seen at its house School of Medicine’s London and Massachusetts ensuing inflammation continue ahigh density of ACE2 recep- Center forPost-Covid Careap- NeuroscienceInstitute. What is General Hospital. to affect organs or the nervous tors,atype of protein on the pear to have developed adys- morecommon is that the virus Another preliminarystudy system even afterthe virus is surfaceofcells, which SARS- accept this as my newreality.” autonomia-likecondition. infectsthe lining of the blood looking mostly at nonhospital- gone,researcherssaid. CoV-2uses to infiltratecells. She enrolled in aresearch About 90% of such patientsre- vessels,causing damageand ized Covid patients found that Some of themost compel- Thevirus also might cause study at theNeuroCovid-19 port having symptoms of exer- inflammation that in turn af- about 25% still had at least one ling evidencefor the inflamma- changes in gutbacteria, said Clinic at Northwestern Medi- cise intolerance, fatigue and el- fectsthe brain. symptom after90days. AEu- tion theorycomes from Brennan Spiegel, agastroenter- cine in Chicago, one of several evated heartbeats. About 40% Howlong it will take long- ropean study found about one- Covid-19 patients with signs of ologist and director of health clinics acrossthe country aim- to 50% also report symptoms Covid patientstorecover re- thirdof1,837 nonhospitalized heart inflammation and injury services research at Cedars-Si- ing to find solutions forpa- such as gastrointestinal issues, mains unknown. Dr.Putrino patientsreported being depen- months afterillness.One study nai Health System,who has tients. headaches and shortnessof said most of them won’t get dent on acaregiver about three looking at 100 Covid-19 pa- had patientscome in with ab- Some symptoms could be breath. betterontheir own, and will months aftersymptoms tientstwo months aftergetting dominal pain and diarrhea collateral damagefromthe Dr.Putrino said inflamma- need at least six months of started. sick found that 78 had abnor- weeks or months aftercoming body’s immune response dur- tion from the virus might be structured rehabilitation. With morethan 46 million malfindingsoncardiac mag- down with Covid-19. ing the acuteinfection, re- disrupting thenormal func- “What tends to happen to cases world-wide,eventhe netic resonanceimaging,while Ms.Moore, the Indiana law- searcherssaid. Some patients tioning of the vagusnerve—the people who don’t gettreatment lowerestimates would trans- 60 had cardiac MRIs indicating yer, gotCovid-19 in March and might harbor an undetectable body’s longest cranial nerve— and don’t getthe recognition lateintomillions living with heart-muscle inflammation. initially felt betterbythe end reservoir of infectious virus or whichrelays messages to the they need is they slumpdown long-term, sometimes disabling Thestudy included hospital- of April. “I thought Ibeat this have bitsofnoninfectious virus lungs, gutand heart. to anew normal of function,” conditions,increasing the ur- ized, nonhospitalized and as- thing.Iwas ecstatic,” said Ms. in some cells that triggeran As amember of the Johns he said. P2JW307000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Monday, November 2, 2020 | A10A GREATER NEW YORK Electric-Scooter Market Gathers Speed

Tough competition is they intend to apply. They in- than a dozen companies par- cord in cities.Advocates and speaking at acity council Bronx,Queens and Brooklyn cluded established U.S. firms ticipated in arecent discus- transportation officials say hearing last week,said e- closesttoManhattan. likely as New York City Birdand Lime,two leading Eu- sion with city officials about scootertrips,which average scooterscould help her de- With such acrowded field, invites firms to apply ropean companies,Voi and the forthcoming pilot in New about1mile,are agood re- partment achieveits equity manyofthe scooter compa- TIER,and Superpedestrian, an York City.Aspokesman forthe placement forshort carjour- and sustainability goals. nies trytodistinguish them- for pilot program up-and-comingmicro-mobility city’s transportation depart- neysand canhelp people access “However, we must also grap- selves by touting higher companyfounded out of the ment said 25 companies had mass-transit options that area ple with the complexpolicy safety standards or amore BY PAUL BERGER Massachusetts Instituteof already expressed interest in little toofar to reach on foot. and operational questions collegial approach to working Technology. the program. But the scooters have been these systems raise,” she said. with cities. Electric-scooter companies New York City is seen as a “It’sthe most covetedmar- plagued by complaints of rid- NewYork City,inits solici- Veo, a Chicago-based com- from around the world areex- prizebecause it has such a ket, just given the density and tation to companies,asked for panywith devices in more pected to competefor the high concentration of short- the sheer numbers,” said Paul details regarding technologies than 40 towns and cities,mar- chancetooperateinNew York distancetrips that might be Steely White, director of pub- ‘It’sthe most the firms offer forparking and kets the safety benefits of its City, one of the most sought- considered toofar toowalk lic affairsatSuperpedestrian. safety. The city also solicited scooters, which have 10.5-inch after micro-mobility markets. but tooshort formasstransit, MayorBill de Blasio has covetedmarket, just applicationsfromfirms that thick tires,front and rear sus- Thecity on Fridayinvited said Alex Engel, a spokesman made street safety apriority giventhe densityand provide services to monitor e- pension and turn signals. Su- companies to apply for spots forthe National Association of during his administration. scooter companies, including perpedestrian’sscootershave in an e-scooter pilot program City Transportation Officials,a However, preparation for the thesheer numbers.’ trip-dataaggregation and onboardsensorsthat detect expected to launch in March. coalition of North American launch of the pilot program analysis,scooter collection, loose cables or faulty brakes, The 15-page request provided transportation departments. coincides with aperiod in and impound services. as well as ageofencing system few details about howmany Last year,e-scootersleap- which the city is on track to Recentstate legislation le- that preventsscootersfrom companies would be chosen, froggedabovebikeshareto record one of itsworst recent ersdiscarding vehicles on galizing e-scooter programs blocking sidewalks. where they would be allowed become the most popular form yearsfor deaths on city sidewalks and privateprop- prohibited theiruse in Man- Some advocates have criti- to operateorhow manyscoot- of micro-mobility shared rides streets. erty,ordriving recklessly. hattan. Thecity’s Transporta- cized NewYork City fornot erswould be deployed. But nationwide,with 86 million of As of Oct. 20,the city had Some recent studies have tion Department said the pi- taking advantage of the coro- competition is expected to be the country’s136 million trips, recorded 192 deaths so far this pointed to a high incidenceof lot will be limited to areas navirus pandemic to devote fierce in amarket that has according to Nacto data. year, the highest figure since head and neck injuries among outside of those currently more space to bikes, scooters grownrapidly in just afew Maurice Henderson, senior Mr.deBlasio assumed office riders. served by itsdocked bike- andpedestrians at the same years. director forgovernment part- in 2014. Polly Trottenberg, the city’s shareCiti Bike, which is con- time some people want to Companies of all sizes said nerships at Bird, said more E-scootershaveamixed re- transportation commissioner, centrated in partsofthe avoid mass transit.

STATESTREET | By Jimmy Vielkind Businesses Brace for Possible Postelection Unrest Besides Big Race, WhatElsetoWatch On Election Night

Millions of from enrolled Republicans, dollarsand while the otherswerefrom thousands of voters in minor parties or in- hoursthat dependents, according to the have been ex- county’s Democratic elections pended on this commissioner,Elizabeth Soto. year’s elections will culminate DutchessRepublicans won when polls close on Tuesday. four countywide offices in In addition to the presi- 2019,when roughly 70,000 dential contest between Pres- people voted. In 2016,former ident Trump and former Vice SecretaryofState Hillary President JoeBiden, voters Clinton narrowly defeated Mr. in the EmpireState will Trump, 62,261 to 61,797. choose membersofthe House of Representatives,the Will the Trump vote return?

NewYork stateSenateand An unexpected hallmark of S Assembly as well as various the 2016 campaign wasthe local offices.Hereare three surge of voters that Mr. PRES

thingstowatch: Trump brought to the polls in ZUMA areas outside of NewYork

Theearlyvote: An unprece- City.The wave helped sweep LEVINE/

dented number of NewYork- Republicans to victoryin B. ershavealready cast their competitiveraces on Long Is- ballots,thanks to anine-day land and in the Hudson Valley. RICHARD early voting period and less- Excluding the five bor- TAKING NO CHANCES: Workers were boarding up windows at stores in Manhattan’s SoHo neighborhood this weekend. The New York stringent requirementsto oughs,Mr. Trump wonmore Police Department has warned businesses to be prepared for possible large-scale protests surrounding Tuesday’s presidential election. submit an absentee ballot by votesinthe statein2016 mail because of the coronavi- than MittRomney did in ruspandemic.Asofthis 2012. Mrs. Clinton wonfewer weekend, just over 40% of the votesin2016 in the same number of people who voted area than Barack Obama did Democrats Seek Long Island Seats in the 2016 election had cast in 2012. While Mr.Biden has their ballots. shown awide lead over Mr. Through Oct. 27,morethan Trump on astatewide basis, 2.5million voters requested the level of enthusiasm will BY JOSEPH DE AVILA blyman andattorney Andrew landers,” Mr. Garbarino said. absentee ballotsand just over have big effectsondown-bal- Garbarino and Democrat Both the Garbarino and Zel- one million have mailed them lot races. Republicans are trying to Jackie Gordon,acombat vet- din campaigns have attempted back,according to stateBoard State SenateMinority staveoff attemptsbyDemo- eran who served in the U.S. to cast their Democratic oppo- of Elections spokeswoman Leader Robert Ortt, aRepub- cratstoflip two congressional ArmyReserveand former nentsasanti-lawenforcement. Cheryl Couser.Those numbers lican from NiagaraCounty, seatsinthe suburban enclaves member of the Babylon Town Mr.Langworthy, the Republi- will rise: NewYorkerscan ap- said the political tides were of Long Island wherePresident Council. Theraceisconsidered canchairman, said both cam- ply in-person foranabsentee extremely volatile,but he be- Trump successfully appealed atossup by the Cook report. paigns have successfully ballot through the end of lieved the overall climatewas to voters four yearsago. Mr.Trump wonboth dis- tapped intothe anxiety of Long Monday, and completed bal- favorable in districtswhere Democratsare betting they tricts in 2016 following wins Islanderswho feel lesssafefol- lotscan be received until Nov. the GOP is targeting Demo- canwoo voters frustrated with therebyPresident Obama in lowing the summer protestsin 10,provided they arepost- cratic incumbents. This in- theTrump administration’sre- 2008 and 2012. If Democrats NewYork City that called for marked by Nov.3. cludes five seatsinthe Hud- sponse to the Covid-19 pan- win both, they will control all policereform and sometimes As of Saturday, 2.23 million son Valley and on Long demic on hard-hit Long Island of the congressional seats on AIGN eruptedintoviolence. MP

NewYorkershad cast in-per- Island, as well as the south and are counting on the re- Long Island. CA Both Ms.Gordon and Ms. son ballotsduring the nine- Brooklyn district represented gion’srapidly diversifying pop- “The sweep would epito- Goroff have rejected those OFF dayearly-voting period that by stateSen. Andrew Gou- ulation to givethem an edge. mize the relatively recent characterizations from Repub- GOR began Oct. 24. nardes. “You want to be play- They also arguethe presi- trending of suburbs all over licans,saying they support law

Neal Kwatra, aDemocrat ing your best baseball in Sep- dent’sflagging approval num- the countryfromred to blue,” NANCY enforcement but also think po- and founder of the Metropoli- tember and October,not June berswill drag down the GOP’s said LawrenceLevy, executive lice reform is still needed. tanPublic Strategies public- or July.Ifeel we areabso- congressional candidates. dean at the National Center for Ms.Goroff is running on affairsfirm, said strong or- lutely playing our best ball “What happens at the top Suburban Studies at Hofstra herscientific expertise and ganizations—likepolitical today,” Mr.Orttsaid. of the ticket is going to drivea University.“It also would be a said scienceneeds to playa parties or unions—typically Democrats, who have mas- lot of what happens down the powerful example of the repu- largerrole in public policy, es- do well with mail-in votes, sively outspent Republicans, ballot,” said JayJacobs, chair- diation of national Republi- pecially while the U.S. is which in NewYork might fa- hope to makegains in seven man of the NewYork Demo- cans,and especially President struggling to contain the vorDemocrats. However, after districts whereincumbent cratic Party. Trump,bymoderatesuburban Covid-19 pandemic. reportsofdelays in mail de- GOP senatorsaren’t on the Nick Langworthy, chairman swing voters who appear to be “We see a real hunger and liverythis summer,most in- ballot because they either re- of the NewYork Republican abandoning him in droves.” excitement forhaving ascien- stitutions in the stateencour- tired or were elected to an- Party,said Long Island remains Long Island has been expe- tist who can use facts and re- aged people to vote in-person other office. fertile ground forPresident riencing demographic changes ality as the basis of policy to if they could do so safely. Trump,despitehis unpopular as well. Theshareofthe re- OL getusout of the pandemic PO

Marist CollegeInstitutefor Will minor parties survive? standing overallinNew York gion’swhitepopulation has S andfix our health-caresys-

Public Opinion Director Lee Anew lawmeans NewYork’s state, and forthe GOP’scon- dwindled in recent decades PRES tem,” Ms. Goroff said. Miringoff said that nation- minor parties could lose gressional candidates. whilethe Latino and Asian S/ Mr.Zeldin’scampaign has wide,Republicans typically their spot on the ballots if “I think Long Island is a populations have grown, ac- touted his record as acon-

cast alargernumber of votes their presidential candidates placewherethe president en- cording to Census figures. The REYNOLD gressman and has said his con-

on Election Dayitself while don’t win enough votesin joys immense support,” Mr. whitepopulation in Suffolk ANI nections to the Trump adminis- Democratsdominatethe early this election. Langworthysaid. “The energy andNassau counties in 2019 EF tration helped securepersonal ST period. “We’relikely to have While ballot access was on the ground is excellent.” fell 10% compared with 2010, Democrat Nancy Goroff is protectiveequipment forthe half or moreofthe vote in the previouslydetermined by RepublicanRep.Lee Zeldin while the region’snonwhite challenging incumbent region to help addressthe pan- bank by the time Nov.3rolls performanceingubernatorial is defending his seat in New populationgrewby9%, ac- Republican LeeZeldin in New demic.Ms. Goroff said that Mr. around. And that makes it elections,parties must now York’s first congressional dis- cording to Census figures. York’sfirstcongressional district. Zeldin’srelationship with the very hardtocatch up,” he win the greater of 130,000 trict, covering the eastern end Ms.Gordon, aformer administration won’t help Long said. votesor2%ofthe totalbal- of Suffolk County,fromDemo- schoolteacher who emigrated in thestate Assembly to dem- Islandersifthe president loses This trend has been true in lotscast in the presidential crat Nancy Goroff, a scientist from Jamaicainthe 1970s,has onstratehis appeal to the dis- the election to Democratic can- DutchessCounty,whereMar- election to securetheir lines. and former chairwoman of the runacampaign focused on trict and has focused on efforts didateJoe Biden. ist is located. As of 2:15 p.m. This also applies to the chemistrydepartment at health care and improving as- to fight the opioid epidemic Mr.Zeldin said Ms.Goroff’s on Friday, 24,705 people had Working Families Party and StonyBrook University.The sistancefor veterans.She said andrepealing the federal cap criticisms of his record are votedearly.That included ConservativeParty,which Cook Political Report ratesthe her background as aveteran on deductions forstate and lo- meant to “deflect attention 14,108 enrolled Democrats, have cross-endorsed Mr.Bi- race as leaning Republican. andanimmigrant helps her caltaxes that a GOP-controlled from her radical policies,” a 4,404 enrolled Republicans den and Mr.Trump,respec- Thereisanopen seat in the connect with voters in her di- Congresspassed in 2017.He characterization she disputes. and 4,799 voters who aren’t tively.Under NewYork’ssys- state’s second congressional versifying district. has made his support forlaw Mr. Zeldin also said he has enrolled in aparty. temoffusion voting, district,which spans partsof “I think voters are looking enforcement one of the chief striven to reach acrossthe County election officials candidates cancombine the Nassau and Suffolk counties, forarepresentativewho more themes of hiscampaign and aisle during his time in Con- had also received 23,958 ab- votesthey getonmultiple wherelongtime Republican matches who they areand has been endorsed by Long Is- gress. “I have been willing to sentee ballots. Of that pool, party lines toward their total. Rep. Peter King opted not to how they live,” she said. land policeunions. work with anyone to find com- 12,748came from enrolled seek re-election.That race fea- Mr.Garbarino’s campaign “I’vefought forthe issues mon ground howeverpossi- Democratsand 4,258 came [email protected] tures Republican stateassem- has highlighted his eight years that areimportant forLong Is- ble,” he said. P2JW307000-2-A010B0-1------NS

A10B | Monday, November 2, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK Tech Startups Rethink Office Space WATCH

BY KATE KING NEW JERSEY

NewYork City tech startups ArrestMade in Death are reacting to the workplace Of Pregnant Woman upheaval caused by the coronavirus pandemic by sublet- Authorities have announced ting their spaces,breaking an arrest in the death of a New their leases and negotiating Jersey woman who was eight lower rents. months pregnant. Manhattanofficeleasing is Passaic County prosecutors on track to end the year at the and Paterson police say Donqua lowest volume of the past 20 Thomas, 30, of Paterson surren- years, and tech-firm leasing dered to authorities Saturday has also slowed, with real-es- and was charged with first-de- tate brokeragefirm Colliers gree murder and second-degree International estimating that weapons counts. it will total2.8 million square Police responding to a report feet, the slowest activity since of a shooting in Paterson on 2015.Last year,bycontrast, Thursday found the 31-year-old tech companies signed more victim, identified only by the ini- than 7. 5million squarefeet of tials “R.L.” Prosecutors said she office space in Manhattan. was taken to a hospital, where Officials arecounting on the baby was delivered before this trend turning around and she succumbed to her wounds. the tech sector helping to pro- Officials said the baby was pel the city’s economic recov- healthy and in stable condition; ery. Keeping startups around they haven’t specified whether is critical to maintaining the the child is a boy or a girl. tech ecosystem, sincesmall Authorities have said the E

tech companies draw skilled AC shooting stemmed from a do- workerstothe city and create mestic dispute. It wasn’t known the innovation that attracts PERSP if Mr. Thomas has an attorney. PA big tech, said Maria Gotsch, Paperspace’schief operating officer,Daniel Kobran, says he doesn’tknowwhen staff will return to the company’sBrooklyn officespace. —Associated Press chief executiveofthe business group Partnership forNew break the 18-month lease on Microsoft Corp.and Shopify, startups across several build- ployees intothe officeonce CONNECTICUT York City’s investment fund. her SoHo office, even though aresignaling that they will al- ings it owns in the Brooklyn the coronavirus threat passes. While the pandemic has thecompanyhad invested in lowemployees to work re- neighborhood of Dumbo,isof- “I think it’s much easier to Knights of Columbus caused companies from all in- the spaceand moved in only motely post-pandemic. fering more-flexible terms to stay in sync and stay aligned Founder Is Beatified dustries to rethink the tradi- 2½ months before the pan- Corey Capasso,chief execu- retain and attract tenants, said when you’reseeing each other tional workplace, Ms.Gotsch demic closed the office. Ms. tiveofUrbint,which uses arti- AlyssaZahler,director of com- every day,” Ms. Koh said. The late Connecticut priest said in the long runeventech Tipograph said she is commit- ficial intelligencetohelp utili- mercial leasing. Two Trees is Paperspace,adeep-learn- who founded the Knights of Co- startups will need officespace. tedtokeeping her companyin ties prevent problems such as nowopen to leases as short as ing and cloud-computing lumbus has moved a step closer Workers in their 20s and 30s NewYork City and plans to gasleaks or poweroutages and one year or six months for startup,recently extended its to possible sainthood with his oftenrely on the officeasa sign another lease in the fu- worker injuries,said the com- startups,compared with its lease with a70% discount on beatification, as authorized by way of meeting people when turebut doesn’t think that will pany isn’t going to renewits standard three-year agree- itsmonthly rent. It wasthe Pope Francis. they move to the city. be until 2022, or when a vac- lease in NoHo when it expires ments pre-pandemic. firsttime the companyhad en- The celebration Saturdayfor “Ifyou arenot addressing cine is widely available. at theend of the year and he Morethan 3million square teredintoalease negotiation the Rev.Michael McGivneywas that desireofthat demo- MikMak’snextlocation will isn’t sureifthe companywill feet of officespaceinManhat- with leverage, said Daniel Ko- held at the Cathedral of St.Jo- graphic, to give them a place be used moreasanevent space lease officespaceinthe future. tanwas put up forsublet in bran, chief operating officer. seph in Hartford. Pope Francis in to work,you arepotentially and lessasanoffice. “I’m call- Manyemployees don’t feel thethirdquarter,nearly half Mr.Kobran said he doesn’t Mayapprovedamiracle attri- impeding your ability to re- ing it ahub,” she said. “You’ll comfortable going back into from technology, advertising, knowwhen the staff will return buted to the intercession of Fa- cruit those people,” she said. do newemployeeonboarding, the office because of the coro- media and information compa- to the officebut that he misses ther McGivney, which is required Seven months of working big team meetings, maybe navirus,and the companyis nies, according to Colliers. brainstorming with his co- to be beatified, the firstmajor remotely changed startup fancyclient presentations.But productivewith everyone Spring Health,anem- workers, as well as the hackath- stepbeforecanonization. The founder Rachel Tipograph’s youdon’t come there9to5ev- working remotely,hesaid. ployeemental-health-benefits ons,meetups and other events Knights of Columbus said the mir- perspectiveonwhat tech of- eryday to getwork done.” Some big tech companies platform, sublet its Gramercy that he said made Brooklyn’s acle concerned the cureofababy ficeswill look likeinthe future. Ms.Tipograph told current have continued to double down Park officefor six months, tech ecosystem so special. with alife-threatening condition Ms.Tipograph, chief executive employees that they could on NewYork City real estate said Chief ExecutiveApril Koh. “I’m still very much bullish who washealed in uteroafter the of the e-commerce-software moveanywhereinthe U.S. and during the pandemic,including But the companyisn’t aban- on NewYork in the long term,” family prayed to the priest. company MikMak,doesn’t be- work remotely,permanently, Facebook Inc., which in August doning NewYork City real es- he said. “Obviously,until the Father McGivneydied at age lievefive-floor offices with without having their salaries signed a730,000-square-feet tate.Ms. Kohsaid she has pandemic comes to an end, 38 in 1890, eightyears after open floor plans and workers reduced. She believes the leaseatthe Farley Building on morethan doubled her head there’sreally nothing therefor founding the Knights whilehe clocking in five days aweek move will help her retain and Manhattan’sWest Side. count in recent months and us.But this thing will eventu- wasanassistantpastoratSaint will survivethe coronavirus. recruit more-diverse talent as TwoTrees Management, plans to rent abiggerspace ally go away,and we’rereally Mary’sChurch in NewHaven. She decided this summer to big tech companies,such as which houses hundreds of and bring most corporateem- eager to getback to the city.” —Associated Press

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CAREERS & LEADERSHIP PERSONAL JOURNAL.

BY RAY A. SMITH

araya Camazine, a third-year medical student at the Uni- versity of Missouri, Mhad long anticipated schmoozing with others in her field at the big conference of the American Associa- tion for the Surgery of Trauma held every September. “Your third year is essentially your last chance to make good impressions on people,” says the 28-year-old. “All of these trauma surgeons go to the same conferences every year, and so as a med student your goal is to find a research mentor, go with them and then meet all of these doctors and be able to sit and discuss next steps in the field.” But in June the association announced the conferencethat wastobeheld at the Hilton Wai- koloa in Hawaii would take place online instead because of the pandemic.Itwasn’t the same. “There’ssomething very easy about sliding intoaconversation whereyou’rebeing introduced by someone who’s alreadyac- cepted in the field,” Ms.Camaz- ine says. “This wasmoreofa stagnant chatroom.” As the coronavirus has forced many people to work from home, it’s also disrupted a fixture of career life: networking, a quasi- business, quasi-social activity that typically happened every- where from conference halls to bars to corporate mixers and golf courses. With social distancing in effect for the foreseeable future, networking online—which some businesspeople were already do- TheNew Rules forNetworking ing pre-Covid as a secondary pur- suit—has become the primary way to connect. As Covid-19 derails in-person meetings, career experts advise on virtual tactics for schmoozing With economic uncertainty fu- eling job concerns, many employees say they see networking as essential for their careers. More aretips from the experts on how Diane Darling,author of “The industries may showcase their Strengthen Ties than a third of 2,022 U.S. adults to navigate. Networking Survival Guide,” rec- work, says Yuvay Meyers Fergu- Widen your circle of contactsto responding to a Harris Poll con- ommends people go through their son, assistant dean of impact and include “weak ties,” people you ducted in September said it is Be Proactive LinkedIn contactsand put them engagement at the Howard Uni- might not have talked to in some more important than usual in the New grads, especially, need to re- intoaspreadsheet. “Then simply versity School of Business. “How- time.Theyare morelikelytohave pandemic, with work-from-home alize that simply putting their in- say, ‘Howare you? What’s new? Is ever, your tone should still be newinformation than those with and no-travel rules in place at formation out won’t magically get thereanything Ican do foryou?’” professional if you are trying to whom youare in regular touch, many companies. them hired, says Beth Hendler- network with people you do not says Dr.Wang at Columbia Busi- Some people may be relieved Grunt, president of Next Great Use Online Tools know personally,” she advises. nessSchool. Don’t be shyabout re- to not have to attend business- Step, a Livingston, N.J., firm that Join or increase your use of net- “Students looking connecting with a card-swapping events—a 2014 coaches college students and working sites and apps to keep in for a job should professional contact study found that participants re- graduates on careers. “In order touch with existing contacts and make sure their In- youhaven’t corre- ported actually feeling dirty after for someone to find you, you have meet new ones. “Virtual meetings stagram and Twitter sponded with for networking. to have connections.” allow people to have choice in accounts are family- some time. “Folks But amovetovirtual net- Experienced professionals, identifying those that they think friendly.” who haven’theard working bringsother concerns. meanwhile, should make a con- would be helpful in a way that in- Online hiring site from youinawhile “What thatisgoing to do is en- scious effort to stay connected person networking events can’t,” ZipRecruiter recom- tend to be flattered, hancethe advantages of those with the people they used to see says Dan Wang, associate profes- mends using the on average,” says who arewell-connected,” says in person. “Yes, I would rather sor of management at Columbia Twitter analytics Dr.Wang. “You’dbe Exequiel Hernandez, aprofessor just bump into somebody in the Business School. “I think this is tool Followerwonk surprised.” of management at the Wharton coffee area, but you know what, I the beauty of being able to move to get a list of influ- Recent grads School of the University of Penn- can’t do that now. We’re in a pan- networking events online. They ential thought lead- should step up their sylvania. “Forthose who aredis- demic,” says Leigh Thompson, expose you to a far broader diver- ers in one’s industry, contactswith advantaged, it’sgoing to be professor of management & or- sity of individuals.” ranked by their num- alumni networks harder to develop the newties ganizations at Kellogg School of At the same time, take the pre- ber of social-media virtually, advises Ab- theyneed to advancetheir ca- Management at Northwestern cautions you normally would on- followers. Then igail Kies,assistant reer.This is not helpful fornew University. It’s important to take line. Do your research before you check who they fol- dean of the career- graduateslooking forjobs,or five minutes out of the day and connect with someone you don’t low to expand your development office those on the peripheryofprofes- send a contact an email, she says. know online, and check privacy own network. And by at the Yale School of sional networks.” Look at your in-box and ask your- policies on sites and apps. following them, you Management. Other Online networking comes self, “Am I sending just as much Don’t overlook networking op- are likely to learn school ties could be with challenges and awkward- email as I’m receiving, to serve portunities on Instagram and about online industry At top, Maraya Camazine; useful too. “Irecom- ness. But it canbedone.Here the purpose of these collisions?’” Twitter, where people in creative events and webinars. above, Paul Baier mend thattheyfol- Though some con- lowtheir teachers, ferences have been school staff and canceled or postponed, others teacher’s assistantsinorder to have moved online. Sign up for widen their connection pool,” Dr. virtual conferences and check out Ferguson of Howard says. the networking tools they offer. Paul Baier, a 54-year-old soft- Be Considerate ware entrepreneur in Boston who It’s more important during this regularly went to conferences time to think about tone when pre-Covid has attended four vir- reaching out, as almost everyone tual conferences since lockdowns working from home is dealing began. One that used messaging with some issue, Ms. Kies says. tool Slack for introductions was Check online if the other party’s the most effective for networking, job situation has changed. An he found: “I probably ended up email should include some ac- contacting six [people] that were knowledgment of the pandemic, relevant to my area of business and also ask if it’s an OK time to and ended up having three very email. Ms. Darling recommends good phone calls.” inquiring if the person prefers a call by phone or video. And when Follow Up the other party picks up, make a Be proactive not just about send- point to ask again if it’s a good ing out emails but also about fol- time to talk. “That’s always a Resources for lowing up. Always make planning question that people have asked, easier on the other person by set- but I think people are listening to usinessschools and online- Job Seekers Rise its siteinOctober,including rec- ting up the time to talk or video- the answer more,” says Ms. Kies. Bhiring sites have been roll- In the Covid Era ommendations of tools like conference through calendar in- ing out newtools and tips Followerwonk,aTwitteranalyt- vites with easy instructions. We Prepare, and Be Specific to help job seekersfigureout how ics company, forsearches andre- are all busy working from home, As alwaysinnetworking,doyour to network during apandemic. search, and Meetup,asocial-me- so making any appointment eas- research on the people youare try- Foralumni and students, it’s a dia platform thatallows usersto ier to schedule for the other ing to connect with, to understand good time to check fornew re- andattend virtual events and quickly organizein-person events. party is key, says Ms. Darling. She who youare talking with and their sources at their university. Forin- move from writtenchats to video Networking platform recommends calendar apps, such accomplishments. Be specific in stance, Columbia Business calls with one click.Italso updated Lunchclub, which has been as Book Like A Boss and Calendly, email subject lines and explain why School’sBernstein Center for messaging tools and launcheda matching users one-on-one by that handle scheduling, confirma- youwant to connect, referencing Leadership and Ethics organized a mechanism thatlets userswho have their interests and goals since tion and reminders and video-call their accomplishmentsoravideo or seriesofvirtual professional-devel- suffered ajob lossput agreen frame 2018, in the last six months has connectivity. publication yousaw them men- opmentworkshops forM.B.A stu- on their profile indicating theyare expanded beyond the tech indus- Mr.Baier,the Boston software tioned in, forinstance. dents and alumni to addresshow “Open to Work” and available immedi- try that was its core market. In entrepreneur,putsalink to Because of the pandemic,it’s to navigate networking and career ately.“We were alittle bit concerned April it introduced a new meet- Calendlyinhis email signature, in OK to be upfront and evenbroad- developmentinthe Covid era. initially,would people feel comfortable ing format called Cafes to con- addition to his LinkedIn address cast ajob loss, Dr.Thompson says. The Wharton School of the doing this publicly,but we haven’thad nect users to more people out- and Twitterhandle. “It just re- “Thepeople who arewidening UniversityofPennsylvania’s initia- this masslevel of unemploymentina side individual meetings. duces so much of the friction to [their circle]and just kind of put- tives includedanonline panel at while,” said Kiran Prasad, vicepresi- Networking app Upstream, find a20-minuteslot in these re- ting themselvesout there, the like- LinkedIn whereWharton M.B.A. dentofproduct at LinkedIn. The com- which soft-launchedinJanuary, allybusyprofessionals’calendars,” lihood thatthey’re going to land

ON alumni who nowwork at the net- panysaysthree million of the 722 addedvideoone-on-one network- he says. on their feet is statisticallyso

WILS working siteshared bestpractices million LinkedIn membersworld-wide ing sessions in May, earlier than “You should initially only ask much greater,” she says. “I’vebeen B forconducting avirtual job search. arenow using the frame. planned, because of Covid. The for a few minutes so the meeting telling alot of the folks who’ve RO

BY Among morebroadly available Online-hiring site ZipRecruiter 20-minutesessions pair members doesn’t feel like a burden to the been getting bad news,resist the offerings, LinkedIn has introduced postedupdatedvirtual networking foraround of one-on-one conver- person you are networking with,” urge to pull down the shades.” IONS

AT features thatallowuserstoset up adviceonthe career blog section of sations lasting fiveminutes each. says Dr. Ferguson of Howard Uni-

TR versity. “Fifteen to 30 minutes is Kathryn Dill contributed to this US

ILL enough to make an impact.” article. P2JW307000-0-A01200-1------NS

A12 | Monday, November 2, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP

such as supply-chain issues and she calls protected hours into the helping small and midsize fran- work week. During these periods, chisees navigate changing federal employees aren’t allowed to and state support, regulations schedule calls or meetings with HowtoTurn and consumer preferences. colleagues. Employees often need flexibil- Use technology and real estate to ity during the afternoon, Ms. Cole ACrisis Into serve customers. said, “when kids are starting to For retail businesses, whether get restless, when schoolwork is selling food or anything else, Ms. over, when child care is uncer- Cole advises investing in technol- tain.” Maybe an individual boss is ACatalyst ogy and real estate that provide accommodating, but what if two customers “ease of access for other people call a meeting? convenience.” Locations with That’s where a protected hours drive-through and curbside- policy can help, she said. pickup options, optimized by technology like mobile apps, are “incredibly valuable.” Other types of real estate, par- When the pandemic hit, ticularly certain types of malls Focus Brands worked on and certain types of strip retail real estate, are a mixed bag, ac- keeping employees safe cording to Ms. Cole, and the pan- and protecting cash. demic has revealed “some win- ners and losers.”

Enlist managers in creating a flexible culture. Expand your networks to recruit Employees have told Ms.Cole they diverse candidates. would likemoreflexibility,and as Afternational protestsoverra- aparent of two young children, cial injustice, manycompanies she feels the challengeofmanag- areexamining their ownefforts ing work and family responsibili- at inclusion and diversity.AtFo- ties. “Ineed to knowthatIwon’t cus Brands,four of the nine getpressureorfeel pressureifI membersofthe executiveleader- need to do whateverittakes to ship team arewomen but itsC- navigatesuch an unexpected, un- suiteispredominantlywhite. Ms. usual and insanelydifficult time Cole said executives need to with children,” she said. “hold ourselvestohigher stan- Changestartswith culture, dards” when it comes to racial

ANT and partofthe required cultural representation. GR shiftinvolvesmanagersleading Threeofthe company’smost EPH

ST by example.Thatmeans steps recent executivehires were peo- likemaking clear thatemployees ple of color,according to Ms. don’t need to be on Zoom calls Cole,and she challenges business at Cole took an unusual Ms. Cole spoke with The Wall Kat Cole, of Focus Brands, is with video if theyare busywith leaderstobroaden their net- path to the top. A college Street Journal Thursday at “The enlisting managers to foster a more their kids off-camera, according works to recruit diverse candi- dropout who eventually Future of Work,” part of the on- flexible culture in the workplace. to Ms.Cole.Focus Brands has dates. “Be honest. Look around returned to school to get line Future of Everything series. trained managersoncommuni- and say, ‘Who’s in my network? an M.B.A., she began her She offered her outlook on com- cating this culturetomakesure WhodoItalk to regularly? K and initiatives.But earlyonin career serving wings and mercial real estate, which has theyweren’t unintentionallygiv- Who’sinmypeer group?,’ ” she beer at Hooters and worked her been battered by the global pan- the pandemic,when therewas a ing the impression to direct re- said. If it’sall whitemen, then way to the corporate side of the demic, and suggested ways busi- “demand shock,” Ms.Cole said, ports that “therewasn’t flexibil- she recommends picking up the food-service industry. Ten years nesses can help working parents Focus Brands homed in on two ity when thereactuallywas.” phone,calling topexecutives of ago, at age 32, she was named and diversify corporate leader- efforts:keeping employees safe color and asking them to intro- president of the Cinnabon bakery ship. Here are her tips for how and protecting cash. “Those are Institute a “no meetings” block duceyou to underrepresented chain. Today, she is president and companies can transform work- the thingsthatallowedusto during the work week. leadersinthe industry. chief operating officer of Atlanta- places during the crisis: fight another day,” she added, Beyond culture, Ms. Cole says To those who say it is a pipe- based Focus Brands, which owns noting thatexecutives shiftedat- company leaders can introduce line problem and wonder if they and operates food franchises in- Narrow your focus to the most im- tention from “promoting the lat- flexibility into the workday have to compromise to find di- cluding Auntie Anne’s, Carvel, portant priorities. est delicious burrito.” through policies. One example verse talent, “the answer is no,” Moe’s Southwest Grill, Cinnabon In boom times,itispossible to Eventually, the company that Focus Brands enacted during Ms. Cole said—they’re just not and Jamba. have manyareas of investment shifted resources back to matters the pandemic was adding what looking hard enough.

Ashley Carlson, far The Latest Job Perk left, and Georgina Mbonu have volunteered to be Is aDay at the Polls poll workers.

BY KATHRYN DILL month afterthe election that her ballot hen Ashley Carlson learned hadn’t been counted that Levi Strauss & Co., because it wasn’t re- W ceived in time. where she’s a communications manager in San Francisco, “My vote not being would let employees take Election counted made me re- Day off to serve as poll workers, alize how important she and almost 200 of her col- in-person voting can leagues signed up. be, even in these “It made it a really simple deci- times,” she says. sion to try to see if I could get Working at the matched with a location and vol- polls has also intro- unteer,” said Ms. Carlson, who is duced election partici- 33 and will spend Nov. 3 at a poll- pation to younger ing place an eight-minute walk Americans—manynot

LIMA from her home. yetold enough to vote A Taking time off from work is of- themselves—who may

MAR ten an impediment to serving as a volved in hiscommunity. not have considered getting in- TA poll worker, which is one reason “I feel like there’s a lot of ways volved otherwise. Manyofthem say why almost 60% of U.S. poll work- for everyone to do their part,” said the experiencehas changed how MBONU; ers were over the age of 60 in the Mr. Coeling, who is 27, “and my they’ll approach balancing work 2018 general election, and nearly job allows me to take a day away with civic involvementinthe future. NNENE 30% were over 70, according to a and go support in this way.” Georgina Mbonu, a high school S; Pew Research Center report. Elec- cess of voting by checking in vot- Miriam Garcia is pursuing a junior from Houston, signed up to PRES tions experts estimate that thou- ers, setting up voting machines, master’s degree in economics at be a poll worker in September af- TED sands of poll workers would be overseeing ballot collection and the University of North Texas and ter seeing an ad on TikTok from

OCIA needed in 2020 because the coro- passing out “I Voted” stickers. works about 20 hours a week for Poll Hero, an national nonprofit SS

/A navirus pandemic could keep many This year, they’ll also sanitize vot- her academic department. Between initiative to recruit high school older Americans at home. ing pens, wipe down booths and, virtual classes and a flexible work and college students to serve as TIMES Companies including Gap, Tar- in some places, collect drop-off schedule, she has been able to poll workers. The gig helps coun-

PEN get and Warby Parker have tried ballots outdoors. and to stop sending new sign-ups. cram in a 12-hour shift every other teract a sense of helplessness she AS to help fill the ranks by telling em- More than 900,000 poll workers “It certainly feels like the prob- day at a polling place on campus feels at being too young to vote.

/THE ployees they could take paid time staffed local polling places during lem we all saw in March, April, has that is open for early voting. She “I’m a Black 16-year-old girl in off to pitch in at polling places. the 2016 election, according to the been solved by this enormous out- worked her first shift right after Texas, so a lot of this stuff affects

UNNER “We knew that the pandemic U.S. Election Assistance Commis- growth of people willing to do finishing midterm exams. me,” she says. BR was contributing to a nationwide sion. It isn’t immediately clear ex- this,” he said. Ms.Garcia, who is 22,says After working at a polling place shortage of poll workers, and we actly how many poll workers there With support from his manager, she’salways wanted to serveasa near her home that was open for KELSEY : had employees ready and willing are this year, and whether staffing JoeCoeling decided to use an ac- poll worker,but wasn’t able to fit early voting, she says it finally felt to volunteer,” said Kelly McGinnis, was strained amid heavy turnout crued vacation dayfromhis job as a it in with her classand work like she got a chance to pitch in. “I RIGHT

P chief communications officer at for early voting. Robert M. Bran- human resourcesgeneralist at the schedule in previous years. But really like seeing the process, see- TO Levi Strauss & Co. “It was an obvi- don, CEO of the nonpartisan Fair University of Michigan to serveas she also felt motivated by aper- ing behind the scenes,” she said. “I OM

FR ous way that the company and our Elections Center voting-rights an Election Daypoll worker.Aspro- sonal voting experience: In 2018, never really thought about getting employees could offer help where group, said many jurisdictions that testsspread acrossthe U.S. this while studying in England as a into politics in college, but it did WISE it was needed.” usually need more poll workers summer,Mr. Coeling found himself collegestudent, she votedbyab- open my mind a little bit more to OCK

CL Poll workers facilitate the pro- have said they don’t need more searching foraway to getmorein- sentee ballot, and learned about a seeing that as an opportunity.” P2JW307000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, November 2, 2020 | A13 ARTS IN REVIEW

ABROADATHOME Temples of Singular Tastes

BY JUDITH H. DOBRZYNSKI

are to see a painting of Venice’s Grand Canal by Canaletto, a 17th-century key to Windsor Castle’s Cstate apartments, a stained-glass image of Henry VIII’s heraldic badge (c.1530), fourth-century B.C. Greek vases, models of the Bank of Eng- land (c. 1803), an elephant’s tooth, a 13th-century B.C. alabaster Egyp- tian sarcophagus, and many more antiquities, paintings, rare books, architectural fragments, plaster and cork building models, and other curiosities—all in one small museum? Clockwise from above:the sarcophagus of Seti IatSir John Soane’s Museum in London; aroom in the Nissim de Enter Sir John Soane’s Mu- Camondo Museum in Paris;and ‘Dante’s Cabinet’atthe Poldi Pezzoli Museum in Milan seum in central London. It’s an ec- centric amalgam of rooms, stair- cases, skylights, cabinets, fers both shorts, like “Art Fund YouTube channel provides more son, who was killed in World War and manuscripts, and he collected bookcases and nooks and crannies Museum of the Year 2017 Finalist,” about the collection. Sadly, all but I, and opened it to the public upon widely,not just Spanish art but also brimming with, well, stuff from all and in-depth videos, including “Re- the Dante study and the grand his own death. paintingsbyother European mas- over the world. It all belonged to storing the Private Apartments.” staircase were destroyed by Allied A fast-paced video on the You- ters,antiquities and jewelry. His Soane (1753-1837), who despite un- From the Soane website, you also bombing in 1943, and the rebuilt Tube channel of Musées Parisiens treasures include “St. John the Bap- distinguished beginnings as a can “fly through” a digital scan of museum is more modern—but you à découvrir is an excellent intro- tist in the Wilderness” by Hierony- bricklayer’s son became one of the either the crypt with Seti I’s sar- can turn back the clock via 19th- duction, with close-ups of art- mus Bosch and Goya’s “Witches’ most prominent architects of his cophagus or the model room. century photographs on the mu- works deemed by the narrator to Sabbath,” plus works by Velázquez, day, a professor at the Royal Acad- Like Soane, an Italian count seum’s website. And you may view be “perfection in taste and French Cranach, Reynolds and manymore. emy, a hero of classical design, and named Gian Giacomo Poldi Pezzoli many of the museum’s treasures style.” Hantang Culture’s YouTube Themuseum has aYouTube chan- an obsessive accumulator. The mu- (1822-1879) strived to leave a on Google Arts and Culture or the channel tells a fuller story in its nel—in Spanish, alas—but anyone seum owns more than 50,000 ob- unique physical legacy in his na- YouTube channel of Amicidell’arte 20-minute documentary, starting canviewmanyofthe museum’s jects, including 30,000 drawings. tive city, Milan. He created one of Varese in a good, but non-nar- with Camondo’s roots in Turkey. masterpieces,with close-ups,onthe But what makes the Soane spe- Italy’s first house museums, com- rated, walk-through. Partly in French with English sub- one titled “¡Asómatealas ventanas cial is its aura. Many collectors missioning rooms representing When you step into the Nissim titles, it surveys rooms like the del Museo Lázaro Galdiano!” start museums, but not all display various periods in the family villa. de Camondo Museum in Paris, gold-and-white drawing room, The museum’s website has an such distinctive taste as Soane and “Dante’s Cabinet,” for example, you’ll also immediately intuit the none of whose marquetry furni- English section where you can

(2) a few others noted here. As critic was outfitted with 14th-century man who lived there, a Parisian ture, gilt neoclassical fixtures, or download room-by-room informa-

GES Jonathan Jones remarks in a cele- Italian treasures, while the Gold named Moïse de Camondo other artworks may ever be tion sheets, with some images. The

IMA bratory video tour of the Soane Room, with elaborate Renaissance (1860-1935) with the taste of Marie moved, except within the same best one for online visitors is made by the Guardian, available on moldings and beamed ceilings, Antoinette. To suit his love for room. Some treasures of this relic Room 8, with 15th- and 16th-cen- GETTY

; YouTube: “Everything in his house held his best paintings—by Man- 18th-century French decorative in time can also be explored on tury Spanish art. That’s because

MY means something…something we tegna, Piero della Francesca, Bell- arts, he demolished his parents’ Google Arts and Culture. you can view a panorama of it on ALA

: feel and intuit is deeply personal ini and Botticelli, among others. A home and built a neoclassical man- Google also allows youtosee in- 360cities.net. Be sure to look up, to him.” biographical video (in Italian, with sion mimicking the Petit Trianon side the Museo Lázaro Galdiano in to see the stunning painted ceil- LEFT

P Because of the pandemic, travel English subtitles) on the Poldi at Versailles, which he filled with Madrid, asplendid neo-renaissance- ings Lázaro commissioned to make TO restrictions put the Soane out of Pezzoli Museum’s You Tube chan- ornate furniture, marble sculpture, style mansion that washome to his museum unique. OM

FR reach for many, leaving us to ex- nel provides a feel for this man gilded mirrors, tapestries and pre- José Lázaro Galdiano (1862-1947). plore it and similarly idiosyncratic with the “strange idea” of letting cious objects, including many Lázaro,abanker-turned-publisher, Ms. Dobrzynski writes about art WISE museums virtually. That’s easy for the public see his possessions, owned by royals or made by royal traveled in intellectual circles.His and culture for the Journal and OCK

CL the Soane. Its YouTube channel of- while a video on the DMajor TV manufacturers. He named it for his librarycontains important books other publications.

APPRECIATION dence with pleasurable overtones Fine Madness.” The movie is er- JOEMORGENSTERN of self-irony that take the curse off ratic and its sexual politics are ap- the macho quotient. No one in the palling—not that they’re exem- movies sounded like him. plary in the Bond films—but Mr. Iconic Bond Movie stars—and Mr. Connery Connery’s work is astonishing. was up there with the most dura- Four years after that he was for- ble of them in the medium’s his- midable as the leader of a secret, and an tory—always run the risk of being sometimes terroristic Irish society imprisoned by their success. Mr. fighting to improve working con- Connery famously came to hate ditions for Pennsylvania coal min- James Bond, and no wonder. He ers in Martin Ritt’s “The Molly Actor’sActor could do anything he set his keen Maguires.” mind and strong heart to. Cast as Of all the actors who’ve played an Irish cop in Brian De Palma’s Bond since Mr. Connery set his One of the rituals of James 1987 “The Untouchables,” he out- martini glass down for the seventh Bond films has always been the shone Kevin Costner, the film’s os- and last time in the 1983 “Never presentation of the weapons—all tensible star, who played Eliot Say Never Again,” Daniel Craig is those intricately lethal gizmos and Ness, and won a Best Supporting the only one to have found new di- multitasking vehicles for James to Actor Oscar for it. In 1989 he was mensions in the man worth find- use on his far-flung missions in Professor Henry Jones, Indy’s fa- ing. He showed us a “blunt instru- the course of finding the villain, ther, in “Indiana Jones and the ment,” as his superior M describes seducing the woman and saving Last Crusade.” He was an actor’s him in the 2006 “Casino Royale,” the world. But the most potent actor, meaning one of those per- an angry candidate for lifelong weapon of the franchise, as it formers who, like his friend Mi- thugdom, growing into a fearless found its style, seduced a vast au- chael Caine, can create a vital, yet sensitive operative who is will- dience and took over the movie original, unshakably grounded ing, at least once, to shed the ar- world, was Sean Connery, the sin- character with no evident effort. mor that protects his heart. That’s gular Scotsman who first played That’s what both of them did in all well and good—better than Bond in “Dr. No” almost 60 years my favorite Sean Connery (and good, since Mr. Craig’s compelling ago, who defined him unto the Michael Caine) movie, John Hus- take on the character has been re- ages and who died at age 90 in ton’s 1975 “The Man Who Would warded with huge commercial suc- Nassau, Bahamas. Be King.” Huston dreamed of hav- cess. (It’s a testimonial to the cen- Several actors have played ing Clark Gable and Humphrey Sean Connery in ‘The Hunt for Red October’ trality of the Bond franchise in Bond since, to lesser or, in one Bogart play the leads in his screen cinema history that motion pic- case, provocatively different ef- version of Rudyard Kipling’s clas- ture exhibitors, their industry fect. But no one had Mr. Connery’s sic story of adventure and imperi- about “The Russia House,” which for the improbably yet thoroughly stricken by the pandemic, have grasp of the debonair womanizer alism. Once you’ve seen the film was made almost three decades convincing spectacle of Mr. Con- been looking to Mr. Craig’s still- as a worldly-wise adventurer who, it’s impossible to imagine anyone later? Rather than an Ian Fleming nery as an enigmatic Soviet sub- unreleased “No Time to Die” to quite remarkably, given his inti- else in the roles but Messrs. Con- adaptation, it’s a screen version of marine commander.) save them.) mate knowledge of bottomless evil nery and Caine as Danny and a John Le Carré novel, with Mr. The list of less—or downright Sean Connery’s Bond, though, along with the finer things in life, Peachy, two worldly ex-sergeants Connery boozily resplendent, and un—heralded films with distin- wasn’t blunt but marvelously seemed exempt from world-weari- looking for fabled wealth in the deeply affecting, as Barley Blair, a guished Sean Connery perfor- smooth, a super-sophisticated op- ness. Close your eyes and you can mountain kingdom of Kafiristan. down-at-the-heels British pub- mances includes Sidney Lumet’s erative, entirely of his time, who see him in exotic settings with ex- Some of Mr. Connery’s best lisher who finds himself con- gritty “The Hill” (1965), a small- kept us rapt, made us smile and

GES travagant production values, doing work is the least known. Everyone fronted with love in the person of scale drama set in a British army never betrayed any sensitivity he

IMA outlandish deeds and never, or who cares about the Bond fran- his Russian contact, Michelle Pfeif- disciplinary camp in the desert. didn’t need to. Mr. Connery may hardly ever, breaking a sweat. chise—a significant fraction of the fer’s Katya. (As long as we’re in a Mr. Connery did that one at the have wanted to free himself of

GETTY More memorably still, you can planet’s population—knows “From Russian sphere of cinema influ- height of his newish-found James Bond, but he couldn’t. They re- hear his voice, smooth as the old- Russia With Love,” the 1963 spy ence, I should say that every time Bond popularity. A year later he main inextricably bound in our ADORI/ est Scotch in his lower register, an thriller that followed the surprise “The Hunt for Red October” comes played a poet and compulsive memory, and we’re all the richer

MOND instrument of virile self-confi- success of “Dr. No.” But what on TV I watch at least some of it truth-teller in Irvin Kershner’s “A for it. P2JW307000-0-A01400-1------XA

A14 | Monday, November 2, 2020 THE WALL STREET JOURNAL. SPORTS Patriots Give Away Another Game

BY ANDREW BEATON

This season for the New Eng- land Patriots has at times felt like a controlled experiment: Could the Patriots still play like the Patriots even if almost everything went wrong for them? Tom Brady left for Tampa Bay. Eight of their players opted out of the pandemic season—more than any other team. New England’s two most important players, quarterback Cam Newton and corner- back Stephon Gilmore, contracted Covid-19. But on Sunday the Patriots sunk to 2-5 on the season after an ex- cruciating 24-21 loss to the division-leading Buffalo Bills, a defeat that further plunges the NFL’s pre-

eminent modern dynasty out of O the playoff picture and into unfa- TT

miliar territory. They’re closer to BUGA being one of the NFL’s worst

teams than they are to being one DOMINIC of the best. Despite all of the upheaval in New England, there was still a funny feeling the Patriots could still mechanically win football Rewriting Rules for the Gym games. That’s because they have Bill Belichick, and it’s what they’ve always done. They haven’t finished below .500 since 2000, their last How does a curling club make itself safe? With help from experts who happen to be members. season before Brady became the team’s starting quarterback. Even BY LOUISE RADNOFSKYAND BEN COHEN ing intotheir gymisakey reason authorities. individually wrapped granola bars when Brady missed most of the that acoach who came down with Marr is one of them. She spends intomeals. season in 2008, they went 11-5. Linsey Marr is an engineering the virus seems to have avoided in- time outside the laboratoryout- What theplayers,coaches,ref- On Sunday in Orchard Park, N.Y., professor at Virginia Tech who fecting anybody else in it. doorsasatriathlete, cyclist, back- erees,volunteersand spectatorsat the Patriots were seconds away specializes in afield that has never Thevague and bitterly contested packer and skier.But forher the event didn’t knowwas that the from vanquishing some of the been so useful to so manypeople: public-health messaging from gov- CrossFit fix, she goes to 460 Fit- virus wasamong them already. doubts that had emerged after the She’sanexpert on viruses in the ernmentsduring the pandemic has ness, the kind of placewhere Morethan 100 of the 187 people at team’s sluggish start. With under a air.Marr’s research during apan- created adilemma forthe scien- Marr’s research shows the virus the curling tournament would re- minute left, they were marching demic driven by airborne transmis- tistswho areshaping the response: caneasily spread through the air. port fevers,coughs,fatigue, diffi- down the field trailing by three sion of avirus has made her a Howdoyou work out when you Aspin studio in Canada and a culty breathing,lossofsmell and points. They were in an easy posi- trusted source of advicefor people knowthe dangersofworking out? dance-fitnessclassinSouth Korea other symptoms consistent with tion to at least tie the game. all over the world. Some of the topepidemiological areamong the crowded indoor Covid-19, according to research by Then Newton did the only thing And in her local CrossFit. minds in North Americastopped. spaces,filled with people breathing Paul Luethy, an assistant professor he couldn’t in that scenario: he Agym asking Linsey Marr for Some moved outdoors. Some con- heavily and expelling respiratory of pathologyatthe University of gave the ball away. He fumbled it ventilation adviceislikeanele- cocted waystostayindoorssafely droplets, that have been linked to Maryland School of Medicine. on Buffalo’s 14-yard line, coughing mentaryschool asking AliceWa- this winter.Almost nobody who coronavirus outbreaks.Eventhe Luethyalso happens to be a up both the game—and the team’s ters to runits cafeteria. There spends time studying Covid-19 says gyms that tried to adheretopan- member of the Potomac Curling chance at righting the ship. were very few people morequali- they haven’t retrofittedtheir exer- demic rules of sanitizing every- Club.Now he’strying to figure out With the win, Buffalo improved fied forthis particular task.So cise routines. thing in sight and keeping people howand when he cancurl again. to 6-2 and snapped a seven-game when owner Velvet Minnickneeded It’safascinating example of how six feet apart needed to do more. One of the advantages of being losing streak to the Patriots. aplan for460 FitnessinBlacks- the people who knowmoreabout “Six feet is not enough,” Marr in the Washington, D.C. area is that burg, Va.tosafely getback to inthis disease than anybody manage said. “You should definitely main- the Potomac Curling Club canform person burpees and handstand risk in their ownlives. tain distance—and either every- itsown Covid-19 advisorygroup push-ups,she turned to one of its They have lessfinancial invest- one’swearing amask or youhave with amicrobiologist, avirologist, members. ment than the sportsleagues with just enormous ventilation.” apharmacist and anurse who spe- “Just send me your engineering billions of dollarsatstake,but Themembersofthe Potomac cializes in infectious diseases.“And document and I’ll do ventilation their incentives arenolesspower- Curling Club in Maryland had to then laypeople who arethereto calculations,” Marr said. fulbecause they arepersonal. To makeasimilar decision. They had denerdifythe whole thing,” Leuthy Marr gamed out various wind maintain their sanity and their personal experiencewith the perils said. S and door scenarios forthe facility. safety—especially as cases of the of unmasked contact in unventi- Thefirst recommendation from

PRES Minnick responded by opening ev- virus surge around the country— lated spaces.They hosted the USA this improbably distinguished task

TED erydoor,positioning workout sta- these public-health researchersare Curling Club Nationals this year force: no curling until January.

CIA tions by the doorsand then spac- volunteering their expertise. during the week in March that life But howthey plan to reopen the SO

AS ing them at least 10 feet apart. Thereare curling rinks in Mary- in Americawas transformed. club is moreinstructivethan their S/ Marr later brought in her carbon- land and CrossFit boxesinVirginia Curling is afamously social ac- plans to keep it closed. Masks will AU

KR dioxide sensor to check the venti- with plans and protocols that go tivity,which is another way of say- be required on the iceand off.At- lation inside—just to be sure. beyond what manygovernments ing it’saconvenient excuse to tendancewill be takentofacilitate

ADRIAN It wasworth it. Marr and Minn- arerequiring—because they have drink lotsofbeer,but the organiz- contact tracing.One curler will Patriots coach Bill Belichick on Sunday. ick believethe amount of air com- access to the very same scientific ersbanned handshakes and turned sweep the stone,not two.

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THE WALL STREET JOURNAL. Monday, November 2, 2020 | A15 OPINION Digital Vo ting’s Time Has Come BOOKSHELF | By Forrest Pritchard

Cash acheck and some rudimentarychecks Technologyhas always up- andadjusting votestoyour Cereal or go through aredone.But here’sthe trick: dated howwevote. Paper bal- liking. airport secu- Afterthe firstuse,itwould be lotsoften gaveway to ma- Instead of apaper trail, rity,and really hardtoshowupand chines with leversand those you’d have a digital trail that you’reasked vote under an assumed name, goofycurtains closing behind beatspostmarks and hanging Drama foraphoto because the photos wouldn’t you. Nowwehavevoting ma- chads.Another concern is that INSIDE ID.Heck,visit match. No one could vote chines with everything from the elderly maynot be com- VIEW most offices morethan once, because the LCD screens and wheels to fortable with smartphones or Amber Waves in major cities photowould showifyou’veal- full-fledged touch screens. iPads. That’s easy to get over By Andy and youneed ready voted. Youcould cheat, Thephoto-before-voting with arobust user interface By Catherine Zabinski Kessler an ID.But but only with your first-ever scheme could be shielded (not something anygovern- (Chicago, 246 pages, $24) when you vote.With even the most rudi- from hacks. Using asecure ment digital serviceyet knows vote,which we’reconstantly mentaryfacial recognition, tablet, voters’ personal infor- how to do). Robinhood made elationships canbenotoriously complicated, and reminded is the most impor- dead people couldn’t vote. mation would be separated stocktrading easy,evenfun. R our ancient bond with wheat is no exception. As tant thing youcan do,you It’s ingenious, but I said at from howthey voted. Likethe Voting should be the same. Catherine Zabinski recountsin“Amber Waves: The have only to provide your the time it went too far. Tak- blockchain platforms used for SinceCovid, we’veseen a ExtraordinaryBiographyofWheat, From Wild Grassto name and address and sign a ingphotos of citizens would cryptocurrencies,voter data boom in online proctoring for World Megacrop,” it’sbeen arockypath over themillennia, dusty book and you’re waved could be sent to several cloud collegetestsand even bar ex- repletewith heartbreak,endlessdrama and even an in. At least ahuman will check locations and services,soeven ams.Manyofthese use the unlikely loveaffair.Ifithadn’t been foracapricious youin—with mail-in ballots, Photo ID could keep if one is hacked, the others device’s cameraand shut off interloper named goatgrass mixing intowheat’sgene pool signatures are easy to forge. could be checked to verifythe the test if the takerleavesthe half amillion yearsago, our daily staple of bread—not to No one knows howmuch the dead from casting real information. screen or if someone appears mention birthdaycakes,mac and cheese,and pepperoni voterfraud takesplace, but ballots, and modern Soon afterperfecting this in the background. Those pizza—might never have existed. it’snot zero.There’ssome- system, we could dump mail- functions could help secure Ms.Zabinski introduces thingbehind the stories of tech can do it safely. in ballotsand start allowing digital voting and put an end us to wheat in itsearliest, dead Chicagoans voting and voting on smartphones,which to ballot harvesting.Add GPS wildest iteration, describing living ones offered cash and a obviously cantakeyour pic- and two-step authentication aseed that wasatfirst drink at apub forthe right violatetheir privacy. Some ture, noteyour location, and and we could cut down 99% of nearly inedible forhumans. vote. There’s a better way. maynot want otherstoknow even captureasignature. fraud, so no hacker from Herbivores gobbled it up Paper ballotsshould go the their location. Illegal aliens They could also upload datato Ukraine canvotefor your with impunity,fermenting way of the abacus.Someday, mightget nervous—oh wait, three,fiveoreven500 differ- town’s dogcatcher. grassand seeds alikeintheir last week’sSupreme Court or- they’re not allowed to vote. ent cloud serverstodeter Morethan 80% of voters multichambered, specialized dersabout when various But Ithink the time has hacking. own smartphones. Soon that stomachs.But wheat’s states cancount mail-in bal- come.The proliferation of Sure,therewould still be may exceed 90%. With online protectivehull wasso lots will seem quaint. Voting smartphones,with either fin- waystocheat: You’veseen the and mobile voting,turnout incredibly hardthat our canbemodernized easily with gerprint sensorsorfacial-rec- movies in which someone’s would almost certainly in- hunter-gatherer ancestors off-the-shelf technology. ognition security using 30,000 thumb gets cut off to open his crease from 2016’s under- cracked their molarssimply Yearsago, ahedge-fund dotstocontour your face phone—the inverseofIraq’s“I whelming 60%. That may trying to chewonit. Eventu- friend proposed asimple solu- (masks off,please), means it’s Voted” purple ink.Orsome- scaresome who think democ- ally stones were used to grind tion: Everyone who shows up time to begin the transition to onecould coerce votesina racy ought to be morelimited, the seeds intoflour,providing to vote has aphototaken and online voting,aslong as it’s nursing home.But both would but it’s only the best of many primitivepastes and gruels when then gives a signature or fin- done right. (I canhear you be alot harder than either reasons to do this. So please, other resourceswerescarce. This required an inordinate gerprint. That dataisup- howling already.Bear with stealing mail-in ballotsorhar- vote early, but not often. amount of time,energy and organization. loaded securely to the cloud me.) vesting them door-to-door Write to [email protected]. Thus the book poses afoundational question: Howdid this wild seed metamorphose from atooth-busting,energy- intensiveliability intothe miraculously adaptable asset we have today? As Ms.Zabinski explains,while most animals Be Afraid of Biden’s Latin AmericaPolicy areunable to procreatewith different species,“plantsin general and grasses in particular arerule benders.” Thus, As the U.S. lombians rejected the deal the lationship but in exchange intogovernment coffers. Even when an ancient variety of wheat known as einkorn met heads to an Santos government made with they demanded increased la- if Mr.Madurowantstoflee,as the weedy goatgrass in some metaphorical moonlit election for FARC leadersinHavana. But borregulation. They remain rumorssuggest, he knows too meadow, merging their genes,the implications of this president and Mr. Santos, who had pledged champions of the “made in much and Havana isn’t likely unexpected coupling were profound. key Senate to honor the popular will, re- America” mentality. On the to allow it. Theresulting offspring wasemmer.Its seeds were seatsonfused to accept defeat. With foreign-policy front, as weak Still Mr.Trump’smaxi- softerand lessdifficult to clean; itsversatility allowed AMERICAS Tuesday, full support from the Obama as the Trump State Depart- mum-pressurecampaign is the our ancestorstobakethe very firstbread. Moreimportant, theremay be administration, he gaveFARC ment has been defending U.S. best option. Expect Democrats it spurred the advent of farming,for instanceinthe By Mary more at stake capos not only amnesty but values,the Democrats’ record to prefer moretalks,almost Mesopotamian villageofAbu Hureyrainmodern Syria. Anastasia forLatin unelected seatsinCongress. If suggestsaBiden presidency guaranteeing relief forthe bad If you’rewondering howanthropologistscan be certain O’Grady Americathan Colombia’sdemocracycan would be worse. guys and more repression. about anyofthis,it’sall because of weeds.Itmay be cold meetsthe eye. withstand the harm this has ExtremistslikeRep.Norma consolation to the gardenersamong us,but weeds have President Trump’seffortsto done to institutions, the rule Torres (D., Calif.) backed the been our antagonistssincetime immemorial. They thrived restoredemocracyinVenezu- of law and domestic peace, it TheDemocratic showtrials held by the U.N.’s among the earliest fields of wheat and rye, gleefully ela have been ineffectiveand a will be a miracle. International Commission springing to lifethe instant our ancestorsfirst tilled the humanitarian crisis looms.It’s It isn’t alarmist to think agenda favors againstImpunity in Guate- soil. In fact, these prehistoric weeds were so tenacious tempting to think that things that a President Biden would compromise withthugs mala,orCICIG.Democrats they wriggled their rootsintothe permanent geological can’t get worse. They can. double down on the Obama cheered as CICIG unleashed a record. Among emails recently re- practice of surrender to the overhuman rights. reign of terror,arbitrarily jail- An infestation of weeds canhaveits benefits. Themore leased by former Biden family region’sthugs. Nor is it going ing manysuspectswithout ev- farmersweeded, the morethey identified variations of businessassociateTonyBobu- out on alimb to predict that idenceordue processunder wheat that out-competed the invading plants. “The great linski, two Colombian invest- U.S. policy is likely to tilt fur- As arsonistsand lootersde- the banner of “anticorrup- evolutionarysieve,” Ms.Zabinski notes,“letspassonly ment opportunities are ther in that direction if Mr.Bi- stroyed urban Americathis tion.” Fortunately CICIG’s those that germinate, grow,mature,and then producethe pitched in aMay 2017draft den’shealth begins to fail and summer with barely apeep mandatewas not renewedin seeds forthe next generation.” These biological advance- document prepared forthe radical elementsofthe Demo- from Democrats, it washard 2018.But Mr.Biden, who was mentshelped early communities establish local food Chinese energy company crat Party take charge. to see “moderate” Joeasrep- aCICIG fan, canbecounted security,allowing civilization to spread acrossthe rest of CEFC. One unique asset the Themain beef against Mr. resentative of the party. Rep. on to trytoresurrect it. the world. proposal highlights: JoeBi- Trump is that he is uncouth. Ilhan Omar (D., Minn.) seemed Mr.Biden has said that he den’sclose relationship with He also loses pointsfor his to align moreclosely with would restorethe Obama rap- Colombia’sthen-President managedtrade agenda, in what it means to be a Demo- prochement with Cuba. He How did a wild seed metamorphose from a Juan Manuel Santos. particular the withdrawal crat these days,and her ex- added that he would “insist” tooth-busting,energy-intensive liabilityintothe The investor group wasn’t from the Trans-Pacific Part- tremism goes well beyond do- the Cubans “keep the commit- only name-dropping.Itwas nership and his attacks on mestic affairs. Her February mentsthey said they would miraculouslyadaptable assetweenjoytoday? also hawkingaground-floor Mexico and Canada. His ef- 2019 browbeating of Elliott makewhen we,infact, set the opportunity thanks to what it fortstoreducelegal immigra- Abrams—President Trump’s policyinplace.” called the Obama-Biden ad- tion earn him demeritstoo. special envoy forVenezuela— But on human rightsCuba With this as context, “Amber Waves” nimbly segues into ministration’s“pragmatic ap- HisState Department’s reat acongressional subcommit- didn’t giveaninch under the asocio-agroprimer,providing acrash course in genetics, proach” to Latin America. fusal to grant asylum to for- tee hearing was chilling. Obamathaw. Democracyad- plant breeding and agronomy. Theauthor,aprofessor in In Colombia that approach mer Colombian Agriculture Venezuela’s military dicta- vocatesrightly posit that U.S. thecollegeofagricultureatMontana State University, boiled down to adecision to Minister AndrésFelipe Arias, torship will challengethe next investmentsinventures also provides afascinating retrospectiveonsome of our overlook crimes against hu- who wasaU.S.ally,and its administration. Team Trump owned by the militarydicta- lesser-known food innovators. Thestory of Norman manity by FARC terroristsand embraceofpower-grabbing is expected to continue its torship strengthen the re- Borlaug,for instance—a Midwestern scientist who devel- support an amnesty that Mr. Salvadoran President Nayib strategyofsqueezing the Ma- gime.That maybea“prag- oped disease-resistant, high-yield strains of wheat and Santos sought forthe group. Bukele reveal aworldviewno duroregime via sanctions and matic approach” to Cuba in wonthe 1970Nobel PeacePrizefor his work—suggestsa Those crimes included the re- betterthan Mr.Obama’s. looking forways to win over the eyes of Hunter Biden,but compelling lesson in unintended consequences.While cruitment of child soldiers, YetaBiden presidency themilitaryhigh command. hardly one that canbegood Borlaug’simproved wheat varieties ushered in asweeping most of whom were never re- won’t provide much relief. Progresswill be difficult as forU.S.interestsorhuman ageofabundanceknown as the Green Revolution, they leased or accounted for. Democrats helped rescue the narco-trafficking revenues and rights. also gaverise to our modern eraofchemical fertilizers, In a2016 referendum Co- North American free-trade re- gold sales continue to flow Write to O’[email protected]. herbicides and confined-animal feedlot operations,each creating significant ecological impactsoftheir own. Today, with only about 1% of the U.S. population involved in agricultural production,“Amber Waves” A Halloween When Grown-Ups Wore Masks reminds us howtenuous our food security is—and how easily we take our next meal forgranted. Recent wide- By Tunku Varadarajan dle of the summer,the hon- Covid-19,with people deter- “Happy Halloween” to the spread droughtsand the emergenceofherbicide-resistant esty abated. Signs appeared mined to find waystodis- children whoskipped by, “superweeds” have been Mother Nature’sway of stress- Brooklyn, N.Y. on stoops and gates: “Beware tributecandy that were pan- some—apparent by that testing the newsystems,implying aperilous futureifthese alloween at the Vara- of Thieves.” We lost adeliv- demic-safe. PVCpipes had lovely blend of unsteadiness technologies were to fail. “Aswedeveloped pesticides and H darajan household eryoftoilet paper in August. been mounted on manystoop and ambition—trick-or-treat- fertilizerstoincrease yields,” Ms.Zabinski writes,“we left started in heinous And then, last week, the Hal- railings, serving as chutes by ing forthe firsttime.There the wisdom of rotations and promoting beneficial insects fashion. Last year we made a loween candy. which sweetscould be con- were morehandmade cos- to control pestsprimarily to asmall and specialized group last-gasp dash to the drug- So my wifemade atrekto veyedright intoatrick-or- tumes this year,evidenceof of farmers...focusing on sustainability.” storefor ahundredweight of the drugstoreafew hoursbe- treater’s bag held up at the time spent confined at home, It’sthis push toward sustainability—from organic and candy to hand out to the fore dark on Halloween and lowerend. At one house we and our firstprizewent to conventional producersalike—whereMs. Zabinski envisions hordes who passbyour returned with asackful of the siblingsdressed up as the brightest futurefor wheat. Spearheaded by innovators house in Carroll Gardens,a joy: Twix,Kit Kat, Starburst, jars of peanut butterand such as WesJackson of the Land InstituteinSalina, Kan., gentrified former Italian- Reese’s Pieces,Skittles, We skipped the dreary jelly,respectively,right down neweffortstomakewheat amoresustainable crop have American redoubt. This year Nerds,Butterfingers, Twiz- to the nutritional information had positiveresults. Forexample,whereconventional we ordered candy online,to zlers—an eruption of confec- local ‘pumpkin hunt’ etched on their backs. wheat typically lives forone year,aprototype variety now be delivered days in advance. tionaryintended to impart and handed out candy It dawned on us that Hal- survives foratleast two,cutting the frequencyofplanting But thieves gottoitbefore the mother of all sugar highs loween is atime when many in half while offering multiyear harvestsfromasingle crop. we did, whisking the Amazon to the youth of the parish. from atop our stoop. children firstget to exercise Therootsofthese longer-lived plantsprobe deeper into boxfromoutside our front We’d had concerns that free choice, often against the the earth, sequestering moreairborne carbon than their door,whereithad been left parentswouldn’t let their wishes of their parents. Is it conventional counterpartswhile enabling them to reach while we were out. children out, fueled by a sawthat the occupantshad to be aTwix or aTwizzler, morewater,providing ahedgefor futuredroughts. Thetheftwas proof of the drearyneighborhood initia- riggedupaslide,down Skittles or Starburst? “Take At times,“Amber Waves” waxesabit scholarly,delving end of the civic decencythat tive,the Halloween Pumpkin which they cantilevered a one,” mom says.Isay,“No! moredeeply intoDNA,genomic sequencing and trans- had reigned in the first Hunt,that would have kids, string-held toytruck with a Take two!” Youcould see posons,for instance, than the casual reader might months of the Covid era. In equipped with maps,look for pieceofcandy on itsflatbed. their little minds whir: appreciate. But the storyalways revertstoengaging form, March, April and May, it was drawingsofpumpkins on the Children walked up to the Should Ilisten to mom, or to and Ms.Zabinksi is areliably optimistic guide,pointing us common to find packages sit- windows of people who’d truckatthe slide’sbottom the man who’s subverting toward ahopeful food future. “Asaspecies,” she observes, ting unstolen outside front agreed to take part. (The kids and took the sweet on offer. her? Oh, the decisions to be “wehaveastunning capacity forcreativity andproblem doors, oftenfor days.Evenas would be rewarded with My wifeand Ichose to made—and the choices—at solving.Imagine if we focused all that capacity on the pandemic sickened the candy at the end.) Instead, marvel at, but not emulate, this most American festival, optimizing agricultural production in the most people of Brooklyn, it led we had the most bracing Hal- these ingenious devices,opt- invincible even by Covid. environmentally sustainable way.” It’satowering also to an outbreak of pro- loween in recent memory, ing instead forour usual opportunity forsuch atiny, humble seed—but one that bity:People were surviving with candy-seekersout in way:two bowls brimming Mr. Varadarajan is aJour- seems tantalizingly close to being within our grasp. off these packages,sotogreater numbersthan Icould with candy leftonthe lower- nal contributor and afellow steal them from stoops would remember from past years. most step of our stoop.We at New York University Law Mr. Pritchard is an organic farmer and bestselling author. have been an enhanced sort Therewas,itseemed, a sat on the topmost step,suit- School’s Classical Liberal In- His most recent book is “Start Your Farm: The Authoritative of sin. Then, around the mid- joyous rebellion against ably distanced, chirping stitute. Guide to Becoming aSustainable 21st-Century Farmer.” P2JW307000-0-A01600-1------XA

A16 | Monday, November 2, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Coming Assault on Red States Arizona Taxes, Growth, Schools and Future

don’t see redstatesand blue states,” and population this past decade,though they Your editorial “TaxRaid in Ari- our analysis of Prop.208 in Arizona, said JoeBiden in the final presidential also tend to impose lowertaxes and other bur- zona” (Oct. 20) makes apersuasive which taxesthe rich to fund K-12 ‘I debate, borrowing aline from Barack dens.Boeing announced afew weeks agoit case forwhy Arizona’sProposition education. We estimatethat about 208 would be adisaster formy one in 10 (360,000) people areem- Obama. He must nothaveex- would consolidateits 787 HowDemocratic policies state’seconomy. Thecited study by ployedatsmall businesses that will amined the policies that he Dreamliner assembly in right- economistsArt Laffer,Erwin Antoni be affected by itsmarginal tax-rate and DemocratsinCongressare would punishthe South to-work South Carolina after and SteveMooreexplains why: Ac- increase on net income that passes pushing that would do dispro- shifting some production cording to IRS data, since1992 Ari- through to owners. portional harm to Republican and Southwest. thereadecade or so agofrom zona has gained morethan 201,000 GCI has not takenaposition on states,especially in the South, Washingtonstate to avoid taxreturns and almost $12 billion the measure. As Prop.208 affects while favoring Democratic strikes by itsmachinist union. in adjusted grossincome (AGI) from about 30,000 households,Messrs. states.Let’sexamine four policies in particular: Stateshavebeen able to passright-to-work California; 65,000 filersand $5 bil- Laffer,Mooreand Antoni’sestimate • A$15 national minimum wage.Mr. Biden laws sinceCongresspassed the Taft-Hartley Act lion in AGIfromIllinois; and 37,000 of a700,000 person migration ef- supportsitand House Democratslast year voted in 1947.Democratswant to repeal that right to taxreturns and $2.3billion from fect over 10 yearsisbased on as- to raise the federal minimum in $1.10 annual in- help unions in non-right-to-work states. NewYork. sumptions that we consider dubi- If youhad to sum up the eco- ous at best. Themagnitude of their crementsto$15 per hour in 2027 from the exist- • Restoring the state and local tax deduction. nomic development plan forArizona job-lossfigures (237,000) is also ing $7.25 floor. Thepandemic is accelerating the flight of busi- over our 108-year history, youcan implausible.Their model incor- Mr.Biden says afederal $15 minimum won’t nesses and high-earnersfromblue states.By boil it down to one word:growth. rectly assumes only taxesaffect harm small businesses.But the labor market capping the SALT deduction at $10,000,the 2017 Prop.208 will destroy one of Ari- outcomes. isn’t national. It varies by stateand region based taxreform exposed the well-to-do to the full zona’sgreat advantages. If this al- TheGoldwater Institutestate- on the dominant industries,labor supply and pain of high taxesinblue states.Democratswant most doubling of Arizona’sincome- ment that only 13% will go to cost of living.The Labor Department says 21 to restorethe full state-and-local tax(SALT)de- taxratepasses,which as the teacher payisincorrect. Fiftyper- states plus PuertoRicohad a$7. 25 minimum duction, albeit with much higher federal tax editorial pointsout wallops small cent goes to classroom support— wage as of Sept. 1. Tenofthose areSouthern rates. businesses that constituteabout half which GCI expectswill go slightly to states with lowerper capitaincomes than the In 2017California, NewYork and NewJersey of the affected filers, our toptax class-sizereduction, but primarily Northeast or West Coast. accounted for40% of SALT deducted, according rate would be about double that of to teacher pay. Thirteen percent of neighboring Utah, NewMexicoand the money goes to addressthe Their small businesses would be hurt far more to IRS data, with only 20% of the country’spopu- Colorado and completely uncompeti- teacher supply problem—new than NewYork ($11.80 minimum wage)and Cali- lation. Texas,Florida, Arizona, South Carolina tivewith no-income-tax Nevada. teacher mentoring and scholarships fornia ($12), wherethe stateminimum is already and Montana accounted forabout 20% of the Neighboring states will start eat- forthose going intoteaching. headed to $15.Seven blue states and28cities U.S. population and amere10% of the SALT de- ing our lunch as businesses and GCIestimates that, afterabit have imposed aminimum of $15 or higher that ducted. Red states tend to have much lowerin- people continue to flee high-tax Cal- morethan adecade,benefitswill will kick in over the next seven years. come and property taxes. ifornia forfriendlier taxclimates. have grownto$630 million to $1.3 Anew study from the Employment Policies In- • Another bailout for state politicians.House GLENN HAMER billion in discounted present value stitute(EPI) estimates the House legislation Democratspassed the Heroes Act in Maythat President &CEO annually due to improvement in stu- would result in two million job losses acrossthe provides $915 billiontostate and local govern- Arizona Chamber of Commerce and dent outcomes that occur forstu- U.S. Fewerthan 10% of the losses would be in ments. SenateRepublicans oppose this blowout Industry dentswho spend their work careers Phoenix in Arizona. states with aDemocratic governor and legisla- afterthe $150 billion in direct aid plus $90 bil- DAVE WELLS ture. Layoffs would be especially heavy in Texas lion forschools,public transit and Medicaid that TheGrand CanyonInstitute(GCI) Grand Canyon Institute (370,664), Pennsylvania (143,402), Florida flowedtostate and local governmentsunder the appreciates that your editorial cites Phoenix (133,328), North Carolina (121,581), Ohio Cares Act in March. (108,312) and Georgia (106,427). They’d also be Democratswill certainly passanother bailout high in 16 other states wherethe minimum wage in 2021 if they win the election. This will amount isn’t set to rise abovethe current federal floor. in effect to ared-statesubsidy forpublic-union Sense, EV Mandates and the People’sWill Labor makes up asmaller shareofbusiness governanceinstateslikeCalifornia, Illinois and operating costsinblue states because rentsand NewYork.The Heroes Act would also help blue TheOct. 28 letters commenting tening?) If EVsare,indeed, an at- utility bills arehigher.Businesses in wealthier states by raising the federal Medicaid match by on your editorial “Target: Your Gas tractiveand economically viable areas also have moreflexibility to raise prices 14 percentagepoints, and overall bailout funds Car” (Oct. 22)all alternativetoau- contain perfectly tomobiles powered to offset higher labor costs. Most workersonthe aremostly allocated based on statepopulation valid, if conflict- by internal-com- job formorethan afew months earn morethan andunemployment. ing,points. Seeing bustion engines, the minimum wage,and ahigher minimum dis- Democratic states that stayed locked down howthis is true, we’ll all be driving courages businesses from hiring less-experi- longer andhavehigher unemployment have here’saradical them in 2035—and encedworkers—or those with criminal back- drawnmorefederal aid. According to our calcu- idea: Let’shave I’ll bet someone in grounds. lations based on Bureau of Economic Analysis We the People the marketplace TheEPI study estimates that about 60% of data, annualized per capitagovernment transfer figure this out will come up with G joblosses from a$15 federal minimum wage receiptsinthe second quarter afterthe Cares through our recharging sta- would occur among workersbetween the ages Act passed were significantly higher in NewJer- choices over time tions and battery- OOMBER

of 16 to 24.Nomatter. Liberals want to equalize sey ($14,033), Illinois ($9,223), NewYork rather than have BL recycling methods hiring burdens nationwide so Democratic states ($9,030), California ($8,673), Washington some politician or to facilitatethe government bureaucrat dictatewhat migration. aren’t lesseconomically competitive. ($8,511) and Oregon ($8,258) than Texas we’reallowedtopurchase.(Califor- JOHN R. NEWCOMB • Banning right to work nationwide.That’s ($6,450), Indiana ($6,085), Tennessee ($5,430), nia Gov.Gavin Newsom, areyou lis- Franklin, Tenn. also the logic behind the plan to abolish right-to- Florida ($5,399), Georgia ($5,353) and Arizona work laws in the 27 states that prohibit employ- ($5,326). ersfromrequiring workerstojoin unions.Most Mr.Biden is right when he says the govern- Nationhood: A Better Future for Puerto Rico right-to-work states areinthe South and West, ment shouldn’t pit states against one another. though West Virginia, Wisconsin and Michigan But he ignores that the national policies Demo- Regarding Jenniffer Gonzalez’s let- ner. Currently, free association is the joined the club morerecently. cratsare pushing have the effect of systemically ter “Of Course Puerto Rico Deserves option with the largest growth of Right-to-work states have added morejobs discriminating against redstates. to Be a State” (Oct. 28): Unlike poli- support in Puerto Rico. Together, tics in the U.S., Puerto Rican politics both sovereignty options garnered al- are not based on the usual left/right most 39% of the vote in the 2012 spectrum, but on the centuries-old plebiscite. Handcuffing the Police status issue. Pro-sovereignty groups This referendum will show Ameri- were persecuted and exiled by the co- cans that statehood is not supported merican cities arebracing forthe possi- post-election precaution. All of this reflects a lonial government as well, ingraining by an absolute majority of Puerto Ri- bility of riots after Tuesday’s election. lack of confidence that police will be able to a colonial mentality in many Puerto cans. After 500 years of colonialism, A But policeinPhiladelphia nowhave protect public safety and private property. Ricans. Today, Puerto Rican politics is Puerto Ricans deserve freedom and fewertools to restoreorder Despitethese concerns,po- still based on the status issue and nationhood, not statehood. afterthe City Council voted Cities like Philadelphia licealso facenew restrictions rooted in these colonial fears. JAVIER A. HERNÁNDEZ last week to ban the use of deprive the cops of on their use of crowd-control In 2020, not only did the Demo- Trenton, N.J. tear gasduring demonstra- weapons in Seattle, Berkeley, crats erase statehood from their plat- JULIO ORTIZ LUQUIS tions. crowd-control tools. Portland, Ore., and other hot form and Republican leaders say no Brooklyn, N.Y. to statehood, but the U.S. Justice De- Philadelphia’sprohibition spots. Progressives claim such partment invalidated the Nov. 3 passed amid aweek of rioting tear-gas bans will help de-es- “statehood yes or no” referendum and Social Distancing Is Hard afterpoliceshot and killed a27-year-old black calateviolent confrontations between demon- stated that even if statehood were to For Many Haredi to Achieve man. As of Friday58policeofficershad sustained stratorsand the police. Yetwhen policeare un- win, it would not lead to statehood. injuries,including one whose leg wasbrokenaf- able to use less-than-lethal tools to disperse Statehood is not economically viable, Yes, it is true that many fervently tershe wasdeliberately runoverbyatruck.The riots, they’remorelikely to rely on deadly alter- as detailed in the 2014 U.S. Govern- Orthodox Jews (Haredi) hold God’s city also reported 443 incidentsoflooting.Riot- natives like guns. ment Accountability Office report, but law above that of the state (“Ultra- ersused explosives in an attempt to break into When the policestruggle to preserveorder, Puerto Ricans and Americans have an Orthodox Defy Israel’s Virus Rules,” 22 automated-teller machines,and they damaged opportunities arise for dangerous confronta- opportunity to forge the path to sov- World News, Oct. 23). It is also true 18 policeand fire vehicles. tionsbetween riotersand civilians trying to ereignty and free association. that many secular Israelis resent Such scenes of urban anarchy have become protect themselves,their families or their busi- Free association would offer Puerto Haredi Jews for shirking obligatory Rico a dignified relationship with the military service. Haredi failure to depressingly routine,and Americans areon nesses. And if local law enforcement can’t do U.S., where Puerto Rico would be a comply with the public-health guide- edge. This year has seen arecord-breaking the job,italso becomes morelikely that the fed- U.S. ally and economic strategic part- lines isn’t completely a sign of rebel- number of people seeking to buy guns,and big- eral government will have to invoke the Insur- lion against authority. Many Haredi city retailers are now installing plywood as a rection Act and call in military troops. Jews live in very crowded circum- I Have Always Had Respect stances. Can there be social distanc- For Joe Biden’s Character ing when 10 people live in a two- Twitter’s ‘Living’ Censorship room apartment? Haredi Jews Regarding your editorial “TheBi- eschew computers and the internet. If hen social-media companies sanction ter’sincoherent position in testimonyWednes- den Contradiction” (Oct. 30): Sinceen- schools are closed, the students don’t political speech they don’t like, they daybeforethe SenateCommerce Committee. tering public service54yearsago, I have the option of taking online have avoided getting involved in parti- classes. And, even if the family has a W always point to one policyoranother Twodays later the companyannounced another sanpolitics.While it is certainly fair computer, each child (who is very un- that wassupposedly violated. legalistic change. “Decisions to quotemycriticisms of JoeBiden’s likely to be an only child) wouldn’t be Thetruth is they areoften The social-media firm made underpolicies that are record on national security,fairness able to get a full day of lessons. making up the rules as they go. unfreezes the New Yo rk subsequently changed &pub- requires me to notefor the record TOBY F. BLOCK Twitteradmittedasmuch lished cannow be appealed if that those commentswrittenin2014 Atlanta Fridaywhen it finally agreed Post on Hunter Biden. the account at issue is adriver also noted that Mr.Biden wasaman to unlock the NewYork Post’s of that change.” Got it? of genuine integrity and character.It account afterfreezing it on Thebottomline is that is also worth noting that Iwrote in Pepper ... Oct. 14 as punishment forreporting on Hunter Twitter’scensorsbuckled under public scrutiny these very pages that Donald Trump And Salt Biden’sbusinessdealingsthat were exposed on and the Post cantweet again. That’sgood news “isstubbornly uninformed about the his abandoned laptop computer. forindependent journalism, even if most of the world and howtolead our country THE WALL STREET JOURNAL and government, and temperamentally “Our policies areliving documents,” the com- presswon’t recognizeit. Congratulations to the unsuited to lead our men and women panysaid in explaining itsdecision to stop Post, our sister publication under News Corp in uniform. He is unqualified and unfit blocking the newspaper.Initially,Twittersaid ownership,whose editorswereslandered by the to be commander-in-chief” (“Sizing the Post’sBiden storyviolated apolicyagainst lords of the progressivepress corps forreport- Up the Next Commander-in-Chief,” op- “content obtained without authorization.” That ing news that othersignored. ThePost refused ed, Sept. 17,2016). wasabsurd, as leaks of one kind or another are to bend to Twitter’sarbitrarydemands to delete ROBERT M. GATES ubiquitous in modern political reporting. itsoffending tweetsand prevailed. Mount Vernon, Wash. Oncethat rationale collapsed, Twittersaid it But the whole embarrassing episode under- Mr. Gates was director of the CIA “decided to makechanges to the policy,” and mines the notion that Twitterisenforcing con- 1991-93 and secretary of defense stopped preventing usersfromsharing the Post sistent policies as opposed to trying to control 2006-2011. story. But it maintained that the storystill vio- American political debateonthe fly. Big Tech Lettersintended forpublication lated the policyineffect at the time the Post companies should either step back from political should be emailed to [email protected]. tweeted it, so the newspaper’s account would re- activism, or else be open about what they are Please include your city, stateand main locked until the offending tweetswerede- doing.Twitter’s“living” censorship policy telephone number.All letters aresub- leted. seems to reflect whatever progressives canget ject to editing,and unpublished letters cannot be acknowledged. CEO Jack Dorsey struggled to explain Twit- away with at agiven time. “Yeah, that surprised me too.” P2JW307000-0-A01700-1------XA

THE WALL STREET JOURNAL. Monday, November 2, 2020 | A17 OPINION BidenomicsFailed the FirstTime Voters and The Other By Phil Gramm Mr.Furman claims Mr.Trump’s And Mike Solon 2017tax cut had, by 2019,“limited revenues to 16% of grossdomestic Supreme ocandidatefor president product. That’sthe lowest sharein with alegacyof36years half acentury, with the exception of in theSenateand eight in recessions and the following years.” Courts N the West Wing should YetMr. Furman failed to notethat need an economic projec- the “following years” he was refer- tion to tell voters what his policies ring to were the eight yearsofhis By Allysia Finley will do.Likeitornot, JoeBiden has a ownObama-Biden administration,

record.Toobscurethat record,Mr. GES when revenues averaged only 16.1% he Supreme Court is on Tues- Biden and his team have turned to re- IMA of GDP—lessthan the 16.3%the CBO T day’sballot, literally in some writtenhistoryand, even worse, ab- reported for2019.AsashareofGDP, states.Most statehigh-court stract projections to trytoconvince ETTY the 2019 revenues that followedMr. judges don’t have lifetime tenureand /G

voters that the same policies that TT Trump’s tax cut exceeded the aver- have to facevotersperiodically for

gaveusthe weakest recovery since PLA age Obama tax-hike-enhanced reve- reconfirmation or re-election. On the Great Depression will work mira- nue levels of 2009-16.How is that this week’sballot are66high-court

cles now, if we simply double down on SPENCER possible? Obama-Biden lost more seatsin31states, including three in taxing,spending and regulating. Joe Biden tours a metal-works plant in Dumore, Pa., July 9. from slowergrowththan they gained North Carolina and two each in Geor- Mr.Biden plans to raise taxesby from higher taxes. By embracing tax gia, Michigan and Ohio.Democrats three times as much as President 2010 forecast, costing Americans an strength, so Team Biden continues to ratesovergrowthrates,the Obama- hope to unseat conservatives and Obama did, increase spending by 2.7 averageof$5,238 that year.As tell Americans that their memories Biden administration generated less gain control of Ohio’s high court for times as much, and regulatethe econ- growth faltered, federal revenues fell areatfault, not Mr.Biden’spolicies. income forAmerican workersand the firsttime since1993 and Michi- omyatlevelsnever before seen in and debt soared. Theeconomist Jason Furman,an the government. gan’ssince2010. America. He and his campaign refer TheObama-Biden administration architect of the Obama-Biden econ- Howcould anyone believethat af- Most supreme court elections are constantly to projections by Penn blamed “secular stagnation,” but omyand proponent of Mr.Biden’s teraprogressiveprogram of tax, nominally nonpartisan (North Carolina Wharton, Moody’s Analytics,the Uni- when President Trump changed poli- agenda, claimed in these pages that spend and regulatorycontrol failed and Pennsylvania arenotable excep- versity of Oxfordand Goldman Sachs, cies the clouds of stagnation lifted. Mr.Biden’stax hikes would be during the Obama-Biden administra- tions). But they’restill political. Ac- which claim that the Biden economic Census datasays 2019 median house- “broadly consistent with the taxsys- tion, Biden-Harris could succeed with cording to the Brennan Center forJus- program would produceprosperity. hold income hit an all-time high, and tems under the successfuleconomies asocialist program of taxes, spending ticeatNYU Law, $40 million wasspent But whywould Mr.Biden use models grew morethan six times as much as of PresidentsClinton and Obama.” and controls at levels Mr.Obama on statesupreme-court racesinthe and projections of his souped up re- averageannual growth during seven Successful? GDP growth averaged never dared? Those who vote forBi- 2017-18 election cycle.These racesare runofthe Obama-Biden program yearsofthe Obama-erarecovery. The 3.9% under Mr.Clinton but only 1.6% den-Harris because they want more when he has the hardfactsofwhat poverty rate fell moreinthe firsttwo under Mr.Obama. Real median house- government—even at the cost of less yearsunder Mr.Trump than in all hold income rose $7,658 under Mr. income and freedom forAmerican Justices are on the ballots seven “recoveryyears” combined un- Clintonbut lessthan half that under families—will getwhat they arevot- in 31 states. Most races are Claims that he’ll spur der Obama-Biden. Median earnings Mr.Obama. Thepoverty rate fell 24% ingfor.Those who believethey can formen rose 11% morefrom2017 under Mr.Clinton but lessthan 4% have moregovernment and moreop- ‘nonpartisan’ but political. growth ignore that his through 2019 under Mr.Trump’spoli- underMr. Obama. portunity and freedom at the same policies are more of the cies than during the previous seven It isn’t by chancethat the recover- time will be disappointed. Those who years. Incredibly,earningsfor women ies under PresidentsClinton and vote forBiden-Harris because they especially important this year because same as Obama’s. rose 42% morein2019 alone than in Obama playedout so differently.After hateDonald Trump mayend up won- statesupreme courtswill decide chal- seven yearsduring the entireObama- Mr.Clinton raised taxesand tried to dering if it wasworth it. lenges to legislativedistrictsdrawn af- Biden recovery. nationalizehealth care,votersre- If Biden-Harris-Sanders-Warren- terthe 2020 census.InRucho v. Com- that programactually achieved? Though the Obama-Biden adminis- jected his policies in 1994byelecting Pelosi-AOC control the WhiteHouse mon Cause (2019), the U.S. Supreme In early 2010 afterthe recession tration defended itseconomic agenda, aRepublican Congress, and Mr.Clin- and Congress, and kill the fossil-fuel Court rejected achallengetoNorth had ended, the Obama-Biden adminis- the American people didn’t buy it. Ag- tonchanged policies: cutting spend- industry with the Green NewDeal, Carolina’sRepublican-drawncongres- tration projected a3.7%average in- gregating the resultsof554 polls con- ing, balancing the budget, reforming override stateright-to-work laws, sional map and held that partisan ger- crease in grossdomestic product over ducted during the recovery,Real- welfare, reducing taxesand restrain- pack the Supreme Court, pack the rymandering wasapolitical issue be- the next seven years. TheCongressio- ClearPolitics found that respondents ing regulations.Mr. Obama wasalso Senate by admitting the District of yond the reach of federal courts. nal Budget Officeprojected 3.3% disapproved of the Obama-Biden eco- checked by voters in 2010,bythe Columbia andPuertoRicoasstates, Several months later,partisan growth forthe same period, while the nomic performancebyamargin of election of aRepublican House,after expand the spending blowout and lower-court judges in North Carolina Federal Reservepredicted growth be- 11.4percentagepoints. In contrast, re- he raised taxes, nationalized individ- raise marginal taxrates to over 50%, struck down the same map,holding it tween 3.5% and 4% through 2014. In- spondentsbeforethe pandemic ap- ual health insuranceand smothered will this still be the same countryyou violated the stateconstitution’sman- stead, growth forthe remainder of proved of Mr.Trump’sperformance the economyinregulation. Yethis ad- were born in or came to seeking ref- datethat “all elections shall be free.” the Obama-Biden administration on the economybya17-point margin. ministration changed nothing and ugeand opportunity? Republicans redrew the map rather tanked to an 80-year lowof2.2% as Even now, despitethe Covid-induced doubleddownontaxes,regulations than appeal to the stateSupreme itspolicies kicked in. Repeatedly dur- economic shutdown, Mr.Trump’srat- anddebt. Does Mr.Biden’sagenda Mr. Gramm is aformer chairman Court whereDemocratsheld a6-1 ing the 2010-16 recovery,the CBO was ing on the economyisstill positive. soundmorelikethe second Clinton of the Senate Banking Committee. majority.Amap redrawnbythe forced to slash itsprojections.GDP in TheeconomyisMr. Biden’sgreatest term or the Obama-Biden program on Mr. Solon is apartner of U.S. Policy Pennsylvania Supreme Court cost Re- 2016 alonewas $1.7trillion belowthe weaknessand Mr.Trump’sgreatest steroids? Metrics. publicans three seatsin2018.Demo- cratsare favoredtopick up two U.S. House seatsinNorth Carolina under itsredrawnmap. How Congress Can Get Kids Back to Class This September the Pennsylvania court’sDemocratic majority also or- By Scott Gottlieb secondary infections—and no cases downs.The growing availability of areclosed but schools areopen. In dered county officials to count And Mark McClellan of child-to-adult transmission. inexpensiveantigen tests, similar to manypartsofthe U.S.,schools are mailed-in ballotsthat arriveupto These districtsused “hybrid” rapid flutests, makes routine test- closed whilebarsand restaurants three days afterthe election. Ignor- he U.K.,Franceand other Eu- models,inwhich children were in ing feasible.These testscan be run arelargely open forbusiness. The ing an expressstatutorydeadline,the T ropean countries areclosing classonly two days aweek to reduce by aschool nurse or other trained priority in the weeks and months justices held that potential mail de- businesses in another wave of classroomdensity and allowdistanc- worker and provide resultsinmin- ahead should be helping more lays disfranchise voters and violate lock downs,asCovid-19 cases and ing.Masks were required at all times utes.Schools will need to consider schools reopen—and stay open—so the stateconstitution’sguarantee of hospitalizations rise.But unlikein except meals and waterbreaks.Even plans forfollow-up testing on possi- American children canstoplosing free and equal elections. the spring,schools areopen. Infec- in counties wherethe prevalenceof ble false positives. outontheir education. In areas beyond electoral politics, tions arealso surging acrossthe infection washigh, this experience Regular testing has been used by too, statesupreme courtsoften issue U.S.,whereinmanyplaces in-person suggestsschoolhouse outbreaks can sportsleagues,universities and pri- Dr. Gottlieb is aresident fellow at sweeping policypronouncements. classrooms areclosed and distance be contained. vate schools to help prevent out- the American Enterprise Institute Teachersunions have cited statecon- learning has become the norm. But Policymakersshould take three breaks.The federal government has andwas commissioner of the Food stitutional guarantees of free and equal there’sgrowing evidenceschools stepstosupport opening schools begun purchasing and distributing andDrug Administration, 2017-19. public education in lawsuitstocompel canopen safely,with reasonable more widely.First, the Centersfor some teststostatesfor school use, Dr.McClellan is the director of the legislatures to giveschools more precautions and, perhaps soon, reg- Disease Control and Prevention and andthe Rockefeller Foundation is Duke-Margolis Center for Health Pol- money.Supreme courtsinKansas,Ohio ular testing. the Education Department should supporting pilot studies to deter- icy at Duke University and was FDA and NewJersey ruled in their favor. expand research likethe North Caro- mine the most effectivetesting commissioner, 2002-04. Dr. Gottlieb Three-quartersofstate constitu- lina project. Questions and concerns strategies.Executing these steps serves on the boards of Pfizer and tions also include anti-Catholic Blaine Schools don’t appear to be remain about howeasily children nowwill makeschools morewilling Illumina and Dr. McClellan on the Amendments, which forbid govern- cantransmit the virus,and whether to reopen later this fall and winter boards of Johnson and Johnson and ment funding of religious institu- a major source of spread, outbreaks in schools spread intothe as the current surge subsides. Cigna; each company is involved in tions. TheMontana Supreme Court and the government can broader community.Because many In France, barsand restaurants aspects of the Covid response. struck down aprivateschool tax- children areasymptomatic,out- credit program in 2018 merely be- pass out N95s to teachers. breaks cangoundetected. cause some religious schools bene- Second, Congressshould treat fited. TheU.S.Supreme Court this teacherslikefirst respondersand Trump Has Torn the Mask summer overruled the Montana deci- TheABC ScienceCollaboratives, fund their protectiveequipment. sion but declined to rule broadly supported by DukeUniversity re- Older teachersand those with medi- against Blaine Amendments. searchers, areworking with school calrisk factorsshould be allowedto Off the Liberal Media Unions oftenask sympathetic state boards,superintendents, principals, work remotely.The government supreme courtstoenact labor- teachers, health departmentsand should provide teachersN95 masks By Frank Pavone If people knewfor afact that the friendly policies.The Illinois Supreme the stateofNorth Carolina to share and offer training on howtofit media were taking sides,the jig Court in 2015 overturned amajor bi- dataand best practices among more them. hy does the media hateDon- would be up.The media would lose partisan pension reform. Twoyears than 50 districts. Thefindingssofar Third, Congressshould provide W aldTrump so much? There much of itsability to influencethe agoCalifornia’sliberal high court es- suggest that spread is limited when more funding fortesting in schools areall kinds of theories,but outcome.This is what lies behind the tablished anew legal standardthat cases occur in North Carolina dis- as afurther layerofprotection. only one really makes sense: We area media’sfear and loathing of the presi- reclassified manyindependent con- trictsthat areopen forsome in-per- Schools in poor communities or areas countryatodds over the most funda- dent. It wantsdesperately to advance tractorsasemployees. son instruction. with high spread aremost likely to mental principles of ideology, econom- an agenda, but knows that to do so Liberal cities likeChicago, Balti- Six districtsthat completed their benefit. Manyofthese districtslack ics,religion, race,culture, morality— effectively it needs to be perceived as more and SanFranciscoare also firstnine weeks of instruction have resourcestoretrofit ventilation sys- even ourown history. Themedia is on impartial. In other words, the media turning to statecourtstosue fossil- seen atotal of fewerthan 20 sec- tems,and some school buildingsmay one side of that metaphorical war, and caresnothing about reality—only the fuel companies over climatechange. ondaryinfections,whereinfected not allowfor much distancing. President Trump calls it out. perception of reality. TheU.S.Supreme Court unanimously children or adultspassonthe virus Prompt testing forthose with In this disputethe two sides have Though the president has repeat- held in American Electric Power v. to someone else at school. One large symptoms and regular testing for always been known to the partici- edly condemned whitesupremacy, re- Connecticut (2011) that the Clean Air district of nearly 35,000 students those without candetect cases ear- pants, but the media doesn’t identify porterskeep asking if he is willing to Act supersedes “any federal common- andstaff had fewerthan 100 cases lier,helping schools take isolation them publicly.Amajor part of the do so.Though the Supreme Court lawright to seek abatement of car- over anine-week period, only eight measures and avoid broad shut- mainstream media’sstrategyhas confirmed his travel ban wasn’t based bon-dioxide emissions from fossil- been to preservethe perception of its on religion, manystill refertoitasa fuel fired power plants.” State neutrality and keep itsrole as hidden “Muslim ban.” And who could forget common-lawclaims mayproliferateif as possible.Ithas been criticized in the evidence-free claims,repeated for Democratstakecontrol of moresu- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY the past forits liberal bias—by con- morethan two years, that the presi- preme courts. Rupert Murdoch Robert Thomson servatives.But never by asitting dent wascolluding with Vladimir Pu- Conservatives have also sought re- Executive Chairman, News Corp Chief Executive Officer, News Corp presidentwith such effectiveness. tin, or washimself aRussian agent? lief in statecourts, but lessoften. In Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher (RichardNixon mostly delegated the Forfour years, Mr.Trump has shined May, a4-3 conservativemajority on Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: job to Vice President SpiroAgnew.) apiercing light on the media’s the Wisconsin Supreme Court over- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; By treating the media forwhat it bias.Hehas blown the lid completely turned Democratic Gov.TonyEvers’s Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; is—a belligerent in the culturewar— off itscover.And despiterelentless coronavirus stay-at-home order.The News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; Mr.Trump has done it irreparable attemptstodiscredit and destroy him Michigan Supreme Court last month Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer damage. in response,hehas survived and even struck down Democratic Gov. Andrew Dowell, Asia; AnthonyGalloway, Video & Themedia is supposed to be a gained momentum. Gretchen Whitmer’s state-of-emer- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; neutralparticipant. So,toalesser In areal sense,the president has gencydeclaration, ruling she had ap- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; extent, areHollywood and academia. defeated themedia. No matterwhat propriated legislativepowers. Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; Hollywood’sjob is to entertain us. the outcome of this election, the me- No wonder liberal groups have Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News Theuniversities’ job is to educate dia will never again be able to con- spent morethan $4 million—three Thomas SanFilippo, Customer Service; us.The media’sjob is to report the vincethe public that it is objective. timesasmuch as conservatives—on GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; news to us.Ifthereisindeed some Everyone—not only conservatives— Michigan Supreme Court racesthis Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; kind of philosophical, theological nowknows whereitstands. year.With aconservativemajority on Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International and economic battle being wagedfor That is thereal reason the media the U.S. Supreme Court, liberals will WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: the soul of the country, Americans hates Trumpwith ablazing,white- be allthe moreanxious to win con- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head would certainly want to knowif hotintensity. trol of statesupreme courts.

EDITORIAL AND CORPORATEHEADQUARTERS: those responsible forfiltering infor- 1211 Avenue of the Americas, New York, N.Y., 10036 mation to us aredoing so in an ob- Father Pavone is national director Ms. Finley is amember of the Telephone 1-800-DOWJONES jectivefashion. of Priests for Life. Journal’s editorial board. P2JW307000-5-A01800-1------XA

A18 | Monday, November 2, 2020 ***** THE WALL STREET JOURNAL. WORLD NEWS Hong Kong Council Members Arrested

Seven pro-democracy is directly elected with the other half chosen by industry figures to face bodies.They have limited pow- prosecution over May ersinHong Kong,but with sufficient numberscan delay legislature fracas or veto legislation. Debates are oftenfeisty and therehaveat BY NATASHA KHAN times been skirmishes between opposing lawmakers. HONG KONG—Policear- Policeinabriefing said they rested seven opposition fig- chargedseven people,aged33 ures Sunday, including four to 63,onsuspicion of disrupt- sitting pro-democracylawmak- ing order during the Legisla- ers, and chargedthem with of- tive Council meeting May8. fenses related to ascuffle that On that day, a shouting brokeout in Hong Kong’sleg- match escalated into a physi- islatureearlier this year. caltussle during akey com- Officersmade aseries of mitteemeeting afterapro-es- earlymorning arrestsatthe tablishment legislator took the homes of three politicians chairperson’sseat. Therole from theDemocratic Party, hadbeen acontentious issue one from the Labour Party, afterapro-democracylaw- andtwo former legislators maker filibustered filling the from the pan-democratic seat formonths,causing a camp; another Labour law- backlog of bills for review. maker wasdetained at the po- When the pro-establish- licestation. Policesaid the ment leader,StarryLee,as- seven were chargedwith con- sumed the seat, some pro-de- tempt and interferencewith mocracyfigures surrounded LegislativeCouncil officers S her and tried to take the seat

under alaw governing con- PRES back,with some later forcibly

duct in the chamber,anof- TED removed from the legislative

fense that carries up to 12 CIA chamber by security officers. SO

months in prison. AS Twoofthe seven arrested They said the group would Lawmaker Andrew Wan on Sunday held a photo of scuffles that led to the arrests of the seven, including four sitting lawmakers. were lawmakersatthe time of be granted bail until a Thurs- the fracas but chose not to day court appearance. of justicedidn’t immediately position figuresinthe city. year afterBeijing imple- September, citing public- stay on when the government Thebloc of pan-democratic comment outside regular Manyalready facechargesfor mented awide-ranging na- health risks from the coronavi- extended the legislature’sterm lawmakerscondemned the ac- working hours. their roles in amassuprising tional-security law in the ter- rus. Opposition groups called forayear until the postponed tions in astatement, saying Thedecision to prosecute againstthe government that ritoryinlateJune. thedelayapolitical moveto elections take place. Another the arrestssuppressthe thelawmakersoverbehavior erupted in June last year. Officials also postponed for ensurethe body retained its of theaccused, the chairman rightsoflegislatorstodis- in the chamber adds to Pressureonthe pro-democ- ayear elections forthe Legis- pro-Beijing majority. of the Labour Party,isanaide sent. Hong Kong’sdepartment mounting legal battles forop- racy camp has intensified this lativeCouncil scheduled for Half of the city’s legislature to a lawmaker. SEALs Rescue American Held in Nigeria

BY NANCY A. YOUSSEF

U.Smilitarycommandos rescued an American held in Nigeria who had been kid- napped in neighboring Niger days earlier,the Pentagon said. Defense officials identified the American as Philipe Nathan GES Walton, 27 yearsold, who had IMA been takenOct. 26 from his

GETTY farm in Massalata, Niger,byat-

SE/ tackerswho demanded aran- som. Massalataisnear Niger’s border with Nigeria. Mr.Wal-

ANCE-PRES tonwas living therewith his FR wife and young daughter,officials said. GENCE

/A During the predawn opera-

MID tion, led by membersofthe HA U.S. Navy’s SEAL Team Six,U.S. forces killed six of Mr.Walton’s AHIM

EBR seven captors, defense officials Demonstrators took to the streets of Khartoum, above, on Oct. 21 to protest against a worsening economic crisis. Nearly a quarter of Sudan’s people don’t have enough to eat, said. “This American citizen is safeand is nowinthe care of Israel Deal Shakes Sudan’s Fragile Transition the U.S. Department of State,” Pentagon spokesman Jonathan Hoffman said. “No U.Smilitary BY NICHOLAS BARIYO FewSudanese support normalizing ties with Israel, albeit more of al-Burhan and the military,” headed the anti-Bashir pro- personnel were injured during than citizens of other Arab countries. Mr.Reeves said. teststhat helped topple Mr. the operation.” KAMPALA,Uganda—AU.S.- Would yousupportoropposediplomatic recognition of Israel by Some younger,urban Suda- Bashir last year and would be In atweet, President Trump brokered peacedeal with Is- your country? nese,such as Mohamed Ali, a one of the biggest blocs in the called the operation a“big win rael has deepened rifts in Su- 30-year-old banker in Khar- council, hasn’t commented on forour very eliteU.S.Special dan’sfragile transitional 02% 55075100 toum, saythey feel lessat- the deal with Israel. But the Forces.” government, divisions that are Sudan tached to the anti-Israeli, pro- group last week restarted Defense officials said they set to delaythe implementa- Palestinian cause of their demonstrations against the didn’t believeMr. Walton’skid- tion of central elementsofthe fathers. “This pact shall pave transitional government, in- nappersweretied to terrorism. agreement and could destabi- Saudi Arabia the way foreconomic growth, cluding itsdecision to remove lizeanation stillrecovering with Sudan getting out of the subsidies forfuel and wheat. from decades of internal con- isolation andattracting new As part of the peacedeal, flict. Lebanon Support investments,” he said. the U.S.,Israel and the United Tanzanian President Trump in October Oppose On Monday, Gen. Burhan Arab Emirates pledged to send said Sudan, acountrythat Declinedtoanswer appeared on statetelevision to $50 million of wheat to Sudan Morocco President Is oncehosted Osama bin Laden, defend the agreement, which as humanitarian aid. Israel also had become the latest nation he said would help heal Su- promised to shareagricultural to normalizeits relationship Qatar dan’seconomy. Thecountry technologytoboost harvests Re-Elected with Israel in amajor realign- is saddled with some $60 bil- in Sudan’sdesert climate. ment of powers in the Middle lion in debt, about twiceits Nearly aquarter of Sudan’s BY NICHOLAS BARIYO East and northern Africa. Algeria annual economic output. “We 82 million people don’t have In return, the U.S. will re- benefitmorethan anyother enough to eat, but traders KAMPALA.Uganda—Tanza- move Sudan from a list of Note:Poll based on interviews with 28,288 individuals, margin of error +/- 2-3pct. pts. party,” he said. have struggled to sell their nian President John Magufuli states it considerssponsorsof Source:2019-2020 Arab Opinion Index, Arab Center forResearch and Policy Studies Gen. Burhan also said the waresassky-high inflation, wonasecond term in aland- terrorism. That designation government would submit the which topped 200% in Septem- slide,election officials said, fol- had blocked the country’scol- coalition backing the transi- this government.” agreement forapproval by a ber,putsthem out of reach for lowing achaotic vote slammed lapsing economyfromreceiv- tional government, which is Many Sudanese,who have yet-to-be established legisla- regular Sudanese. as fraudulent by human-rights ing much-needed aid, including made up of the military, civil- grownupinacountryin tivecouncil. Keypartsofthe ManySudanese saythey groups and the opposition. debt relief and tens of millions society groups and political which hostility to Israel and agreement, such as the re- feel an important foreign-pol- Mr.Magufuli won84% of the of dollarsinhumanitarian as- parties. Theparties saythey support forPalestinian state- opening of embassies,will be icydecision has been dictated votescast, or 12.5million, the sistance. Sudan and Israel have were excluded from the negoti- hood has featuredprominently delayeduntil then, the foreign by outsiders. National Electoral Commission agreed to reopen respective ationswith Israeli and U.S. of- in statepropaganda, areop- ministrysaid. “This nowlooks likeelec- reported Friday. Thetop vote- embassies in TelAviv and ficials,which were led by Gen. posed to normalizing ties,said According to last year’s tion propaganda forthe Amer- getter among his 14 opponents Khartoum. Abdel-Fattahal-Burhan,the Eric Reeves, afellowwith the transition deal between the icans,” said Ibrahim Hassan, a wasTundu Lissu, at 13%. Forthe Trump administra- head of Sudan’smilitarycoun- Nairobi-based RiftValley Insti- military and civilian groups, grain trader in El-Obeid, a Mr.Magufuli’sparty,in tion, the deal wasamajor for- cil and the de factohead of tutewho has studied Sudan’s thecouncil is supposed to act market town in Sudan’sagri- powersinceTanzania’sindepen- eign-policywin ahead of next state. politics sincethe 1990s.Are- as an interim parliament until cultural heartland, standing dencefromBritain in 1961, in- week’spresidential election. “Normalization opens risks cent poll, conducted by the elections due in 2022. But its next to a10-foot-high pile creased itsseatsinParliament ButinSudan’scapital, the to our fragile transitional situ- Arab Center forResearch and creationdepends on the gov- of unsold bagsofbeans. to 253 from 160,out of 264 total. government dispatched sol- ation,” said Sadiq al-Mahdi,a PolicyStudies,aDoha-based ernment firstmaking peace Mr.Hassan said manyordi- Thepresident has claimed dierstoquell anti-Israel street former prime minister who thinktank close to the Qatari with two rebel groups that narySudanese never benefited the coronavirus could be cured protests that erupted afterthe heads the National Umma government, found that just have so far refused to be part from hundreds of millions of by divine intervention,and the deal wasannounced by the Party,one of Sudan’slargest 13% of Sudanese supported es- of theaccordwith Israel, in- dollarsinassistancepreviously countrystopped publishing the WhiteHouse. politicalparties and apartici- tablishing diplomatic relations sistingthat it doesn’t address provided by the U.A.E. “I don’t resultsoftestsinMay, declar- Threepolitical parties that pant in the coalition support- with Israel. the rightsofvictims of the think it will help our country,” ing the pandemic over. supported the ouster of long- ing the transitional govern- “Not only has normalization civil wars during Mr.Bashir’s he said. Mr.Magufuli, who has pre- time strongman Omar al- ment.“This decision violates created gratuitous political regime. —Naba Mohiedeen sided over aperiod of strong Bashirlast year have threat- Sudan’sconstitution and can tensions in the country, but it TheSudanese Professionals in El-Obeid, Sudan, economic growth, gets asecond ened to withdraw from the easily result in the collapse of has also strengthened the hand Association, which spear- contributed to this article. five-year term. P2JW307000-0-B00100-1------XA BUSITECHNOLNEOGY: DISH NETSSWORK OFFER&FS TO BUILD 5GINWITH PENTANAGON B4 CE

Last Week: S&P 3269.96 g 5.64% S&P FIN g 5.57% S&P IT g 6.47% DJ TRANS g 6.51% WSJ $ IDX À 1.10% LIBOR 3M 0.216 NIKKEI 22977.13 g 2.29% See more at WSJ.com/Markets Investors Get Ready for an Election Jolt

BY AKANE OTANI the years, including Donald Roughly 63%ofinvestors have tweaked their holdings investorssay they anticipate who wins the WhiteHouse.It’s Trump’s2016 victory,the in some way ahead of the elections,according to UBS. making additional changes to who wins the Senate,” said Investorsare heading into U.K.’s Brexit vote and the coro- Manyoftheir movesweredefensive. their portfolios depending on Richard Bernstein,chief execu- what could be the most vola- navirus pandemic. who wins Tuesday’selections. tiveand chief investment offi- tile week formarketsall year, It is true stocks have his- Howinvestors adjustedtheir portfolios Those making tweaks to cerofRichardBernstein Advi- with manymaking changes to torically risen regardlessof their portfolios have had ano- sors. their portfolios ahead of the who has controlled the White Increased cash ticeable effect on the markets. Still, even those who buy U.S. elections. House. But the stock market As polls have shown the intothe conventional views of How markets will react af- will enter the week in avul- Adjustedsector chances of aDemocratic what adivided Congressor terTuesday’selections is any- nerable position, having closed allocations sweep rising, long-term bond blue wave might look likecau- body’s guess. About the only out itsworst month since yields andshares of smaller tion that polls and policypro- consensus across Wall Street Marchafter asteep rise in Addedprotection U.S. companies have climbed, posals aren’t foolproof tools is Tuesday’selections will coronavirus cases heightened 05% 10 15 20 25 30 35 too. Thethinking thereisthat for making market bets. have stark consequences for fears of more lockdowns. The ablue wave would increase Take the 2016 race:Pundits investors for years to come. S&P 500 fell 5.6% last week, Source:UBS survey of 1,000 investors with at least$1million in investable assets thechances of Washington widely predicted aTrump vic- Although national polls trimming itsgains forthe year pushing through amultitril- tory would shave upwardof showDemocrat JoeBiden to 1.2%. betting therewill be unique changes to their portfolios lion-dollar coronavirus-aid 10% or 15% off the S&P 500. leadinginthe presidential Moreover,Messrs. Trump setsofwinnersand losersde- ahead of the elections—with packagetobolster the econ- They seemed rightfor afew race,manymoney managers and Biden have sketched out pending on who wins the pres- many increasing the share of omy. In contrast, adivided hoursonelection night—but and strategistsare reluctant to dramatically different visions idency. cash they have on hand or Congress seems less likely to by the close of the next trad- project confidenceafter being foreverything from the pan- Roughly 6in10investors shifting money from one sec- be able to agree on asweeping ing day, stocks were higher. caught off guardbyanumber demic to energy policy to im- with at least $1 million in in- tortoanother,UBS found in a fiscal stimulus package. “Figuring out the news isn’t of market-jolting shocks over migration,leaving investors vestible assetshavemade survey.And morethan half of What matters most is “not PleaseturntopageB8

Global recorded-music revenue by segment Cable-TV Other digital Physical Streaming Performance Provider to Synchronization rights $25 billion Be Sold for 20

15 $3.6 Billion

BY MIRIAM GOTTFRIED 10 Stonepeak Infrastructure 5 Partners said it is buying Astound Broadband, the sixth 0 largest U.S. cable-TV provider, 2002'05 '10'15 for$3.6billion, in one of the GEMENT Spotifyshareprice biggest leveraged buyouts

MANA this year. $300 Astound, owned by private- equity firm TPGand cable- 250 management company Patriot SEPTEMBER

R Media Management,isthe

FO 200 operator of RCNTelecom Ser- GES 150 vices LLC,Grande Communica- IMA tions,WaveBroadband and 100 enTouch Systems. GETTY Based in Princeton, N.J., it 50 provides high-speed-internet, HMIDLI/

SC 0 broadband, digital-TV and phone services to morethan Jan. 2020 Oct.

PHILIPP one million customersinmar- The Hipgnosis Songs Fund holds rights to more than 24,000 songs, including Adele’s ‘Set Fire to the Rain.’ The singer in 2016. Sources: IFPI (revenue); FactSet (shareprice) kets around the countryin- cluding NewYork City,Chi- cago, Northern California, Streaming Raisesthe Va lue of Song Catalogs Texas and Washington, D.C. Including its$4.5billion of debt, the deal values Astound BY MISCHA FRANKL-DUVAL showedthe companyadded formed. Nowone NewYork 2018 debut of the Hipgnosis have been arelativebright at $8.1 billion. moreusersthan expected and publisher is pursuing an initial SongsFund Ltd., which holds spot this year as streamers Thedeal is the latest sign Investorsbacking musical users spent more time listen- public offering in abid to cash rightstomorethan 24,000 turned to the comfort of older, that the market forleveraged heavyhitters such as Adele, ing. Shares of Spotifyare up in on the market’s strength. songs, including Adele’s“Set more familiar tracks. buyoutsisheating up.There Bon Jovi and Journey are 60% this year, and have more Round Hill Music said in Fire to the Rain,” Bon Jovi’s Music royalties have grown wasasurge in private-equity profiting this year as home- than doubled sincethe start of October it would list shares of “Livin’ on aPrayer,” and “Don’t morepopular with investorsas deals in the thirdquarter after bound listenerstune in to mu- 2019.New York-listed shares a music-royalties fund on the Stop Believin’ ” by Journey. the growth of streaming ser- firms spent much of the previ- sic-streaming services,boost- of Chinese streaming company London Stock Exchange. The Shares of that fund have risen vices helped reinvigoratethe ous quarter tending to their ing the value of song catalogs Tencent Music Entertain- company says it is looking to 6.4% this year,according to market forrecorded music. coronavirus-batteredportfolios. and royalty payments. ment Group have risen more raise $375million to invest in FactSet. Itspeersinthe FTSE Streaming revenue rose to Patriot, which manages As- Streaming figures bounced than 26% this year. the rightstomorethan 250 indexhavefallen roughly $11.4billion last year from tound, will join with Stone- back afterapandemic-induced The resilience of recorded- 120,000 songs, including 21%inthat time. $9.2 billion in 2018,according peak and continue to run the blip earlier in the year.Third- musicrevenue hasbenefited tracks by Elvis Presley and the Round Hill’s fund will look to the International Federation company. quarter resultsfrommusic- rightsholderswho earn Rolling Stones. to invest in well-known hits of the Phonographic Industry, Itsoperating profit is al- streaming market bellwether money when songsare TheRound Hill Music Roy- with a proven record of earn- accounting formorethan half ready climbing at an industry- SpotifyTechnology SA streamed, bought or per- alty Fund’sfloat follows the ing income.Songsofthat type PleaseturntopageB2 leading clip and they aim to continue that through a combination of organic growth and further acquisitions in an Spotify SticksbyRogan industrypopulated by hundreds of smaller operators. In February, Astound said it Amid Worker Discord wasbuying Houston-based en- Touch, adding roughly 22,000 BY ANNE STEELE content has been removed from customerstoits operations in Facebook,Apple,YouTube and Texas.Itrecently filed forreg- JOURNAL SpotifyTechnology SA’s Spotify—have sparked outrage ulatoryapproval to purchase

REET $100 million bet on JoeRogan from listenersinside and out- business-broadband provider ST

LL has put the audiostreaming side the companywho have Digital West, based in the Cen-

WA companyinbusinesswith one posted on social media to ex- tral Coast region of California.

THE of podcasting’smost popular— presstheir disagreement. “We’vehad athesis around R and polarizing—voices.Amid Spotifyemployees areen- broadbandinfrastructurefor FO controversy,executives are couraged to openly debatetop- some time,” said Brian McMul- AR

LAZ standing by that voice. ics as diverse as app updates len, who runs digital-infrastruc-

SA Thedeal to bring Mr.Rogan and the snacks available in the tureinvesting at NewYork- Y

SA to Spotify is already showing office, people familiar with the based Stonepeak,which

LIND signs of success.His millions of mattersay.Asthe company manages about $25 billion in Bay Area transplants have been a boon to construction companies in places like Park City, Utah. loyalfans have made “The Joe works remotely amid the coro- assets. Rogan Experience” podcast navirus pandemic,manyof Thegrowing demand forfast Spotify’sNo. 1show sincearriv- these debates take placein PleaseturntopageB2 Tech Workers, Free to Roam, ing on the platform in Septem- Slack channels dubbed clubs. ber,“outperforming our audi- Arecent thread in the com- enceexpectations,” the pany’s#ethics-club channel cen- companysaid when reporting teredonMr. Rogan’s episode INSIDE PutDownRootsinMountains itsearningsThursday. The with Mr.Jones.Employees cir- company’sstock has runup culated information on howto morethan 50% sincethe deal flag content forreview by Spo- BY KATHERINE BINDLEY they had already been drawn has risen to $515,000 from wasannounced in May. tify’strust-and-safety team, ac- to,likeBoise,Idaho,and Park around $432,500 in ayear,with Mr.Rogan’sshow, which also cording to people familiar with Tech staffers from the Bay City,Utah. Thetransplantsare inventoryshrinking sharply,ac- tops Apple Podcast chartsand the matter. That team is respon- Are are relocating across the adding morewealth and busi- cording to the Bozeman-based other rankings, has troubled sible fordetermining whether country,bringing to their new nesstotheir newhometowns Gallatin Association of Realtors. some companyemployees,who shows or music on the platform locales the woes and upsides butalso widening wage gaps AmyAlvarado, an agent in atown-hall meeting in Sep- violatecompanypolicies barring that go with some of Amer- andraising real-estateprices. with boutique real-estatecom- tember expressed concern over content that incites violenceor ica’s highest-paying jobs. “You do see some California panyEngel &VölkersAG, said material they felt wasanti- hatred, and canremovecontent Employers including Face- hostility here,” said Lauren around 95% of her clients transgender,according to peo- if it crosses those lines. book Inc., Twitter Inc.and Williams-Elstein, 32 yearsold, sincethe pandemic hit are ple familiar with the matter. Mr.Rogan’sepisodes so far SMALL BUSINESS Stripe Inc.haveliberated their who works forthe fintech firm coming from the BayArea. Recentappearances on the have passed muster with the Drone startups aim staffers, allowing them to work Mosaic and moved from the Many make all-cash offers. show from two guests—first company’scontent policies,ac- to carveout arole in from wherever they want. As a East Bay to Boise last month. LesCraig, apartner with Abigail Shrier,anauthor criti- cording to people familiar with result, some areleaving the In Bozeman, Mont., with a the venture-capital firm Next caloftransgender issues; then the matter. Chief Executive deliveryofpotential BayAreatoliveinWestern population around 50,000 as of Frontier Capital,sees both AlexJones,aradio host and the Daniel Ek reiterated Thursday Covid-19 vaccine. B4 mountain communities that 2019,the median home price PleaseturntopageB2 publisher of InfoWars, whose PleaseturntopageB2 P2JW307000-0-B00200-27FEFF7178F

B2 | Monday, November 2, 2020 THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Genesis Healthcare....A7 Outlaw Soaps...... R9 AirAsia Group...... A1 Goosefeather...... R1 P Alaska Air Group...... A1 Grayscale Investments B10 Patriot Media Alliance Data Systems Management...... B1 B10 H PayPal Holdings...... B10 American Airlines Group Hangar B...... R5 R A7 Heineken...... B10 Anheuser-Busch InBev Hipgnosis Songs FundB1 Robinhood...... B3 B10 I Round Hill Music Aquis Exchange...... B8 Royalty Partners...... B1 AT&T...... B4 Intercontinental Ryanair Holdings...... A1 Exchange...... B10 C S J Cardtronics...... B10 Singapore Airlines...... A7 JPMorgan Chase...... B9 Carlsberg...... B10 Southwest Airlines....A7 GES Cboe Global Markets..B8 L Spotify Technology.....B1 IMA ClearMask...... R10 Levi Strauss...... A12 Square ...... B10 Coinbase...... B10 Life Care Centers of Stonepeak GETTY D America...... A7 Infrastructure...... B1 SE/ Danone...... B8 Lightspeed Venture Stripe...... B1,B3 Dish Network...... B4 Partners...... B4 T - W London Stock Exchange E Tencent Music

Group...... B8 ANCE-PRES Entertainment Group Euronext...... B8 LVMH Moët Hennessy FR EVA Airways...... A7 Louis Vuitton...... B3 B1

F M Test Prep Nerds...... R6 ENCE

T-Mobile US...... B4 AG

Facebook...... A6,B1 Mastercard...... B10 Twitter...... B1 O/ Formé...... R8 Merck ...... B4 Verizon ...... B4

MicroStrategy...... B10 RDEIR G Visa...... B10 Gap...... A12 O Walmart...... B4 CO NNE ZA SU INDEX TO PEOPLE Round Hill Music is looking to raise $375 million to invest in the rights to morethan 120,000 songs, including tracksbythe Rolling Stones. growth trend under way,” said Music royalties areparticu- specializing in the music and B H Nevins, Solomon...... B2 Streaming Solomon Nevins,portfolio larly appealing with bonds offer- movie industries.“When Baird, Jim...... B8 Hougan, Matthew.....B10 R manager foralternatives at ing such lowyields,Mr. Nevins you’re talking about the pan- CCLA Investment Manage- said. Aneed fordiversification demic,you’retalking about es- Bernstein, Richard...... B1 Hsu, Aaron...... R10 Rogan, Joe...... B1 Boosts ment, which holds aposition and income motivated the in- sentially atwo-year hit in a Blendu, Cindy...... B2 I S in the Hipgnosis SongsFund vestment in Hipgnosis. perpetuity model,” shesaid. D Icahn, Carl...... B8 Saylor, Michael...... B10 worth about £51 million, equiv- Investorstend to be at- “You are talking about an as- Dittmar, Allysa...... R10 M Soros, George...... B8 Song Values alent to roughly $66 million. tracted to music royalties be- set with avery, very long life.” Donabedian, Dave...... B8 Stockton, Maureen.....R8 Spotifysaid it added about cause they offer relatively sta- Thecollapse of live-music Maestri, Luca...... A1 E T six million premium subscrib- ble income uncorrelated to revenue has pushed some Mark Zuckerberg...... A6 ContinuedfrompageB1 ersinthe three months to other asset classes. Royalties songwriters to sell the rights Ek, Daniel...... B1 Marsh, Joan...... B4 Talde, Dale...... R1 of global recorded-music reve- September,bringing itstotal have proven resilient in part to their catalogs,but investor Ergen, Charlie...... B4 Matsuura, Nari...... B2 Trujillo, David...... B2 nue forthe firsttime.Re- to 144 million, and expects to because those investors often demand has kept pace with a F McMullen, Brian...... B1 V corded-music revenue topped end the year with as many as have long investment horizons surge in supply,said Ms.Mat- Fox, Tiffany...... B2 Metzger, Casey...... B2 Vincent, Danielle...... R9 $20 billion in 2019 forthe 154 million. News Corp’s Dow and arelesslikely to be de- suura. Her firm performs cata- firsttime since2004. Goldman Jones & Co., publisher of The terred by short-term fluctua- log valuations and actsasout- Monrad, Bruce...... B8 Vincent, Russ...... R9 G Sachs estimates the market Wall Street Journal, has acon- tions,said Nari Matsuura, a side valuation consultant for Musk, Elon...... B2 Gundlach, Jeffrey...... B8 W could hit $45 billion by 2030. tent partnership with Spotify’s partner at MassarskyConsult- Round Hill Musicand Hipgno- Gutierrez, Horacio...... B2 N White, Adam...... B10 “There’saclear structural Gimlet Media unit. ing,afinancial consulting firm sis.

$20,000 to $30,000 between lo- forge a tech culture in the lo- July—good forsome but not to SanFranciscotomeet guys them moremoney but didn’t re- Tech Staff calworkersinother industries cal ecosystem,” he said. as good for others. While the like me,” he said. quirethem to relocate. “We’re and those who work in tech. In Park City,Utah, Casey real-estatemarket pulled in But Covid-19 and the work- expecting this to be atrend that But his firm, which focuses Metzger,owner of the Top $1.49 billion from July through from-anywhereera have could actually be asignificant Move to on early-stage investmentsin Shelf mobile bartending and September,residentsare post- caused him to rethink his own issue forus,” said Cindy Blendu, tech companies in several consulting service, said the ing commentsonthe local operation: He’sclosing his chief human-resourcesofficer Western states,has invested newcomershavebeen aboon Facebook group expressing Park City officeand making forClearwater,which has 1,200 Mountains more than $28 million in 19 forlocal restaurantswith out- concerns about the newcom- his workforce fully remote. He workersglobally. Montana tech companies, door dining,bikestores, guiding ers, she added. “People are thinks anyone luring talent to Clearwater implemented its which together have raised an companies and construction mourning Park City,” she said. Park City will have an uphill ownflexible remote-work pol- ContinuedfrompageB1 additional $174 million. On the companies.However, “Ifwe JonJessup,who founded battle,asfar as salarygoes, icythat it will continue past downsides and advantages of salaryfront, with the increased don’t payattention to low-in- the e-commerce software because of the rising cost of the pandemic to stay competi- arriving tech workers. venture-capital spending,he come housing,we’regoing to be startup Cloud Conversion in housing.“They’d have to make tive. She’scontinually evaluat- Atransplant himself from said, “I think we’regoing to in trouble,” said Mr.Metzger. Park City 12 yearsago, said $300,000 a year to be able to ing whether her firm is keep- SanFranciscoin2015,Mr. start seeing some equalizing Tiffany Fox, vice president everytime he takeshis chil- buy a house here.” ing up with Boise’s going rate Craig said the arrival of tech- with out-of-statejobs.” of marketingfor Summit So- dren to the park he meetstech In Boise,the software com- fortech labor.“Last year I industryremoteworkerscan He also sees any talent in- theby’s International Realty, workers who recently landed pany Clearwater Analytics has would have said, ‘Yeah, I feel complicatecompensation in a flux as a positive. “I hope for said everyweekend in town from SanFranciscoand New seen ahandful of workersleave really good we’repaying mar- placewherethereisagapof us that it means we finally nowfeels likethe Fourth of York.“Normally I’dhavetogo forbig tech firms that offered ket,’ ” she said.

ternet comedian’svideo Spotify mocking the employees as oversensitive. AfterMr. Jones’sand Ms. Stands Shrier’s “Joe Rogan” appear- ances,Horacio Gutierrez,Spo- tify’slegal chief,sent anote By Rogan this week to managerstelling them to encourageconcerned employees to report anycon- ContinuedfrompageB1 tent they felt brokecompany his desiretomakeSpotifythe rules.The email wasearlier re- “largest audio platform in the E/REUTERS ported by BuzzFeed. OV world”—and said that ambition “It’simportant that they involves embracingdiverse VINL aren’t simply flagging apiece EN

voices and differing opinions as JAS of content just because of the companychases scale in Joe Rogan's podcastistop-rated. something they’veread online. podcasting. It’s all toocommon that things Mr.Eksaid that applying the the content it hosts, similar to aretaken out of context,” he rules consistently is his prior- the issues encountered by Sili- said in the email, which also ity.“Themost important thing conValley tech companies. suggested talking pointsfor forusistohaveveryclear poli- Beforehis arrival at Spotify managersabout Spotifybeing a cies in place,” he said. “It Mr.Rogan on his podcast has placefor creativeexpression doesn’t matterifyou’reJoe Ro- smoked marijuana with Tesla and diverse voices. ganoranyone else,wedoapply Inc. CEO Elon Musk.The pod- Some employees flaggedthis those policies and they need to cast on several occasions also week’s“JoeRogan Experience” be evenly applied.” hosted Mr.Jones,whose own featuring Mr.Jones to company Mr.Rogan’sshowwill begin podcast wasremoved from moderators, highlighting his appearing exclusively on Spotify Spotifyand other platforms in commentsstating that masks later this year; the exact length 2018 forhatespeech afterMr. don’t help stop coronavirus of his multiyear deal hasn’t Jones said the 2012 shooting transmission and that the polio been made public. Spotifyhas that killed 20 children andsix vaccine caused people to become spent morethan $500 million in adultsatSandy Hook Elemen- sick.Spotifydetermined the the past two years acquiring tary School in Newtown, Conn., podcast fitwithin itsguidelines. podcasting companies,including wasstaged. Representatives forMr. Ro- Gimlet Media and Bill Sim- Mr.Rogan retains full cre- gandidn’t respond to requests mons’sthe Ringer,tocement it- ative control in his licensing deal forcomment. In an Instagram self as apublisher in news, with Spotify, he has said, though post,Mr. Rogan said he “fact sportsand storytelling. his showissubject to company checked everysingle crazy Thedeal with Mr.Rogan, a content policyguidelines. thing he said,” referring to Mr. comedian and former mixed- At one point in September Jones. martial-artscommentator who amid discontent over the epi- Some inside Spotifysaid last year said his showhad 190 sode with Ms.Shrier,some that Mr.Rogan appeared to million monthly downloads, Spotifyemployees asked fored- rein in Mr.Jones during Tues- bringsStockholm-based Spotify itorial supervision over Mr.Ro- day’sshow, steering him away intomoreedgyterritory. The gan’spodcast, according to from topics such as QAnon con- reaction to his arrival suggests people familiar with the matter. spiracytheories,apossible that listenersand employees Thecompanydenied the re- sign,they say, that the pod- areincreasingly trying to hold quest and stood with Mr.Ro- caster is mindful of the com- the companyresponsible for gan, who later retweeted an in- pany’s rules.

Jim Holanda,both cable veter- Under TPG’sownership,As- Cable-TV ans,formed Patriot Media in tound was a pioneer in offer- 2002. Thefollowing year they ing one-gigabit speeds to resi- bought the central NewJersey dential customersacrossits Provider to systemsofRCN,and agreed to business. sell them to Comcast Corp. in ForTPG,which manages 2007 for $482 million. $83 billion in assetsand has Be Bought Patriot then teamed up offices around the world, the with private-equity firm Abry sale of Astound is the latest in PartnersLLC to take the rest a string of successful exits. In ContinuedfrompageB1 of RCNprivate in 2010,joining October,the firm completed internet access has also been a with TPGafter it bought the theinitial public offering of long-term investment theme company in 2017. cybersecurity company McA- forTPG,whose flagship TPG Patriot Media was founded fee Corp., which it carved out Capitalfund bought RCNand on theconcept that demand of IntelCorp., making about Grande in 2017for acombined forhigh-speed internet would 4.5times itsmoney at the IPO $2.25 billion and mergedthem makeupfor declining use of price. TPGwas also part of the together,purchasing Wave a traditional payTV, and “that group that last week agreed to year later for$2.37 billion. business case is really what’s sell biotech company Askle- Astound’s chairman, Steve propelled the growth,” Mr. pios BioPharmaceutical Inc.to Simmons, and chief executive, Simmons said. BayerAG for up to $4 billion. P2JW307000-0-B00300-1------NS

THE WALL STREET JOURNAL. NY Monday, November 2, 2020 | B3 BUSINESS NEWS AmazonStruggles to Lure Luxury Brands

Change to the by the pandemic. aroughly two-year partner- Oscar de la Renta’ssales ship with Nike Inc. unraveled e-commerce giant’s fell 85% in the second quarter, in late2019.The sportswear mobile app draws a Mr.Bolen said. Thefamily- maker was disappointed Ama- owned companytapped the zon didn’t eliminate counter- handful of big names Paycheck Protection Program, feits and give the brand more a federal rescue initiative de- control over listings. BY RENATA GERALDO signed to assist small employ- Amazon says it cracks down ers, in April for a loan worth on counterfeits, has used its Oscar de la Renta took the $2 million to $5 million to technologytoblock 2.5million plunge. Thefashion house this save 42 jobs,federal records suspect accountsand has fall began selling a$2,000 show. stopped morethan 6billion black lacecocktail dressinan Opening up a shop on Lux- suspected bad listings before unlikely place: Amazon.com uryStoresisaway to increase they appeared on itsplatform. Inc.Few othershavefollowed. digital sales and introducethe Theinitial slateofbrands Amazon is off to aslow brand to morecustomers, Mr. in Luxury Stores is small and start in itslatesteffort to woo /REUTERS Bolen said. “The ability to dis- the servicecan be accessed

luxurygoods ontoits plat- OCHS coverthe Oscar de la Renta only through the main Ama- form. Since creating a special brandisone of the most im- zon app, which is a disadvan-

section on itsmobile app to CAITLIN portant thingsabout our part- tage,said KeyBanc Capital house high-end fashions in Oscar de la Rentadecided to open ashop on Amazon’snew invitation-only servicetoboost digital sales. nership with Amazon,” he Marketsanalyst Ed Yruma. September, the e-commerce said. “You don’t want to be next to giant has amassed just ahand- Both customersand part- tailed by third-party sellers consumer sales account for Although it dominates the a bunch of brands that aren’t ful of big brands. nersresponded positively to such as Mr. Porter. about 5% of the business, said U.S. e-commerce market,Ama- relevant,” Mr.Yruma said. It isn’t the first time Ama- LuxuryStores, an Amazon Oscar de la Renta sold fra- Chief ExecutiveAlexBolen, zonhas had amixed record “The point of luxuryisn’t to zon has tried to add designer spokeswoman said, adding grances on Amazon before making it reliant on luxuryde- with fashion and apparel just drivemaximum traffic,it’s warestoits sprawling and brands have started to replen- LuxuryStoreslaunched. On- partment stores and boutiques brands.Itsells Kate Spade howdoyou drivethe best fast-growing marketplace. ish inventoryand expand se- line wholesale and direct-to- that were temporarily closed handbagsand Levi’sjeans,but quality traffic.” Luxurybrands such as Louis lection. Other fashion houses Vuittonand Gucci have contacted the company to ex- steered clear of Amazon in the pressinterest,she said, but past forinsufficiently policing declined to name them. unauthorized sellersand coun- One fashion house still not terfeit goods,orfor not giving satisfied was LVMH Moët brands morecontrol over Hennessy Louis Vuitton SE, what is sold and at what price. the French luxuryconglomer- Amazon’s newest offering, ate. Thecompanyrejected called LuxuryStores, ad- Amazon’sproposal to join Lux- dresses some of those con- uryStores, according to an HOWDOYOU MANAGE cerns. It is an invitation-only LVMH executive, because it service for select members of has itsown e-commerce oper- Amazon Prime,which has 150 ationsand doesn’t want its RISK WHEN THEWORLD IS million global subscribers. The brands to be associated with designersget to pick which Amazon. products to sell and can con- Big luxurybrands aremov- UPSIDE DOWN? trol the pricing. There are no ing to take back control of product reviews or links to theire-commerce business, third-party sellers. cutting back the inventoryre- Startups Say New H-1B Visa Salaries Are Too Expensive

BY HEATHER SOMERVILLE dominantly Muslim countries AND MICHELLE HACKMAN that Mr.Trump issued aweek afterhis inauguration. Thecu- Newrules from the Trump mulativeeffect has leftsome administration restricting tech startups wearyofdoing skilled foreign workersare un- business here, founderssay. nerving U.S. startup hubs,as Some founderssay they are foundersand investorssay the shifting hiring and growth limitations will hamstring their plans away from the U.S.,es- ability to recruit top-tier talent tablishing engineering hubs in to expand their businesses. Eastern Europe and sending re- The changes to the H-1B visa cruitsfromAmerican universi- program announced in October ties who would requireaU.S. will make qualifying forthe visa to work instead of at satel- work visas much tougher and liteoffices in Canada. compel employers to payfor- Nearly athirdofall venture- eign workershigher wages. backed startups arefounded by Those rules hit especially immigrants, according to a hard fortechnologystartups, 2016 report from the National whose foundersand rank and Bureau of Economic Research. file areoften immigrantsand Morethan half of startups val- which usually payemployees a ued at $1 billion or morehave lowersalarybut compensate at leastone immigrant founder, with stockoptions.Manysala- according to a2018 paper from ries under the newrules start the National Foundation for at $208,000,evenfor inexperi- American Policy, anonpartisan enced workers. think tank. “It’salready expensive, it Several of the highest-valued wasalready ahigh bar and we venture-backed companies,in- aremaking it prohibitive,” Kate cluding paymentscompany Mitchell,co-founder of venture- Stripe and stock-trading app capital firm Scale,said of the Robinhood,haveatleast one H1-B program. immigrantfounder and collec- Theadministration has said tively thousands of employees. the rules aredesigned to en- Much of the high-tech indus- sure U.S. workersget priority tryhas long wanted overhauls forjobs. to the H-1B program so compa- “For toolong,foreign nies have an easier path to ob- worker programs have been tain visas in acompetitivehir- abused at the expense of Amer- ing environment. The ican workers,” aspokesperson administration says low-cost forthe Labor Department said. foreign workersare taking jobs Thenew rules “will help put an from Americans. end to these harms.” An analysis from the Na- TheH1-Brules arethe latest tional Foundation forAmerican in astring of immigration re- Policyfound the wagesunder strictions dating to the travel thenew rule arehigher than banagainst citizens from pre- current market wages. Paycheck Boost Newrules forH-1Bvisas compel bigger salaries forskilledforeign workers. Wage increasesunder the newH-1Brule Old New* Entry-level Expert positions positions Computer network architect Largest entry-level Physical scientist increase: Computer ▲$46,322 systems analyst We can'tcontrol what's next,but we canhelpnavigateit. CMEGroup Electrical engineer provides24-houraccess to trading opportunitiesinevery investable asset class,allowingmarketparticipantsworldwidetomanagerisk and Mathematician capture opportunities. Forevery economic twistand turn,whenthe Largest Computer programmer expert newnormalisanythingbut…CME Group. increase: Biomedical engineer ▲$64,500 Information securityanalyst Network and computer VISITCMEGROUP.COM/ACTION systems administrator Webdeveloper Derivatives arenot suitable forall investors and involvethe risk of losing morethan the amount originallydeposited and anyprofit youmight havemade. This communication is not arecommendation or offer to buy,sell or retain anyspecific investment or service.Copyright ©2020 CME Group Inc. All rights reserved. $50K $75$$100 125$150 $175 $200 $225 *Newwages as of Oct. 8 Note:Positions in SanFransiscoCounty Source:Foreign Labor Certiﬁcation Data Center,DepartmentofLabor P2JW307000-0-B00400-1------XE

B4 | Monday, November 2, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Drone Firms Aim to Ship Vaccines Dish Offers To Build Walmart, Merck team with startups on work 5G With that could boost a Covid relief effort Pentagon

BY MARC VARTABEDIAN BY DREW FITZGERALD

Ahandful of drone-delivery Thetelecom industryturned startups want to help trans- out in force to oppose arecent port Covid-19 vaccines from Pentagon proposal to build a distribution facilities to health shared fifth-generation wireless centers, vying foralogistical network,with afamiliar pot- role in what is likely to be a stirrermaking an exception: sprawling and complexunder- Dish Network Corp. taking. Thesatellite-TV company Several of these businesses last week submittedalist of recently have entered into suggestions forthe Department medical deliverypartnerships of Defense,which is exploring with drug companies and re- 5G technologyfor itsown oper- tailers—including Merck &Co. ations. TheColorado company and Walmart Inc.— that could said itsunder-construction cel- help position them to take part lular network could meet many in the high-profile effort to of the criteria that the military distributeCovid-19 vaccines. is considering while also serv- Meanwhile, some startups ing private-sector interests. have discussed with govern- “Thereisaprecedent for mentsaround the howthe DoD cantakeadvantage LANSI

SMALL world their abil- VO of shared physical assetsand BUSINESS ity to use un- Volansi Inc., which raised $50 million lastmonth, has been using unmanned planes to deliver Merck products to aclinic in North Carolina. network resources, while main- manned aerial taining operational control and drones to transport vaccine factored in. In some cases,dis- in unmanned autonomous Some vaccines in development thecompany’saircraftcan fly flexibility to support the DoD’s doses,mainly in remoteareas. tributing Covid-19 vaccines drones.North Carolina hospital could requirestorage at tem- up to 90 miles on asingle objectives,” Dish wroteinits fil- Theeffortsare indicativeof would be an extension of exist- system Vidant Health is partic- peratures as cold as minus 80 charge and carrymorethan ing,citing satellites that handle drone companies’ ambitions to ing aerial medical deliveries ipating in the program, which degrees Celsius,orminus 112 500 doses of vaccines. commercial and militaryclients reshape shipping and logistics. these companies already are is using an electric Volansi degrees Fahrenheit. Although the Federal Avia- and the FirstNet public-safety Delivering Covid-19 vaccines performing. dronecapable of carrying Merck and SanFrancisco- tion Administration, the U.S. network runbyAT&T Inc. would enable drone startups to Drone fleetscan reducereli- roughly 5pounds of medical based Volansi have collabo- sector’s regulating body,has It is unclear howreceptive demonstratetoinvestorsand anceondrivers, increase deliv- cargotolocations up to 50 ratedsince2018 on the use of takenrecent steps to expand themilitarywill be to the sce- potential customersonaworld erycapacity and speed up the miles away. drones to deliver medicines commercial drone opportuni- narios outlined by Dish, which stagetheir ability to stream- time it takesfor supplies to Thepartnership with Vol- andvaccines during crises. ties,existing rules would re- is controlled by billionaireco- line operations and cut costs reach patients, said Hannan ansi is separate from Merck’s Merck, alongtime vaccine strict widespread adoption in founder Charlie Ergen. TheDe- acrossdistribution networks. Parvizian, co-founder and chief Covid-19 vaccine development maker,recently began testing population centers. Forin- fense Department issued are- Venture-capital investors executiveofdrone company effortsand is designed to dem- one of itsexperimental stance, restrictions on drone quest forinformation in have poured $405 million into Volansi Inc.These advantages onstratedrones’ ability to Covid-19 vaccine candidates in flight outside operators’ visual September,afirststeptoward drone startups through the would be valuable in complex transport medicines and vac- healthyvolunteersinBelgium. lines of sight would inhibit soliciting bids from contractors. firstnine months of this year, and urgent Covid-19 vaccine cines and exploreways to ex- Volansi raised $50 million large-scale rollout effortsin Therequest dangled aprize whichisroughly on par with distribution,Mr. Parvizian pand Merck’ssupply-chain ca- from investorsincluding Light- the U.S.,Mr. Parvizian said. farmorevaluable than astan- recent years, according to Teal said. pabilities,aMerck speed VenturePartners in Despitethe challenges,pilot darddefense contract: access to Group Corp., an aerospaceand “Wethink truly that this spokeswoman said. September. testing is ramping up in the up to 450 megahertz of radio defense analytics firm. technologyisgoing to be akey Volansi has also engaged in Australian drone company U.S. This fall, drone services frequenciescurrently used for Using drones to transport element of the Covid vaccine discussionswith the U.S. mili- Swoop Aeroalso is preparing provider DroneUpLLC begana militaryradar systems.Tele- Covid-19 vaccines likely would distribution,” Mr.Parvizian tary about howits technology foraCovid-19 vaccine break- partnership with Walmart and com-industryanalystssay exclu- represent asliver of the over- said. Fleets of dozens of canhelp distributeaCovid-19 through. Thestartup’sChief Quest Diagnostics Inc. siverightstosuch aswath of all effort. They would primar- drones,for instance, could vaccine,Mr. Parvizian said. ExecutiveEric Peck talked with DroneUp’saircraftare deliver- frequencies would fetchtens of ily be forhard-to-access re- makehalf-hour trips delivering Volansi already offersan the Democratic Republic of the ing Covid-19 test kitstosingle- billions of dollarsifthey were gions and fly along fixed thousands of vials each dayto aerial transport servicefor Congo’shead of public health family homes in North LasVe- sold on the open market. routes to movedoses in bulk. health centersinremoteareas. machine partsand other cargo in October about delivering a gasand aBuffalo,N.Y., suburb Cellphone carrierssuch as Tight security measures under Pharmaceutical giant Merck to industrial companies and Covid-19 vaccine via drone within aone-mile radius of AT&T, Verizon Communica- consideration by governments partnered with Volansi in Sep- the U.S. military. It has devel- once one becomes available, designated stores there. The tions Inc.and T-Mobile US Inc. and companies meant to guard tember to flymedicines and oped temperature-control according to Sabrina Ravail, Virginia-based startup gener- have already spent billions of against theftand highly spe- vaccines from aMerck manu- technologythat would likely be the head of commercial at ates revenue from services dollarstoacquirespectrum li- cific storagetemperaturere- facturing facility in North Car- needed to transport Covid-19 Swoop Aero. Thestartup is de- such as inspecting telecommu- censes that guarantee their quirementswould have to be olina to anearby health clinic vaccines,Mr. Parvizian added. veloping adrone deliverynet- nications towers but is pushing customersaclean signal. Dish work in the countrythat could intodelivery, DroneUpfounder has spent morethan $21 billion be used to distributeCovid-19 and CEO TomWalker said. to amassits ownreserved fre- vaccines. “IfCovid vaccines were quencies. Thestartup has had similar something we could feasibly Dish hasn’t yetinstalled discussions with officials in deliver,we’dbeall over it,” Mr. EXPERIENCES OFFERS EVENTS INSIGHTS Australia and NewZealand, Walker said. “It’scertainly Ms.Ravail said. something we’rediscussing.” Other telecoms have Swoop Aero, which operates AWalmart spokeswoman fleetsofelectric fixed-wing said the pilot project with opposed the plan to drones that take off and land DroneUpwill help the company share frequencies vertically,has delivered vac- learn about the role drone de- cines,such as forEbola, as liveries canplayinpandemic now used for radar. well as other medical supplies, response,health-caredelivery in Africasince2018.Some of andretail.

most of the cellular antennas, ADVERTISEMENT radio base stations and fiber- opticlines needed to runits The Marketplace network,which will cost an es- timated $10 billion to build. A To advertise: 800-366-3975orWSJ.com/classiﬁeds single defense contract wouldn’t foot the whole bill, BUSINESSOPPORTUNITIES NOTICE OF SALE but partnering with the federal government could payfor some )#&-("' *%-'!"$# $"#&)( "' !*%( capital expenses while giving \[W*40 *X +0Y06C ,*E0\ W+8W) TO B>>Mi(BO>& JTcV *- >88A!;" )8 ('2D!/$ B;;QT>B?Q& ;iMKThTMOh M$ cV& FOT$MiP 4MPP&i>TBQ 4M(& Mr.Ergen’scompanythe credi- ()%OO0+E $,+O*<-%)0*+ Bh &OB>c&( TO \&J CMiR) 86 4MPP&i>TBQ Y&BQ 0hcBc& 2&?c U6aX5A i5Q5 :Mi Tch BhhTjO&&9 :1X&>Li&( ZBicH/9 JTQQ bility it needs to attractother 'Q#!+*.*E& O0<--= M$$&i $Mi hBQ&) Bc ;L?QT> BL>cTMO) MO& VLO(i&( ;&i>&Oc corporatecustomers. *# !;)$/$-)$%& 5>$(-$ '8;)(') :MP;BOH TOc&i&hch :1*Oc&i&hch/9 TO 4BP;M -&QT>& ZVBh& *) ^^4:1]MicjBj& TheFederal Communications )0#/ %) 6MiiMJ&i/9 MJO&( ?H 4BP;M -&QT>& +MQ(TOjh) ^^4 (,635-5'4!0/",1)6+/ :12&?cMi/95 ]MicjBj& 6MiiMJ&i Th cV& $&& MJO&i M$ Commission usually handles ! 4*#.$4&.#%22 ! cV& ;iM;&icH BO( TP;iMK&P&Och cV&i&MO ROMJO Bh a"GG 0(JBi( 2iTK&) -Mic ]H&ih) -^ bbNG<5 WV& ;L?QT> BL>cTMO theassignment of radio spec- JTQQ ?& V&Q( MO \MK&P?&i cTMO >MO(L>c&( KTB 4Th>M D&?0I Y&PMc& #8 /7G 0-F> 3-MM,F>,=)7@> 7N ]&&cTOj cM cV& VTjV&hc 3LBQT#&( ?T((&ig ;iMKT(&( ThelatestPentagon proposal VMJ&K&i)cVBc X&>Li&( ZBicH i&h&iK&h cV& iTjVc cM >BO>&Q 4HI42-,=M1>17GBA B,:> J7 cV& hBQ& TO Tch &OcTi&cH)MicMB(SMLiO cV& hBQ& cM B$LcLi& could bypassthat traditional @>>J/7G2 6M,=2 J-0 (Bc&5 WV& ;L?QT> hBQ& hVBQQ ?& >MO(L>c&( ?H ]BOOTMO process by maintaining the De- )N>A,JM 8N7@ M7B-N3N7D>)JMC 8L>cTMOh) ^^4) ?H DTQQTBP ]BOOTMO) 8L>cTMO&&i)\C4 1>)-= 0>B3N>AG)> J0> 248 ^T>&Oh& \M5 fNebaa) BO(dMi ]BccV&J 25 ]BOOTMO) fense Department’stitle over -@7G=J 78 J-0/7G3-/2 8L>cTMO&&i)\C4 248 ^T>&Oh& \M5 B ;5L.5LL.55HK /-): X&>Li&( ZBicH PB(& BQMBO :cV& 1^MBO/9 cM ]MicjBj& the airwaves,which areused 6MiiMJ&i BO( Th M$$&iTOj cV& *Oc&i&hch $Mi hBQ& cM ;5L.K.:..LKI (-B-=)> <7B-N2 &O$Mi>& X&>Li&( ZBicH.hiTjVch TO cV& *Oc&i&hch LO(&i todayfor early-warning radar +-B-=)>M7B-N371>N2)7@ cV& ZQ&(j& BO( X&>LiTcH 8ji&&P&Oc) (Bc&( Bh M$ systems and other military `LQH b) aG<%) JVT>V jiBOc&( X&>Li&( ZBicH B#ihc ;iTMiTcH h&>LiTcH TOc&i&hc TO cV& *Oc&i&hch cM h&>Li& equipment, while commercial +,"&#'""*!$ )(%' cV& M?QTjBcTMOh M$ ]MicjBj& 6MiiMJ&i JTcV i&jBi( cM cV& ^MBO5 WV& ^MBO) TO cV& MiTjTOBQ ;iTO>T;BQ BPMLOc operatorslease the asset to $;JF0=71+ 5A D+=; 9J1/2 )=.61D JI,+/ (67+;?1=88 M$ 'ea)GGG)GGG VBh ?&&O B>>iLTOj TOc&i&hc BO( McV&i .=,K)=40K;+;>',4+,0;=1 E&J<=I3!=11+DB2 %+I >VBij&h $MQQMJTOj ]MicjBj& 6MiiMJ&i.h (&$BLQc LO(&i connect cellphones,smart vehi- @J;3> "J16/ 4K80J.+; 7=8+ :#+HK0=06J, I60< cV& B;;QT>B?Q& QMBO (M>LP&Och5 X&>Li&( ZBicH i&h&iK&h cles and other 5G devices. WinaTop Quality cV& iTjVc cM >i&(Tc ?T() h&c BPTOTPLP i&h&iK& ;iT>&) +GH+;6+,4+/ IJ;3 )J;4+> *,,K=1 8=1+8 -L 9-L>C & i&S&>c BQQ ?T(h :TO>QL(TOj BOH ?T( cVBc Tc (&&Ph cM VBK& Other telecom companies ?&&O PB(& ?H B?T((&i LOB?Q& cM hBcTh$H 3LBQT#>BcTMOh ,(@Q<- -QQC Li&( ZBicH L;MO said the Defense Department’s ;iMh;&>cTK& ?T((&ih TO >MOO&>cTMO JTcV cV& hBQ& Mi cM trial balloon could interfere )?A%'QA>DLi&( ZBicH.hhMQ& SL(jP&Oc BhBQ& PBH SmartSpeaker OMc QBJ$LQQH ?& PB(&9 BO( c&iPTOBc& Mi B(SMLiO cV& hBQ& with acommercial model that cM BOMcV&i cTP&) JTcVMLc $LicV&i OMcT>&5 "56-!5 2.!,05 /"+51 *Oc&i&hc&( ;BicT&h PLhc >MOcB>c \&JPBiR _OTjVc has worked well in the past. 21C !*,$.+-')% "#1-+10+* 2/&'$(/ -iBOR) R 4BOOMO) c&Q5 :aR5 AT&T policyexecutiveJoan /"+02/24"/2,. 1/3"/54251 4BOOMO@OjR$5>MP cM M?cBTO $LicV&i TO$MiPBcTMO Marsh said awholesale or leas- From Sonos >MO>&iOTOj B>>&hhcMcV& i&PMc& BL>cTMO) i&3LTi&P&Och +01'20 )*&*!,0.(2/*0'-)/$"# -0+ %0*+ $Mi M?cBTOTOj TO$MiPBcTMO i&QBcTOj cM cV& *Oc&i&hch) ing model would fail to deliver 3LBQT#>BcTMOh $Mi ?T((TOj) ?T((TOj ;iM>&(Li&h) Bcc&O(TOj cV& hBQ&) (&;MhTc BPMLOch) BO( c&iPh M$ hBQ&5 benefits. “Thereissimply no Enterfor your chance to winaSonosMove speakeraspartofWSJ+’s 8QQ McV&i TO3LTiT&h hVMLQ( ?& (Ti&>c&( cM ,i&&O?&ij 7%;+;&4+88;4 ) "+&%%+/"++!-/+4 WiBLiTj) ^^Z)>MLOh&Q $Mi X&>Li&( ZBicH)8ccO= Xc&K&O reason to take agamble and 555T($&P'R6*9$$&'*P'#'&9PT&'9 XTOBciB) 0h35) XTOBciBX@jcQBJ5>MP5 F;MO &I&>LcTMO rush through an unproven and monthlytechgiveaway. 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reser 7*&H% ,-CA*- E/ H)0/+AC%HI"=)II,/A.51/* " E:2== EBF)2:F?7E 47 47) E#*) 04F*)F4(B$) launch such an approach,” the .F4.)FB6, 4F)2B<#)9E, <)F6 E).=?*)*, 9#B$&00 companywrote in afiling. rights 2.F)E4(12BB2B?.@ 54F)EB 20?BB#7% 47) E#*) 4( All COMMERCIAL REAL ESTATE B$) .F4.)FB6, /7)2.F)347#7%27*10 :#7?B)E Dish’sOctober filing likewise

Inc. B4 *497B497 3#B.$')=*, !+, 12#7) =#<#7%#7 opposed “any proposal to create o., !477).B#.?B, */<)9- 2,0=4===1 anationalized,government- &C %831*!& @6"B 1% (6;; $% 5>=,3 7.,+>>,7 owned and operated 5G net- *No purchase necessary. Void whereprohibited.Ifyou subscribed to The Wall Street Journalafter October 23, 2020,you will not 1$85C'/3? 8-&3 Jones be eligible to win. Open only to legal residents of the 50 United States (and D.C.), age 18 and over.For official rules,including prize 0B, '*5#;18C /+ */ work” as an inefficient use of description and odds,gotowsjplus.com/officialrules.Sponsor:Dow Jones &Company, 1211 6thAvenue,New York,NY10036. Dow =4C0> resources. But the company

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©2 (38"&3 27.9 <9: @:66 (800)366-3975|wsj.com/classifieds tary could use Dish’scellular- AA<.67)$8/>*#!C'8> ©2020Dow Jones &Company, Inc. towerequipment and software All Rights Reserved. to runits ownwirelessnetwork. P2JW307000-0-B00500-1------XA

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B6 | Monday, November 2, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard B7 Last Year ago Last Year ago 26501.60 t1833.97, or 6.47% last week Trailing P/E ratio 25.74 20.12 3269.96 t195.43, or 5.64% last week Trailing P/E ratio * 37.25 23.48 Public Offerings of Stock High, low, open and close for each of P/E estimate * 22.26 18.15 High, low, open and close for each of P/E estimate * 25.01 18.55 the past 52 weeks Dividend yield 2.33 2.25 the past 52 weeks Dividend yield * 1.79 1.89 IPOs in the U.S. Market All-time high All-time high 29551.42, 02/12/20 3580.84, 09/02/20 None expected this week

Current divisor 0.15198707565833 Lockup Expirations 30000 4100 Below, companies whose officers and other insiders will become eligible to sell shares in their newly public companies for the first time. Such 28000 3800 sales can move the stock’s price.

65-day moving average Lockup Offer Offer amt Through Lockup 26000 3500 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision Nov. 3May 7, ’20 Ayala Pharmaceuticals AYLA 15.00 50.0 –24.1 180 days 24000 3200 Nov. 4May 8, ’20 Kingsoft Cloud Holdings KC 17.00 425.0 70.9 180 days 200-day moving average 65-day moving average Sources: Dealogic; Dow Jones Market Data Other Stock Offerings 22000 2900 Week's high Secondaries and follow-ons expected this week in the U.S. market DOWN UP 200-day moving average Monday's open Friday's close Symbol/ t 20000 2600 Primary Amount Friday’s Expected Issuer/Business exchange ($mil.) price ($) Bookrunner(s) Friday's close Monday's open t Nov. 3 New Oriental Education & Technology EDU 1437.0 160.38 Credit Suisse, BofA, UBS, 18000 2300 Ny China Int Cap Corp, Citi, CITIC, Week's low Agr Bank of China, Bank of China, China Construction Bars measure the point change from Monday's open Bank, China Merchants, HSBC, ICBC, Macquarie, 16000 2000 Nomura, Starwin Financial N D J F M A M J J A S O N D J F M A M J J A S O Primary Off the Shelf NYSE weekly volume, in billions of shares t market t Composite Financial Flashback “Shelf registrations” allow a company to prepare a stock or bond for 36 The Wall Street Journal, November 2, 2000 sale, without selling the whole issue at once. Corporations sell as 24 conditions become favorable. Here are the shelf sales, or takedowns, 12 Napster documents indicate that scores of investors— over the last week: 0 including UCLA and the rock group Limp Bizkit—could Takedown date/ Deal value N D J F M A M J J A S O prosper if the firm goes mainstream. Issuer/Industry Registration date ($ mil.) Bookrunner(s)

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index GDS Holdings Ltd Oct. 27 $1,669.8 JPM, BofA Securities, China Int'l, Computers & Electronics Jan. 23,318 Haitong Securities Co Ltd, Agri Bank of China Ltd, Bank of China Major U.S. Stock-Market Indexes Nasdaq Composite Turning Point Therapeutics Inc Oct. 26 $460.0 GS, SVB Leerink, Latest Week 52-Week % chg t 636.69, or -5.51% Healthcare May 15,320 Guggenheim Partners High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Dow Jones Mirati Therapeutics Inc Oct. 27 $1,002.1 GS, SVB Leerink, Healthcare Sept. 6,318 Cowen & Company LLC, Evercore Inc, Barclays Industrial Average 28185.82 26143.77 26501.60 -1833.97 -6.47 18591.93 l 29551.42 -3.1 -7.1 4.3 Ring Energy Inc Oct. 27 $15.2 AGP/Alliance Global Partners Corp Transportation Avg 11811.66 10922.00 11106.19 -773.94 -6.51 6703.63 l 11988.83 3.4 1.9 4.2 11400 Oil & Gas May 4,320 l Utility Average 900.68 850.12 857.77 -35.91 -4.02 610.89 960.89 -1.2 -2.4 4.5 EQT Corp Oct. 27 $310.0 Citi, Credit Suisse, Total Stock Market 35309.76 33204.09 33541.92 -2045.98 -5.75 22462.76 l 36434.12 6.9 1.5 8.0 Oil & Gas Oct. 10,319 BofA Securities, Barclays, JPM, WFS 11200 Barron's 400 748.41 713.42 719.73 -42.02 -5.52 455.11 l 767.01 3.2 -1.7 1.7 Allakos Inc Oct. 28 $287.5 Jefferies, BofA Securities, Healthcare Aug. 5,319 SVB Leerink Nasdaq Stock Market Scholar Rock Holding Corp Oct. 28 $200.0 JPM, Jefferies, Credit Suisse l 11000 Nasdaq Composite 11545.63 10822.57 10911.59 -636.69 -5.51 6860.67 12056.44 30.1 21.6 17.7 Healthcare June 3,319 Nasdaq 100 11708.08 10960.02 11052.95 -639.62 -5.47 6994.29 l 12420.54 26.6 35.4 21.1 Ultragenyx Pharmaceutical Inc Oct. 28 $460.0 JPM, GS, BofA Securities, 10800 Healthcare Feb. 21,318 Cowen & Company LLC S&P 23 26 27 28 29 30 500 Index 3441.42 3233.94 3269.96 -195.43 -5.64 2237.40 l 3580.84 6.6 1.2 8.3 October Forte Biosciences Inc Oct. 29 $40.0 Ladenburg Thalmann, Healthcare May 11,318 Truist Financial Corp, Chardan Capital Markets LLC MidCap 400 1997.36 1876.84 1900.18 -115.47 -5.73 1218.55 l 2106.12 -4.2 -7.9 1.3 DJ US TSM Cancer Genetics Inc Oct. 28 $3.0 HC Wainwright & Co LLC -6.12 l SmallCap 600 924.87 869.16 876.59 -57.13 595.67 1041.03 -10.6 -14.2 -1.0 t 2045.98, or -5.75% Healthcare June 26,320 Other Indexes last week Gaming & Leisure Properties Inc Oct. 29 $290.0 WFS, BofA Securities, Barclays, Russell 2000 1635.22 1526.22 1538.48 -102.02 -6.22 991.16 l 1705.22 -3.2 -7.8 1.1 Real Estate/Property Aug. 12,319 Mizuho, GS, JPM, Citizens Financial Group Inc, Fifth Third Securities Inc NYSE Composite 13063.81 12293.75 12429.28 -770.58 -5.84 8777.38 l 14183.2 -6.5 -10.7 0.3 Value Line 492.25 456.47 460.71 -31.54 -6.41 305.71 l 562.05 -13.3 -16.6 -5.1 35000 Public and Private Borrowing NYSE Arca Biotech 5404.66 5131.91 5212.89 -162.24 -3.02 3855.67 l 6142.96 15.2 2.9 8.2 Treasurys NYSE Arca Pharma 647.29 605.39 613.07 -35.23 -5.43 494.36 l 675.64 0.9 -6.2 4.7 34400 KBW Bank 79.94 73.60 76.93 -4.04 -4.99 56.19 l 114.12 -27.3 -32.1 -8.9 Monday, November 2Tuesday, November 3 PHLX§ Gold/Silver 146.55 134.56 140.32 -5.14 -3.53 70.12 l 161.14 46.3 31.2 19.4 Auction of 13 and 26 week bills; Auction of 52 week bill; 33800 PHLX§ Oil Service 29.04 25.45 27.73 -1.798 -6.09 21.47 l 80.99 -59.4 -64.6 -40.4 announced on October 29; settles on November 5announced on October 29; settles on November 5 PHLX§ Semiconductor 2349.11 2219.45 2246.15 -114.08 -4.83 1286.84 l 2433.48 32.9 21.4 21.1 Thursday, November 5 33200 CBOE Volatility 41.16 29.22 38.02 10.47 38.00 11.54 l 82.69 209.1 175.9 53.6 Auction of 4 and 8 week bills; 23 26 27 28 29 30 announced on November 3; settles on November 10 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data October

International Stock Indexes Commodities and A Week in the Life of the DJIA Currencies Alook at how the Dow Jones Industrial Average component stocks Latest Week 52-Week Range YTD Region/Country Index Close % chg Low Close High % chg did in the past week and how much each moved the index. The DJIA Last Week YTD lost 1,833.97 points, or 6.47%, on the week. A$1change in the price World The Global Dow 2886.63 –5.95 2138.97 • 3300.22 –11.2 Close Net chg % Chg % chg of any DJIA stock =6.58-point change in the average. To date, a DJ Global Index 420.92 –5.27 292.30 • 451.87 –3.0 DJ Commodity 629.89 -23.06 -3.53 -1.93 $1,000 investment on Dec. 31 in each current DJIA stock component DJ Global ex U.S. 241.10 –4.72 174.38 • 267.54 –8.5 would have returned $28,600, or aloss of 4.67%, on the $30,000 144.73 -5.96 -3.95 -22.10 Americas DJ Americas 762.58 –5.74 512.68 • 830.76 0.2 TR/CC CRB Index investment, including reinvested dividends. Brazil Sao Paulo Bovespa 93952.40 –7.22 63569.62 119527.63 –18.8 Crude oil, $ per barrel 35.79 -4.06 -10.19 -41.39 • The Week’s Action Canada S&P/TSX Comp 15580.64 –4.44 11228.49 • 17944.06 –8.7 Natural gas, $/MMBtu 3.354 0.159 4.98 53.22 Pct Stock price Point chg $1,000 Invested(year-end '19) Mexico S&P/BMV IPC 36987.86 –4.44 32964.22 • 45902.68 –15.05 Gold, $ per troy oz. 1877.40 -24.90 -1.31 23.55 chg (%) change in average* Company Symbol Close $1,000 Chile Santiago IPSA 2438.20 –7.07 2045.49 • 3567.90 –26.9 –1.67 –0.97 –6.38 Verizon VZ $56.99 $969 U.S. Dollar Index 93.88 1.11 1.20 -2.60 Walmart WMT EMEA Stoxx Europe 600 342.36 –5.56 279.66 • 433.90 –17.7 –3.55 –5.10 –33.56 138.75 1,183 Stoxx Europe 50 2700.62 –5.82 2383.14 • 3539.12 –20.6 WSJ Dollar Index 88.83 0.96 1.10 -0.82 –3.71 –5.28 –34.74 Procter & Gamble PG 137.10 1,125 IBM IBM Eurozone Euro Stoxx 333.30 –6.70 261.53 • 421.34 –17.5 Euro, per dollar 0.8586 0.0156 1.85 -3.71 –3.74 –4.34 –28.56 111.66 864 –4.18 –5.26 –34.61 Travelers TRV 120.71 900 Euro Stoxx 50 2958.21 –7.52 2385.82 • 3865.18 –21.0 Yen, per dollar 104.67 -0.06 -0.06 -3.66 Austria ATX 2054.96 –6.33 1630.84 3250.61 –35.5 –4.23 –3.07 –20.20 Chevron CVX 69.50 600 • U.K. pound, in dollars 1.30 -0.0092 -0.71 -2.34 Belgium Bel-20 3043.36 –6.26 2528.77 • 4198.31 –23.1 –4.50 –10.22 –67.24 Amgen AMGN 216.94 918 France CAC 40 4594.24 –6.42 3754.84 • 6111.24 –23.1 52-Week –4.87 –2.46 –16.19 Coca-Cola KO 48.06 891 Low Close(l) High % Chg Germany DAX 11556.48 –8.61 8441.71 • 13789.00 –12.8 –5.37 –6.18 –40.66 Apple AAPL 108.86 1,493 Greece Athex Composite 569.50 –6.99 484.40 • 948.64 –37.9 DJ Commodity 433.70 l 657.83 0.20 –5.53 –7.10 –46.71 Walt Disney DIS 121.25 838 Israel Tel Aviv 1330.18 –1.77 1171.21 • 1751.79 –21.0 TR/CC CRB Index 106.29 l 187.39 -19.72 –5.56 –5.77 –37.96 JPMorgan Chase JPM 98.04 729 Italy FTSE MIB 17943.11 –6.96 14894 • 25478 –23.7 –5.60 –8.13 –53.49 Johnson & Johnson JNJ 137.11 959 Netherlands AEX 533.88 –3.69 404.10 • 629.23 –11.7 Crude oil, $ per barrel -37.63 l 63.27 -36.32 –5.76 –16.29 –107.18 Home Depot HD 266.71 1,244 Portugal PSI 20 3945.12 –4.69 3596.08 • 5435.85 –24.3 Natural gas, $/MMBtu 1.482 l 3.354 23.58 –5.79 –4.62 –30.40 Merck MRK 75.21 Russia RTS Index 1066.60 –8.37 832.26 1646.60 –31.1 846 • Gold, $ per troy oz. 1452.10 l 2051.50 24.50 South Africa FTSE/JSE All-Share 51684.70 –6.60 37963.01 • 59001.87 –9.5 –5.80 –9.84 –64.74 3M MMM 159.96 933 Spain IBEX 35 6452.20 –6.40 6107.2 • 10083.6 –32.4 U.S. Dollar Index 92.14 l 102.82 -3.45 –6.03 –10.59 –69.68 Honeywell HON 164.95 949 Sweden OMX Stockholm 683.51 –5.69 478.95 • 743.82 0.4 –6.26 –3.04 –20.00 Dow DOW 45.49 874 WSJ Dollar Index 87.52 l 97.02 -1.63 Switzerland Swiss Market 9587.15 –4.36 8160.79 • 11263.01 –9.7 –6.36 –13.76 –90.53 Microsoft MSFT 202.47 1,294 U.K. FTSE 100 5577.27 –4.83 4993.89 • 7674.56 –26.1 Euro, per dollar 0.8378 l 0.9352 -4.12 –6.85 –11.54 –75.93 Caterpillar CAT 157.05 1,095 Asia-Pacific Yen, per dollar 102.37 l 112.11 -3.24 –6.87 –15.71 –103.36 McDonald’s MCD 213.00 1,098 Australia S&P/ASX 200 5927.60 –3.88 4546.0 • 7162.5 –11.3 U.K. pound, in dollars 1.15 l 1.34 0.09 –7.28 –18.25 –120.08 salesforce.com CRM 232.27 1,428 China Shanghai Composite 3224.53 –1.63 2660.17 • 3451.09 5.7 –7.52 –2.92 –19.21 Cisco CSCO 35.90 774 Hong Kong Hang Seng 24107.42 –3.26 21696.13 • 29056.42 –14.5 Real-time U.S. stock –7.62 –9.91 –65.20 Nike NKE 120.08 1,194 India S&P BSE Sensex 39614.07 –2.63 25981.24 • 41952.63 –4.0 quotes are available on –7.70 –25.46 –167.51 UnitedHealth Group UNH 305.14 1,051 Japan Nikkei Stock Avg 22977.13 16552.83 24083.51 –2.9 –2.29 • WSJ WSJ.com. Track most- –7.80 –16.00 –105.27 Goldman Sachs GS 189.04 838 Malaysia FTSE Bursa Malaysia KLCI 1466.89 –1.86 1219.72 • 1615.67 –7.7 .COM active stocks, new –8.13 –3.92 –25.79 Intel INTC 44.28 753 Singapore Straits Times 2423.84 –4.47 2233.48 • 3285.72 –24.8 highs/lows, mutual –8.23 –16.30 –107.25 Visa V 181.71 972 South Korea Kospi 2267.15 –3.97 1457.64 • 2443.58 3.2 funds and ETFs. Taiwan TAIEX 12546.34 –2.73 8681.34 • 12976.76 4.6 –9.65 –9.74 –64.08 American Express AXP 91.24 746 All are available free at –10.52 –4.00 –26.32 Walgreens WBA 34.04 596 Source: FactSet; Dow Jones Market Data WSJMarkets.com –13.72 –22.97 –151.13 Boeing BA 144.39 446

*Based on Composite price. DJIA is calculated on primary-market price. Consumer Rates and Returns to Investor Benchmark Yields and Rates Source: Dow Jones Market Data; FactSet. U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its New car loan Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Currencies benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 4.13% U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, First Command Bank 2.75% 2.50% 10% Fri YTD chg Fri YTD chg 5.00% Fort Worth, TX 888-763-7600 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) 2.00

New car loan One year ago Vietnam dong .00004314 23183

First Savings Bank of Hegewisch 2.75% 5 Euro Americas 0.04 t s

4.50 t s Chicago, IL 773-646-4200 1.50 Yen Argentina peso .0128 78.3325 30.8 Europe 4.00 Cambridge Savings Bank 3.24% 0 Brazil real .1741 5.7444 42.9 Czech Rep. koruna .04276 23.386 3.1 1.00 Canada dollar .7507 1.3321 Denmark krone .1564 6.3924 Cambridge, MA 888-418-5626 2.5 –4.1 Tradeweb ICE Chile peso .001293 773.30 4.6 Euro area euro 1.1647 .8586 –3.7 Prime rate 3.50 –5 t PNC Bank 3.34% Friday Close 0.50 s Colombiapeso .000258 3870.35 17.9 Hungary forint .003178 314.62 6.5 WSJ Dollar index Washington, DC 888-PNC-BANK t Ecuador US dollar 11unch Iceland krona .007089 141.07 16.5 3.00 0.00 –10 Mexico peso .0472 21.1918 12.0 Norway krone .1048 9.5415 8.7 First Bank Richmond 3.64% N D J F M A M J J A S O 1 3 6 1 2 3 5 7 10 20 30 Uruguay peso .02324 43.0300 15.9 Poland zloty .2529 3.9545 4.2 Richmond, IN 2019 2020 2019 2020 765-962-2581 month(s) years Asia-Pacific Russia ruble .01259 79.406 27.9 Sweden krona .1123 8.9015 –5.0 maturity Australian dollar .7028 1.4229 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Switzerland franc 1.0908 .9168 –5.2 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data China yuan .1494 6.6927 –3.9 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Turkey lira .1198 8.3465 40.3 Hong Kong dollar .1290 7.7523 –0.5 Ukraine hryvnia .0350 28.5500 20.6 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 India rupee .01341 74.544 4.5 Corporate Borrowing Rates and Yields UK pound 1.2950 .7722 2.4 Prime rate* 3.25 3.25 3.25 l 4.75 -1.00 Indonesia rupiah .0000684 14625 5.3 Spread +/- Treasurys, Japan yen .009554 104.67 –3.7 Middle East/Africa Libor, 3-month 0.22 0.22 0.21 l 1.96 -1.16 Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002310 432.88 13.4 Bahrain dinar 2.6520 .3771 0.01 Money market, annual yield 0.19 0.19 0.19 l 0.71 -0.13 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1252 7.9900 –0.3 Egypt pound .0637 15.7008 –2.2 Malaysia ringgit .2408 4.1535 1.5 Israel shekel .2935 3.4069 –1.4 Five-year CD, annual yield 0.61 0.61 0.61 l 1.49 -0.86 U.S.Treasury,Barclays 0.580 0.5807.67 5.21 New Zealand dollar .6613 1.5122 1.8 Kuwait dinar 3.2724 .3056 0.8 30-year mortgage, fixed† 3.02 3.03 2.93 l 4.22 -0.97 U.S. Treasury Long,Barclays 1.500 1.51015.82 10.81 Pakistan rupee .00623 160.450 3.5 Oman sul rial 2.5974 .3850 unch 15-year mortgage, fixed† 2.55 2.56 2.48 l 3.57 -0.73 Aggregate,Barclays 1.230 1.240n.a. 39 127 6.76 5.06 Philippines peso .0206 48.560 –4.2 Qatar rial .2746 3.641 –0.1 Singapore dollar .7320 1.3662 1.5 Saudi Arabia riyal .2666 3.7506 –0.02 Jumbo mortgages, $510,400-plus† 3.02 3.08 2.93 l 4.42 -1.32 Fixed-Rate MBS,Barclays 1.350 1.370n.a. 28 132 4.19 3.68 South Korea won .0008798 1136.62 –1.6 South Africa rand .0615 16.2496 16.1 High Yield 100,ICE BofA 4.823 4.445 441 271 10181.450 3.384 Five-year adj mortgage (ARM)† 3.22 3.22 2.85 l 4.61 -0.28 Sri Lanka rupee .0054259 184.30 1.6 Muni Master,ICE BofA 1.133 1.129 34 -12 41 3.965 3.941 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.13 4.13 4.13 l 4.56 1.11 Taiwan dollar .03497 28.599 –4.4 EMBIGlobal,J.P. Morgan Thailand baht .03211 31.140 4.6 WSJ Dollar Index 88.83 0.02 0.03 –0.82 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest n.a. 4.828 n.a. n.a. n.a. n.a. n.a. 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 P2JW307000-0-B006A0-1------XE

THE WALL STREET JOURNAL. Monday, November 2, 2020 | B6A

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THE WALL STREET JOURNAL. Monday, November 2, 2020 | B7 CLOSED‑END FUNDS

This announcement is neitheranoffer to purchase nor asolicitation of an offer to sell Shares (as definedbelow), and the provisions herein aresubject in their Listed are the 300 largest closed-end funds as Prem12 Mo entirety to the provisions of the Offer (as definedbelow). The Offer is made solely by the Offer to Purchase, dated November 2, 2020, and the related Letter of measured by assets. Closed-end funds sell a limited Fund (SYM) NAV Close /Disc Yld Transmittal and any amendments or supplements thereto, and is being made to all holders of Shares. The Offer is not being made to (nor will tenders be accepted number of shares and invest the proceeds in securities. Unlike open-end funds, closed-ends generally do not New Amer Hi Inc HYB 9.35 8.18 -12.5 7.0 from or on behalf of) holders of Shares in any jurisdiction in which the making of the Offer or the acceptance thereof would not be in compliance with the buy their shares back from investors who wish to cash NexPointStratOppty NHF 16.92 9.13 -46.0 19.6 securities, “blue sky” or other laws of such jurisdiction. In those jurisdictions whereapplicable laws requirethe Offer to be made by alicensed broker or in their holdings. Instead, fund shares trade on a stock Nuveen CI Nov 2021 Tgt JHB 9.40 9.01 -4.1 4.8 dealer,the Offer will be deemed to be made on behalf of Purchaser (as defined below) by one or moreregistered brokers or dealers licensed under the laws exchange. NA signifies that the information is not of such jurisdiction to be designated by Purchaser. available or not applicable. NS signifies funds not in Nuveen Crdt Opps 2022 TT JCO 8.14 7.85 -3.6 7.1 existence for the entire period. 12 month yield is Nuveen Global High Inc JGH 15.80 13.61 -13.9 8.5 computed by dividing income dividends paid (during PGIM Global High Yield GHY 15.24 12.73 -16.5 9.5 the previous 12 months for periods ending at month- end or during the previous 52 weeks for periods PGIM High Yield Bond ISD 15.79 13.53 -14.3 9.1 NoticeofOffertoPurchase for Cash ending at any time other than month-end) by the PioneerHilncmTr PHT 8.64 7.72 -10.6 9.3 latest month-end market price adjusted for capital Wells Fargo Income Oppty EAD 8.38 7.19 -14.2 9.6 gains distributions. Depending on the fund category, All Outstanding Shares of Common Stock either 12-month yield or total return is listed. WstAstHIF II HIX 6.82 6.44 -5.6 9.1 Source: Lipper Western Asset Hi Inc Opp HIO 5.26 4.88 -7.2 7.8 Friday, October 30, 2020 Western Asset Hi Yld D O HYI 15.20 14.08 -7.4 8.0 of 52 wk Other Domestic Taxable Bond Funds Prem Ttl Apollo Tactical Income AIF NA 12.57 NA 8.2 Fund (SYM) NAV Close /Disc Ret Ares Dynamic Crdt Alloc ARDC NA 12.45 NA 9.7 BlackRock Mlt-Sctr Inc BIT 17.66 15.65 -11.4 9.4 General Equity Funds BIOSPECIFICSTECHNOLOGIES CORP. BlackRock Tax Muni Bd BBN 24.31 25.31 +4.1 5.1 Adams Diversified Equity ADX 18.32 15.56 -15.1 5.1 DoubleLine:Oppor Crdt Fd DBL 19.40 18.76 -3.3 7.4 Boulder Growth & Income BIF 11.74 9.52 -18.9 -12.1 Duff&Ph Util Cor DUC 9.55 9.10 -4.7 6.0 Central Secs CET 35.51 28.19 -20.6 -8.3 EVLmtDurIncm EVV 13.12 11.70 -10.8 10.6 at CohenStrsCEOppFd FOF 11.09 10.21 -7.9 -15.2 Franklin Ltd Dur Income FTF 9.12 8.24 -9.7 11.1 EVTxAdvDivIncm EVT 21.01 18.73 -10.9 -17.8 J Han Investors JHI 17.11 15.47 -9.6 8.5 $88.50net per share, in cash, GabelliDiv&IncTr GDV 21.06 17.61 -16.4 -9.2 KKR Income Opportunities KIO NA 13.25 NA 11.0 Gabelli Equity Tr GAB 4.85 5.33 +9.9 -0.1 MFS Charter MCR 8.68 8.16 -6.0 8.7 Pursuant to the OffertoPurchase JHancockTaxAdvDiv HTD 21.65 18.99 -12.3 -25.2 Nuveen Taxable Muni Inc NBB 21.81 21.73 -0.4 5.0 Librty AllStr Eq USA 6.43 5.80 -9.8 -1.9 PIMCO Corp & Inc Oppty PTY NA 16.07 NA 9.8 Librty AllStr Gr ASG Dated November 2, 2020 6.95 7.20 +3.6 26.8 PIMCO Corp & Inc Strat PCN NA 15.33 NA 9.0 Royce Micro-Cap Tr RMT 9.24 7.71 -16.6 2.9 PIMCOHilnco PHK NA 5.27 NA 12.4 Royce Value Trust RVT 15.05 12.68 -15.7 -2.9 PIMCO IncmStrFd PFL NA 10.09 NA 10.6 Source Capital SOR by 41.34 35.62 -13.8 -5.0 PIMCO IncmStrFd II PFN NA 9.03 NA 10.5 Tri-Continental TY 29.39 25.32 -13.8 -0.8 Putnam Mas Int PIM 4.31 4.05 -6.0 8.7 Specialized Equity Funds Putnam Prem Inc PPT 4.77 4.45 -6.7 9.4 Aberdeen Glb Prem Prop AWP 5.23 4.36 -16.6 -25.9 Wells Fargo Multi-Sector ERC 12.14 10.85 -10.6 10.9 BETAACQUISITION CORP. Adams Natural Resources PEO 11.17 9.40 -15.8 -37.2 World Income Funds AllianzGI AI & Tech Opps AIO 24.33 21.08 -13.4 11.4 Abrdn AP IncFd FAX 4.65 3.80 -18.3 7.9 GI DivInt&PremStr NFJ 13.63 11.53 -15.4 -0.4 BrndywnGLB Glb Inc Oppts BWG 13.35 11.01 -17.5 7.2 ASA Gold & Prec Met Ltd ASA awholly-owned subsidiary of 23.81 19.74 -17.1 56.6 EtnVncStDivInc EVG 13.23 11.85 -10.4 7.9 BR Enh C&I CII 17.08 14.82 -13.2 -4.4 MS EmMktDomDebt EDD 6.75 5.59 -17.2 8.2 BlackRock Energy & Res BGR 6.38 5.60 -12.2 -45.3 PIMCO Dyn Crd & Mrt Inc PCI NA 18.88 NA 12.6 BlackRock Eq Enh Div BDJ 8.09 7.01 -13.3 -18.1 PIMCO Dynamic Income PDI 23.42 24.17 +3.2 12.0 BlackRock Enh Glbl Div BOE ENDO INTERNATIONAL PLC 10.88 9.18 -15.6 -6.4 PIMCO Income Opportunity PKO 21.89 22.55 +3.0 9.8 BlackRock Enh Intl Div BGY 5.83 4.97 -14.8 -2.2 PIMCO Stratg Inc RCS NA 6.13 NA 10.8 BlackRock Hlth Sci Tr II BMEZ 26.31 23.38 -11.1 NS Templeton Em Inc TEI 8.76 7.26 -17.1 8.4 Beta Acquisition Corp., aDelaware corporation (“Purchaser”) and awholly-owned indirect subsidiary of Endo International plc, apublic limited company incorporated in BlackRock Hlth Sciences BME 41.41 41.70 +0.7 11.0 Templtn Glbl Inc GIM 6.15 5.19 -15.6 4.9 Ireland (“Endo”), is offering to purchase all of the outstanding shares of common stock, par value $0.001 per share (the “Shares”), of BioSpecifics Technologies Corp., aDelaware BlackRock Res & Comm BCX 6.93 5.69 -17.9 -19.3 WstAstEmergDebt EMD NA 12.00 NA 9.7 corporation (“BioSpecifics”), at aprice of $88.50 per Share (the “Offer Price”), net to the holder in cash, without interest and less any applicable withholding taxes, upon the terms BlackRock Sci&Tech Tr II BSTZ 30.51 26.18 -14.2 38.5 Western Asset Gl Cr D Op GDO 17.91 16.53 -7.7 7.3 and subject to the conditions set forth in the Offer to Purchase, dated November 2, 2020 (as it may be amended or supplemented from time to time, the “Offer to Purchase”) and BlackRock Sci&Tech Trust BST 44.02 42.45 -3.6 45.7 National Muni Bond Funds in the related Letter of Transmittal (the “Letter of Transmittal”and, together with the Offer to Purchase and other related materials, as each may be amended or supplemented BlackRock Utl Inf & Pwr BUI 21.59 21.53 -0.3 0.6 AllBerNatlMunInc AFB 14.94 13.58 -9.1 4.1 from time to time, the “Offer”). CBRE ClrnGlbRlEst IGR 6.91 5.60 -19.0 -23.3 Tendering stockholders who are record owners of their Shares and who tender directly to Computershare Trust Company,N.A., the depositary and paying agent for the Offer BlckRk Inv Q Mun BKN 16.12 15.72 -2.5 4.5 ClearBridge MLP & Midstm CEM NA 12.27 NA -74.4 (the “Depositary”), will not be obligated to pay brokerage fees or commissions or,except as otherwise provided in Instruction 6ofthe Letter of Transmittal, stock transfer taxes BlackRock Muni 2030 Tgt BTT 26.09 24.86 -4.7 3.0 ChnStrInfr UTF 22.56 22.77 +0.9 -9.0 with respect to the purchase of Shares by Purchaser pursuant to the Offer.Stockholders who hold their Shares through abroker,dealer,commercial bank, trust company or other BlackRock Muni BFK 14.10 13.78 -2.3 4.7 Cohen&SteersQualInc RQI 11.65 10.31 -11.5 -25.7 nominee should consult with these institutions as to whether they charge any service fees or commissions. BlackRock Muni II BLE 14.54 14.44 -0.7 4.7 Cohen&Steers TotRet RFI 12.02 11.47 -4.6 -20.7 BlckRk Muni Inc Qly BYM 15.37 14.19 -7.7 4.0 CohenStrsREITPrefInc RNP 21.49 19.14 -10.9 -17.6 THE OFFER AND WITHDRAWALRIGHTS WILL EXPIRE AT ONE MINUTE AFTER 11:59 PM, NEW YORK TIME, BR MuniAssets Fd MUA 13.92 13.49 -3.1 4.5 Columbia Sel Prm Tech Gr STK 21.91 21.33 -2.6 3.5 BR MuniEnhanced MEN 12.04 11.17 -7.2 4.2 ON DECEMBER 1, 2020, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED. DNP Select Income DNP 8.64 9.99 +15.7 -15.4 BR MuniHoldings Qly MFL 14.54 13.17 -9.4 4.0 Duff&Ph Uti&Infra Inc Fd DPG 12.11 10.20 -15.8 -26.3 BR MH Qly 2 MUE 13.83 12.50 -9.6 4.3 The Offer is being made pursuant to the Agreement and Plan of Merger,dated October 19, 2020, by and among Endo, Purchaser and BioSpecifics (as it may be amended from EtnVncEqtyInc EOI 15.14 13.82 -8.7 -3.4 BR MuniHoldngs MHD 16.52 15.02 -9.1 4.8 time to time, the “Merger Agreement”). The Merger Agreement provides, among other things, that as soon as practicable following the consummation of the Offer and subject to EtnVncEqtyIncoII EOS 18.50 17.93 -3.1 12.6 the satisfaction or waiver of specified conditions, Purchaser will be merged with and into BioSpecifics (the “Merger”) in accordance with Section 251(h) of the Delaware General BR MuniVest Fd MVF 9.48 8.71 -8.1 4.7 EVRskMnDvsEqInc ETJ 9.49 9.40 -0.9 10.6 Corporation Law (the “DGCL”) without avote on the adoption of the Merger Agreement by BioSpecifics’ stockholders,with BioSpecifics continuing as the surviving corporation BR MuniVest 2 MVT 14.88 13.82 -7.1 4.7 ETnVncTxMgdBuyWrtInc ETB 13.34 13.10 -1.8 -12.1 in the Merger and thereby becoming awholly-owned subsidiary of Endo. At the closing of the Merger,each Share outstanding immediately prior to the effective time of the Merger BR MuniYield Fd MYD 14.52 13.24 -8.8 5.0 EtnVncTxMgdBuyWrtOpp ETV 13.20 13.33 +1.0 -1.1 (other than (a) Shares owned by Endo, Purchaser,BioSpecifics or by any of their respective direct or indirect wholly-owned subsidiaries,ineach case at the commencement of the BR MuniYield Qlty MQY 16.04 15.73 -1.9 4.1 EvTxMnDvsEqInc ETY 11.60 10.34 -10.9 -5.3 Offer and immediately prior to the effective time of the Merger,(b) Shares irrevocably accepted for purchase pursuant to the Offer or (c) Shares owned by any stockholders who have BR MuniYld Qlty2 MQT 14.10 13.04 -7.5 4.2 EtnVncTxMgdGlbB ETW 9.26 8.13 -12.2 -11.8 properly and validly demanded their appraisal rights in compliance with Section 262 of the DGCL) will be automatically converted into the right to receive the Offer Price, without BR MuniYld Qly 3 MYI 14.68 13.43 -8.5 3.9 interest and less any applicable withholding taxes. As aresult of the Merger,BioSpecifics will cease to be apublicly traded company and will become awholly-owned subsidiary EVTxMnGblDvEqInc EXG 8.09 7.13 -11.9 -6.0 BNY Mellon Muni Bd Infra DMB NA 13.02 NA 4.7 of Endo. The terms of the Merger Agreement are more fully described in the Offer to Purchase. First Trust Energy Inc G FEN 11.68 9.23 -21.0 -49.9 BNY Mellon Str Muni Bond DSM NA 7.26 NA 5.0 The Offer is conditioned upon, among other things, (a) the expiration or termination of any waiting period applicable to the transactions contemplated by the Merger First Tr Enhanced Eq FFA 15.99 14.38 -10.1 -3.7 BNY Mellon Strat Muni LEO NA 8.13 NA 5.0 Agreement under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the receipt of any approval under the Competition Act 2002, as amended, of Ireland, FirstTrMLPEner&Inc FEI NA 4.92 NA -51.8 DWS Muni Inc KTF 12.38 10.87 -12.2 4.2 in each case, without the imposition of aBurdensome Condition (as defined in the Offer to Purchase) (the “AntitrustCondition”),(b) that, as of immediately prior to the Expiration Gabelli Healthcare GRX 12.01 9.98 -16.9 0.9 EVMuniBd EIM 13.93 12.99 -6.7 4.2 Time (as defined below) the number of Shares validly tendered and not validly withdrawn in accordance with the terms of the Offer,and received by the Depositary in accordance Gab Utility GUT 3.89 7.62 +95.9 15.0 EVMuniIncm EVN 13.77 12.61 -8.4 4.3 with the procedures set forth in Section 251(h) of the DGCL (as described in more detail in the Offer to Purchase), together with the Shares then owned by Endo, Purchaser and GAMCOGlGold&NatRes GGN 3.80 3.32 -12.6 -9.1 their respective affiliates (if any), represent at least amajority of all then outstanding Shares on afully diluted basis (the “Minimum Condition”), (c) the absence of any law or EVNatMuniOpp EOT 21.07 20.30 -3.7 4.0 J Han Finl Opptys BTO 21.95 22.22 +1.2 -28.4 order issued by any governmental authority that has the effect of making the transactions contemplated by the Merger Agreement illegal or the effect of prohibiting or otherwise InvAdvMuIncTrII VKI 11.82 10.68 -9.6 4.9 Nuv Dow 30 Dyn Overwrite DIAX 14.94 12.72 -14.9 -22.2 preventing the transactions contemplated by the Merger Agreement (the “Restraint Condition”), (d) the absence of any pending legal proceeding under any antitrust law brought by Invesco MuniOp OIA 7.43 7.08 -4.7 5.1 NuvCorEqAlpha JCE 13.66 12.16 -11.0 -8.4 any applicable governmental authority that challenges or seeks to make illegal, prohibit or otherwise prevent the transactions contemplated by the Merger Agreement, or that seeks InvescoMuOppTr VMO 13.21 12.28 -7.0 4.8 Nuveen Nasdaq 100 Dyn Ov QQQX 23.85 22.52 -5.6 2.9 to impose any Burdensome Condition (as defined in the Offer to Purchase) thereon (the “Litigation Condition”), (e) the absence of aCompany Material Adverse Effect (as defined InvescoMuTr VKQ 13.22 12.01 -9.2 4.8 Nuv Real Est JRS 8.58 7.23 -15.7 -26.4 in the Offer to Purchase) the existence or consequences of which are continuing as of immediately prior to the Expiration Time and (f) that the Merger Agreement has not been InvescoQual Inc IQI 13.40 12.18 -9.1 4.7 terminated in accordance with its terms (the “Termination Condition”). The Offer is also subject to other conditions as described in the Offer to Purchase (collectively,the “Offer Nuveen Rl Asst Inc & Gro JRI 14.09 11.64 -17.4 -28.9 InvTrInvGrMu VGM 13.64 12.40 -9.1 4.9 Conditions”). See Section 15—“Conditions to the Offer” of the Offer to Purchase. Neither the consummation of the Offer nor the Merger is subject to any financing condition. NuvS&P500DynOvFd SPXX NA 12.77 NA -12.9 InvescoValMunInc IIM 16.29 14.66 -10.0 4.7 The Offer will expire at one minute after 11:59 PM, New York time, on December 1, 2020, which is the 20th business day following the commencement of the Offer (the NuvSP500BuyIncFd BXMX 12.65 10.88 -14.0 -13.0 MAINSTAY:MK DEFTR MUN OP MMD NA 20.89 NA 4.9 “Expiration Time”), unless the Offer is extended or earlier terminated. The date and time of irrevocable acceptance for payment by Purchaser of all Shares validly tendered and ReavesUtilityIncome UTG 30.77 31.45 +2.2 -10.0 NeubrgrBrm NBH 14.75 14.15 -4.1 4.8 not validly withdrawn in the Offer pursuant to and subject to the conditions of the Offer is referred to as the “Acceptance Time”. Tortoise Enrgy Infra Crp TYG 20.48 15.02 -26.7 -78.5 Nuveen AMT-Fr Mu Val NUW 16.81 16.21 -3.6 3.0 THE BOARD OF DIRECTORS OF BIOSPECIFICS UNANIMOUSLYRECOMMENDS THATBIOSPECIFICS’ STOCKHOLDERS ACCEPT THE OFFER AND Income & Preferred Stock Funds Nuveen AMT-Fr Qlty Mun I NEA 15.50 14.33 -7.5 4.5 TENDER THEIR SHARES PURSUANT TO THE OFFER. CalamosStratTot CSQ 13.30 12.80 -3.8 6.9 Nuveen AMT-Fr Mu CI NVG 16.76 15.62 -6.8 5.0 The Board of Directors of BioSpecifics has (a) determined that the Merger Agreement and the transactions contemplated therein, including the Merger and the CohenStrsLtdDurPref&Inc LDP 24.58 23.24 -5.5 -3.3 Offer,are advisable, fair to, and in the best interests of BioSpecifics and BioSpecifics’ stockholders, (b) approved, adopted and declared advisable the Merger Agreement Nuveen Dyn Muni Opp NDMO 14.92 NA NA NS CohenStrsSelPref&Income PSF 25.33 25.00 -1.3 -11.6 and the transactions contemplated therein, including the Merger and the Offer,upon the terms and subject to the conditions set forth therein, (c) determined that the Nuveen Enh Muni Val NEV 15.05 14.61 -2.9 4.7 FirstTrIntDurPref&Inc FPF 22.65 21.56 -4.8 -2.7 Merger shall be effected as soon as practicable following the Acceptance Time without avote of BioSpecifics’ stockholders pursuant to Section 251(h) of the DGCL, (d) Nuveen Int Dur Mun Term NID 13.76 13.20 -4.1 3.8 JHanPrefInc HPI 18.55 17.97 -3.1 -14.9 resolved to recommend that BioSpecifics’stockholders accept the Offer and tender their Shares to Purchaser pursuanttothe Offer and (e) adopted aresolution havingthe Nuveen Mu Crdt Opps NMCO 12.81 11.68 -8.8 5.2 JHPrefIncII HPF 18.24 17.36 -4.8 -15.1 effect of causing no rights to be distributedorexercisable under the BioSpecifics Rights Agreement by and between BioSpecifics and Worldwide Stock Transfer,LLC, as Nuv Muni Credit Income NZF 15.96 14.74 -7.6 5.1 HnckJPfdInco III HPS 16.33 15.73 -3.7 -10.9 rights agent, dated as of April 10, 2020 (the “Stockholders’ Rights Plan”), and causing the BioSpecifics Stockholders’ Rights Plan to have no force or effect, with respect NuvMuniHiIncOpp NMZ 13.23 13.22 -0.1 5.3 to the Offer,the Merger and the other transactions contemplated by the Merger Agreement. J Han Prm PDT 12.84 12.55 -2.3 -22.4 Nuveen Muni Val NUV 10.48 10.81 +3.1 3.4 BioSpecifics will file aSolicitation/Recommendation Statement on Schedule 14d-9 with the U.S. Securities and ExchangeCommission. The Schedule 14d-9 will include a LMP CapInco SCD NA 9.70 NA -23.2 Nuveen Quality Muni Inc NAD 15.75 14.44 -8.3 4.5 descriptionofthe Board of Directors of BioSpecifics’ reasons for authorizing and approving the Merger Agreement and, therefore, BioSpecifics’ stockholders are encouraged to Nuveen Pref & Inc Opp JPC 9.06 8.30 -8.4 -10.4 Nuveen Sel TF NXP 16.04 16.84 +5.0 3.2 review the Schedule 14d-9 carefully and in its entirety. Nuveen Fd JPS 9.24 8.78 -5.0 -6.4 Nuveen Sel TF 2 NXQ 15.33 15.14 -1.2 3.3 The Merger Agreement contains provisions that govern the circumstances in which Purchaser is permitted or required to extend the Offer.The Merger Agreement provides Nuveen Pref & Inc Term JPI 22.96 21.79 -5.1 -6.7 Nuveen Sel TF 3 NXR 16.53 16.36 -1.0 3.1 that in the event that any of the Offer Conditions other than the Minimum Condition are not satisfied or waived (if permitted under the Merger Agreement) as of any then scheduled Nuveen TxAdvDivGr JTD 14.05 11.88 -15.4 -23.8 PIMCO MuniInc PMF NA 12.91 NA 4.9 expiration of the Offer,Purchaser may (and, if requested by BioSpecifics, must) extend the Offer for one or more successive extension periods of up to 15 business days each, or TCW Strat Income TSI NA 5.65 NA 4.8 any longer period as may be approved in advance by BioSpecifics, to permit the satisfaction of all Offer Conditions. In addition, in the event that the Minimum Condition has not PIMCOMuniIncII PML NA 13.17 NA 5.3 Convertible Sec's. Funds been satisfied, as of any then scheduled expiration of the Offer ,Purchaser may (and, if requested by BioSpecifics, must) extend the Offer for one or more successive extensions of Pimco Muni III PMX NA 11.19 NA 4.9 AdvntCnvrtbl&IncFd AVK 16.06 13.62 -15.2 2.0 10 business days each, or any longer period as may be approved in advance by BioSpecifics (provided that Purchaser is not required to extend the Offer in these circumstances on PioneerHilncAdv MAV 12.07 10.90 -9.7 4.4 GI Conv & Inc NCV 5.29 4.55 -14.0 -10.5 more than three occasions, but may,inits sole discretion, elect to do so). Purchaser also must extend the Offer as required by applicable legal requirements and any rule, regulation, PioneerMunHiIcmT MHI 12.89 11.34 -12.0 4.6 AGI Conv & Inc II NCZ 4.73 4.02 -15.0 -10.1 interpretation or position of the U.S. Securities and Exchange Commission or its stafforthe Nasdaq Global Select Market that is applicable to the Offer.However,innoevent will Putnam Mgd Inc PMM 7.91 7.64 -3.4 5.0 AGI Dvs Inc & Conv ACV 28.75 25.05 -12.9 17.6 Purchaser be required to extend the Offer beyond April 19, 2021 (or,inthe event that any of the Antitrust Condition, the Restraint Condition (solely in respect of any antitrust law) Putnam Muni Opp PMO 13.48 12.77 -5.3 4.9 or the Litigation Condition has not been satisfied as of that date, July 19, 2021). If Purchaser extends the Offer,the extension will extend the time that tendering stockholders will AGI Eqty & Conv Inc NIE 27.32 24.12 -11.7 17.9 RiverNorth Mgd Dur Mun I RMM 18.51 16.55 -10.6 6.0 have to tender (or withdraw) their Shares. CalamosConvHi CHY 13.22 11.50 -13.0 13.1 Western Asset Mgd Muni MMU 13.47 12.18 -9.6 4.5 Purchaser expressly reserves the right to waive any of the Offer Conditions and make any changes to the terms and conditions of the Offer,including the Offer Conditions. CalmosConvOp CHI 12.54 10.89 -13.2 11.8 Westn Asst Mu Def Opp Tr MTT NA 20.06 NA 3.4 However,without the prior written consent of BioSpecifics, Purchaser is not permitted to (a) waive or modify the Minimum Condition, the Termination Condition, the Antitrust World Equity Funds Single State Muni Bond Condition or the Restraint Condition, (b) change the form of consideration payable in the Offer,(c) decrease the Offer Price, (d) decrease the number of Shares sought to be Aberdeen Emg Mkts Eq Inc AEF 7.75 6.50 -16.1 -6.5 BlackRock CA Mun BFZ 15.41 13.00 -15.6 3.5 purchased in the Offer,(e) extend the Offer or the Expiration Time except as permitted under the Merger Agreement, (f) impose conditions to the Offer other than the Offer Aberdeen Tot Dyn Div AOD 8.77 7.31 -16.6 -6.3 BR MH CA Qly Fd Inc MUC 15.53 14.25 -8.2 4.0 Conditions or (g) amend any term or condition of the Offer in any manner that adversely affects, or would reasonably be expected to adversely affect BioSpecifics’ stockholders, Calamos GloDynInc CHW 8.03 7.80 -2.9 6.4 subject to Endo’sand Purchaser’s rights or obligations to extend the Offer as permitted under the Merger Agreement. BR MH NJ Qly MUJ 15.53 13.53 -12.9 4.8 China CHN 31.52 27.93 -11.4 46.3 Any extension, termination or amendment of the Offer will be followed as promptly as practicable by apublic announcement of the extension, termination or amendment, and BR MH NY Qly MHN 14.72 13.29 -9.7 4.1 EV TxAdvGlbDivInc ETG 16.16 14.29 -11.6 -8.0 any announcement in the case of an extension will be made no later than 9:00 a.m., New York time, on the next business day after the previously scheduled Expiration Time, and BR MuniYld CA MYC 15.73 13.93 -11.4 3.7 EtnVncTxAdvOpp ETO 22.39 19.74 -11.8 -17.6 Purchaser will notify the Depositary of any extension. Without limiting the manner in which Purchaser may choose to make any public announcement, it currently intends to make BR MuniYld CA Qly MCA 15.65 14.38 -8.1 4.0 FirstTr Dyn Euro Eq Inc FDEU 10.92 9.28 -15.0 -31.2 announcements regarding the Offer by issuing apress release and making any appropriate filing with the U.S. Securities and Exchange Commission. BR MuniYld MI Qly MIY 15.53 13.53 -12.9 4.2 Gabelli Multimedia GGT 6.53 6.16 -5.7 -12.6 Because the Merger will be effected in accordance with Section 251(h) of the DGCL, no vote of BioSpecifics’ stockholders will be required to consummate the Merger. BR MuniYld NJ MYJ 15.61 13.49 -13.6 5.2 Highland Global Alloc HGLB 9.22 5.07 -45.0 -38.1 Following the Acceptance Time and subject to the satisfaction of the remaining conditions set forth in the Merger Agreement, Purchaser and BioSpecifics will consummate the BR MuniYld NY Qly MYN 14.14 12.64 -10.6 4.1 Merger as soon as practicable. Purchaser does not expect there to be asignificant period of time between the Acceptance Time and the consummation of the Merger. India Fund IFN 19.81 16.58 -16.3 -11.0 BR MuniYld PA Qly MPA 15.71 13.66 -13.0 4.2 For purposes of the Offer,Purchaser will be deemed to have accepted for payment,and thereby purchased,Shares validlytenderedand not validlywithdrawn as, if and Japan Smaller Cap JOF NA 8.25 NA -1.0 EVCAMuniBd EVM 12.59 11.23 -10.8 4.0 when Purchaser gives oral or written notice to the DepositaryofPurchaser’s acceptance for payment of such Shares pursuant to the Offer.Upon the terms set forth in the Merger LazardGlbTotRetInc LGI 17.14 14.76 -13.9 2.7 Eaton Vance NY Muni Bd ENX 13.15 11.59 -11.9 4.1 Agreement and subject to the Offer Conditions, payment for Shares tendered and accepted for payment pursuant to the Offer will be made by deposit of the Offer Price for such MS ChinaShrFd CAF 26.07 21.93 -15.9 5.8 InvCaValMuIncTr VCV 13.37 12.27 -8.2 4.2 Shares with the Depositary,which will act as agent for tendering stockholders for the purpose of receiving payments from Purchaser and transmitting payments to tendering MS India IIF 21.04 17.29 -17.8 -12.0 InvPAValMuIncTr VPV 13.88 11.97 -13.8 4.7 stockholders whose Shares have been accepted for payment. New Germany GF 18.74 16.00 -14.6 13.5 InvTrInvGrNYMu VTN 13.92 12.01 -13.7 4.5 In all cases, payment for Shares tendered and accepted for payment pursuant to the Offer will be made only after (a) timely receipt by the Depositary of certificates for such Templeton Dragon TDF 26.11 23.56 -9.8 46.9 Shares (“ShareCertificates”) or timely confirmation of abook-entry transfer of such Shares (“Book-Entry Confirmations”) into the Depositary’saccount at The Depository Trust Nuveen CA AMT-F Qual MI NKX 16.50 15.12 -8.4 4.1 Templeton Em Mkt EMF 17.71 15.89 -10.3 12.0 Company (the “DTC”)pursuant to the procedures set forth in the Offer to Purchase, (b) aLetter of Transmittal, properly completed and duly executed, with any required signature Nuveen CA Val NCA 10.68 10.21 -4.4 3.0 Wells Fargo Gl Div Oppty EOD 4.84 4.09 -15.5 -15.5 guarantees (or,inthe case of abook-entry transfer,anAgent’sMessage (as defined in the Offer to Purchase) in lieu of the Letter of Transmittal) and (c) any other documents required NuveenCAQtyMuInc NAC 15.90 14.58 -8.3 4.2 by the Letter of Transmittal. Accordingly,tendering stockholders may be paid at different times depending upon when the Share Certificates or Book-Entry Confirmations with Prem12 Mo Nuveen MD Qual Muni Inc NMY 14.88 13.25 -11.0 4.1 respect to their respective Shares are actually received by the Depositary.Under no circumstances will interest be paid on the Offer Price for any Shares, regardless of any extension Fund (SYM) NAV Close /Disc Yld Nuveen MI Qual Muni Inc NUM 15.88 14.10 -11.2 3.9 of the Offer or any delay in making payment for Shares. U.S. Mortgage Bond Funds NuvNJ Qual Muni Inc NXJ 16.09 13.56 -15.7 4.7 Shares tendered pursuant to the Offer may be withdrawn at any time prior to the Expiration Time and, unless accepted for payment by Purchaser pursuant to the Offer,may BlckRk Income BKT 6.26 6.13 -2.1 6.7 Nuveen NY AMT/Fr Qual MI NRK 14.59 12.80 -12.3 4.2 also be withdrawn at any time after January 1, 2021, which is the 60th day after the date of the commencement of the Offer. Invesco HI 2023 Tgt Term IHIT 8.31 7.87 -5.3 7.5 Nuveen NY Qual Muni Inc NAN 15.06 13.30 -11.7 4.3 For awithdrawaltobeeffective, awritten notice of withdrawalmust be timelyreceivedbythe Depositaryatone of its addresses set forth on the back cover page of the Investment Grade Bond Funds Nuveen OH Qual Muni Inc NUO 17.41 15.20 -12.7 3.5 Offer to Purchase. The notice of withdrawalmust specify the name of the person who tenderedthe Shares to be withdrawn, the number of Shares to be withdrawn and the name BlRck Core Bond BHK 15.99 15.50 -3.1 5.1 Nuveen PA Qual Muni Inc NQP 15.47 13.37 -13.6 4.6 of the registered holder of such Shares, if different from that of the person who tenderedsuch Shares. If Share Certificates evidencing Shares to be withdrawn have been delivered BR Credit Alloc Inc BTZ 15.00 13.81 -7.9 7.0 Nuveen VA Qlty Mun Inc NPV 14.91 14.93 +0.1 3.5 or otherwise identified to the Depositary, then, prior to the physical release of such Share Certificates, the serial numbers shown on such Share Certificates must be submitted to the Depositary and the signature(s)onthe notice of withdrawal must be guaranteed by an Eligible Institution (as defined in the Offer to Purchase), unless such Shares have been Insight Select Income INSI 21.61 21.04 -2.6 4.1 PIMCO CA PCQ NA 17.41 NA 4.6 PIMCOCAMuniII PCK tendered for the account of an Eligible Institution. If Shares have been tendered pursuant to the procedure for book-entry transfer as set forth in the Offer to Purchase, any notice of InvescoBond VBF 21.16 19.76 -6.6 3.8 NA 8.91 NA 4.2 withdrawal must also specify the name and number of the account at the DTC to be credited with the withdrawn Shares. If Purchaser extends the Offer,isdelayed in its acceptance J Han Income JHS 15.95 15.44 -3.2 4.9 Pimco CA Muni III PZC NA 10.06 NA 4.3 for payment of Shares or is unable to accept Shares for payment pursuant to the Offer for any reason, then, without prejudice to Purchaser’s rights under the Offer,the Depositary MFS Intmdt MIN 3.95 3.73 -5.6 9.1 52 wk may,nevertheless, on behalf of Purchaser,retain tendered Shares, and such Shares may not be withdrawn except to the extent that tendering stockholders are entitled to withdrawal Western Asset Inf-Lk Inc WIA NA 12.36 NA 3.2 Prem Ttl rights as described herein and as otherwise required by Rule 14e-1(c) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). See Section 4—“Withdrawal Western Asset Inf-Lk O&I WIW NA 11.40 NA 3.6 Fund (SYM) NAV Close /Disc Ret Rights” of the Offer to Purchase. Westn Asst IG Def Opp Tr IGI NA 20.50 NA 4.1 Withdrawals of Shares may not be rescinded. Any Shares withdrawn will thereafter be deemed not to have been validly tendered for purposes of the Offer.However,withdrawn Shares may be re-tendered following one of the procedures described in the Offer to Purchase at any time prior to the Expiration Time. Loan Participation Funds General Equity Funds Apollo Senior Floating AFT NA 12.67 NA 7.8 All questionsastothe form and validity (including time of receipt) of any notice of withdrawal will be determined by Purchaser,inits sole discretion, whose Alternative Strategies:I 4.84 NA NA -24.6 determination will be final and binding. None of Endo, Purchaser,BioSpecifics, the Depositary,D.F.King &Co., Inc. (the “Information Agent”) or any other person will BR Debt Strategy DSU 11.16 9.53 -14.6 8.5 Specialized Equity Funds BR F/R Inc Str FRA 13.38 11.34 -15.2 8.2 be under any duty to give notice of any defects or irregularities in any notice of withdrawal or incur any liability for failuretogive any such notification. Bluerock Total Inc+ RE:A 29.19 NA NA 0.7 There will not be a“subsequent offering period” (as defined in Rule 14d-1 of the Exchange Act) for the Offer. BlackRock Floatng Rt Inc BGT 12.98 11.11 -14.4 8.1 Bluerock Total Inc+ RE:C 27.80 NA NA 0.0 The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 of the General Rules and Regulations promulgated under the Exchange Act is contained in the Blackstone / GSO Strat BGB 13.65 11.76 -13.8 9.98 Bluerock Total Inc+ RE:I 29.74 NA NA 1.0 Offer to Purchase and is incorporated herein by reference. Blackstone/GSO Sr Flt Rt BSL 15.23 13.19 -13.4 8.6 Bluerock Total Inc+ RE:L 28.94 NA NA 0.5 BioSpecifics has provided Purchaser with its stockholder list and security position listings for the purpose of disseminating the Offer to Purchase, the Letter of Eagle Point Credit ECC NA 8.00 NA 19.4 CIM RA&C A NA NA NA NS Transmittal and other related materials to holders of Shares. The Offer to Purchase and the Letter of Transmittal will be mailed to record holders of Shares whose names EtnVncFltRteInc EFT 13.73 12.36 -10.0 7.9 appear on the stockholder list provided to Purchaser by BioSpecifics and will be furnished,for subsequent transmittaltobeneficial owners of Shares, to brokers, dealers, CIM RA&C C NA NA NA NS EV SenFlRtTr EFR 13.50 11.90 -11.9 8.1 commercial banks, trust companies and similar persons whose nominees, or the names of whose nominees, appear on the stockholder list or,ifapplicable, who arelisted CIM RA&C I NA NA NA NS EVSnrIncm EVF 6.44 5.80 -9.9 6.8 as participants in aclearing agency’ssecurity position listing for subsequent transmittaltobeneficial owners of Shares. CIM RA&C L NA NA NA NS FT/Sr Fltg Rte Inc 2 FCT 12.36 10.51 -15.0 9.8 The exchange of Shares for the Offer Price pursuant to the Offer or the Merger will be ataxable transaction for U.S. federal income tax purposes. See Section 5—“Certain GS Real Est Div Inc:A FT/Sr Fltg Rte 2022 TgTr FIV 9.07 8.48 -6.5 3.3 9.46 NA NA -7.4 United States Federal Income TaxConsiderations” of the Offer to Purchase for adiscussion of certain U.S. federal income tax considerations of the Offer and the Merger. Each GS Real Est Div Inc:C Highland Income HFRO 12.64 7.85 -37.9 10.7 9.45 NA NA -7.9 holder of Shares should consult with its tax advisor as to the particular tax considerations relevant to such holder of exchanging Shares for cash in the Offer or the Merger. InvDYCrOpp VTA GS Real Est Div Inc:I 9.87 NA NA -7.2 The Offer to Purchase, the Letter of Transmittal and the other related tender offer documents contain important information.Holders of Shares should carefully 10.86 9.25 -14.8 9.7 read such documents in their entirety beforeany decision is made with respect to the Offer. InvSnrIncTr VVR 4.23 3.55 -16.1 7.5 GS Real Est Div Inc:L 9.46 NA NA -7.5 GS Real Est Div Inc:W 9.60 NA NA -7.4 Questions or requests for assistanceorcopies of the Offer to Purchase, the LetterofTransmittal, the notice of guaranteed delivery and other tender offer materials may be Nuveen Credit Strat Inc JQC 6.79 5.79 -14.7 18.4 directed to the InformationAgent at its telephone numbers and address set forth below.Such copies will be furnished promptly at Purchaser’s expense. Stockholders may also NuvFloatRateIncFd JFR 9.42 7.97 -15.4 8.0 NexPointRlEstStrat;A 15.29 NA NA -21.3 NexPointRlEstStrat;C 15.45 NA NA -21.6 contact brokers, dealers, commercial banks, trust companies or other nominees for assistance concerning the Offer.Except as set forth in the Offer to Purchase, neither Endo nor NuvFloatRteIncOppty JRO 9.33 7.85 -15.9 7.9 Purchaser will pay any fees or commissions to any broker or dealer or to any other person (other than to the Depositary and the Information Agent) in connection with the solicitation Nuveen Senior Income NSL 5.53 4.67 -15.6 8.5 NexPointRlEstStrat;Z 15.44 NA NA -20.8 of tenders of Shares pursuant to the Offer.Brokers, dealers, commercial banks, trust companies and other nominees will, upon request, be reimbursed by Purchaser for customary PionrFltRate Tr PHD 10.83 10.02 -7.5 6.7 PREDEX;I 25.14 NA NA 0.0 mailing and handling expenses incurred by them in forwarding the Offer materials to their customers. High Yield Bond Funds PREDEX;T 25.24 NA NA 0.0 The Letter of Transmittal, certificates for Shares and any other required documents should be sent by each stockholder of BioSpecifics or such stockholder’s broker,dealer, AllianceBernGlHiIncm AWF 12.11 10.29 -15.0 7.4 PREDEX;W 25.24 NA NA 0.0 commercial bank, trust company or other nominee to the Depositary as follows: Angel Oak FS Inc Trm FINS NA 16.27 NA 7.6 SharesPost 100;A 33.24 NA NA 14.1 Barings Glb SD HY Bd BGH 14.86 12.82 -13.7 11.2 SharesPost 100:I 33.48 NA NA 14.4 The Depositary for the Offer is: BR Corporate HY HYT 11.32 10.60 -6.4 8.7 SharesPost 100:L 33.02 NA NA 13.8 BlackRock Ltd Dur Inc BLW 16.18 14.29 -11.7 8.0 USQ Core Real Estate:I 24.75 NA NA 0.1 Computershare BNY Mellon Hi Yield Str DHF NA 2.70 NA 9.5 USQ Core Real Estate:IS 24.76 NA NA 0.2 Brookfield Real Asst Inc RA 18.80 15.89 -15.5 14.4 Versus Cap MMgr RE Inc:I 26.47 NA NA NE If delivering by mail: If deliveringbyexpress mail, courier CrSuisHighYld DHY 2.39 2.07 -13.4 9.6 Versus Capital Real Asst 24.66 NA NA -1.2 DoubleLine Inc Sol DSL NA 15.32 NA 11.5 Wildermuth Endwmnt:A 13.18 NA NA -3.5 Computershare Trust Company,N.A. or any other expeditedservice: DoubleLine Yld Opps DLY 19.07 17.07 -10.5 NS Wildermuth Endwmnt:C 12.70 NA NA -4.4 c/o Voluntary Corporate Actions ComputershareTrust Company,N.A. First Tr Hi Inc Lng/Shrt FSD 15.66 13.49 -13.9 9.4 Wildermuth Endowment:I 13.25 NA NA -3.8 P.O. Box 43011 c/o Voluntary Corporate Actions First Trust HY Opp:2027 FTHY 20.43 20.03 -2.0 NS Income & Preferred Stock Funds Providence, Rhode Island 02940-3011 150 Royall Street, Suite V IVY HIGH INCOME OPP IVH NA 11.69 NA 10.3 A3 Alternative Cr 9.72 NA NA 1.9 NeubHgYldStrt NHS 11.74 10.75 -8.4 9.7 Continued on Page B8 Canton, Massachusetts 02021 Any questionsorrequests for assistancemay be directed to the Information Agent at its telephone number and location listed below.Requests for additional copies of this Offer to Purchase and the LetterofTransmittal may be directed to the InformationAgent at its telephone number and location listed below.You may also contact your broker,dealer, IPO Scorecard commercial bank or trust company or other nominee for assistance concerning the Offer. Performance of IPOs, most-recent listed first % Chg From % Chg From The Information Agent for the Offer is: Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close D.F.King &Co., Inc. SQZ Biotechnologies 13.25 –17.2 ... Leslie's 21.97 29.2 1.2 SQZ Oct. 30/$16.00 LESL Oct. 29/$17.00 48 Wall Street New Beginnings Acquisition 9.99 –0.1 ... Galecto 15.00 ...... New York, NY 10005 NBA.UT Oct. 30/$10.00 GLTO Oct. 29/$15.00 Banks and Brokerage Firms Call: (212) 269-5550 CONX 9.92 –0.8 ... Duddell Street Acquisition 9.80 –2.0 –0.2 Stockholders Call Toll Free: (866) 796-1292 CONXU Oct. 30/$10.00 DSACU Oct. 29/$10.00 [email protected] Bull Horn Hldgs 9.88 –1.2 ... Allegro Microsystems 18.30 30.7 3.4 BHSEU Oct. 30/$10.00 ALGM Oct. 29/$14.00 November 2, 2020 Atea Pharmaceuticals 30.34 26.4 ... Ajax 10.08 0.8 0.1 AVIR Oct. 30/$24.00 AJAX.UT Oct. 28/$10.00

Sources: Dow Jones Market Data; FactSet P2JW307000-0-B00800-1------XA

B8 | Monday, November 2, 2020 THE WALL STREET JOURNAL. MARKETS

Kalamazoo, Mich. Investors Dave Donabedian, chief in- Outages Stir Call forBackup vestment officer of CIBC Pri- vate Wealth Management, said Ready for he has been in constant com- BY BEN DUMMETT consolidated tape.However, munication with clients since AND JOE WALLACE this solution is costly,inexact, August. His webinars, phone andraises the risk of missing Elections calls and emails have aimed to InvestorsinEurope learned out on the full viewofavailable relayone message: Don’t be thehardway this month that stock prices,some market par- tempted to overhaul portfolios key structural differences be- ticipantssay. ContinuedfrompageB1 nowbased on what might hap- tween some of the region’s That structureshowedits necessarily good enough, be- pen on Nov. 3. main stock exchanges and their flawswhen Euronext halted cause the paradigm might Hedgefunds and billionaire U.S. counterpartsput them at a trading midmorning Oct. 19 for change. One dayafter the elec- investorsmay be moreaggres- costly disadvantagewhen it afew hoursonmost of itsven- tion we maygoback and be siveintrying to exact quick comes to trading stocks. ues because of asoftware revisiting all our rules of wins over the next week.Four On Oct. 19, technical glitches glitch. Manyinvestorsstruggled thumb,” said BruceMonrad, yearsago, prominent investors halted trading on two separate to access an alternativevenue chairman and portfolio man- such as Jeffrey Gundlach and occasions,risking potential S to completetheir transactions. ager at NortheastInvestors Carl Icahn turned against con-

losses forinvestorsthat trade NEW French food producer Trust. ventional Wall Street wisdom stocks on five of the six Euro- G Danone SA had just reported Strategistsalso widely and correctly bet that Mr. pean marketplaces owned by earnings when Euronext Paris agreed that aTrump presi- Trump would win. On the flip Euronext NV,including those in OOMBER went down. RichardWorrell, dencywould lead to deregula- side,hedge-fund manager Paris,Amsterdam and Lisbon. head of equity trading forEu- tion across industries, boost- George Soros lost nearly $1

Thebreakdown bolstered argu- LAINE/BL rope,the Middle East and Af- ingthe energy and financial billion betting the market mentsfor Europe to followthe ricaatJanus Henderson Inves- sectors. They were right at would fall afterMr. Trump’s THAN

U.S. and introduceaconsoli- NA tors,knewthe prices at which first. But today, energy and fi- victory. dated tape—an electronic sys- Glitches halted trading on five exchanges owned by Euronext. he wanted to trade the stock nancial stocks are among the But most long-term inves- temthat collates real-time but couldn’t do so,either on worst-performing groups in prices forstocks that trade on ing wasunavailable or difficult pean Securities and MarketsAu- another exchangeoronpri- the S&P 500 sinceMr. Trump’s different marketplaces simulta- to access. thority, the regional regulator,to vate-trading platforms called inauguration, hurt by broader The past few years neously. Abreakdown in Euronext’s establish aconsolidated tape for dark pools. forces such as acollapse in oil Such asystem, some market platform risks disrupting trad- stock quotes. “Theoretically there’smore prices and historically lowin- taught some that participantsargue,would have ingacrossanincreasing num- Euronext defends itstech- choiceinEuropean trading ven- terest rates. winning market bets allowedinvestorstocontinue ber of Europe’sexchanges given nology,saying that itsOptiq ues than ever before,” Mr.Wor- What thetwistsand turns tradingstocks on alternative thepan-European operator is in trading platform “has demon- rell said. “The challengeisthat of the past few yearshave are hard to predict. venues—including Cboe Global the processofacquiring the strated reliability sinceits im- when the primary[market] taught investorsisthat win- Markets Inc.’sEurope-based Italian exchange from the LSE plementation in 2018.” goes down, all other trading ning market betsare hardto marketplace, the London Stock forabout $5.1 billion. That deal Thetrading disruption is seemingly ceases as well.” predict, but even tougher to ExchangeGroup PLC’smajor- would expand the number of one of two technical break- Aconsolidated tape,propo- time correctly. tors see trying to game elec- ity-owned Turquoise trading fa- trading venues it owns to seven. downs in October involving a nentsargue,helps overcome JimBairdrememberssit- tion night itself as alosing cility,and Aquis Exchange Theconsolidated tape would key part of Europe’sfinancial that challengebyoffering in- ting on his couch four years proposition. Themarket will PLC—despitethe Euronext save investors“billions of eu- plumbing.Asoftware glitch on vestorsone source forreal-time agowatchingelection results. adjust, whether ablue wave glitches.That is because the ros…provide betterinvestment Oct. 23 disrupted the European quotes that would allowthem At first, all wascalm. Then resultsinmassivestimulus consolidated-tape prices would outcomes forinvestors[and] bloc’smain wholesale payment to switch between market- Donald Trumpunexpectedly andatax increase,adivided serveasareferencefor inves- promotegreater competition system,which prevented banks places to trade astock if one seized the lead—sending Dow Congress resultsinmoreof tors to trade stocks on different andresilience” among trading from processing transactions venue went down. futures and overseas markets the status quo or something marketplaces.Instead, when venues,said Niki Beattie,chief of and securities trades foralmost In the U.S.,aconsolidated careening overnight. else altogether follows the Euronext’sexchanges went Market StructurePartnersand 11 hours. TheEuropean Central tape protected investorswhen Mr.Bairdgrabbed his lap- elections, Mr.Donabedian down, investorsstruggled to an independent, nonexecutive Banksaid Wednesdayithas tradingonthe NewYork Stock toptodraft amemo to his cli- said. trade even the biggest corpo- chair at Aquis.Market Structure takensteps to avoid arepeat of Exchangefroze foralmost four ents.Hedidn’t go to sleep un- In hismind, the only true rate names such as Paris-listed Partners, aU.K.consulting firm, the disruption. hoursinJuly 2015,said James til 5a.m. By 8a.m., he was risk to the stock market is if luxury-goods giant LVMH Moët in October published areport Currently,investorsand Angel, associateprofessor of fi- back in the office. “I’m hopeful there is a contested result. Hennessy Louis VuittonSEor forthe European Commission on their brokersinEurope would nanceatGeorgetown Univer- we won’t have arepeat of that “We’ll be on call [Tuesday], Amsterdam-listed Just Eat the meritsofestablishing acon- be required to subscribe to sity.“All of the other exchanges this year,” said Mr.Baird, chief buthoping people will be able Takeaway.com NV,abig food- solidated tape.That followeda stock quotes from multiple kept trading and no one really investment officer of Plante to sleep through the night deliverycompany, because pric- call in December from the Euro- tradingvenues to replicatea noticed,” he said. MoranFinancial Advisorsin anyway,” Mr.Donabedian said.

52 wk Prem12 Mo Prem12 Mo Prem12 Mo Prem12 Mo Closed-End Funds Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Ret Continued from Page B7 CLIFFWATER CL FD;I 10.41 NA NA 4.4 Griffin Inst Access Cd:I NA NA NA 6.4 Carlyle Tact Pvt Cred:L NA NA NA 7.6 Lord Abbett Crd Op:U 9.43 NA NA NS CalamosGlbTotRet CGO 11.99 11.63 -3.0 21.4 52 wk CNR Strategic Credit 9.46 NA NA 8.4 Griffin Inst Access Cd:L NA NA NA 6.5 Carlyle Tact Pvt Cred:M NA NA NA NS Palmer Square Opp Inc 17.30 NA NA 6.3 Prem Ttl Primark Priv Eq Inv:III NA NA NA NS FedProj&TrFinanceTendr 9.94 NA NA 2.8 PIMCO Flexible Cr I;A-2 8.65 NA NA NS Carlyle Tact Pvt Cred:N NA NA NA 8.1 Resource Credit Inc:A 9.71 NA NA 8.4 Fund (SYM) NAV Close /Disc Ret VirtusTotalRetFd ZTR 8.69 7.36 -15.3 -7.0 FS Global Crdt Opptys D NA NA NA 7.3 PIMCO Flexible Cr I;A-4 8.65 NA NA 10.6 Carlyle Tact Pvt Cred:Y NA NA NA 7.8 Resource Credit Inc:C 9.81 NA NA 7.7 Prem12 Mo Schrdrs Opp Inc;A 24.88 NA NA NS PIMCO Flexible Cr I;Inst 8.65 NA NA 11.4 CION Ares Dvsfd Crdt;A NA NA NA 5.8 Resource Credit Inc:I 9.73 NA NA 8.7 Calamos L/S Eqty and DI CPZ 17.44 14.13 -19.0 NS Fund (SYM) NAV Close /Disc Yld Schrdrs Opp Inc;A2 NA NA NA NS PionrILSBridge NA NA NA 0.0 CION Ares Dvsfd Crdt;C NA NA NA 5.8 Resource Credit Inc:L 9.70 NA NA 8.2 Destra Multi-Altrntv;A 11.64 NA NA -9.6 Loan Participation Funds Schrdrs Opp Inc;I 24.90 NA NA NS WA Middle Mkt Dbt 600.73 NA NA 8.3 CION Ares Dvsfd Crdt;I NA NA NA 5.7 Resource Credit Inc:W 9.70 NA NA 8.4 Destra Multi-Altrntv;C 11.14 NA NA -10.3 WA Middle Mkt Inc Thrivent Church Ln&Inc:S 1WS Credit Income NA NA NA 6.2 Schrdrs Opp Inc;SDR 24.94 NA NA NS 587.16 NA NA 9.7 CION Ares Dvsfd Crdt;L NA NA NA 5.8 NA NA NA 2.7 Destra Multi-Altrntv;I 11.87 NA NA -9.4 Other Domestic Taxable Bond Funds World Income Funds AlphCntrc Prime Merid In 9.98 NA NA NS Invesco Sr Loan A 5.98 NA NA 4.8 CION Ares Dvsfd Crdt;U NA NA NA NS Destra Multi-Altrntv;T 11.30 NA NA -10.1 Am Beacon Apollo TR:T 10.12 NA NA NS Destra Int&Evt-Dvn Crd:A 23.90 NA NA 4.8 Angel Oak Str Crdt:Inst NA NA NA 8.0 Invesco Sr Loan C 6.00 NA NA 4.0 CION Ares Dvsfd Crdt:U2 NA NA NA NS Flat Rock Opportunity 17.69 NA NA 2.4 Am Beacon Apollo TR:Y 10.15 NA NA 3.1 Destra Int&Evt-Dvn Crd:I 23.90 NA NA 5.1 Variant Altrntv Inc:Inst 26.42 NA NA 6.1 Axonic Alternative Inc NA NA NA 3.9 Invesco Sr Loan IB 5.99 NA NA 5.0 Am Beacon SP Enh Inc:T 9.31 NA NA NS CION Ares Dvsfd Crdt;W NA NA NA 5.7 Destra Int&Evt-Dvn Crd:L 23.90 NA NA 4.6 Variant Altrntv Inc:Inv 26.43 NA NA 5.9 Blackstone/GSO FR EI D 22.77 NA NA 6.0 Invesco Sr Loan IC 5.99 NA NA 4.9 Am Beacon SP Enh Inc:Y 9.36 NA NA 4.4 CNR Select Strategies 11.58 NA NA 0.0 Destra Int&Evt-Dvn Crd:T 23.88 NA NA 4.4 Convertible Sec's. Funds Blackstone/GSO FR EI I 22.74 NA NA 6.3 Invesco Sr Loan Y 5.99 NA NA 5.0 BR Credit Strat;A 10.00 NA NA NS GL Beyond Income 0.77 NA NA NE National Muni Bond Funds Calmos Dyn Conv and Inc CCD 25.00 22.35 -10.6 36.3 Blackstone/GSO FR EI T 22.70 NA NA 5.8 Pioneer Sec Inc 9.13 NA NA NS BR Credit Strat;Inst 9.99 NA NA 5.2 KKR CREDIT OPPTY;I NA NA NA NS PIMCO Flex Mun Inc;A-3 10.94 NA NA 2.2 World Equity Funds Blackstone/GSO FR EI T-I 23.26 NA NA 5.7 High Yield Bond Funds BlackRock Mlt-Sctr Oppty 81.85 NA NA 9.2 KKR CREDIT OPPTY;T NA NA NA NS PIMCO Flex Mun Inc:A1 10.94 NA NA NS ACAP Strategic:A 25.76 NA NA 46.0 Blackstone/GSO FR EI U 23.70 NA NA NS Griffin Inst Access Cd:A NA NA NA 6.4 BlackRock Mlt-Sec Opp II 84.76 NA NA 8.9 KKR CREDIT OPPTY;U NA NA NA NS PIMCO Flex Mun Inc;A2 10.94 NA NA NS ACAP Strategic:W 19.23 NA NA 47.0 Blstn Commnty Dev 10.10 NA NA 3.5 Griffin Inst Access Cd:C NA NA NA 6.4 Carlyle Tact Pvt Cred:A NA NA NA 7.3 Lord Abbett Cred Opps Fd 9.43 NA NA 7.5 PIMCO Flex Mun Inc;Inst 10.94 NA NA 2.9 BMO LGM Front ME;I 6.27 NA NA -22.0 BNYM Alcntr Glb MS Cr Fd NA NA NA 7.3 Griffin Inst Access Cd:F NA NA NA 6.5 Carlyle Tact Pvt Cred:I NA NA NA 8.0 Lord Abbett Cred Opps Fd 9.43 NA NA 8.3 Tortoise Tax-Adv Soc Inf 9.61 NA NA 5.0

Insider-Trading Spotlight Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 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 Money Rates October 30, 2020 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Thomson Financial on October 30, and year-to-date stock performance of the company Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer guide to general levels but don’t always represent actual transactions. CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Week —52-WEEK— Week —52-WEEK— I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Inflation Latest ago High Low Latest ago High Low unknown VP: vice president Excludes pure options transactions Sept. index Chg From (%) level Aug. '20 Sept. '19 High 0.1500 0.1000 1.6500 0.1000 Commercial paper (AA financial) Biggest weekly individual trades Low 0.0400 0.0500 1.5800 0.0100 90 days n.a. 0.18 2.53 0.04 U.S. consumer price index Bid 0.0800 0.0800 1.6000 0.0100 Based on reports filed with regulators this past week All items 260.280 0.14 1.4 Offer 0.1000 0.1000 1.6300 0.0500 Libor No. of shrs in Price range ($) $ Value Core 269.054 0.11 1.7 One month 0.14025 0.15625 1.80475 0.13950 Treasury bill auction Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Three month 0.21575 0.21650 1.96050 0.20863 International rates 4 weeks 0.080 0.085 1.620 0.000 Six month 0.24213 0.24938 1.92625 0.23375 Buyers 13 weeks 0.100 0.100 1.620 0.000 One year 0.33013 0.33663 2.01200 0.32763 Week 52-Week 26 weeks 0.110 0.115 1.610 0.080 Oct. 21-23 Selecta Biosciences SELB T. Springer DOI 3,645 2.50-2.71 9,556 2.96 24.4 Latest ago High Low Euro Libor Oct. 26-28 Live Oak Bancshares LOB J. Mahan CEOI 154 33.50-34.90 5,277 37.28 96.1 Secondary market Prime rates One month -0.562 -0.565 -0.360 -0.621 Oct. 22 Helix Acquisition HLXA B. Chen CEOI 430 10.00 4,300 10.26 Fannie Mae Three month -0.530 -0.527 -0.142 -0.540 U.S. 3.25 3.25 4.75 3.25 Oct. 26 Replay Acquisition RPLA E. Safra CEOI 350 10.10 3,535 10.06 0.3 30-year mortgage yields Six month -0.523 -0.508 -0.052 -0.523 Canada 2.45 2.45 3.95 2.45 One year -0.474 -0.459 0.008 -0.474 Oct. 27-28 Party City Holdco PRTY C. Sosin BI 1,225 1.76-1.85 2,230 1.99 -15.0 Japan 1.475 1.475 1.475 1.475 30 days 1.919 1.948 3.388 1.751 Oct. 27 Crown Castle International CCI J. Martin D 8* 160.89-161.55 1,298 156.20 9.9 60 days 1.953 1.976 3.403 1.804 Secured Overnight Financing Rate Policy Rates Oct. 14 Eastern Bankshares EBC B. Heinemann O 102* 10.00 1,020 11.95 Other short-term rates 0.09 0.07 1.76 0.01 Euro zone 0.00 0.00 0.00 0.00 Oct. 14 Q. Miller PI 85 10.00 845 Value 52-Week Oct. 22-23 Agree Realty ADC J. Agree CEO 15 65.58-65.79 1,005 62.07 -11.5 Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low Britain 0.10 0.10 0.75 0.10 Latest ago high low Oct. 28 International Business Machines IBM F. Mcnabb D 9108.01 999 111.66 -16.7 DTCC GCF Repo Index Oct. 27 S. Taurel D 5110.75 554 Australia 0.25 0.25 0.75 0.25 Call money Treasury 0.115 53.600 1.720 0.002 Oct. 29 HomeStreet HMST M. Patterson DI 20 29.79 596 31.07 -8.6 Overnight repurchase 2.00 2.00 3.50 2.00 MBS 0.134 55.550 1.763 0.011 Oct. 20-22 Del Taco Restaurants TACO A. Levy D 67 7.39-7.64 505 7.42 -6.2 U.S. 0.07 0.09 1.65 -0.07 Oct. 28 Intel INTC R. Swan CEO 844.96 361 44.28 -26.0 Notes on data: Oct. 27-28 Premier Financial PFC P. Nungester CFO 15 18.12-18.23 273 17.99 -42.9 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, and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Oct. 26 P. Nungester CFO 12 18.77 225 Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is Oct. 26 Universal Stainless Alloy Products USAP C. Zimmer O 46 5.64 258 5.43 -63.6 as of October 29, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted 0.25 0.25 2.25 0.25 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Oct. 23 SMART Global Holdings SGH M. Adams CEOI 10 25.99-26.00 255 26.39 -30.4 funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Federal funds Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Sellers Effective rate 0.0900 0.0900 1.6200 0.0600 Tullett Prebon Information, Ltd. Oct. 28 Flagstar Bancorp FBC D. Matlin DI 4,588 32.70 150,000 29.35 -23.3 Oct. 28 P. Schoels DI 4,588 32.70 150,000 Oct. 27 Tesla TSLA A. Gracias D 155 421.58-428.23 65,784 388.04 363.8 Cash Prices | wsj.com/market-data/commodities Friday, October 30, 2020 Oct. 26 R. Denholm D 44 411.05-424.80 18,228 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Oct. 22 Snap SNAP R. Murphy CTI 1,500 37.76 56,645 39.39 141.2 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Oct. 27 Moelis MC N. Mahmoodzadegan PI 1,196 38.55 46,100 37.20 16.5 months. Oct. 27 J. Raich P 633* 38.55 24,420 Oct. 21 Datadog DDOG A. Agarwal O 372* 100.76-110.11 38,605 90.75 140.2 Friday Friday Friday Oct. 21 A. Agarwal OI 154 101.36-109.59 16,036 Energy Aluminum, LME, $ per metric ton *1786.0 Wheat - Hard - KC (USDA) $ per bu-u 5.5125 Oct. 26 Align Technology ALGN J. Hogan CEO 80 449.73-474.06 36,593 426.08 52.7 Copper,Comex spot 3.0435 Wheat,No.1soft white,Portld,OR-u 5.9250 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 118.0 Oct. 23 UnitedHealth Group UNH S. Hemsley D Food 99 329.35-329.86 32,479 305.14 3.8 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 281 Oct. 27 Broadcom AVGO H. Tan CEO 78 359.97-364.68 28,229 349.63 10.600 Metals Steel, HRC USA, FOB Midwest Mill-s 700 Beef,carcass equiv. index Oct. 23 Amphenol APH D. Ehrmanntraut O 159 118.76 18,824 112.84 4.3 Fibers and Textiles choice 1-3,600-900 lbs.-u 175.48 Gold, per troy oz select 1-3,600-900 lbs.-u 158.58 Oct. 26 Sherwin-Williams SHW J. Morikis CEO 22 664.77-677.17 14,933 687.98 17.9 Engelhard industrial 1887.00 Burlap,10-oz,40-inch NY yd-n,w 0.6250 Broilers, National comp wtd. avg.-u,w 0.6909 Oct. 27-28 Graco GGG P. Mchale CEO 225 62.09-63.41 14,132 61.90 19.0 Handy & Harman base 1881.85 Cotton,1 1/16 std lw-mdMphs-u 0.6592 Butter,AA Chicago 1.3900 Cheddar cheese,bbl,Chicago 253.00 Oct. 23 Danaher DHR D. Comas O Handy & Harman fabricated 2088.85 Cotlook 'A' Index-t *76.95 54 232.11-236.25 12,689 229.54 49.6 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1876.85 Hides,hvy native steers piece fob-u 35.500 278.25 Oct. 27 Masimo MASI J. Kiani CEO 48 250.47 11,899 223.82 41.6 Milk,Nonfat dry,Chicago lb. 110.75 LBMA Gold Price PM *1870.30 Wool,64s,staple,Terr del-u,w 3.22 Coffee,Brazilian,Comp Oct. 22 PPG Industries PPG M. Mcgarry CEO 81 133.44-134.80 10,829 129.72 -2.8 Krugerrand,wholesale-e 1956.14 0.9780 Coffee,Colombian, NY 1.5171 Maple Leaf-e 1974.95 Grains and Feeds * Half the transactions were indirect **Two day transaction Eggs,large white,Chicago-u 1.0250 American Eagle-e 1974.95 p - Pink Sheets Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.35 Mexican peso-e 2275.80 Bran,wheat middlings, KC-u 128 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1846.66 Corn,No. 2 yellow,Cent IL-bp,u n.a. Hogs,Iowa-So. Minnesota-u 70.43 Austria phil-e 1974.95 Buying and selling by sector Corn gluten feed,Midwest-u,w 128.4 Pork bellies,12-14 lb MidUS-u 1.7355 Silver, troy oz. Corn gluten meal,Midwest-u,w 458.8 Based on actual transaction dates in reports received this past week Pork loins,13-19 lb MidUS-u 0.8550 Engelhard industrial 23.7500 Cottonseed meal-u,w 320 Steers,Tex.-Okla. Choice-u 106.00 Handy & Harman base 23.5490 Hominy feed,Cent IL-u,w 102 Steers,feeder,Okla. City-u,w 131.94 Sector Buying Selling Sector Buying Selling Handy & Harman fabricated 29.4360 Meat-bonemeal,50% pro Mnpls-u,w 263 Fats and Oils Basic Industries 258,442 12,706,432 Finance 2,706,577 12,044,632 LBMA spot price *£17.7800 Oats,No.2 milling,Mnpls-u 3.1175 (U.S.$ equivalent) *23.0150 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Business services 014,246,081 Health care 110,148 130,512,478 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.0000 Coins,wholesale $1,000 face-a 18045 Sorghum,(Milo) No.2 Gulf-u 5.9850 Grease,choice white,Chicago-h 0.2800 Capital goods 00Industrial 88,170 47,588,138 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 377.60 Lard,Chicago-u n.a. Consumer durables 423,788 10,811,422 Media 00LBMA Platinum Price PM *860.0 Soybeans,No.1 yllw IL-bp,u n.a. Soybean oil,crude;Centl IL-u 0.3461 Consumer nondurables 034,487,489 Technology 3,368,993 67,603,526 Platinum,Engelhard industrial 860.0 Wheat,Spring14%-pro Mnpls-u 6.6975 Tallow,bleach;Chicago-h 0.3250 Palladium,Engelhard industrial 2250.0 Wheat,No.2 soft red,St.Louis-u 6.0850 Tallow,edible,Chicago-u 0.3300 Consumer services 30,291 24,666,237 Transportation 188,120 11,196,156 Energy 00Utilities 0227,500 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 10/29 Sources: Thomson Financial; Dow Jones Market Data Source: Dow Jones Market Data P2JW307000-0-B00900-1------XA

THE WALL STREET JOURNAL. Monday, November 2, 2020 | B9 BANKING & FINANCE Ex-Inmates Struggle in Banking System

BY DAVID BENOIT Astudy found Arkansas prisonerswerelesslikely to use mainstream banks, instead turning to expensivealternatives. In 2013,MartizeTolbert walked out of prison and intoa Financial habitsofmen in Arkansas financial hole. Mr.Tolbert wasarrested on Prisoners General population drug and weapon chargesasa teenager,then bounced in and Unbanked out of jail formorethan a Check cashing dozenyears. When he wasre- leased forthe last time,he Pawn shop owedsome $12,000 in court fines and fees. Payday lenders Four yearslater,hewas Credit card working at aCharlottesville, JOURNAL Va., JiffyLube,making $9 an Debit card

hour,barely enough forrent, REET food and supporting his son. 0% 20 40 60 80 ST LL

Thedebt barred him from get- Source:American Journal of Criminal Justice; MarcD.Glidden and TimothyC.Brown WA ting adriver’s license,but, with THE

or without one,hehad to drive. likeloitering and disorderly forboth the guilty and the ac- R ABlack man, he gotpulled over conduct, and aregenerally sen- cused. Thereare fees forob- FO

often,hesaid, leading to more tenced moreharshly,“which taining apublic defender,get- LMER tickets, biggerfor the lack of a amplifies the impact of collat- ting an electronic monitoring PA TE

license.The interest wascom- eral consequences.” deviceand forcourt adminis- NA pounding,too.Hetried to work Increasing evidenceshows trative costs. Personal debts Martize Tolbert eventually found help from a local nonprofit that works with ex-inmates. out payment plans,but the to- these repercussions push some likemedical bills and child sup- talwas only growing. people back intocrime. port canalso pile up forthe in- with abank or acredit union. A don’t intend to pay. Manyformer inmates don’t “It wasall uphill just trying Programs to help former incarcerated, who oftenhaveno far smaller proportion, 39%, of While inmates canrequest a even know they areanoption. to geteverything back in line mates have wonsupport. Big real way to paythem. thosewho went back to prison credit report by mail, the Yettheir resultsshowhow ac- from the messIhad created for corporations including JPMor- Oncethey getout, just get- did. Thedepartment and the Credit BuildersAlliance, anon- cess to credit canhelp redeem myself,” said Mr.Tolbert, 40 ganChase &Co. have commit- ting abank account canbehard. state’sbanking regulator re- profit network,says that could all partsofaperson’slife. yearsold. “Everything wasa tedtohiring applicantswith Manyformerly incarcerated cently started working together backfirebychanging their last- Thegroup that helped Mr. struggle.” criminal records. But therehas individuals don’t have govern- to teach inmates about fi- known addresstoaprison. Tolbert, the Virginia man, with Each year,morethan been little attention on howto ment identification, the first nances,believing it could help TheCBA,other financial his $12,000 in court debt works 600,000 people deemed to have getex-prisonersintothe main- step to getting an account. A keep moreout of prison. groups and lendershavedis- solely with former inmates. paid their debtstosociety are stream financial system. system banks use forscreening Manyofthe formerly incar- cussed an automatic credit Mr.Tolbert wasarrested in released from U.S. prisons,but “It’samissing piece,” said customerssnagsmanyothers. ceratedhavebad credit scores, freeze triggeredbyaprison 2000.Hewas 19 and, he said, it the financial consequences can Dale Recinella, aformer Wall Commonly referred to by the ahurdle in getting aloan, an sentence, but thereisnoagree- wasthe firsttime he had been followthem long after. It can brandname ChexSystems,the apartment, even ajob. ment it would even work. in trouble.Heserved six years, be hardfor them to getcheck- system flagsold overdrafts, Criminal histories don’t AaronSmith wasserving 12 then wastwicesent back for ing accountsand nearly impos- Many have bad bounced checks and accounts showuponcredit scores,but yearsfor his role in aChicago probation violations. sible to getloans.Some getout closed involuntarily,problems scores fall from lack of debt use heroin ring when someone re- Amentor sent him to the only to discover their identities credit scores, a that arecommon among for- and candisappear afterseven ceived taxrefunds in his name. Fountain Fund in 2017. He was were stolen. Many, likeMr. Tol- hurdle in getting mer inmates. years, which means manypeo- Calling the Internal Revenue skeptical. Thelocal nonprofit bert, aredeep in debt. Many banks saythey don’t ple leave prison with no score. Servicerequired hoursofwait- operated from asmall officeat That makes it hard forex-in- loans, housing, jobs. outright reject applications for Convictions reduceacredit ing on hold, afrustration pris- the end of an alley.But he gota mates to getjobs,start busi- minor issues,but the flagscan score by about 50 pointsonav- onersaren’t normally allowed. $3,200 loan and used it to pay nesses or find housing.InFlor- triggermorequestions,includ- erage, according to one study. Mr.Smith, 39,succeeded only off enough of his debt to get ida and other states, court ing abackground check.There With lessaccesstocredit, because he wasongood terms his driver’s license three debtscost the right to vote.The Street lawyer who is nowa is no banking standardonhow thoseformer inmates were with counselors. months later. problems trap all sortsofcrimi- chaplain on Florida’sdeath row. to deal with criminal convic- nearly 20 percentagepoints “That’snot really conducive Thenonprofit eventually nals,fromsmall drug offenders Afterasummer of national tions,especially fornonfinan- more likely to go back to jail, to lifeinprison,” Mr.Smith hiredhim to counsel current to white-collar swindlers. debateonsystemic racism and cial crimes.Deciding who gets thestudy concluded. said. He nowhostsapodcast and former inmates on busi- ForBlack men, who are criminal-justiceoverhaul, the an account is largely left to Fixing these problems is about entrepreneursafter nessplans. nearly six times morelikely nation’sbiggest banks have branch managers. A2017study thorny. Take identity theft. In- prison—“Escaping the Odds”— Mr.Tolbert is working to ex- than whitemen to be in prison, pledged billions of dollarsof of men in Arkansas prisons mates areparticularly vulnera- and is advising agroup work- pand the Fountain Fund be- the financial aftermath is just loans to and investmentsinmi- found they were twiceaslikely ble,with their names,birthdays ing to start a credit union for cause it can’t handle the vol- anotherbyproduct of ajustice nority communities.None have to be unbanked as the state’s and other personal information the formerly incarcerated. ume of people seeking loans. system already weighted publicly mentioned getting for- general male population. widely available.They can’t get Thelendersmost willing to When he looked acrossthe against them. A2019 report mer inmates banking products, In Pennsylvania, the state mobile or email alertsabout work with ex-convictstend to countryfor amodel to follow, from theU.S.Commission on but some arequietly discussing Department of Corrections possible fraud. Often, atheftis be small and relatively un- he came up empty.“There’sno CivilRights found people of plans,advocates say. found 73%ofex-inmates who by someone close to them, such known. Their reach is limited, one out there,” he said. color aredisproportionately ar- Thecriminal-justicesystem hadstayedout of prison for as afamily member sticking both in terms of loans they can —Elisa Cho rested fornonviolent crimes creates ahost of fines and fees three yearshad an account their name on autility bill they fund and their local presence. contributed to this article.

December 2, 2020 |Online S PRES ZUMA A/

XINHU How 2020 SIWEI/ N PA Qualcomm will report earnings Wednesday. A company robotics exhibit in Beijing in September. Changed THE TICKER | Market events coming this week

Monday Humana 2.81/5.03 MercadoLibre Duke Energy 1.79/1.79 Cybersecurity Johnson Controls 0.27/(2.96) T-Mobile US Construction spending International MetLife 1.61/1.27 0.46/1.01 Aug., previous up 1.4% 0.73/0.78 Public Storage Zoetis 0.91/0.94 Sept., expected up 1.0% WEC Energy Group 1.72/1.93 The Covid-19 crisis createdahuge shift in business 0.76/0.74 Qualcomm 1.17/0.78 Friday operations and the practiceofcybersecurity. This year’s ISM mfg. index WSJPro CybersecurityExecutiveForum will explore Wednesday Thursday Nonfarm payrolls Sept., previous 55.4 Sept., previous 661,000 howcompanies can adapttothese newconditions and Oct., expected 56.0 EIA status report EIA report: natural-gas Oct., expected 530,000 Previous change in stocks Previous change in stocks incorporatethe latest strategies on staying secure. Earnings expected* in millions of barrels in billions of cubic feet Unemployment rate Crude-oilstocks up4.3 Estimate/Year Ago($) up 29 Sept., previous 7.9% Gasolinestocks down0.9 Oct., expected 7.7% Clorox 2.32/1.59 Distillates down 4.5 Initial jobless claims Wholesale inventories Estée Lauder Previous 751,000 PROUDLYSPONSORED BY 0.90/1.68 ISM nonmfg index Expected 739,000 Aug.,previous up0.4% MondelezInternational Sept., previous 57.8 Sept.,expected 0.62/0.64 Oct., expected 57.4 down0.1% PayPal Holdings Productivity 0.94/0.61 2nd qtr., prev up 10.1% Consumer Credit Mort. bankers indexes 3rd qtr. prel, exp. SBA Communications Aug.,previous Purch., previous up 3.7% 0.45/0.19 down$7.2billion up 0.2% Waste Management Sept.,expected 1.02/1.19 Refinan., prev. Unitlaborcosts up$8.3billion up 3% 2nd qtr., prev up 9.0% Tuesday 3rd qtr. prel, exp. Earnings expected* Factory orders Int’l trade deficit down 9.6% Estimate/Year Ago($) Aug., previous up 0.7% in billions CVS Health 1.33/1.84 Sept., expected up 1.0% Aug., previous $67.1 Earnings expected* Sept., expected $63.4 Estimate/Year Ago($ Hershey 1.73/1.61 Marriott International Earnings expected* Becton, Dickinson REGISTER NOW Estimate/Year Ago($) Earnings expected* 2.52/3.31 (0.08)/1.47 Eaton 1.05/1.52 Estimate/Year Ago($) Bristol-Myers Squibb Ventas (0.08)/0.23 CYBER.WSJ.COM Emerson Electric Eversource Energy 1.49/1.17 ViacomCBS 0.79/0.95 0.95/1.07 1.02/0.98 Dominion Energy Zimmer Biomet Exelon 0.87/0.92 Match Group 0.48/n.a. 1.00/1.18 1.07/1.77 ©2020 DowJones &Co. Inc.All rights reserved.3DJ8150 * FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)  ADJUSTED FOR STOCK SPLIT NOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF ECONOMISTS P2JW307000-0-B01000-1------XA

B10 | Monday, November 2, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Payments Some BrewersWatch Companies Lockdowns in Europe Give Credit Threeofthe world’slargest brew- Shareoftotal beer volumes from ershad good news about the global Western Europe To Debit beer market last week.Further 40%

S progressdepends on barsand res- taurantsstaying open, though, and NEW

G thingsdon’t look positiveinEurope. U.S. spending on cards Budweiser’s owner Anheuser- 30

jumps during pandemic OOMBER Busch InBev, Heineken and Carls-

/BL berg all beat analyst expectations

LEY forthe amount of beer sold over the

FO 20 Thequestion of whether consum- summer,according to third-quarter

ersare spending has different an- PETER results. AB InBev and Carlsbergare swers depending on whereyou look. People are more often using contactless tap-to-pay when they shop. also recovering profitsfaster than Spending on credit cards? Down. anticipated. Heineken made less 10 Spending on debit cards? Wayup. U.S. debit and credit card purchase drive debit’s share gains versus progressonmargins,but the com- Debit has been the herofor many dollar volume at Visaand cash. “We’re not going backwards pany’snew bossplans to cut costs. paymentscompanies this year.Card Mastercard, quarterly to more cash usage,” said Autono- Thegeneral pictureisthat de- 0 networks as well as acquirersthat mous Research analyst Craig Mau- mand forbeer is resilient.Once handle paymentsfor merchantsre- Debit Credit rer, suggesting it is likely that “the lockdown restrictions were lifted, CarlsbergHeineken AB InBev ported similar trends.AtVisa and $1.50 trillion majority of new habits will stick.” consumersreturned to barsand Source:Jefferies Mastercard,U.S.debit-carddollar This will be important as thereis restaurants, albeit cautiously.They payment and purchase volume col- 1.25 evidencepeople maynot keep buy- drank at home with gusto, espe- cases. In Germany, they will close lectively rose 23% year over year in ing online quitesomuch as stores cially in the U.S. Brazil wasanother from Monday. In Italy, they must the quarter ended in September, 1.00 return to normal. AllianceData bright spot—AB InBev shifted25% now shut their doors by 6 p.m. morethan double the pre-Covid-19 Systems,which specializes in offer- morebeer in the quarter than this and in Spain there is a national growth rate;the same measurefor 0.75 ing retailer cards, noted adowntick time last year.Government subsi- curfew after 11 p.m. credit cardswas down 8%. in certain online spending from the dies in the South American country Heineken, which sells 34% of its Investorsshould understand the 0.50 second quarter as morestoreswere put cash in consumers’ pocketsand total beer volume in Western Eu- driversofthis to getasense of open in the thirdquarter,while in- would continue to do so forthe rope, according to Jefferies, will 0.25 whether this volume is sustainable. storespending jumped. rest of the year. be hit hard. Carlsberg does even Forone,payment firms arereport- 0 Another thing that maydrive Big brewers have done a good more business in the region. AB ing that people aremoreoften us- debit-cardusageamong younger job adapting to the massive shift InBev, the global leader, has low ing contactlesstap-to-pay when 3Q 2019 4Q 1Q ’10 2Q 3Q customersisthat morefinancial- toward beer drinking at home. In exposure at 5% of beer sold. they shop in stores,perhaps to min- Source:companyreports technologyfirms areoffering them. this battleground, the largest play- Unfortunately,some of the busi- imizetouching amid the coronavi- Even cryptoplatform Coinbase ers appear to be edging out nessthat will be lost is high qual- ruspandemic.These areoften pur- lead to more debit usage. launched anew debit card last week. smaller rivals. ity.Sales made in European bars chases forrelatively smaller dollar Sincecredit’sstronghold—cross- One illustrativemeasure: Cardtron- Nielsen datashows that AB In- and restaurantsare moreprofitable amounts, which tend to be put on border travel—isn’t coming back ics,which teams with fintechs to Bev and Heineken areboth gaining than purchases in grocerystores. debit cards. Thereisalso morecard soon, strength in debit will be vital provide their cardswith ATMaccess, market shareinthe U.S.,while Mol- Even if home drinkersdopick up use in online shopping foreveryday forvolume.Visa and Mastercard noted that third-quarter withdrawals son Coorsand Boston Beer areslip- the slack,margins won’t recover thingslikegroceries,which likewise aretrying to push debit intomore via those partnerswereup200% ping.The pictureissimilar in Eu- until social venues do.ABInBev is areoften debit purchases. realms,for example by linking their sincethe beginning of the year. rope and probably reflectsmore fortunatethat supermarketssales Economic stress plays a role, instant-payment debit networks Most payment providerswon’t powerful supply chains that can arealmost as lucrativeasbar de- too. Some consumers may have with apps such as PayPal Hold- mind if the debit habit sticks—so meet supermarkets’ thirst forstock. liveries in the U.S.—itsmost impor- been cut off from credit by lenders ings’Venmo and Square’s Cash long as people areusing their net- Big companies also have more tant market—but this isn’t the case tightening their underwriting. Oth- App,tohelp movemoney faster works in some form. But it could funds to invest in e-commerce. in other places wherethe company ers simply like to use credit less between digital accounts. become along-term drag forbanks The outlook for the fourth quar- has abig presence, such as Brazil. during times of economic uncer- If no additional stimulus ar- and lendersthat provide credit. For ter is less rosy, especially for com- Home drinkers are salvaging tainty. Government stimulus is rives, and there is no major re- now, lendersand investorsmay be panies that do a lot of business in sales this year for the world’s also a factor: Many stimulus pay- bound in card-based travel-and-en- OK with limiting their credit risk. Europe. Bars and restaurants megabrewers. The fate of hard- ments are made via prepaid cards tertainment spending, debit- But eventually they will really need across France shut on Friday after pressed bars and restaurants in re- that work on debit rails. What’s volume growth could come under those high-yielding card loans to President Emmanuel Macron an- gions like Europe will decide what more, stimulus payments pad peo- pressure. One key will be the stick- grow in alow-interest-rateworld. nounced a month of lockdowns to happens to their bottom lines. ple’s checking accounts, which can iness of contactless, which helps —Telis Demos arrest a second wave of Covid-19 —Carol Ryan MARKETS Bitcoin Rebounds to Near Three-Year Highs

BY PAUL VIGNA Bitcoin price Performance, year to date Market value of bitcoin market founded by Interconti- compared to other markets* nental Exchange Inc., has $15,000 While stocks,oil and gold Bitcoin been attracting traditional prices careened last week,one +90.3% hedgefunds and trading firms asset set newhighs forthe 80% and even morerecently main- year: bitcoin. 10,000 Nasdaq -U.S. stream brokeragehouses,said Thepriceofthe digital cur- Bakkt President Adam White. rencyhas surgedabout 90% in $16.4 “They’retaking ahardlook trillion 2020 and traded as high as 5,000 at crypto and bitcoin,” he said. $13,848 on Tuesday, according Bitcoin’spotential use as a to CoinDesk.That is the high- 60 payment option gotaboost ear- estlevel sinceJanuary2018, lier in October when PayPal when bitcoin wascoming down 0 Inc.said it would allowusersto Japan Exchange Group from itsrecordof$19,783 set 2018 ’19 ’20 directly buy and sell bitcoin in in the previous month. their digital wallets. In 2021, it Manyinvestorsagree the planstoexpand the serviceto renewedsurge of interest is 40 6.1 Venmo and allowthe 26 million tied to bitcoin’spotential as a merchantsthat use PayPal to hedge against inflation. accept bitcoin forpayment. Bitcoin’sproponentshave These developmentsto- touted that prospect foryears, Deutsche Boerse AG gether have helped push bit- mainly because the bitcoin net- Gold coin’stotal market value up to 20 futures work has aset limit on the 2.1 about $255 billion from about number of unitsthat canbe +23.6% $130 billion in January. created: 21 million. With the To be sure, those inflows coronavirus pandemic wracking Taiwan Stock Exchange aremodest compared with the economies acrossthe globe, wider capital markets, where governmentsand central banks U.S. stocks alone arevalued at S&P500 1.3 have been forced to spend tril- 0 nearly $52 trillion. But forthe lions to prop up their econo- +1.2% smalldigital-currencymarket, mies while sapping the purchas- BolsaMexicana de Valores it is notable. ing poweroftheir currencies. 0.3 Thequestion forthe bitcoin That hasrevivedfear that infla- market is the degree to which tion will ramp up in the coming Bitcoin those flowswill continue to years, and that fear is winning –20 increase.For all the feel-good bitcoin newconverts. Jan. March MayJuly Sept. 0.2 news, there are still substan- Some of them include pub- tial question marks. licly traded companies. Forexample,evenwith Pay- Square Inc., which allows us- Palopening bitcoin up to mer- ers to buy bitcoin on its Cash 15,000 contracts chants, theremay not be much App,bought $50 million of the demand foritasameans of digital currency in October to Trading volume of bitcoin monthly futures contracts on Bakkt,daily payment, especially in the U.S. use as ahedging instrument in 10,000 That is because the Internal its corporate treasury. Revenue Servicehas stepped up Virginia-based software pro- itseffort this year to treat bit- vider MicroStrategy Inc. made coin not likeacurrencybut like asimilar playearlier in the 5,000 asecurity,forcing userstopay year,buying about $425 million capital-gains taxesonany trans- of bitcoin to hold in itscorpo- action that resultsinagain. rate treasury. Chief Executive 0 Moreover,bitcoin’sclaim as Michael Saylor said in August ahaven asset or inflation that the companyexpected gov- Oct. 2019 Jan.’20 MarchMay July Sept. hedgehas yettobeproven. ernment responses to the pan- Sources: CoinDesk (bitcoin); DowJones Market Data (performance); World Federation of Exchanges (market value); Bakkt(trading volume) *Asofthe end of September For one thing, it has been demic to have adepreciating ef- around foronly about 11 years, fect on fiat currencies andsaw marketsand custody services. Wise Asset Management. “Then June, Mr. Hougan said. Thecompanysaid Wednesday and formost of that time,it bitcoin as aviable alternative. Although the Securities and youhad the sharp catalyst:the Thelargest seller of crypto- that itsassetsunder manage- has been ignored by the main- Attracting newinvestors ExchangeCommission has yet response to the pandemic and based investment products, ment had grownto$7.6billion. stream and viewedacuriosity hasbeen along-sought goal to approveabitcoin ETF, concerns about inflation.” Grayscale Investments,re- Options activity is increas- forrisk takers.Ithas no record forthe cryptoindustry. Since other services areinplace. BitWise,which offers ported third-quarter inflows of ing,too.Inlate2019,for exam- as awide-scale asset class. the2017bubble popped,the And investorsare beginning to crypto-based indexfunds to fi- $1 billion intothe trust-fund ple,the number of bitcoin fu- Also,inflation maysimply bitcoin industryhas been try- embrace them. nancial advisers, hedge funds productsitsells in the over-the- tures contractstraded on the fail to take off no matterwhat ing to build out an infrastruc- “You had all these rails for and family offices, saw its as- counter market, raising itstotal Bakkt platform averaged about central banks do,much as it turefor professional investors, institutional capital to come setsunder management rise to assetsunder management to 1,300 aday.BySeptember,that has for the past decade or so. creating everything from ex- in,” said MatthewHougan, $100 million as of Wednesday $5.9 billion. That growth has ac- averagehad grownto8,700. That would undercut bitcoin’s change-traded funds to options chief investment officer at Bit- from about $70million in celerated in the current period. Bakkt,abitcoin options use as a hedging tool. P2JW307000-0-R00100-1------XA SMALLJOURNBUAL REPORSINET SS

Goosefeather sous chef Sam Pak at work. Covid-19 has forced the restaurant to adapt quickly. JOURNAL REET ST LL WA THE R FO Y GOR GRE PHER TO CHRIS

or Chef Dale Talde,itlooked likeit This is the tale of two restaurants—Goosefeather, wasgoing to be agreat year. and Hangar BinMassachusetts—thathope to be Last September,hehad opened a among those survivors. Their experiences over the fine-dining restaurant, past eight unprecedented months provide an inside Goosefeather,inNew York’sHudson HowTwo look at whatsomanyrestaurantshavebeen RiverValley, and it wasasmash: through—the financial hitstheyhavetaken, the emo- Fans of Mr.Talde,who rose to fame tional toll on everybodyinvolvedand whattheyare on “TopChef,” sought out the res- Restaurants doing to stay in business. taurant forits Hong Kong-inspired fare, signaturecocktails and hip am- bience. Mr.Talde projected thathis Have Goosefeather sales would rise by $300,000 each Fine-dining restaurantshavebeen among those hit the F month during June,Julyand August. hardest in the pandemic. “Takeout and delivery” was “Then March came,” he says, “and com- neverontheir radar screen: Precision-cooked meats pletelywiped out” those sales. Survivedthe and delicateingredientslose flavor and quality in Forrestaurants, of course,keeping businessgoing plastic containers, and high-margin alcohol and des- amid closures,lockdowns and ever-changing regula- sertsales arelargely impossible. “Forthe sit-down options around Covid-19has been atitanic struggle. Pandemic. erators,” says AlexSusskind, director of the Cornell Manyhaveclosed, and manyothersare just trying to InstituteofFood and Beverage Management, “they’ve hang on, oftenbyrethinking everything theydo. had to reimagine everything.” Between March and September of this year,sales at So Far. Goosefeather offersavivid illustration. Mr.Talde, eating and drinking establishmentsplunged 26.9%to agraduate of the CulinaryInstituteofAmerica, $327.6billion, compared with $448.1 billion during the helped open famed sushi restaurant Morimoto, where same period in 2019,according to the U.S. Census Bu- he worked as sous chef beforelanding on “TopChef” reau. By April, morethan 8million restaurant employ- in 2008.Goosefeather representsthe firstventure ees had been laid off or furloughed, according to the They are rethinking everything they do. with his wifeand businesspartner,Agnes. National Restaurant Association. And then rethinking it again. Locatedonahill in an 1840s-eramansion in Tarry- What the industrywill look likeatthe end of the town, N.Y.,aspartofthe luxuryhotel and event space pandemic is anybody’sguess. Some experts have esti- BY SUSAN KITCHENS TarrytownHouse Estate, Goosefeather sought to bring matedthatsome 30% of restaurantswill close for urban chic to the countryside with eclectic décor. Boosted good; otherssay closer to 50%. PleaseturntopageR4

Inside Speaking Out Reading Listen Up Big Opportunity What happens when Ahead small businesses take So, you want to About Face be an audiobook Howdoyou go a public stand on the Small-businesspros narrator? Know from no sales to presidential race? Here pick the bestbooks this: It isn’t as to read forguidanceon 12 million since are some owners that launching and running simple as reading April? Make took the step. R2 acompany. R7 out loud. R8 masks. R10 P2JW307000-0-R00200-1------XA

R2 | Monday, November 2, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | SMALL BUSINESS

Guy Berkebile with a sign near his Pennsylvania business; Rebecca Tax boosts Biden at her Virginia deli. The pictured sticker was recently stolen.

Just 10 miles away, in Old Forge, Pa., Trump supporter Tony Torquato isn’t shy about posting a Trump banner and yard sign outside his company, Torquato Drilling Accessories. Mr. Torquato, who is one of the few Republicans to ever be mayor of Old Forge, says he supports Mr. Trump because “he made promises and kept them.” What’s more, he notes, Mr. Trump is very supportive of the fracking industry, in which Mr. Torquato works. Mr. Torquato doesn’t think that the Trump signs help or hurt his business. “I believe in this guy, and I’m not afraid to put it out there,” he says. But if his company, which has six employees, actually depended on walk-in business, Mr. Toquato says, “I’d probably keep my political views to myself.” Similarly, across the state in Som- erset, Pa., Guy Berkebile, president of Guy Chemical, posted a 4-by-8-foot “Trump Loves Energy” sign back in June—and a group of his 170 employees even built a frame for the sign. Vice President Pence visited the company this summer, toured the facility and gave a speech in the parking lot. Mixing Business and Politics As for the sign, Mr. Berkebile says, “I think it’s had a net-zero effect on our business.” Guy Chemical doesn’t do retail trade, but he says he can’t Some entrepreneurs proudly display their proudly that they are losing business think of a single instance where his because of it. Republican leanings helped or hurt political passions. But is it wise? The 14-by-48-foot “Trump 2020” his business. billboard outside JABS Fireworks Mr. Berkebile says he wouldn’t per- BY BRUCE HOROVITZ store in Dillion, S.C., hasn’t caused sonally shun doing business with a any problems yet, says owner Con- company that supported Mr. Biden, ebecca Tax isn’t shy about ner Bracey. His digital billboard, “though I might engage the business her politics—or making which faces the southbound lanes of owner about why they support him.” those beliefs clear at her 52% I-95, rotates between paid ads and In Falls Church, Ms. Tax recently business. Of small-business nonpaid ads—and intermittently dis- engaged with a customer about poli- At Lazy Mike’s Delicates- owners think plays a “Trump 2020” message that tics—albeit without saying a word on sen, the Falls Church, Va., candidates aren’t Mr. Bracey posts at his own expense. the subject. When a man wearing a discussing issues Rshop that she co-owns with “If IthoughtIwas losing custom- “Trump 2020” face mask recently important to them brother, David Tax, Ms. Taxplaced a 6- ersoverit, I’dtakeitdown. But no walked into Lazy Mike’s, she strapped as owners inch Biden-Harris sticker on an entrance one has commentedone way or the on her “Dump Trump” face mask and and a second sticker inside near the other,” says Mr.Bracey,who says he politely delivered the customer’s food. menu board, despite misgivings about 59% put the Trump sign rightbyhis store “My intention was not to antago- potentially antagonizing Republican- Think the election because he likes whatMr. Trump has nize him but to let him see that leaning patrons. will have a big done forthe country. someone who supports Joe Biden Someone peeled the sticker off the impact on owners can be a respectful and hardworking door days after it was placed there. Re- person,” she says. The customer had cently, somebody stole the second Sandwiches and signage no visible reaction to her face mask, sticker. So, “we did finally take the In Scranton, Pa., where Mr. Biden and the only conversation they had, plunge” and place a Biden/Harris sign grew up, Tom Owens is proud to after Ms. Tax asked him if she could out front, Ms. Tax says. “It can be very polarizing,” says post a “Biden for President” sign out get him anything else, was about re- The thefts didn’t completely surprise her. The Facebook page of Laura Ries, marketing strategist at in front of the small restaurant he filling his Diet Coke—which she did. another restaurant she and her brother own received a torrent of the Ries consulting firm in Atlanta. owns, Hank’s Hoagies. There is also a The presidential campaign isn’t the pro-Trump social-media backlash immediately after this message “Why cut off half of your potential life-size cutout of Mr. Biden that has only way she expresses her political was posted (and then quickly removed): “Vote for Civility.” customers?” been in the store for about 10 years views.Outside of Lazy Mike’s, an For some patrons, though, her politics are a draw. Mimi Dash, a Katie Delahaye Paine, whose Dur- since Mr. Biden occasionally stopped American flag flies with apeacesign retired teacher, former union organizer and registered Democrat, ham, N.H., company, Paine Publishing, by for an Italian hoagie back when replacing the stars. The other Falls says her top reason for eating at Lazy Mike’s is its commitment specializes in measuring the financial he was a senator, then switched to Church restaurantshe owns with her to social justice. At the same time, Ms. Dash says, she would impact of public relations, says, tuna sandwiches. brother,Clare&Don’s Beach Shack, never walk into any establishment that had Trump signage. “I’d “Placing a sign in front of a store is a “Weusually stay out of politics,but has rainbowgay-pride flags. stop going to my own doctor if he had a Trump sign,” she says. lot riskier today than it used to be Ithink this election is tooimportant The restaurant has even hosted because of the polarization of soci- to sit out,” says Mr.Owens,who has “Drag Bingo” nights because it has a ety. Essentially, the business owner ownedthe restaurantfor 23 years. number of gay customers. The nights Passionate but polarizing? is making a statement about their Mr.Owens’s children triedtodis- also are a draw for some straight With Election Dayalmosthere, it shouldn’t be surprising thatthe values and the type of people they courage him from posting the sign customers who like to play along, polarization of the electorateisalso reflected in some small busi- want to attract into the business.” because theythoughtitcould appear says Ms. Tax. nesses,with entrepreneurswho saytheyfeelmorally obligatedto Some very specific businesses to be confrontational to somecus- “We just want everyone to feel let the public knowthe candidatesand issues theysupport.They with clear political resonance to the tomers. But he did it anyway.Noone comfortable in our restaurants,” she areposting signs,raising symbolic flags and engaging with custom- right or the left, like gun shops, could has complainedtohim about it,he says. “Anything I can do with my sin- ersvia social media and in person, promoting the liberal or conser- benefit from partisan or ideological says,but he understands it might gular voice to move us forward is vativepositions thatignitethe owners’ passions. signage, she says. But that is more turn offsome customers. something I’m going to do.” While businesses often don’t believe they lose much, if any, the exception than the rule. Even then, he says, he put up the business because of their public stance, outside experts say it is Still, you’ll never persuade entre- sign “because I feel like this is the Mr.Horovitz is awriter in Falls often a mistake. preneurs who wear their politics most important election of our time.” Church, Va.Email [email protected].

YouCan’t Judge CEOs by Their MoneyWhereYour Mouth Is nies,either.Trustworthy-looking ex- Looks. But People Do,Anyway. Your face canhelp win overnew businesspartners, basedonhow people ecutives had no betterfinancial re- perceiveyour features.Hereisalook at facial geometry and whatis porting or litigation risk than those considered trustworthy: with untrustworthyfeatures, the re- In a study, CEOs and professor at Hong Kong Baptist searchersfound. “Trustworthy-look- Universityand one of four co-au- ing CFOs arenot necessarily related CFOs with trustworthy thorsofthe paper. to trustworthybehaviors,” Prof. features were charged Neuroscientists have long Wang says. lower auditor fees known thathumans perceivesome facial features as trustworthy, such as flatter eyebrows,arounder face and awider chin. Watchyour bias To seehow thatconcepttrans- The bias toward trustworthyfaces BY ALINA DIZIK latedtothe boardroom, the re- wasevidentacrossdifferentback- searcherslooked at headshots for grounds and forbothmen and Earning the trust of your busi- over1,000 chief executives and women, she says,adding thatthe nessassociatesmay be easier if 1,000 chief financial officersfound team controlledfor anumber of fac- youlook the part—whether youde- on Google Images,and mapped tors including auditor tenure, com- serve their confidenceornot. out 68 facial points on each pic- panysizeand each firm’s business Face shape and philtrum: Rounder Chin angle and brows: Wider chins That’sthe finding of arecent ture. Theyscoredthe images on risksand profitability. faceswin out overones thatare more win moretrustthan pointedones, study publishedinthe Journal of four perceived trustworthinessfac- angled, and ashort distancebetween while ﬂatter eyebrows areabetter Rather than going with their gut, Accounting and Economics earlier tors found in psychological litera- the nose and upper lip (“philtrum”) signal than curvedones. people should seek out additional inthis year thatlooked at howfacial ture. createsanimage of trust. formation to have amorecomplete features affectbusinessjudgment. Then the researchersmatched understanding of the other person,

It found thattraditionally trustwor- thatdatawith publicly available Source:Ray Wang of Hong Kong BaptistUniversity, Kevin Hand/THE WALL STREET JOURNAL Prof.Wang says. N thyfeaturescan win overpeople in audit information forthose execu- Understanding these human ten- TO newprofessional relationships—but tives’companies.The reasoning: dencies is keyfor face-to-face busi- PEL AH those positiveassessments often Auditorsbase their fees in part on The results: Executives with trust- tiatedafter the first year,the nesstransactions.“Human facial ap- ELIJ turn out to be misleading. the integrityofacompany’sman- worthyfeatureswerecharged5.6% differencedecreasedtoanaverage pearancewill be the first signal agementteam—and part of thatis lowerfeesonaverage in the first of 2.5%. (The researchersdidn’t when yousee the people and may GERBER;

aface-to-faceassessmentofexec- year of engaging the auditor,the find adifferencebetweenCEOs influenceyour subsequentdecision- A

‘Superficial clues’ utives,the researcherssay. researchersfound, even though the and CFOs in howfacial trustwor- making,” Prof.Wang says. SHU JO

“Wheneverthe information is lim- So,intheory, executives with firms didn’t have betterperfor- thinessaffectedfees.) P: ited…people makedecisions on su- trustworthyfeatureswould sway mancethan those with “untrust- Facial features didn’t predict the Ms.Dizik is awriter in Chicago. TO perficial clues,” says RayWang, a auditorsand get chargedless. worthy” executives.For fees nego- futureperformanceofthe compa- Email [email protected]. OM FR P2JW307000-0-R00300-1------XA

THE WALL STREET JOURNAL. Monday, November 2, 2020 | R3 P2JW307000-0-R00400-1------XA

R4 | Monday, November 2, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Monday, November 2, 2020 | R5 JOURNAL REPORT | SMALL BUSINESS

Goosefeather went from ingsbetween $20,000 and Covid, Ms.Shields could serve knowhow she’ll do it. four dining rooms, each $70,000. up to 300 people in her dining Looking ahead, Ms.Shields about 600 square feet, to In earlyMarch, as the coro- room, turning some tables as says she is “very concerned” 8,000 square feet outside. navirus struck and showedno manyas10times.Because of about the cooler months.The Inside, there is “a vibe, an signs of subsiding,Ms. Shields Covid restrictions,she waslim- fall, she says,isatime when atmosphere,” says Mr. facedasobering prospect—los- ited to seating only40people Hangar Btypicallygetsresidual Talde (below). Outside, ing businessduring her peak at anyone time,all outside. business” from weddingsorcor- “there’s very little energy.” season. Though Hangar Bis What’smore, turn times were porateeventsatareahotels. open all year,nearlyhalf of its much slower, given the time it “We getthe spilloverbusi- revenue and all of itsincome takestosanitizeatable and ness, likethe breakfaststhe next come during the summer tour- seats,aswell as to travel up day,” she says. “None of that ist months. and down the stairsfromthe stuff is happening now, and that Ms.Shields’s reserves began kitchen. makes me nervous.” to rundry—then, just in time, And her servershad it In addition, she says that Massachusetts announced that rough. Tips were waydown, Cape traffic has sloweddramati- takeout restaurantscould re- and she boosted their salaries cally, citing restaurantsand ho- main open. Ms.Shields decided to compensate.Other times,she tels closing earlier this year for to boxupmeals instead of de-escalatedsituations between winter than theyotherwise shuttling them to tables. serversand customerswho would. But this newapproach pre- didn’t want to wear masks. “I, likeeveryone else,am sented challenges.Asdinersor- Then, in mid-July, disaster bracing forwhatistocome with dered onlyonline,therewere struck:Stories began spreading the onset of fluseason and po- no opportunities forserversto thatrestaurant workersinthe tential additional restrictions,” boost sales by suggesting high- area mayhavebecome infected. she says. margin items.And as sales Although nobodyatHangar B But Ms.Shields says Hangar B sagged, she wasn’t bringing in had tested positive, Ms.Shields will continue offering takeout enough cash to payher staff. closed the dining area fortwo with online ordering,and she At thatpoint she had only weeks out of caution. doesn’t regret the decision to one employee, the chef.Ashe Thereputational hit only stay open: She believesthathad prepared meals,Ms. Shields added to the financial damage she closed, it would have had a washed potsand pans and, from Covid. Forthe year negativeimpact on the overall Mr. Talde spent with the help of volunteers, ran through September,Ms. community’s ability to do busi- about $20,000 on food forcurbside deliveries. Shields brought in about ness. Goosefeather’s Some menu items had to $384,000 in sales—a29% drop And perhaps moreimportant, change. “One of our typical from the same period last year. she is motivated by providing for reopening. Half higher-priced bestsellers, eggs By the end of September,her her son, Booker—the BinHangar went toward ‘an Benedict, Isimplyrefuse to of- net lossfor the year was B. “Iwant to showhim thatyou ferastakeout,” she says. $81,790. don’t just giveupbecause it gets insane amount of “Poached eggs and hollandaise Normally, Ms.Shields says, hard,” she says. gloves’ and do not travel well in boxes.” In- she would “have apile of cleaning supplies. stead, she has transformed $60,000 or $70,000 in cash go- Ms.Kitchens is awriter in Hangar B’sCrabBenedict intoa ing intowinter.” Instead, she Connecticut. Email Crab CakeBreakfast Sandwich; has loans to repayand doesn’t [email protected]. listed menu priceis$20,and then-husband in 2010.Located she netsabout $2.70per sand- on the second floor of the wich. wood-shingled Chatham, Mass., Paycheck Protection Program municipal airport, the restau- moneycame through at the end rant grew in popularity thanks of April to put toward salaries, to meals likethe $12 Pilot’s and Ms.Shields capped her Breakfast—two eggs, fried red ownpay,usually$52,000 a potatoes and bacon or sausage. year,at$14,000.Bynow, In the boisterous,family- though, her cash cushion was friendlyatmosphere, staff gone.She began charging her membersgreeted regularswith credit card forfood purchases bear hugs; children watched and packaging. airplanes take off and land In anticipation of opening, through picturewindows. Ms.Shields used aloan from Ms.Shields says she commit- the Small BusinessAdministra- tedtopaying her year-round tion foranoutdoor-dining kitchen staff higher wages(now setup and other goods.When averaging $22per hour) than the loan moneyran out, she manyarearestaurants. She also onceagain put chargesonher uses ingredientsthatare as lo- credit card,amounting to about of complexity.Given the distance calaspossible.For these rea- $30,000. The Tale of TwoRestaurants from the kitchen to the tables,it sons,she says “my pricing isn’t In late June,restaurants takes “four times as long,” Mr. considered super-affordable.” were officiallyallowedtobegin Talde says,for dinerstoreceive Hangar Bbecame so popular reopening.AlargerSBA loan— their meals at the tables closest thatthe restaurant began sell- for$62,200—helped her pay to the kitchen; double thatfor ing merchandise emblazoned back some vendorsand her ContinuedfrompageR1 meal cost between $70and $80. were likearoller coaster. and sanitizetables,and employ- the tables farthest away. with Hangar B’slogo. In 2019, credit card,and add aposition by social media, Goosefeather wasahit from the “To charge lesswould go against In June,New York stateal- ees and guestsalikeget their Properlysanitized tables re- thatbrought in about $63,000, foranother full-time server,up- outset. whatweweretrying to do,” lowedrestaurantstoreopen on temperaturechecked beforethey quire10minutes of drying time roughly10% of totalsales.For ping her employees to nine. Dinersflocked to the restaurant, with many which is to offer high-end take alimited basis.Mr. Talde canenter.Between costsfor PPE, beforeclean tablecloths canbe the past decade,revenue has But the newoutdoor ar- taking adetour to the bar forasignaturecock- out, he says. “We weren’tthe rushed to set up newoutdoor staff training and extraequip- laid. Mr.Talde estimatesthatta- been fairlysteadyatjust under rangementsbrought frustra- tail, such as the $18 Interstellar,made with ‘feed the familyfor $30’ midday seating,and prepped the 50 ment needed to operateout- bles sit empty foratleast 20 $700,000,she says,with earn- tion. On atypical busyday pre- spiced rumand lime,plus framboise,fino pizza break.” seats inside thathewas al- doors, Mr.Talde estimateshis minutes between guests, versus sherryand chocolate mint. In the earlydaysofthe pan- lowedtouse. losses sincethe pandemic perhaps 30 seconds or aminute Goosefeather’s dishes,averaging about $30 demic,Mr. Talde himself deliv- He also needed to beef up his startedare in the lowsix figures. pre-Covid. forthe family-style entrees,reflected amodern ered the meals.After afew staff,hiring about eight new Very little wasasMr. Talde Despitethe tumultuous days, take on traditional Cantonese fare, highlighting weeks,though, Mr.Talde turned workers. “Some weeks,you feel had envisioned. Goosefeather Mr.Talde says thingsare begin- Ms. Shields found herself de-escalating dim sum, noodles and Chinese barbecue.Mr. to Uber Eats or Grub Hub forde- good about whereeverything went from offering intimate in- ning to look up.Sales climbed tensions between her servers and Talde says sales were robust forastartup,with liveries.Heabsorbed most of the is,” he says. “Then the weather door seating in four dining  throughout the summer and customers who didn’t want to wear profit margins at about 10%. deliverycosts, he says. turns,and you’re leftwonder- rooms,each at about 600 square Devin Curran at have continued upward in the By earlythis year,hesays, Goosefeather was Luckily, he says,morethan 90% ing if you’re going to makeit feet, to asprawling lawn space, Hangar B’s fall, he says.Outdoor events, masks at the tables. turning aprofit, and summer looked evenbet- of businessinMarch through June through this.” at 8,000 squarefeet, roughlythe takeout window. such as wine tastingsonthe es- ter: Every weekend through October was involved customerspicking up. Mr.Talde figureshespent sizeofthree tennis courts. “What Forto-go orders, tate lawns,haveprovedsuccess- booked with wedding celebrations or rehearsal Despitethis flurryofbusi- about $20,000 on we do in the restaurant business some dishes ful. And some of those who had dinners. These five-figureeventsare moreprof- ness, spending outpaced in- Goosefeather’s reopening.Half is we build avibe,anatmo- thatdidn’t reserved weekend datesfor wed- itable than straight dinner service, with 20% come.Meanwhile,every sum- thatsum went toward “an in- sphere,” Mr.Talde says.Outside, travel well got ding celebrations arecoming margins. mer weekend event got sane amount of gloves” and “there’sverylittle energy.” overhauled. back,albeit with smaller parties. Then Covid-19hit. Mr.Talde facedatough canceled. “We absolutelylost an cleaning supplies,including Nearlyevery aspect of running (Sorry,no Now Mr.Talde has spent an- choice: close down, or switch to takeout and de- incredible amount of money,” he special sanitizers. Serversmust arestaurant—from food service poachedeggs (3) other $10,000 purchasing heat livery. Thetask of relaunching such anew ven- says.The emotions,hesays, wear both masks and gloves, to cleaning—had an added layer and hollandaise.) lamps and setting up tables un-

tureafter the pandemic seemed daunting,so JOURNAL der aheatedtent. He will strate- Mr.Talde pivoted to anew wayofdoing busi- gicallyplacewood-burning fire REET

ness, eventhough it would erode his profits. ST pitsfor cooking dishes tableside That meant keeping losses to aminimum. In LL as the weather cools. WA anyrestaurant, the largest costs, employeesala- Eventhough he is beginning to THE

ries and food, canaccount forupto70% of rev- R see the pendulum swing back in enue.Mr. Talde cut his staff of 40 down to five. FO the right direction, he says he re- With onlythree people in the kitchen, versus mains cautious,asheis“not sure

the 15 to 18 he previouslyhad, Mr.Talde knew OUGHLIN whatthe cold weather will bring.” he couldn’t offer everything on the menu. O’L DY

Within aday,heslashed the offeringsroughly CO in half,based on whatwould travel well in to-go containers. Dry-aged beef pot stickersdid OK, GOOD; Hangar B but those with black truffles didn’t hold up.And ALL Hangar B,arestaurant in Cape rather than listing two dozenappetizer and en- Cod, Mass.,depends on spring-

tree options,hegrouped items intocomplete JOURNAL; break and summer vacationers meals—in part, away to streamline the cooking to drivebusiness. Needlessto REET

process. ST say, the pandemic has been “We wanted to offer amenu thatwas diverse LL pretty devastating. enough, but it wasalso about whatwecould ex- WA Owner TracyShields spent a THE

ecute,” Mr.Talde says. R decade working front-of-house FO

He didn’t cut prices on the newmenu—each Y jobs—as aserver or hostess—be-

GOR fore starting Hangar Bwith her GRE PHER Every summer TO CHRIS weekend event Mr. : Tracy Shields (top right) LEFT used a Small Business P

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amount of money.’ OC charges on her credit card. CL P2JW307000-0-R00600-1------XA

R6 | Monday, November 2, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | SMALL BUSINESS

time is spentwriting, whether emails or blog posts. Being able to write moreeloquently,concisely and per- suasively would makehis job easier. “It would have helped me quitealot with marketing, creating some of my own content and working on building my brand,” Mr.Vu says.Heuses ghostwriterstowrite blog posts under his byline thathe helps create,but would liketobe able to writethem himself. “While it’seasier than evertofind aghostwriter,itwould be greattosit down and write my owncontent, sharemy ownthoughtsand have my ownpersonal blog.”

Communications

Amal Radhakrishnan,co-founder and CEOofParkaze, aBoston-basedtech startup,got his master’sdegreein computer sciencefromBostonUni- versityin2019. But Mr.Radhakrish- nan—born and raisedinIndia—says a communications-focusedcourse would have helpedhim adapttoU.S. networking practices,sohe’dbebet- teratsmall talk and mingling at networking events. “Effectivenet- working is essential to every entrepreneur,yet it is astruggle formanyof us,” he says.

consumer-buying behaviors, so she could writecopythatwould lead to Financial management If I Could Redo College... moreclicksand morepurchases. Such aclasswould help her Margaret Geiger,who runs public-re- “betterlearn whatimpacts lations agency Twelve31Media in Lit- decisions and howtobetter tle River,S.C., gotadegreeinher field Entrepreneurs disclose which courses they wish they had taken understand whatisgoing from the UniversityofSouth Carolina on in acustomer’s mind in 2013.But she didn’t realizeentre- BY KELLY K. SPORS when theyare browsing a preneurship wasinher future, so she websiteorconsidering nevertook businesscourses.Looking ttakes adiverse setofskills to be an howhepaysthe sales forceathis buying aproduct,” she says. back,she says,acourse in financial entrepreneur.And alot of founders company, NAMU TravelGroup, based managementwould have helpedwith wish theyhad learnedthose skills in in SanJose,Costa Rica. budgeting, forecasting and tax issues, school—instead of on the job. Coding things she has had to teach herself Whether taking on anew role at the along the way. “Of course, you companyorfacing an unexpected Managerial psychology Savannah Enright of Queens,N.Y., can invest in programs Idownturn, entrepreneursare constantly owns Modern Muslim Market, an on- like QuickBooks, but it’s facedwith situations theyweren’t trained David Shove-Brown,co-founder of line marketplacefor Muslim art and good to have the overall to handle.Looking back,manyofthem say Washington, D.C., architecturefirm home décor. She gotabusinessde- financial-planning exper- the rightcollege courses mighthave pre- 3877 Design, took afew general psy- gree in design and managementfrom tise,” she says. pared them to navigate the tough times. chology electives while pursuing his the Parsons School of Design in We asked severalbusinessownerswhat One exec architecturedegreeatCatholic Uni- 2007and amaster’sofbusinessad- classes theywish theyhad taken and why. needed help versityinthe 1990s.But nowthat ministration from Baruch College in None Here’show theyresponded: managing his firm’s 25 employees is 2013,but regretsnot learning howto with small abig part of his job,hewishes he code.She frequently needstomake Some entrepreneursdon’t think any talk and had taken courses about howtoget websitechanges thatrequireabasic course would have truly prepared Deal making networking: thebestout of people and handle knowledge of coding, such as fixing them forrunning their business. workplaceconflicts. siteglitches thatare slowing down Bret Bonnet, owner of Quality While attending the UniversityofRichmond in ‘It is a While he has learnedmanage- loading time. Logo Products of Aurora,Ill., which the 1990s, Casey Halloran figured abusiness- struggle mentthrough experience, having “I’m constantlyhaving to sells promotional products,isone of administration degree would groom him forany some academic background in mana- go and hiredevelopersto those people.Though he graduated corporatecareer. But acouple of yearsafter for many gerial psychology would help him fixsomething thatis from North CentralCollege,asmall graduation, he and afriend decidedtostart a of us.’ when trying to help resolve conflicts franklyquiteeasy, and yet privatecollege in Illinois,in2003, he travelagency focusedonCosta Rica—and he in the workplace—or head them off. Ijust don’t have thattool says he wishes he had skippedcol- discoveredsomething missing from his skill set. “How do you move for- set to do myself,” she says. lege altogether and juststarted his “Iwish Ihad takencourses in ward so you don’t just end businessrightafter high school. He deal structures,basic negotiations up reliving the same prob- took manybusinesscourses in col- and howtodesign and writegreat lems?” he says. Creativewriting lege,but mostofwhatheneeded to win-win agreements,” he says. knowtogrowhis businesscame “This is something small-business Dennis Vu,co-founder and CEOof from experience. ownersdoevery day.” Consumer psychology Ringblaze, an Irvine,Calif., provider of “I really do feel that just He sometimes feels at adisadvantage nego- business-phone solutions,wishes he getting into it and doing it tiating and structuring terms foreverything Kristine Thorndyke,who gotamar- had taken acreative-writing course is the best way to learn,” from agreements with traveland hospitality keting degree from Indiana University while getting his undergraduate de- he says. vendorstocontracts with his employees and in 2013,runs an online test-prep gree in businessadministration and contract workers. Due to financial challenges companyfromChina, Test Prep M.B.A. from California StateUniver- Ms.Spors is awriter in St. Louis stemming from the pandemic,he’shad to rene- Nerds. Nowshe wishes she had sityatFullerton about eightyears Park,Minn. Email gotiate severaldeals, includingrestructuring of taken courses on the psychology of ago. He estimatesabout half of his [email protected].

Early Success With aCrowdfunding Campaign Sounds Great. But It Isn’t.

When a campaign starts off fast, who wrotethe paper with Leilei Gao subsequent backers are less likely of the Chinese Universityand Yael to contribute, research shows Steinhart of TelAviv University.

BY JUDITH CROWN Suspicions up front Beware of early crowdfunding success. Prof.Fan testedthe conventional Thatisthe finding of astudy publishedinthe wisdom by scrapingdatafromaChi- Journal of Consumer Research in April. When acam- nese crowdfunding websitefor 902 paign getsalot of large donations at the start—say, projects launchedbetween2011and $100,$250ormore—backerswho come along soon 2014.The platform allows fundersto afterare less likely to contribute. Why? Theylikely log in through their social-media ac- infer the big moneycame from friends and family of counts, which enabledProf. Fanto the entrepreneur and doesn’t sayanything about the determine whether early big dona- qualityofthe product,the researcherssay. tions came through the entrepre- Thatcould put the entireeffort at risk,since neur’s socialnetwork. prominentcrowdfunding platforms such as Kick- The exercise establishedthatlarge starter operateonan“all or nothing” basis,meaning contributions at the start of acam- entrepreneursget no fundsiftheydon’t meet fund- paign were largely from friends and Backers infer ever,the “small predicts large” effect and family forsupport,especially in raising goals. family—and thatdynamic seemedto big, early is significantonly in the first week of the early stages of acampaign. Solicit- Conversely,ifafunder sees the majorityofearly discourage other backersfromdonat- contributions acampaign, the study found. ing alarge number of small contribu- contributions areinrelatively small amounts—say, ing, Prof.Fan says.Projects with came from tions through acrowdfunding platform $10or$15—thereislessofaninferencethatthe greaterpercentages of small contri- friends and maybeamoreeffectivemeansof giversare friends.The funder is morelikely to treat butions early on were morelikely to family—not Be cautious in reaching out building early momentum. those donations as if theycame from objective achieve their goals.Theyendedup objective The researchersconfirmedtheir find- The findings could be applicable to SE

strangerswho seevalue in the project,making back- with an average of 145fundersand strangers. ings through aseries of fiveexperi- other situations such as an online auc- AU ersmorelikely to contribute. raisedanaverage of 49,767 yuan, ments with participantsinthe U.S., tion, whereafew early buthigh bids KR The findings run countertoprevailing wisdom on equivalenttoabout $7,500.Incon- China and Israel who were provided could be interpreted as friends trying JON crowdfunding: start acampaign with abucket of trast, projects with early big contribu- with moneyand hypothetical invest- to purposely raise the bidding price. BY

moneyfromfriends and family to establish momen- tions endedupwith an average of mentscenarios. IONS AT

tum, says Tingting Fan, an assistantprofessor of only 90 funders, and raisedanaver- The results suggestentrepreneurs Ms.Crown is awriter in OakPark,Ill. TR marketing at the Chinese UniversityofHong Kong, age of ¥18,083 (about $2,700). How- should be cautious in asking friends Email [email protected]. US ILL P2JW307000-0-R00700-1------XA

THE WALL STREET JOURNAL. Monday, November 2, 2020 | R7 JOURNAL REPORT | SMALL BUSINESS The Best Books for Budding Entrepreneurs

Business owners and venture capitalists shared the titles that have helped them the most—and why

BY ANN-MARIE ALCÁNTARA

hereare alot of booksout therethatpromise to tell entrepreneurswhattheyneed to know to start and run abusiness. But which ones canreally help getthatnew ventureoff the ground? We asked entrepreneursand venturecapi- T talists to sharesome titles thathave helped them or othersget started—and whytheyweresouseful. The Making of a Venture Deals: Be What Customers The Innovator’s Here’s whattheysaid. Manager: What to Smarter Than Your Want: Using Dilemma: The Do When Everyone Lawyer and Venture Outcome-Driven Revolutionary Book Looks to You Capitalist Innovation to That Will Change by Julie Zhou by Brad Feld and Jason Create Breakthrough the Way You Do Mendelson Products and Business Founders inevitably end up Services by Clayton Christensen playing many roles in addi- Sooner or later, many by Anthony Ulwick tion to running the com- founderswill look to raise Mostentrepreneursaim to pany—a situation that can moneyfromventure-capi- Anyfounder and longtime create newcategories or hinder the development of tal firms—which canbea chief executiveofficer is markets. “The Innovator’s employees and hurt the tough processfor them to alwayslooking forthe Dilemma” tackles the con- company in the long run. navigate.Messrs. Feld and next big product innova- cept of disruptiveinnova- Ms. Zhou’s book covers Mendelson’s book gives tion. Mr.Ulwick’s book out- tion, in which asmaller many of the basics every foundersthe tools that lines an eight-step path companychallenges en- manager should learn and theyneed to understand thatcompanies canuse to trenchedincumbents. It’s a how to make a team feel howtoraise around, even figureout whatthatnext book anyfounder who valued and succeed. if theydon’t have afinan- innovation should be and wants to create anew That nuts-and-bolts ap- cial background, says Mr. howtoget there, by ana- product or experience Blue Ocean Strategy: Delivering proach is why the book Chou of Bradhurst Ven- lyzing morethan 70 com- should read, says ScottCut- How to Create Happiness: A Path gets a recommendation tures. panies. ler, CEOatStockX LLC. Uncontested Market to Profits, Passion, from Alisha Ramos, “This book is essential Entrepreneurscan read Disruptiveinnovation Space and Make the and Purpose founder and chief executive reading thatwill provide the book at anystage of has guidedhis career Competition Irrelevant by Tony Hsieh of No Plans Inc. and opera- an overviewofall of the the companytolearn choices,fromworking at by W. Chan Kim and Renée tor of Girl’s Night In, a life- differentplayers involved more about whatproduct StubHub,amarketplacefor Mauborgne Mr.Hsieh recounts his style newsletter. She says in the capital-raising pro- theyshould launch next or people to buy and sell businessjourneyfrom the book’s advice on topics cess,anoverviewofterm even howtheyshould talk eventticketsonline,to Before starting a business, working in apizza shop to like figuring out the pur- sheets, understanding cap about the currentbrand, eBay,which onceowned every entrepreneur begins at founding and selling pose of a meeting or set- tables,aswell as other says Lo Toney, founding StubHub beforeselling it the same place: figuring out LinkExchange to doing the ting someone up for suc- topics likehow venture- managing partner at Plexo this year.His rationale: what’s missing in the mar- same as chief executiveat cess helped her in her role capital funds work and Capital. Those sites were changing ket—what Mr. Chan Kim and Zappos, which wasac- as a leader. thoughts on negotiation,” establishedindustries. Ms. Mauborgne call a “blue quired by Amazon. “Even as a senior execu- Mr.Chou says. ocean.” The book explores ForMercedes Bent, tive, I learned something Ms.AlcántaraisaWall how companies approached partner at Lightspeed new from this book,” Ms. Street Journal reporter in blue oceans and how others VenturePartners, the Ramos says. “It’s always NewYork.Email can learn from them. book shone lightonpeo- good to go back to basics.” [email protected]. Michelle Cordeiro Grant, ple she workswith, even founder and chief executive though she herself wasa of Lively, which was ac- startup operator. quired by Wacoal Holdings “It wasareally power- Corp. in 2019, says the book ful story of someofthe gave her the inspiration to harddecisions thatfound- become an entrepreneur. ershave had to make,” Ms.Grant,who usedto she says.“As aventure work at Victoria’s Secret in capitalist, Ihave moreem- the merchandising depart- pathyfor foundersand ! ment, sawhow the company whatthey’re going dominatedthe lingerie cate- through.” gory. But she decidedthere wasroom to create acate- Setting ThThefefuturutureoeoff goryofher own, “Leisurée,” priorities to thatcombinedlingerie with reach a goal. leisurewear.“It wasare- smallsmallbusinesbusinesss minder thatIdidn’t have to Seeing past leave the categorythatI people’s love,” Ms.Grant says.“Icould is everyone’s actually build anew market weaknesses. is everyone’s within the category.” Pros learned business these lessons and business. more.

High Growth Handbook by Elad Gil

Manyfounderseventually face amomentintheir company’sjourneywhen they’ll need to scale the companyand think much longer-term about success.Mr. Gil’sbook walks The Hard Thing About foundersthrough some of Hard Things: Building the steps and challenges a Business When they’ll face,such as the There Are No Easy role of aboard, mergers Answers and acquisitions and by Ben Horowitz more. Some of the topics in The Great CEO As the co-founder and gen- the book arelessons Mark Within: The Tactical eral partner of Andreessen Chou, founder and manag- Guide to Company Horowitz, aventurefirm, Mr. ing partner at Bradhurst Building Horowitzrecaps the lessons Ventures, learnedfirst- by Matt Mochary We’reinspired by the ways small businesses have he’s learnedasanentrepre- hand while serving in vari- neur and whatother found- ous roles at Away,adi- As a corporate coach, Mr. metincredible challenges.When small businesses ersneed to understand rect-to-consumer luggage Mochary shares key les- survive, communities thrive. We’reheretohelp. about running abusiness. company. sons founders need to The book is straightfor- During his time at learn and apply in their ward about challenges anyone Away,Mr. Chou had to new ventures. The book Visit our Resource Centeratmutualofamerica.com facesrunning abusiness, says figureout the rightper- helped Ali Kriegsman, co- forinsights into the currentenvironment, or call HarleyFinkelstein, president son to hiretorun one of founder and chief opera- 866.954.4321 forone-on-one support. at ShopifyInc.It“gives practi- the company’sbusi- tions officer at Bulletin, a caladviceand tells true sto- nesses—someone who wholesale marketplace for ries of whatleaderswill come could manage asmall retailers, figure out how to up against, including the pres- businessbut also help it lead the company. “When sure, struggles and howthese grow.The book servedas you’re at a startup, there’s cangiverise to greatness.” areminder thatbusi- so many problems and so He has usedsome of that nesses can’talwaysantic- many things you can focus advice: Hirepeople basedon ipate everything they’ll on, and that was over- their strengths,and don’t get need and optimizefor the whelming for me as an blindedbyweaknesses.“If I future, he says—sohede- early founder,” she says. had let their weaknessover- cidedtostopstressing “This book gives you a Securities offeredbyMutual of America Securities LLC, Member FINRA/SIPC. Insurance products areissued by powertheir strengths in my overthe choicesomuch good road map of prioritiz- Mutual of America LifeInsurance Company, 320Park Avenue,New York, NY 10022-6839.Mutual of America® is decision, Iwould have missed because he knewthere ing tackling the problem to aregisteredservice mark of Mutual of America LifeInsurance Company. ahuge opportunity and a wasnoperfecthire. get you to your big goal.” greathire,” he says. P2JW307000-0-R00800-2------XA

R8 | Monday, November 2, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | SMALL BUSINESS

So,You anyroom without abuilding permit. Equipmentcosts will run youatleast Wa nt to $1,000for gear such as agood mi- crophone;headphones; andrecording and editing software. Narrate And if youdon’t have one already, you’ll need acomputer forediting, Audiobooks compressing and sending audio files. You’re also going to need an iPad from which to read your text.Turn- ing pages introduces unwanted Knowthis: noise. It isn’t as simple as justreading Speak and listen out loud But the real investmentistime spentperfecting your craftbefore BY KATE MURPHY youeventhink about recording and sending demos to audiobook publish- as anyone ever told ersoruploading samples to industry youthatyou have a databases,such as AudioFile maga- radio voice? Do peo- zine’s Audiobook Talent&Industry ple ask youtoread Guide and Ahab. at their weddings, Volunteering to read forthe blind MC at their charity and dyslexic through Learning Ally, events or record their or forthe general public through Lib- voice-mail greetings? riVox,isagreat way to gain experi- HAreyour children enceperforming and producing con- rapt when youtell them bedtime sto- tent.“Ivolunteered at the Georgia ries?Ifso, youmighthave afuturein Radio Reading Service forfiveyears audiobook narration. before Ieverdid anything of apro- Thereiscertainly demand, thanks fessional nature,” says KarenCom- to an explosion of contentinrecent mins, an IT worker turnedaudiobook years. According to the Audio Publish- narrator in Atlanta. ersAssociation,60,303new titles It is also agood idea to listentoa were publishedlastyear,almost10 lotofaudiobookssoyou understand times the number produced adecade whatworksand whatdoesn’t.Steve ago.Sales lastyear reached$1.2bil- Campbell listenedtothousands of lion, tracking asteep upward trend hoursofaudiobooks, oftenthe same thatshows no sign of slackening, par- booksoverand over, while working ticularly when the pandemic has peo- on construction sites in Calgary, Al- ple spending moretime at home,cook- berta, beforeheseriously considered ing, cleaning, gardening and exercising, narration as acareerin2016. “Some oftenwhile listening to an audiobook. of them Ilistenedtoand thought, ‘I Top-tier narratorsearn as much as candobetter than that,’ ” he says. $500 per finishedhour of content(not Thereisawealth of information including time spentdoing retakes). online providedbyorganizations such Those juststarting out mightearn as the Audio PublishersAssociation $100 per finishedhour but canearn far as well as narrator websites like Nar- moreinroyalties if theyare smart ratorsRoadmap.com and stepup- about identifying promising titles. tothemic.net.Thereare also countless While thereisplenty of opportu- Facebook groups devotedtothe sub- nity, audiobook narration isn’t as easy Number of audiobook titles done primarily in recording studios Acclaimed narrator ject,including Audiobook Crowd and as simply reading out loud. It is adis- produced with adirectorand sound engineer on Simon Vance in his Everything Audiobook. tinct art form thatrequires some nat- hand. But now, thankstoadvances in studio, nicknamed Aftertwo yearsofresearching ural abilitybut also determination, 60,000 technology,mostprofessional narra- ‘my time machine.’ and six months of coaching from dedication and practice. tors record alone in home studios, professional narratorshemet online, “Audiobook performing is unique in which is whycontent has continuedto Mr.Campbell uploadedhis first demo thatyou have the responsibilityfor the 50,000 flowdespitethe pandemic. to the Audiobook Creation Exchange, entiretyofthe story,” says JanuaryLa- “Narratorshave been practicing or ACX, aplatform ownedbyAma- Voy, who has narrated morethan 200 social distancing foryears,” says Si- zon.com’sAudible division thatis audiobooksbybestselling authorssuch 40,000 mon Vance, aBritish actor who,like kind of likeMatch.comfor self-pub- as James Patterson, John Grisham, Ms.LaVoy,has received multiple lishedauthorslooking fornarrators. NoraRoberts and KenFollett. “You Audie awards, which arelikethe Os- Offers started tumbling in within have to internalizethe whole rhythm, 30,000 cars foraudiobooks. “Welock our- three hours. all of the charactersand their inner selves in our little booths—I call mine ‘You have the The only thing wasthattheyall lives and inner thoughts and whatthey my time machine—myTardis,ifyou responsibility wanted to payhim apercentage of see, and translate it all forthe listener.” know‘Doctor Who’—I stepintoit sales,known as a“royaltyshare,” 20,000 Her advicetoaspiring narratorsis with awell-writtenbook and the for the rather than per finishedhour of nar- to grab their favoritebook,lock them- wordsjusttakemeoff.” entirety of ration. If the book didn’t sell, he could selves in aconfinedspacelikeacloset When audiobook producersand do alot of work fornothing. As are- or bathroom and then read thatbook 10,000 directors listentoademo,theyare the story,’ sult,Mr. Campbell became astudent aloud. Wheneveryou makeamistake, listening to the qualityofthe record- says one top of the kinds of genres and coverart go back to the beginning of the sen- ing as much as the qualityofthe narrator. that did well. In some instances,he tenceand start again. “Dothatfor six 0 narrator’s voice. “The main reason for paid part of the cost of hiring editors hourswithout moving and then decide 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 negativeaudiencereviews is gener- and graphic artists to spruceup at the end of the dayifyou still want ally technical issues,” says Callum bookshefelt had potential. Source:Audio Publishers Association to do this,” says Ms.LaVoy,who nar- Plews,aproducer forMacmillan Au- Some of his pickshave been so rates50to60titles ayear,often dio.“Listenersreally don’tlikemouth successful (upto$20,000 ayear in working sevenhoursaday,fivedaysa noise,clickysounds,and theyreally royalties), he’s reluctant to takethe week.“My chestdiaphragm is soreat hiring people with acting experience, don’tlikeedited-out breaths and ro- next stepofsending demos to big- the end of the day,” she says.“Narra- particularly when it comes to works botic reads,” much lessthe hum of name audiobook publishersbecause, tion is shockingly athletic.” of fiction wherethereare multiple an air conditioner or dog barking in while their booksmightbemore characters. But people who have lit- the background. high-profile,their paywouldn’t match tle or no acting experiencecan also Youmightinitially be able to get whathe’salready making. “You can Stage trained be successful. away with turning acloset into a do really well if youdoyour re- Ms.LaVoy’s background as aclassi- “Thereare plenty of exceptions, sound boothbytacking up quilts and search,” Mr.Campbell says. cally trainedactressand seasoned it’s justtheatertraining really helps,” blanketsfor echo absorption. But stage performer gave her acompeti- says Jeff Tabnick, casting directorfor eventually,you’re going to need a Ms.Murphy is ajournalistin tiveadvantage when she first started Recorded Books, which began record- professional-grade sound booth. Houstonand the author (and sending voicesamples,ordemos,to ing unabridgedaudiobooksoncas- Prefab,abooth costs$2,000 to narrator)of“You’re NotListening: publishers10yearsago. sette in 1978. $8,000—depending on the sizeand WhatYou’re Missing and WhyIt Audiobook producerstend to prefer Back then, audiobook narration was sophistication—and canbeerected in Matters.” Email [email protected].

HowIThoughtofIt AMeeting, Sore Feet—and aShoe Tree forWomen

The “aha” moment for Maureen stretches a shoe,” says Ms. Stock- Her company, Formé, which Stockton’s business was “ouch.” ton, now 57 years old. So ”my launched in 2018, took in $1 million Eightyearsago,Ms. Stockton pumps got overstretched and were in sales last year, with the shapers attendedabusiness-networking useless to me.” retailing for $48.95 and fitting shoe eventthatwas “filledwith really The ruined shoes inspired her to sizes from 5 to 12. interesting people,” she says.But invent a new product specifically for Sales were hit hard by Covid-19, she didn’t get alot of face time be- women’s footwear. Ms. Stockton, but are now recovering, Ms. Stock- cause she constantly had to leave who has developed products, includ- ton says. One factor she thinks may the meeting area to takeoff her help her out: Shoes feel even pinch-

fashionable—but uncomfortable— ier as women return to work after RMÉ

shoes and rub her feet. wearing sneakers while working FO Afterthe event, she noticed her ‘Your shoes say a lot from home.

husband doing an everyday task “I have alwayslovedshoes,” says JOURNAL; thatshe had neverreally noticed about you.’ Ms.Stockton, “and taking care of REET

before: putting shoe treesintohis my first pair of MaryJanes wasa ST

footwear to keep them fitting com- behavior instilledbymyfather at a LL fortably. very early age.Mydad believed WA THE

The next morning, she purchased ing toys, for companies such as well-cared-for shoes signaledthe R

a pair of shoe trees for herself, Mattel and Disney, envisioned shoe care and consideration youwould FO shoved them into her pumps—and trees that you could expand as takeinyour businessdealings. GO RA destroyed the shoes. “The spring- much or little as you wanted, and ‘Your shoes sayalot about you,’he

loaded mechanism does not allow that expanded at different points to would say.” ZETTE RO

you to control how much it better fit the shape of the footwear. —Barbara Haislip P: TO OM FR P2JW307000-0-R00900-1------XE

THE WALL STREET JOURNAL. Monday, November 2, 2020 | R9 JOURNAL REPORT | SMALL BUSINESS

learn about businessincollege—as  opposed to learning at the family The Roy Should theOldest Be theSuccessor? firm—have made other children children intoviable candidatesfor the CEO in HBO’s role,the researcherssay.That’sgiv- “Succes- ing families awider pool of succession” Research suggests the first-born Minichilli and Mario Daniele Amore fosters[greater] innovation levels sorstochoose from and leading child may not be the best person to from Bocconi University in Milan. than other types of businesses.” manytobreak with primogeniture. take over the family business Thegroup analyzeddataon432 What’smore, children them- successions in Italian familybusi- selvesoften control the final nesses making morethan 50 million Breaking with tradition outcome of the decision— BY KATIE DEIGHTON euros,equivalent to about $58mil- Choosing alater-born child goes and younger children are lion. against tradition. In Italy, as in the feeling moreconfident A key issue: eciding which child should take the Familyfirms were defined as U.S.,the first-born in abusiness about stepping forward, innovation reins of afamilybusinesswas a those in which one or two closely familywas morecommonlychosen says SueHoworth, founder fraught decision long beforeLogan Roy relatedfamilies controlled at least as the successor earlyoninhis or and co-director of U.K.- waschoosing between his offspring in 50%ofshares if the companywas her life. While theassetsofthe based FamilyBusinessNet- HBO’s “Succession.” privatelyowned, and at least 25% if familyare oftendivided among all work Ltd. But research has found familyfirms it waspublic.The studycontrolled heirs, control of the businesshas “Times have changed in recent Ddo betteriftheydon’t choose the first- forvariables including the number historicallybeen given to onlyone, years, and the expectation of the el- born as chief executive. of offspring older than 25,the gen- typicallythe firstborn son. dest being the successor is alot Tradition within manyfamily-owned firms fa- der of the successor,the ageofthe Choosing alater-born child is less,” she says. vors primogeniture: naming the first-born child or firm and the amount of firm assets. growing in popularity among fam- son as the futureboss. But astudypublished in Theresearchersdidn’t studyper- ily-held businesses internationally, Ms.Deighton is aWall Street 2018 in the Strategic Management Journal found formancedifferences in the U.S., saythe researchersand other aca- Journal reporterinLondon. Email thatfamilyfirms thatchoose alater-born child as but saythe higher returns shown in demics.Increased opportunities to [email protected]. CEOsaw an average39% increase in the value of their studyand the factorsthat their assets, including stocks and physical and in- drivethem areverylikelytohold tellectual property,during the period of the study, true in Western businessculture. 2000 to 2014.Those thatchose afirstborn child One important factor is the per- sawjust a9%increase. sonality differences among children. “Usually, first-born children take actions thatare unconsciously Better results aimed to please their parents. They “This result suggeststhatsecond-orsubsequent- areoften very scared to innovate, born descendantsspur [better] corporateresults,” and theyare mainlyoriented to says Andrea Calabrò,professor of familybusiness preserving the status quo,” Prof. and entrepreneurship at the IPAG BusinessSchool Calabrò says. “Second-orlater- in Nice, France, who wrotethe paper with Marina born children have moreinnova- Brogi from the University of Rome,and Alessandro tive, creativebehaviors, and this

HowIThoughtofIt

She Smelled Soap on Her Honeymoon...

For Danielle Vincent, the path to a business started with a honeymoon and some well-timed sniffs. After her wedding in December 2012, she and her husband, Russ, traveled to Paso Robles, Calif. While there, she stopped at a farm store and picked up two bars of handmade goat-milk soap. Over the following weeks, every time Ms. Vincent—who did various jobs for Oprah Winfrey’s Oprah.com—was stressed or wanted to remember that trip, she took a sniff of the soap. Then, one day, she looked at the label on the package and was amazed that the $12 soap was made with just a few ingredi- One of Outlaw ents. Soaps’ ‘adventure- Buildabettercompany, So, Ms. Vincent, now 45, and her hus- scented’ products band, now 51, decided to try their hand from thestate up. at making soaps that smelled like the things they love, such as whiskey, camp- sandalwood, gunpowder and sagebrush) fires, leather and bacon. “When we real- and Fire in the Hole (campfire, gunpow- Walk thelinebetween booming ized that the components that went into der, whiskey and sagebrush)—were handmade soap cost very little, we de- picked up by Whole Foods, which even- businessgrowthand reasonableliving cided to combine our love of camping tually put the soaps in stores across costsand you’ll find yourself in Maryland. and adventure with this promising busi- Northern California and Northern Ne- ness idea: We could sell adventure- vada. With aconstantsupplyofwell-qualified scented soaps,” she says. Last year, sales reached $1.2 million, In February 2013, OutlawSoaps up from $290,000 in 2018. The company candidates from an award-winning launched—and by that April was looking is on track for about $4 million in sales APS educationsystemand adiverse,talented

SO promising enough that Ms. Vincent quit this year, with a range of other products, W her job. (Mr. Vincentcontinued his job in such as cologne, now in the mix. workforce, Maryland is theperfect place

OUTLA commercial-property management.) Looking back now, Ms. Vincent re- When the couple had a second, more- members the early days of the business foryourbusinesstoset up camp.

/HBO; formal wedding in May 2013, they asked as “very scary and very lean.” But she ER Plan your move.

AM guests to contribute money toward soap likes to quote Mae West: “ ‘I never said

KR supplies. it would be easy. I only said it would be In 2015, their products—like Blazing worth it.’ ” PETER

P: Saddles (which has scents of leather, —Barbara Haislip Open.Maryland.gov TO OM FR P2JW307000-0-R01000-17FFFF5178F

R10 | Monday, November 2, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | SMALL BUSINESS

ClearMask scrambled to get its products to the market as Covid-19 grew into a global crisis.

but came up dry. “I basically didn’t need clearance, forcon- did notwantthe experience sumers, businesses,govern- to happen again or to have ments, schools and some anyone else go through that front-line workers. experience,” she says. Aside from providing pro- Twoyearsand manypro- tection,the companyfigured, totypes later, Ms.Dittmar manypeople outside of the and Mr.Hsu foundedClear- deaf communitywould find Mask LLCwith twoclass- the transparentmasksuseful matestomaketransparent during thepandemic—seeing masks. The company, based faceswould calm their anxi- in Baltimore, wasinitially eties. planning to “mostly serve Forabulk boxof432,the specialized populations in nonmedical masksare cur- health care,including deaf rently about 70 cents and hardofhearing, children cheaper per mask—$2.78 vs. andolder patients,” she says. $3.47—than the FDA-cleared In 2019,the team submit- version. Forboxesof24, the tedthe transparentmask to discountismorethan 80 the Food and Drug Adminis- cents. tration forclearancetobe The companyhad to track usedinmedical applications. down newproduction facili- Theywerestill waiting for ties and overhaul its e-com- word from the agency in Feb- merce process, which wasset ruary2020—when frantic re- up forbulk sales of medical Allysa Dittmar quests started coming from masks, forthe consumer and her company’s overseas formasks. market.Thatmeanttaking A Transparent see-through “Westarted getting an in- on newpersonnel—quickly— protective gear. flux of calls and emails from to help out.ByJuly,the staff desperatemask suppliersand had grownto250 from the Mask Ta kes Off distributorsinChina,” Ms. original four. 23 andplanning to attend the Dittmar says.The companies In the middle of all the Johns Hopkins Bloomberg knewabout ClearMask from scrambling and growing Amid Covid‑19 School of Public Health, was its website, which talked pains,atthe beginning of leftinanoperating room full about the product beforeit April, the team gotthe news: of people wearing surgical gotclearance, and contacts in The FDAhad cleared the Originally designed for the deaf, masksand no way to see the medical field. mask formedical use.“It was the masks have attracted theirfaces.She “had no idea all serendipitous timing,” says whatmysurgeryteam Ms.Dittmar. consumers eager to see faces around me wassaying,” she The result of all this:Since during the pandemic says.“It wasaverydehuman- Abig decision April, about 12 million trans- izing experience” and caused As the founderswaited for parentmaskshave been sold “a lotofanxiety, confusion FDAclearance, Covid-19 grew world-wide. In 2015,she needed to un- and fear.” into aglobal crisis,and there “Wespentenormous BY ELIZABETH GARONE dergo surgery, but due to a were widespread PPE mask amounts of time listening to scheduling mix-up,her sign- shortages in the U.S. stakeholders, usersand bene- llysa Dittmar has built abusinessmostentre- language interpreter didn’t Their mask still hadn’t ficiaries to makesurethatwe preneursdream of.Itput its products on the showup. While waiting out- Waiting forclearance been cleared formedical were building something that market in April—and, about sevenmonths later, side the operating room, her When Ms.Dittmar arrived use—but,given the shortages, people really wanted,” says has sold around 12 million of them. surgeon pulleddownhis home afterher surgery, she the companyquickly came up Ms.Dittmar. (2) C

Her business? Making masks. mask and apologized,lament- and her partner,Aaron Hsu, a with adifferentrollout plan. LL

All her life, Ms.Dittmar has dependedonfa- ing thatthe team didn’t have studentatthe school of pub- The team decidedtoexpand Ms.Garone is awriter in SK Acial expressions,lip-reading and facial clues for transparentmasks. lic health, scoured the inter- their product line to include a Alameda, Calif.Email communication. She wasborn deaf. So,Ms. Dittmar,who was net fortransparentmasks lessexpensiveversion that [email protected]. CLEARMA

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