The
Turkish-
What’s
News
World-Wide
A uthorities arrested a
Florida man and
charged him with sending
mail bombs to prominent
Democrats and vocal oppo-
nents of Trump, capping a
weeklong manhunt. A1, A4
 Mattis approved a re-
quest to deploy more U.S.
troops along the U.S.-Mex-
ico border, part of a new
round of administration ac-
tion on immigration. A3
 Turkey’s Erdogan raised
pressure on Saudi Arabia
by suggesting he had more
evidence to release over
the killing of Khashoggi. A7
 Facebook said it shut
dozens of pages and ac-
counts that were part of
an Iranian effort to post
inauthentic information
ahead of U.S. midterms. A3
 Jair Bolsonaro is pro-
jected to win Brazil’s presi-
dency by a large margin on
Sunday, shifting the coun-
try sharply to the right. A9
 Sri Lanka’s president
removed his party from the
ruling coalition and ousted
the prime minister. A9
 The president of the UNC
system, Margaret Spellings,
will step down on March 1. A2
 Died: Terry Laughlin,
63, BofA vice chairman. B3
Business & Finance
 The economy powered
ahead last quarter, driven by
consumer and government
spending, though Friday’s
GDP report included warn-
ing signs that the business
sector faces turbulence. A1
 The FBI is examining
whether Tesla misstated
information about produc-
tion of its Model 3 sedans
and misled investors about
the company’s business. A1
 A rocky Friday session
put the S&P 500 on the cusp
of correction territory, with
the index falling 1.7%. The
Nasdaq slid 2.1% and the
Dow ended 1.2% lower. B1
 NBC News has ended
Megyn Kelly’s morning show,
days after she came under
fire for remarks viewed as
racially insensitive. A1
 Epic Games, creator of
the hit videogame “Fort-
nite,” is valued at almost
$15 billion as part of a ma-
jor new investment round. B1
 China warned investors
to stop betting against the
yuan, boosting the currency
after it had fallen to nearly
its weakest in a decade. A9
 Microsoft’s top execu-
tives defended supplying
technology to the U.S. mili-
tary, in the face of objec-
tions from employees. B3
Inside
NOONAN A13
Defuse
America’s
Explosive Politics
CONTENTS
Books..................... C7-12
Business News..... B3
Food......................... D8-9
Heard on Street....B11
Obituaries................. A6
Opinion............... A11-13
s 2018 Dow Jones & Company, Inc.
All Rights Reserved
Saudi
Face-Off
REVIEW
* * * * * * * *
WSJ
THE WALL STREET JOURNAL WEEKEND
SATURDAY/SUNDAY, OCTOBER 27 - 28, 2018 ~ VOL. CCLXXII NO. 100
BROWARD COUNTY SHERIFF’S OFFICE/AP, WPLG-TV/ASSOCIATED PRESS
FBI agents cover a van seized in the investigation of this week’s mail-bomb spree. Below, Cesar Altieri Sayoc, who was arrested Friday.
Fingerprint Leads to Arrest
Of Bomb Suspect in Florida
A single fingerprint taken
from a mail bomb sent to Rep.
Maxine Waters helped investi-
gators get a break in solving a
terror plot that targeted senior
Democrats and vocal oppo-
nents of President Trump, fed-
eral officials said.
By Dan Frosch,
Zolan Kanno-Youngs
and Byron Tau
That clue led investigators
on Friday to a white van
parked outside an AutoZone
shop in Plantation, Fla. The
van was plastered with images
of Mr. Trump and Vice Presi-
dent Mike Pence. It also had
pictures of liberal figures in
crosshairs.
Nearby was its owner, Cesar
Altieri Sayoc, a 56-year-old ar-
dent Trump supporter and for-
NBC Cancels Megyn Kelly Show
NBCU PHOTO BANK/GETTY IMAGES
The former host of ‘Megyn Kelly Today’ lost her show on Friday,
a few days after her on-air remarks about blackface costumes.
Latest Haunted Workplace Rules Muzzle Zombies
Halloween do’s and don’ts for roughhousing with guests; no biting
BY VALERIE BAUERLEIN
SAWMILLS, N.C.—In a wait-
ing room at a makeshift asy-
lum, a 6-foot-2 orderly in
bloody scrubs grabbed 20-
year-old Christian Banner by
the arms.
The menacing figure pulled
Sports....................... A14 Mr. Banner through a hidden
Style & Fashion D3-4
Technology............... B4 tunnel into a room where a
Travel....................... D5-7 doctor in a leather mask
U.S. News............ A2-5 revved a chain saw and ges-
Weather................... A14
World News....... A7-9
tured toward an operating
chair. “Hell, no!” Mr. Banner
yelled, recoiling in horror.
> That’s exactly the terrible
feeling promised by a ticket to
the Sawmills Horror Fields.
The business is part of a new
wave of Halloween-inspired
amusement centers that use a
bit of roughhousing to scare
mer male dancer, who federal
officials arrested on suspicion
of sending more than a dozen
bombs around the country.
Mr. Sayoc was charged with
five counts including interstate
transportation of an explosive,
illegal mailing of explosives
and making threats against
former presidents. The
charges, which were filed in
the Southern District of New
York, in total carry a potential
penalty of 48 years in prison,
officials said.
“We do believe we have
caught the right guy,” said Fed-
eral Bureau of Investigation Di-
rector Christopher Wray.
The arrest capped a week-
long manhunt that started
Monday when an employee for
George Soros pulled a manila
envelope with six American
flag stamps out of the mailbox
i i i
the bejesus out of customers—
an experience that has to fall
well short of a criminal com-
plaint.
This Halloween, it’s getting
tougher to be a working zom-
bie, now that haunted houses
have gone immersive. That
also goes for evil clowns and
demonic spirits. The undead
and their creepy colleagues
have to follow do’s and
don’ts—biting is forbidden!—
Touchy zombie
of the billionaire liberal donor’s
Westchester County, N.Y., home.
Each day brought more
panic as similar envelopes
turned up around the country.
Late Tuesday, one addressed to
BY JOE FLINT
Megyn Kelly’s attempt to go
from a hard-nosed prime-time
interviewer of world leaders
on Fox News to a chipper
morning host at NBC’s “To-
day” came to an abrupt end
Friday when the network can-
celed her show.
But the network’s $69 mil-
lion bet on Ms. Kelly—meant
to add rocket fuel to its morn-
ing-show ratings—was trou-
bled from the start.
The anchor battled low rat-
ings and a rocky transition to
morning television amid ten-
sions among some NBC col-
leagues, who chafed at her
on-air manner, lofty salary
as they advance on crowds of
scare-hungry patrons eager to
be grabbed, dragged and
threatened at blunted knife-
point.
“Touching the back of
someone’s neck? No. But put-
ting someone against the wall
by their shoulders? That’s
scary,” said Brett Hays, a per-
sonal-injury lawyer who runs
Fear Fair, south of Indianapo-
lis.
Zombies working for Mr.
Hays are allowed to touch
shoulders and waists but not
torsos—something about the
deep-rooted fear of losing in-
ternal organs is one step too
far. It’s a tricky balance, Mr.
Hays said, given that he hopes
to avoid “getting reviews like,
Please turn to page A10
A Rebirth at
Johnson & Johnson
EXCHANGE
WSJ.com
former Secretary of State Hil-
lary Clinton was found. Early
Wednesday, packages sent to
former President Obama and
former Central Intelligence
Agency director John Brennan
at CNN’s Manhattan headquar-
ters were discovered.
On Thursday, actor Robert
De Niro and former Vice Presi-
dent Joe Biden were targeted.
And on Friday, packages to
New Jersey Sen. Cory Booker
and three others were found.
In all more than a dozen were
intercepted and officials warn
that more could be in the mail.
Federal and local investiga-
tors have said that the sus-
pected bombs should be con-
sidered dangerous, but no one
has been hurt.
Inside each manila envelope
was a crudely made pipe bomb
Please turn to page A4
and the high cost of produc-
ing her show.
The final straw came this
week, after Ms. Kelly ques-
tioned on Tuesday’s edition of
her show why putting on
blackface as part of a Hallow-
een costume was necessarily
racist.
The backlash played out
within NBC News and on its
airwaves.
NBC “Nightly News” anchor
Lester Holt did a segment that
included clips of controversial
comments Ms. Kelly had made
earlier in her career while at
Fox News.
Many NBC News producers
and on-air personalities voiced
Please turn to page A10
OFF DUTY
101 WAYS
TO LIVE MORE
AMBITIOUSLY
Economy
HHHH $5.00
Grows,
So Does
Unease
BY HARRIET TORRY
WASHINGTON—The econ-
omy powered ahead in the
third quarter, driven by robust
consumer and government
spending, though Friday’s re-
port included warning signs
that the business sector faces
turbulence that could hold
back the expansion in the
months ahead.
Gross domestic product—a
measure of how much the U.S.
produces in goods and ser-
vices—grew at a 3.5% annual
rate from July through Sep-
tember to $18.7 trillion, ad-
justed for inflation, the Com-
merce Department said Friday.
That came after a 4.2% growth
rate in the second quarter and
stands as fresh evidence that
growth has picked up from
subpar levels closer to 2% that
had prevailed for much of the
long-running U.S. expansion
since 2009.
However, signaling unease
about the emerging outlook,
stocks fell Friday, with the
Dow Jones Industrial Average
shedding 1.19% and the Stan-
dard & Poor’s 500-stock index
dropping 1.73%.
Third-quarter corporate
earnings have been largely
positive, with some 80% of re-
porting S&P 500 firms posting
profits that exceeded Wall
Street’s expectations. But sales
performance has been more
mixed, with more than a third
of firms so far missing reve-
Please turn to page A2
 Stocks lose more ground at
end of tumultuous week..... B1
FBI Probes
Tesla Over
Production
Figures
Tesla Inc., with a fresh
civil fraud settlement now be-
hind it, faces a new legal
problem: a deepening crimi-
nal investigation.
By Dana Cimilluca,
Susan Pulliam
and Aruna Viswanatha
Federal Bureau of Investiga-
tion agents are examining
whether Tesla misstated infor-
mation about production of its
Model 3 sedans and misled in-
vestors about the company’s
business going back to early
2017, people familiar with the
matter say.
Action in the criminal inves-
tigation, headed by the U.S. at-
torney’s office in San Fran-
cisco, has intensified in recent
weeks after the Securities and
Exchange Commission settled
separate civil charges with
Tesla and Chief Executive Offi-
cer Elon Musk, the people said.
Tesla disclosed on Sept. 18
that it had received a request
for documents from the Jus-
tice Department, 10 days be-
fore the company and Mr.
Musk struck a settlement with
the SEC over civil charges in a
separate case involving contro-
versial tweets from Mr. Musk.
But it hasn’t been previ-
ously reported that the Justice
Department is focusing on
Tesla’s Model 3 production is-
sues dating to early last year
and that the criminal securi-
ties-fraud probe is intensifying.
In a statement, Tesla said it
had “received a voluntary re-
quest for documents from the
Department of Justice about
its public guidance for the
Please turn to page A6
A2 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Jo Craven McGinty

Americans Are Divided—Over Candy Corn

Regular tor of public relations for the 50 states, according to the
readers know Sweet Sales Michigan Economic Develop- National Confectioners Asso-
The Numbers Total U.S. gum, chocolate and ment Corporation. ciation.
takes pains to sugar confectionery market size Delaware didn’t object to Those workers support the
address even the candy listed as its most sweet tooth of the average
the most divi- $40 billion popular. It just didn’t under- American, who eats candy
sive topics without choosing stand the result—Life Savers, two to three times a week,
sides. a candy that didn’t show up in worth 40 calories, or 1 tea-
But sometimes, a line 30 any other state’s top 3, much spoon of added sugar, a day,
must be drawn. less in the No. 1 slot. according to Christopher
Of all the available Hallow- “People thought it was a Gindlesperger, a spokesman
een treats—from Almond Joy 20 tad odd,” said Michael for the association.
to Twix—the absolute worst is Chesney, director of commu-

T
candy corn. Who would even nications for the state’s Divi- his Halloween, sales of
think of passing off those 10 sion of Small Business, Devel- chocolate, candy, gum
earth-tone pellets as a treat? opment and Tourism. and mint are expected
Trick is more like it. So odd, in fact, the News to total $4.4 billion, Mr.
0 Journal, the main newspaper Gindlesperger said. When you

B
ut apparently, legions 2013 ’18 ’23 in Wilmington, Del., reported think about it like that, candy
of Nevadans, Utahns, the finding beneath a headline corn represents less than 1%
Notes: 2018 is an estimate;
ISTOCK

Michiganders, Pennsyl- 2023 is a forecast. that said, “wait, what?” of all sales.
vanians and, yes, even New Source: Euromonitor The treat that’s really big As for Michigan, perhaps
Yorkers love the stuff, espe- About 70% of candy corn sales occur during the Halloween season. THE WALL STREET JOURNAL. in Delaware, according to Mr. it’s time to embrace the yel-
cially this time of year, when Chesney, is saltwater taffy—a low, orange and white sweet
70% of the candy is sold, and top 3 Halloween treats in a manufacturers and distribu- knocked candy corn out of the sweet that candystore.com because, like it or not, it ap-
tons of it is unloaded in ranking by candystore.com. tors who reported their data top spot, as the state’s two placed among the top 3 in pears to be quite popular
these states. And in seven states, it’s No. 1. may be different from the largest newspapers reported. Tennessee and Wyoming there.
Jelly Belly Candy Co. has Candystore.com’s interac- many who did not report But some states have bris- (wait, what?) and at No. 1 in Kassem El-Hourani, man-
made the kernels since 1898— tive map, which has been their data,” said Rebecca Gol- tled or simply been puzzled Washington and Nebraska. ager of Bulk Food Warehouse
longer than anybody—but making the rounds in recent din, a professor of mathemat- by their candy rankings. “Different regions prefer in Dearborn, Mich., said he
now competes with Brach’s weeks, portrays a weighted ical sciences at George Mason “Just like the Detroit Lions, one candy or another, and it’s sells 300 to 400 pounds each
and others for annual sales average of 11 years of data University. Michigan disappointed us yet hard to pinpoint why,” said October, and he’s not alone.
that, according to the Na- showing pounds of candy sold Still, based on news re- again,” the Detroit Free Press Tom Hoeck, president of can- “I had a call last week from
tional Confectioners Associa- from August through October. ports, it appears that few groused when it learned that dystore.com. “Swedish Fish somebody who wanted 500
tion, total $36 million. The data, provided to the on- people have questioned the for a third year candy corn was a new winner in Ken- pounds,” said Imad Berro,
(Fun fact: Some weirdos line retailer by more than 40 findings. was listed as its No. 1 treat. tucky. Massachusetts, Maine manager of Roger’s Bulk
like to debate which brand manufacturers and 15 distrib- West Virginia news outlets Fudge, some said, would and New York liked Sour Candy and Ice Cream in East-
tastes best.) utors, aren’t necessarily rep- didn’t blink at seeing Blow have made more sense. Patch Kids best.” pointe, Mich. “I couldn’t come
At least 16 states and resentative of all U.S. candy Pops as that state’s No. 1, and “If you are talking about a In the U.S., candy is a $35 up with that number.”
Washington, D.C., pass out sales, and a full account could South Carolina was content to candy that defines Michigan, billion industry that employs An order of candy corn that
candy corn in sufficient vol- alter the rankings. find Skittles at the top of its then fudge is where it is at,” 54,000 people at nearly 1,300 was too large to fill? Now
ume to place it among their “The problem is that candy list—because, guess what? It said Michelle Grinnell, direc- manufacturing facilities in all that’s scary.

Consumer What's Behind the Growth Pickup?

Growth in U.S. gross domestic product has picked up in recent months, after failing to sustain spurts of faster growth for much of the expansion.
President
Spending GDP quarterly growth (%)

Consumer Spending
Contribution (percentage points)

Business Investment Net Exports Government Spending

Of UNC
Helps GDP Household spending is always an
important contributor to growth
Business investment has been
driven by spending in structures,
U.S. sales of soybeans ahead of
tariffs provided a big boost to
Government spending cuts were a
drag on growth for most of the
Will Leave
Continued from Page One
nue projections. It is a trend
and in recent months has
registered some of the biggest
gains of the expansion. Tax cuts
most notably in oil and gas rigs
being spurred on by rising energy
prices. But that reversed in the
growth in the second quarter, but
it was a temporary gain.
expansion. Now government is
providing a boost, especially
military spending.
Her Post
that amplifies some investors’ might be helping. third quarter, holding down overall
concern that U.S. economic investment levels. BY MELISSA KORN
growth may have peaked ear-
lier this year. 5% 5% 5% 5% Margaret Spellings, a for-
Consumer spending is being 4Q, 2014 mer U.S. education secretary
powered by plentiful jobs. The 4 (highest since 4 4 4 under President George W.
unemployment rate fell in Sep- expansion Bush, will step down as presi-
began): 3.1 3Q, 2018:
tember to its lowest level since 3 2.7 3 3 3 dent of the University of North
1969, meaning more income in Carolina system on March 1,
3Q, 2011: 2.3
household pocketbooks, and saying it was time for new
2 2 2 2
tax cuts have added to pur- leadership after three years in
chasing power. That showed 0.1 3Q, 2013: 1.2 the role.
up in the report in the form of 1 1 1 1 2Q, 2015: 0.7 She has overseen the 17-
additional spending on every- 0.6 campus, 230,000-student UNC
thing from restaurants to rec- 0 0 0 0 system since March 2016, fo-
reational goods. cusing on expanding afford-
“I’m 75 and this is one of –1 –1 –1 –1 ability and access. Her strate-
the best times I’ve seen in a gic plan was also aimed at
long, long time,” said Thomas -1.8 increasing on-time graduation
–2 –2 –2 –2
Thompson, a retired power- rates and closing achievement
plant engineer from Plymouth, 2010 ’12 ’14 ’16 ’18 2010 ’12 ’14 ’16 ’18 2010 ’12 ’14 ’16 ’18 2010 ’12 ’14 ’16 ’18 gaps for low-income and rural
Wis. He and his wife bought a Note: Adjusted for inflation and seasonality students.
new Cadillac Escalade SUV Source: Commerce Department Soo Oh and Danny Dougherty/THE WALL STREET JOURNAL. “Together we have defied
this summer and recently be- national trends on affordabil-
gan a two-week vacation to ity and accountability,” Ms.
Washington, D.C., and the Blue Confidence Slips in nal had expected the final read- these negative factors. The data est level since 1969 in Spellings said at a press con-
Ridge Mountains, thanks in ing to stay at 99.0 for October. only indicate that the tipping September, while average hourly ference after an emergency
part to the strong economy American Economy Consumers’ view of current point toward escalating pessi- earnings rose 2.8% from a year board meeting Friday, citing
and stock-market gains. economic conditions and expec- mism has not been reached.” earlier. Many analysts think fixed-tuition programs and
Government spending is tations for the future darkened Indeed, despite the month’s wage growth should have publicly available dashboards
also being unleashed on the WASHINGTON—American in October, bringing the overall slight downdrift, the index has picked up to a much higher rate detailing outcomes for individ-
economy, after contracting households became slightly less index down slightly. Stock mar- remained higher in 2018 than in because of how hard employers ual programs.
earlier in the expansion due to confident about the economy in ket volatility, rising interest rates any year since the turn of the have had to look to find quali- Ms. Spellings, 60 years old,
agreements between the Dem- late October, but their overall and a harsh political climate are century. Measures of how con- fied talent in recent months. led the U.S. Education Depart-
ocratic Obama administration outlook remained elevated de- likely some of the key driving sumers feel about the economy Historically, paycheck gains ment under President Bush
and congressional Republicans spite rising financial and political factors. The survey also showed climbed after President Trump helped drive consumer senti- from 2005 to 2009, and before
to rein in budget deficits that uncertainty. Americans increasingly think in- was elected in 2016 and have ment, but that shifted in the that served as a chief domes-
soared after the 2007-2009 fi- The University of Michigan flation will flare in the next year. been buoyed by strong eco- 1980s. Now, Americans appear tic policy adviser to the presi-
nancial crisis. on Friday said its consumer sen- These issues “have not nomic growth, low unemploy- to care more about job security, dent.
Defense outlays grew at a timent index was 98.6 in Octo- acted to undermine consumer ment and rising wealth. largely because of job losses Ms. Spellings said she ap-
4.6% annual rate in the third ber, ticking down from an initial confidence,” said Richard Curtin, Households now appear to during the recession as well as proached the UNC board of
quarter, adjusted for inflation, 99.0 reading published earlier the Michigan survey’s chief believe the economy will con- the aging of the labor force, ac- governors about her planned
thanks in part to a bipartisan this month. Economists sur- economist. “Needless to say, tinue to churn out jobs. The un- cording to Mr. Curtin. departure a few weeks ago.
budget agreement reached in veyed by The Wall Street Jour- consumers are not immune to employment rate fell to the low- —Sharon Nunn “Times change and those
February to boost government changes demand new leaders
spending this year and next by and new approaches,”
nearly $300 billion above lim- The GDP report pointed to ing energy prices. The recreational boat in- the Fed raises short-term Ms. Spellings said. Her initial
its set in a 2011 law. That in- pockets of unexpected weak- Republicans cut the corpo- dustry, which faces retaliatory rates. Home-building has con- contract was for five years.
cluded $165 billion more for ness, particularly in the busi- rate tax rate from 35% to 21%, tariffs ranging from about 10% tracted in five of the last six Ms. Spellings said she isn’t
the military. ness sector. Business invest- hoping to spur a business-in- to 25% on exports to a range quarters. The pace of car pur- sure what she will do next but
Despite those engines of ment grew at a modest 0.8% vestment boom that lifts the of countries, is one example of chases also slowed in the last hopes to be back in her native
growth, many analysts believe annual rate. That included a economy’s potential to grow a sector caught in the cross- three months. Texas in public service.
the expansion will slow in the contraction in investment in for years. Business-investment currents. The Fed is widely expected Ms. Spellings was met with
months ahead. The Federal Re- business structures, which had data can be volatile from one Correct Craft Inc., a recre- to raise short-term rates again protests when she took over
serve, for example, projects a been running strong for quarter to another, but the ational boat maker in Orlando, in December and then through the top spot at UNC, with
growth rate of 2.5% in 2019, months, thanks to spending on weak number in the latest re- Fla., is “getting squeezed on 2019. That is meant to prevent some students and others con-
2% in 2020 and 1.8% in 2021. oil and gas rigs driven by ris- port suggests other factors— both ends,” Chief Executive Bill the economy from overheating cerned that hers was a politi-
including uncertainty about Yeargin said in an interview. and stirring inflation or finan- cally motivated appointment
the outlook for trade tariffs— Alongside tariffs on exports cial excesses that can lead to and criticizing her lack of uni-
THE WALL STREET JOURNAL could be starting to weigh on that pose “significant head- bubbles in asset prices. The versity leadership experience.
(USPS 664-880) (Eastern Edition ISSN 0099-9660) business decisions to spend on winds” to its international rate increases have sparked Her predecessor, a Democrat,
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
new equipment and plants. business, tariffs on components anger from Mr. Trump, who was pushed out by a board ap-
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal holidays.
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Periodicals postage paid at New York, N.Y., and other mailing offices. has imposed tariffs on $250 given domestic suppliers cover mining his efforts to further controlled legislature.
Postmaster: Send address changes to The Wall Street Journal, billion worth of goods im- to raise prices, too, he said. spur growth. Soon after starting at UNC
200 Burnett Rd., Chicopee, MA 01020. ported from China. It has also “Fortunately, the domestic The stock market is another in March 2016, Ms. Spellings
All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of placed tariffs in sectors in- market’s been very strong,” wild card for the economy. was thrust into a national de-
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cluding steel and solar panels, Mr. Yeargin said. Rising stock prices produce bate over protections for
Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. and U.S. trading partners have President Trump has set something economists call a transgender people. North
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com retaliated. out to close large U.S. trade “wealth effect,” meaning that Carolina passed a law in
deficits, but a widening trade when people see their invest- March 2016 limiting which
NEED ASSISTANCE WITH YOUR SUBSCRIPTION? deficit was a drag on growth ment portfolios rise, they restrooms transgender people
By web: customercenter.wsj.com; By email: wsjsupport@wsj.com CORRECTIONS  in the third quarter. Earlier in
the year, trade boosted growth
spend more money because
they feel wealthier.
can use.
She said when the state and
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By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at wsj.com/livechat
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REPRINTS & LICENSING soybeans to get ahead of an- prompted more consumer ing lawsuits that the univer-
Readers can alert The Wall
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GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS or by calling 888-410-2667. Sectors sensitive to interest stocks keep falling, as they The state repealed portions
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THE WALL STREET JOURNAL.
Facebook
Removes
Pages Tied
To Iran
BY ROBERT MCMILLAN
Facebook Inc. said Friday it
shut dozens of Facebook and
Instagram pages and accounts
on its platforms that were
part of an Iranian effort to
post inauthentic, politically
charged information ahead of
the U.S. midterm elections.
In total, the company re-
moved 82 pages, groups and
accounts that collectively had
1.02 million followers, Face-
book said in a blog post.
The page creators pre-
tended to be either U.S. or U.K.
citizens, Facebook said. While
the company has found no ties
to the Iranian government, it
can’t say for sure who is re-
sponsible for the effort, Face-
book’s head of cybersecurity
policy, Nathaniel Gleicher, said
on a call with reporters.
The accounts posted on
topics including the confirma-
tion hearings for Supreme
Court nominee Brett Ka-
vanaugh, the National Football
League’s national anthem pro-
tests and the special counsel
Robert Mueller’s investigation
into Russian interference in
the 2016 election.
The company first detected
the activity last week, but the
accounts had been active pri-
marily over the past year, Mr.
Gleicher said.
After uncovering evidence
of widespread Russian inter-
ference on its platform in the
run-up to the 2016 election,
Facebook has stepped up ef-
forts to combat inauthentic
behavior.
In August the company re-
moved 652 Russian and Ira-
nian pages and accounts that
were peddling misinformation.
This latest set of accounts
seem to reflect a growing so-
phistication of the Iranian in-
fluence operation. While the
August accounts were set up
to drive readers to pro-Iranian
websites, this latest batch was
designed instead to maximize
engagement on Facebook’s
platforms, said Graham
Brookie, director of the Atlan-
tic Council’s Digital Forensic
Research Lab.
The accounts posted mostly
left-wing U.S. political mes-
sages, attacking President
Trump or Republicans, for ex-
ample, to encourage comments
or shares.
But from time to time they
would interject messages di-
rectly aligned with Iran’s for-
eign policy—criticizing Saudi
Arabia or Israel, Mr. Brookie
said.
The Iranians were particu-
larly successful with video
sharing. Videos that were
shared by the pages generated
about 27 million views, Mr.
Brookie said.
Many Grads Underemployed After College
BY MELISSA KORN
Students weighing their col-
lege options increasingly are fo-
cused on the return from that
hefty investment, pursuing dis-
ciplines they think could lead to
a steady and lucrative career.
But in terms of landing
graduates jobs that actually
require college degrees, some
of those more vocationally
geared majors—such as fitness
studies, criminal justice and
business—can be worse
choices than English or gender
studies, according to a new re-
port by labor analytics firm
Burning Glass Technologies.
College graduates who stud-
ied homeland security and law
enforcement had a 65% proba-
bility of being underemployed
in their first job out of school,
the report found. Those with
degrees in psychology and bi-
ology stood chances of 54%
and 51%, respectively, of work-
ing jobs that don’t require col-
lege degrees.
Engineers had only a 29%
probability of being underem-
ployed, the best outcome for
any major, Burning Glass said.
The group looked at real-time
job postings and more than
four million résumés from
people who graduated college
between 2000 and 2017.
On average, they found, 43%
of college graduates are under-
employed in their first job. Of
those, roughly two-thirds re-
main in jobs that don’t require
college degrees five years later.
* * * * * * *
Homeland Security Secretary Kirstjen Nielsen, center, speaks in front of a newly fortified border wall structure in Calexico, Calif., on Friday.
Trump Escalates Stance on Border
BY NANCY A. YOUSSEF
AND VIVIAN SALAMA
The U.S. defense secretary
on Friday approved a request
to deploy additional U.S.
troops along the U.S.-Mexico
border, fulfilling President
Trump’s vow to use the Ameri-
can military in an expanding
campaign to stop a caravan of
migrants and asylum seekers.
The military deployment is
part of a new round of admin-
istration action on immigration
that includes a threat by the
Trump administration to seal
border entry ports to migrants,
including asylum seekers.
The latest moves were seen
by both supporters and oppo-
nents as an escalation of the
administration’s confronta-
tional stance on immigration,
striking political and legal
nerves around the country.
The new troops likely will
come from active-duty mili-
tary units instead of the Na-
tional Guard, a U.S. official
said, and will arrive in border
locations next week that have
yet to be specified.
Defense Secretary Jim Mat-
tis approved the request,
which was submitted by the
Department of Homeland Se-
curity, for the troops to aug-
ment an existing force of ap-
proximately 2,000 National
A Major Concern
Percentage of college graduates whose first job doesn't require
a college degree
Engineering
English language and
literature
Business, management,
marketing
Biological and
biomedical sciences
Homeland security,
law enforcement
Personal and
culinary services
Note: Data from real-time job postings and more than four million résumés from people who
graduated college between 2000 and 2017.
Source: Burning Glass Technologies
That adds up: While the av-
erage starting salary for a
bachelor’s degree holder em-
ployed in a job that actually re-
quires such a degree is
Engineers had the
best outcome of any
major, according to
the new report.
$46,000, underemployed gradu-
ates make an average $36,000,
according to the report.
“When we are producing
graduates who wind up in jobs
that don’t require college de-
grees, that’s a failure to launch
U.S. NEWS
Mounted Border Patrol officers are seen working along the U.S.-Mexico border in Calexico, Calif.
Guard members sent last
spring.
The move came as a cara-
van of thousands of migrants—
currently more than 1,000
miles from the border and
moving northward—has drawn
Mr. Trump’s ire.
Mr. Mattis’s orders don’t
specify how many troops
would be assigned to the bor-
der, instead directing the Pen-
tagon to determine what mili-
tary personnel are needed and
how to fill the request, the U.S.
official said.
29%
45
47
51
65
81
THE WALL STREET JOURNAL.
for the student and a failure to
deliver for the program,” said
Matt Sigelman, chief executive
of Burning Glass and co-au-
thor of the report, which was
funded by the Strada Institute
for the Future of Work.
Graduates of liberal arts ar-
eas such as philosophy, foreign
languages, ethnic and gender
studies, history and English all
have a better-than-even
chance of landing a job that
fits their education level.
They may not pay well,
with teaching and social ser-
vices popular destinations, but
graduates can expect to fare
better in terms of landing cre-
dential-appropriate roles than
transportation, culinary ser-
vices, agriculture and public
administration majors.
Saturday/Sunday, October 27 - 28, 2018 | A3
GREGORY BULL/ASSOCIATED PRESS
pare for commercial transport
of patients, command and con-
trol facilities, temporary hous-
ing for CBP personnel and per-
sonal protective equipment for
CBP personnel.”
In addition, troops will
build temporary barriers, bar-
MARK RALSTON/AGENCE FRANCE-PRESSE/GETTY IMAGES
ricades and fencing, the Penta-
gon said.
Critics charge that when
U.S. active-duty troops are as-
signed such tasks, they are not
focusing on—or training for—
their primary job, defending
the U.S. from external threats.
“What that means is that
Donald Trump is mobilizing
the military to be a bunch of
gophers and movers for border
patrol and DHS, which is a
gross misuse of our military,”
said Will Fischer, director of
government relations for Vote-
The Pentagon expects to an- While Mr. Trump has sug- Vets, a pro-Democratic advo-
nounce which troops would be gested repeatedly that the cacy group. “For the president
selected to deploy in the next troops would be part of front to take them away from train-
two days, the U.S. official said. line defenses at the border, ing affects mission readiness.”
In comments at the White those in uniform actually will The move to send troops
House on Friday, Mr. Trump function more as support staff emerged this week as an issue
said that he “called up the mil- than as war fighters. in the hard-fought Texas Sen-
itary” to attend to the influx of According to a Pentagon ate race. Rep. Beto O’Rourke,
illegal immigrants at the bor- statement about the deploy- the Democratic hopeful, said
der. “We’re not letting them ment, the troops will support Mr. Trump was stoking fears
in,” he told attendees of the border agents and the Depart- about immigration, while his
Young Black Leadership Sum- ment of Homeland Security by rival, incumbent GOP Sen. Ted
mit. “They’d better go back providing “aviation support to Cruz said he supported the
now. Now, do we want them to move [Customs and Border president’s plan to increase se-
apply and come in legally? Ab- Protection] personnel, medical curity as migrants moved to-
solutely.” teams to triage, treat and pre- ward the U.S.
Degrees in parks, recreation,
leisure and fitness studies and
homeland security, law enforce-
ment and firefighting—majors
with some of the highest
chances of underemployment—
both more than doubled be-
tween 2005 and 2015, while lib-
eral arts and humanities
graduates remained about flat.
The report’s findings are
bolstered by research from
Georgetown University’s Center
on Education and the Work-
force, which has found that job
prospects and earnings vary
widely by college major, with
some counterintuitive results.
For example, the bottom
quartile of architecture and en-
gineering majors earn far less
than the top quartile of human-
ities and social-science majors.
Fatmata Jarr has been sub-
mitting applications for public
relations and publicity jobs and
internships pretty much daily
since she graduated from
George Mason University with
a communication degree in
May. For now, she is working as
a produce clerk at a Safeway
near her Fairfax, Va., home.
Ms. Jarr, 22 years old and
the first in her family to go to
college, said she couldn’t pursue
internships during school be-
cause she needed to work paid
jobs to cover tuition and living
expenses. She said her lack of
work experience may require
her to take an internship before
landing an entry-level role in
the field. “I just want to put my
feet in the water,” she said.
A4 | Saturday/Sunday, October 27 - 28, 2018 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

U.S. NEWS

Midterm
Race Focuses
On Economy
BY JANET ADAMY between 2012 and 2017 in
AND PAUL OVERBERG Cook’s 72 battleground dis-
tricts, adjusted for inflation,
GRANITE CITY, Ill.—Donald lagging behind income growth

WHITNEY CURTIS FOR THE WALL STREET JOURNAL

Trump’s economic agenda will of 9.7% in the districts deemed
be in the spotlight when he not competitive by Cook.
visits southern Illinois on Sat- Median income in Mr.
urday to campaign with local Bost’s district rose 6.1% over
Republican U.S. Rep. Mike the five years ended in 2017,
Bost. to about $49,000 annually. Un-
A U.S. Steel Corp. plant has employment there peaked at
reopened here, and the econ- 11.9% in January 2010 and was
omy is picking up, pushing un- down to 5% in the most recent
employment lower. But scars month, still above the national
from the last downturn are average.
palpable, and both parties ar- Mr. Trump is visiting Mur-
gue they have the better vision physboro, which is in the 12th
to make prosperity stick. District, on Saturday to help Workers leave the U.S. Steel plant that was re-opened earlier this year in Granite City, Ill. The move created 800 new jobs.
President Trump took this Mr. Bost—co-chair of the con-
traditionally Democratic dis- gressional steel caucus—fend living,” said Mr. Kelly. argued to Mr. Trump that U.S. which were the Democrats— Besides rising costs for pre-
trict in 2016 by a margin of 15 off a challenge by Democrat U.S. Steel mostly idled its security was threatened by re- weren’t doing anything for scriptions, gas and education,
percentage points, the same Brendan Kelly, the state’s at- plant here in 2015, cutting lying on imported steel. By them.” He plans to vote for voters have also complained to
margin Mr. Bost enjoyed in his torney of St. Clair County. about 2,000 jobs. Twenty-six then, U.S. Steel had begun in- Mr. Bost’s re-election. him about the increasing price
last re-election. Today, it is The race has been too close other businesses in the area creasing production in Granite But the economic of beer.
rated competitive by Cook Po- to call for much of the cam- closed that year, according to City. After Mr. Trump an- pitch hasn’t clicked with ev- He is campaigning on rais-
litical Report. paign, though Mr. Bost is the local chamber of com- nounced 25% tariffs on im- eryone. ing the minimum wage and
Mr. Bost’s fight for re-elec- showing signs of pulling merce. ported steel, the company said The United Steelworkers, cracking down on drugmakers.
tion shows how Republicans, ahead. A New York Times/Si- it would restart two blast fur- which represents plant em- Andrew Carnahan, a 27-
with days to go, are still bat- ena College poll shows him naces to meet projected de- ployees, is backing Mr. Kelly, year-old scrap baler at the U.S.
tling to translate a strong leading Mr. Kelly by 9 points; mand. Mr. Trump visited the said Tom Ryan, chairman of Steel plant, said he is unde-
economy into wins at the bal- earlier polls had his lead
Both parties are plant with Mr. Bost in July to the local 1899 grievance com- cided about whether to vote
lot box. within their margins of error. dueling over how to celebrate before cheering mittee. He said Mr. Kelly’s pol- for Mr. Bost or Mr. Kelly. He
Republicans say they Mr. Bost emphasizes jobs steelworkers. icies would better protect the said the town struggled for
righted the economy with tax on the campaign trail, particu-
make prosperity Other manufacturers are in- middle class. years before the jobs came
cuts and Mr. Trump’s tough larly the 800 the steel plant is stick. vesting in new or expanded fa- In agricultural parts of his back, and he didn’t see Mr.
trade agenda. Democrats coun- adding this year. cilities here. district, Mr. Bost is up against Bost helping much.
ter that the policies favor the “You put that many people Mr. Bost’s economic mes- complaints from soybean and “People were bleeding,” he
rich and aren’t sustainable. back to work, that’s a big sage resonated with Todd hog farmers struggling with said. “The steel tariffs were
In battleground districts thing,” he said. “It sucked for them. It Manion, 53, a Granite City retaliatory tariffs from U.S. absolutely a great thing,” said
like Illinois’s 12th Congressio- Mr. Kelly says wages aren’t sucked for me,” Mr. Bost, a sales manager who voted for trading partners. Mr. Carnahan, who was briefly
nal District, economic pain keeping up. former state house representa- Mr. Trump. Mr. Manion said Mr. Kelly, a former naval of- laid off after the 2015 slow-
was acute in recent years. A People “are continuously tive and former Marine, said the area lost its Democratic ficer, said that in no part of down. He gives Mr. Bost some
Wall Street Journal analysis of living on a razor’s edge be- of the job losses. tilt because “we started losing southern Illinois can a full- credit for bringing back steel
census data finds median cause their wages are not At a February 2018 meeting jobs and everyone started feel- time minimum wage worker jobs, “but it doesn’t get my
household income rose 8.3% keeping up with the cost of at the White House, Mr. Bost ing that the political leaders— afford a two-bedroom rental. vote outright,” he said.

Suspect Is
Charged
For Bombs
Continued from Page One
affixed with a timer and con-
taining flash powder that is
used in fireworks and pyro-
technics. In some cases, pack-
ages included photographs of
the targets marked with a red
“X,” according to the criminal
complaint.
Mr. Trump praised law en-
forcement and said he was
STORYFUL

aware that the suspect was a

“person that preferred me over
others.” Cesar Altieri Sayoc has had years of legal and financial troubles.
He said he hopes to change
the subject away from the
bomb threats ahead of the Florida Man Had Legal
GEO RODRIGUEZ/REUTERS

midterm elections. “The Re-

publicans had tremendous mo-
mentum and then of course
this happened,” he said. He
And Financial Troubles
added: “Rightfully so. But now
we have to start the momen- FORT LAUDERDALE, Fla.— Democrats, Ms. Gureghian said.
tum again.” Letter-bomb suspect Cesar Sayoc’s van was covered in pro-Trump and anti-Democrat stickers. The Florida man arrested Fri- Mr. Humberger said he was
Officials described a sprawl- day for allegedly mailing surprised to hear of his would-
ing bicoastal investigation that bombs to prominent Demo- be business partner’s arrest.
involved a number of federal, Florida Connections crats was a former stripper “The only technical skill set
state and local law-enforce- Locations in South Florida related to the Cesar Sayoc mail bomb case. and failed entrepreneur with a I saw of him was to call some-
ment agencies. The investiga- long criminal record who be- body to repair his van,” he
tion engaged law enforcement Sunrise Sunrise, Fla. office of Debbie came an avid fan of President said.
Wasserman Schultz
in New York, Florida, Califor- Trump in recent years. Mr. Sayoc went by different
nia, Delaware, Maryland and 4 Thirteen packages containing explosive devices names, including using the last
Plantation Fort
the District of Columbia. Lauderdale listed Rep. Schultz's Sunrise, Fla., office as the By Katie Honan name Randazzo when he lived
At the federal level, the FBI, 595 return address. And Scott Calvert and in Brooklyn, a law-enforce-
Bureau of Alcohol, Tobacco, Arian Campo-Flores ment official said.
Firearms and Explosives, Se- Plantation, Fla. AutoZone A Facebook page listed un-
cret Service, Postal Inspection MIAMI-FORT LAUDERDALE Authorities arrested Friday suspect Cesar Sayoc Cesar Altieri Sayoc, a 56- der the name “Cesar Altieri
Service and U.S. Capitol Police METRO AREA near his white van and towed it away. The van's year-old south Florida resident Randazzo” features photos and
were all involved. 95
windows were covered with images including some who was born in Brooklyn, videos of Mr. Sayoc at rallies
All of the devices captured 75 critical of CNN. N.Y., spent a lot of time re- for Mr. Trump as he cam-
through the week were sent to searching politics, said Justin paigned in 2016. In the photos,
the FBI lab in Quantico, Va. 18151 31st Ct., Aventura, Fla. Humberger, who said he met a person resembling Mr. Sayoc’s
That is where investigators got Aventura This address, in a gated community, is listed as Mr. the suspect about two years mug shot is wearing a “Make
their major break. On Thursday 5 miles Sayoc's address on a 2015 arrest report. A security ago and recently tried to start America Great Again” hat.
they were able to lift a finger- guard Friday said his mother lived there. a fish-farm business with him. Mr. Sayoc was divorced in
print from the package ad- 5 km Opa-locka “He’d say, ‘Oh, look at the 2004, according to court re-
dressed to Rep. Waters’ office Opa-locka, Fla. U.S. Postal Service center economic boost we’re having cords in Oklahoma.
in D.C., according to the com- The packages addressed to Barack Obama, Hillary because Trump’s in office,’ ” The suspect’s legal history
plaint. F la. Clinton, Robert De Niro, Maxine Waters and Joe Mr. Humberger told The Wall includes a 2002 arrest in Mi-
Officials ran the fingerprint Biden were sent through the Royal Palm Mail Street Journal. ami for a bomb threat that re-
through a national database, Miami Processing Center in Opa-locka, Fla. Mr. Humberger said the sulted in one year of proba-
which returned Mr. Sayoc as a suspect traveled the U.S. as tion, according to court
possible match, a federal offi- Source: staff reports THE WALL STREET JOURNAL. the tour manager for male- records.
cial said. Officials then dance shows with about half a Fort Lauderdale bankruptcy
searched law enforcement da- his power, the complaint says. nesses and went through bank- number. They then subpoenaed dozen other performers. attorney Richard Simonson,
tabases for his criminal his- Ronald Lowy, a Miami attor- ruptcy in 2012. the phone company to confirm Mr. Sayoc worked as a de- whose firm represented Mr.
tory, the official said. ney who long represented the In May 2015, he was ar- that the number they had was livery driver at New River Sayoc in his 2012 chapter 7
Mr. Sayoc, a registered Re- bombing suspect through a rested for shoplifting at a Wal- Mr. Sayoc’s, an official said. Pizza & Fresh Kitchen in Fort bankruptcy filing, said Mr.
publican, has a history of ar- history of prior arrests, de- mart in West Palm Beach, Fla., Once the company con- Lauderdale, Fla., for about a Sayoc didn’t make much of an
rests, including one in 2002 in scribed Mr. Sayoc as somebody after he tried to leave the store firmed the match, officials se- year ending in January, said impression when they met for
Miami for threatening to bomb who has trouble interacting without paying for a $49 brief- cured a court order to get his Debra Gureghian, the 56-year- a consultation in 2011.
a local utility and invoking the with others and “an odd man case and a $9 luggage bag, ac- phone records. A final court old manager. “He spewed ha- A LinkedIn account under
9/11 terrorist attacks. out in his family,” which in- cording to a West Palm Beach order allowed them to triangu- tred,” she said. “He was toxic. the name Cesar Altieri, which
Mr. Sayoc called a represen- cludes his mother and half-sis- Police Department arrest re- late Mr. Sayoc’s cellphone data He was vile.” has a photo that resembles the
tative of the Florida Power and ters in South Florida. Mr. port. He pleaded guilty. to find his location, the official She said he proclaimed mug shot released by law en-
Light Company on Aug. 7, Sayoc is half-Italian, half-Na- Justin Humberger, a busi- said. On Friday morning, FBI, openly that he was a strong forcement, says he worked for
2002, and threatened to blow tive American, the attorney ness associate of Mr. Sayoc, local police and other investi- supporter of white-suprema- an International Gold Produc-
up the office, according to the said. suspected his friend may have gators swarmed the Plantation, cist ideology and spoke in tions and Chippendales, the
criminal complaint. “It would Mr. Sayoc struggled finan- been living in his white van. Fla., parking lot of an Auto- hateful terms about Jews, Afri- male strip dance troupe.
be worse than September cially. A former member of a With Mr. Sayoc’s name in Zone store where Mr. Sayoc can-Americans and gay people. A spokesman for Chippen-
11th,” he told the representa- traveling male revue act, he hand, investigators were able was arrested. He will appear in Mr. Sayoc said he hated Ba- dales said Mr. Sayoc has never
tive, who was going to shut off failed to start several busi- to locate a possible phone a Florida courtroom Monday. rack Obama, Hillary Clinton and worked for the business.
THE WALL STREET JOURNAL.
Trump’s Judges Are Slow to Shift Balance
BY BRENT KENDALL
WASHINGTON—President
Trump has enjoyed a banner
two years of judicial nomina-
tions, illustrating how Repub-
licans are making a quick im-
print on the federal courts.
But his tenure also shows that
many of the nation’s courts
don’t lend themselves easily to
far-reaching transformation.
So far, most Trump nomi-
nees have made already con-
servative appeals courts more
so, rather than tipping the ide-
ological balance in court-
houses where conservative ju-
rists have been outnumbered.
More than half of Mr.
Trump’s appeals picks have
gone to four of the 12 regional
appeals courts, and those al-
ready had mostly Republican
appointees. Of the remaining
courts, six have a majority of
Democratic appointees and
two are even or nearly so.
“Trump has appointed in
fairly quick order a large num-
ber of judges, but they’re
largely replacing Republican
appointees,” said Russell
VIRGINIA
University Bans 10
White Nationalists
The University of Virginia on
Friday said it banned 10 white
nationalists for their actions dur-
ing a torch-lit campus demonstra-
tion that turned violent last year.
The no-trespass warnings were
issued to people law enforcement
identified “as either committing or
conspiring with others to carry
out acts of violence,” Assistant
Vice President and Chief of Police
Tommye S. Sutton said. The uni-
versity drew a distinction between
free speech and “conduct that is
aimed to intimidate others and
promote violence.”
Hundreds of white nationalists
descended on Charlottesville Aug.
11-12, 2017, in part to protest the
planned removal of a statue of
Confederate Gen. Robert E. Lee.
—Associated Press
How can you
ensure the people
you care about
will be taken
care of when you
move on?
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* * * *
Holding Court
Trump has named a record 29 appeals judges, but they've been
concentrated in already-conservative circuits.
Judges, by party of appointing president
Circuit court Democrat Republican
1
2 not always be predicted by the
3 president who appointed
4
5 Trump appointee
replaced Democratic
6 direction of its jurisprudence.
appointee
Other Trump
7 29 judges on appeals courts,
appointees
8 which have the final word in
9
10
11
DC
Sources: Federal Judicial Center; Administrative
Office of the U.S. Courts
Wheeler, a Brookings Institu-
tion fellow who tracks judicial
nominations.
Federal judges have discre-
tion on when to retire. Older
Democratic appointees are
CALIFORNIA
Net-Neutrality Law
Will Be Delayed
California Attorney General
Xavier Becerra says he won’t en-
force the nation’s toughest
state-level net-neutrality law
when it takes effect in January.
Mr. Becerra agreed Friday
with lawyers challenging the law
that the state should wait for
the outcome of a separate law-
suit looking to overturn the Fed-
eral Communications Commis-
sion’s decision to throw out
national net-neutrality standards.
The California law was cele-
brated nationally by advocates
looking to preserve rules pre-
venting internet companies from
speeding or slowing certain con-
tent online. It mimicked federal
rules adopted by the Obama ad-
ministration and then rolled back.
—Associated Press
isn’t a substitute for a plan.
| T R U ST A N D
Saturday/Sunday, October 27 - 28, 2018 | A5
U.S. NEWS
Court, where the installation notable, though it has taken ings Wednesday, two Trump
of Justices Neil Gorsuch and an exercise in partisan power nominees for the liberal-lean-
Brett Kavanaugh cemented the to get there. ing Ninth U.S. Circuit Court of
strongest conservative major- Senate Democrats during Appeals faced questions from
ity in decades. But much of the Obama years took steps to a single senator, Republican
the Senate’s work has been on make it harder for the GOP mi- Mike Crapo of Idaho, a process
Vacancies judges one level down, on the nority to block his nominees. that lasted roughly 15 minutes.
federal appeals courts. Republicans, once they took Sen. Patty Murray (D.,
While judges’ rulings can- control of the Senate, upped Wash.) tweeted a photo of the
the ante, putting the brakes on room with nearly all senators’
the confirmation process at seats empty, calling it a “sham
them, a preponderance of con- the end of the Obama adminis- hearing.”
servative or liberal appointees tration and hitting the acceler- Senate Majority Leader
on a court can determine the ator after Mr. Trump won. Mitch McConnell (R., Ky.) has
Over Democratic objections, made judicial nominations a
The president has installed Senate Judiciary Chairman priority. When he threatened
Chuck Grassley (R., Iowa) has to cancel the recess to force
scheduled confirmation hear- additional votes, Senate Mi-
most federal litigation, since ings even when a nominee nority Leader Chuck Schumer
the Supreme Court reviews faces opposition from home- (D., N.Y.) agreed to final votes
only a fraction of their deci- state senators. on 15 nominees—three appeals
sions. By contrast, President In recent days Mr. Grassley court judges and 12 for the
Obama saw 15 judges con- held two sets of hearings less-contentious trial courts—
firmed to those courts in his while the Senate was in re- so Democrats could return
first two years. He eventually cess; Democrats boycotted home to campaign.
THE WALL STREET JOURNAL. placed 48 judges on the re- them, saying the move was Republicans signaled more
gional courts, but it took him unprecedented ahead of an nominees are likely to receive
largely staying put for now, eight years to do it. election. A Grassley spokes- votes in the lame-duck session.
limiting the places where the Circuit court nominations man said Democrats had con- “We’re going to do everything
president can make changes, have grown more contentious sented to the hearing schedule we can to get you through be-
Mr. Wheeler said. in recent decades, and the es- knowing the chamber might fore the end of this year,” Sen.
Mr. Trump’s biggest victory calating tensions make Mr. be in recess. Orrin Hatch (R., Utah) told
has come at the Supreme Trump’s success all the more During one of those hear- nominees Wednesday.
U.S. WATCH
WASHINGTON, D.C.
Matthew Shepard’s
Ashes Laid to Rest
The ashes of Matthew Shep-
ard, whose 1998 killing became a
rallying cry for the gay-rights
movement, have been laid to rest
in Washington National Cathedral.
More than 2,000 people gath-
ered at the cathedral on Friday to
honor the memory of Mr. Shep-
ard, a 21-year-old gay man. His
ashes had been kept by his fam-
ily in Wyoming, where the college
CAROLYN KASTER/ASSOCIATED PRESS
student was killed. The homily
was given by the Rev. V. Gene
Robinson, the first openly gay
bishop in the Episcopal Church.
Mr. Shepard’s murder, at the
hands of two roofing workers
who authorities say targeted
him because he was gay, drew
attention to the violence endured
by LGBTQ people across the U.S. COMMEMORATION: About 2,000 people gathered Friday at the Washington National Cathedral to
—Associated Press celebrate the life of Matthew Shepard, a symbol of the LGBTQ movement, and inter his ashes.
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E STAT E S E RV I C E S | I N V E ST M E N T M A N AG E M E N T | P R I VAT E B A N K I N G
A6 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

OBITUARIES
EARL BAKKEN WA N D A F E R R A G A M O
1924 — 2018 1921 — 2018

Founder Started Medtronic Design Firm Expanded

Globally Under Widow
As a Local Repair Shop
W
hen the Italian shoe de-
signer Salvatore Ferrag-
amo died of liver can-
BY JAMES R. HAGERTY pair shop inside a garage. cer in 1960, his widow, Wanda,
At first, business was so slow was left with six children, the
“Everyone was surprised” by
her decision to run the company,
she told People magazine in 1983,
“but I realized it was no use to be
alone crying about my destiny.”

I
n the mid-1950s, heart pace-
makers were bulky devices
that had to be wheeled around
on carts and plugged into a wall
socket. A heart surgeon in Minne-
apolis asked Earl Bakken if he
could make something better. Af-
ter consulting a back issue of Pop-
ular Electronics, Mr. Bakken
within a few weeks fashioned a
wearable pacemaker powered by a
battery.
Though he didn’t realize it at
the time, Mr. Bakken had finally
stumbled onto a winning product
for Medtronic, the company he co-
founded in 1949 with the modest
aim of repairing medical equip-
ment. His timing was good: The
development of transistors and
new plastics was making possible
devices that would soon extend
and improve millions of lives.
Today Medtronic PLC has a
market value of about $125 billion.
Based in Dublin since its 2015
takeover of Covidien, Medtronic is
one of the world’s largest medical-
technology companies.
Mr. Bakken, who died Oct. 21 at
the age of 94, had no inkling he
church the family attended.
As a teenager, Earl took radios
apart and put them back together.
He built a robot that could smoke
cigarettes, a “kiss-o-meter” to
measure the emotional content of
a kiss and a Taser-like stun gun to
ward off bullies. His mother
helped him find cast-off vacuum
tubes, switches and copper wire to
animate his inventions.
“My abiding interest was elec-
that Mr. Bakken sometimes re-
paired TV sets when there was no
medical equipment to be fixed.
The company lost money for years.
“Not knowing any better, we per-
sisted,” Mr. Bakken wrote later.
In 1957, a power outage was
blamed for the death of a baby de-
pendent on a plug-in pacemaker. A
University of Minnesota heart sur-
geon, Dr. C. Walton Lillehei, asked
for alternative technology.
Mr. Bakken found a design for
an electronic metronome in Popu-
lar Electronics and used that as
the model for a circuit. He housed
the circuitry in a metal box small
enough to be taped to a patient’s
chest.
After a successful test on a dog,
Dr. Lillehei began using the device.
Articles he wrote about it created
a stir, and soon Medtronic was re-
ceiving orders from around the
world.
In 1960, the company began
work on implantable pacemakers,
which became the main driver of
growth for Medtronic.
After retiring as chairman in
1989, he and his second wife, Do-
youngest of whom was 2 years
old. “I was depressed, on the
verge of a nervous breakdown,”
she later told Women’s Wear
Daily. Then, after a brief vaca-
tion, she felt a surge of “energy
like a lion.”
Ms. Ferragamo, then 38, in-
stalled herself in her late hus-
band’s desk at the company’s
13th-century palace in Florence
and took charge. One by one her
children joined her at the firm.
They extended Salvatore Ferrag-
amo SpA from its base in luxury
shoes into handbags, clothing,
fragrances and jewelry.
T O M JAG O
1925 — 2018
Executive Placed Bet
On Baileys Irish Cream
The manufacturing and retail-
ing company, which went public
in 2011, last year recorded reve-
nue of €1.39 billion ($1.58 billion),
about 45% of which came from
Japan and elsewhere in the Asia-
Pacific region.
Seeking to avert family con-
flicts, Ms. Ferragamo initially
paid each child the same salary
and refused to hire in-laws. She
avoided breakneck growth and
fashion extremes.
Ms. Ferragamo died Oct. 19 at
her home in Fiesole, near Flor-
ence. She was 96.
—James R. Hagerty

was creating anything more than a
local repair shop when he and a
brother-in-law, Palmer Hermund-
slie, set up Medtronic. “We didn’t
analyze or study the market,” he
tricity,” he wrote later. His favorite
movie was “Frankenstein,” about a
creature brought to life by an elec-
trical jolt.
ris, settled on Hawaii’s Big Island.
He helped develop the North Ha-
waii Community Hospital. The ru-
ral hospital, opened in 1996, fea-
tures natural light and lively
T
om Jago, a product-devel-
opment executive at Inter-
national Distillers & Vint-
ners, in 1973 was looking for a
new drink to be produced by the
proved. He liked the idea of an al-
coholic drink for people who
didn’t like the taste of alcohol.
Relying more on a hunch
than research, he sold the idea to

wrote in “One Man’s Full Life,” a
1999 memoir. “We just did it.”
Medtronic’s inventions eventu-
ally sustained him physically as
well as financially. “I’m on my sec-
ond pacemaker, and I’m on about
my third or fourth insulin pump,”
he told the St. Paul Pioneer Press
in 2010. “So I’m glad I invented
the company, or I wouldn’t be sit-
ting here.”
Earl Elmer Bakken was born Jan.
10, 1924, and grew up in the Minne-
apolis suburb of Columbia Heights.
His father was a clerk at a farm-
equipment company. His mother
served as secretary at the Lutheran
A
fter high school, he enlisted
in the Army Signal Corps
and became a radar instruc-
tor in Boca Raton, Fla., during
World War II. He then used the
G.I. Bill to attend the University of
Minnesota and earn a bachelor’s
degree in electrical engineering.
Noting his talents, university
medical personnel sometimes
asked Mr. Bakken to fix
their equipment. He noticed that
few hospitals had technical staffs
to maintain their electrical gear. A
chat with his brother-in-law, Mr.
Hermundslie, prompted them to
fill that niche by setting up a re-
colors.
Mr. Bakken argued that hospi-
tals needed to cater to “the rela-
tionship between the patient’s
mind, body and spirit in the heal-
ing process.” It wasn’t all about
medical technology, he said.
His survivors include his wife, a
sister, four children and eleven
grandchildren. His first marriage
ended in divorce, blamed by Mr.
Bakken on his preoccupation with
Medtronic and his heavy travel
schedule.
 Read a collection of in-depth
profiles at WSJ.com/Obituaries
London-based company’s Irish
arm. He asked two consultants to
brainstorm.
The consultants, David Gluck-
man and Hugh Seymour-Davies,
bantering one morning in their
office in London’s Soho district,
came up with the idea of blending
cream into Irish whiskey. They
rushed out to buy whiskey and
cream, returned to the office and
mixed the concoction. The taste
was “bloody awful,” Mr. Gluckman
recalled later. A dash of sugar and
chocolate powder improved it.
Presented with this liquid des-
sert, Mr. Jago immediately ap-
skeptical colleagues. It became
Baileys Irish Cream. Now owned
by Diageo PLC, the brand is the
world’s top-selling liqueur.
Mr. Jago later worked
for Moët-Hennessy SA, United
Distillers Group and Seagram Co.
He helped develop Malibu rum,
Piat d’Or wines and Johnnie
Walker Blue Label scotch. He
liked a glass of scotch at 6 p.m.
On the rare occasions when he
had an after-dinner drink, it
tended to be port, not Baileys.
Mr. Jago died Oct. 12 in Lon-
don. He was 93.
—James R. Hagerty

Tesla Faces
Criminal
Probe
Continued from Page One
Model 3 ramp” earlier this
year and was “cooperative in
responding to it.” The com-
pany said it hasn’t received
CHRIS CARLSON/ASSOCIATED PRESS

any subpoenas or further re-

quests from the agency.
Tesla added that it has been
“transparent about how diffi-
cult” Model 3 production
would be, and that “it took us
six months longer than we ex-
pected to meet our 5,000 unit
per week guidance.”
The Justice Department and
SEC declined to comment.
On Wednesday, Tesla re-
ported record quarterly profit
as increased output of its
Model 3s ended seven quar-
ters of losses for the electric-
car maker. The third-quarter
results, which buoyed Tesla’s
stock, followed a series of pro-
duction delays. Mr. Musk is
betting that the Model 3 can
transform the company from a
niche luxury brand into a le-
gitimate rival against the
world’s largest auto makers.
In recent weeks, FBI agents
have contacted former Tesla
employees asking them for
The Art of Dining testimony in the criminal case.
The former employees re-
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the probe, and FBI agents re-
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such as plants, flowers, insects, and animals. What truly gressive production plan to
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rate of 1,000 vehicles in July
to 2,000 in August and 4,000
in September.
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5,000 vehicles a week by
year’s end.
Elon Musk, Tesla’s founder and chief executive officer, speaking
at a press conference in Hawthorne, Calif., in September.
“Looks like we can reach
20,000 Model 3 cars per
month in Dec,” he tweeted on
July 2, 2017, days before the
first Model 3 rolled off the
production line.
In the early weeks of pro-
duction, the company’s body
shop, where the skeleton of
the cars would take shape,
wasn’t fully functional, accord-
ing to an October 2017 article
in The Wall Street Jour-
In recent weeks, FBI
agents have
contacted former
Tesla employees.
nal. Tesla was still hand-build-
ing parts of the Model 3s, and
the body shop wasn’t fully in-
stalled until September, ac-
cording to people quoted in
the article that were familiar
with the situation.
Tesla ended up producing
2,700 Model 3s for all of 2017,
and 793 in the last week of
that year.
Now the FBI is comparing
the company’s statements with
its production capability dur-
ing 2017. Authorities are hom-
ing in on whether the com-
pany made projections about
its Model 3 production know-
ing it would be impossible to
meet the goals, people close to
the situation say.
Model 3s began assembly in
July 2017 and Tesla finally
reached the long-promised goal
of making 5,000 of the vehicles
in a single week during the last
seven days of June 2018.
The company aimed to
build on that pace but ulti-
mately averaged 4,300 Model
3s a week, excluding planned
downtime, during this year’s
third quarter. It said it built
more than 5,300 of the cars
during the final week of the
period.
Though Tesla shares have
surged this week on its profit
picture, they still are down
roughly 17% since a high in
June 2017.
The SEC isn’t involved in
the investigation into produc-
tion issues at Tesla, people fa-
miliar with the matter said.
The SEC settlement re-
lated to a statement by Mr.
Musk through his Twitter ac-
count on Aug. 7 that he had
“funding secured” to take
Tesla private. The SEC alleged
that the tweet by Mr. Musk
was “false and misleading.”
Under the settlement, Mr.
Musk and the company agreed
to pay a total of $40 million in
fines and to remove Mr. Musk
from his role as chairman of
the board, without admitting
or denying wrongdoing.
The Justice Department and
SEC often coordinate investi-
gative efforts, but the SEC’s
recent civil action over Mr.
Musk’s tweet on taking the
company private didn’t ad-
dress questions about Model 3
production disclosures.
THE WALL STREET JOURNAL.
Turkey Presses Saudi Arabia Over Killing
Erdogan goads Riyadh
as prosecutors from
both nations prepare
to meet this weekend
BY SUNE ENGEL RASMUSSEN
ISTANBUL—Turkish Presi-
dent Recep Tayyip Erdogan
raised pressure on Saudi Ara-
bia by suggesting he had
more evidence to release over
the killing of journalist Jamal
Khashoggi, as he announced
the Saudi chief prosecutor
would meet Turkish officials
here this weekend.
In an address to his Justice
and Development Party in An-
kara, Mr. Erdogan made an-
other attempt to push Saudi
Arabia for a credible explana-
tion of what happened to Mr.
Khashoggi, who was killed af-
ter entering the Saudi consul-
ate in Istanbul on Oct. 2.
Mr. Erdogan urged Saudi
Arabia to reveal the location
of Mr. Khashoggi’s body and
to turn over suspects in the
case to Turkey for prosecu-
tion. He said he would reveal
more evidence about the case
at a later time, suggesting the
nearly monthlong campaign
of leaks to the Turkish media
would continue.
“It is not like we do not
Woman Who Insulted Islam Loses in Europe Court
BY BOJAN PANCEVSKI
Europe’s highest human
rights court ruled on Friday
that disparagement of religious
doctrines such as insulting the
Prophet Muhammad isn’t pro-
tected by freedom of expres-
sion and can be prosecuted.
The European Court of Hu-
man Rights upheld a 2011 ver-
dict by an Austrian court that
sentenced an unnamed woman
to pay a fine for alleging that
the figurehead of Islam had
pedophilia tendencies.
The woman was originally
convicted under Austria’s law
* * * *
have more information and
evidence...but there is no
need to rush. First, Saudi of-
ficials will reveal who killed
Khashoggi,” Mr. Erdogan said.
“It is crystal clear that he is
murdered but where is the
body? You have to show it.”
Mr. Erdogan has led a pres-
sure campaign against Saudi
Arabia, Turkey’s biggest re-
gional rival, since the disap-
pearance of Mr. Khashoggi.
The journalist was once a
royal insider who later wrote
critically about the Saudi gov-
ernment and its day-to-day
ruler, Crown Prince Moham-
med bin Salman.
As evidence in the case has
leaked, chipping away at the
credibility of the Saudi expla-
nations, the kingdom’s narra-
tive has gradually moved
closer in alignment to that of
Turkish authorities. Riyadh
first said Mr. Khashoggi left
the consulate building un-
harmed, and then said he was
killed accidentally in a fight
with Saudi operatives. On
Thursday, Saudi officials said
his killing appeared to be
premeditated.
Mr. Erdogan spoke on the
phone with Prince Moham-
med on Wednesday for the
first time since Mr.
Khashoggi’s death. The presi-
dent said he had told Prince
against disparaging religious
doctrines for referring to the
marriage between the Prophet
and a six-year-old, Aisha, as
“pedophilia” at a 2009 semi-
nar, which was sponsored by
the right-wing Freedom Party
and entitled “Basic Informa-
tion About Islam.”
She appealed the verdict to
the Strasbourg-based ECHR, a
supranational court that hears
human-rights appeals from
citizens of 47 European coun-
tries, saying she aimed to con-
tribute to a public debate.
The ECHR said it rejected
her appeal after finding that
NY
WORLD NEWS
Turkish President Erdogan urged Riyadh to say who killed a journalist.
Mohammed and King Salman
that Saudi authorities should
interrogate the 18 men who
were detained over the killing
the Austrian courts “carefully
balanced her right to freedom
of expression with the right of
others to have their religious
feelings protected, and served
the legitimate aim of preserv-
ing religious peace in Austria.”
The verdict comes amid
heightened tensions in Europe
over the role of Islam in West-
ern societies. A surge of anti-
Islam groups fueled by an
anti-immigration backlash is
upending politics across the
continent.
According to Islamic teach-
ing, Aisha was one of Muham-
mad’s wives. The ECHR quoted
Saturday/Sunday, October 27 - 28, 2018 | A7
“You know how to make anybody were going to be in,
them talk,” Mr. Erdogan said it would be him,” he said.
he had told the king and the Central Intelligence Agency
crown prince. “If you cannot, Director Gina Haspel on
deliver them to us and we Thursday briefed Mr. Trump
will try them.” on her trip to Turkey earlier
On Friday, the office of Is- in the week to review evi-
tanbul’s chief prosecutor re- dence, including what Turkish
quested the extradition of the officials say is an audio re-
18 detained men from Saudi cording of Mr. Khashoggi’s
Arabia ahead of his planned murder and dismemberment.
weekend meeting with the In his first public com-
Saudi chief prosecutor Sheikh ments about the killing on
Saud Al-Muajab. Wednesday, Prince Moham-
“Jamal Khashoggi was med called it a “hideous inci-
murdered in Turkey by Saudi dent” and vowed that the
nationals who traveled to perpetrators would be
Turkey for this specific pur- brought to justice, promising
pose,” a senior Turkish offi- full cooperation with Turkish
cial said. “It is clear that the authorities.
judicial system in Turkey is The Saudis on Thursday
PRESIDENTIAL PRESS SERVICE/ASSOCIATED PRESS
better equipped to genuinely declined to grant access to a
serve the cause of justice in well at the Istanbul consulate
this case.” that had become a focal point
Saudi officials haven’t in- for Turkish investigators, ac-
dicated that they will extra- cording to Turkish state me-
dite the suspects. Prince Mo- dia. Turkish investigators
hammed has vowed to bring have taken a water sample
them to justice and cooperate from the sewage system con-
with Turkish authorities. nected to the consulate, state
Saudi explanations for Mr. media said.
Khashoggi’s death have Mr. Erdogan on Friday de-
drawn widespread skepticism manded to know the identity
from world leaders, including of a “local collaborator” who
President Trump, who told Saudi investigators say
The Wall Street Journal this helped dispose of Mr.
to find out where Mr. week that he didn’t rule out Khashoggi’s body.
Khashoggi’s body was lo- Prince Mohammed’s possible "Who is the local collabo-
cated, or extradite them for involvement in the operation. rator? You have to explain
trial in Turkey. “He’s running things and so if that,” Mr. Erdogan said.
the woman whose sentence it Latvia, Azerbaijan and Georgia Muhammad was not worthy of
upheld as having said that the ruled unanimously on the worship,” the ECHR said.
Prophet “liked to do it with case. They said the woman The woman will have to pay
children.” The court further failed to inform her audience a fine of €480 ($612) and
cited her as saying: “A 56- of the historical background. cover the costs of her trial.
year-old and a six-year- In accusing Muhammad of The ECHR has a history on
old?…What do we call it, if it “primary sexual interest in ruling on sensitive issues re-
is not pedophilia?” children’s bodies,” the woman lated to Islam, often upholding
Such statements went be- disregarded that the marriage measures that contradict Is-
yond the permissible limits of had continued until the lamic practices.
an objective debate and could Prophet’s death, when Aisha In 2014 and 2017, the court
constitute an “abusive attack turned 18—effectually ruling upheld French and Belgian
on the Prophet of Islam” that a child marriage need not bans of burqas and other Is-
which could “stir up prejudice be motivated by pedophilia, lamic garments that fully cover
and threaten religious peace,” the Austrian court found. women’s faces. In 2017, it en-
the ECHR found. Her comments “could only dorsed a Swiss decision that
A panel of seven judges be understood as having been Muslim schoolgirls had to take
from Germany, France, Ireland, aimed at demonstrating that compulsory swimming classes.
Art IMPRESSIONIST
& MODERN ART
Auction
Wed, Nov 7 at 11am
P O S T- W A R &
CONTEMPORARY
ART
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Wed, Nov 7 at 2pm
EXHIBITION
Nov 3 - 5
L O C AT I O N
Doyle
175 East 87th Street
New York, NY 10128
Jean Dufy (French, 1888-1964),
Le Quai Videcoq au Havre, circa
1938-40, Est: $15,000-25,000
William Langson Lathrop
(American, 1859-1938),
Light and Shadow.
Est: $20,000-30,000
Ibrahim Hussein (Malaysian,
1936-2009), No. 8, Assembly
of Figures, 1964.
Est: $40,000-60,000
Margaret Kilgallen (American,
1967-2001), Untitled (May Brussel),
circa 1997. Est: $12,000-18,000
Oswaldo Guayasamin
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Est: $70,000-90,000
V I E W A N D B I D AT
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Principal Auctioneer: Rodney J. Lang No. 0777006
 A8 | Saturday/Sunday, October 27 - 28, 2018
AHMED DEEB FOR THE WALL STREET JOURNAL (2)
Raqqa’s civil-defense crew prays over bodies as they prepare to rebury them. Below, ‘the abyss,’ a gorge where Islamic State militants deposited some of their victims.
To Rebuild, Syrian City Reburies
BY RAJA ABDULRAHIM
RAQQA, Syria—By 11 a.m.,
eight blue body bags had been
laid out on the concrete. Their
contents had been dug up by
hand from row after row of
mostly anonymous corpses
hastily buried in a public park.
Donning surgical masks, a
squirt of pink disinfectant on
their hands, and plastic gloves,
the men of Raqqa’s civil-de-
fense team returned to the
trench. They balanced on the
slippery edge in work boots or
running shoes and resumed
their work: another day of dig-
ging through Panorama Park, a
makeshift cemetery that filled
as the U.S.-backed coalition
fought last year to capture the
de facto capital of Islamic
State’s self-declared caliphate.
First they pulled out a man’s
bottom half. His thick belt and
cargo pants suggested he was a
fighter, most likely from Is-
lamic State. His torso followed.
And then, finally, his skull.
“In some of the graves we
find three or four people bur-
ied on top of each other,” said
Hassan Muhammad, a former
interior decorator and house
painter, taking a break from
the sun in the shade of a dry
fountain in the shape of a
large, red flower. “Pressed to-
gether because it was done in
such a rush.”
The workers’ navy blue uni-
forms read “first response
team” on the back, but their
work has made them more
gravediggers and pallbearers
for many small, hurried funer-
als that mark the end of years
of conflict and tyranny in this
one city.
The mission of the team,
overseen by the Raqqa city
council and paid with foreign
funding, is to collect and ac-
count for the bodies. It is a ba-
sic step in an effort to get the
city, now run by U.S.-backed
Kurdish-led forces, functioning
again. Some neighborhoods
still have bodies beneath rub-
ble. Other parks have also be-
come graveyards.
One year since Islamic State
was driven from Raqqa, there
is still no reckoning for how
many people died during the
group’s reign here and during
the four-month U.S.-led coali-
tion battle to capture the city.
But just as work to exhume and
identify bodies continues
slowly, so does a partial return
to the routine for residents of
Raqqa, where 300,000 lived be-
fore the Syrian conflict began.
There is no large-scale recon-
struction here, only signs of
piecemeal progress.
Civil defense teams have re-
covered more than 2,500 bod-
ies in Raqqa and its surround-
ing countryside, many of them
civilians killed by either side
during the battle for the city.
About 2,000 of them haven’t
been identified.
The effort under way inside
the city only hints at the
daunting scale of work to be
done beyond Raqqa, as Islamic
State’s caliphate once extended
WORLD NEWS
across large parts of Syria and
Iraq, and the parallel Syrian
civil war has left much of the
country in ruins.
The workers say Islamic
State threw many bodies, likely
including hundreds of people it
executed, into a gorge north of
Raqqa that people call “the
abyss.” The steep-walled chasm
A year after Islamic
State’s exit, workers
in Raqqa are digging
up a mass grave
culminates in a deep hole. Lo-
cals warn visitors not to get
too close or the hole may pull
them in.
Before Panorama Park was
turned into a graveyard, it was
once used by Raqqa’s families
to picnic and smoke hookah
pipes. At the start of the coali-
tion’s offensive to capture the
city, the road to the city’s cem-
ASIA
China and Japan
Push for Free Trade
The leaders of China and
Japan said Friday they would
work together as defenders of
free trade, moving ahead with
warming ties as both face tough
trade fights with President Trump.
Prime Minister Shinzo Abe,
making the first formal visit by a
Japanese leader to China in seven
years, was careful not to criticize
Mr. Trump directly and echoed
some of the U.S. president’s con-
cerns about China’s state-led eco-
nomic model when meeting Chi-
nese President Xi Jinping.
Messrs. Xi and Abe mostly
found common ground on trade.
The Japanese leader told Mr. Xi
that it was important to defend
the free-trading system, said a
Japanese government spokesman.
Mr. Xi agreed and said both sides
should defend multilateralism and
promote an open global economy,
Chinese state media said.
—WSJ Staff
GAZA STRIP
Israelis, Palestinians
Launch Attacks
Israeli aircraft struck several
militant sites across the Gaza
Strip early Saturday shortly after
militants fired rockets into south-
ern Israel, the Israeli military said.
Israel’s chief of staff, Lt. Gen.
Gadi Eisenkot, conducted situa-
tional assessment while the air-
strikes and barrages of rockets
etery had become too danger-
ous—forcing people to find an
alternative burial ground for a
growing body count. Parks, and
even the zoo, became make-
shift cemeteries.
In Raqqa, like much of the
country, war has forced many
things to be repurposed. “This
was once a nice place to sit,”
said Hamza Amaiwa, a former
tailor, who used to come to
Panorama Park with his family.
The recovery team esti-
mates 1,500 bodies could be
buried in the park, an area
somewhat larger than a foot-
ball field.
Today, a coroner—a former
bus driver who worked in
Saudi Arabia and has no medi-
cal training—stands above the
newly exhumed body and
makes note of details that
could indicate an identity: the
belt; the pants; the silver teeth.
The coroner’s written notes
are archived because the body
will soon be returned to the
earth. Raqqa lacks a morgue, in
part because the city lacks
enough electricity to power the
WORLD WATCH
Jordanian rescuers searched for survivors of flash floods in the vicinity of the Dead Sea on Friday.
continued, the army added with-
out elaborating.
The cross-border violence
came hours after Israeli forces
shot and killed four Palestinians
protesting along the perimeter
fence dividing the Hamas-ruled
Gaza and Israel.
In a rare statement implicitly
claiming responsibility for the
rocket fire, the smaller Islamic
Jihad group said it always has
exercised restraint, but it “can
no longer stand idle before the
continued killing of innocents
and bloodshed by the Israeli oc-
cupation.”
There was no word on inju-
ries as a result of the rockets
and airstrikes.
—Associated Press
* ******* THE WALL STREET JOURNAL.
refrigeration needed to pre-
serve bodies.
Resident Hussein al-Muham-
mad, dressed in a tattered pur-
ple T-shirt, sweatpants and
dusty sandals, walked into the
park and approached the men
as they laid out their ninth
body bag of the day.
“How much do you charge?”
he asked.
The men assured him that
they exhume bodies and rebury
them in the cemetery free of
charge.
Mr. al-Muhammad said he
lost five or six family members
when their home was hit by a
coalition airstrike.
The U.S.-led coalition says
104 civilians were killed during
the offensive—an estimate far
lower than those of human-
rights groups. The coalition is
still analyzing cases, said a
spokesman. He couldn’t con-
firm, with the information
available, what happened to
Mr. al-Muhammad’s family.
After the ninth body was ex-
humed, the recovery team
waited for people with missing
relatives to come examine and
identify the day’s disinterred.
Two of the victims were in-
fants.
When no one else strolled
into the park to peek at the
bodies, the men loaded the bags
into the back of a minibus and
headed to the cemetery.
As their day ends, the men
perform the Islamic prayer for
the dead and return the nine
bodies to the earth—still anon-
ymous but in a more appropri-
ate resting spot. Each blue
body bag is slipped into an-
other mass grave, nestled
tightly together to make room
for those who will join them in
the days to come.
There are no gravestones or
even markers, just a quickly
scribbled notation on each bag
with the same bleak descrip-
tion of where they were dis-
covered and when: Unknown
man. Panorama. Oct. 9, 2018.
JORDAN
Toll Rises to 21 After
Deadly Flash Flood
The death toll from flash floods
near Jordan’s shore of the Dead
Sea rose to 21 on Friday, in what
Civil Defense officials said was one
of the deadliest incidents in the
kingdom involving schoolchildren.
The search for survivors contin-
ued after daybreak, with helicop-
ters and teams with sniffer dogs
scouring the rocky slopes near the
Dead Sea in the Jordan Valley. The
body of a 12-year-old girl was
found early Friday, said the director
general of the Civil Defense, Mus-
tafa al-Basaiah. By late Friday, one
person was still feared missing.
Netanyahu
Pays Visit
To Leader
Of Oman
BY FELICIA SCHWARTZ
TEL AVIV—Israeli Prime
Minister Benjamin Netanyahu
made a surprise visit to meet
Oman’s ruler this week to dis-
cuss regional issues, the first
official summit between the
leaders and a sign of improv-
ing relations between Israel
and the Arab Gulf states.
Mr. Netanyahu returned
from Oman on Friday after
meeting Sultan Qaboos bin
Said Al Said, the Israeli
leader’s office said. He was ac-
companied by his wife, Sara,
and senior Israeli officials, in-
cluding the head of the coun-
try’s spy agency, Yossi Cohen.
A statement released by Oman
said the meeting between the
two leaders took place Thurs-
day.
Israel has no formal diplo-
matic relations with Oman or
its Arab Gulf neighbors. But
boosting ties, particularly on
the basis of a shared interest
in countering regional rival
Iran, has been a priority for
Mr. Netanyahu.
Israel shares some intelli-
gence information with Arab
Gulf countries, including Saudi
Arabia and the U.A.E., accord-
ing to current and former
American and Israeli officials.
But cooperation has remained
tacit absent a resolution to the
decadeslong conflict between
Israelis and Palestinians.
Mr. Netanyahu’s office said
the visit is a significant step
toward his goal “of deepening
relations with the states of the
region while leveraging Israel’s
advantages in security, technol-
ogy and economic matters.”
The Trump administration
welcomed the visit and de-
scribed it as useful to its ef-
fort to bring about peace.
“This is a helpful step for
our peace efforts & essential
to create an atmosphere of
stability, security & prosperity
between Israelis, Palestinians
& their neighbors” Jason
Greenblatt, a member of Mr.
Trump’s peace team, said on
Twitter on Friday. Mr. Green-
blatt is expected to visit Israel
next week for consultations.
The Netanyahu visit re-
flected growing ties between
Israel and its neighbors that
Washington and Israel hope
will become more public.
Oman has long served as a
bridge between countries in
the region, including as a back
channel between the U.S. and
Iran ahead of talks that led to
the 2015 nuclear deal.
Mr. Netanyahu’s visit to
Oman comes after Palestinian
Authority President Mahmoud
Abbas earlier this week also
visited Oman at Sultan Qa-
boos’s request, according to
the Palestine News Agency.
OMAR AKOUR/ASSOCIATED PRESS
Thirteen of the dead and 26 of
about three dozen people injured in
Thursday’s flash floods were mid-
dle-school children, officials said.
The incident began early
Thursday afternoon when 37
students from an Amman pri-
vate school, along with seven
adult chaperones, as well as
other visitors, were taking a
break at hot springs several kilo-
meters from the Dead Sea
shores. Sudden heavy rains sent
flash floods surging toward them
from higher ground, sweeping
them away, some as far as the
Dead Sea, officials said. Israel’s
military said it dispatched a res-
cue team at the request of the
Jordanian government.
—Associated Press
THE WALL STREET JOURNAL.
Brazil Election Points to Rightward Shift
BY SAMANTHA PEARSON
AND LUCIANA MAGALHÃES
SÃO PAULO—Jair Bolson-
aro, a combative ex-army cap-
tain, is projected to win Bra-
zil’s presidency by a large
margin on Sunday, joining the
growing ranks of populists
across the world and shifting
Latin America’s largest econ-
omy sharply to the right.
Polls show Mr. Bolsonaro
winning nearly 60% of Sunday’s
runoff vote against Fernando
Haddad of the leftist Workers’
Party, the stand-in candidate for
former President Luiz Inácio
Lula da Silva, who was jailed
this year for corruption.
That would give the nation-
alist, long considered a side-
show in Brazilian politics, one
of the biggest wins for any
president since the country re-
turned to democracy three de-
cades ago.
On Caravan Trail,
Grueling Heat,
Rains Take a Toll
BY JOSÉ DE CÓRDOBA
AND JUAN MONTES
PIJIJIAPAN, Mexico—On a
recent afternoon, Jorge del
Cid pushed a stroller, where
his exhausted 6-year-old son
Gabriel slept, along a narrow
strip of highway he hopes will
take them to the U.S., more
than 1,000 miles away.
He is one of thousands of
Central American migrants
who are enduring enormous
hardship—armed with little
more than their faith in God—
as they march along Highway
200 in southern Mexico.
By day, they sometimes
walk more than 25 miles un-
der a tropical sun. By night,
they endure torrential rains
under tarps, leaving many
soaking wet. Some give up
each day and ask authorities
to return them to Honduras,
whittling down a caravan that
peaked at about 7,000 people.
Mr. del Cid, a skinny Hondu-
ran construction worker in a
straw hat, estimates he has
pushed the stroller 500 miles
since leaving his hometown of
San Pedro Sula. Because his son
is with him, he says, he expects
U.S. authorities to let him into
the country, where he hopes to
find a good paying job.
“I’m a single dad, and he’s
lived with me all his life,” says
Mr. del Cid, referring to his son.
He has a sister in Santa Ana, Ca-
lif., he says, who will help them.
“God willing, everything
will turn out all right,” he
says, as he resumed his walk
down the highway near Mex-
ico’s southern Pacific coast,
China Puts Yuan Skeptics on Notice
Getting Squeezed
The Chinese yuan has fallen
sharply against the dollar.
How many yuan $1 buys*
6.00 yuan
6.25
6.50
6.75
7.00
Note: Scale inverted to
7.25 show declining yuan
2010 ’15
*Onshore exchange rate
Source: Tullett Prebon Information
THE WALL STREET JOURNAL.
Sri Lankan President Ousts Prime Minister
BY UDITHA JAYASINGHE
COLOMBO, Sri Lanka—Pres-
ident Maithripala Sirisena late
Friday removed his party from
the ruling coalition and ousted
the prime minister, appointing
in his place the controversial
former President Mahinda Ra-
japaksa and triggering a con-
stitutional showdown.
The appointment of Mr. Ra-
japaksa brings back to power a
leader who had pivoted the
country toward China and was
accused by opposition parties
of corruption.
* * * *
“We are the majority, we are
the real Brazil, and together we
will build a new nation,” the 63-
year-old bellowed to supporters
in a recent video address from
his Rio de Janeiro home, where
he is recovering from an assas-
sination attempt early in the
campaign.
The blunt military man had
just one message for his arch-
enemy Mr. da Silva, a former
political prisoner under the
1964-85 dictatorship that Mr.
Bolsonaro served. “You will
rot in jail!”
Mr. Bolsonaro has stunned
opponents and political pundits
over recent months by luring
voters across class, racial and
geographical divides.
Mr. Bolsonaro promises to
restore order in a country rid-
dled with crime and corruption,
return the moribund economy
to growth, and revive tradi-
tional family values in a society
which passes farm and cattle
towns, groves of mango trees
and lush green fields.
The road is crowded with all
kinds of people: an old man
wearing a urostomy bag, par-
ents pushing strollers or carry-
ing children, recent deportees
from the U.S., pregnant women,
a three-person entourage of
clowns, groups of young men.
The migrant caravan has
gone an average of 43 miles a
day since it left San Pedro Sula
on Oct. 12. It is about 2,800
miles from San Pedro Sula to
Tijuana, the caravan’s stated
destination, on the California
border—the distance from San
Francisco to New York City.
Brenda Chirinos, 37, left
home in the Honduran capital
of Tegucigalpa with a blue back-
pack stuffed with two pants,
three T-shirts, some underwear
and a small bag with a deodor-
ant, toothbrush, comb and soap.
“I wash the underwear every
two days,” she says. Migrants
use fountains at the towns they
camp in to wash. Their clothes
are left to dry out in the open.
It is a grueling daily routine,
and many migrants, particu-
larly those with small children,
can’t stand the pace. Many
drop out and seek help from
authorities to take them back
to Honduras, where most came
from. The Mexican government
said late Wednesday there are
3,630 people in the caravan, al-
though local mayors put the
number as high as 6,000.
In the southern town of Hu-
ixtla on Tuesday, some 200
migrants asked Mexican au-
thorities for help getting back
BY SAUMYA VAISHAMPAYAN
AND BEN EISEN
A top Chinese policy maker
warned investors to stop bet-
ting against the country’s cur-
rency Friday, boosting the yuan
after it had fallen to nearly its
weakest level in a decade.
“For forces that try to short
renminbi, we fought hand to
hand a few years ago, and we
are very familiar with each
other,” said Pan Gongsheng, a
vice governor of the People’s
Bank of China, at a briefing on
Friday. “I think it’s still fresh
in both of our memories.”
After a nearly 7% selloff this
year, the yuan is at the brink
of hitting 7 per dollar—a
closely watched threshold that
could trigger further selling if
As of late Friday there was
still debate on whether the
president had the right to pick a
new prime minister. The ousted
prime minister, Ranil Wickrem-
esinghe, said he wasn’t leaving
quietly as he was backed by
enough members of Parliament
to retain his position. “I will
continue to function as prime
minister. No one else can be ap-
pointed according to the consti-
tution,” he told reporters. “It is
up to the Parliament now.”
Mr. Wickremesinghe, in
power since 2015, defeated a
no-confidence motion in April
WORLD NEWS
Ex-army captain Jair Bolsonaro
increasingly guided by evangeli-
cal Christianity.
But 30% of his supporters
say they will vote for him sim-
ply to try something new, ac-
cording to a survey last week by
pollster Datafolha.
Despite representing Rio de
Janeiro as a congressman for 27
years after leaving the army, Mr.
Bolsonaro has positioned him-
self as an outsider to Brazil’s
despised political establishment.
Migrants boarding a truck, above, near Pijijiapan, on Friday, and walking on a road in Ciudad Hidalgo. The heat has left some exhausted.
home. “I miss my two kids,”
said Orlando González, a farm-
worker, who left two sons,
ages 6 and 4. “I came for
them, but I need them too
much.” Another 80 dropped
Chinese businesses and indi-
viduals decide that means they
need to expatriate capital be-
fore any further decline. The
yuan last traded weaker than 7
per dollar in May 2008 in the
onshore market; offshore trad-
ing was introduced in 2010.
The comments from Mr.
Pan, who is also the head of
the country’s foreign-exchange
regulator, were the latest sign
Beijing is growing concerned,
more than three years after a
bout of depreciation sparked
global market havoc.
China has made it more ex-
pensive for traders to place
bets against the currency and
tweaked the mechanism for
setting its official daily trad-
ing range—efforts aimed at
reining in the yuan’s tumble.
by 46 votes. His party has
asked for a special vote.
“We have asked to convene
the Parliament at least on Sun-
day to enable us to show major-
ity and to end this crisis,” said
Finance and Mass Media Minis-
ter Mangala Samaraweera.
However, Dayasiri Jayasek-
era, a member of Parliament
from Mr. Sirisena’s Sri Lanka
Freedom Party, said “the pres-
ident believes that he has the
numbers to hold Parliament.”
Heavy security was in force
Friday night at the Presidential
Secretariat.
Traditional parties aren’t
only out of touch, voters say,
but they also have been stealing
from the electorate for more
than a decade, according to the
findings of the vast Car Wash
corruption investigation, lavish-
ing taxpayers’ money on every-
thing from yachts to emerald
sculptures.
Voters are so angry at the
Workers’ Party, which also
oversaw Brazil’s deepest reces-
sion from 2014-16, that some
have taken to referring to Mr.
Bolsonaro as the best available
“pesticide” or “chemotherapy”
Brazil now has to protect itself
from the party’s return.
Mr. Bolsonaro’s likely vic-
tory Sunday would mark the
rupture of a party system that
was established after the re-
turn to civilian rule in the
mid-1980s. It would be the
first time since 1989 that nei-
ther the Workers’ Party nor
out of the caravan the next day
after a night of torrential rains
in the town of Mapastepec,
Mayor Karla Valdenegro said.
Pablo Ballesteros, a member
of People Without Frontiers, the
In the tightly controlled on-
shore market, the Chinese cur-
rency fell as low as 6.9647 per
dollar on Friday—0.03% away
from its lowest level in a de-
cade.
It later recovered from its
0.2% drop to end roughly flat
after Mr. Pan’s news confer-
ence, in which he also said the
central bank wouldn’t engage
in competitive depreciation
and that it would continue to
take steps to stabilize expecta-
tions for the yuan.
The U.S. dollar has rallied
in 2018 against many curren-
cies including the yuan.
China is dealing with other
issues that have further fueled
its currency’s drop: chiefly,
trade tensions with Washing-
ton and a slowdown in growth.
The coalition has been grid-
locked over policy differences
even as the country struggles
with debt problems. It was
formed by opposing political
parties to oust the previous gov-
ernment led by Mr. Rajapaksa.
Mr. Rajapaksa was presi-
dent for nine years and is
credited with ending Sri
Lanka’s 27-year war with the
separatist group Tamil Tigers
in 2009. He also moved Sri
Lanka closer to China and bor-
rowed heavily from it to fund
massive infrastructure pro-
grams.
Saturday/Sunday, October 27 - 28, 2018 | A9
Brazil’s other political heavy-
weight, the centrist PSDB, has
won the presidency.
Campaigning largely via so-
cial media, Mr. Bolsonaro is
running for the once-tiny con-
servative PSL party, which had
only 8 seats in Brazil’s 513-
seat lower house of Congress
before the first-round vote on
Oct 7, when 52 federal depu-
ties swept to victory.
But, globally, Mr. Bolsonaro’s
rise follows a now-familiar
model of populist nationalism in
countries such as Hungary and
Turkey, independent of party
ideology. Leftist Andrés Manuel
López Obrador also upended
Mexico’s political status quo in
July with a similar pledge to
tackle crime and corruption.
Running under the slogan
“Brazil above everything, and
God above all,” Mr. Bolsonaro
prefers comparisons with
President Trump. “He wants to
advocacy group coordinating
the march, said its path would
be determined depending on
which towns would provide
shelter and assistance. “If you
have children, it’s very tough,”
said Mr. Ballesteros. “There are
many who won’t make it.”
Migrants have received aid
from the Catholic church,
which has organized food and
medical care at every town the
migrants have stopped at. At
the entrance of villages along
the route, churches put out ta-
bles where volunteers hand
out everything from bottles
and plastic bags full of water,
to baby food and lunches of
tacos, rice and beans.
At the kiosk of Huixtla’s cen-
tral square, volunteers from the
Church of the Nazarene offered
food and medical help. A short
the slipper with a sneaker sole.
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the all new slipper from mahabis,
now designed for all-day, everywhere.
USE CODE T REAT1 5J FOR 15% OFF
free worlwide delivery (over $65)
make America great, I want to
make Brazil great,” Mr. Bol-
sonaro said in a recent dia-
tribe against the media, com-
plaining about being a victim
of a torrent of “fake news.”
Mr. Bolsonaro’s critics fear
his government may have
more in common with Philip-
pine strongman Rodrigo Du-
terte, whose ruthless war on
drugs has killed thousands. Mr.
Bolsonaro promises to make it
easier for civilians to buy guns
for self-defense and for police
to kill suspected criminals.
Professing to knowing noth-
ing about economics, he has
handed over control of the fi-
nance ministry to Paulo Guedes,
a University of Chicago-trained
economist who promises to cut
Brazil’s bulging public debt by
20% via a series of privatiza-
tions, simplify the Byzantine
tax system, and shrink gener-
ous pension benefits.
FROM TOP: GUILLERMO ARIAS/AGENCE FRANCE-PRESSE/GETTY IMAGES, CARLOS GARCIA RAWLINS/REUTERS
distance away, people lined up
to eat tacos provided by the
municipal government.
Taking a rest by the side of
the road leading to Pijijiapan,
José Martínez, an unemployed
transport company clerk, said
he was making the journey with
his daughter, her husband and
their 2-year-old son, Fabián.
“You sleep on the floor, you
take turns sleeping to make
sure nothing bad happens, and
we take turns carrying our
grandson,” he said.
Early Friday morning, the
migrants started streaming out
of Pijijiapan to begin the next
stretch of their journey, to the
town of Arriaga, 63 miles away.
Ronald Gomez, 21, hopes to
reach the U.S. and work as an
electrician or barber. “God will-
ing, it’s my dream,” he said.
ALL YEAR
ROUND
A10 | Saturday/Sunday, October 27 - 28, 2018
NBC Ends
Megyn
Kelly Show
Continued from Page One
their concerns. Al Roker, the jo-
vial weatherman of NBC’s “To-
day,” was among the loudest
voices saying her costume re-
marks were unacceptable, ac-
cording to people familiar with
the matter.
Ms. Kelly apologized, but the
controversy didn’t die. NBC
News Chairman Andy Lack
sharply criticized her at an in-
ternal town hall meeting, a
move that infuriated Ms. Kelly,
people close to her and the net-
work said.
The uproar over the black-
face comments proved to be
the tipping point in Ms. Kelly’s
tumultuous relationship with
NBC. The network said Friday
it was canceling her 9 a.m.
show. The two sides are negoti-
ating terms of her exit from the
network, according to people
familiar with the matter.
As of Friday, Ms. Kelly re-
mained an NBC News employee
as negotiations with the net-
work “about next steps” con-
tinue, said her lawyer, Bryan
Freedman.
When NBC News wooed Ms.
Kelly away from Fox in 2017
with an extravagant three-year
deal, the network was betting
she could provide a ratings
boost to its already-powerful
“Today” franchise and could
anchor a Sunday-evening news
magazine that would challenge
CBS’s “60 Minutes.”
Instead, both shows were
failures. The Sunday program
flopped in the ratings and was
quickly canceled. Viewership of
the 9 a.m. hour on NBC fell
about 14% on Ms. Kelly’s watch,
to 2.4 million, compared with
the year before she took over,
according to Nielsen data.
Ms. Kelly knew the morning
show wasn’t delivering the re-
sults she and NBC wanted. Dur-
ing the summer, she met with
Mr. Lack and expressed con-
cern about the program. He ac-
knowledged that the perfor-
mance was not good but
indicated the network had not
run out of patience yet, a per-
son with knowledge of the mat-
ter said.
A few weeks ago they met
again and she expressed inter-
est in other, harder news as-
signments, a person familiar
with her thinking said. NBC ex-
ecutives said Ms. Kelly wanted
to know what “Plan B” was if
the morning show went away,
but Mr. Lack responded that he
wanted to stay focused on the
show.
People close to Ms. Kelly
said that while the shows
didn’t perform to her expecta-
tions, they believe she also was
targeted for her aggressive cov-
Haunted
Workplace
Rules
Continued from Page One
‘I didn’t legitimately fear for
my life. Two stars.’”
Operators of so-called full-
contact haunted attractions
are experimenting with ways
to break from the competition.
What began as bowls of spa-
ghetti brains and peeled-grape
eyeballs at grade-school
“haunted house” fundraisers is
now a mature billion-dollar in-
dustry, with an estimated
7,000 locations.
As more haunted houses go
full contact this Halloween,
operators are pushing the en-
velope, hiring zombies and
ghouls to physically menace
thrill-seekers well enough for
them to write a rave review
but not file a lawsuit.
Tyler Kiser, who plays
bloody-fanged clown Jax,
knows that any misstep can
cause trouble for Sawmills, his
family’s business. He said he
sticks with grabbing a shoul-
der or swatting an ankle. “I
just break that barrier,” he
said, with a touch that shifts
customers from observers to
screaming scare-show partici-
pants.
Owners of Sawmills said
they have received no serious
complaints, even over simu-
lated kidnappings, such as re-
cently befell Mr. Banner at the
asylum.
At another attraction, a
“prison guard” throws guests
over his shoulder en route to
Melissa Rivers, Jacob Soboroff, Jenna Bush Hager and Megyn Kelly on Tuesday, the day Ms. Kelly made remarks that caused an outcry.
Andy Lack, Nicolle Wallace and Noah Oppenheim of NBC News
erage of NBC personalities who
faced allegations of sexual mis-
conduct and for criticizing NBC
News leadership on her show.
After longtime “Today” host
Matt Lauer was fired for alle-
gations of inappropriate con-
duct with a colleague, Ms. Kelly
had a former NBC News staffer
on to talk about what that
guest said was her consensual
affair with Mr. Lauer, a move
that irritated other “Today”
staffers, according to NBC
News insiders.
More recently, Ms. Kelly said
on her show that NBC News
should bring in outside investi-
gators to determine why the
network passed on a story
journalist Ronan Farrow was
preparing for it about allega-
tions of sexual harassment and
assault by movie mogul Harvey
Weinstein. Mr. Farrow later
took the story to the New
Yorker, where it won a Pulitzer
Prize. NBC News has said the
story Mr. Farrow presented to
the network wasn’t the same
Danny Clark, left, playing Dr. Skinner, aims a saw at Casey Parsons, a customer at the Sawmills Horror Fields in Sawmills, N.C.
some unspeakable fate.
In the real world, courts are
willing to give leeway to peo-
ple who operate haunted
houses, said Daniel Moar, an
assistant U.S. Attorney in Buf-
falo, N.Y., who previously
wrote a legal article, “Case
Law from the Crypt.”
If the normal rules that ap-
ply to tort cases were applied
to haunted houses, Mr. Moar
said, “it would basically put an
end to the industry,”
The law generally says that
if a person goes somewhere to
FROM PAGE ONE
story and wasn’t ready to air.
NBC News insiders deny tak-
ing issue with Ms. Kelly’s #Me-
Too coverage, saying it was
heavily promoted and they suc-
cessfully lobbied Time Maga-
zine to include her in its “Per-
son of the Year” issue for her
work.
The market for Ms.
Kelly now appears
tepid, according to
news executives.
Some of the tensions be-
tween NBC and Ms. Kelly ex-
isted from the start. Besides
the resentment of her salary,
some of her programming
choices drew internal criticism,
including her decision to inter-
view conspiracy-theorist Alex
Jones on her Sunday evening
show.
be scared, gets scared, runs
away and trips in the dark, it
is that person’s responsibility,
Mr. Moar said. Adding physi-
cal contact shouldn’t change
that, he said, especially if the
person signaled consent.
Attractions generally give
guests a glow stick to wear. In
some places it means don’t
touch me; in others it means,
please do. Some businesses
provide a word or phrase, such
as “Bunny!” or “Go away, mon-
ster,” that keep ax murders
and other creeps at arms
Weighing NBC Down
Viewership of the 9 a.m. hour of
'Today' declined 14% on Megyn
Kelly's watch compared with a
year earlier, steeper than the
decline for other segments of
the show.
4.5 million viewers
4.0
3.5
2016-17 season
3.0
2.5
2.0
1.5 2017-18 season
7 a.m. 9 a.m. 10 a.m.
Source: Nielsen
THE WALL STREET JOURNAL.
The morning show seemed
never able to strike quite the
right balance between hard and
soft news. Ms. Kelly struggled
to adapt to interviewing celeb-
rities. A public spat with Jane
Fonda, whom Ms. Kelly asked
on-air about plastic surgery,
made booking other big-name
talent a challenge.
When “Today” talent includ-
ing Mr. Lauer and Savannah
Guthrie were eagerly talking
about the August 2017 solar
eclipse, Ms. Kelly said on air
that it wasn’t that exciting and
suggested her colleagues were
“ginning it up.” Ms. Guthrie
fired back, “We are very big on
the eclipse here.” Ms. Kelly said
viewers didn’t need to “waste
an hour of your day,” leading
Mr. Lauer to ask, “Who are
you?”
When Ms. Kelly joined
“Meet the Press” anchor Chuck
Todd to cover President
Trump’s State of the Union ad-
dress this past January, she
suggested no one was watching
length.
Few post warnings in ad-
vance of a scare. “Could you
imagine a haunted house
where there’s a sign just be-
fore you entered a room, say-
ing, ‘A chain saw maniac is go-
ing to jump out at you?’” Mr.
Moar said.
Fear expert Margee Kerr
said such scares might even
do you some good. The Uni-
versity of Pittsburgh sociolo-
gist is the lead author of a
study published this month
that found participants in such
* ******* THE WALL STREET JOURNAL.
NBC News executive.
In an interview earlier this
year, Ms. Kelly said her morn-
ing show needed a year to find
its footing, and noted, “The rat-
ings are important and there’s
no question that counts. But
it’s not the only metric.”
She added, “We need time
for the viewers to get to know
me, for them to see me for who
I am and not through some
partisan lens.”
The network has said other
“Today” personalities will fill
in at the 9 a.m. hour starting
next week.
NATHAN CONGLETON/NBC, PAUL MORIGI/NBC NEWS/MSNBC
The failed bet on Ms. Kelly
is the latest setback for Mr.
Lack, the news division chair-
man. People inside and outside
the network said it raised ques-
tions about whether he was too
focused on big names in front
of the camera.
Mr. Lack led the charge to
get Ms. Kelly, believing her star
power would transcend the
conservative lineup she had
been part of and would have
broad appeal to morning-show
watchers, a very different kind
of audience.
The stakes are high at “To-
or would care what the presi- day,” which generates more
dent said, a comment that than $500 million in revenue
struck some staffers as a buzz- and profits of $100 million an-
kill on one of the biggest nights nually for Comcast Corp.’s NB-
in politics. CUniversal.
“These events tend to be ut- There have been other flare-
terly forgettable, and this one ups on Mr. Lack’s watch. There
probably will be, too,” Ms. Kelly were questions about how the
said on-air prior to the presi- network handled damning foot-
dent’s remarks. age it had of Billy Bush’s inter-
Ms. Kelly’s challenge will be view of Mr. Trump in 2005, in
to re-establish her reputation which Mr. Trump boasted of
as a top player in TV news. At grabbing women by the geni-
Fox she thrived over a 12-year tals. The Washington Post ulti-
career as a tough interviewer. mately broke that story of the
Though she joined the net- footage, leaving many wonder-
work’s conservative voices on ing why NBC appeared to sit on
issues such as criticizing politi- it.
cal correctness—and the so- NBC defended its handling
called “war on Christmas”—or of the tape at the time. A
the Black Lives Matter move- spokesman said, “NBC News
ment, she occasionally won did exactly what you would ex-
plaudits from elsewhere on the pect from a great news organi-
political spectrum for hard zation. As soon as we saw the
questioning of politicians on tape and made the assessment
the right. it was undoubtedly newswor-
She gained more promi- thy, we moved quickly and de-
nence nationally when she liberately to get it published
challenged then-presidential and to do so in the most re-
candidate Donald Trump over sponsible way.”
his statements about women Mr. Lack retains the support
during a live debate in 2015. of his boss, NBCUniversal Chief
Fox News parent 21st Cen- Executive Steve Burke, a per-
tury Fox and Wall Street Jour- son close to Mr. Burke said.
nal parent News Corp share In Mr. Lack’s favor is the
common ownership. strong performance elsewhere
The market for Ms. Kelly at NBC News. The other three
now appears tepid, according hours of “Today” are still
to news executives in the in- strong. “Today,” “Nightly
dustry. Ms. Kelly’s camp feels News” and the Sunday maga-
that NBC’s actions this week zine program “Meet the Press”
are aimed at hurting potential all finished first in the 25-54
future opportunities. age demographic advertisers
Some NBC News executives target.
were doubtful from the start NBC’s cable network MSNBC
that the costly hiring of Ms. is also performing well. A new
Kelly would pay off. She was daytime lineup is now beating
not only transitioning from an CNN in viewers. And while the
opinion-based show but also prime-time lineup there was in
moving to a different style of place prior to Mr. Lack’s arrival
television in which she had no in 2015, its ratings have grown
experience. significantly since then as its
“We were a baseball team programming has established
and we signed a free-agent itself as a liberal counterpart to
running back,” said one senior Fox News’ conservative take.
Pontiac, Mich., co-owner Ed
Terebus leaves any touching to
the hands of life-size anima-
tronic puppets. He keeps his
advertising ambiguous, as not
to ward off contact-seekers:
“Some things will grab you,
bite you and fall on top of you!
Then we’re gonna throw you
in a room, slam the door, and
bury you alive!”
Industry consultant Leon-
ard Pickel has a philosophical
objection to physical contact.
He lumps it with two other cli-
chés of the business, clowns
and chain saws. “It’s too easy,”
he said.
For many, it is too scary.
Some parents have complained
that their traumatized teens
were too young to know what
they were getting into.
At Sawmills, Lee “Bitey”
CAITLIN PENNA FOR THE WALL STREET JOURNAL
Vines has had a few elbows
thrown at him while startling
people in his role as an es-
caped patient in a metal mask.
Guests in glowsticks are off
limits here, which make them
a great target in a mixed
crowd. “You pick them out like
you would a pack of zebras,”
he said. “You remove non-
glowstick from glowstick and
the glowstick gets petrified.”
Danny Clark plays the chain
extreme haunts “overwhelm- saw-toting Dr. Skinner in a
ingly enjoyed and benefited leather-and-nail mask of his
from what most would con- own design. He said touch
sider an experience in simu- completes a bombardment of
lated violence.” the senses, which includes
The study, conducted in the seeing lifelike intestines
basement of a haunted attrac- strewn about and hearing
tion, found that people often death-metal music at full vol-
felt less stressed, less tired ume: “You’ve got the visual ex-
and even euphoric after the perience, you’ve got the au-
scare. dio—and now there’s touch.”
Some haunt operators are As the mad doctor, Mr.
still frightened by the idea of Clark leaves the roughing up
touching guests. to his orderly, Bubbles, avoid-
At Erebus, a half-mile-long ing any contact himself. “My
walk-through haunted house in wife wouldn’t like it,” he said.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, October 27 - 28, 2018 | A11

OPINION
Scott Walker’s Toughest Campaign
By Allysia Finley opted the national stage, Wiscon- cluded operating a vehicle under
sin was a state divided. The gover- the influence, driving with a sus-

N
Milwaukee nor’s reforms to government pended license and unlawfully pro-

ANGELA MAJOR/THE JANESVILLE GAZETTE VIA ASSOCIATED PRESS

othing unites Wiscon-
sinites like the Green
Bay Packers. Quarter-
back Aaron Rodgers’s
return from a season-
ending injury last year roused
hopes of a Super Bowl berth. But
the Packers have struggled during
the first half of the season and
will have to get better fast to keep
their playoff dreams alive.
Wisconsin Republicans are also
scrambling as Election Day ap-
proaches. The GOP has maintained
a lock on the statehouse since
2011. Two years ago, voters here
backed Donald Trump over Hillary
Clinton, the first time a Republi-
can presidential candidate carried
Wisconsin since 1984. But Demo-
crats this year prevailed in two
special elections for state Senate
seats in districts Mr. Trump won
by 17 points. In April a liberal won
an open state Supreme Court seat
for the first time since 1995, in
part by prevailing in the tradition-
ally conservative suburbs of Green
Bay and the Fox Valley.
Wisconsin’s economy is
booming, but Democrats
think they will finally beat
the man who broke the
public-union monopoly.
Buoyed by these victories, Dem-
ocrats this fall are running a
spread offense. They have targeted
several more Senate seats with the
aim of taking a majority. Speaker
Paul Ryan’s departure has given
them a shot at his Janesville U.S.
House seat. If the blue wave is
strong enough, Democrats could
collective bargaining in 2011 sent testing—but liberals overlooked
the left into a rage. Public unions his record because he supports a
and their liberal allies expressed progressive platform including sin-
their opposition by occupying the gle-payer health care, removing
state Capitol and denouncing Mr. the Social Security tax cap on
Walker as a despot. “The story in wages and abolishing the Immigra-
Wisconsin is the end of the demo- tion and Customs Enforcement.
cratic process,” declared Democrat This Bernie Sanders populism
Bob Jauch, then a state senator. plays well in some of the district’s
Democratic legislators fled to Il- blue-collar communities. On the
linois to deny Republicans a quo- other hand, so does a conservative
rum to pass the reforms. They message of economic opportunity
failed. They then tried to defenes- of the sort Mr. Ryan has espoused
trate conservative state Supreme over the years and Mr. Steil is
Court Justice David Prosser in promoting.
2011. A liberal judge on the court Mr. Steil, a University of Wis-
accused him of physically assault- consin regent with a background
ing her, though there was no cor- Gov. Scott Walker at a campaign event in Janesville, Wis., Oct. 16. in manufacturing, is focusing his
roborating evidence. Justice campaign on how the president’s
Prosser narrowly won re-election. Gov. Walker said, “is that our chil- simplify the tax code and cut mar- deregulation and tax reforms are
Liberals later resorted to extra- dren can grow up and graduate ginal rates and those who believe benefiting Wisconsin businesses.
legal tactics to silence conserva- and find a meaningful career that the party should target tax subsi- Last week he met with a group of
tives. Milwaukee County District keeps them relatively close to dies to the middle class. Mr. farmers at the fifth-generation
Attorney John Chisholm launched home.” Walker falls squarely in the latter Hughes Farm in Janesville that
a roving, secretive probe of Mr. This message resonates in a camp. Instead of slashing business produces organic corn, soybeans
Walker’s allies that was finally place where traditional cultural and income taxes, he has advo- and grains.
shut down by the state Supreme values still predominate. Mr. cated targeted tax breaks and cor- Many Wisconsin farmers have
Court in 2015. But the left’s she- Walker and his wife, Tonette, have porate welfare. been hurt by Mr. Trump’s trade
nanigans strengthened Republican been married for 25 years and Last year Mr. Walker facilitated brawls, but Mr. Steil trumpeted a
resolve: Gov. Walker prevailed in a have two adult children. “I love $4 billion in tax breaks to the Tai- recent breakthrough with Canada
recall election in 2012 and won a Scott Walker,” Brenda Kieper tells wan-based Foxconn to build a on dairy. “We’ve seen the presi-
second term two years later. me. “He’s a good man, and I love manufacturing plant in Racine. dent bring countries back to the
Yet this year the governor is his Christian values.” This year he endorsed state tax in- table to negotiate better trade
fighting for his career despite a The soft-spoken governor centives for Kimberly-Clark to re- deals on behalf of American work-
booming economy. Unemployment couldn’t be more different than tain 5,500 jobs in the Fox Valley ers and on behalf of American
has been 3% or below for eight President Trump in temperament that are in jeopardy because of a farmers,” he said. “Canada in par-
months, which hasn’t happened and style. But one reason Mr. global restructuring. ticular has come to the table.
since at least 1976. Average hourly Walker is in trouble this year is The governor’s reform fade-out We’re gonna have a much easier
wages are up 5% over the year Republican women’s disdain for seems to be contributing to what time exporting milk produced
compared with 2.9% nationwide. Mr. Trump. Suburban women some conservatives describe as right here in Rock County.”
Manufacturing employment has could decide the governor’s race “Walker fatigue.” The governor The farmers here seem willing
grown 12% since January 2011, this election, and Messrs. Walker says voters are simply tired of to give the president the benefit
when Mr. Walker took office. and Evers are engaged in a bid- winning: “Sometimes I think we’ve of the doubt and are happy that
Last week Mr. Walker held a ding war for their votes. Mr. Evers done so well over the last few Mr. Steil is making an overture.
campaign rally at Pro Engineering has vowed to increase public- years that people forget how bad Mr. Bryce spent the day in New
and Manufacturing in northwest school spending by eliminating a things were.” That may also be York City for a fundraiser. Iron
Milwaukee with legendary four- tax credit for manufacturers and true, but the partisan enthusiasm Stache has raised $7.4 million—
term former GOP Gov. Tommy farmers, suspending a Milwaukee gap is threatening Mr. Walker and more than four times as much as
Thompson (1987-2001). The 76- private-school voucher program, Republicans down the ballot. Mr. Steil—but a recent New York

even unseat Republican Rep. Glenn
Grothman, who represents the
Milwaukee exurbs.
But their paramount objective is
to sack Gov. Scott Walker, who
sharply curbed public-union power
in the state. The governor has
trailed Democratic challenger Tony
Evers, the state superintendent of
public instruction, in most polls. If
Mr. Walker can engineer a late
comeback, he could help lift some
fellow Republicans to victory.
i i i ship has changed the economic cli-
Wallace Stegner once observed
that California is like the rest of
America, only more so. Nowadays
this reflection may be more apro-
pos of the Badger State.
Long before Mr. Trump co-
year-old Mr. Thompson warmed and raising the state’s top income-
up the small crowd by recalling tax rate. He has also called for
how onetime Gov. Jim Thompson rolling back Mr. Walker’s collec-
of Illinois (no relation) during the tive-bargaining reforms.
1980s “put a sign up that said Mr. Walker has tried to woo
‘When the taxes get too high in middle-class women by enacting a
Wisconsin, please bring your busi- $100-a-child tax rebate and a five-
nesses to Illinois.’ And then he put day sales-tax exemption this sum-
up another big sign that said mer for school supplies. Topping
‘When the last company leaves his third-term agenda are a $2,100
Wisconsin, turn off the lights.’ ” child-care tax credit, a $5,000 tax
The story was intended to illus- credit for graduates of Wisconsin
trate how much Republican leader- colleges who work in the state for
five years, and an enhanced prop-
mate in Wisconsin. Now erty-tax credit for homeowners
businesses are in such desperate over 62. Similar ideas have been
need for workers that the state is promoted by Democrats in states
running ads inviting millennials in like Connecticut and New Jersey.
Chicago to move to Wisconsin. One fracture in the GOP is be-
“Our idea of the American dream,” tween conservatives who want to
T
ake Bryan Steil, who’s run-
ning to replace Paul Ryan in
Wisconsin’s First Congres-
sional District. The southeastern
Wisconsin district is a microcosm
of the state, encompassing farms,
blue-collar towns and bits of sub-
urbia. Mr. Ryan has held the seat
for two decades, and President
Trump won it by 11 points. But
eight years earlier Barack Obama
edged out John McCain. The dis-
trict this year highlights the stark
contrasts between the two parties.
Democrats have nominated the
pugilistic ironworker Randy Bryce,
nicknamed “Iron Stache” for his
thick black mustache. He’s been
arrested nine times—charges in-
Times poll shows the Republican
ahead by 6 points.
i i i
The stakes in Wisconsin this
election are higher than in most
states in part because of its bell-
wether status. Gov. Walker’s col-
lective-bargaining reforms in-
spired a movement in Republican
statehouses to rein in public
unions, so Wisconsin is naturally
ground zero in the Democrats’ re-
vanchist campaign. If they beat
Mr. Walker and take Mr. Ryan’s
seat, progressives will be embold-
ened. As Wisconsin goes, so may
America.
Ms. Finley is a member of the
Journal’s editorial board.

A Republican Tries to Beat the Odds in New York

Not since 2002 has a
Republican won
statewide office in
New York. Keith
Wofford, a 49-year-
old African-Ameri-
can Harvard Law
CROSS
COUNTRY grad who is running
for attorney general,
By Gerard
just may be up to the
Gayou
task. His candidacy
is a long shot in a
state where Democrats outnumber
Republicans 2 to 1, and an Oct. 1 Si-
ena College poll had him 14 points
behind Democrat Letitia James. But
then Mr. Wofford’s entire life has
been a long shot.
Mr. Wofford grew up on Buffalo’s
gritty East Side, where his father
held a union job at the local Chevro-
let plant and his mother worked odd
jobs. Leaving high school as a junior
to attend Harvard on a scholarship,
Mr. Wofford ended up working as a
bankruptcy lawyer in Manhattan.
Earlier this year he took a leave of
absence from law firm Ropes & Gray,
where he is a partner, to make his
first foray into politics. Despite his
“You don’t use the office for petty ability over nothing.” He promises to ford insists. “We’ve got to stop mak- cized her opponent’s vote for Donald
political pursuits,” he says. “New probe the “revolving door” between ing villains of entire indus- Trump. She also accuses him of a
York needs a nonpartisan attorney the MTA and its contractors. tries . . . because we can’t just conflict of interest in his ability to
general who is just going to do what Mr. Wofford also pledges to scale conjure up billion-dollar companies handle the opioid crisis, as his firm
benefits the people of New York.” back use of the Martin Act, a statute like California does.” has represented Purdue Pharma. Mr.
He jumps at the chance to discuss A case in point is Uber. New York Wofford calls it a “nonissue” given
the scandals surrounding the “Buffalo City froze for a year new licenses for that he never personally represented
Billion,” Gov. Andrew Cuomo’s plan to A Keith Wofford victory in all ride-sharing companies, against the company, and retorts that Ms.
revitalize Mr. Wofford’s hometown. the protests of both New York-based James “can’t be independent of An-
The program lapsed into cronyism the attorney general’s race tech innovators and minority groups drew Cuomo.” Mr. Cuomo has en-
this summer when its leader, Alain would be an upset—and a who say yellow cabs often had re- dorsed Ms. James and features her in
Kaloyeros, was convicted of a bid-rig- fused to pick them up. “The AG has a campaign ad.
ging scheme to funnel money to firms blow to the ‘resistance.’ responsibility for both corruption The bigger question for New
whose executives donated to Mr. and civil-rights law,” Mr. Wofford ex- Yorkers is whether they’re satisfied
Cuomo’s campaign. Mr. Wofford calls plains. “We would probe both the dis- with the status quo. A blue blanket
it an example of a “brazen, rigged po- that Mr. Schneiderman and former crimination and the city’s failure to over Albany will set in stone the pol-
litical process.” Attorney General Eliot Spitzer used address it, as well as the contribution icies of Andrew Cuomo, Bill de Bla-
The Metropolitan Transportation to go after companies like Exxon Mo- of [yellow cab] fleet owners to the sio and Eric Schneiderman. “If no
Authority, which runs New York City’s bil and insurance giant AIG. Mr. Wof- City Council members and mayor one speaks for the other side of the
beleaguered subways, “is yet another ford describes it as “taking busi- connected with the change.” aisle,” Mr. Wofford warns, “we are in
example of where the cost of corrup- nesses into a room and twisting their Supporters of Ms. James—a for- a world of hurt.”
tion is just killing us,” Mr. Wofford arm” for higher settlements. “You mer city councilwoman who last year
says. “These career politicians want don’t just hammer whole industries was elected to a second term as New Mr. Gayou is an assistant editorial
power over everything, but account- because they’re unpopular,” Mr. Wof- York City public advocate—have criti- page writer at the Journal.
The Fantasy of ‘Democratic Socialism’
By Stephen Miller General Motors, but Sweden didn’t hazy on the details of a socialist not fully democratic.

underdog status, Mr. Wofford has at-
tracted a stream of donations. He has
more cash on hand than Ms. James
and is blasting TV ads across the
state in an 11th-hour bid to shock the
political world.
A Wofford victory would be more
than a storybook ending; it would
also be a gut-punch to the legal strat-
egy of the Trump “resistance.” Since
President Trump took office, Albany
has been the nucleus of a litigation
campaign against the White House.
Former Attorney General Eric Schnei-
derman—who resigned in May after
the New Yorker reported he had
physically abused women—had ap-
pointed himself the administration’s
chief legal antagonist. In 2017 alone,
Mr. Schneiderman took more than
100 legal or administrative actions
against the administration and con-
gressional Republicans.
Mr. Wofford’s Democratic oppo-
nent, Letitia James, would likely con-
tinue these crusades. “We are con-
fronting nothing short of the biggest
challenge to our democracy in the
history of this country,” she said in a
speech in May. The air of partisan-
ship—and its potential to obscure lo-
cal problems—rankles Mr. Wofford.
D
rescue Volvo or Saab. economy. The first step he proposes If democratic socialism is a fan-
octors speak about good cho- What would be the defining char- is “state ownership of certain indus- tasy, socialist economic proposals
lesterol and bad cholesterol. acteristics of a democratic socialist tries.” He doesn’t say which ones. are recipes for economic stagnation.
Some people say there’s a country? In “The Poverty of Socialist Democratically elected workers, he “Competitive economies,” the forum
good kind of socialism, democratic Thought,” a 1976 Commentary arti- imagines, would decide what to make says, “are those that are most likely
socialism, that is different from the cle, I argued that “socialism is noth- and what prices to charge. “The to be able to grow more sustainably
bad kind, the Marxist-Leninist vari- ing more than a vague moral com- trouble with socialism,” Oscar Wilde and inclusively, meaning more likeli-
ety. There’s an obvious problem with mitment to social justice.” I was is reported to have said, “is that it hood that everyone in society will
this claim: There never has been a wrong. Contemporary democratic so- would take too many evenings.” benefit from the fruits of economic
socialist country that has been dem- cialists have a concrete agenda: They growth.” If the state owns corpora-
ocratic. The Democratic Socialists of want to eliminate capitalism. The tions, there is no competition, only
America admit it: “No country has DSA says: “In the short term we If the state controls the rivalries among people with political
fully instituted democratic social- can’t eliminate private corporations, power.
ism,” the organization says on its but we can bring them under greater economy, competition To argue in favor of competitive
website. democratic control.” Meagan Day, a is replaced by rivalries economies is not to endorse libertar-
Democratic socialism is not only an DSA member who works for Jacobin ianism or laissez-faire economics.
unrealized dream. It is a contradiction magazine, writes for Vox: “In the among politicians. Adam Smith understood that mar-
in terms. long run, democratic socialists want kets need to be regulated. The nature
The DSA argues that democratic to end capitalism.” and extent of market regulation will
socialism is possible: “We can learn In “The New Socialists,” a New If democratic socialists looked always be a matter of debate, but the
from the comprehensive welfare York Times article, political scientist more closely at the world, they more the government interferes in
state maintained by the Swedes.” Corey Robin argues that capitalism would see that a strong market econ- the market, the less competitive an
DSA also mentions government pro- should be abolished because “it omy is a necessary condition for economy will be.
grams in France, Canada and Nicara- makes us unfree.” He complains that freedom, though not a sufficient one. Democratic socialists would do
gua that smack of socialism. But “under capitalism, we’re forced to The World Economic Forum’s Global well to ponder Yeats’s lines: “We had
Sweden, France and Canada are not enter the market just to live.” Well, Competitiveness Index lists 10 coun- fed the heart on fantasies, / The
socialist countries, and Nicaragua is yes. Would Mr. Robin want the state tries as having the most competitive heart’s grown brutal from the fare.”
not democratic. “Sweden allows to be the sole employer? Would he economies: the U.S., Singapore, Ger-
property and profits,” notes eco- prefer to buy goods at state-owned many, Switzerland, Japan, the Neth- Mr. Miller’s latest book is “Walk-
nomic historian Deirdre McCloskey. stores and eat at state-owned restau- erlands, Hong Kong, the United King- ing New York: Reflections of Ameri-
“It allocates most goods by unregu- rants? dom, Sweden and Denmark. Only can Writers from Walt Whitman to
lated prices.” The U.S. bailed out Mr. Robin, like all socialists, is two, Singapore and Hong Kong, are Teju Cole.”
A12 | Saturday/Sunday, October 27 - 28, 2018 * ***** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

3% Growth, If We Can Keep It Bill, Hill and Monica in the #MeToo Universe

C
an economic growth from tax reform crease it has anticipated for December. Demand Abigail Shrier uses comments made the president’s sexual abuse. It is as if
and deregulation stand up to the head- for dollars is strong, which will reduce inflation- by Hillary Clinton to set up an argu- being an adult is all that it takes to
ment about the morality of interoffice imply consent—but it may not be that
winds from higher interest rates, tariffs ary pressure in the U.S. The rise in long-term
romantic relationships (“Hillary Clin- simple. Had Ms. Lewinsky been a mi-
and perhaps a Democratic Congress? That’s the bond yields means that credit conditions have ton Is Right—Her Husband’s Affair nor, or had either of them been sub-
question we take away from Friday’s strong already tightened. The Fed Governors shouldn’t Was No ‘Abuse,’” op-ed, Oct. 20). This stance impaired, had she been coerced
but somewhat disappointing report on eco- feel they have to raise rates simply because assumes the remote possibility of con- or developmentally disabled, had he
nomic growth in the third quarter. The answer Donald Trump lobbies them not to do so. ceiving of Bill Clinton’s relationship done something objectionable or ig-
isn’t obvious. More worrying is the damage from the tariff with Monica Lewinsky as “dating” or nored her requests to stop—accusa-
The Commerce Department reported that wars that clearly showed in the third quarter. even romantic. Their relationship was tions of sexual misconduct would hold
the economy grew at a robust 3.5% in the third Exports fell 3.5% and goods exports 7%. Exports never on Ms. Shrier’s nostalgic “rocky up as violations of informed consent.
quarter, a mild slowdown from 4.2% in the sec- had climbed in the second quarter in part on road to love” no matter what your def- But imagine him presenting the con-
ond. Consumer spending led the way with a 4% a surge of soybean sales to beat Donald Trump’s inition of “date” or “love” is. sent document: “Monica, kindly read
increase rooted in a tight job market and wage tariff deadline, but now the lost market share Ms. Shrier’s argument holds that this and sign.” It’s a certain buzz kill,
Ms. Lewinsky wasn’t a victim. Yet, vic- as would be the thought of his wife,
gains that have bolstered economic confidence. is setting in. Imports continued to rise and that
tim or not, she is still being blamed by one day reading a copy in the Times.
The economy has now grown by 3% over the last may be related to U.S. firms buying from for- Ms. Shrier. It would take some of the mystery out
12 months. eign suppliers to beat the next White House LISA MEYER of he says/she says, however. It’s
The U.S. economy hasn’t grown at 3% in a cal- border-tax binge. St. Paul, Minn. something to consider.
endar year since 2005, and that is now achiev- President Trump says tariffs are a free lunch, LINDA FREEDMAN
able this year. Barack Obama has recently been or at worst the short-term price to open foreign Chicago
claiming credit for this faster growth as he cam- markets. But that price is rising and it may not Even in the days before #MeToo,
paigns for Democrats, but that boast is right up be short-term. The U.S. has imposed $250 billion President Clinton’s behavior across That Ms. Shrier characterizes Presi-
there with his promise that if you like your in tariffs on Chinese goods, and Beijing has retali- widely disparate levels of power was dent Clinton’s relationship with Ms.
health plan you can keep it. ated with $110 billion on U.S. exports. Canada and recognized as textbook exploitation. Lewinsky as “dating” is patently ab-
Feminists, likely including Hillary Clin- surd and obscures the exploitation and
It’s clear that the Mexico have added $20
ton, then and now, would quickly con- moral depravity that is at the very
Republican policy mix billion more in re- demn such conduct—except in Bill’s heart of Mr. Clinton’s lifelong behav-
of tax reform, deregu- sponse to Mr. Trump’s case. Properly, men would too. ior. Any CEO, as the Journal well
lation and general en- Quarterly percent change in GDP from Q3 in 2015 steel and aluminum tar- PETER C. ESCHMANN knows, who was found to have acted
couragement for risk- through Q3 this year iffs that he still hasn’t Barnegat, N.J. in such a manner would be fired on
taking rescued an lifted despite the new the spot and escorted off company fa-
expansion that was North American trade Ms. Shrier suggests that Bill Clinton cilities by security.
fading fast and almost deal. Negotiations with and Monica Lewinsky being two con- WES POTTER
fell into recession in China are going no- senting adults obviates the question of Natick, Mass.
the last six quarters of where.
the Obama Administra- The U.S. Chamber of
tion. The nearby chart Commerce compiles a Clear Thought, Practice Yield Clear Writing
tells the story that Mr. list of the harm these It is disheartening that college write more clearly and usefully, just
Obama and his econo- trade taxes are doing readiness in math fell to its lowest gave them an average grade of C,
mists won’t admit. across the country. level since 2004, but I am baffled down from B.
Soaring business and States suffering “ex- by the absence of interest in crum- Should we care the about quality
consumer confidence tremely significant bling writing skills (“ACT Shows De- of writing? How can we not?
have been central to damage” include Wis- cline in College Readiness,” U.S. NATALIE CANAVOR
this rebound. consin, with $2.4 bil- News, Oct. 18). When writing was Annapolis, Md.
The third-quarter lion of its exports introduced to the ACT college-en-
disappointment is the slowdown in business in- threatened, Iowa $1.4 billion, Florida $2.2 bil- trance exam in 2006, the average When I taught journalism lab
vestment. Nonresidential fixed investment sub- lion, Georgia $2.8 billion, and Ohio $5.7 billion. score was 7.7. It then fell. Now, the classes for a professor at Arizona
writing test is optional, and the av- State University, I spent the first two
tracted 0.04% from GDP after three quarters of Those are all states with competitive races for
erage score isn’t reported, perhaps weeks teaching students the differ-
strong capital spending. More than 2% of GDP Governor where the GOP could lose its hold on to save everyone embarrassment. ence between “they’re,” “their” and
growth came from a buildup of inventories and the statehouse. The optional essay-writing section “there,” as well as when and why to
0.56% from government spending, notably de- The arbitrary political nature of tariffs of the SAT is required by a declin- use apostrophes. I could tell from
fense. Those are transitory measures that don’t means that they operate much like Barack ing number of colleges. their poor writing that they had
drive growth for the long haul. Obama’s regulatory war on business did. They So American students begin their most likely never diagramed a sen-
The Commerce Department gnomes said raise costs and create uncertainty that affects higher education with poor writing tence, which I was made to do in the
they couldn’t determine how much of this is tens of thousands of business decisions—in pur- abilities and are seldom given reason sixth grade.
hurricane-related, and there could be substan- chases foregone, sales lost or investment not to improve them. Few universities School districts in many states, in-
tial revisions as they sort through the data. made. The longer Mr. Trump takes to settle his concern themselves with teaching cluding Arizona, scream about higher
practical writing skills for the work- pay for teachers and wave their ban-
White House chief economist Kevin Hassett said trade brawls, the greater threat they become to
place. Poor writing skills have been ners as they beg for more money.
Friday he expects there will be revisions. growth and his re-election. identified as the biggest disconnect Your article and my experience show
But it’s already clear that areas of the econ- All the more so because Mr. Trump may between academia and what employ- that most teachers lack the ability to
omy sensitive to interest rates are struggling. soon face an economic challenge from a Demo- ers need, in some cases desperately. teach students what they need to
Housing investment fell 4%, and investment in cratic House, if not Senate. A tax increase Our digital age doesn’t reduce the know to pass the ACT or SAT, proba-
commercial buildings fell 7.9%. Car and truck would be near the top of Speaker Nancy Pelosi’s need for well-written, everyday com- bly because the teachers were never
sales have declined significantly from the first policy list, and she might use the need to raise munication, ranging from customer taught. We baby boomers were prob-
quarter. This isn’t entirely bad news because it the federal debt limit in 2019 to force Mr. correspondence to marketing materi- ably the last generation to receive a
means that, unlike in the mid-2000s, growth Trump’s hand. Mr. Trump can rightly take als to presentations. really good education.
isn’t built on a housing bubble. This would make credit for the economy’s growth surge so far, The Center for Plain Language, CLARE GOLDSBERRY
it less vulnerable to a financial bust. but there are risks ahead. He should remove which pushes federal agencies to Phoenix
But the growth data should cause the Federal any barriers to growth he can without needing
Reserve to think hard about the interest-rate in- Congress or the Fed.
Trump Tweets Obscure Positive GOP Message
Unions Get an Economics Lesson Your editorial “Growth Is on the dent Trump, has mostly embraced

T
he Supreme Court last summer broke a
public-union monopoly, and what do you
know? Unions are learning how to com-
pete and operate like a business.
The National Education Association (NEA)
has lost 87,000 fee payers since the Supreme
Court’s Janus decision liberated non-members
from subsidizing union political advocacy. Be-
fore Janus, unions could compel non-members
to pay “agency fees” to support collective-bar-
gaining and related activities including conven-
tions. Not anymore.
Agency-fee defectors account for less than 3%
of the NEA’s dues-paying membership, but the loss
has nonetheless compelled the union to scrub its
budget. The NEA this year cut $50 million. Mike
Antonucci at the74million.org says the union has
proposed shortening its annual convention by two
days, holding virtual meetings and eliminating an
expo where organizations hawk services.
Recall the warnings that striking down agency
fees would augur the death of government unions.
These apocalyptic predictions haven’t panned out,
and instead unions are working harder to find
budget efficiencies and engage members. In Cali-
fornia, state government union membership has
increased modestly since Janus.
A spokesperson for the California Labor Fed-
eration told the Sacramento Bee this week that,
“We had a concerted campaign across the labor
movement to really show members the value of
their union, and I think we’re seeing the value
of that campaign now.” Behold the beauty of a
freer labor market.
Ballot” (Oct. 18) shows why the
economy should benefit the GOP. It
also correctly points out the lack
of messaging by the Republican
Party.
I receive many notifications via
social media on the policy successes
of the GOP-led Congress, including
the growth you describe, but I don’t
see that theme being strongly ex-
pressed in other media. The GOP’s
most prominent messenger, Presi-
Perspective on Khashoggi,
Other Abused Journalists
Regarding your editorial “America
and the Saudis” (Oct. 22): Is it possi-
ble to condemn Saudi Arabia for the
murder of Jamal Khashoggi and still
his personal theme of “better off
now because of me.” The GOP has
missed major opportunities because
the president has made the midterm
campaigns more about himself than
the importance of having GOP ma-
jorities in Congress. If the president
and more of the GOP had united be-
hind the one theme of “better off
now because of the GOP majorities
in Congress,” the party would have
a better chance of winning than by
focusing the midterms on the polar-
izing president.
KARL MILLER
White Plains, N.Y.
Your editorial fails to mention
that the federal deficit jumped 17%
during the fiscal year that ended
Sept. 30. At a time of strong eco-

After the Mail Bombs applaud it for its stand against Iran,
its willingness to enter into discus-
nomic growth, tax revenues rose by
only 1%. Government spending is a

W
e suppose it was only a matter of
time before the hyperpartisan
forces now driving American poli-
tics overwhelmed the reality of events. With
this week’s pipe bombs, that moment may have
arrived.
The reality, previously known as the facts, is
that for days this week public critics of President
Trump received what appeared to be bombs in
the mail. On Friday federal authorities arrested
a Florida man, Cesar Sayoc, and charged him
with crimes related to the mailed bombs. He ap-
pears to be a supporter of Mr. Trump.
By any measure, these packages represented
a grave public threat. So it was astonishing,
racy. It’s Time to Destroy Trump & Co.” Hodg-
kinson was an ardent supporter of Senator Ber-
nie Sanders. We cite the Hodgkinson shooting
not for the purpose of establishing moral equiv-
alence between these two events, but to make
clear that both came from the country’s ex-
treme lunatic fringe.
After the Congressional shooting, no serious
person suggested that Bernie Sanders had cre-
ated James Hodgkinson. But now, apparently,
any event such as these mail bombs—no matter
that nothing was known about their origin—is
instantly fair game for political recrimination
in the U.S. It would be understandable if the
public’s reaction to the political smackdown
sions with Israel and its attempts to
modernize?
Why is the case of the Khashoggi
being blown up to such a degree
while hundreds of journalists remain
in jail in authoritarian Turkey and
dissenters remain jailed by the Pal-
estinian Authority, China, Venezuela
and other countries though, for the
most part, the media is silent about
them?
MENDL MALKIN
Toronto, Ontario
Not all Hostages Are Like
Pastor Andrew Brunson
major part of the problem, but un-
less punishing cuts are made to en-
titlements, the deficit and debt cri-
sis cannot be addressed without
more revenues and a fairer, less-
complicated tax system. We are all
in this together. Some of our cur-
rent short-term growth has come at
the cost of rising annual deficits.
RICHARD H. DAVIES
New York, N.Y.
Pepper ...
And Salt
THE WALL STREET JOURNAL

even by current standards, to see this threat de-
generate immediately into the familiar and
crude narrative of the Democrats versus Donald
Trump. Congressional leaders Chuck Schumer
and Nancy Pelosi asserted in a joint statement,
even after a calming presidential statement,
that “the President has condoned physical vio-
lence and divided Americans.” A New York mag-
azine headline online Friday read: “Trump’s
party is the petri dish for diseased minds that
grew Cesar Sayoc.”
On June 14 last year, James Hodgkinson—the
left-wing mirror image of the apparently right-
wing Cesar Sayoc—opened fire with a rifle into
the Republicans’ Congressional softball prac-
tice. Two Capitol police shot him dead. Earlier,
Hodgkinson had posted on Facebook: “Trump
is a Traitor. Trump Has Destroyed Our Democ-
they’ve seen over this bomber was simply dis-
gust with the political class and its combatants.
It’s called “the swamp,” all right, and a swamp
often reeks of toxicity.
Both sides should step back from this toxic-
ity, and that offers a particular opportunity to
Donald Trump. Someone in authority has to dis-
play leadership, and Presidents in these circum-
stances have a special platform. He is upset,
with reason, that he’s getting blamed for Cesar
Sayoc. But Mr. Trump should understand that
the Democratic and media resistance wants him
to respond in kind and escalate, so they can
blame him some more.
He will get more credit than he imagines if
he surprises them by rising above for once and
urging partisans on all sides to return to a
saner, less virulent politics.
Regarding your editorial “Freedom
for an American Hostage” (Oct. 13):
President Trump secured the release
of Pastor Andrew Brunson. President
Obama secured the release of Army
deserter Bowe Bergdahl.
Pray tell the American people
whose release was more deserving?
GERALD KATZ
Edwards, Colo.
Letters intended for publication should
be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
or emailed to wsj.ltrs@wsj.com. Please
include your city and state. All letters
are subject to editing, and unpublished “Expect severe storms
letters can be neither acknowledged nor overnight, with a 60%
returned.
chance of apocalypse.”
THE WALL STREET JOURNAL.
Defuse America’s Explosive Politics
DECLARATIONS
By Peggy Noonan
T
he attempted bombing of
political figures is domes-
tic terrorism meant to dis-
rupt and intimidate. That
it came to light less than
two weeks before an election whose
outcomes may constitute a national
rebuke to—or soft boost of—Presi-
dent Trump’s controversial leader-
ship means that passions are high
and will stay so. Things are feeling
primal, tribal.
There’s more than enough time
before the voting for the gates of hell
to open. Let’s try to keep them shut.
What can help? Some things I’d
like to see:
Politicians in both parties
need to clean up their
own side of the street.
A suspect was arrested Friday
morning. It‘s good that law enforce-
ment appears to have used every re-
source available to find the bomber
or bombers, which will help in re-
turning an air of order. As the inves-
tigation continues, all law enforce-
ment should be extremely, unusually
forthcoming about the facts and
state probe. We’re all tired of their
swanning around after school shoot-
ings with their secret information
we can’t have. Be as open as possi-
ble without injuring the investiga-
tion. This may help calm the finger
pointing. “It was a left-wing false-
flag operation!”
Everyone running for office
should admit things have gotten too
hot, too divided. Then they should
try to cool the atmosphere. Next
Tuesday will mark one week before
the election. Candidates should de-
vote the day to something different.
It would be good to see every one
Shakespeare’s Uncomfortable Message for Baby Boomers
By Paula Marantz Cohen
T
he scholar A.C. Bradley ren-
dered a magisterial judgment
in 1904: “King Lear” is Shake-
speare’s least popular play—but also
his greatest.
I’ve taught Shakespeare to college
students for many years, and I can at-
test that “Lear” is both difficult to
like and a profound work of genius.
But unlike Bradley, who attributes the
problem to technical issues of perfor-
mance—he called the play “too huge
for the stage”—I think its unpopular-
ity is a function of demographics.
Viewers and readers can fully grasp it
only once they’ve passed 60, and by
that point they may not like what it
has to say.
In the opening scene, Lear decides
to relinquish the throne and divide
his kingdom among his three daugh-
ters. He asks only that each tell him
how much she loves him before he
bestows his gift. To my students,
this scene seems ridiculous. Why
would a father make such a demand
of his children? Why would he want
them to express their love in such a
contrived way?
But for someone older, the de-
mand makes more sense. It reflects
Lear’s suspicion that his grown chil-
dren no longer need him as they
once did, and that their love, rooted
in their childhood weakness and de-
pendency, may have evaporated. His
decision to give his daughters the
kingdom could spring from a desire
to win back the love he fears he has
already lost.
It may seem stupid for Lear to
compound his vulnerability by giving
away the only leverage he has left.
Yet I think most parents would find
his actions understandable. It is pre-
cisely when we feel unloved that we
are most in need of reassurance, and
thus most likely to behave irratio-
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give a speech or statement con-
taining their most generous def-
inition of the aims and meaning
of the opposing party. A Demo-
cratic nominee might say,
“Whether they always succeed
or not, Republicans do want to
protect the liberties that have
allowed this nation become the
miracle of the world.” A Repub-
lican might say, “At its best and
most sincere, the Democratic
Party hopes to help those in
peril, and to soften disparities
of wealth and opportunity.”
The dirty secret of most po-
litical professionals is that they
do see virtues in the other
party. And when you show re-
spect for people, they tend to
put down their rocks.
CHAD CROWE
Does this sound dreamy or
otherworldly? Yes. But a tender
moment isn’t the worst thing
that could happen to us right
now, and enraged people will find it
boring. We want them bored. And
actually I don’t mean it as sentimen-
tal but reorienting—a reminder for
some and an education for others
about what it is we’re trying to do
here.
Claire McCaskill, Sherrod Brown,
let us hear you on what you know to
be admirable in the Republican
Party—and in Republicans. Ted Cruz,
Martha McSally, the same from you
on the Democrats. Show some large-
ness. We’re dying of smallness.
Both parties could absorb an es-
sential truth of the moment.
Democrats really and sincerely
see the threat of violent words and
actions as coming from the right.
It’s Mr. Trump—he’s hateful and has
no respect and it sets a tone. He en-
courages fights at his rallies; he said
the other night that a congressman
who pushed around a reporter was
his kind of guy. He calls the press
the enemy of the people. He widens
all divisions, mindlessly yet oppor-
tunistically. No surprise his adver-
saries are being sent bombs.
Republicans and the right truly,
deeply see the threat as coming from
the left. Rep. Maxine Waters and
Sen. Cory Booker actually told
nally. This is also why Lear believes
the false expressions of love from his
eldest daughters, Goneril and Regan,
while banishing his youngest, Corde-
lia, who truly loves him but refuses
to flatter him.
Few people are as credulous as
Lear or have children as exploitative
as Goneril and Regan. But Cordelia
strikes me as a relatable case. She
was Lear’s favorite, and he felt most
confident in her devotion. Yet when
pushed by her father to express her
love, she simply explains that she
loves him “according to my bond;
nor more nor less,” and that some
portion of her affection will be di-
rected to her husband once she mar-
ries. This honest response—perhaps
excessively honest—sends Lear into
a rage. He berates Cordelia: “Better
thou hadst not been born than not to
Megyn Kelly, Elizabeth Warren and PC Power
If Megyn Kelly had
omitted the word
“blackface” when
maintaining there’s
nothing offensive
about a white per-
son dressing up as
BUSINESS
a famous black
WORLD
person on Hallow-
By Holman W.
een or vice versa,
Jenkins, Jr.
she’d be fine now.
NBC would have to
find another excuse to fire its
highly paid host for disappointing
ratings. “Who doesn’t love Diana
Ross?” said Ms. Kelly in on-air com-
ments offensive only to the eager-
to-be-offended.
If she’s wrong, then Amazon is in
deep trouble too: “Barack Obama
Mask—Perfect for Halloween, Mas-
querade, Parties, Events, Festivals,
Concerts—Jumbo Size Waterproof
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Professional Information Business: Christopher
Lloyd, Head; Ingrid Verschuren, Deputy Head
OPINION
crowds to get in Republicans’ faces;
Hillary Clinton says you can’t treat
them civilly. Republicans see the
screamers and harassers at the Ka-
vanaugh hearings, the groups
swarming Republican figures when
they dine in public, antifa. A man
who wrote “It’s Time to Destroy
Trump & Co.” on Facebook didn’t in-
sult Rep. Steve Scalise last year; he
shot and almost killed him. The in-
timidation is coming from the left.
Trump supporters don’t take him
seriously when he issues his insults.
He’s kidding; he doesn’t mean it; he’s
Trump. You’re lying when you say he
makes you afraid.
But the left finds him, and some
of his allies, honestly—honestly—
dangerous.
Just as the right finds Ms. Waters
and Mr. Booker and Mrs. Clinton and
the swarms and the hissers and antifa
honestly—honestly—the threat.
Neither side appreciates—neither
side credits—the anxiety the other
side legitimately feels. They have no
sensitivity to it. They had better get
some.
When conservatives see a liberal
or progressive not condemning Mr.
Booker or Ms. Waters, they assume
it’s because the liberal agrees with
have pleased me better.”
The line must resonate for many
parents who invest so much in their
children only to have them fail to
show sufficient gratitude or, worse,
‘King Lear’ confronts the
challenges of the empty
nest, retirement and facing
one’s own mortality.
respond with resentment. This is
the great aftershock of parenting,
and Lear is hit by it on two fronts:
first with Cordelia’s muted re-
sponse, and later with his other
daughters’ cruelty once they no lon-
ger need him. In the former case,
Laminated. . . . Only 3 left in stock—
order soon.”
Not to mention masks and cos-
tumes related to countless other
white and black celebrities—or Poca-
hontas—offered without any instruc-
tion saying “to be used only by per-
sons of the same race.”
By her own admission, Ms. Kelly
has decided the syllables “blackface”
were needlessly provocative. She
has apologized. Surely when no of-
fense is intended, none should be
taken? Wrong. Taking offense has
become an opportunity—a delicious
chance to exercise power, to intimi-
date, to terrorize. And, sadly, many
among us seem to pant after such
opportunities.
Which is why NBC News chief
Andy Lack took the opportunity not
to be a victim of such opportunism
by quickly finding a forum to bash
Ms. Kelly in a way he knew would be
picked up by the press.
That’s the real story here. A white
executive at Netflix was fired in June
by a white executive at Netflix for
saying the “N-word” during an inter-
nal discussion about when it’s per-
missible to use the “N-word.” In Au-
gust, an Emory professor was
disciplined after saying the same
word in a class discussion of a legal
case in which the word was pivotal.
For the reductio ad absurdum, see
the Wikipedia entry entitled “Con-
troversies about the word ‘nig-
gardly’ ”—a term with no etymologi-
cal relation to the ugly racial
epithet.
Which brings us to the intrinsi-
cally silly Elizabeth Warren story
that refuses to die, concerning her
DNA.
Important media outlets assigned
their reputedly smartest reporters to
dig into gene math, as if the signifi-
cance of this episode is to be found
Saturday/Sunday, October 27 - 28, 2018 | A13
what they say—that intimidation is
part of the plan.
There is too much blindness to
how the other side is experiencing
the situation. It’s in the news media,
too. Politicians should have a greater
awareness of their own role in the
drama.
Thursday morning New York Gov.
Andrew Cuomo was on television,
saying words that were meant to be
helpful. We’re not Democrats and
Republicans really, he said, we’re
Americans; we can’t be divided. It
was good, he clearly meant it. But he
spoke as if he had no memory of
strikingly divisive words he’d uttered
just a few years ago. In January 2014
he said of those who are pro-life,
pro-traditional-marriage and pro-gun
that they are “extreme conserva-
tives” who have “no place in the
state of New York.” No place in the
state of New York? That is an ex-
treme and aggressive statement, and
it speaks of how too many progres-
sives and liberals feel about conser-
vatives. This kind of thing isn’t new,
and it’s contributed to the moment
we’re in.
Politicians, don’t lecture us. Clean
up your own side of the street.
As to the president, one thought.
Lear is smug and entitled; in the lat-
ter he is, as he says, “more sinned
against than sinning.”
If “King Lear” is a lesson in the
unexpected results of child-rearing,
it also dramatizes the vicissitudes of
retirement. It captures the existen-
tial abyss that can open when a
once-solid identity begins to melt,
and purpose gives way to purpose-
lessness. Lear is deprived of his reti-
nue and thrown out into a storm, re-
duced to his most elemental self—a
“poor bare, forked animal.” We baby
boomers, aging amid a technological
landscape that changes at dizzying
speed, must sympathize. We, too,
face a storm that can make even the
most successful among us feel lost
and diminished.
Lear rages at the ingratitude of his
daughters and the crumbling of his
in exactly which tiny fraction of Ms.
Warren’s DNA can be said to have
been inherited from an American In-
dian ancestor. “Five genetic seg-
ments were identified, with 99 per-
cent confidence, as being associated
with Native American ancestry,”
specified the Washington Post.
“The largest segment identified
was on Chromosome 10.”
Meaning what? Meaning nothing.
Sen. Warren was not raised a Native
Why playing race and
gender ‘gotcha’ is mostly
a preoccupation of
educated, affluent whites.
American. She did not grow up on a
reservation. She hasn’t claimed
membership in a tribe. Her progress
in the world, for whatever it’s worth,
has been that of a person seen and
known by others as a white woman
of European descent.
The Boston Globe, to which she
first brought news of her DNA re-
sult, bent over backward to find that
Ms. Warren had not benefited pro-
fessionally from her claim to native
ancestry. Never mind that: “She
listed herself as a minority in the
Association of American Law
Schools legal directory from 1986 to
1995. She had her ethnicity changed
from white to Native American at
the University of Pennsylvania in De-
cember 1989, about two years after
she started teaching. And she agreed
to be listed as Native American at
Harvard but only four months after
she started her tenured job.”
Who doubts that Ms. Warren be-
gan referring to herself profession-
ally as Native American because she
He will never lead effectively at
moments like this because he
can’t. It’s not within his emo-
tional range or in his intellectual
toolbox. The targets of the
would-be bombs have been his
antagonists. He’s not believable
when he issues pained vows of
unity. Everyone assumes his
staff told him to do it and in a
burst of amiability he did. When
he’s obnoxious, people believe
he’s speaking his mind.
Mr. Trump has ushered in a
new presidential era of verbal
roughness. At his rallies he sees
himself as being provocative
and humorous and teasing. His
crowds know he is entertaining
them and they have fun back,
re-enacting their old 2016 fervor
with “Lock her up!” and “Build
the wall!” They don’t emerge
whipped into a rage; they leave
in a good mood, though tired
from standing so long because he
speaks so long.
The president knows half the
country is watching, and dislikes and
disdains what it sees. What he
doesn’t seem to know is that the un-
stable are watching, too. They get
revved up, ginned up, pro and con.
There is danger in this.
Mr. Trump seems to think only
about his audience and his foes. He
doesn’t seem to proceed with a
broad knowledge that there are the
unstable among us, and part of your
job as president is not to push them
over the edge. It can get ugly when
you do.
In a funny way he seems to think
everything’s more stable than it is,
that the veil between safety and sur-
prise is thicker than it is. Maybe you
assume everything’s safe when
you’ve spent your whole adult life, as
he has, with private security and pri-
vate cars, surrounded by staff.
Maybe that makes you careless, or
too confident.
But few of our political leaders
seem especially sensitive to the pre-
cariousness of things. I wish they
worried about the country more.
That really is dreamy and other-
worldly, isn’t it?
regal identity, but these are ulti-
mately stand-ins for a greater antag-
onist. Now on the downward curve of
life, Lear faces the reality of death.
Viewers and readers of the play can
grasp this only when we reach the
age when death, formerly hidden by
the clutter of ambition and child-
rearing, reveals itself.
At that point “King Lear” counsels
us to moderate our expectations and
sense of entitlement with regard to
our children, to accept a diminished
professional identity as we age, and
to be philosophical in the face of our
inevitable mortality. These are pro-
found messages but not cheerful ones,
which is why “Lear” is both a great
work and an unpopular one.
Ms. Cohen is a dean and English
professor at Drexel University.
found comfort, security and whis-
perings of power in the designation?
Victim status has become a prized
status in our society. It’s a base from
which to launch assaults on the dig-
nity and equanimity of others when
the need arises. It’s also a defense
against such assaults, which can land
on anybody at any time.
All this comes serendipitously in
the wake of a widely heralded survey
that finds political correctness to be
favored by nobody except a narrow
strata of affluent, white, highly edu-
cated progressives. Political correct-
ness is defined, in so many words, as
a readiness to play “gotcha” around
issues of race and gender. Virtually
everybody else—of every age, sex,
ethnic and income group—agrees
there’s too much of it.
Or as New York Magazine’s An-
drew Sullivan aptly summarized:
“One might be forgiven for thinking
that ‘wokeness’ is, in fact, a mere
virtue signal among the white upper
classes in their own struggle for
power and influence among them-
selves.”
Ms. Kelly is white; the NBC execs
shoving her out the door are white.
Ditto the Netflix protagonists. Ditto
most of the professors and deans in
the numerous campus cases. A lot of
cowardice may be implicated here,
but it’s not stupid cowardice: All in-
volved have much to lose—position,
status, income.
On that point, some believe Ms.
Warren’s DNA ploy was actually a
clever act of jujitsu against her 2020
Democratic rivals, especially Sens.
Cory Booker and Kamala Harris, who
aren’t white. Now both will find it
harder to intimate that Ms. Warren
should be disqualified on the basis
of “white privilege” without sound-
ing a bit like Donald Trump with his
“Pocahontas” rhetoric.
A14 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

SPORTS
SOCCER

A Season on the Brink of Disaster

In the first Clásico in a decade without Ronaldo or Messi, Real Madrid’s new manager faces a must-win situation

BY JOSHUA ROBINSON

PERHAPS NO ONE in sports de-

serves a mulligan on the past five
months than the soccer manager
with one of the best jobs in the
world. His name is Julen Lopetegui
and he is in charge of Real Madrid.
Lopetegui’s problem isn’t that he
currently holds one of soccer’s
most prestigious gigs, or even that
he might lose it as early as next
week. It’s what he gave up to be in
this position at all.
Five months ago, Lopetegui was
sitting pretty as manager of the
Spanish national team. La Roja was
firmly out of its slump and back
among the favorites to win the
World Cup in Russia. All he had to
do was keep the machine running
and he could all but count on cruis-
ing to the semifinals. That’s when
Real came in with an offer he
couldn’t refuse.
He negotiated in secret with Ma-
drid until the Spanish national fed-
eration caught wind of it. The way

JUAN MEDINA/REUTERS, MANU FERNANDEZ/ASSOCIATED PRESS

they told it, the federation had no
choice but to fire him. So he
packed his bags, left Russia just
days before the World Cup kicked
off, and flew to Madrid.
“Yesterday was the saddest day
of my life since the death of my
mother,” he said at his Real unveil-
ing. “But today is the happiest day
of my life.”
Everything could still turn out
fine for Lopetegui, just as long as
Real Madrid was successful. Now
flash forward to the present: Ev-
erything isn’t fine.
Real has already slipped four
points off the top of the standings. Grudge matches against rival Barcelona can double as public trials for managers at Real Madrid. Below, Real Madrid’s Julen Lopetegui is feeling the pressure.
It hasn’t won a league game in
over a month. And after the latest the coach, they should sack all of might leave. So did Ronaldo. And ple out far beyond Spain. Lo-
ignominy—a 2-1 defeat against us players.” then, in the course of the summer, petegui’s sacking could touch off a
mid-table Levante on Saturday— The underlying statistics suggest they both did. chaotic spin of European soccer’s
the Spanish sports daily Marca that Real Madrid can bounce back. The stars that remained, mean- managerial merry-go-round—par-
proclaimed on its cover, “Madrid is The club takes the most shots in La while, went off to the World Cup ticularly if clubs such as Manches-
in Ruins.” Liga with more than 18 per game. and came home thoroughly cooked. ter United and Bayern Munich also
Making everything worse, the Its defense allows fewer chances The man the side is now built enter the market for new bosses
Clásico is on Sunday. Real must than all but two other teams. This around, FIFA player of the year too.
travel to Barcelona with Lo- would normally add up to some- Luka Modric, led Croatia to the fi- Lopetegui’s would-be replace-
petegui’s job on the line. The con- thing that isn’t a catastrophe. nal in Russia and has barely had a ments, as bandied about in the
versation in Spain is no longer And yet Real is seventh in the Spanish press, range from former
about whether he has to go, it’s standings and wondering how the Chelsea manager Antonio Conte to
when he will complete one of the season spun out of control so Santiago Solari, who is currently in
swiftest falls from grace Spanish quickly. For one, none of those
Real is seventh in the charge of Real’s reserves. Even 69-
soccer has ever seen. shots are going in. During a dry standings and wondering year-old Arsene Wenger, who left
“We must stay calm, not make a spell that lasted nearly seven hours Arsenal last spring after 22 years
big thing about it and work hard,” of play, Real fired nothing but
how the season spun out in charge and is enjoying semi-re-
the defender Marcelo said. blanks. It dragged on for so long of control so quickly. tirement, has been mentioned in
Except not making a big thing that Marca took to running a front- connection with some of Europe’s
about it runs counter to everything can double as public trials for the page picture of a stopwatch to top jobs.
that Real Madrid is about. For a manager. Lose badly and the sen- track how long Real would go with- Amid this hurricane, Lopetegui
team that genuinely believes it lies tence is never far behind. out a league goal. That streak, at break since. Lopetegui wasn’t has done his best to put on a brave
at the center of the soccer uni- Just ask Rafa Benitez, who was least, ended in the loss to Levante. handed a replacement for Ronaldo face. Earlier this week, he showed
verse, everything is a big thing all sacked in January 2016 despite los- The early warning signs for either after Real failed to sign Ney- no signs of internal turmoil when
the time. Especially when it comes ing only three games out of 25—ex- Real’s season were there even dur- mar from Paris Saint-Germain. he was asked a delicate personal
to the Clásico. cept one of those was a 4-0 humili- ing the good times. Last May, dur- All of which left him picking up question quite apart from the soc-
That this will be the first Clásico ation at home in the Clásico less ing the club’s Champions League an aging team with too little turn- cer and speculation: how are you
in a decade without Cristiano Ron- than six weeks earlier. celebrations in Kiev, there were al- over. But whether or not he is to doing?
aldo (now playing at Juventus) or “I think it would be crazy. It’s ready hints that Madrid was chang- blame for those issues, he is in line “I’m fine,” said the man on the
Lionel Messi (out with a broken only been two months and they ing. Manager Zinedine Zidane, the to pay the price first. And, because brink of losing two of soccer’s most
arm) hardly changes the stakes. At need to let him work,” midfielder architect of three successive Cham- this is Real Madrid as opposed to, coveted postings in the space of six
Real Madrid, these grudge matches Isco said this week. “If they sack pions League triumphs, hinted he say, Huesca, the repercussions rip- months. “Thanks for your concern.”

Weather
NFL
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
40s 20s

ROLLER-COASTER BROWNS
40s d t
Edmonton <0
Vancouver
Vancouver Calgary
0s
50s 30s 10s
p
Winnipeg
Seattle 20s
Por
P d
Portland 40s Montreal 30s
l
Helena 60s Ottawa
Eugene 50s 40s
60s g
Billings
Bismarckk A
Augusta BY ANDREW BEATON
Boise
i 50s
p /St.. Pa
pls
Mpls./St. Paul T
Toronto A b y
ban
Albany t
Boston
ff
Buffalo rtford
Hartford 60s
Pierre Sioux
P oux FFalls
Milwaukeek Detroit 40s The first game of the
C d
Cleveland New Yorkk
ew Y 70s
Ch
Chicago Philad
hil d lphi
h
Philadelphia
Reno Salt Lake
L k City
Cit
C y
Cheyenne Omaha
es Moines
Des Browns’ season laid out a
h 80s
Sacramento Spring
p g
Springfieldd
Pit b h
Indianapolis Pittsburgh blueprint for pretty much ev-
Denver h g on D.C.
Washington DC 90s
an Francisco
San
C l d
Colorado Topeka Kansas 50s Charleston
Charles
h erything that has happened
70s City h
Richmond d 100+
LLas
Vega
Vegas
p
Springs
h
Wichita St.. Louis
L
Lou L
Lou
Louisville since. Cleveland’s year has
80s l igh
Raleighh
Angeles
Los A
Ange l
Nashville
h ill been simultaneously disap-
90s Santaa F
Fe Charlotte
Ch l tt
Memphis hi
Columbia
C b
pointing and promising. And
an Diego
San Die Phoenix
Ph
h Ab q q
Albuquerque Oklahom
kl ma City
Oklahoma Warm Rain
Little Rockk Atlanta
Atl t it’s been altogether exhilarat-
70s Tucson
T c Birmingham
i h
El P
Paso
Ft. Worth D ll
Dallas Jack
Jackson ing.
RON SCHWANE/ASSOCIATED PRESS

60s Cold T-storms

bil
Mobile Jacksonville The Browns tied that
10s 80s A ti
Austin opener against the Pittsburgh
t
Houston 70s Stationary Snow
20s ew Orleans
New Orlando
l d
Steelers 21-21. It was a let-
an Antonio
San Tampa
40s 80s Showers Flurries down because they probably
30s Anchorage
A h g Honolulu
l l
80s Miami should have won the game. At
50s 70s
Ice the same time, the tie was en-
couraging: The Browns, a
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W team that lost every one of its
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 69 47 s 64 40 s Frankfurt 51 40 pc 47 40 r games a year ago, walked out
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 78 54 pc 76 53 s Geneva 49 38 r 48 38 c with a tie against a perennial The Browns’ Baker Mayfield celebrates during a recent game.
Today Tomorrow Philadelphia 56 47 r 57 47 c Havana 86 68 pc 83 66 pc
City Hi Lo W Hi Lo W Super Bowl contender.
Phoenix 90 63 s 92 64 s Hong Kong 80 70 s 80 69 s
Anchorage 46 38 c 41 29 c Pittsburgh 47 40 r 49 41 sh Istanbul 69 61 s 71 58 s The Browns play the Steel- games, four have already field he was a bona fide star
Atlanta 60 48 pc 72 53 s Portland, Maine 42 38 r 51 38 c Jakarta 93 77 t 91 77 c ers again on Sunday. And gone to overtime. Less than who had won the Heisman
Austin 85 59 s 84 60 s Portland, Ore. 63 54 sh 59 50 r Jerusalem 66 51 s 69 51 s since the season’s opening halfway through the season, Trophy and earned fans—and
Baltimore 56 45 r 58 46 pc Sacramento 82 54 pc 78 50 s Johannesburg 86 58 s 87 60 s
Boise 69 52 pc 67 42 pc St. Louis 62 50 pc 67 42 s London 46 38 sh 50 36 pc week, Cleveland has proved that’s already one short of the haters—with his outsize per-
Boston 52 47 r 59 45 c Salt Lake City 71 50 pc 74 50 pc Madrid 54 35 r 51 35 pc again and again why it’s the NFL season-long record for sonality.
Burlington 42 36 r 44 40 sh San Francisco 69 58 pc 69 54 s Manila 92 78 pc 91 76 c most entertaining team in the overtime games. Only one of He’s not the only exciting
Charlotte 65 43 pc 66 48 pc Santa Fe 66 40 s 69 41 s Melbourne 66 44 c 65 43 c
Chicago 53 42 c 52 40 r Seattle 58 51 r 57 49 r Mexico City 68 55 pc 68 53 pc NFL this year. their games has been decided prospect. Defensive end
Cleveland 51 42 r 51 41 sh Sioux Falls 63 41 pc 58 36 s Milan 63 58 sh 64 55 t To be clear: The Browns by more than four points. Myles Garrett has seven
Dallas 81 59 s 83 61 s Wash., D.C. 58 50 r 62 50 pc Moscow 42 38 r 44 28 c are not the best team in foot- So while the Browns are sacks. Rookie cornerback
Denver 76 41 s 73 46 s Mumbai 98 78 pc 99 79 pc
ball. At 2-4-1, they are decid- frustratingly close to having a Denzel Ward looks like one of
Detroit
Honolulu
50 39 r
87 77 sh 87 75 c
49 37 sh
International Paris
Rio de Janeiro
50
86
37 pc
72 c
48 38 pc
77 68 pc edly mediocre. And sure, the good record, they still have a the game’s emerging lock-
Today Tomorrow
Houston 81 60 s 84 61 s
City Hi Lo W Hi Lo W
Riyadh 93 68 s 75 64 pc Chiefs are 6-1 with Patrick bad one. But for the first time down defenders. Running
Indianapolis 53 40 c 57 40 r Rome 75 64 t 71 62 t
Kansas City 69 51 s 66 40 s Amsterdam 51 37 sh 48 37 pc San Juan 87 77 pc 86 75 pc Mahomes and the best of- in awhile, there’s optimism. back Nick Chubb is averaging
Las Vegas 85 61 s 88 61 s Athens 74 65 s 73 62 pc Seoul 55 41 pc 57 41 sh fense in football. Yes, the Quarterback Baker May- more than 7 yards per carry.
Little Rock 72 52 s 81 49 s Baghdad 74 53 s 79 56 s Shanghai 67 50 s 72 53 s Rams are undefeated and field, the No. 1 pick in the There’s evidence the public
Los Angeles 86 62 s 83 61 s Bangkok 92 79 s 93 76 pc Singapore 88 75 c 88 77 c
Miami 89 68 t 81 62 s Beijing 64 42 s 65 36 c Sydney 76 60 pc 67 57 pc
lighting up Los Angeles. draft, entered midway is enjoying all of this: The
Milwaukee 53 42 c 54 40 sh Berlin 50 37 pc 46 38 r Taipei City 78 60 s 77 61 pc But the dramatic path the through a game against the Mayfield-led comeback over
Minneapolis 58 45 c 54 38 c Brussels 49 34 sh 46 35 pc Tokyo 74 58 sh 67 58 pc Browns have taken on their Jets and led the Browns to a the Jets was the most-
Nashville 58 46 c 73 43 pc Buenos Aires 69 54 c 72 58 pc Toronto 44 32 r 43 34 r
New Orleans 74 62 s 83 66 s Dubai 96 83 s 95 82 pc Vancouver 55 48 pc 54 44 sh
path to mediocrity has been comeback win. Mayfield has watched Thursday Night
New York City 52 47 r 56 47 pc Dublin 44 35 sh 47 33 pc Warsaw 52 37 pc 44 40 r nothing short of gripping. struggled at times, too. But Football game on the NFL
Oklahoma City 78 53 s 74 50 s Edinburgh 44 34 pc 47 29 sh Zurich 46 35 r 44 35 c Of Cleveland’s seven even before he stepped on the Network since 2015.
 BUSINESS | FINANCE
DJIA 24688.31 g 296.24 1.2%
|
Shale Shock
The calm oil markets
of the past decade
may soon end B6

TECHNOLOGY |
EXCHANGE
MANAGEMENT
NASDAQ 7167.21 g 2.1% STOXX 600 352.34 g 0.8%
THE WALL STREET JOURNAL.
10-YR. TREAS. À 16/32 , yield 3.077%
* * * * * *

OIL $67.59 À $0.26

Has Bean?
As tastes shift,
Starbucks looks to
revive growth B5

Saturday/Sunday, October 27 - 28, 2018 | B1

GOLD $1,232.50 À $3.40 EURO $1.1404 YEN 111.88

Valuation
Soars for
‘Fortnite’
Creator
Bringing Maker of hit videogame
draws new investment

UpBaby’s
BY SARAH E. NEEDLEMAN
AND KATIE ROOF

Epic Games Inc., creator of the

Market
smash-hit videogame “Fortnite,” is
valued at almost $15 billion as part of
a major new investment round, ac-
After missing out cording to people familiar with the
matter.
on major shifts in The company on Friday announced

Share
consumer tastes and investors have purchased $1.25 billion
in stock. People familiar with the mat-
watching sales stall, ter said not all of the money is going
directly to the company: A portion
Johnson & Johnson represents shares being sold by exist-
has remade its baby ing stakeholders who are cashing out
some of their investment.
line from head to toe. Epic said the new investors repre-
sent people at the forefront of com-
Catching up petitive and live gaming events, areas
won’t be easy. that have elevated the industry’s visi-
bility. They include traditional invest-
ment firms KKR, Kleiner Perkins and
Lightspeed Venture Partners, as well
aXiomatic, which owns the competi-
tive-videogaming organization Team
Liquid. Epic had no further comment
PHOTO ILLUSTRATION: WALL STREET JOURNAL; BABY: GETTY IMAGES; BOTTLE: F. MARTIN RAMIN/THE WALL STREET JOURNAL

on the investment.
Already Epic counts China’s Ten-
cent Holdings Ltd. and Walt Disney
Co. as investors. Tencent said in 2012
it paid approximately $330 million for
a 48% stake in Epic.
“Fortnite” vaulted to the top of the
more than $100 billion industry by
putting a cartoonish spin on the clas-
sic shooter genre. In its “Battle Roy-
ale” mode, 100 players compete to be
the last team or player standing, in-
stead of players endlessly roaming a
battlefield offing each other.
Epic, which released the mode free,
makes money by selling virtual cos-
tumes and dance moves for the
game’s characters. The company has
raked in more than $1 billion in reve-
nue from these so-called microtrans-
actions over the past year, according
to estimates from SuperData.
The game’s popularity has fueled a
cottage industry of videogame tutors
and knockoff modes in new games
from bigger rivals such as Activision
Please turn to the next page

S&P 500
Flirts With

I
BY JONATHAN D. ROCKOFF able to gain a foothold with young parents, the “trustmark.”

t’s a high-stakes corporate gamble,

full of peril: Johnson & Johnson has
turned its iconic, golden-hued baby
shampoo clear.
The move is part of a sweeping
plan to overhaul the company’s
struggling namesake franchise. J&J
has remade its Johnson’s baby prod-
uct line, cutting out chemical dyes
and adding natural ingredients like coconut
oil. It has updated its packaging and rolled
out a new digital marketing campaign. And
it’s trying to reconquer the baby-care market
it has dominated for more than a century.
In recent years, that market has changed.
Many new parents, millennials looking for nat-
ural ingredients, have come to view Johnson’s
as old-fashioned and chemical-laden, accord-
ing to current and former employees and in-
dustry officials. Younger rivals like California
Baby, Honest Co. and Earth Mama have been
THE INTELLIGENT INVESTOR | JASON ZWEIG
building up sales in part by leveraging the
growing influence of parents online who rec-
ommend organic brands.
Johnson’s baby products lost more than 10
percentage points of share in the U.S. over
the past five years, according to Nielsen.
Johnson’s now has a market share just under
37%—still the largest in the market, but down
significantly from its heyday.
Johnson’s—J&J’s flagship baby products
line—accounts for only about $1.5 billion of
the company’s $76.5 billion in yearly sales.
J&J gets most of its revenue from its higher-
margin prescription-drug and medical-device
businesses. But Johnson’s significance extends
well beyond the revenue it generates.
Johnson’s is the only product line in the
U.S. that carries the company name. Many
consumers come to know—and trust—J&J
through the brand. That trust spurs sales of
other products. Some J&J employees in other
parts of the company refer to Johnson’s as
Johnson’s baby line is nearly as old as J&J
itself. The fledgling medical-supply business,
founded in 1886, sold medicated bandages
that proved painful to peel off. So the firm’s
chief scientist sent powder to customers to
soothe their irritation. Soon, parents discov-
ered another use: diaper rash. In 1894, the
company launched Johnson’s Baby Powder.
J&J went on to create more baby products,
including a lotion to comfort a newborn’s skin
and a shampoo that wouldn’t irritate a child’s
eyes. Johnson’s popularity spread further in
the 1960s, 1970s and 1980s, as J&J brought
the franchise to emerging markets like China.
“If you ask what does J&J mean to you,
the majority would tell you it’s Johnson’s
Baby,” says Jorge Mesquita, who runs the
company’s consumer-health business. “This
brand is the face of the company. So for us,
it’s incredibly important to restore its rele-
vance and preserve its image.”
Please turn to the next page
Correction in
Volatile Week
Tech stocks succumb to
worries about growth
BY AMRITH RAMKUMAR
A tumultuous week for markets
around the world ended with a rocky
Friday session, putting the S&P 500
on the cusp of correction territory as
investors continued an October re-
treat from risky assets.
As stocks tumbled in early trad-
ing, the benchmark stock index fell
nearly 3% to breach the level that
would place it 10% below last
month’s record. But—as was the case
for much of a whirlwind week
marked by intraday dips and sharp
rebounds—stocks later stabilized.
And then slipped again in the final
hour of trading.
Although stocks recouped some of

What Investors Can Learn

their early losses, all three major
U.S. stock indexes head into the last
three sessions of October on track

From Gamblers’ Behavior

for their worst month in more than
eight years.
Worries about corporate revenue
peaking and a slowdown in China
Even as stock mar- didn’t buy a Mega Millions ticket and Europe potentially spilling over
kets sank again, one and never would, observing other into the U.S. have sent stocks into a
person (or group) people’s lottery fever should teach tailspin. Fast-growing internet firms
made a lot of money you these investing lessons as little have been some of the hardest hit,
this past week: the else can. leading analysts to question whether
yet-to-be-identified In fiscal 2016, Americans spent companies that previously seemed
holder of the single $80.5 billion on lottery tickets. immune to global growth fears can
ticket that won the Mega Millions That’s partly because a ticket is a continue surging ahead.
lottery. The lucky winner or winners taste of hope: Experiments in the Quarterly sales from Amazon.com
ALEX NABAUM

hit a jackpot worth $1.54 billion in
estimated annuity value (or $878
million in cash).
Only days ago, the scramble to
buy tickets was highlighting some
basic aspects of human nature:
Money isn’t only about wealth, and
people don’t understand probability.
What’s more, the feeling of control
can lead any of us to take risks we
wouldn’t otherwise run. Even if you
Netherlands show about two out of
three people prefer to stagger their
ticket buying out over more than
one day, presumably to savor the
prospect of winning for even longer.
If someone told you that your
odds of winning a lottery had just
improved to 1 in 100,000 from 1 in
100,000,000, you would probably be
mildly interested. If, however, you
found out that the jackpot had just
gone from $100,000 to
$100,000,000, your pulse would
probably quicken. Probabilities are
pallid and impersonal. Money is
vivid and emotional.
Companies and governments
have been exploiting that human
quirk for centuries.
Before issuing shares of stock be-
came a common means of attracting
capital, companies often raised
Please turn to page B6
and Google parent Alphabet disap-
pointed investors, sending the two
stocks sharply lower Friday and
pushing the tech-heavy Nasdaq Com-
posite to its worst week since
March.
“Once you start seeing a slow-
Please turn to page B10
 Heard on the Street: It might be a
selloff, but not a bear market...... B11
B2 | Saturday/Sunday, October 27 - 28, 2018 * ***** THE WALL STREET JOURNAL.

THE SCORE
THE BUSINESS WEEK IN 7 STOCKS

HASBRO INC. CATERPILLAR INC. ANHEUSER-BUSCH INBEV SA

PERFORMANCE OF TECH STOCKS THIS WEEK
 Heading into the holiday-
shopping season, Hasbro Source: SIX
 Caterpillar posted record
third-quarter profit Tuesday,  Please forgive any dividend
investors who were crying
HAS made it clear just how diffi-
cult it has been to adjust to
4%
CAT but the industrial bellwether
spooked investors after warn-
BUD into their beers Thursday,
when Anheuser-Busch InBev
3.1% the absence of Toys “R” Us 2 7.6% ing that rising costs, a stron- 9.4% slashed its payout by half.
from the retail landscape: The ger dollar and concerns over The brewer of Budweiser
toy maker’s sales fell 12% in the first growth in China could dent future earn- and Stella Artois, grappling with shift-
0
quarter since the toy-store chain’s liqui- ings. Caterpillar’s concerns were echoed ing consumer tastes and lower vol-
dation. To compensate for the loss of Apple
by several other manufacturers that re- umes in several key markets, reported
Toys “R” Us, Hasbro has begun selling –2 ported quarterly results Tuesday, spark- weaker profit and revenue and said it
Alphabet
its Barbie dolls and Nerf blasters in ing a broad selloff among industrial plans to focus on reducing debt over
10,000 new places, but Chief Executive –4 shares on mounting fears of an indus- returning cash to shareholders. AB In-
Brian Goldner said the larger variety of trywide slowdown. Caterpillar’s stock Bev’s finance chief defended the re-
retailers has complicated order patterns –6 was one of the worst hit in the sector, duced payout, which will save the com-
because of their “differentiated shipping falling 7.6% Tuesday; shares of 3M Co. pany about $4 billion. The Belgian
requirements.” Hasbro stock fell 3.1% Amazon fell 4.4% and Harley-Davidson Inc shares company’s American depositary re-
Monday. –8 lost 2.2%. ceipts slid 9.4% Thursday.

–10 Netflix
SUPER MICRO COMPUTER INC. BOEING CO. AT&T INC.
–12

 Super Micro Computer on

Monday sent a letter to cus-
Mon. Tues. Wed. Thurs. Fri.
 While some manufacturers
are seeing signs of slowing  In an AT&T earnings report
filled with signs of growth,
SMCI tomers disputing an Oct. 4
Bloomberg article that said
BA global growth (see above),
Boeing said it is doing brisk
T investors focused on a nega-
tive: a record slump in satel-
4.3% the company was the victim AMAZON.COM INC. 1.3% business amid strong global 8.1% lite-television subscriptions.
of Chinese spies who in-
stalled a malicious hardware chip in its  October’s tech selloff pushed the Nasdaq Compos-
ite into correction territory Wednesday and, after
demand for commercial air-
craft and new defense projects. The
The telecommunications com-
pany said Wednesday that third-quarter
motherboards. Super Micro said it is
conducting a review of the article’s
AMZN rebounding Thursday, the damage continued Friday world’s largest aerospace company by
sales topped third-quarter profit fore-
profits rose to $4.72 billion, as growth
in its cellphone business and increasing
claims “despite the lack of any proof 7.8% in the first trading session after Amazon reported casts and raised its yearly revenue guid- distribution revenue from its slate of
that a malicious hardware chip exists.” ance by $1 billion, to $100 billion. The Turner TV channels helped offset Di-
Executives at Apple Inc. and Amazon— earnings. Though Amazon notched another quarter of re- company also reassured investors that it recTV’s subscriber losses. Though AT&T
two companies cited in the article as cord profits of $2.88 billion, there are signs its run of wouldn’t be hurt by a more aggressive stands to benefit from its acquisition of
being affected by the rogue chip—also booming revenue growth is slowing. Amazon was down approach to bidding on some defense Time Warner Inc.’s show-business assets
disputed the article’s claims. Bloomberg deals and rising fuel costs that are hurt- in future quarters, investors sent shares
said Monday that it stood by its report- 7.8% on Friday, along with fellow tech behemoths. ing some customers. Shares rose 1.3% down 8.1% Wednesday.
ing. Super Micro gained 4.3% Monday. Wednesday. —Laine Higgins

Bringing Up sales at big-box stores like Walmart

Inc. and Target Corp. But they didn’t
track online retailers such as Ama-
Baby’s zon.com and Boxed.com.
“We’re missing e-commerce,” Ms.
Lewis recalls realizing.
Market Share It was a big miss. Online sales
were increasingly important in the
then-$14.8 billion world-wide market
Continued from the prior page for baby-care products, accounting
To regain its baby-care perch, the for $908 million that year. E-com-
company will need to overcome a merce sales were rising at a 21%
risk-averse corporate culture that compounded annual rate compared
has been slow to embrace change. It with the overall market’s 5.7%, ac-
will need to take on its smaller, nim- cording to Euromonitor.
bler rivals. And it must get better, At a meeting with fellow con-
fast, at marketing and selling its sumer-business executives that No-
products online, an area in which vember, Ms. Lewis outlined the ways
the company has lagged behind. the company would have to change:
J&J must rework product formulas
‘We’re Missing E-Commerce’ and marketing. If it couldn’t find a
In 2013, J&J officials noticed a vendor with e-commerce data, it
problem: Johnson’s baby sales were would have to collect the data itself.
slowing world-wide, especially in Above all, Johnson’s must appeal to
China, a key market. parents where they research and
The company had been focused shop: online.
on other parts of its consumer- “If you’re not playing there,
health business, according to cur- you’re not winning these consum-
rent and former company officials. ers,” she said.
Manufacturing problems led to a
series of recalls of over-the-counter
medicines like Benadryl and Motrin
SASHA MASLOV FOR THE WALL STREET JOURNAL; POWDER: JOHNSON & JOHNSON ARCHIVES
with consumers.
The changes that J&J would have
to make would be painful for the
company, too.
Inside J&J, the mission was re-
ferred to as Apollo—borrowed from
NASA’s program to put humans on
the moon—to reflect how critical
and ambitious the effort was.
A big sticking point for some in-
siders: a proposal to eliminate dyes,
like the ones that gave Johnson’s
baby shampoo its distinctive golden
hue. In early 2015, 20 top officials
responsible for the brand’s sales, re-
search and manufacturing met to
hash out the matter.
“We are not leaving this room
until we all feel comfortable,” one
participant said at the outset of the
meeting, according to Sandrine Al-
varado, a J&J consumer research
official who helped direct the re-
formulations.
Many in the room, in a J&J build-
ing across the street from the com-
pany’s New Brunswick, N.J., head-
quarters, had grown up using the
gold product. Some expressed con-
cerns that such drastic changes aim-
J&J is working with parents with big
social-media presences to talk about
the products online.
J&J has agreed to pay about 100
“social influencers” in North Amer-
ica for their recommendations on
Instagram, blog posts and other In-
ternet endorsements, while arrang-
ing to furnish free samples and
product information to a similar
number of other parents prominent
on social media, a company spokes-
woman says.
In a post on her Instagram page
last month, one of these influencers,
Houston mother Joy Green, 30 years
old, wrote about Johnson’s pink baby
lotion. “It’s made with coconut oil,”
she wrote, describing using the
product on her 2¾-year-old daugh-
ter. “It absorbs in a flash.” The post
has been viewed more than 10,600
times and drawn more than 1,930
likes. Ms. Green says her joyfully-
green Instagram page averages
100,000 visitors a week and that
many of her followers are working
mothers like herself between 24 and
35 years old. Ms. Green uses the
hashtag #ad in the first line of her
posts to signal they are ads, but says
the opinions are her own.
Valuation
Soars for
‘Fortnite’
Continued from the prior page
Blizzard Inc. In its earnings report
Wednesday, Microsoft Corp. name-
checked “Fortnite” as a contributor
to strong earnings in its gaming di-
vision.
Videogames are on a tear. An-
nual investments in game startups
and closely held companies ex-
ceeded $3 billion globally for the
first time earlier this year, accord-
ing to Digi-Capital LLC. So far this
year, they have topped $5 billion,
the tech advisory firm said.
The potential payoff for early
investors can be significant. In
2016, Tencent and its partners ac-
quired Supercell Oy, the Finnish
maker of “Clash of Clans,” for $8.6
billion. The prior year, Activision
Blizzard bought “Candy Crush
Saga” maker King Entertainment
for $5.8 billion.

starting in 2009. The problems cost Ms. Green, a freelance marketer The game industry’s biggest
J&J billions of dollars in sales, and who has signed similar social-media players also have grown. In the
hundreds of millions to fix. J&J deals with other companies, says she U.S., share prices for the top pub-
says the manufacturing problems agreed to work with Johnson’s be- licly traded game makers by mar-
weren’t related to Johnson’s, and it cause its shift to more-natural ingre- ket capitalization—Activision Bliz-
has since passed government and dients fits with her postings about zard, Electronic Arts Inc. and Take-
third-party inspections. motherhood and healthy living. She Two Interactive Software Inc.—
Manufacturing consumed much of declines to say how much she gets have more than doubled. Earlier in
the consumer business’s attention at paid for the posts. the week, Take-Two’s stock popped
the time, says Erica Robinson, an as- For an upcoming post, Ms. Green nearly 10% on strong reviews of its
sociate brand manager during the is planning a video review of a new latest big release, the Western
recalls. She had to give back the Johnson’s baby lotion infused with shoot-’em-up “Red Dead Redemp-
$400,000 in her budget that was al- tiny, milled cotton particles. The tion II,” which could rival “Fort-
lotted for Motrin store displays, and company hopes the new “Cotton- nite” for players’ time and money.
scrap focus groups. Touch” line will re-establish the Much of the growth has been
It was a bad time to cut back on company’s reputation for cutting- fueled by in-game purchases of vir-
marketing and research, because edge products. tual weapons and other goods on
consumer preferences were chang- Ms. Lewis and Ms. Khanna say mobile apps, as well as download-
ing. The Internet was emerging as a they see positive signs from the able side missions in console and
destination for new parents looking overhaul. J&J’s internal data points PC games that can suck in gamers
for information on baby products. to a two percentage point increase in for countless hours. “Fortnite”
More of these parents were seeking Johnson’s U.S. market share over the checks both boxes.
products with natural ingredients, last three months, and sentiments on The industry has faced criticism
such as raw shea butter and argan social media have improved. But over tactics for keeping players
oil—and heeding recommendations challenges abound. hooked, such as offering rewards
of other parents online. A Johnson’s baby A string of personal-injury law- for frequent logins and tapping
“There was a desire to stay up- powder ad from about suits alleging that women’s use of into fears of missing out with lim-
to-date with the consumer, but 1900; Alison Lewis, Johnson’s talcum powder resulted in ited-time offers. “Fortnite” had at-
there wasn’t a focus or energy chief marketing officer ovarian cancer have grabbed head- tracted more than 125 million play-
there,” says Ms. Robinson, who left for J&J’s consumer- lines. Most recently in July, a jury in ers as of June, according to Epic.
J&J in 2012. “It was all going to health business, has St. Louis, awarded $4.7 billion in Eyeing a move into competitive
manufacturing issues.” helped lead the damages to 22 women and their gaming, known as esports. Epic re-
Where J&J did seek to modernize, Johnson’s revamp. families. Other cases allege that the cently pledged $100 million in
it took half-steps. In response to powder is tied to mesothelioma. “Fortnite” tournament prizes.
growing interest in natural ingredi- ing to appeal to new J&J disputes the allegations, say- Last month, fans clocked in 104
ents, J&J scientists removed phthal- customers would repel ing “Johnson & Johnson is confident million hours watching the game
ates and other chemicals from prod- those who had stuck that its products do not contain as- being live-streamed on Ama-
ucts, but didn’t publicize the with Johnson’s. bestos and do not cause ovarian can- zon.com Inc.’s Twitch, down from
changes, to avoid the impression After hours, a truce cer” or mesothelioma. It has filed a 149.3 million hours in July, accord-
chemicals were unsafe, according to was reached. What if motion to appeal the $4.7 billion ver- ing to Newzoo BV. Still, it remained
company officials. the bottle itself were dict, which has not been heard yet, the No. 1 most watched game on
In 2013, J&J hired Alison Lewis, a Project Apollo colored in the shampoo’s familiar and has succeeded in overturning Twitch as of September, a rank it
marketing official from Coca-Cola The executives agreed to a total shade, a packaging official sug- some of the other verdicts. Ms. has held since March.
Corp., to oversee marketing for the revamp—including the first major gested. And everyone agreed the yel- Lewis says such decisions haven’t af- —Rolfe Winkler
consumer business. Ms. Lewis saw changes to Johnson’s packaging low dyes would be brought back if fected consumers’ perceptions of contributed to this article.
Johnson’s U.S. sales falling in weekly since 1973. consumers weren’t happy. Johnson’s.
market-data reports she received, J&J hired data scientists and so- It took more than a year to work Yet marketing experts say these
but the spreadsheets indicated mar- cial economists for its in-house think out how to keep the new shampoo trials could be damaging. J&J’s repu- Leveling Up
ket share was still hovering above a tank. The team replaced the weekly from yellowing over time, Ms. Alvar- tation suffers every time a jury re- Annual global microtransaction
healthy 40%. That suggested the sales and share reports with a web- ado says. In 2017, results from sur- turns a multimillion-dollar verdict, revenue by platform
franchise needed help, Ms. Lewis re- based application dubbed Panorama veys of hundreds of Johnson’s con- according to data company TruValue
calls thinking, but not life support. that broke down the market online sumers who were given samples of Labs. $80 billion 2018
to date
She pinned hopes on a marketing and in traditional channels. the new shampoo came back. They Meantime, rivals like California
campaign launched in February J&J interviewed parents and con- liked it. Baby aren’t standing still. California Console
2015. “Why just clean your baby, ducted focus groups. It surveyed After six decades, the gold sham- Baby is reformulating products to re- 60 $1.5B
when you can give her so much them online and mined their conver- poo was going to be clear. place traditional preservatives with
PC
more?” television spots asked. sations from Facebook to Amazon. “It seems impossible when you’re those made from basil and other
40 $17.9
The numbers didn’t improve. By All told, it collected insights from being told, ‘Look, this is the most plants, some of which are grown on
the fall, Johnson’s share of the U.S. 26,000 people. precious brand and you need to a 100-acre organic farm. The pri-
market was headed toward a drop The lessons were painful. “We change everything—and make sure vately held company plans to begin Mobile
20
below 40%, according to Nielsen, were still not being trusted,” says everyone loves it just like they did selling a lotion with the plant-based $45.2
even as the baby-care market was Deeptha Khanna, who now leads before,’” Ms. Alvarado says. preservatives in the next two weeks.
growing overall. J&J’s global baby-care business. She The company’s new digital-mar- “We never used sulfates and that
0
As Ms. Lewis pored over the data says the market research suggested keting plan is another key part of the was 20 years ago,” says Jessica
with her colleagues, she began to see that J&J had too much “confidence strategy to restore the brand’s rele- Iclisoy, California Baby’s founder and 2012 ’13 ’14 ’15 ’16 ’17 ’18
the problem. The data firms J&J re- that our products continued to be vance. Among the steps it is taking chief executive. “We are 10 steps Source: SuperData
lied on, including Nielsen, captured best in class and” failed to keep up to promote the overhauled products, ahead of everybody.” THE WALL STREET JOURNAL.
THE WALL STREET JOURNAL.
Microsoft
Defends
Military
Projects
BY JAY GREENE
Microsoft Corp.’s top exec-
utives defended supplying
technology to the U.S. military,
in the face of objections from
employees.
Brad Smith, president and
legal chief, said Microsoft’s bid
on a massive Defense Depart-
ment contract known as
JEDI—a project Alphabet
Inc.’s Google recently walked
away from—is the kind of
work the company is commit-
ted to pursuing, even though
employees might hold differ-
ing views.
A debate over providing the
U.S. military and law enforce-
ment with powerful technol-
ogy that can invade privacy or
guide lethal weapons has
roiled Silicon Valley. Workers
at several large technology
companies have sought to
pressure their employers to
cease working on projects, in-
cluding those involving the use
of facial recognition and other
forms of artificial intelligence.
“We want the people of this
country and especially the
people who serve this country
to know that we at Microsoft
have their back,” Mr. Smith
wrote in a blog post set for
Friday. “They will have access
to the best technology that we
create.”
Mr. Smith and Chief Execu-
tive Satya Nadella addressed
the issue with employees
Thursday.
Amazon CEO Jeff Bezos re-
cently defended his company’s
bid for the same $10 billion
Defense Department cloud
contract, called the Joint En-
terprise Defense Infrastructure
project.
“One of the jobs of the se-
nior leadership team is to
make the right decision even
when it’s unpopular,” Mr. Be-
zos said at a Wired magazine
conference earlier this month.
“If big tech companies are go-
ing to turn their back on the
U.S. Department of Defense,
this country is going to be in
trouble. I like this country.”
In June. Microsoft employ-
ees unsuccessfully sought to
end the company’s work with
Immigration and Customs En-
forcement over the agency’s
role in separating children
from their parents.
—Douglas MacMillan
contributed to this article.
Senior BofA
Executive
Has Died
BY RACHEL LOUISE ENSIGN
Bank of America Corp. on
Friday said Vice Chairman
Terry Laughlin, who oversaw
the bank’s sprawling wealth-
management business, died un-
expectedly at age 63.
Mr. Laughlin, a member of
the bank’s executive-manage-
ment team, was a close adviser
to Chief Executive Brian Moy-
nihan. The two had worked to-
gether on and off for decades.
Mr. Moynihan took the top
job in 2010 with a mandate to
repair the teetering bank, and
appointed Mr. Laughlin to se-
nior roles including salvaging
the bank’s troubled mortgage
portfolio and helping resubmit
its Federal Reserve stress test.
Most recently, Mr. Laughlin
oversaw its wealth-manage-
ment franchises, Merrill Lynch
Global Wealth Management
and U.S. Trust, with client bal-
ances of more than $2.8 trillion
and 19,000 wealth advisers.
After working for a local
bank, Mr. Laughlin took a job
at Fleet Financial Group Inc. in
Providence, R.I., where he met
Mr. Moynihan in the 1990s. Mr.
Moynihan came to rely heavily
on Mr. Laughlin’s counsel. Mr.
Laughlin helped teach Mr.
Moynihan a method of valuing
potential bank acquisitions, the
Bank of America CEO said. “We
got along because both of us
were about getting the work
done,” Mr. Moynihan said.
Mr. Laughlin went to work
at Merrill Lynch before its ac-
quisition by Bank of America.
In 2009, he became CEO of
OneWest Bank, a California
lender. Bank of America hired
him in 2010, months after Mr.
Moynihan took the CEO role.
* * * * * * *
Apple Looks for Low-End Boost
BY TRIPP MICKLE
A year after leaning on its
high-price iPhone X to ignite
sales of its best-selling product
line, Apple Inc. may need the
lower-priced successor—the
XR—to perform the same trick.
The iPhone XR, which is the
cheapest of the three new
models Apple introduced this
year, hit stores Friday with a
starting price of $749. Apple
could rely on the XR for unit
sales growth because of the
reticence of some consumers
to pay $1,000 or more for the
XS and XS Max it released in
September.
The XS and XS Max, which
start at $999 and $1,099, re-
spectively, have so far posted
sales comparable to last year’s
iPhone 8 and 8 Plus in the
same period, according to esti-
mates by two market-research
firms.
In the U.S., Apple’s largest
market, the iPhone XS and XS
Max accounted for 16% of all
iPhone sales in the September-
ended quarter, according to
Consumer Intelligence Re-
search Partners, which sur-
veyed 500 customers who pur-
chased Apple products during
the period. The iPhone 8 and 8
Plus registered the same per-
centage of sales in the year-
earlier period.
Apple declined to comment.
The results raise the stakes
for the XR, which analysts ex-
pect to be Apple’s best-selling
device over the next year. To
prevent iPhone shipments
from slipping, the company
Aluminum Imports Roll On Despite Tariff
BY ANDREA THOMAS
AND BOB TITA
When President Trump
placed tariffs on imported alu-
minum last spring in an effort
to protect American producers,
European rivals thought their
U.S. profits would come under
pressure.
But months later European
aluminum companies have yet
to feel much pain. Imports
have long accounted for the
majority of raw aluminum con-
sumed in the U.S.—61% in 2017,
according to the U.S. Geologi-
cal Survey—and the tariff
doesn’t appear to have hurt
that business.
Norway’s Norsk Hydro ASA,
one of the world’s largest alu-
minum producers, with U.S.
operating revenue of 13.2 bil-
lion Norwegian krone ($1.6 bil-
lion) last year, said foreign
producers have generally been
able to pass the tariff through
to their U.S. customers.
Norsk Hydro hasn’t seen
much impact from the tariff,
spokesman Halvor Molland
said. “We are making the same
money as we did before.”
“German companies tell us
that the tariffs don’t bother
them right now,” said Christian
Wellner, executive board mem-
ber of Germany’s GDA associa-
tion of aluminum companies.
Some producers, such as Al-
imex GmbH, a Germany-based
maker of cast-aluminum prod-
ucts, are reporting rising U.S.
sales. The reason, according to
Alimex: Many of its U.S. rivals
used the tariffs to raise prices,
and non-U.S. companies have
followed suit, sometimes more
than offsetting the 10% duty
set by the U.S. government.
“Trump has managed to in-
crease the price level in the
U.S. locally, and that amid in-
creasing demand. We have
managed to increase prices be-
yond the 10% [levy] for some
special products,” said Philip
Pressures Mount for Colgate
BY AISHA AL-MUSLIM
Colgate-Palmolive Co.
posted weaker sales in the lat-
est quarter despite higher
prices as foreign-exchange
pressures and emerging mar-
kets continue to weigh on the
consumer-products company.
Net sales for the maker of
Irish Spring soap, Ajax
cleanser and Suavitel fabric
softener dropped 3% from a
year earlier to $3.85 billion.
Organic sales, a closely
watched metric that strips out
currency moves, acquisitions
and divestitures, fell 0.5% in
the third quarter, primarily
because of market volatility in
Brazil and trade inventory re-
ductions in China.
Colgate-Palmolive said pric-
BUSINESS NEWS
Launching Pad
Estimated sales of the iPhone XS and XS Max are similar to last
year's 8 and 8 Plus sales, setting the stage for the XR launch.
Percentage of iPhone unit sales by model, July-September
0 10
6S
6S Plus
SE
7 world-wide, according to mar-
7 Plus
8 billion devices and did a con-
8 Plus
X
XS
XS Max
Source: Consumer Intelligence Research Partners,
survey of 500 customers who bought Apple products
needs the XR to spur sales of
iPhones much as its higher-
priced predecessor, the X, did
a year ago.
Apple adopted a staggered
release schedule last year that
initially damped demand for
the 8 and 8 Plus, released in
September 2017 at a starting
price of $699 and $799, re-
spectively, as many consumers
waited for the $999 iPhone X’s
release in November. After the
X hit stores, customers evalu-
ated all three devices, and
iPhone sales accelerated, ana-
lysts said.
The 8 and 8 Plus combined
for 67.2 million units, while the
X accounted for 59.8 million
European aluminum manufacturers say price increases by domestic rivals have allowed them to pass the tariff through to their U.S. customers.
Grothe, chief executive of Al-
imex, which reported global
sales totaling €60 million
($68.5 million) last year.
Globally, base aluminum
prices are down about 7% from
a year ago and off 24% from a
high in April, according to the
London Metal Exchange bench-
mark price, as Chinese produc-
tion feeds a global glut. But the
regional delivery charge at-
tached to that base price for
market-specific expenses has
more than doubled in the U.S.
from a year ago to about $433
per metric ton, offsetting the
decline in the base price.
The delivery charge reflects
not only the tariff but also de-
livery costs, rising demand
from U.S. manufacturers and
ing increased 1% from a year
ago, but foreign exchange
shaved off 4% of sales.
Colgate-Palmolive’s profit
fell 14% to $523 million, or 60
cents a share. Excluding costs
related to restructuring and an
adjustment related to U.S. tax-
law changes, earnings were 72
cents a share.
For the fourth quarter, Col-
gate-Palmolive expects a sales
percentage drop in the low-
single digits.
The company also revised
its expectations on full-year
earnings growth. Colgate now
expects a 3%-to-4% rise in ad-
justed per-share earnings from
2017, rather than mid-single-
digit growth.
Colgate shares fell 6.6% to
$59.58 on Friday.
20 30%
2018
2017
THE WALL STREET JOURNAL.
units during the nine months
ended in June, according to
Strategy Analytics, a market
research firm.
This year, Apple prioritized
the release of the pricier XS
and XS Max, releasing the 5.8-
inch and 6.5-inch devices in
September with higher-end
features like a sharper, or-
ganic-LED display and dual-
lens cameras. It withheld the
XR, which features a 6.1-inch
traditional LCD screen and a
single camera, until this week.
While the move helped
drive sales of those pricier de-
vices, which should lift total
iPhone revenue for the latest
quarter, demand hasn’t been
unexpected market shocks,
such as the Trump administra-
tion’s trade sanctions this
spring against Russia’s United
Rusal Co., the world’s second-
largest aluminum producer.
The U.S. delivery premium is
typically among the highest in
the world, according to S&P
Global Platts. The high pre-
mium, which acts as a magnet
for foreign-made aluminum, has
weakened only modestly since
running up this spring when
the U.S. tariff was enacted.
Imports of raw aluminum
fell 14% from January through
the end of August, according to
the U.S. government. Domestic
production was up 13% for the
year through September, ac-
cording to the Aluminum Asso-
Squeezed
Shares in Colgate-Palmolive
fell Friday after it posted
weaker sales and profit.
$70 a share
68
66
64
62
Friday
60
$59.58
58 ▼6.6%
Aug. Sept. Oct.
Source: SIX
THE WALL STREET JOURNAL.
Saturday/Sunday, October 27 - 28, 2018 | B3
strong enough to lift unit
sales, said Mike Levin, co-
founder of Consumer Intelli-
gence Research Partners, a
market research firm. “The XR
has to soak up a lot of de-
mand—that’s what will define
success,” he added.
As of Oct. 21, a month after
they started shipping, the
iPhone XS and XS Max to-
gether account for an esti-
mated 0.18% of iPhones in use
ket research by Localytics,
which analyzes apps across 2.7
trolled analysis of models be-
ing used. That was slightly less
than for the 8 and 8 Plus last
year and a fraction of the
share claimed by its predeces-
sors in 2016.
Apple is betting the XR’s
lower price tag and new colors
such as yellow and coral will
make it a hit with customers.
The device features the same
high-speed processors and fa-
cial-recognition technology as
its pricier siblings and has
been praised by technology re-
viewers, who described it as
the best value Apple has of-
fered in recent years.
David Sedillo, a 28-year-old
Los Angeles-area resident, said
the XR’s features were compel-
ling enough for him to preor-
der a black model. He opted
for that device over the XS for
the same reason he chose an
iPhone 8 Plus last year over
the X: price.
“I can definitely live with
the lower-resolution screen
and single camera if it means I
ciation, a U.S. trade group. But
domestic production of
740,800 metric tons last year
compared with total imports of
4.9 million metric tons, so the
gap remains significant.
The U.S. accounts for 9% of
the world’s consumption of
raw aluminum but just 1% of
the production.
“So far it’s been surprisingly
smooth sailing for folks ex-
porting to the U.S.,” said Dave
Ernsberger, co-head of content
at S&P Global Platts. “U.S. pro-
duction is likely to rise, but the
base is small, and the U.S. con-
tinues to import the vast ma-
jority of its aluminum.”
Profits for U.S. aluminum
manufacturers have risen since
the levies took effect in March,
Walmart to Pay $160 Million
BY SARAH NASSAUER
Walmart Inc. agreed to pay
$160 million to settle a long-
running shareholder class-ac-
tion suit related to the U.S.
government’s ongoing investi-
gation of the retailer for al-
leged foreign bribery.
The settlement with the City
of Pontiac General Employees
Retirement System adds to the
hundreds of millions of dollars
the retailer has spent over six
years related to the probe. Wal-
mart didn’t admit fault as part
of the deal, the company said.
In late 2011, Walmart said
in a financial filing it was in-
vestigating possible bribery
within the company, without
giving specifics. In 2012, a se-
ries of New York Times arti-
cles alleged that Walmart paid
can save money and have more
battery life,” Mr. Sedillo said.
The combination of bigger
screens and a lower price
should make the devices more
appealing to Chinese consum-
ers, who depend on smart-
phones to shop online, pay for
goods, play games or stream
video and have balked at the
hefty price tag of Apple’s re-
cent models.
Apple has spent $5.1 million
since Oct. 9 on TV advertising
showcasing the new phone, ac-
cording to iSpotTV, an ad-
tracking firm. It spent an addi-
tional $17.5 million for
advertising the XS and XS
Max.
But analysts say the fea-
tures, reviews and marketing
push of the XR have yet to
translate into strong demand.
Apple started preorders for
the XR Oct. 19. Shipment de-
lays, a closely watched barom-
eter of demand, reached 10
days in the U.S. and China fol-
lowing the first weekend, ac-
cording to Nomura Group’s
global equity-research unit,
comparable to the delay for
last year’s iPhone 8 Plus.
During a call with analysts
Tuesday, Verizon Communica-
tions Inc. said upgrade rates,
which account for new iPhones
and other devices sold, hit a
record low in the September
quarter. The company signaled
it may decline again in the De-
cember quarter. “That sug-
gests Apple’s going to have a
difficult time meaningfully
growing the market,” said Jeff
Kvaal, an analyst at Nomura.
ANDREY RUDAKOV/BLOOMBERG NEWS
but one reason the tariffs have
failed to substantially boost
U.S. production is high elec-
tricity costs, which make open-
ing new lines or restarting
mothballed smelters uneco-
nomical. Both Century Alumi-
num Co. and Alcoa Corp. re-
cently decided against
restarting more production af-
ter activating some smelter
lines last spring and summer.
Higher aluminum prices,
though, have encouraged for-
eign groups to expand their
own U.S. capacity. Germany’s
Alimex, for instance, is now
fast-tracking a €4.5-million in-
vestment in the U.S.
—David Hodari
and Scott Patterson
contributed to this article.
bribes in Mexico to win gov-
ernment zoning changes and
permits to open more stores.
In the wake of the articles
Walmart’s stock fell. The pen-
sion fund for Pontiac, Mich.,
filed its suit in 2012 saying in-
vestors had been harmed.
“We are pleased both sides
could reach a resolution that
ends this litigation,” said
Karen Roberts, Walmart’s gen-
eral counsel.
Since 2012, Walmart has
spent $892 million on an inter-
nal probe and related compli-
ance improvements. Last year,
the company said it would set
aside $283 million in anticipa-
tion of a likely government set-
tlement. Walmart hasn’t
reached a settlement with the
Justice Department and Securi-
ties and Exchange Commission.
 B4 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

TECHNOLOGY

nets. Former Google CEO Eric

Schmidt said recently he thinks
that divide will only deepen.
Because they can’t move freely
into China, U.S. companies must
make their businesses work uni-
formly anywhere else they can,
says Paul Twomey, former CEO of
the nonprofit Internet Corporation
for Assigned Names and Numbers,
which manages the world-wide in-
ternet domain-name system.

63%
of respondents in a
DARIO PIGANTELLI/BLOOMBERG NEWS; COOK: STEPHANIE LECOCQ/EPA/SHUTTERSTOCK

survey conducted in
25 countries think
social media has too
much power.
SOURCE: CENTRE FOR INTERNATIONAL
GOVERNANCE INNOVATION

Some tech giants are already

doing this. Microsoft Corp. said it
will apply GDPR rules across all its
services throughout the world. Ap-
ple Inc. has for years positioned it-
self as the data-protection and pri-
vacy company, with CEO Tim Cook
this week calling for a U.S. privacy
law in line with Europe’s.
More data-dependent compa-
nies aren’t so eager. Google is
fighting efforts to export those
Resistance to Big Tech is primarily hitting U.S. giants. A protest in Brussels in May ahead of EU testimony by Facebook CEO Mark Zuckerberg. rules. Google’s official wishlist on
“responsible” data-protection reg-
ulation includes a “flexible” defini-
KEYWORDS | CHRISTOPHER MIMS tion of personal data and no re-
strictions on the geographical

A Global Tech Backlash

Pushback against the power of digital giants started in the West; now it is spreading around the world
The biggest tech
companies have tre-
mendous power over
the hearts and minds
of people—as much
as many of the gov-
ernments in coun-
tries where they operate. All over
the world, citizens, bureaucrats
and politicians are now pushing
back against that power.
Most often, the backlash is di-
rected at America’s tech giants,
such as Alphabet Inc.’s Google,
Facebook Inc. and Amazon.com
Inc., and how their ubiquity affects
individuals and businesses. But re-
sistance to Big Tech also includes
China curbing the power of its
own technology companies, and
India rejecting foreign monopolists
in favor of homegrown players.
The largest tech businesses
reach more people than any other
companies have in history. The
companies themselves argue tech
is bringing great benefits to peo-
ple, yet when they enter indus-
tries, they make competitors mis-
erable in ways not seen since the
Gilded Age.
As people around the world be-
come more familiar with the inter-
net, their views tend to change
from enthusiasm to caution. A sur-
vey by the Centre for International
Governance Innovation reveal that
in Kenya, for example, people are
singularly positive about the im-
pact of tech, whereas in North
America and Europe, people are
more concerned about overreach.
“Familiarity breeds contempt,”
says Fen Hampson, director of
global security and politics at
CIGI, who conducted the survey.
As the backlash plays out, it has
the potential to subdivide the in-
ternet, forcing the biggest players
to create separate products and
procedures for different regions.
The results—following a costly,
complicated and protracted transi-
tion—will be better for consumers
in some cases, and significantly
worse in others.
The global tech backlash starts
in the West, where countries have
been feeling the results of Big
Tech’s growing power the longest.
In the European Union, efforts
to rein in firms that abuse their
monopoly power have resulted in a
record $5 billion fine against
Google. Amazon might be next, as
the EU Competition Commissioner
probes whether the giant unfairly
uses data from retailers.
Meanwhile, the sweeping Gen-
eral Data Protection Regulation is
having a profound effect on the
advertising and data-gathering
ecosystem there. Facebook could
face a record $1.63 billion fine for
its recently disclosed personal-
data breach.
In the U.S., creating an “internet
bill of rights,” has become a signa-
ture issue of a handful of congres-
sional Democrats. Meanwhile,
some of their Republican col-
leagues are taking aim at Big Tech
in the wake of recent scandals.
The companies see the writing
on the wall. California has already
passed a sweeping data-privacy
law, set to go into effect in 2020.
In a Senate hearing in September,
executives from Alphabet and Am-
azon said they agree on the need
for privacy regulation; Facebook
Chief Executive Mark Zuckerberg
has said the same. Lobbying
groups supported by both compa-
nies just proposed their own set of
privacy regulations.
The tech backlash looks differ-
ent in China. Just as a few Ameri-
can companies gained dominance
over the past decade, so have a
handful of Chinese firms, including
Alibaba, Tencent, Baidu and
JD.com. Once content to champion
these companies as long as they
cooperated with censorship de-
crees, the Chinese government is
now taking a more heavy-handed
role in their everyday business.
For example, it rejected a credit-
scoring system by Alibaba’s affili-
ated payment company, Ant Finan-
cial, in favor of its own. And
earlier this year, it delayed ap-
provals of some Tencent video-
Apple’s Tim Cook called for U.S.
data-protection laws like Europe’s.
games, causing it to lose some $1.5
billion in sales.
The worst-case scenario in
China, says Paul Triolo, a technol-
ogy analyst at the Eurasia Group
think tank, is if Beijing were to na-
tionalize some of its tech giants. If
a U.S.-China trade war deepens
and China’s leaders feel they need
to turn tech companies into instru-
ments of the state, it’s possible, he
says.
China’s so-called Great Firewall
has effectively created two inter-
location of data storage.
Facebook has tried to make an
end run around EU rules by giving
users a stark choice: give up some
rights or delete their accounts.
Facebook didn’t respond to re-
quests for comment.
Ultimately, that’s counterpro-
ductive, says Mr. Twomey. In part,
this is because data-protection
laws also apply to other busi-
nesses, such as banks, which are
likely to push for globally harmo-
nized regulations.
To see where the global tech
backlash is going next, pay atten-
tion to India, says Mr. Twomey.
When Facebook tried in 2016 to let
users browse Facebook and some
other services without paying for
mobile data, a coalition of activists
in India, and eventually India’s
government itself, rallied together
to ban the program. What Face-
book saw as beneficence, Indians
saw as neocolonialism.
In the biggest countries, that
kind of pushback could benefit do-
mestic actors—think of China’s
enormous tech industry or India’s
burgeoning e-commerce giant Flip-
kart. In such a world, the internet
remains mostly interconnected but
a handful of companies, many do-
mestic, dominate each market,
says Mr. Twomey.
Such reactions augur a future in
which some countries—too small
to match the services of tech gi-
ants—instead negotiate with them
however they can.
In Sri Lanka, Facebook failed to
heed warnings from the govern-
ment and activists about its plat-
forms serving to incite violence
against the country’s Muslim mi-
nority. After the country shut off
access to Facebook services, the
company pledged to start taking
down problematic content.

AI Is Here to Stay. whose work was over-

hyped. But if you look

What That Means

at it today, the funda-
mentals do support the
rise of AI. Companies

Is Still Developing.
are bringing in very
large amounts of reve-
nues with AI. There’s a
clear road map for AI
Sentient artificial intelligence may take to create massive
hundreds of years to develop, but AI is al- amounts of value.
ready beginning to transform nearly every in-
dustry, says Andrew Ng, a pioneer in the field …But Our Timelines
whose résumé includes work as chief scien- Are Too Rosy
tist of Chinese internet company Baidu, co- I would actually wel-
founder of come a correction in
MARK WEAVER

Google’s deep- public opinion about

learning research
team and co-
founder of online-
education com-
pany Coursera.
In April 2017, the 42-year-old left Baidu to
launch two AI startups: an online education
platform called deeplearning.ai and Landing
AI, which aims to bring AI to companies in
manufacturing, agriculture and other indus-
tries. He recently spoke with The Future of
Everything about how to create an equitable
society in the age of automation and why—
this time—the technology is here to stay. This
interview has been condensed and edited.
A Conditional Basic Income Could
Combat Job Loss
Of the things that worry me about AI, job
displacement is really high up. We need to
make sure that wealth we create [through AI]
is distributed in a fair and equitable way. Eth-
ics to me isn’t about making sure your robot
doesn’t turn evil. It’s about really thinking
through, what is the society we’re building?
And making sure that it’s a fair and transpar-
ent and equitable one. I feel that government
should play a role as well in conditional basic
income. For someone that’s unemployed I re-
ally support the government giving them a
safety net with the expectation that they’ll do
something to contribute back so they can gain
the skills they need to re-enter the workforce.
AI Winter Is Not Coming…
I don’t think we’re in for another AI winter
[a period of decreased AI funding and inter-
est]. In the earlier AI winters there was not
that much economic value created through AI.
It was relatively small groups of researchers
what AI can and can-
not do. This has hap-
pened to me multiple
times, where I would listen to a CEO on
stage make an announcement about what
their company is doing with AI, and then 20
minutes later I’d talk to one of their engi-
neers, and they’d say, “No, we’re not doing
that, and we have no idea how to do it.” I
think it still takes judgment to know what is
and what isn’t possible with AI, and when
the C-suite does not yet have that judgment
it’s possible for companies to make promises
very publicly that are just not feasible.
—Sara Castellanos

Oficial Sponsor of The Wall Street Journal’s The Future of Everything

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | B5

STRATEGY

Can Starbucks Perk Back Up?

Surrounded by rivals and new coffee trends, the Seattle chain looks to stir faster growth
BY JULIE JARGON

S
tarbucks Corp. has been in a funk over the past 2½ years, post-
ing quarterly same-store sales growth well below its historic
rate of 5% or greater in the U.S., where the brand once seemed
unstoppable.
The problem? The coffee culture Starbucks helped create in
America spawned all kinds of competitors on both the high and
low end, leaving Starbucks in the middle.
A confluence of changes in consumer behavior has contributed to the
coffee giant’s slowed growth. People are increasingly consuming on the
go, a trend Starbucks was way ahead on with its 2009 development of a
mobile app. But now almost every coffee chain has an app.
There also has been a shift away from hot coffee. Starbucks was
quick to respond in its shops with cold drinks, which now represent
more than 50% of U.S. cafe sales. But the growing preference for cold
coffee spurred a new category of canned and bottled cold brew that’s
widely available at retailers—and another option for on-the-go con-
sumption.
The availability of so much coffee has taken a toll on Starbucks, par-
ticularly in the afternoon, when consumers aren’t as loyal to their coffee
brand as they are in the morning. Afternoon visitors tend to be those
who visit Starbucks five or fewer times each month. The Seattle-based
company says it is trying to entice them to return more often with new
food, drink deals and the option to use its mobile app, which previously
had been available only to members of the chain’s loyalty program.
The company’s recent woes have attracted activist investor William
Ackman, who recently disclosed a 1.1% stake. For now he doesn’t appear
to be taking an activist stance and says he thinks the changes the com-
pany is making, such as slowing store growth and expanding in China,
are the right ones.
The company reports fiscal fourth-quarter results on Nov. 1.

Sales growth at U.S. Starbucks shops Starbucks is also grappling with customer
has been slowing… loyalty later in the day...

Starbucks's U.S. same-store sales, When was your most recent visit
change from a year earlier to Starbucks?*
10%
35% Morning
8

6 30

4 Midday/Evening
25
2

0 20
2015 ’16 ’17 ’18 2015 ’16 ’17 ’18

…as customers migrate to other places ...and consumers who are opting to stay
for beverages and food... at home or get their coffee elsewhere.

Consumers who considered Starbucks, If you had not visited Starbucks, which
but visited a competitor instead would you most likely do instead?*
100% Buy prepared
2018 50%
Caribou Coffee foods from a
2016 43
grocery store
18 75
Jamba Juice Eat at, or buy food
16
from, a restaurant
Einstein Bros. 15 50
Bagels 10 54% Make something
49%
at home
Dunkin' 15 25 37%
13

Tim Hortons 13
0
12
2016 ’17 ’18

…and even frequent guests have been To combat these trends, Starbucks is
declining at Starbucks and its rivals. looking to China for growth in addition
to other measures.
Customers who dropped by once a
week or more Average price of a coffee* Starbucks in China
National
20% $3.50 coffee chains 3,000 stores
Starbucks (incl. Starbucks)
3.00
15 Small chains and 2,250
independents
2.50
Dunkin' Doughnut shops
10 1,500
2.00
5 Caribou Coffee Fast-food chains 750
1.50

0 1.00 0
2016 ’17 ’18 2013 ’14 ’15 ’16 ’17 ’18 2016 ’17 ’18

*Years ending in June. Notes: Starbucks’s fiscal year ends in Sept. Once-a-week customer base varies by brand: approx. 10,000-15,000 consumers per four-quarter period. Time of meal based on 700 guests who were asked what meal
they most recently had at Starbucks. Visits instead of Starbucks based on 700 recent chain brand guests per four-quarter period. Potential alternatives to Starbucks based on 700 recent Starbucks guests who visited more than once a
month. Chinese stores combine both licensed and company-operated stores. Price is the weighted average for a regular, decaf or flavored hot coffee at quick-serve restaurants.
Sources: the company (same-store sales, China stores); Technomic (customer survey); NPD Group (price); Saul Loeb/AFP/Getty Image (photo) Graphic by Kurt Wilberding/THE WALL STREET JOURNAL.

For a solid barom- ON BUSINESS | JOHN D. STOLL modest hikes on a roll of toilet pa-
eter on the American per, how will customers react to

Economics Lesson in a Can of Paint

consumer, look no
further than the
humble can of paint.
Home Depot Inc.
sold $8 billion worth
of paint last year, and sales grew
in the first half, making it among
the highest-revenue lines at the
company.
Home Depot Chief Financial Of-
ficer Carol Tome told me recently
that she sees the category as re-
flective of broader sentiment be-
cause “the No. 1 ‘DIY’ project is
painting.” Even the least-handy
among us feels qualified to slosh
our way through a gallon of matte
enamel or premium semigloss.
It’s not all Sunkissed Yellow and
Summer Sky in the paint aisle,
though, and that may spell trouble
bigger price increases that are
likely in the pipeline? The poten-
tial upcoming shift in tariffs on
certain Chinese-made goods to a
25% rate is an event that will chal-
lenge executives.
IRobot Corp., maker of the
Companies are walking on eggshells, hoping customers accept higher prices Roomba vacuum cleaner, said this
week it didn’t raise prices after a
pan are ready to see how far pock- 2,000 polled said they struggle to 10% tariff was imposed on Chinese
etbooks can stretch. A broad range cover basic expenses or are con- imports in September. It said it
of buyers are getting stuck with cerned with paying bills on time. will try to manage costs as duties
the bill for new tariffs and rising Consumers are accustomed to rise to 25%, but stopped short of
labor and raw-material costs. wild fluctuations in prices for en- saying it could hold the line.
“I can’t recall any time so many ergy and certain foods. Steep an- Ms. Tome, the Home Depot fi-
companies say they need to raise nual increases can also be common nance chief, said “the consumer is in
prices and to this degree,” said in housing, higher education or a pretty good place right now,” espe-
Scott Mushkin, a retail and staples health care. But prices for staples, cially when considering the growth
analyst with Wolfe Research. “All apparel, postage, home-improve- in home values. “Homeowners have
they talk about is raising prices.” ment supplies or restaurants have seen equity values increase in their
Companies selling everything been relatively stable since 2008. homes 138% since 2011—on average
VICTOR J. BLUE/BLOOMBERG NEWS

for the wider economy. The price
of a gallon of paint is rapidly in-
creasing. Home Depot’s key sup-
plier, PPG Industries Inc., raised
prices 2% over the summer, while
rival Sherwin-Williams Corp. is
bumping them at least 4%. Both
companies will keep raising prices
through 2019.
As if on cue, Sherwin-Williams
on Thursday noted a slowdown in
DIY growth. The company sug-
gested it could be just a blip in a
fickle slice of the market. But ana-
lysts say it could prove that cus-
tomers will balk when price tags
get too steep.
It has become clear as third-
quarter earnings reports roll out
that companies beyond the roller
from bulldozers to Big Macs say
higher prices are the only way to
protect margin growth, an impor-
tant metric to Wall Street during a
particularly volatile moment for
investors. JetBlue, United Technol-
ogies, Unilever, and Procter &
Gamble have all signaled they plan
to raise prices. And that list barely
scratches the surface.
For nearly a decade, Americans
have enjoyed an era where price
cuts were more common than in-
creases. Charles Lindsey, a profes-
sor at the University at Buffalo
School of Management, said com-
panies are prudent to raise prices
while unemployment is low, the
economy is fairly strong and confi-
dence is high.
Mr. Lindsey said big-ticket items,
such as washing machines, could be
particularly sensitive to price in-
creases, but so could lower-cost
items that, unlike hotel or airline
rates, can’t be adjusted in real-time.
Kimberly-Clark Corp. provided a
recent example of how a company
can get stung. During the third
The price of paint is on the rise. quarter, it raised the net price of
tissue products by 2% to offset
“Companies realize there may raw material costs, and reported a
be more inflationary pressure in North American sales decline of
the next few years, and maybe 5%. “That suggests that the con-
consumers will react favorably sumer is pretty sensitive to these,”
right now,” he said. But “custom- Mr. Mushkin said.
ers are always on a budget and Company executives said shifts
will always feel pressure.” in advertising spending affected
U.S. Bank’s recent Possibility In- sales results.
dex survey found nearly half of the If there is backlash against
that’s $73,000 a home.”
Those homeowners have gotten
used to steady prices, though. In
the 12 months through September,
overall prices rose 2.3%. That rate
was cooler than the near-3% year-
over-year increases clocked over
the summer, but still higher than
any point over the decade.
Whether it’s on a box of Kleenex
or a gallon of primer, Mr. Mushkin,
the Wolfe analyst, said customers
will reach a breaking point.
“Paint’s only one part of it,” he
said. “It’s really a problem when a
project that would have cost me
$10,000 in labor and materials is
now going to cost $12,000. At that
point, someone may decide not to
spend the money.”
B6 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

EXCHANGE

Lottery’s
No Longer Shale-Safe Investing
Lessons
A U.S. drilling bonanza calmed global oil markets for a decade. Now, supply worries are back. Continued from page B1
money with lotteries. The
BY RUSSELL GOLD Virginia Co., which funded

F
the settlement of Jamestown
and other early toeholds in
or the past de- the American wilderness,
cade, enough oil was financed largely by the
has flowed from sale of lottery tickets in Lon-
America’s shale don and other British cities.
boom to allay wor- Governments also have
ries that demand long financed their opera-
for the world’s most impor- tions with lotteries, but they
tant commodity would out- didn’t become a booming
strip supply. business in the U.S. until, a
Now, new volatility in few decades ago, states
global oil prices—which are started allowing people to
up 16% since the start of the pick their own numbers. In
year—signals that the calm- the 1970s, the psychologist
ing effect of the shale bo- Ellen Langer, then of Yale
nanza is reaching its limits. University, offered to buy
For perspective on people’s lottery tickets be-
shale’s impact, rewind to fore the prizes were drawn.
2007, when some industry Holders demanded more
leaders saw world demand than four times as much
BAYNE STANLEY/ZUMA PRESS; AL-FALIH: FAYEZ NURELDINE/AFP/GETTY IMAGE

hitting a wall once it rose money to sell a ticket they

to 100 million barrels a had chosen for themselves
day—a level they thought as they did to sell one ran-
supplies would have trouble domly assigned to them.
matching. That’s presumably be-
“Where is all that going cause by choosing a ticket
to come from?” said James yourself, you have charged
Mulva, the former chief ex- it with a spark of your own
ecutive of ConocoPhillips, personal magic—so, if it
that year, when the world turns out to have been the
produced and consumed winner, you will kick your-
about 85 million barrels a self all the harder for hav-
day. ing sold it. One randomly
In August, global oil de- assigned to you doesn’t in-
mand reached 100 million spire the same regret if you
barrels a day, and the world sell it before it wins.
hardly noticed. What hap- No wonder investors—
pened? Shale. professionals and individu-
Using techniques such as als alike—tend to be far
hydraulic fracturing and more likely to repurchase
horizontal drilling, U.S. oil Shale propelled U.S. oil output from 5 million barrels a day in 2007 to nearly 11 million. Above, pumpjacks in North Dakota. stocks they previously sold
drillers figured out how to for a gain rather than a
get crude oil from ul- shale wells. That is coincid- markets prone to price Thirsty Planet loss. And traders who erro-
tradense shale rocks in ing with warnings of pla- swings and spikes. The price neously believe themselves
North Dakota, Texas and teauing, or even declining, of a barrel of Brent crude, Global demand for oil has risen steadily since the end of the Great to be partly in control of
Oklahoma. U.S. oil output production elsewhere in the the leading global bench- Recession, hitting 100 million barrels a day for the first time this year. market movements have
rose from 5 million barrels world. mark, is up to near $78 a Global oil demand been shown to earn lower
a day in 2007, when Mr. All the while, global eco- barrel, from $67 at the be- returns than those who
100 million barrels a day
Mulva raised his concerns, ginning of the year. In early don’t.
to a record of nearly 11 mil- October, it hit its highest In early 2005, the number
lion a day in August, a re- If U.S. production level since 2014, before re- 53 finally turned up in an
90
markable increase that has treating. Italian lottery drawing after
rarely been replicated any- slows, it isn’t clear If U.S. production fails to a nearly two-year dry spell.
where in the history of oil. Russian and Saudi grow at recent rates, it is Families had gone into a
While this has helped the far from clear that the 80 frenzy, betting a total of $4.5
oil can fill the gap. Oil output from Global oil supply
world meet rising demand world’s two other oil super- billion on tickets including
U.S. shale has grown 100 million barrels a day
for years, it cannot go on powers, Russia and Saudi that number, or more than
70 quickly, boosting
forever. Signs are mounting Arabia, can pick up the $250 per household. (The ul-
global oil growth for 80
that shale won’t keep grow- nomic growth has been slack. Russia is already timate winners divided
several years.
ing at the same rate in the strong for several quarters pumping 10.8 million bar- 60 about $770 million.) Some
U.S. Drillers face pipeline and oil demand continues rels a day of crude, a level 60 U.S. shale Italians reportedly mort-
bottlenecks moving crude to grow. Since its last year- unseen since the Soviet Rest of world 40 gaged their homes or went
out of West Texas. This over-year decline at the end Union. Saudi Arabia, cur- bankrupt after betting ob-
20
week, Halliburton Co. Chief of 2011, oil demand has rently at 10.4 million bar- 50 sessively on the number.
Executive Jeff Miller said grown annually by 1.5 mil- rels a day, is headed toward 0 A study of more than 16
its oil-producing clients lion barrels a day, according record-level output. 2010 ’12 ’14 ’16 ’18
million tickets in the Swiss
were facing “budget ex- to International Energy “The Saudis are just 40 lottery found that bettors
haustion” and he expected Agency data. about out of spare capac- U.S. oil production bought number combina-
Crude oil production*
some to take extended The steady upward march ity,” said Robert McNally, a has surpassed Saudi tions arrayed in a diagonal
Russia U.S. Saudi Arabia
breaks from drilling new of oil demand has left oil former energy adviser to 30 Arabia and is closing on the ticket more than
President George W. Bush 12 million barrels a day 24,000 times; they played
in on Russia.
who heads the Rapidan En- 10 the numbers that had won
ergy Group, a Washington 20 the previous drawing 12,000
ADVERTISEMENT consulting firm. 8 times. An analysis of 5.1 mil-
Saudi Energy Minister lion lottery combinations in
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
Khalid al-Falih said this
week, according to Russian
10
4
6
the Netherlands found that
people picked their own
news agency TASS, that the 2010 ’12 ’14 ’16 ’18 birthdays 21% of the time.
country would bump up its 0 Californians seem to bet dis-
ANNOUNCEMENTS BUSINESS OPPORTUNITIES production to 11 million proportionately on 9, 7, 3, 8,
barrels a day to cool off the 2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 11 and 6.
   
  !    oil market, although some *Doesn’t include condensates or natural gas liquids. Note: All data quarterly You can make money bet-
 
   " oil observers wonder if the Sources: International Energy Agency (demand, global supply, production); ting on unpopular numbers,
 

   # 
  $  $
kingdom would be able to Energy Information Administration (U.S. shale supply) THE WALL STREET JOURNAL. however, only in relatively
      
 
fulfill this promise. small lotteries. In wildly
   "      

     # Meanwhile, exports from popular drawings like Mega
         
  two other key oil-producing Millions and Powerball,

        nations are falling. where the dollar volume of
In the midst of an eco- ticket sales has historically
Valve Sales & Service Co. Inc. nomic meltdown under far exceeded the total jack-
  
 45 yrs. in bus. - 2+ ac. property - 32K sqft President Nicolás Maduro, pot, the expected return is
  
  
  bldg. - machine shop / testing facility - 6
mil. #s of valve inventory. Large rolling Venezuela, the country with negative, according to math-


   
 stock. All lien free. For sale, all or part - the world’s largest oil re- ematicians Aaron Abrams of
   $1 - 3 mil. By retiring owner. Houston, TX. serves, has seen its produc- Washington and Lee Univer-



(713) 898-0655 § 713-678-4200 tion fall to 1.2 million bar- sity and Skip Garibaldi, di-
howard@houstonvalve.com

  
    rels a day today from 3.2 rector of the Center for
million barrels in 2006, ac- Communications Research in
 
    cording to the Organization La Jolla, Calif.

  
BUSINESS OPPORTUNITIES  
         of the Petroleum Exporting Still, the feeling of “some-
       
          Countries. one is bound to win, so it
 ! "   #   U.S. sanctions on Iran’s oil might be me” is hard to
"   $  %
  
 
      
  !! "#
sector are set to take effect
Nov. 4, barring companies
shake: In one British survey,
22% of people said they
from buying Iranian exports. would win the national lot-
        
 Oil traders are still assessing
Saudi Energy Minister Khalid al-Falih said this week that the
kingdom can pump more oil, which helped cool oil prices. tery jackpot during their
 
 
  
    how effective those sanc- lifetime.
     
  $%& $&$ tions will be at crimping damentals, there is abso- mand and lead to future It’s no surprise, then, that
'(()**() Iran’s oil industry, but ana- lutely no reason oil prices price drops. investors love taking an oc-

   +

) lysts say they could remove should be at this level,” said For the U.S. to pursue casional flyer on an individ-
  ,,,$%&$&$& anywhere from 1 million to Ali Moshiri, chairman of both Iran sanctions and ual stock or an active fund:
$%& $& %$$  1.5 million barrels a day Amos Global Energy LLC, a toughening trade policy at Someone is bound to be at
    from global oil markets. Houston-based oil producer the same time “is a really the top of the charts, so it
   COMMERCIAL REAL ESTATE “This is the year geopoli- and a longtime Chevron big risk,” said Philip Ver- might as well be me.
     
tics came back to the oil
markets and it is back with
Corp. executive.
But if oil demand contin-
leger, an energy economist.
“If we’re not careful, we
Charles Clotfelter, an
economist at Duke Univer-

  a vengeance,” said Helima ues to rise—and Iranian ex- could have a repeat of 2008 sity, has studied lotteries for
  !""#      Croft, global head of com-
modity strategy at RBC
ports are curtailed—prices
could rise dramatically. A
when oil prices started at
$90 a barrel, went up to
decades. “Let the machine
pick a random number for
   
 Capital Markets. In recent couple of years ago, such a $140 and ended around $30,” you,” he says. “Your chance
 
  

   
weeks, the oil market has rise might have been short- he said. of winning with any given
   carefully watched growing lived as shale producers ac- For years, shale helped number is the same, but
 

strains in the U.S.-Saudi re- celerated operations and keep enough spare capacity your chance of sharing your
 
   TRAVEL lationship over the killing added more oil to the global in global markets that vola- winnings is a lot lower on a
of Saudi journalist Jamal market. tility began to feel like a random number, because
    Khashoggi. Geopolitical shifts also relic of the past. In the years you’re not picking on a diag-

  There are so far no signs make for uncertain longer- to come, the world may no onal or some other pattern.”
  
  
 
  
of any actual supply term forecasts and price longer have that shale shock For investors, too, figur-


   !   
   squeeze and some believe swings. While the U.S. hard- absorber, ending a relatively ing out what other people
    
 that without the current line approach to Iran could peaceful decade in oil mar- are likely to do, and then

" 

 
 geopolitical uncertainties, lead to a rise in oil prices kets. persisting in doing the oppo-
  oil prices would still be sta- now, down the line the trade —Bradley Olson site, is the best way to come
ble. “Based on market fun- policies could erode oil de- contributed to this article. out ahead in the long run.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
24688.31 Trailing P/E ratio 21.04 21.23 2658.69 Trailing P/E ratio * 21.71 24.16 7167.21 Trailing P/E ratio * 23.27 26.00 commodities performed around the world for the week.
t 296.24 P/E estimate * 15.90 19.54 t 46.88 P/E estimate * 16.41 19.49 t 151.12 P/E estimate * 19.15 21.55 Stock Currency, Commodity, ETF
Dividend yield 2.25 2.19 Dividend yield 1.95 1.92 or 2.06% Dividend yield 1.05 1.07 Index vs U.S. dollar traded in U.S*
or 1.19% or 1.73%
All-time high:
All-time high Current divisor All-time high Lean Hogs 12.20%
8109.69, 08/29/18
26828.39, 10/03/18 0.14748071991788 2930.75, 09/20/18 Shanghai Composite 1.90
Sao Paulo Bovespa 1.78
26500 2900 8050 iSh 20+ Treasury 1.13
iSh 7-10 Treasury 1.03
26000 2850 7875 Comex Gold 0.59
Japan yen 0.59
65-day moving average 7700 VangdTotIntlBd 0.53
25500 2800
Indian Rupee 0.46
Session high 65-day moving average
VangdTotalBd 0.44
25000 2750 7525
DOWN UP WSJ Dollar Index 0.43
65-day moving average
t

Session open Close iSh TIPS Bond 0.39

24500 2700 7350 Comex Silver 0.38
Close Open
t

iShNatlMuniBd 0.33
Session low 24000 2650 7175 iSh 1-3 Treasury 0.22
Bars measure the point change from session's open Corn 0.20
23500 2600 7000 iShiBoxx$InvGrdCp 0.20
Sept. Oct. Aug. Sept. Oct. Aug. Sept. Oct. Nymex ULSD 0.04
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Canada dollar 0.04
-0.01 Swiss Franc
-0.02 iShJPMUSEmgBd
Major U.S. Stock-Market Indexes Trading Diary -0.16 Russian Ruble
Latest 52-Week % chg Volume, Advancers, Decliners -0.19 Indonesian Rupiah
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. -0.20 Chinese Yuan
Dow Jones Total volume*1,123,987,084 10,140,491 -0.38 Australian dollar
Industrial Average 24916.16 24445.19 24688.31 -296.24 -1.19 26828.39 23271.28 5.4 -0.1 11.9 Adv. volume* 280,697,675 3,993,464 -0.44 Mexico peso
Transportation Avg 10042.95 9819.66 9965.67 -126.14 -1.25 11570.84 9440.87 0.3 -6.1 6.4 Decl. volume* 829,136,830 6,072,484 -0.71 South Korean Won
Issues traded 3,076 305 -0.79 iShiBoxx$HYCp
Utility Average 748.50 723.99 729.72 -12.65 -1.70 774.47 647.90 -2.9 0.9 7.2
Advances 831 110 -0.87 Comex Copper
Total Stock arket 27709.68 27046.06 27368.73 -460.46 -1.65 30390.61 26521.20 2.3 -1.1 8.5
Declines 2,162 183 -0.96 Euro area euro
Barron's 400 675.43 656.67 667.15 -7.06 -1.05 786.73 661.92 -3.5 -6.2 7.6
Unchanged 83 12 -1.02 S&P 500 Real Estate
Nasdaq Stock Market New highs 9 0
-1.36 S&P 500 Consumer Staples
New lows 528 30
Nasdaq Composite 7283.32 7057.00 7167.21 -151.12 -2.06 8109.69 6698.96 7.0 3.8 12.5 -1.37 Soybeans
Closing tick 318 16
Nasdaq 100 6976.94 6743.78 6852.40 -163.99 -2.34 7660.18 6213.47 10.3 7.1 14.0 -1.40 S&P GSCI GFI
Closing Arms† 1.14 1.49
-1.44 South African Rand
S&P Block trades* 8,068 123
-1.56 FTSE 100
500 Index 2692.38 2628.16 2658.69 -46.88 -1.73 2930.75 2564.62 3.0 -0.6 8.7 Nasdaq NYSE Arca
-1.60 Norwegian Krone
MidCap 400 1815.09 1769.73 1795.10 -19.30 -1.06 2050.23 1789.02 -2.4 -5.5 7.7 Total volume*2,935,383,465 530,630,194
-1.82 IBEX 35
SmallCap 600 943.49 915.23 932.15 -9.11 -0.97 1098.36 889.94 1.7 -0.4 10.6 Adv. volume* 740,541,586 136,496,792
-1.82 UK pound
Decl. volume*2,181,905,581 393,983,830
Other Indexes -1.85 Wheat
Issues traded 3,169 1,367
Russell 2000 1501.30 1459.16 1483.82 -16.58 -1.10 1740.75 1463.79 -1.6 -3.4 8.6 -2.00 Nymex Natural Gas
Advances 984 344
NYSE Composite 12082.51 11847.79 11976.95 -141.90 -1.17 13637.02 11969.74 -3.1 -6.5 4.6 Declines 2,089 1,016
-2.08 FTSE MIB
Value Line 524.92 511.36 -6.54 -1.25 593.57 517.16 -7.8 Unchanged 96 7 -2.13 S&P 500 Utilities
518.38 -4.6 3.6
New highs 19 12 -2.21 Nymex Crude
NYSE Arca Biotech 4602.92 4441.63 4536.86 -49.32 -1.08 5400.34 4045.25 10.2 7.5 9.4
New lows 446 425 -2.31 CAC-40
NYSE Arca Pharma 567.82 558.02 564.77 -4.04 -0.71 598.21 516.32 5.1 3.6 1.7
Closing tick 267 27 -2.46 Stoxx Europe 600
KBW Bank 95.72 93.93 94.83 -1.19 -1.24 116.52 93.87 -7.2 -11.1 9.2
Closing Arms† 1.39 0.90 -2.60 Euro Stoxx
PHLX§ Gold/Silver 67.03 65.00 65.17 0.44 0.68 92.08 61.92 -20.1 -23.6 6.1 Block trades* 10,806 2,494 -2.71 S&P 500 Information Tech
PHLX§ Oil Service 125.49 119.75 122.75 -1.29 -1.04 170.18 122.75 -4.3 -17.9 -11.1 -2.82 S&P BSE Sensex
* Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1172.64 1134.18 1153.00 -20.21 -1.72 1445.90 1146.41 -8.7 -8.0 19.8 †(TRIN) A comparison of the number of advancing and declining -2.97 Dow Jones Industrial Average
Cboe Volatility 27.52 23.33 24.16 -0.06 37.32 9.14 146.5 118.8 16.5 issues with the volume of shares rising and falling. An
-0.25 -3.06 DAX
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: SIX Financial Information; Dow Jones Market Data indicates selling pressure. -3.11 S&P SmallCap 600
-3.22 S&P 500 Consumer Discr
-3.30 Hang Seng
International Stock Indexes Percentage Gainers... -3.44 IPC All-Share
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -3.59 Nasdaq 100
-3.76 S&P/TSX Comp
World The Global Dow 2843.00 –26.63 –0.93 –7.9 Yulong Eco-Materials YECO 7.18 2.86 66.20 17.87 1.14 125.4
Art's Way Mfg ARTW 2.58 0.45 21.13 5.45 2.11 -2.6
-3.78 Russell 2000
DJ Global Index 365.77 –4.12 –1.11 –7.9
Origin Agritech SEED 7.99 1.31 19.61 15.89 4.99 -43.5 -3.78 Nasdaq Composite
DJ Global ex U.S. 227.38 –1.03 –0.45 –14.8
NF Energy Saving NFEC 5.16 0.83 19.12 7.19 0.86 448.7 -3.94 S&P 500
Americas DJ Americas 631.01 –9.80 –1.53 –1.8 Kadmon Holdings KDMN 2.36 0.36 18.00 5.86 1.88 -32.4 -4.12 S&P MidCap 400
Brazil Sao Paulo Bovespa 85719.88 1636.37 1.95 12.2 -4.34 S&P 500 Telecom Svcs
Atlanticus Holdings ATLC 3.54 0.53 17.61 4.91 1.52 46.3
Canada S&P/TSX Comp 14888.26 –35.82 –0.24 –8.1 -4.45 S&P 500 Health Care
ENDRA Life Sciences NDRA 5.10 0.74 16.97 5.88 1.55 96.2
Mexico S&P/BMV IPC 45803.33 –472.38 –1.02 –7.2 -4.47 S&P 500 Materials
National Instruments NATI 50.11 7.22 16.83 53.57 38.78 9.2
Chile Santiago IPSA 3787.23 –12.99 –0.34 –10.1
DMC Global BOOM 37.64 5.42 16.82 51.05 18.56 80.5 -4.53 Dow Jones Transportation Average
EMEA Stoxx Europe 600 352.34 –2.73 –0.77 –9.5 Standard Motor Products SMP 50.52 6.47 14.69 52.31 40.56 11.4 -4.62 S&P/ASX 200
Eurozone Euro Stoxx 345.50 –2.94 –0.84 –10.4 Mellanox Techs MLNX 83.30 10.53 14.47 90.45 43.55 79.3 -5.17 Nymex Rbob Gasoline
Belgium Bel-20 3373.51 –26.51 –0.78 –15.2 TimkenSteel TMST 12.81 1.58 14.07 20.24 10.97 -18.7 -5.24 S&P 500 Financials Sector
Denmark OMX Copenhagen 802.92 –4.08 –0.51 –13.4 Niu Technologies ADR NIU 7.48 0.92 14.02 10.20 6.32 ... -5.55 S&P 500 Industrials
France CAC 40 4967.37 –64.93 –1.29 –6.5 eHealth EHTH 32.34 3.96 13.95 34.33 13.61 37.2 -5.98 Nikkei 225
Germany DAX 11200.62 –106.50 –0.94 –13.3 Esperion Therapeutics ESPR 41.88 4.89 13.22 82.68 33.06 -11.4 -5.99 Kospi Composite
Israel Tel Aviv 1568.27 … Closed 3.9 -7.06 S&P 500 Energy
Italy FTSE MIB 18683.27 –132.05 –0.70 –14.5 Percentage Losers *Continuous front-month contracts
Netherlands AEX 507.52 –5.64 –1.10 –6.8 Latest Session 52-Week
Sources: SIX Financial Information (stock indexes), Tullett Prebon (currencies), Dow Jones
Company Symbol Close Net chg % chg High Low % chg
Russia RTS Index 1098.31 –22.38 –2.00 –4.9 Market Data (bond ETFs, commodities).
South Africa FTSE/JSE All-Share 50837.57 –787.29 –1.53 –14.6 Flex Ltd FLEX 7.09 -3.82 -35.01 19.71 7.04 -60.6 THE WALL STREET JOURNAL
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Sweden OMX Stockholm 546.69 –0.93 –3.9 Dolphin Entertainment DLPN 1.55 -0.45 -22.50 8.01 1.55 -83.2 and commodities at WSJ.com/TrackTheMarkets
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Switzerland Swiss Market 8665.80 –40.60 –0.47 –7.6 ELLIE MAE ELLI 64.26 -15.34 -19.27 116.90 61.51 -25.3
Turkey BIST 100 90541.53 –3206.12 –3.42 –21.5 Century Aluminum CENX 7.72 -1.76 -18.57 24.77 7.65 -49.1
U.K. FTSE 100 6939.56 –64.54 –0.92 –9.7 Western Digital WDC 44.19 -9.82 -18.18 106.96 42.00 -49.3
U.K. FTSE 250 18352.90 –178.63 –0.96 –11.5 Ultragenyx Pharmaceutical
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Australia S&P/ASX 200 5665.20 1.10 –6.6
Syndax Pharmaceuticals SNDX 5.01 -1.03 -17.05 15.20 4.50 -54.3
China Shanghai Composite 2598.85 –4.95 –0.19 –21.4 With 30-plus charts and concise analysis,
Hong Kong Hang Seng 24717.63 –276.83 –1.11 –17.4 Flexsteel Industries FLXS 22.75 -4.66 -17.00 53.00 22.64 -53.8
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Proofpoint PFPT 83.55 -15.44 -15.59 130.27 75.92 -6.5
Singapore Straits Times 2972.02 –40.82 –1.35 –12.7 Sign up now at WSJ.com/DailyShot
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Orchids Paper Products TIS 1.74 -0.32 -15.53 15.74 0.70 -85.8
Kospi 2027.15 –36.15 –1.75 © 2018 Dow Jones & Co., Inc. All rights reserved. 2DJ6399
Taiwan TAIEX 9489.18 –31.61 –0.33 –10.8
Thailand SET 1628.96 –15.37 –0.93 –7.1
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SPDR S&P 500 SPY

iShares MSCI Emg MarketsEEM
184,408
132,891
131.4 265.33 -1.76
81.2 38.67 -1.15
293.94
52.08
252.92
38.14
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Consumer Rates and Returns to Investor Benchmark
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and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
Chile peso
Ecuador US dollar
.001454 687.60 11.7
1 1 unch
Hungary forint .003517 284.36 9.8
U.S. consumer rates notes and bonds major U.S. trading partners Mexico peso .0517 19.3604 –1.6
Iceland krona .008304 120.43 16.3
A consumer rate against its 30-year mortgage, Rate Uruguay peso .03039 32.9100 14.3 Norway krone .1197 8.3513 1.8
Venezuela b. fuerte .000004248519.9501 2402951.2 Poland zloty .2644 3.7815 8.7
benchmark over the past year 4.00% 8%
Bankrate.com avg†: 4.90% Asia-Pacific Russia ruble .01525 65.588 13.7
Yen
s

30-year fixed-rate Easthampton Savings Bank 4.25% Friday Australian dollar .7089 1.4106 10.2
Sweden krona .1095 9.1324 11.6
3.00 4
mortgage 5.00% Easthampton, MA 413-527-4111 t Switzerland franc 1.0039 .9961 2.2
China yuan .1440 6.9435 6.8
t Turkey lira .1788 5.5929 47.4
Crossroads Bank 4.50% Euro Hong Kong dollar .1275 7.8405 0.3
s

2.00 0
4.00 India rupee .01367 73.135 14.5 Ukraine hryvnia .0354 28.2800 0.5
Wabash, IN 260-563-3185
t Indonesia rupiah .0000657 15217 12.9 UK pound 1.2828 .7795 5.3
3.00 Home Savings Bank 4.50% 1.00 –4 s
One year ago WSJ Dollar index
Japan yen .008938 111.88 –0.7 Middle East/Africa
t Madison, WI 800-282-5115 Kazakhstan tenge .002715 368.32 10.7
10-year Treasury 2.00 0.00 –8 Macau pataca .1238 8.0791 0.4
Bahrain dinar 2.6535 .3769 –0.1
Huntington FSB 4.50%
note yield 1 3 6 1 2 3 5 710 30 Malaysia ringgit .2395 4.1750 2.8 Egypt pound .0558 17.9080 0.8
Huntington, WV 304-528-6200 2017 2018 Israel shekel .2700 3.7042 6.5
1.00 month(s) years New Zealand dollar .6519 1.5340 8.8
N D J FMAM J J A S O Security Bank of Kansas City 4.50% Pakistan rupee .00749 133.510 20.7 Kuwait dinar 3.2920 .3038 0.8
maturity
2017 2018 Kansas City, KS 913-281-3165 Philippines peso .0187 53.580 7.2 Oman sul rial 2.5974 .3850 0.01
Sources: Ryan ALM; Tullett Prebon; Dow Jones Market Data Singapore dollar .7247 1.3799 3.2 Qatar rial .2749 3.638 –0.3
3-yr chg South Korea won .0008770 1140.28 6.9 Saudi Arabia riyal .2666 3.7510 0.02
Yield/Rate (%) 52-Week Range (%)
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0057834 172.91 12.7 South Africa rand .0685 14.6021 18.1
Taiwan dollar .03228 30.978 4.4
Federal-funds rate target 2.00-2.25 2.00-2.25 1.00 l 2.00 2.00 Yield (%) 52-Week Total Return (%)
Thailand baht .03025 33.060 1.4
Close Net Chg % Chg YTD%Chg
Bond total return index Close Last Week ago High Low 52-wk 3-yr
Prime rate* 5.25 5.25 4.25 l 5.25 2.00 Vietnam dong .00004282 23356 2.8 WSJ Dollar Index 90.28 –0.20–0.23 5.00
Libor, 3-month 2.52 2.48 1.38 l 2.52 2.20 Treasury, Ryan ALM 1429.671 2.994 3.109 3.124 2.102 –1.565 0.066 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.47 0.43 0.25 l 0.53 0.17 10-yr Treasury, Ryan ALM 1667.947 3.077 3.198 3.227 2.309 –3.125 –0.916
Five-year CD, annual yield 1.87 1.87 1.46 l 1.89 0.39
30-year mortgage, fixed† 4.90 4.93 3.85 l 4.97 1.15
DJ Corporate n.a. n.a. 4.372 n.a. n.a. n.a. n.a. Commodities Friday 52-Week YTD
Aggregate, Barclays Capital 1906.810 3.530 3.610 3.610 2.580 –1.172 1.034 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 4.30 4.32 3.22 l 4.34 1.34
High Yield 100, Merrill Lynch n.a. n.a. 6.352 n.a. n.a. n.a. n.a.
Jumbo mortgages, $424,100-plus† 4.99 5.05 4.21 l 5.16 0.62 DJ Commodity 625.74 2.23 0.36 667.35 593.00 4.50 0.06
Fixed-Rate MBS, Barclays 1961.720 3.720 3.760 3.760 2.820 –0.753 0.773
Five-year adj mortgage (ARM)† 4.67 4.83 3.44 l 4.89 1.28 TR/CC CRB Index 195.51 0.72 0.37 206.38 183.36 4.61 0.85
New-car loan, 48-month 4.57 4.52 2.99 l 4.57 1.42 Muni Master, Merrill n.a. n.a. 2.850 n.a. n.a. n.a. n.a. Crude oil, $ per barrel 67.59 0.26 0.39 76.41 53.90 25.40 11.87
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 766.667 7.003 6.962 7.015 5.431 –4.502 3.872 Natural gas, $/MMBtu 3.185 -0.017 -0.53 3.63 2.55 15.73 7.86
banks.† Excludes closing costs.
Sources: SIX Financial Information; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Gold, $ per troy oz. 1232.50 3.40 0.28 1362.40 1176.20 -2.84 -5.65
B8 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

MARKET DATA
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures March'19 508.00 525.00 507.25 524.25 16.50 128,038
Wheat (KC)-5,000 bu.; cents per bu. Currency Futures Index Futures
Contract Open
Dec 486.50 503.25 486.50 500.25 13.75 157,923 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini DJ Industrial Average (CBT)-$5 x index
Open High hi lo Low Settle Chg interest
March'19 513.50 529.25 513.50 526.75 13.75 89,094 Nov .8910 .8990 .8910 .8956 .0060 1,112 Dec 24804 24885 24415 24746 –131 87,353
Copper-High (CMX)-25,000 lbs.; $ per lb. Wheat (MPLS)-5,000 bu.; cents per bu.
Oct 2.7285 2.7490 2.7235 2.7440 –0.0045 489 Dec .8929 .9012 .8926 .8974 .0060 203,731 March'19 24840 24912 t 24456 24777 –138 1,242
Dec 569.50 580.50 569.00 577.75 8.25 35,779 Canadian Dollar (CME)-CAD 100,000; $ per CAD S&P 500 Index (CME)-$250 x index
Dec 2.7525 2.7540 2.7075 2.7410 –0.0135 117,163
March'19 579.00 589.00 577.75 586.00 7.75 22,569 Dec 2675.00 2691.00 2628.00 2669.60 –18.60 50,233
Gold (CMX)-100 troy oz.; $ per troy oz. Nov .7642 .7652 t .7609 .7642 –.0009 344
Oct 1234.30 1234.80 1234.30 1232.50 3.40 24
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec .7655 .7659 .7604 .7646 –.0009 114,116 Mini S&P 500 (CME)-$50 x index
Nov 153.950 155.825 153.275 154.800 .850 8,246 Dec 2678.00 2692.75 2627.25 2669.50 –18.75 2,777,378
Dec 1234.70 1246.00 1232.50 1235.80 3.40 372,489 British Pound (CME)-£62,500; $ per £
Jan'19 148.900 150.500 148.225 149.700 .650 26,739 March'19 2684.25 2698.00 2633.25 2675.50 –19.50 163,839
Feb'19 1241.00 1252.00 1239.10 1241.90 3.30 65,162 Nov 1.2832 1.2832 1.2801 1.2844 .0005 815
June 1253.20 1264.00 1251.20 1254.10 3.40 15,900 Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index
Dec 1.2843 1.2870 1.2805 1.2859 .0005 219,384
Aug 1259.00 1268.30 1258.00 1260.00 3.40 2,803 Oct 113.425 115.000 s 113.350 113.875 .525 1,728 Dec 1806.20 1816.80 t 1768.20 1795.10 –20.30 74,202
Dec 116.800 118.800 116.600 118.400 1.325 122,437
Swiss Franc (CME)-CHF 125,000; $ per CHF Mini Nasdaq 100 (CME)-$20 x index
Dec 1270.70 1281.30 1270.00 1272.30 3.30 5,634 Dec 1.0048 t 1.0017
1.0080 1.0074 .0031 73,161
Palladium (NYM) - 50 troy oz.; $ per troy oz. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 6882.0 6986.5 6734.3 6893.3 –33.3 253,249
Dec 56.925 58.075 56.775 57.925 1.150 97,253 March'19 1.0135 t 1.0117
1.0172 1.0173 .0032 273 March'19 6910.0 7015.0 6769.8 6924.0 –35.3 2,451
Dec 1087.40 1093.80 1065.30 1085.90 –1.70 23,881
Feb'19 64.525 66.475 64.375 66.375 1.825 44,775 Australian Dollar (CME)-AUD 100,000; $ per AUD Mini Russell 2000 (CME)-$50 x index
March'19 1079.30 1085.70 1062.70 1078.60 –1.40 4,441
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Nov .7070 .7098 t .7035 .7093 .0007 344 Dec 1488.00 1504.90 t 1457.40 1490.90 –4.20 487,505
June 1062.50 1062.50 s t 1062.50 1071.50 –1.80 139
Platinum (NYM)-50 troy oz.; $ per troy oz. Nov 313.20 319.20 304.80 307.70 –2.00 891 Dec .7080 .7108 t .7024 .7095 .0007 158,577 March'19 1491.50 1509.10 t 1463.60 1496.00 –4.40 1,310
Oct ... ... ... 829.50 0.80 22 Jan'19 311.80 318.50 303.70 306.80 1.10 2,335 March'19 .7080 .7115 t .7036 .7104 .0006 683 Mini Russell 1000 (CME)-$50 x index
Jan'19 830.50 838.70 825.60 834.40 2.50 67,912 Milk (CME)-200,000 lbs., cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Dec 1470.80 1487.00 t 1451.40 1467.20 –26.50 8,849
Silver (CMX)-5,000 troy oz.; $ per troy oz. Oct 15.54 15.54 15.52 15.53 … 3,844 Dec .05091 .05133 .05059 .05108 .00006 200,979 U.S. Dollar Index (ICE-US)-$1,000 x index
Nov 14.580 14.715 14.575 14.645 0.067 1,264 Nov 15.05 15.23 14.96 15.08 –.03 5,412 March'19 .05035 .05041 t .04991 .05037 .00005 229 Dec 96.35 96.62 s 96.05 96.13 –.33 57,686
Dec 14.660 14.795 14.595 14.700 0.070 160,693 Cocoa (ICE-US)-10 metric tons; $ per ton. Euro (CME)-€125,000; $ per € March'19 95.82 96.07 s 95.51 95.58 –.32 2,189
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 2,215 2,281 2,207 2,251 42 90,176 Nov 1.1393 1.1441 t 1.1357 1.1430 .0047 6,023
Dec 66.86 67.88 66.20 67.59 0.26 463,771 March'19 2,218 2,284 2,216 2,262 45 79,246 Dec 1.1417 1.1466 t 1.1380 1.1455 .0047 482,835 Source: SIX Financial Information
Jan'19 66.97 67.99 66.34 67.75 0.31 215,056 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Feb 67.06 68.04 66.45 67.84 0.33 114,054 Dec 121.00 122.80 119.25 119.65 –1.50 110,342
March 67.18 68.15 66.54 67.93 0.35 157,904 March'19 125.00 126.60 123.05 123.40 –1.65 79,092
June
Dec
67.22
66.55
68.26
67.39
66.69
65.87
68.04
67.16
0.32
0.36
176,041
215,075
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Bonds | WSJ.com/bonds
March 13.90 13.97 13.72 13.84 –.13 388,953
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Nov 2.2732 2.3098 2.2583 2.3030 .0249 32,248
May 14.00 14.04 13.81 13.94
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
–.12 170,004
Global Government Bonds: Mapping Yields
Dec 2.2734 2.3111 2.2585 2.3034 .0250 135,284 Jan 25.10 25.25 t 25.10 25.25 .15 2,710
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 25.61 25.61 25.60 25.60 –.05 1,066
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Nov 1.8037 1.8224 1.7670 1.8150 .0021 32,408
Dec 1.8018 1.8194 1.7644 1.8120 .0016 134,647
Cotton (ICE-US)-50,000 lbs.; cents per lb. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Dec 77.89 78.73 77.11 78.53 .85 127,824
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
March'19 79.13 80.01 78.50 79.82 .86 78,791
Nov 3.174 3.203 3.102 3.185 –.017 20,825 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Dec 3.228 3.250 3.146 3.225 –.031 256,517
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Nov 137.40 138.60 t 135.00 135.60 –2.55 1,743 2.875 U.S. 2 2.819 t l 2.851 2.831 1.619
Jan'19 3.289 3.313 3.218 3.290 –.027 247,234
Feb 3.202 3.225 3.140 3.208 –.018 111,510 Jan'19 139.50 140.05 137.55 138.05 –1.10 12,435 2.875 10 3.077 t l 3.119 3.047 2.464
March 2.974 2.979 2.924 2.964 –.025 227,461
Interest Rate Futures 1.750 Australia 2 1.993 t l 1.998 2.096 1.873 -82.6 -85.3 25.4
April 2.683 2.683 2.651 2.676 –.014 155,055
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 2.250 10 2.603 t l 2.617 2.745 2.765 -47.4 -50.3 30.1
Agriculture Futures Dec 138-280 139-250 138-280 139-140 23.0 901,678 0.000 France 2 -0.426 t l -0.418 -0.323 -0.560 -324.4 -326.9 -217.9
Corn (CBT)-5,000 bu.; cents per bu. March'19 138-180 139-030 138-130 138-260 23.0 1,186
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.750 10 0.741 t l 0.773 0.852 0.712 -233.6 -234.6 -175.2
Dec 361.75 369.75 361.75 367.75 6.75 761,058
Dec 118-220 119-060 118-215 119-010 160.0 4,170,554
March'19 374.00 382.25 374.00 380.00 6.50 409,943 0.000 Germany 2 -0.635 t l -0.613 -0.496 -0.744 -345.3 -346.4 -236.2
March'19 118-160 118-310 118-160 118-260 170.0 58,870
Oats (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.250 10 0.358 t l 0.401 0.527 0.418 -271.9 -204.6
Dec 285.00 294.00 285.00 292.00 6.25 5,145 -271.9
Dec 112-165 112-280 112-165 112-242 107.0 4,582,925
March'19 278.50 285.50 278.50 284.25 6.00 1,854
March'19 112-172 112-220 112-152 112-215 112.0 85,489 0.350 Italy 2 1.106 t l 1.173 0.704 -0.181 -171.2 -167.8 -179.9
Soybeans (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Nov 842.00 849.25 841.00 845.00 3.25 131,118
2.800 10 3.430 t l 3.490 2.828 1.963 35.3 37.1 -50.1
Dec 105-120 105-165 105-120 105-145 37.0 2,324,989
Jan'19 854.75 862.00 853.75 857.75 3.25 284,749 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 0.100 Japan 2 -0.122 t l -0.120 -0.111 -0.147 -294.1 -297.1 -176.6
Soybean Meal (CBT)-100 tons; $ per ton. Oct 97.810 97.813 t 97.810 97.810 … 239,674
Dec 304.60 308.90 304.60 307.30 3.00 161,131 0.100 10 0.115 l 0.115 0.125 0.068 -296.2 -300.4 -239.6
Jan'19 97.625 97.645 97.625 97.630 .010 280,816
Jan'19 306.70 311.00 306.70 309.50 3.00 112,874 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 1.150 Spain 2 -0.193 t l -0.174 -0.231 -0.343 -302.5 -196.2
-301.2
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 98.095 98.200 98.050 98.125 165.0 30,371
Dec 28.39 28.46 28.10 28.16 –.23 184,785 1 Month Libor (CME)-$3,000,000; pts of 100% 1.400 10 1.562 t l 1.581 1.519 1.563 -151.5 -153.8 -90.1
Jan'19 28.60 28.69 28.33 28.38 –.23 114,490 Nov … … s … 97.6650 … 2.000 U.K. 2 0.721 t l 0.745 0.814 0.481 -210.6 -113.8
-209.8
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Eurodollar (CME)-$1,000,000; pts of 100%
Nov 1082.00 1083.50 1071.00 1073.00 –6.50 1,597 Nov 97.3600 97.3850 97.3575 97.3700 .0100 228,399 4.250 10 1.246 t l 1.304 1.454 1.387 -183.1 -181.5 -107.7
Jan'19 1097.50 1103.00 1091.00 1093.00 –5.00 6,315 Dec 97.2500 97.2950 97.2450 97.2700 .0200 1,769,902
Source: Tullett Prebon
Wheat (CBT)-5,000 bu.; cents per bu. Sept'19 96.8800 96.9650 96.8800 96.9250 .0600 1,406,835
Dec 487.25 506.75 486.75 505.25 18.00 257,018 Dec 96.8100 96.9050 96.8100 96.8700 .0700 2,030,062
Corporate Debt
Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
Exchange-Traded Portfolios | WSJ.com/ETFresearch that same company’s share price.

Largest 100 exchange-traded funds, latest session ETF

Closing Chg YTD
Symbol Price (%) (%)
Investment-grade spreads that tightened the most…
Spread*, in basis points Stock Performance
Closing Chg YTD iShRussell2000Gwth IWO 184.14 –1.23 –1.4 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Friday, October 26, 2018
ETF Symbol Price (%) (%) iShRussell2000 IWM 147.48 –1.09 –3.3
Closing Chg YTD iShRussell2000Val IWN 119.01 –1.00 –5.4 Visa V 2.200 Dec. 14, ’20 15 –17 29 137.74 –1.98
ETF Symbol Price (%) (%) iShSelectDividend DVY 94.09 –1.61 –4.5
iShEdgeMSCIMinEAFE EFAV 67.53 –0.60 –7.5
iShRussell3000 IWV 156.35 –1.70 –1.2 Wells Fargo Bank NA WFC 2.600 Jan. 15, ’21 44 –17 52 … …
AlerianMLPETF AMLP 9.80 –2.29 –9.2 iShRussellMid-Cap IWR 49.20 –1.58 –5.4
CnsmrDiscSelSector XLY 103.41 –3.11 4.8 iShEdgeMSCIMinUSA USMV 53.82 –1.30 2.0 iShRussellMCValue IWS 82.00 –1.54 –8.0
Viacom VIA 5.875 Feb. 28, ’57 363 –12 n.a. 34.35 1.09
CnsStapleSelSector XLP 53.83 –1.91 –5.4 iShEdgeMSCIUSAMom MTUM 104.86 –2.21 1.7 iShS&PMC400Growth IJK 205.64 –1.04 –4.7 American Honda Finance HNDA 3.625 Oct. 10, ’23 53 –9 61 ... ...
EnSelectSectorSPDR XLE 66.48 –0.75 –8.0 iShFloatingRateBd FLOT 50.94 ... 0.2 iShS&P500Growth IVW 159.84 –2.15 4.6
FinSelSectorSPDR XLF 25.26 –1.44 –9.5
iShGoldTr IAU 11.82 0.17 –5.5 iShS&P500Value IVE 107.15 –1.37 –6.2 PNC Bank NA PNC 3.500 June 8, ’23 56 –9 64 … …
iShiBoxx$InvGrCpBd LQD 112.93 0.17 –7.1
FT DJ Internet FDN 122.17 –2.77 11.2
iShiBoxx$HYCpBd HYG 84.23 –0.45 –3.5
iShUSPfdStk PFF 36.10 –0.33 –5.2 Shell International Finance RDSALN 2.250 Nov. 10, ’20 26 –9 28 ... ...
HealthCareSelSect XLV 87.42 –1.13 5.7 iShShortCpBd IGSB 51.72 0.08 –1.1
iShJPMUSDEmgBd EMB 105.44 0.13 –9.2
iShShortTreaBd SHV 110.43 0.01 0.2
Intesa Sanpaolo SpA ISPIM 3.875 Jan. 12, ’28 331 –8 323 ... ...
IndSelSectorSPDR XLI 69.10 –0.99 –8.7
iShMBSETF MBB 102.72 0.14 –3.6
InvscQQQI QQQ 166.66 –2.57 7.0 iShTIPSBondETF TIP 109.49 0.50 –4.0
iShMSCI ACWI ACWI 67.47 –1.35 –6.4
InvscS&P500EW RSP 96.59 –1.56 –4.4
iShMSCI EAFE EFA 61.43 –0.68 –12.6
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
SHY
IEF
83.13
101.14
0.06
0.45
–0.9
–4.2
…And spreads that widened the most
InvscS&P500LowVol SPLV 47.20 –1.54 –1.1 iShMSCI EAFE SC SCZ 55.10 –0.99 –14.6
iSh20+YTreasuryBd TLT 114.99 0.60 –9.4
iShCoreMSCIEAFE IEFA 57.70 –0.74 –12.7 iShMSCIEmgMarkets EEM 38.67 –1.15 –17.9 General Electric GE 5.000 Jan. 21, ’49 202 33 190 11.30 –4.24
iShCoreMSCIEmgMk IEMG 46.69 –1.02 –17.9 iShRussellMCGrowth IWP 117.89 –1.62 –2.3
iShMSCIEurozone EZU 36.89 –0.40 –15.0
PIMCOEnhShMaturity MINT 101.55 0.02 –0.0 Wells Fargo WFC 2.550 Dec. 7, ’20 62 30 60 51.25 –1.18
iShCoreMSCITotInt IXUS 54.43 –0.58 –13.7 iShMSCIJapan EWJ 53.97 –1.28 –9.9
iShCoreS&P500 IVV 267.10 –1.81 –0.7 iShNasdaqBiotech IBB 103.61 –0.37 –3.0
SPDR BlmBarcHYBd JNK 35.09 –0.45 –4.4 Credit Suisse AG* CS 7.500 Dec. 11, ’49 330 20 305 12.48 0.16
iShCoreS&P MC IJH 178.99 –1.09 –5.7 iShNatlMuniBd MUB 107.33 0.05 –3.1
SPDR Gold GLD 116.77 0.32 –5.6 Deutsche Telekom Intl Finance DT 4.875 March 6, ’42 182 20 n.a. ... ...
76.57
SchwabIntEquity SCHF 30.22 –0.82 –11.3
iShCoreS&P SC IJR –0.94 –0.3 iShRussell1000Gwth 139.45 –2.12 3.5
IWF
SchwabUS BrdMkt SCHB 63.84 –1.71 –1.1 Barclays BACR 7.750 Sept. 15, ’23 520 16 480 ... ...
iShS&PTotlUSStkMkt ITOT 60.46 –1.72 –1.1 iShRussell1000 IWB 147.18 –1.72 –1.0
iShCoreUSAggBd AGG 104.90 0.23 –4.1 iShRussell1000Val IWD 117.27 –1.37 –5.7
SchwabUS Div SCHD 48.97 –1.19 –4.3 Citigroup C 6.300 May 15, ’49 304 15 291 64.21 –1.17
SchwabUS LC SCHX 63.36 –1.80 –0.7 Hess HES 6.000 Jan. 15, ’40 273 13 n.a. 58.11 –1.49
SchwabUS SC SCHA 66.64 –1.11 –4.4
SPDR DJIA Tr DIA 246.53 –1.30 –0.3
Aercap Ireland Capital Dac AER 4.625 Oct. 30, ’20 100 12 n.a. … …
Borrowing Benchmarks | WSJ.com/bonds SPDR S&PMdCpTr
SPDR S&P 500
MDY
SPY
326.63
265.33
–1.11
–1.76
–5.4
–0.6 High-yield issues with the biggest price increases…
SPDR S&P Div SDY 91.29 –1.21 –3.4

Money Rates October 26, 2018 TechSelectSector

UtilitiesSelSector
XLK
XLU
68.09
53.37
–2.00
–1.84
6.5
1.3 Issuer Symbol Coupon (%) Maturity
Bond Price as % of face value
Current One-day change Last week
Stock Performance
Close ($) % chg
VanEckGoldMiner GDX 19.06 0.32 –18.0
Key annual interest rates paid to borrow or lend money in U.S. and VangdInfoTech VGT 181.68 –2.01 10.3 Transocean RIG 7.500 April 15, ’31 94.222 1.22 94.125 10.97 –1.53
international markets. Rates below are a guide to general levels but VangdSC Val VBR 124.40 –1.03 –6.3 Beazer Homes USA BZH 5.875 Oct. 15, ’27 79.500 1.00 80.100 8.67 2.00
don’t always represent actual transactions.
VangdSC Grwth VBK 162.40 –1.44 1.0 Ultra Resources UPL 6.875 April 15, ’22 58.000 0.75 58.000 1.29 –1.53
VangdDivApp VIG 101.28 –1.13 –0.7
Jaguar Land Rover Automotive TTMTIN 5.625 Feb. 1, ’23 93.950 0.65 n.a. ... ...
VangdFTSEDevMk VEA 38.91 –0.84 –13.3
Week —52-WEEK—
Inflation Latest ago High Low VangdFTSE EM VWO 37.41 –0.77 –18.5 Lennar LEN 4.750 Nov. 29, ’27 92.690 0.57 92.500 41.79 3.98
Sept. index Chg From (%) VangdFTSE Europe VGK 50.85 –0.49 –14.0 Talen Energy Supply TALEE 6.500 June 1, ’25 75.520 0.52 74.750 ... ...
Switzerland 0.50 0.50 0.50 0.50 VangdFinls VFH 63.29 –1.20 –9.6
level Aug. '18 Sept. '17 Commercial Metals CMC 5.750 April 15, ’26 96.500 0.50 97.250 17.74 –6.24
Britain 0.75 0.75 0.75 0.25 VangdFTSEAWxUS VEU 47.00 –0.82 –14.1
Australia 1.50 1.50 1.50 1.50 VangdGrowth VUG 143.89 –2.20 2.3 Jones Energy Holdings JONE 6.750 April 1, ’22 51.000 0.50 n.a. 2.73 –8.39
U.S. consumer price index VangdHlthCr VHT 164.35 –1.04 6.6
81.40 –1.27 –4.9
All items 252.439 0.12 2.3 Secondary market VangdHiDiv
VangdIntermBd
VYM
BIV 80.20 0.35 –4.3
…And with the biggest price decreases
Core 258.429 0.16 2.2 Fannie Mae VangdIntrCorpBd VCIT 82.85 0.24 –5.2
VangdLC VV 121.76 –1.79 –0.7
Freeport–McMoran FCX 5.450 March 15, ’43 84.500 –2.63 88.250 11.50 2.22
International rates 30-year mortgage yields
VangdMC VO 145.97 –1.73 –5.7 AK Steel AKS 7.500 July 15, ’23 102.030 –2.35 104.505 3.81 –9.72
30 days 4.452 4.539 4.555 3.428 VangdMC Val VOE 102.53 –1.60 –8.1 EP Energy EPENEG 8.000 Feb. 15, ’25 68.219 –2.03 73.480 ... ...
Week 52-Week 60 days 4.475 4.565 4.588 3.448 VangdRealEst VNQ 77.20 –2.40 –7.0 Western Digital WDC 4.750 Feb. 15, ’26 93.375 –1.91 94.970 44.19 –18.18
Latest ago High Low Notes on data: VangdS&P500 VOO 243.76 –1.77 –0.6
U.S. prime rate is the base rate on corporate VangdST Bond BSV 78.06 0.18 –1.3 Intelsat Jackson Holdings S.A. INTEL 8.500 Oct. 15, ’24 99.000 –1.77 101.625 ... ...
Prime rates loans posted by at least 70% of the 10 largest VangdSTCpBd VCSH 77.99 0.01 –1.7 Titan Acquisition HUSKYI 7.750 April 15, ’26 84.000 –1.75 86.250 ... ...
5.25 5.25 5.25 4.25 U.S. banks, and is effective September 27, 2018. VangdSC VB 143.10 –1.37 –3.2
U.S. Neiman Marcus NMG 9.500 Oct. 15, ’21 62.250 –1.75 64.750 ... ...
Other prime rates aren’t directly comparable; VangdTotalBd BND 78.18 0.18 –4.2
Canada 3.70 3.70 3.70 3.20 California Resources CRC 8.000 Dec. 15, ’22 91.313 –1.69 94.750 31.21 –2.83
lending practices vary widely by location. VangdTotIntlBd BNDX 54.69 0.20 0.6
Japan 1.475 1.475 1.475 1.475 Complete Money Rates table appears Monday VangdTotIntlStk VXUS 48.67 –0.84 –14.3
through Friday. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
VangdTotalStk VTI 135.77 –1.73 –1.1
Policy Rates VangdTotlWrld VT 68.74 –1.22 –7.4 Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: Bureau of Labor Statistics; SIX Financial
Euro zone 0.00 0.00 0.00 0.00 Information VangdValue VTV 102.81 –1.34 –3.3 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
CapitolFedFin CFFN 11.80 -0.8 Coty COTY 9.89 -4.0 EvolvingSystems EVOL 1.64 4.1 Halliburton HAL 33.73 1.2 Kulicke&Soffa KLIC 19.46 -1.0 MidatechPharma MTP 0.39 -4.7
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American CapricorTherap CAPR 0.66 -9.3 CountyBancorp ICBK 22.06 -2.8 EvoquaWater AQUA 13.37 -2.3 HancockNts2045 HWCPL 24.26 -0.2 LCI Inds LCII 68.16 -3.1 MidlandStBncp MSBI 23.27 -1.9
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest CBLK 16.02 -10.3 CVU 6.38 -3.2 HBI 16.08 -2.6 LG Display
CarbonBlack CPI Aero ExtractionOil XOG 7.52 -4.5 Hanesbrands LPL 6.98 -5.5 MidstatesPetrol MPO 7.23 -1.1
session. % CHG-Daily percentage change from the previous trading session.
Carnival CCL 54.05 -2.8 Criteo CRTO 20.05 -3.5 FCB Financial FCB 37.65 -1.6 HarleyDavidson HOG 35.76 -3.5 LSC Comm LKSD 7.78 -2.9 MidWestOneFin MOFG 28.22 -8.3
Carnival CUK 53.61 -2.6 CrownCastlePfA CCIpA 1007.84 -3.0 FNB FNB 11.03 -0.2 HarteHanks HHS 5.22 -2.2 LSI Inds LYTS 3.98 ... Milacron MCRN 13.94 -2.2
Friday, October 26, 2018
CarriageSvcs CSV 18.90 -0.8 Ctrip.com CTRP 29.66 0.9 Facebook FB 143.80 -3.7 HartfordFinl HIG 43.31 -0.9 Lannett LCI 3.33 -1.1 MineralsTechs MTX 53.15 -0.9
52-Wk % 52-Wk % 52-Wk % Carter's CRI 88.98 1.7 CueBiopharma CUE 6.03 0.5 FedEx FDX 208.10 -1.5 HartfordFinSvcsWt HIG.WS 39.07 1.7 Lantheus LNTH 12.59 -2.7 MiragenTherap MGEN 3.85 3.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CatchMarkTimber CTT 8.91 -3.1 Cummins CMI 124.87 0.3 Ferrellgas FGP 1.52 -5.6 HartfordFinDeb42 HGH 27.35 -0.9 LaredoPetrol LPI 5.05 -4.1 ModineMfg MOD 11.73 0.3
Aircastle AYR 18.66 -1.3 BSB Bancorp BLMT 27.55 ... CedarFairRec FUN 48.93 -3.7 CurtissWright CW 109.31 0.5 Ferro FOE 15.62 -0.9 HeclaMining HL 2.42 ... LasVegasSands LVS 51.72 -3.4 Moelis MC 40.09 -0.7
Highs AkoustisTechs AKTS 3.62 -3.9 BWX Tech BWXT 56.26 1.0 Celanese CE 92.96 0.1 Cutera CUTR 19.11 1.4 FidNatlFin FNF 31.14 0.6 HercHoldings HRI 30.60 -4.4 Lazard LAZ 37.75 -4.9 MohawkInds MHK 113.45 -23.9
AlamoGroup ALG 79.85 -0.5 Baidu BIDU 182.60 -1.0 Celgene CELG 71.14 -0.4 DD3Acquisition DDMXU 9.95 -0.1 FirstAmerFin FAF 41.96 1.6 Hersha Pfd E HTpE 21.01 -2.3 Lazydays LAZY 6.00 -5.9 MolecularTemp MTEM 3.95 -1.9
ATN Intl ATNI 83.99 0.8
Alcoa AA 33.08 -0.9 Bladex BLX 15.31 -0.4 Cemex CX 5.02 -0.8 DISH Network DISH 28.13 -6.6 FirstHawaiian FHB 22.91 -1.1 HershaHospPfdC HTpC 23.10 -1.3 Lear LEA 128.05 -3.6 MolsonCoors B TAP 55.52 -2.0
AlbertonAcqnUn ALACU 10.07 -0.1
Alexander&Baldwin ALEX 19.16 -1.2 BanColombia CIB 35.92 -0.2 CenterPointPfdB CNPpB 49.39 -1.7 DPW DPW 0.25 -4.2 FirstInternetBncp INBK 23.81 1.3 Hexcel HXL 57.22 1.0 Leggett&Platt LEG 34.73 -9.8 MomentaPharm MNTA 11.72 -2.0
Amarin AMRN 22.12 0.8
AlexcoRes AXU 0.90 -2.1 BankOZK OZK 24.15 2.2 CentralEurMedia CETV 3.08 -2.4 DaqoNewEnergy DQ 20.55 -3.7 FirstLongIsland FLIC 19.10 1.3 HighPointRscs HPR 3.51 -2.1 LendingTree TREE 190.59 -7.0 MoneyGram MGI 4.06 -2.8
AmRailcarInd ARII 70.50 -0.3 30.71 -4.2 5.96 -1.4 2.98 -5.7 LibertyGlobal A LBTYA
Alpha&OmegaSem AOSL 9.01 1.5 BkNovaScotia BNS 52.63 -0.4 CentralGarden CENT Daseke DSKE FirstSolar FSLR 39.15 -9.5 HillIntl HIL 23.17 0.1 MonolithicPower MPWR 101.99 3.9
AvistaHealthcare AHPA 10.87 8.5 CentralGardenA CENTA 27.90 -3.6 DasekeWt DSKEW 0.45 ... HimaxTechs HIMX 5.34 -4.7 LibertyGlobal C LBTYK
AltaMesaRscs AMR 2.99 -2.5 BankFinancial BFIN 13.92 -0.1 Fitbit FIT 4.40 -2.4 22.56 -0.3 MonotypeImaging TYPE 17.50 -0.3
EngGr-Cmg C CIG.C 3.09 3.0 CenturyAluminum CENX 7.65 -18.6 DelFrisco's DFRG 6.68 2.0 HomeBancShares HOMB 18.03 -0.5 LibertyLatAmC
AlticeUSA ATUS 15.20 -7.2 Barnwell BRN 1.55 -3.0 500.com WBAI 6.81 2.9 LILAK 16.75 -0.7 MorphoSys MOR 21.75 -0.4
EngGr-Cmg CIG 3.29 9.7 Cerner CERN 50.91 -10.9 Deluxe DLX 43.72 -1.4 HookerFurniture HOFT 28.52 -5.7
AlumofChina ACH 9.02 -4.8 BassettFurniture BSET 18.86 -4.7 FiveStarSrLiving FVE 0.66 -5.7 LibertyLatAmA LILA 16.88 -1.4 Moxian MOXC 0.42 -22.9
DHT DHT 5.19 5.3 ChaparralEnergy CHAP 13.65 2.5 DentsplySirona XRAY 34.10 -2.4 HoraceMannEdu HMN 37.37 -1.6 LABL 50.52 0.1
AmericanFin AFG 98.22 -0.3 BeaconRoof BECN 26.08 -3.6 Flex FLEX 7.04 -35.0 LibertySirius A LSXMA 38.54 -3.2 Multi-Color
EdtechXHldgs EDTX 9.75 -0.8 CheckpointTherap CKPT 2.04 -4.6 DeutscheBank DB 9.60 -3.3 HostessBrands TWNK 9.93 -2.4 MBIO 3.70 -3.8
AIG Wt AIG.WS 6.87 -9.5 BeazerHomes BZH 8.26 2.0 FlexionTherap FLXN 14.76 -2.2 LilisEnergy LLEX 2.80 -5.0 MustangBio
eHealth EHTH 34.33 14.0 AIG AIG 40.48 -3.4 BellicumPharm BLCM 3.93 0.5 ChemicalFin CHFC 41.97 1.6 DieboldNixdorf DBD 3.50 ... HostessBrandsWt TWNKW 0.80 -6.8 MutualFirstFin MFSF 33.66 0.9
Flexsteel FLXS 22.64 -17.0 Limbach LMB 9.00 -7.3
Endocyte ECYT 23.73 -0.2 AmerVanguard AVD 15.31 -0.8 BenchmarkElec BHE 22.47 -4.4 Chemours CC 31.34 -0.2 Digirad DRAD 1.15 -9.6 HowardHughes HHC 107.42 -3.0 MyersIndustries MYE 15.25 -0.7
Floor&Decor FND 25.20 -3.7 LincolnElectric LECO 75.07 0.9
Equillium EQ 15.37 -0.8 AmericanWoodmark AMWD 55.99 -3.8 BerryGlobal BERY 40.50 1.3 Chimerix CMRX 3.11 0.6 DimeComBcshrs DCOM 15.48 -3.7 HuanengPower HNP 20.51 -1.8 NCI BuildingSys NCS 12.30 -5.0
FlotekIndustries FTK 1.70 -0.5 LincolnNational LNC 57.55 -2.9
ErieIndemnity A ERIE 130.93 3.2 Amerigas APU 38.60 -0.8 Big5SportingGds BGFV 4.48 ... ChinaAutoSys CAAS 2.60 -9.1 DolphinEnt DLPN 1.55 -22.5 Hubbell HUBB 98.70 -2.3 NCR NCR 24.14 -3.4
Fluor FLR 42.22 1.3 Littelfuse LFUS 165.54 -2.1
Frontline FRO 7.18 7.1 Ameriprise AMP 120.79 -3.3 BiglariB BH 145.50 -2.6 ChinaBiologic CBPO 60.08 -3.9 DonnelleyFin DFIN 15.00 -4.2 HudbayMinerals HBM 3.57 -0.5 NGL EnergyPfdB NGLpB 21.92 -1.1
ForesightAuto FRSX 2.12 -0.8 LiveOakBcshs LOB 18.65 -2.9
GamidaCell GMDA 8.96 5.5 AmiraNatureFoods ANFI 0.69 -8.3 BiglariA BH.A 750.00 -3.1 ChinaLifeIns LFC 10.13 -5.7 DowDuPont DWDP 51.32 -1.7 HudsonTech HDSN 0.73 -3.5 NGL Energy NGL 9.75 -7.1
FortivePfdA FTVpA 949.81 -5.3 LouisianaPacific LPX 20.94 -4.3
GritstoneOncology GRTS 17.50 6.0 Ampco-Pitt AP 4.00 -2.9 BioLineRX BLRX 0.72 -8.3 ChinaUnicom CHU 10.86 -2.6 DycomInds DY 65.82 -2.2 Huntsman HUN 19.70 -3.4 NN NNBR 11.60 -1.0
FortBrandsHome FBHS 41.17 -11.1 Luby's LUB 1.17 -12.7
Monro MNRO 76.39 2.5 AmpliphiBiosci APHB 0.29 -5.4 Biotime BTX 1.88 -1.5 Christopher&Banks CBK 0.54 5.1 DynagasLNG PfdB DLNGpB 24.47 -0.4 IMPAC Mortgage IMH 5.23 -6.3 NRC Group NRCG 8.52 -2.5
ForumEnergyTech FET 8.13 0.7 Lydall LDL 29.81 -0.9
NeoGenomics NEO 15.93 6.7 Amrep AXR 6.25 -2.7 BlackBerry BB 8.71 -2.0 CimarexEnergy XEC 79.90 -1.1 EllieMae ELLI 61.51 -19.3 ING Groep ING 11.47 -0.8 NXP Semi NXPI 70.25 -3.8
FdnBuilding FBM 9.74 -4.6 Macom Tech MTSI 13.07 -4.8
PartnerRePfdF PREpF 27.26 1.8 AnalogDevices ADI 76.62 -0.1 BlkRkTCPCap TCPC 13.71 0.1 CircorIntl CIR 32.61 -2.7 EQGP EQGP 16.32 2.6 IRSA IRS 12.80 -3.5 NabrivaTherap NBRV 1.96 -0.7
FrontierComm FTR 4.26 -2.6 MAM Software MAMS 6.68 5.2
PetroleoBrasilA PBR.A 15.02 5.3 AndeavorLog ANDX 40.38 -5.2 bluebirdbio BLUE 108.94 -3.6 CtznCmntyBcp CZWI 12.78 -2.8 EQM Midstream EQM 44.48 -1.6 iClickInteract ICLK 2.72 5.7 NantKwest NK 2.20 -2.6
FullerHB FUL 41.26 -0.9 MDC Partners MDCA 2.28 -1.7
Revlon REV 27.70 3.2 AnteroResources AR 15.58 -1.0 BoiseCascade BCC 29.80 -4.3 ClevelandBioLabs CBLI 1.54 4.4 EQT EQT 32.39 -7.9 IDEX IEX 125.10 0.4 NatlWesternLife NWLI 264.90 -0.6
FusionConnect FSNN 2.34 -5.3 MFC Bancorp MFCB 4.31 -7.5
StandardMotor SMP 52.31 14.7 ApogeeEnt APOG 33.71 -4.2 BoydGaming BYD 25.64 -12.1 CloudPeakEnergy CLD 1.83 -10.0 EagleMaterials EXP 65.62 -1.1 iFresh IFMK 1.35 -8.0 NaturalGasSvcs NGS 17.50 0.7
GMS GMS 15.73 -5.7 MSC Industrial MSM 75.34 -0.3
SummitWireless WISA 5.40 8.7 ApolloInv AINV 4.97 -0.6 Briggs&Stratton BGG 14.20 -9.5 Cognex CGNX 39.83 -1.6 EastmanChem EMN 73.95 0.6 Imax IMAX 18.85 1.5 NatusMedical BABY 27.69 -1.6
GamidaCell GMDA 7.99 5.5 MVC Capital MVC 9.10 -0.3
TenzingAcqn TZAC 9.76 -0.2 ApplMaterials AMAT 31.57 -0.9 BrighthouseFin BHF 38.30 -4.1 CognizantTech CTSH 69.32 -1.3 eBay EBAY 26.96 -2.6 ImmuneDesign IMDZ 1.37 -2.1 Navient NAVI 11.60 -1.8
GatesIndustrial GTES 14.13 -0.2 MagnaChipSem MX 8.13 -4.8
TriStateCapPfA TSCAP 26.88 0.3 AppliedOptoelec AAOI 20.44 -4.8 BroadwindEnergy BWEN 1.75 -3.8 ColgatePalm CL 59.26 -6.6 Ebix EBIX 53.72 -2.1 IndepBankMI IBCP 21.14 -5.0 NaviosMaritimPf NMpG 7.85 -6.1
GencorIndustries GENC 10.80 -2.8 Manning&Napier MN 1.67 -13.6
Zix ZIXI 6.98 5.1 ApproachRscs AREX 1.66 -2.0 BrookfieldInfr BIP 36.93 -1.4 CommVehicle CVGI 6.39 -1.4 EchoStar SATS 38.17 -2.6 Infinera INFN 5.33 -8.7 NaviosMariPfdH NMpH 7.49 -3.4
GeneralDynamics GD 167.27 -0.4 ManulifeFin MFC 15.17 -1.9
Aptiv APTV 71.66 -0.5 BrookfieldPropREIT BPR 18.72 -2.3 CommScope COMM 23.31 -3.5 EdtechX Wt EDTXW 0.40 -4.4 InstalledBldg IBP 29.50 -4.3 NaviosMaritime NM 0.46 -2.5
Lows Aquantia AQ 7.08 -17.5 BrookfieldRenew BEP 28.35 -0.7 CommsSystems JCS 2.65 2.1 ElbitImaging EMITF 1.83 -7.3
GeneralElec
Genpact
GE
G
11.17
26.54
-4.2
-1.7
Intellipharm IPCI 0.53 -6.0 MarinSoftware
MarriottVacations
MRIN
VAC
2.67
83.65
-7.0
-0.7
NavistarIntl NAV 29.90 -0.3
Aramark ARMK 33.98 -1.3 CBL AssocPfdE CBLpE 13.86 -1.6 CommunityFin TCFC 29.00 0.1 EldoradoGold EGO 0.73 -6.1 InterDigital IDCC 69.13 -1.1 NeonTherap NTGN 5.65 -2.3
ABB ABB 19.23 -1.5 GNPX 1.51 10.1 18.07 -0.8
Aravive ARAV 5.00 2.4 CBRE Group CBRE 38.05 -1.4 CompassMnlInt CMP 46.29 -1.7 ElectraVehicles SOLO 2.15 -0.9 Genprex Interface TILE 16.45 -8.9 MartenTransport MRTN NeosTherap NEOS 3.70 -6.7
AECOM ACM 29.40 -0.9 GermanAmerBncp GABC 30.32 -1.1 150.75 -3.3
ArcelorMittal MT 23.80 -2.6 CEVA CEVA 23.17 -1.9 ComputerPrograms CPSI 24.87 -1.6 ElectroSci ESIO 13.92 1.0 IBM IBM 123.71 -1.3 MartinMarietta MLM Neuralstem CUR 0.61 -27.6
AGCO AGCO 49.50 1.2 GladstonePfdD GAINM 25.06 -0.2 MRVL 15.34 -6.9
ArcusBiosci RCUS 9.53 2.6 CIT Group CIT 43.80 -2.1 ComputerTask CTG 4.37 -1.3 ElectronicArts EA 95.59 -2.5 Inuvo INUV 0.43 -2.2 MarvellTech NewYorkREIT NYRT 13.52 -1.0
AK Steel AKS 3.55 -9.7 GlobalCordBlood CO 6.07 1.4 MAS 27.20 -8.3
Ardagh ARD 13.08 -0.7 CNA Fin CNA 41.92 -0.8 comScore SCOR 15.08 -2.6 EmergeEnergy EMES 2.22 0.9 IronMountain IRM 30.22 -6.8 Masco NewellBrands NWL 15.38 -4.7
ASETech ASX 3.77 -0.5 CNST 5.58 4.8 EmpireStateRealty ESRT 15.45 -2.5 GlobalShipLease GSL 0.80 2.4 STARpI 22.96 -0.9 MasoniteIntl DOOR 52.81 -3.6
Ardelyx ARDX 2.83 -16.8 CNO Financial CNO 18.22 -2.1 ConstellPharm iStarPfdI NewfieldExpln NFX 19.82 -3.0
ASV ASV 3.19 -3.0 ConstructionPtrs ROAD 8.40 -4.5 ENIC 4.45 -1.1 Globalstar GSAT 0.30 -5.4 JD 21.58 0.1 Matlin&PtrsUn MPACU 10.00 -7.0
ArloTech ARLO 11.50 -12.3 CRA Intl CRAI 40.76 0.4 EnelChile JD.com NewLinkGenetics NLNK 1.89 -4.5
AT&T Nts 2067 TBC 23.67 -0.5 ASNS 1.31 -0.8 CSG Systems CSGS 33.78 -1.8 Cooper-Standard CPS 87.50 -1.2 EnelGenChile EOCC 18.00 -0.1 GoldmanSachsPfN GSpN 25.40 -0.1 JELD-WEN JELD 15.40 -4.5 MatthewsIntl MATW 39.76 0.9
Arsanis NewparkResources NR 7.32 -1.3
AT&T T 28.85 -3.0 AHT 5.09 -1.7 CSI Compressco CCLP 4.42 1.3 Copa CPA 67.42 0.8 EnLinkMid ENLC 13.19 -3.1 Goodyear GT 19.25 -1.1 Jabil JBL 23.04 -1.9 MaxarTech MAXR 26.00 -1.3 16.25 3.3
AshfordHosp nLIGHT LASR
AbeonaTherap ABEO 8.53 -0.4 AsiaPacificWire APWC 2.20 -0.3 Cabot CBT 46.90 -1.5 CorceptTherap CORT 11.25 -1.1 EnPro NPO 57.71 -1.0 GovtPropIncoTr GOV 8.92 -6.0 JamesHardie JHX 12.90 -0.7 McKesson MCK 117.19 -3.0 Norbord OSB 24.29 -2.6
AbraxisPetrol AXAS 1.81 -2.1 AspenGroup ASPU 5.63 2.1 CalAmp CAMP 18.97 -2.7 CoreLabs CLB 85.09 -1.5 EnstarGroup ESGR 173.99 -0.6 GreenBancorp GNBC 16.80 -0.9 JefferiesFin JEF 19.60 1.5 Medicines MDCO 23.87 -3.2 Nordson NDSN 111.17 0.7
AccelerateDiag AXDX 14.25 0.9 AsureSoftware ASUR 9.74 -3.2 CalumetSpecialty CLMT 4.65 -9.6 CorEnergyInfrPf CORRpA 23.72 -0.4 EntasisTherap ETTX 5.71 -5.3 GreenSky GSKY 12.65 -5.7 JinkoSolar JKS 7.44 -6.6 MelcoResorts MLCO 16.22 -4.8 NorthernTrust NTRS 87.98 -1.2
Aceto ACET 2.00 -0.5 AtlCapitalBcshs ACBI 14.44 -6.5 CampingWorld CWH 17.20 -7.7 CorePoint CPLG 15.75 -0.3 Entercom ETM 6.06 -4.7 GreentreeHospital GHG 9.77 2.1 HancockHdgEquity HEQ 14.46 -1.8 MelintaTherap MLNT 2.78 -8.2 NorthropGrum NOC 263.54 -0.1
AdaptimmuneTher ADAP 5.93 -4.7 AtossaGenetics ATOS 1.31 -7.5 CIBC CM 84.88 -1.1 CorpCapitalTr CCT 13.83 -0.8 EntergyMS Bds EMP 21.69 -0.9 Griffon GFF 13.16 -2.3 JohnsonControls JCI 30.91 -2.4 Meritor MTOR 15.54 -0.2 NorwegCruise NCLH 43.46 -3.4
AdestoTech IOTS 3.51 -10.2 aTyrPharma LIFE 0.60 -1.6 CanNaturalRes CNQ 27.41 0.8 Corts Aon KTN KTN 29.26 -0.5 EnzoBiochem ENZ 3.05 1.6 GpoAvalAcc AVAL 6.67 -1.6 JonesEnergy JONE 2.57 -8.4 MersanaTherap MRSN 6.00 -6.3 NovelionTherap NVLN 0.77 -17.3
Adtran ADTN 13.05 0.1 Autoliv ALV 75.99 2.2 CancerGenetics CGIX 0.58 -4.4 Corts JCPen JBS JBN 6.91 ... EstablishLabs ESTA 21.03 -0.7 GrupoTelevisa TV 14.11 -2.2 JounceTherap JNCE 4.49 -6.6 MetLife MET 39.31 -3.0 Orbcomm ORBC 8.45 -3.0
AffiliatedMgrs AMG 115.25 -2.4 Avalara AVLR 30.75 -0.7 Canon CAJ 28.29 -2.3 CostamarePfdC CMREpC 23.15 -0.4 EstreAmbiental ESTR 4.51 -2.3 GuangshenRail GSH 18.18 -5.1 KCAP Nts19 KAP 25.06 -1.2 MettlerToledo MTD 521.79 -0.2 OceanFirstFin OCFC 23.97 -0.5
AirIndustries AIRI 1.26 -1.6 AveryDennison AVY 86.06 -1.0 CantelMedical CMD 77.62 -0.5 CostamarePfdD CMREpD 23.23 -0.1 EthanAllen ETH 18.71 -0.8 H&E Equipment HEES 19.57 -12.1 Kadmon KDMN 1.88 18.0 MicrochipTech MCHP 60.70 -0.2 Och-Ziff OZM 1.13 0.8
AirLease AL 37.20 -1.3 AvisBudget CAR 27.30 -3.3 CapitalOne COF 84.94 -2.9 CostamarePfdE CMREpE 23.67 -0.8 EveloBiosci EVLO 8.07 -1.5 HSBC HSBC 38.23 -1.2 Kennametal KMT 32.91 0.8 MicronTech MU 34.30 -3.8 Olin OLN 19.79 -1.5
AirProducts APD 148.44 -1.4 Avnet AVT 37.11 -3.4 CapitalOneWt COF.WS 43.07 -4.9 Costamare CMRE 5.23 -0.6 EverestRe RE 203.90 -1.2 HainCelestial HAIN 23.75 -2.1 Koppers KOP 25.41 -0.7 MicroStrategy MSTR 120.67 -0.6 OmnovaSol OMN 7.65 -2.0
AirTransportSvcs ATSG 18.56 0.6 BBX CapitalA BBX 5.59 -0.7 CapitalProduct CPLP 2.64 -1.1 CostamarePfdB CMREpB 22.56 -3.8 Evogene EVGN 2.51 -0.1 HalconRscs HK 3.24 0.6 Kraton KRA 26.80 -7.8 MidPennBancorp MPB 24.30 -2.4 Continued on Page B10
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | B9

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 18.81 82.79 60.19 Fiserv FISV ... 23 77.90 -0.99 -5.51 1228.32 1049.95 Markel MKL ... 39 1076.40 -0.92 -17.10 57.40 41.12 SensataTechs ST ... 16 42.37 0.35
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 66.42 136.13 54.71 FiveBelow FIVE ... 49 110.37 -1.79 2.98 229.84 171.45 MarketAxess MKTX 0.8 49 207.76 -2.89 14.98 44.52 33.45 ServiceCorp SCI 1.6 17 42.91 -0.44
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -2.09 230.24 163.12 FleetCorTech FLT ... 21 188.40 -6.60 -16.95 149.21 106.96 Marriott MAR 1.5 26 112.73 1.19 21.34 45.64 29.29 ServiceMaster SERV ... 11 41.65 -0.46
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those t -60.59 19.71 7.04 Flex FLEX ... 9 7.09 -3.82 0.69 87.89 77.11 Marsh&McLen MMC 2.0 28 81.95 0.23 27.89 206.29 112.84 ServiceNow NOW ... dd 166.76 -5.87
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 17.18 63.88 45.21 FlirSystems FLIR 1.2 61 54.63 -0.74 t -29.09 241.33 150.75 MartinMarietta MLM 1.2 14 156.73 -5.27 t -19.27 23.44 18.35 ShawComm B SJR 4.91298 18.43 -0.25
6.95 56.86 37.71 Flowserve FLS 1.7 dd 45.06 -0.49 t -26.97 25.18 15.34 MarvellTech MRVL 1.5 23 15.68 -1.16 -9.66 479.64 355.28 SherwinWilliams SHW 0.9 19 370.44 2.44
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. t -14.50 62.09 42.22 Fluor FLR 1.9 25 44.16 0.55 t -37.05 46.45 27.20 Masco MAS 1.7 15 27.66 -2.50 -17.35 50.37 36.35 ShinhanFin SHG ... 4 38.35 -0.88
-1.86 101.12 80.86 FomentoEconMex FMX 1.5 14 92.15 0.26 33.87 126.89 80.69 Masimo MASI ... 49 113.52 -1.07 9.11 182.36 123.73 Shire SHPG 0.2 11 169.25 -0.82
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -2.71 59.40 28.42 FootLocker FL 3.0 18 45.61 -0.17 30.48 225.35 140.61 Mastercard MA 0.5 44 197.49 -6.71 31.63 176.60 92.41 Shopify SHOP ... dd 132.95 -4.04
s-New 52-week high. standards vj-In bankruptcy or receivership or -28.10 13.48 8.17 FordMotor F 6.7 5 8.98 -0.01 57.11 60.95 24.98 MatchGroup MTCH ... 28 49.19 -1.53 -21.29 161.92 105.43 SignatureBank SBNY 2.1 13 108.04 0.06
t-New 52-week low. lf-Late filing being reorganized under the 4.40 25.75 19.24 ForestCIty A FCE.A 2.9 22 25.16 -0.02 -7.69 74.94 46.85 MaximIntProducts MXIM 3.8 30 48.26 0.13 4.67 186.03 145.78 SimonProperty SPG 4.5 26 179.76 -1.06
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 78.97 94.37 37.15 Fortinet FTNT ...156 78.19 -2.91 35.80 143.62 93.70 McCormick MKC 1.5 21 138.39 -1.28 5.78 7.70 5.17 SiriusXM SIRI 0.9 32 5.67 -0.12
four quarters. requirements. assumed by such companies. -10.09 38.24 30.88 Fortis FTS ... 18 32.97 -0.32 0.71 178.70 146.84 McDonalds MCD 2.7 26 173.34 -1.97 -14.61 117.65 79.27 Skyworks SWKS 1.9 16 81.08 -0.78
FD-First day of trading. t-NYSE bankruptcy 0.98 88.34 69.03 Fortive FTV 0.4 22 73.06 -3.27 t -24.08 178.86 117.19 McKesson MCK 1.3195 118.39 -3.60 t -28.62 68.39 43.57 SmithAO AOS 2.0 23 43.74 -1.44
t -39.25 73.62 41.17 FortBrandsHome FBHS 1.9 14 41.58 -5.19 7.11 15.24 11.82 MedicalProp MPW 6.8 16 14.76 -0.32 t -6.54 39.85 32.34 Smith&Nephew SNN 1.7 20 32.72 -0.34
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -22.33 86.06 58.26 Franco-Nevada FNV 1.5 52 62.10 0.47 11.15 100.15 76.41 Medtronic MDT 2.2 39 89.75 -2.01 -15.20 133.38 96.13 Smucker SJM 3.2 9 105.36 -1.17
-32.36 45.96 28.12 FranklinRscs BEN 3.1 20 29.31 -0.03 t -43.04 32.95 16.22 MelcoResorts MLCO 3.5 20 16.54 -0.83 t -57.02 21.22 5.77 Snap SNAP ... dd 6.28 -0.71
YTD 52-Week Yld Net -39.35 20.25 10.59 FreeportMcM FCX ... 5 11.50 0.25 -6.13 417.91 228.97 MercadoLibre MELI ... dd 295.37 -2.22 -14.68 189.46 141.63 SnapOn SNA 2.2 13 148.71 -1.25
Friday, October 26, 2018 -23.77 57.94 38.91 FreseniusMed FMS ... ... 40.06 0.92 25.11 73.49 52.83 Merck MRK 3.1 57 70.40 0.44 -28.82 64.20 39.54 SOQUIMICH SQM 2.4 23 42.26 0.59
% Chg Hi Lo Stock Sym % PE Last Chg t -21.76 55.91 39.31 MetLife MET 4.2 10 39.56 -1.21 16.60 61.02 37.59 Sony SNE ... 12 52.41 -1.07
YTD 52-Week Yld Net
% Chg Hi Lo Stock Sym % PE Last Chg 8.85 47.40 35.49 CadenceDesign CDNS ... 55 45.52 -1.01 GHI t -13.55 697.26 521.79 MettlerToledo MTD ... 36 535.58 -0.82 -6.72 53.51 42.38 Southern SO 5.3 19 44.86 -0.41
-30.43 14.50 8.39 CaesarsEnt CZR ... dd 8.80 -0.24 -11.60 75.96 47.49 MichaelKors KORS ... 13 55.65 -1.25 -21.18 58.09 35.85 SoCopper SCCO 4.3 30 37.40 0.43
13.81 55.47 36.22 GCI LibertyA GLIBA ... ... 44.41 -1.84
ABC -1.85 95.67 78.19 CamdenProperty CPT 3.4 43 90.36
-23.65 51.07 32.63 CampbellSoup CPB 3.8 43 36.73
-3.61
-1.22 3.73 122.28 84.13 Galapagos GLPG ... dd 97.26 0.22
-54.48 36.21 12.67 MicroFocus MFGP ... ... 15.29
t -29.03 104.20 60.70 MicrochipTech MCHP 2.3148 62.37
-0.59
-0.14
t -24.25 66.98 48.33 SouthwestAir LUV
-12.29 45.00 29.89 SpectraEnerPtrs SEP
1.3 8 49.58
8.8 35 34.68
-0.33
0.02
t -12.02 100.01 84.88 CIBC 16.99 76.49 61.91 Gallagher AJG 2.2 22 74.03 1.06 t -13.91 64.66 34.30 MicronTech MU ... 3 35.40 -1.38 -5.80 105.20 76.00 SpiritAeroSys SPR 0.6 17 82.19 0.52
t -27.26 28.67 19.23 ABB ABB 4.2 19 19.51 -0.30 CM 4.9 10 85.70 -0.92
-0.42 91.90 70.59 CanNtlRlwy CNI 1.7 23 82.15 0.51 -9.65 37.32 32.51 Gaming&Leisure GLPI 8.1 19 33.43 -0.72 25.04 116.18 80.70 Microsoft MSFT 1.7 44 106.96 -1.34 8.53 130.00 65.61 Splunk SPLK ... dd 89.91 -3.73
... 13.02 6.93 ADT ADT 1.9 ... 7.42 -0.07 -20.49 35.68 25.27 Gap GPS 3.6 12 27.08 0.46
34.35 15.39 9.87 AES AES 3.6 25 14.55 -0.16 t -21.08 38.20 27.41 CanNaturalRes CNQ 3.6 17 28.19 0.23 -2.68 106.77 85.16 MidAmApt MAA 3.8 32 97.87 -2.16 ... 198.99 135.51 Spotify SPOT ... dd 146.24 -3.44
7.36 224.19 166.36 CanPacRlwy CP 1.0 15 196.21 0.09 3.34 70.77 55.22 Garmin GRMN 3.4 19 61.56 -0.59 -17.39 138.89 98.06 Middleby MIDD ... 21 111.48 0.76 -0.85 7.05 4.81 Sprint S ... 3 5.84 -0.24
-4.99 48.19 41.41 Aflac AFL 2.5 7 41.70 -0.49
t -24.04 40.67 28.29 Canon 15.83 161.21 111.57 Gartner IT ...157 142.64 -1.70 -19.39 8.11 5.49 MitsubishiUFJ MUFG ... 8 5.86 -0.04 105.13 101.15 34.14 Square SQ ... dd 71.12 -2.37
-10.95 20.84 17.57 AGNC Invt AGNC 12.0 6 17.98 -0.08 CAJ 5.0 13 28.41 -0.67 t -16.51 230.00 167.27 GeneralDynamics GD 2.2 17 169.86
78.01 23.95 10.24 ANGI Homesvcs ANGI ... dd 18.62 -0.86 63.59 59.25 9.84 CanopyGrowth CGC ... dd 38.70 -0.77 -0.74 -6.59 4.00 3.28 MizuhoFin MFG ... 8 3.40 -0.02 -35.05 176.62 106.41 StanleyBlackDck SWK 2.4 17 110.21 -4.65
t -13.89 106.50 84.94 CapitalOne t -35.24 21.30 11.17 GeneralElec GE 4.2 dd 11.30 -0.50 -23.85 12.80 7.25 MobileTeleSys MBT 2.0 7 7.76 -0.22 1.11 61.94 47.37 Starbucks SBUX 2.5 18 58.07 -0.89
-2.76 190.45 132.95 Ansys ANSS ... 41 143.51 -3.32 COF 1.9 12 85.75 -2.52
-18.52 75.75 48.14 CardinalHealth CAH 3.8 67 49.92 -0.72 -26.60 60.69 41.01 GeneralMills GIS 4.5 12 43.52 -0.95 t -58.31 286.85 113.45 MohawkInds MHK ... 9 115.03 -36.04 -11.67 38.95 19.80 StarsGroup TSG ... dd 20.58 -0.53
-4.38 221.66 157.95 ASML ASML 1.0 ... 166.21 -2.83 -20.35 45.52 30.56 GeneralMotors GM 4.7 dd 32.65 0.65 66.39 154.06 64.83 MolinaHealthcare MOH ... dd 127.59 -4.88 0.47 23.04 19.47 StarwoodProp STWD 9.0 15 21.45 -0.17
t -25.18 39.33 28.85 AT&T T 6.9 5 29.09 -0.89 -16.29 129.47 92.16 Carlisle CSL 1.7 17 95.14 -0.71
-16.68 25.90 18.89 Carlyle CG 4.6 11 19.08 -0.32 -2.39 25.41 17.80 Gentex GNTX 2.2 12 20.45 0.42 t -32.13 85.86 55.52 MolsonCoors B TAP 2.9 8 55.70 -1.13 t -31.98 114.27 66.23 StateStreet STT 2.8 11 66.39 -1.66
17.38 74.15 53.61 AbbottLabs ABT 1.7138 66.99 -0.68
9.22 81.67 57.05 CarMax KMX ... 17 70.04 -0.61 3.74 107.75 84.71 GenuineParts GPC 2.9 20 98.56 -2.04 25.90 54.24 22.49 Momo MOMO ... 15 30.82 0.13 -11.04 52.09 35.80 SteelDynamics STLD 2.0 7 38.37 -1.19
-16.46 125.86 79.26 AbbVie ABBV 4.8 20 80.79 -0.94
t -18.23 72.70 54.05 Carnival CCL 3.7 12 54.27 -1.58 15.32 5.32 2.89 Gerdau GGB ... dd 4.29 0.18 -6.29 46.54 37.42 Mondelez MDLZ 2.6 20 40.11 -0.89 20.98 117.48 82.88 Steris STE 1.3 30 105.82 -1.98
76.27 459.75 177.40 Abiomed ABMD ... 92 330.35 -2.77
t -18.72 72.29 53.61 Carnival CUK 3.7 12 53.87 -1.41 -8.17 34.19 25.33 Gildan GIL 1.5 19 29.66 -0.29 -19.34 70.22 47.61 MonsterBev MNST ... 32 51.05 -1.46 t -36.45 26.43 13.56 STMicroelec STM 1.7 12 13.88 -0.11
0.89 175.64 141.47 Accenture ACN 1.9 24 154.45 -2.47
102.51 72.59 12.17 Carvana CVNA ... dd 38.72 -2.65 89.54 64.27 GileadSciences GILD 3.3 58 69.74 1.12 -4.05 187.97 140.15 Moody's MCO 1.2 25 141.63 -13.44 3.58 179.84 146.80 Stryker SYK 1.2 57 160.38 -4.89
8.72 84.68 57.29 ActivisionBliz ATVI 0.5156 68.84 -1.48 -1.74
-7.04 47.87 36.73 Catalent CTLT ... 62 38.19 10.85 42.36 34.52 GSK GSK 5.1 44 39.32 -0.21 -16.20 59.38 42.88 MorganStanley MS 2.7 10 43.97 -0.58 -12.31 9.67 7.43 SumitomoMits SMFG ... 8 7.62 -0.07
40.26 277.61 165.68 Adobe ADBE ... 51 245.80 -7.12 -0.84
-26.99 173.24 112.25 Caterpillar CAT 3.0 18 115.05 11.77 129.25 95.32 GlobalPayments GPN 0.0 32 112.04 -2.10 16.21 34.01 20.75 Mosaic MOS 0.3 dd 29.82 -0.18 8.92 103.74 80.12 SunComms SUI 2.8 79 101.06 -1.61
65.06 171.50 78.81 AdvanceAuto AAP 0.1 23 164.55 1.38 -0.58
t -10.36 119.29 92.96 Celanese CE 2.3 10 95.99 0.12 43.36 84.97 45.74 GoDaddy GDDY ...192 72.08 -0.72 32.48 131.48 89.18 MotorolaSol MSI 1.7 dd 119.68 -1.94 t -11.75 44.50 35.92 SunLifeFinancial SLF ... 12 36.41 -0.39
71.50 34.14 9.04 AdvMicroDevices AMD ... 51 17.63 -1.64
t -30.58 110.81 71.14 Celgene CELG ... 18 72.45 -30.78 15.55 8.42 Goldcorp GG 0.9 98 8.84 0.35 1.96 36.53 24.39 MurphyOil MUR 3.2 dd 31.66 -0.29 -7.73 42.55 31.33 SuncorEnergy SU ... 16 33.88 0.28
-6.35 7.48 5.80 Aegon AEG 5.4 5 5.90 -0.03 -0.27
t -29.73 8.51 5.02 Cemex -16.64 275.31 208.40 GoldmanSachs GS 1.5 15 212.36 -1.65 -26.05 47.82 30.33 Mylan MYL ... 36 31.29 0.28 -7.79 75.08 56.30 SunTrustBanks STI 3.4 10 59.56 -0.81
-6.14 58.30 48.29 AerCap AER ... 7 49.38 -0.26 CX ... 14 5.27 -0.04
-6.90 11.52 7.09 CenovusEnergy CVE 1.8 dd 8.50 -10.57 49.69 37.36 Graco GGG 1.3 23 40.44 0.52 12.32 119.83 81.17 NICE NICE 0.6 39 103.23 -1.63 -33.54 32.95 17.81 Symantec SYMC 1.6 10 18.65 -0.34
8.26 206.66 164.52 Aetna AET 1.0 18 195.29 -0.78 0.01
t -43.71 217.00 115.25 AffiliatedMgrs AMG 1.0 9 115.53 -2.85 26.14 148.24 90.06 Centene CNC ... 27 127.25 -4.20 16.28 372.06 191.39 Grainger GWW 2.0 22 274.70 3.47 ... 13.80 5.35 NIO NIO ... dd 6.35 -0.10 t -27.53 40.59 27.71 SynchronyFin SYF 3.0 9 27.98 -0.85
-4.20 30.17 24.81 CenterPointEner CNP 4.1 8 27.17 34.48 123.86 83.52 GrandCanyonEduc LOPE ... 26 120.40 0.18 24.86 38.25 23.75 NRG Energy NRG 0.3 dd 35.56 -0.32 2.66 103.40 80.13 Synopsys SNPS ...237 87.51 -2.13
-6.33 75.00 60.42 AgilentTechs A 1.0 69 62.73 0.12 -0.58
-15.18 25.18 17.47 Grifols GRFS 2.5 16 19.44 0.99 -36.95 3700.00 2040.71 NVR NVR ... 13 2211.80 47.54 14.93 75.98 52.30 Sysco SYY 2.1 26 69.80 -1.91
-23.86 49.80 32.18 AgnicoEagle AEM 1.3 82 35.16 -0.23 12.98 7.86 3.14 CentraisElBras EBR ... dd 6.44 0.55
t -8.93 175.17 148.44 AirProducts 16.13 24.20 13.16 CenturyLink CTL 11.2 11 19.37 -1.70 22.49 149.35 58.14 GrubHub GRUB ... 58 87.95 -8.53 t -39.41 125.93 70.25 NXP Semi NXPI 1.4 25 70.95 -2.80
APD 2.9 22 149.43 -2.05
-4.72 83.08 51.79 AkamaiTech AKAM ... 61 61.97 -1.32 t -17.57 73.43 50.91 Cerner CERN ... 22 55.55 -6.77
-8.40 111.60 82.19 GpoAeroportuar PAC 4.3 20 94.13
t -20.71 9.51 6.67 GpoAvalAcc AVAL 4.6 10 6.74
-1.10
-0.11
8.69 96.84 71.65 Nasdaq NDAQ 2.1 19 83.51 -0.08 TUV
-16.38 76.06 57.53 AlaskaAir ALK 2.1 10 61.47 -1.59 8.06 135.90 96.70 CharlesRiverLabs CRL ... 45 118.27 -0.64 -8.37 61.97 50.52 NationalGrid NGG 7.6 8 53.89 -0.44
t -24.16 23.80 14.11 GrupoTelevisa TV 0.6 20 14.16 -0.32 20.37 53.57 38.78 NatlInstruments NATI 1.8107 50.11 7.22 -6.09 47.63 21.08 TAL Education TAL ... 70 27.90 1.92
-25.53 144.99 86.75 Albemarle ALB 1.4 22 95.24 -0.17 -12.19 396.64 250.10 CharterComms CHTR ... 8 295.01 -19.80 -1.88 63.01 47.70 TD Ameritrade AMTD 2.4 19 50.17 -0.10
t -36.42 62.35 33.08 Alcoa 4.58 120.81 93.76 CheckPoint CHKP ... 21 108.37 13.20 107.79 70.06 Guidewire GWRE ... dd 84.06 -3.82 -0.36 49.08 31.47 NatlOilwell NOV 0.6 dd 35.89 -1.12
AA ... dd 34.25 -0.31 -0.86
45.56 141.11 74.26 HCA Healthcare HCA 1.1 16 127.86 0.80 t -21.23 108.23 73.70 TE Connectivity TEL 2.4 20 74.86 -0.96
-7.27 134.37 114.00 AlexandriaRlEst ARE 3.1 44 121.09 -3.57 t -33.62 57.68 31.34 Chemours CC 3.0 6 33.23 -0.05 8.58 47.70 36.25 NatlRetailProp NNN 4.3 34 46.83 -0.73
1.57 27.62 21.48 HCP HCP 5.6221 26.49 -0.54 -38.38 111.36 22.92 NektarTherap NKTR ... 8 36.80 0.03 -9.53 38.50 33.64 Telus TU 4.7 18 34.26 -0.47
-2.78 140.77 102.10 AlexionPharm ALXN ...176 116.27 -0.89 10.31 71.03 44.53 CheniereEnergy LNG ... 81 59.39 -0.64 -6.39 42.43 25.52 Ternium TX 3.7 6 29.57 0.10
-10.52 112.10 85.43 HDFC Bank HDB 0.6 ... 90.97 -0.74 29.83 88.08 43.24 NetApp NTAP 2.2 91 71.82 -4.42
-17.14 211.70 135.14 Alibaba BABA ... 42 142.87 -1.73 13.50 40.56 26.68 CheniereEnerPtrs CQP 6.7 dd 33.64 -0.52 -24.75 23.11 13.82 TIM Part TSU 0.4 16 14.53 0.05
-7.34 46.29 34.02 HD Supply HDS ... dd 37.09 -0.02 -41.70 377.64 184.60 Netease NTES 1.2 26 201.18 1.69
3.57 398.88 203.12 AlignTech ALGN ... 60 230.13 -1.94 -10.91 133.88 108.02 Chevron CVX 4.0 18 111.53 -0.05 39.34 113.28 66.44 TJX TJX 0.7 23 106.54 0.04
10.09 27.08 19.31 HP HPQ 2.4 8 23.13 -0.66 56.19 423.21 178.38 Netflix NFLX ...107 299.83 -13.04
-24.39 71.22 37.01 Alkermes ALKS ... dd 41.38 -0.29 -25.68 45.33 24.64 ChinaEastrnAir CEA ... 12 26.86 -0.61
t -25.14 55.89 38.23 HSBC HSBC 5.2 16 38.66 -0.48 38.19 126.98 59.31 Neurocrine NBIX ... dd 107.22 1.08 2.52 70.94 54.60 T-MobileUS TMUS ... 12 65.11 -1.21
-2.57 659.88 549.00 Alleghany Y ... 30 580.75 -2.37 t -34.59 17.85 10.13 ChinaLifeIns LFC 3.1 10 10.21 -0.62 -10.54 127.43 90.95 TRowePrice
77.98 117.56 46.25 Haemonetic HAE ...240 103.37 0.98 -39.51 108.40 51.21 NewOrientalEduc EDU ... 35 56.86 2.64 TROW 3.0 13 93.87 -1.65
3.96 92.87 73.85 Allegion ALLE 1.0 25 82.71 -0.23 -9.36 53.23 43.25 ChinaMobile CHL 5.1 10 45.81 -1.48
t -28.09 57.86 33.73 Halliburton HAL 2.0185 35.14 0.40 -2.35 18.75 15.24 NewResidInvt NRZ 11.5 5 17.46 -0.49 39.84 118.08 68.37 TableauSftwr DATA ... dd 96.77 -2.92
8.33 197.00 142.81 Allergan AGN 1.6 dd 177.20 -3.09 11.87 105.61 69.60 ChinaPetrol SNP 5.7 10 82.08 1.00
t -21.47 23.33 16.08 Hanesbrands HBI 3.7163 16.42 -0.44 t -49.42 41.31 15.38 NewellBrands NWL 5.9 4 15.63 -0.77 -7.52 46.57 35.35 TaiwanSemi TSM 3.7 16 36.67 -0.72
-21.47 278.33 192.02 AllianceData ADS 1.1 12 199.05 -3.61 -48.55 70.52 25.60 ChinaSoAirlines ZNH 2.9 7 26.66 -0.99 9.36 139.91 92.81 TakeTwoSoftware TTWO ... 76 120.06
t -29.26 56.50 35.76 HarleyDavidson HOG 4.1 11 35.99 -1.32 -20.04 42.04 29.06 NewmontMin NEM 1.9 dd 30.00 0.40 -0.64
0.59 45.55 36.84 AlliantEnergy LNT 3.1 21 42.86 -0.66 1.92 51.49 41.28 ChinaTelecom CHA 3.0 12 48.38 -0.81 -12.12 27.84 17.14 TallgrassEnergy TGE 9.0 dd 22.62 -0.49
2.02 53.76 37.41 AllisonTransm ALSN 1.4 9 43.94 -0.21 t -19.29 15.53 10.86 ChinaUnicom 13.55 175.50 135.16 Harris HRS 1.7 25 160.84 -0.19 -22.65 17.70 12.70 NewsCorp B NWS 1.6 dd 12.84 -0.19
CHU ... 41 10.92 -0.29 t -19.85 59.20 43.31 HartfordFinl -6.76 55.50 39.60 Tapestry TPR 3.3 30 41.24 -0.28
-11.82 105.36 88.29 Allstate ALL 2.0 10 92.33 -0.52 51.67 530.68 247.51 Chipotle CMG ... 72 438.38 14.50 HIG 2.7 22 45.11 -0.43 -21.84 17.29 12.23 NewsCorp A NWSA 1.6 dd 12.67 -0.19
2.00 109.60 79.00 Hasbro HAS 2.7 58 92.71 -0.79 8.77 176.82 145.10 NextEraEnergy NEE 2.6 10 169.89 -3.31 6.24 59.21 40.42 TargaResources TRGP 7.1112 51.44 -1.01
-16.46 31.29 23.69 AllyFinancial ALLY 2.5 9 24.36 -0.65 -15.53 157.50 120.50 Chubb CB 2.4 11 123.44 -0.24 25.58 90.39 54.04 Target TGT 3.1 14 81.94 -1.89
-39.59 153.99 71.85 AlnylamPharm ALNY ... dd 76.75 -1.17 -12.58 31.69 24.05 HealthcareAmer HTA 4.7 67 26.26 -0.45 -32.42 39.64 20.53 NielsenHoldings NLSN 5.7 24 24.60 -0.39
-1.66 39.33 33.65 ChunghwaTel CHT ... 22 34.85 0.04 -64.95 35.47 11.35 TataMotors TTM 0.1 13 11.59 -0.08
36.72 94.12 55.43 Heico HEI 0.1 46 82.56 0.26 15.22 86.04 54.52 Nike NKE 1.1 58 72.07 -1.03
2.40 1273.89 980.64 Alphabet C GOOG ... 46 1071.47 -24.10 15.67 61.28 43.21 Church&Dwight CHD 1.5 18 58.03 -1.25 t -15.84 35.00 25.85 TechnipFMC FTI 2.0 66 26.35 -0.67
28.60 78.45 46.66 Heico A HEI.A 0.2 36 65.06 -0.40 -0.90 28.11 22.44 NiSource NI 3.1 33 25.44 -0.48
2.88 1291.44 984.00 Alphabet A GOOGL ... 47 1083.75 -19.84 1.77 227.13 163.02 Cigna CI 0.0 20 206.69 -3.68 t -27.74 30.80 18.17 TeckRscsB TECK 0.8 5 18.91 -0.11
-13.86 82.45 57.61 Altaba AABA ... 2 60.17 -0.57 t -32.85 130.16 79.90 CimarexEnergy XEC 0.9 13 81.93 -3.05 75.02 51.28 Helm&Payne HP 4.5 15 62.67 -0.10 -11.94 37.76 24.29 NobleEnergy NBL 1.7 14 25.66 -0.95
-0.90 -52.12 40.19 15.26 TelecomArgentina TEO 4.5 23 17.54 0.64
t -28.40 25.35 15.20 AlticeUSA ATUS ... 6 15.20 -1.18 14.38 90.52 62.56 HenrySchein HSIC ... 30 79.93 -1.42 19.74 6.41 4.51 Nokia NOK 4.0 dd 5.58 0.26
2.04 79.67 66.33 CincinnatiFin CINF 2.8 14 76.50 4.75 -34.88 11.28 5.44 TelecomItalia TI 4.6 ... 5.62 -0.05
-11.65 74.38 53.91 Altria MO 5.1 11 63.09 -0.07 58.77 60.41 32.13 Herbalife HLF 2.2 51 53.76 -0.35 -18.04 6.83 4.43 NomuraHoldings NMR ... 11 4.77 -0.07
10.04 217.34 144.40 Cintas CTAS 0.9 23 171.47 -2.22 t -33.15 9.60 4.72 TelecomItalia A TI.A 6.6 ... 4.82 -0.03
t -48.97 20.34 9.02 AlumofChina ACH ... 24 9.15 -0.46 -9.68 115.82 89.10 Hershey HSY 2.8 21 102.52 -0.32 t -20.77 151.84 111.17 Nordson NDSN 1.2 18 115.99 0.78
15.54 49.47 33.67 CiscoSystems CSCO 3.0632 44.25 -1.22 19.27 250.87 166.68 TeledyneTech TDY ... 26 216.06 -0.73
s 447.63 22.12 2.35 Amarin AMRN ... dd 21.96 0.17 22.41 74.81 40.37 Hess HES 1.7 dd 58.11 -0.88 29.00 66.33 37.79 Nordstrom JWN 2.4 20 61.12 -0.38
-13.71 80.70 63.18 Citigroup C 2.8 dd 64.21 -0.76 -5.33 288.78 227.52 Teleflex TFX 0.6127 235.56 -4.36
1.88 19.48 12.81 HewlettPackard HPE 3.1 7 14.63 -0.52 11.76 186.91 125.59 NorfolkSouthern NSC 2.0 8 161.94 -2.30
40.47 2050.50 1050.55 Amazon.com AMZN ...130 1642.81 -139.36 -14.58 48.23 34.88 CitizensFin CFG 3.0 9 35.86 -0.03 27.54 9.45 5.84 Ericsson ERIC 1.5 dd 8.52 -0.20
-36.07 7.43 3.86 Ambev ABEV ... 27 4.13 0.09 -0.90 98.96 75.21 Hill-Rom HRC 1.0 24 83.53 -1.47 t -11.41 115.61 87.98 NorthernTrust NTRS 2.5 14 88.49 -1.11
14.33 116.81 80.65 CitrixSystems CTXS ...116 100.61 -1.44 -29.87 17.33 9.21 TelefonicaBras VIV ... 9 10.40 0.19
-5.28 71.72 60.50 Amdocs DOX 1.6 22 62.02 -0.32 -14.51 88.11 63.76 Hilton HLT 0.9 16 68.27 0.72 t -12.08 360.88 263.54 NorthropGrum NOC 1.8 17 269.84 -0.14
-0.62 155.23 113.57 Clorox CLX 2.6 24 147.82 -3.77 -19.52 10.57 7.70 Telefonica TEF 6.0 11 7.79 -0.09
-15.26 400.99 316.00 Amerco UHAL ... 8 320.24 -3.74 21.03 83.28 35.71 HollyFrontier HFC 2.1 8 61.99 -1.16 t -17.60 61.18 43.46 NorwegCruise NCLH ... 12 43.88 -1.55
0.09 48.62 41.45 Coca-Cola KO 3.4 85 45.92 -0.59 -25.45 32.51 21.75 TelekmIndonesia TLK 4.0 13 24.02 0.14
9.17 67.23 51.89 Ameren AEE 3.0 25 64.40 -1.29 -10.60 45.09 35.10 Hologic HOLX ... dd 38.22 -0.76 1.58 94.19 72.30 Novartis NVS 3.4 15 85.29 -0.45
10.89 46.16 36.17 Coca-Cola Euro CCE 2.9 26 44.19 0.66 -7.09 40.64 25.91 Tenaris TS 3.8 25 29.60 0.28
-15.69 19.91 13.99 AmericaMovil AMX 2.3 34 14.46 -0.06 -9.13 215.43 160.53 HomeDepot HD 2.4 20 172.23 -6.84 -21.02 58.37 41.23 NovoNordisk NVO 1.1 17 42.39 0.19
-14.21 79.42 54.53 Coca-Cola Femsa KOF 2.9 dd 59.73 0.16 -22.74 50.68 30.22 Teradyne TER 1.1 31 32.35 -0.44
-21.51 37.29 26.04 HondaMotor HMC 3.6 5 26.75 0.12 -11.72 70.48 53.71 Nucor NUE 2.7 9 56.13 -1.59
-15.67 19.87 13.98 AmericaMovil A AMOV 2.4 33 14.34 -0.04 t -32.57 72.99 39.83 Cognex CGNX 0.4 44 41.24 -0.66 6.28 387.46 244.59 Tesla TSLA ... dd 330.90 16.04
-3.70 167.72 137.96 Honeywell HON 2.2 42 146.04 -1.44 1.90 64.87 26.93 Nutanix NTNX ... dd 35.95 -2.31
-37.61 59.08 30.24 AmerAirlines AAL 1.2 9 32.46 0.09 t -0.69 85.10 69.32 CognizantTech CTSH 1.1 29 70.53 -0.95 3.96 25.96 10.85 TevaPharm TEVA 1.7 dd 19.70 -0.60
13.14 42.99 30.10 HormelFoods HRL 1.8 23 41.17 -0.54 ... 58.99 40.41 Nutrien NTR 3.1 ... 51.70 0.33
-1.97 43.86 34.52 AmCampus ACC 4.6 52 40.22 -0.61 t -21.03 77.91 59.26 ColgatePalm CL 2.8 24 59.58 -4.24 t -13.29 120.75 87.90 TexasInstruments TXN 3.4 19 90.56 -1.21
-1.13 78.07 62.70 AEP AEP 3.7 20 72.74 -0.80 -29.41 53.32 34.37 DR Horton DHI 1.4 11 36.05 0.43 2.48 292.76 180.58 NVIDIA NVDA 0.3 29 198.29 -9.55
19.05 95.58 60.76 ColumbiaSportswr COLM 1.0 44 85.57 -2.13 59.42 877.97 377.96 TexasPacLand TPL 0.1 39 712.00 -9.79
1.95 111.77 87.54 AmerExpress AXP 1.5 24 101.25 -2.35 -7.15 22.47 17.93 HostHotels HST 4.3 21 18.43 -0.28
-12.01 44.00 30.43 Comcast A CMCSA 2.2 7 35.24 -0.60
t -8.28 121.69 98.22 AmericanFin AFG 1.6 17 99.55 -0.25 -9.22 102.66 74.16 Comerica CMA 3.0 13 78.81 -0.90
t -17.24 31.03 20.51 HuanengPower HNP 3.0 51 20.69
-27.69 49.60 24.96 Huazhu HTHT ... 43 26.11
-0.37
-0.55
OPQ -5.62 72.87 52.33 Textron TXT 0.1 15 53.41
21.13 249.95 181.51 ThermoFisherSci TMO 0.3 36 230.00
-0.22
-0.19
-4.67 23.34 18.39 AmHomes4Rent AMH 1.0 dd 20.82 -0.38 9.47 72.55 52.07 CommerceBcshrs CBSH 1.5 16 61.13 -0.25 11.03 38.13 29.59 OGE Energy OGE 4.0 11 36.54 -0.65 5.39 48.09 36.52 ThomsonReuters TRI 3.0 27 45.94 -0.52
t -31.32 65.30 40.48 AIG t -26.30 149.03 98.70 Hubbell HUBB 3.4 19 99.74 -2.32
AIG 3.1 dd 40.92 -1.46 -5.97 39.43 32.81 ConagraBrands CAG 2.4 17 35.42 -0.95 18.50 71.99 49.65 ONEOK OKE 5.4 33 63.34 -1.27 t -21.42 259.77 181.98 3M MMM 2.9 25 184.95 -0.04
4.86 155.28 130.37 AmerTowerREIT AMT 2.1 59 149.61 -3.90 -10.95 36.06 28.25 HudsonPacProp HPP 3.3 44 30.50 -0.92
-10.01 163.11 123.63 ConchoRscs CXO ... 18 135.18 -1.16 35.56 351.65 205.65 OReillyAuto ORLY ... 20 326.08 1.53 2.87 141.64 90.46 Tiffany TIF 2.1 30 106.93 -0.36
-3.56 92.79 76.04 AmerWaterWorks AWK 2.1 34 88.23 -1.70 28.29 341.30 231.90 Humana HUM 0.6 33 318.25 -3.33
24.76 80.24 48.97 ConocoPhillips COP 1.8 14 68.48 0.46 -7.37 131.74 100.78 JBHunt JBHT 0.9 15 106.51 -7.81 87.67 62.47 OccidentalPetrol OXY 4.6 23 67.91 -0.74 ... 300.00 20.10 Tilray TLRY ... ... 108.08 1.33
t -28.01 183.90 120.79 Ameriprise -0.89
AMP 3.0 10 122.00 -4.19 -10.15 89.70 71.12 ConEd ED 3.7 15 76.33 -0.48 -6.52 16.60 13.04 HuntingtonBcshs HBAN 4.1 11 13.61 0.02 102.81 75.49 24.93 Okta OKTA ... dd 51.94 -3.00 -8.84 93.59 80.34 Torchmark TMK 0.8 6 82.69 -0.38
-7.73 106.27 71.90 AmerisourceBrgn ABC 1.8 17 84.72 -1.00 -8.14 236.62 198.85 ConstBrands A STZ 1.4 14 209.96 -3.19 -5.44 170.22 116.61 OldDomFreight ODFL 0.4 18 124.39 -0.33 -15.90 67.81 53.80 Toro TTC 1.5 22 54.86 -0.45
-7.92 81.92 65.22 Ametek AME 0.8 20 66.73 0.30 -7.99 276.69 201.91 HuntingIngalls HII 1.3 16 216.86 -2.18
-6.24 234.00 198.90 ConstBrands B STZ.B 1.3 16 213.30 -2.20 -8.85 84.89 62.02 HyattHotels H 0.9 14 67.03 -0.39 1.40 23.05 19.37 OldRepublic ORI 3.6 8 21.68 0.26 t -5.79 62.00 54.37 TorontoDomBk TD 3.7 12 55.19 -0.24
6.95 210.19 163.31 Amgen AMGN 2.8 52 185.98 -2.12 1.08 71.95 37.70 ContinentalRscs CLR ... 15 53.54 -0.61 65.73 97.61 42.36 Ollie'sBargain OLLI ... 39 88.25 -1.26 4.63 65.69 53.37 Total TOT ... 15 57.84 -0.33
-3.05 97.56 80.42 Amphenol APH 1.1 35 85.12 -0.93 53.76 223.54 118.83 IAC/InterActive IAC ... 36 188.02 -5.39
13.76 280.10 216.47 Cooper COO 0.0 98 247.85 -2.70 -5.65 11.26 7.61 ICICI Bank IBN 0.5 38 9.18 0.42 19.46 33.77 24.90 OmegaHealthcare OHI 8.0 80 32.90 -0.65 15.67 100.39 70.04 TotalSystem TSS 0.6 25 91.48 -2.18
9.69 76.70 46.80 AnadarkoPetrol APC 1.7 72 58.84 -0.79 9.42 67.08 35.32 Copart CPRT ... 27 47.26 -1.15 -2.46 83.34 65.32 Omnicom OMC 3.4 14 71.04 -0.85 -7.76 140.99 114.40 ToyotaMotor TM ... 8 117.30 0.64
t -11.23 103.59 76.62 AnalogDevices ADI 2.4 21 79.03 -0.05 30.10 256.22 146.09 IdexxLab IDXX ... 59 203.45 -7.33
-4.06 36.56 26.11 Corning GLW 2.3 dd 30.69 -0.76 12.38 55.99 42.40 IHSMarkit INFO ... 37 50.74 -0.15 t -30.18 27.10 14.55 ON Semi ON ... 7 14.62 -0.72 21.53 92.45 56.27 TractorSupply TSCO 1.4 22 90.84 1.77
t -11.24 55.21 40.38 AndeavorLog ANDX 10.0 17 41.00 -2.25 19.64 448.35 283.11 CoStar CSGP ... 65 355.28 -3.08 -7.18 40.31 32.05 OpenText OTEX 1.8 36 33.11 -0.60 t -21.79 51.07 37.36 TransCanada TRP 5.6 14 38.04 -0.27
-33.60 123.24 72.88 AB InBev BUD 6.5 18 74.08 -0.46 t -36.78 20.58 11.47 ING Groep ING 8.8 7 11.67 -0.09
17.23 245.16 159.47 Costco COST 1.0 31 218.19 -8.21 -42.39 38.43 19.66 Invesco IVZ 5.7 7 21.05 -0.49 0.08 53.48 42.57 Oracle ORCL 1.6 51 47.32 -0.64 15.03 377.67 260.83 TransDigm TDG ... 23 315.89 -12.00
-17.16 12.37 9.77 AnnalyCap NLY 12.2 4 9.85 -0.15 t -49.92 21.68 9.89 Coty COTY 5.0 dd 9.96 -0.41 t -10.69 18.57 15.35 Orange ORAN 6.1 20 15.54 -0.15 12.06 79.48 51.44 TransUnion TRU 0.5 28 61.59 -2.29
4.89 34.53 24.20 AnteroMidstream AM 5.8 22 30.46 -0.88 -37.07 264.11 126.57 IPG Photonics IPGP ... 19 134.76 1.45
4.00 239.54 189.69 Credicorp BAP 2.0 13 215.73 0.50 22.77 135.48 91.57 IQVIA IQV ... 20 120.19 0.27 t -9.37 100.03 75.67 Orix IX ... 7 76.84 -0.78 t -10.58 150.55 119.67 Travelers TRV 2.5 14 121.29 0.05
18.11 283.06 205.94 Anthem ANTM 1.1 16 265.75 -5.18 22.63 467.25 277.20 CreditAcceptance CACC ... 14 396.69 -8.22 3.26 58.38 37.30 PG&E PCG ...193 46.29 -1.08 -8.56 45.70 32.01 Trimble TRMB ... 66 37.16 -0.20
13.66 158.77 130.87 Aon 31.89 81.88 51.01 IcahnEnterprises IEP 10.0 9 69.90 0.32
AON 1.1 47 152.31 2.33 -30.08 19.98 12.24 CreditSuisse CS 2.0 dd 12.48 0.02 23.42 155.33 101.22 Icon ICLR ... 25 138.41 2.59 -14.59 34.38 21.58 PLDT PHI 5.3 34 25.69 -0.36 37.67 62.36 29.50 TripAdvisor TRIP ... dd 47.44 -1.31
-11.44 50.03 33.60 Apache APA 2.7 17 37.39 -0.76 -6.73 114.97 98.85 CrownCastle CCI 4.3 96 103.54 -3.81 -17.22 163.59 116.55 PNC Fin PNC 3.2 10 119.45 -0.18 30.73 50.15 24.81 21stCenturyFoxA FOXA 0.8 19 45.14 -0.12
-2.81 45.64 37.97 ApartmtInv AIV 3.6450 42.48 -0.80 t -3.49 157.84 125.09 IDEX IEX 1.4 24 127.37 0.51
-25.94 62.27 40.09 CrownHoldings CCK ... 19 41.66 -0.11 -25.62 179.07 119.38 IllinoisToolWks ITW 3.2 22 124.10 -25.94 93.12 56.78 POSCO PKX ... 7 57.86 -0.35 31.30 49.65 24.30 21stCenturyFoxB FOX 0.8 19 44.80 0.01
-9.44 37.35 28.00 ApolloGlbMgmt APO 5.7 17 30.31 0.45 t -29.46 51.91 29.66 Ctrip.com CTRP ... 24 31.11 0.27 1.42
35.06 372.61 203.03 Illumina ILMN ... 64 295.10 -3.04 -11.98 122.07 94.37 PPG Ind PPG 1.9 21 102.83 -0.88 179.03 88.88 23.25 Twilio TWLO ... dd 65.85 -1.50
27.81 233.47 150.24 Apple AAPL 1.3 20 216.30 -3.50 -1.56 121.66 90.02 Cullen/Frost CFR 2.9 14 93.17 1.08 -3.20 38.00 25.30 PPL PPL 5.5 15 29.96 -0.57 34.78 47.79 19.26 Twitter TWTR ...108 32.36 0.56
t -36.70 62.40 31.57 ApplMaterials AMAT 2.5 10 32.36 -0.28 1.76 34.56 25.91 ImperialOil IMO ... 35 31.74 -0.29
t -27.10 194.18 124.87 Cummins CMI 3.5 20 128.77 0.40 5.81 112.88 76.39 PRA HealthSci PRAH ... 56 96.36 -1.64 16.47 252.47 168.12 TylerTech TYL ... 46 206.21 -4.35
16.32 112.31 79.97 Aptargroup ATR 1.4 30 100.36 -0.93 -32.48 117.95 60.23 Incyte INCY ... dd 63.95 -0.34
-5.64 69.01 43.49 CyrusOne CONE 3.3 60 56.17 -5.46 11.22 10.65 7.16 Infosys INFY 2.1 26 9.02 -0.09 31.61 107.44 59.40 PTC PTC ...182 79.98 -3.08 -25.41 84.65 56.79 TysonFoods TSN 2.0 8 60.47 -1.21
t -13.08 103.23 71.66 Aptiv APTV 1.2 16 73.73 -0.40 t -13.60 169.22 116.52 PVH PVH 0.1 13 118.55 -2.15 t -28.22 20.89 13.01 UBS Group UBS 5.1 28 13.20 -0.13
-15.35 39.55 32.37 AquaAmerica WTR 2.6 24 33.21 -0.92
t -19.16 46.09 33.98 Aramark ARMK 1.2 17 34.55 -0.47
DEF 5.75 105.76 79.63 Ingersoll-Rand IR
-30.07 146.28 89.48 Ingredion
2.2 15 94.32
INGR 2.6 14 97.76
-1.20
-1.88 t -22.20 79.69 53.95 Paccar PCAR 2.0 9 55.30 0.08 1.12 41.04 32.88 UDR UDR 3.3145 38.95 -0.92
1.18 46.67 32.33 DCP Midstream DCP 8.5 dd 36.76 -1.29 55.30 47.45 26.96 IntegratedDevice IDTI ...5074 46.17 0.06 -25.02 131.13 83.54 PackagingCpAm PKG 3.5 11 90.39 1.37 13.42 56.22 42.51 UGI UGI 2.0 13 53.25 -1.06
t -24.42 37.50 23.80 ArcelorMittal MT 1.6 4 24.42 -0.65 ... 39.97 24.57 PagSeguroDig PAGS ... 40 27.29 -1.97 -9.58 40.92 25.43 US Foods USFD ... 12 28.87 -0.45
-11.75 33.62 25.71 ArchCapital ACGL ... 21 26.70 0.13 t -40.82 52.53 28.13 DISH Network DISH ... 6 28.26 -1.99 -1.02 57.60 42.04 Intel INTC 2.6 16 45.69 1.38
3.10 118.22 94.25 DTE Energy DTE 3.1 17 112.85 -2.20 4.51 78.48 64.98 ICE ICE 1.3 17 73.74 -0.38 27.92 239.50 135.85 PaloAltoNtwks PANW ... dd 185.41 -5.21 9.47 43.47 32.09 USG USG ... 66 42.21 -0.17
15.92 52.06 38.59 ArcherDaniels ADM 2.9 14 46.46 -1.44 -1.22 34.27 23.91 ParkHotels PK 6.1 11 28.40 -0.39 23.22 100.48 49.40 UbiquitiNetworks UBNT 1.1 35 87.51 -0.68
-27.19 31.17 16.47 Arconic ARNC 1.2 dd 19.84 -0.11 -10.92 96.75 69.51 DXC Tech DXC 1.0 11 73.12 -2.82 -17.87 69.23 50.84 InterContinentl IHG 2.7 16 52.16 -0.05
4.65 110.13 91.41 Danaher DHR 0.7 25 97.14 -1.15 t -18.66 171.13 123.71 IBM IBM 5.0 20 124.79 -1.66 t -27.12 212.80 144.03 ParkerHannifin PH 2.1 19 145.46 -1.24 22.91 290.30 191.70 UltaBeauty ULTA ... 27 274.89 2.65
-6.81 313.37 177.92 AristaNetworks ANET ... 82 219.53 -11.16 -17.02 33.43 21.12 ParsleyEnergy PE ... 27 24.43 -0.39 26.56 332.44 193.08 UltSoftware ULTI ...232 276.19 -6.99
-18.79 87.26 64.35 ArrowElec ARW ... 12 65.30 -0.25 8.22 124.00 79.18 Darden DRI 2.9 20 103.91 -2.52 -8.18 157.40 122.11 IntlFlavors IFF 2.1 37 140.13 0.40
-9.92 80.71 52.51 DaVita DVA ... 22 65.08 -0.26 -22.59 66.94 39.60 IntlPaper IP 4.2 6 44.85 1.09 -5.98 76.02 59.36 Paychex PAYX 3.5 24 64.01 -0.91 -49.10 26.48 8.86 UltraparPart UGP 2.4 16 11.57 0.32
34.02 118.86 61.71 AspenTech AZPN ... 42 88.72 -3.21 54.44 164.08 74.35 PaycomSoftware PAYC ... 70 124.06 -3.32 24.60 24.69 11.40 UnderArmour A UAA ... dd 17.98 -0.53
-4.95 111.43 84.34 Assurant AIZ 2.3 12 95.85 -0.38 -15.02 175.26 130.77 Deere DE 2.1 21 133.00 -3.78 13.44 26.01 18.30 Interpublic IPG 3.7 15 22.87 -0.46
8.85 99.02 64.96 DellTechs DVMT ... dd 88.47 -2.38 28.04 231.84 150.38 Intuit INTU 0.9 44 202.02 -5.64 13.24 93.70 68.61 PayPal PYPL ... 48 83.37 -2.59 24.25 22.68 10.36 UnderArmour C UA ... dd 16.55 -0.48
9.22 40.16 31.99 AstraZeneca AZN 2.4 36 37.90 0.12 16.29 12.73 8.94 Pearson PSO 12.6 11 11.42 -0.06 -4.10 58.76 51.56 Unilever UN 3.3 21 54.01 -0.86
-11.93 53.92 43.09 Athene ATH ... 7 45.54 -0.45 -4.86 60.79 48.33 DeltaAir DAL 2.6 11 53.28 -0.43 33.42 581.12 359.75 IntuitiveSurgical ISRG ... 73 486.89 -6.03
t -47.85 68.98 34.10 DentsplySirona XRAY 1.0 dd 34.33 -0.86 -7.25 24.30 20.25 InvitatHomes INVH 2.0 dd 21.86 -0.13 -8.57 36.99 29.28 PembinaPipeline PBA 5.3 20 33.08 -0.44 -3.54 58.07 50.74 Unilever UL 3.4 21 53.38 -0.88
51.41 98.21 43.11 Atlassian TEAM ... dd 68.92 -1.51 -17.02 50.26 36.06 Pentair PNR 1.8 15 39.35 0.51 6.44 165.63 115.16 UnionPacific UNP 2.2 9 142.74 -1.41
9.00 98.40 76.46 AtmosEnergy ATO 2.1 17 93.62 -2.01 t -49.19 20.23 9.60 DeutscheBank DB 1.4 dd 9.67 -0.33 -5.03 59.62 39.07 IonisPharma IONS ... dd 47.77 -0.56
-21.79 46.54 29.82 DevonEnergy DVN 1.0 dd 32.38 -0.47 ... 46.23 15.30 iQIYI IQ ... 9 22.06 -0.49 -18.77 20.26 15.04 People'sUtdFin PBCT 4.6 12 15.19 -0.25 25.56 91.39 56.51 UnitedContinental UAL ... 11 84.63 -0.97
-7.73 12.53 2.20 AuroraCannabis ACB ... 54 7.04 -0.45 -7.90 122.51 95.94 PepsiCo PEP 3.4 32 110.45 -2.40 -11.62 135.53 101.45 UPS B UPS 3.5 17 105.31 -2.51
18.96 159.94 101.55 Autodesk ADSK ... dd 124.71 -5.30 118.45 148.56 43.74 DexCom DXCM ... dd 125.37 -0.29 t -19.22 41.53 30.22 IronMountain IRM 8.0 38 30.48 -2.22
-5.49 151.31 131.22 Diageo DEO 3.1 21 138.02 0.70 39.60 6.90 3.85 IsraelChemicals ICL ... 6 5.64 -0.04 14.87 98.33 69.21 PerkinElmer PKI 0.3 64 83.99 -0.24 t -36.46 190.74 106.48 UnitedRentals URI ... 6 109.23 -2.10
10.07 119.50 52.93 Autohome ATHM ... 24 71.18 1.95 t -22.02 95.93 67.40 Perrigo PRGO 1.1 41 67.97 -1.64 -4.98 58.50 48.49 US Bancorp USB 2.9 13 50.91 -0.36
t -10.68 115.42 75.99 Autoliv -9.89 140.78 100.50 DiamondbkEner FANG 0.4 20 113.76 -0.48 1.92 16.98 9.85 ItauUnibanco ITUB 0.3 12 13.25 0.27
ALV 3.0 22 81.77 1.75 3.03 85.02 63.76 PetroChina PTR 2.7 22 72.06 -0.68 -3.40 144.15 115.40 UnitedTech UTX 2.3 20 123.23 -1.17
16.35 153.51 107.61 ADP ADP 2.0 37 136.35 -4.14 -6.93 125.10 96.56 DigitalRealty DLR 3.8108 106.01 -10.79
4.53 797.89 576.13 AutoZone AZO ... 15 743.57 3.57 -12.35 81.93 63.31 DiscoverFinSvcs DFS 2.4 11 67.42 -5.80 JKL 57.82 17.20 9.02 PetroleoBrasil PBR ... 32 16.24
s 52.49 15.02 7.55 PetroleoBrasilA PBR.A ... 29 14.99
0.67
0.75
17.11 272.81 207.80 UnitedHealth UNH 1.4 20 258.18
1.99 132.63 95.26 UniversalHealthB UHS 0.3 13 115.61
-6.06
-5.94
-1.97 188.91 152.65 Avalonbay AVB 3.4 28 174.89 -2.79 29.03 48.85 19.25 DiscoveryB DISCB ... dd 32.00 -4.46 t -45.49 50.68 21.58 JD.com JD ... dd 22.58 0.02
34.63 34.06 15.99 DiscoveryA DISCA ... dd 30.13 -0.81 17.61 45.81 33.20 Pfizer PFE 3.2 11 42.60 -0.81 -37.13 58.73 33.27 UnumGroup UNM 3.0 14 34.51 -0.11
-5.89 54.55 45.17 Avangrid AGR 3.7 37 47.60 -0.30 -3.29 119.33 95.95 JPMorganChase JPM 3.1 13 103.42 -1.44 -15.76 111.25 76.21 PhilipMorris PM 5.1 21 89.00 -1.63 -6.93 8.26 6.52 VEREIT VER 7.6 dd 7.25 -0.20
t -23.28 123.67 86.06 AveryDennison AVY 2.4 25 88.12 -0.88 29.52 31.39 14.99 DiscoveryC DISCK ... dd 27.42 -0.77 27.35 163.68 105.42 JackHenry JKHY 1.0 31 148.95 -1.48
5.28 119.69 96.89 Disney DIS 1.5 14 113.19 -0.97 -1.68 123.97 89.14 Phillips66 PSX 3.2 8 99.45 0.96 7.18 97.00 68.35 VF VFC 2.6 38 79.31 -0.07
-25.06 38.20 23.64 AxaltaCoating AXTA ... 87 24.25 -0.61 12.05 78.32 55.21 JacobsEngg JEC 0.8 34 73.91 -1.32 ... 30.48 17.20 Pinduoduo PDD ... ... 18.20 -0.36 6.34 22.99 17.58 VICI Prop VICI 5.3 24 21.80 -0.18
-6.52 56.31 45.73 BB&T BBT 3.5 13 46.48 -0.53 ... 68.35 37.00 DocuSign DOCU ... dd 41.18 0.86 t -24.08 18.79 12.90 JamesHardie
5.55 74.29 56.50 DolbyLab DLB 1.2 59 65.44 -0.61
JHX 4.5 33 13.37 -0.10 -2.97 92.48 73.41 PinnacleWest PNW 3.6 20 82.65 -1.80 20.80 151.56 106.60 Visa V 0.7 32 137.74 -2.78
-17.89 49.06 38.88 BCE BCE 5.8 17 39.42 -0.69 14.59 184.00 128.58 JazzPharma JAZZ ... 22 154.29 0.34 -13.42 213.40 140.65 PioneerNatRscs PXD 0.2 29 149.66 -3.95 11.97 302.76 200.68 VailResorts MTN 2.5 26 237.90 -2.70
-3.11 52.62 40.19 BHPBilliton BHP 5.7 32 44.56 0.03 15.93 113.48 79.79 DollarGeneral DG 1.1 17 107.83 -3.21 t -23.14 28.30 19.60 JefferiesFin JEF 2.5230 20.36 0.30
-22.39 116.65 78.78 DollarTree DLTR ... 12 83.28 0.26 7.27 27.70 18.38 PlainsAllAmPipe PAA 5.4 38 22.14 -0.29 23.22 16.13 9.53 Vale VALE 0.6 17 15.07 0.35
-2.68 47.92 35.48 BHPBilliton BBL 6.4 28 39.22 0.18 -1.97 148.32 118.62 J&J JNJ 2.6274 136.97 -1.50 -1.37 27.00 19.38 PlainsGP PAGP 5.5 dd 21.65 -0.31 -6.66 126.98 75.95 ValeroEnergy VLO 3.7 8 85.79 -1.59
-9.98 107.00 80.11 BOK Fin BOKF 2.4 13 83.11 -0.26 -11.58 85.30 61.53 DominionEner D 4.7 15 71.67 -1.06 t -17.82 42.60 30.91 JohnsonControls JCI 3.3 13 31.32 -0.78
38.25 305.34 166.74 Domino's DPZ 0.8 33 261.24 -0.53 8.82 175.87 117.51 Pool POOL 1.3 24 141.09 -1.73 -0.19 130.29 101.42 VarianMed VAR ... 69 110.94 -2.61
-2.21 47.83 36.15 BP BP 5.8 19 41.10 -0.49 -12.91 178.75 125.65 JonesLang JLL 0.6 19 129.70 -0.65 7.98 101.43 70.66 PostHoldings POST ... 13 85.55 -4.57 10.10 71.74 58.00 Vectren VVC 2.5 28 71.59 -0.02
-19.10 18.97 13.53 BT Group BT 9.2 11 14.74 -0.63 4.07 59.43 43.35 Donaldson DCI 1.5 37 50.94 0.62 -1.26 30.23 23.61 JuniperNetworks JNPR 2.6 42 28.14 -0.49
-13.18 41.59 34.72 DouglasEmmett DEI 2.8 52 35.65 -1.23 6.63 169.75 140.00 Praxair PX 2.0 34 164.94 -0.06 -46.86 21.99 10.87 Vedanta VEDL ... 6 11.07 -0.08
t -4.91 72.18 56.26 BWX Tech BWXT 1.1 37 57.52 0.55 9.92 64.55 46.50 KAR Auction KAR 2.5 18 55.52 -0.03 46.08 47.22 27.16 Premier PINC ... dd 42.64 -1.21 50.89 109.05 52.17 VeevaSystems VEEV ... 79 83.41 -3.94
t -19.51 284.22 182.60 Baidu BIDU ... 17 188.51 -1.92 0.67 90.26 70.06 Dover DOV 2.3 18 82.06 0.34 -23.79 63.96 43.32 KB Fin
t -26.99 77.08 51.32 DowDuPont
KB ... 6 44.59 -0.53 t -34.84 75.58 45.85 PrincipalFin PFG 4.6 5 45.98 -3.45 -5.37 65.72 46.55 Ventas VTR 5.6 38 56.79 -0.11
-13.53 37.76 25.53 BakerHughes BHGE 2.6 dd 27.36 -0.19 DWDP 2.9 51 52.00 -0.92 8.93 28.73 18.74 KKR KKR 2.2 8 22.94 -0.57 -4.38 93.14 70.73 Procter&Gamble PG 3.3 23 87.86 -1.14 21.17 164.19 105.40 VeriSign
-9.98 39.96 28.13 DrReddy'sLab RDY 0.9 27 33.81 1.10 VRSN ... 36 138.67 2.83
14.64 46.89 34.71 Ball BLL 0.9 32 43.39 0.07 -17.00 123.96 85.89 KLA Tencor KLAC 3.4 17 87.21 -1.82 20.93 72.72 48.59 Progressive PGR 1.7 14 68.11 -0.85 18.58 122.80 84.36 VeriskAnalytics VRSK ... 31 113.84 -1.07
-32.12 9.54 5.59 BancoBilbaoViz BBVA 8.1 8 5.77 ... ... 43.50 21.36 Dropbox DBX ... dd 21.71 -0.64 -8.52 16.12 12.55 KT KT ... 15 14.28 0.18
-2.64 91.80 71.96 DukeEnergy DUK 4.5 21 81.89 -1.75 -0.12 68.20 58.28 Prologis PLD 3.0 26 64.43 -1.46 4.87 58.44 43.97 Verizon VZ 4.3 7 55.51 -0.92
-9.56 104.17 77.86 BancodeChile BCH 3.6 16 85.39 1.00 -2.82 120.34 99.47 KSCitySouthern KSU 1.4 10 102.25 -1.45 t -21.59 127.14 89.33 PrudentialFin PRU 4.0 5 90.16 -2.20 13.09 194.92 136.50 VertxPharm VRTX ... 68 169.48 3.87
-5.63 35.09 26.41 BcoSantChile BSAC 5.0 ... 29.51 0.07 1.80 29.48 24.30 DukeRealty DRE 3.1 27 27.70 -0.69 1.74 74.98 56.40 Kellogg K 3.2 14 69.16 -1.39 t -24.46 55.36 37.85 Prudential PUK 2.1 16 38.36 -0.25 -2.69 35.55 22.13 Viacom B VIAB 2.7 6 29.98 0.30
-2.19 8.81 6.28 BcoSantMex BSMX ... 10 7.15 -0.11 12.83 77.13 54.31 Dunkin' DNKN 1.9 17 72.74 -0.96 54.22 25.25 13.54 KeurigDrPepper KDP 2.5 4 24.10 0.05
3.95 40.15 31.58 ENI E 5.7 11 34.50 0.70 5.59 56.68 46.19 PublicServiceEnt PEG 3.3 13 54.38 -1.47 -1.58 40.64 28.20 Viacom A VIA 2.3 7 34.35 0.37
-29.36 7.57 4.50 BancoSantander SAN 6.5 10 4.62 -0.03 -15.42 22.40 16.48 KeyCorp KEY 4.0 12 17.06 -0.08 -3.91 234.90 180.48 PublicStorage PSA 4.0 28 200.82 -0.91 20.69 26.29 17.10 VistraEnergy VST ... dd 22.11 -0.15
t -6.63 51.38 35.92 BanColombia CIB 3.6 11 37.03 -0.06 -1.25 133.53 95.84 EOG Rscs EOG 0.8 16 106.56 -0.56 40.70 70.40 41.33 KeysightTechs KEYS ... 46 58.53 -0.85
7.62 144.19 90.06 EPAM Systems EPAM ... 52 115.62 -2.33 -28.03 35.21 20.64 PulteGroup PHM 1.5 8 23.93 0.77 10.72 165.00 108.46 VMware VMW ... 36 138.76 -2.85
-10.60 33.05 25.81 BankofAmerica BAC 2.3 12 26.39 -0.20 -8.49 77.73 62.91 KilroyRealty KRC 2.7 55 68.31 -4.03 9.83 39.45 30.20 Qiagen QGEN ...103 33.97 0.05 t -41.63 32.75 18.45 Vodafone VOD 13.1 18 18.62 -0.29
-5.61 84.71 73.79 BankofMontreal BMO 3.9 13 75.53 -0.74 t -36.03 77.97 44.48 EQM Midstream EQM 9.5 9 46.76 -0.74 -15.21 123.77 97.10 KimberlyClark KMB 3.9 22 102.31 -2.26
t -42.81 66.03 32.39 EQT 4.71 86.84 64.53 Qorvo QRVO ... dd 69.74 -1.24 -14.27 79.56 64.13 VornadoRealty VNO 3.8143 67.02 -1.05
-15.58 58.99 45.16 BankNY Mellon BK 2.5 11 45.47 -0.68 EQT 0.4 dd 32.55 -2.79 -14.27 19.53 13.16 KimcoRealty KIM 7.2 26 15.56 -0.29 -2.41 76.50 48.56 Qualcomm QCOM 4.0 dd 62.48 -0.72 -15.42 55.27 39.84 VoyaFinancial VOYA 0.1 dd 41.84 -1.15
t -17.17 66.78 52.63 BkNovaScotia BNS 4.9 10 53.45 -0.21 -4.14 66.46 42.55 E*TRADE ETFC ... 14 47.52 0.15 -8.19 19.83 14.69 KinderMorgan KMI 4.8 dd 16.59 0.01 -7.13 116.49 90.31 QuestDiag DGX 2.2 15 91.47 -0.42 t -31.16 141.20 86.09 VulcanMatls VMC 1.3 18 88.37 -2.54
-21.38 12.55 8.47 Barclays BCS 3.0 dd 8.57 -0.20 23.20 81.22 37.36 EXACT Sci EXAS ... dd 64.73 1.10 -26.78 51.94 29.00 Knight-Swift KNX 0.7 8 32.01 -1.38 -12.49 29.11 20.00 QurateRetailA QRTEA ... 5 21.37 -0.81
-11.20 15.52 9.53 BarrickGold ABX 0.9 dd 12.85 0.28 -15.52 73.98 50.34 EastWestBncp EWBC
t -15.64 112.45 73.95 EastmanChem EMN
1.8 12 51.39 -0.37 36.05 82.42 37.97 Kohl's KSS 3.3 13 73.78 -0.15 WXYZ
9.96 28.45 10.94 BauschHealth BHC ... dd 22.85 -0.36
3.81 78.38 62.52 BaxterIntl BAX 1.1 40 67.10 -0.74 -8.86 89.85 70.20 Eaton ETN
2.9 7 78.15
2.1 10 72.01
0.48
-0.19
-3.92 46.67 35.09 KoninklijkePhil PHG 2.6 23 36.32 -0.01 RS t -28.04 162.20 100.80 WABCO WBC ... 12 103.26 -1.24
-32.92 18.34 10.52 KoreaElcPwr KEP ... dd 11.88 -0.64
6.98 265.87 203.99 BectonDicknsn BDX 1.3 99 229.00 -2.45 t -27.56 46.99 26.95 eBay EBAY ... dd 27.34 -0.72 -29.72 82.48 53.03 KraftHeinz KHC 4.6 6 54.65 -1.33 t -17.26 24.03 19.38 RELX RELX 1.7 18 19.61 -0.21 3.70 72.09 58.48 WEC Energy WEC 3.2 17 68.89 -1.70
16.34 220.10 77.54 BeiGene BGNE ... dd 113.69 -0.10 9.81 159.92 125.74 Ecolab ECL 1.1 28 147.34 -2.76 0.47 32.74 20.36 Kroger KR 2.0 6 27.58 -0.42 13.01 68.13 46.36 RPM RPM 2.4 27 59.24 -0.60 22.05 203.50 118.40 WEX WEX ... 37 172.37 -7.28
3.25 80.68 65.92 Berkley WRB 0.8 14 73.98 -0.13 61.24 27.96 10.42 Ecopetrol EC 2.7 13 23.59 0.07 -32.01 17.39 8.41 LATAMAirlines LTM 1.6 27 9.45 0.36 22.69 147.79 83.91 RalphLauren RL 2.0 50 127.22 0.18 -4.22 72.41 59.23 W.P.Carey WPC 6.2 38 65.99 -1.26
-0.27 335900 270250 BerkHathwy A BRK.A ... 10 296805 -5426.00 7.80 83.38 57.63 EdisonInt EIX 3.5 54 68.17 -1.29 -49.49 63.10 25.89 L Brands LB 7.9 10 30.42 -0.18 -19.01 104.05 59.90 RandgoldRscs GOLD 2.5 33 80.09 1.63 t -38.26 103.53 55.17 WPP WPP 5.4 6 55.91 -1.99
0.14 224.07 180.44 BerkHathwy B BRK.B ... 10 198.49 -3.49 24.34 175.00 100.20 EdwardsLife EW ... 42 140.14 -3.21 t -48.69 15.88 6.98 LG Display LPL ... 53 7.06 -0.41 t -18.25 102.17 72.29 RaymondJames RJF 1.6 13 73.00 -2.56 15.92 20.80 10.18 WPX Energy WPX ... dd 16.31 -0.18
t -28.94 61.71 40.50 BerryGlobal BERY ... 12 41.69 0.52 ... 37.61 31.20 ElancoAnimal ELAN ... ... 32.43 0.47 -26.84 47.81 29.32 LINE LN t -5.83 229.75 170.73 Raytheon RTN 2.0 21 176.89 0.37 8.58 115.40 69.75 Wabtec WAB 0.5 30 88.42 -2.65
... dd 29.99 -2.69
-0.03 84.37 52.92 BestBuy BBY 2.6 19 68.45 -0.72 t -8.41 151.26 95.59 ElectronicArts EA ... 43 96.22 -2.42 -35.14 43.86 25.35 LKQ 4.75 60.54 47.25 RealtyIncome O 4.4 51 59.73 -0.51 4.97 80.68 59.07 WalgreensBoots WBA 2.3 15 76.23 0.49
LKQ ... 15 26.38 -0.22
39.07 206.03 121.27 Bio-Techne TECH 0.7 55 180.16 0.32 -4.94 79.70 57.47 EmersonElec EMR 2.9 20 66.25 -0.85 3.23 223.72 180.24 L3 Tech LLL 1.6 23 204.25 -0.13 t -2.85 177.70 115.31 RedHat RHT ... 77 116.68 -3.84 0.19 109.98 81.78 Walmart WMT 2.1 57 98.94 -0.24
12.62 345.15 214.44 Bio-RadLab A BIO ... 8 268.79 -1.94 -20.07 41.21 29.00 Enbridge ENB 6.6 27 31.26 0.07 -3.12 190.35 147.70 LabCpAm LH ... 11 154.53 -2.11 -7.36 70.64 54.87 RegencyCtrs REG 3.5 49 64.09 -0.10 3.07 81.36 65.06 WasteConnections WCN 0.8 28 73.12 0.61
-5.78 388.67 249.17 Biogen BIIB ... 19 300.17 1.70 -23.11 14.31 9.79 Encana ECA 0.6171 10.25 -0.29 -24.43 234.88 135.99 LamResearch LRCX 3.2 10 139.10 -3.46 -10.68 432.50 281.89 RegenPharm REGN ... 24 335.82 -1.12 -1.59 92.85 78.33 WasteMgt WM 2.2 16 84.93 0.09
9.27 106.74 75.81 BioMarinPharm BMRN ... dd 97.44 1.01 45.54 82.46 44.20 EncompassHealth EHC 1.5 24 71.91 -1.63 -2.71 79.41 61.36 LamarAdv LAMR 5.0 24 72.23 -1.87 -7.06 20.21 15.06 RegionsFin RF 3.5 11 16.06 ... -5.44 220.20 167.94 Waters WAT ...237 182.69 -0.95
4.67 56.45 43.50 BlackKnight BKI ... 27 46.21 -0.48 -28.65 12.11 6.96 EnelAmericas ENIA 6.4 10 7.97 0.06 36.42 79.97 50.08 LambWeston LW 1.0 26 77.01 -1.04 -12.37 165.12 127.84 ReinsGrp RGA 1.8 5 136.64 5.66 -13.98 192.94 141.83 Watsco WSO 4.0 23 146.26 -3.34
-24.68 594.52 376.31 BlackRock BLK 3.2 11 386.93 -5.03 t -20.95 6.57 4.45 EnelChile ENIC 7.9 10 4.49 -0.05 t -24.61 81.45 51.72 LasVegasSands LVS 5.7 11 52.39 -1.87 -11.13 97.41 72.69 RelianceSteel RS 2.6 7 76.24 -1.75 35.46 151.20 55.33 Wayfair W ... dd 108.73 -6.93
-0.91 40.60 29.57 Blackstone BX 8.1 12 31.73 -0.37 27.06 89.83 47.81 Energen EGN ... 17 73.15 -0.17 t -27.19 206.36 128.05 Lear LEA 2.2 7 128.63 -4.85 3.45 75.82 60.26 RepublicSvcs RSG 2.1 17 69.94 1.58 3.83 69.63 51.68 WebsterFin WBS 2.3 17 58.31 -1.14
t -37.27 236.17 108.94 bluebirdbio BLUE ... dd 111.72 -4.20 -10.43 19.34 12.80 EnergyTransfer ET 7.9 15 15.46 -0.23 -5.17 72.30 57.50 Leidos LDOS 2.1 19 61.23 0.01 22.92 116.64 81.01 ResMed RMD 1.4 48 104.10 5.60 t -44.78 142.12 53.91 Weibo WB ... 32 57.13 0.80
21.82 394.28 255.33 Boeing BA 1.9 21 359.27 -4.50 3.12 19.45 12.75 EnLinkMidPtrs ENLK 9.8 51 15.85 -0.66 -33.92 72.17 38.79 Lennar A LEN 0.4 10 41.79 1.60 -9.87 66.53 53.09 RestaurantBrands QSR 3.2 26 55.41 -0.92 47.09 324.99 180.30 WellCareHealth WCG ... 27 295.82 -7.02
1.90 2228.99 1630.56 BookingHldgs BKNG ... 32 1770.81 -33.72 1.28 87.95 71.95 Entergy ETR 4.3 51 82.43 -1.07 -32.39 58.65 32.51 Lennar B LEN.B 0.5 8 34.94 1.19 49.32 98.15 40.95 RingCentral RNG ... dd 72.27 -2.74 -15.53 66.31 50.02 WellsFargo WFC 3.4 12 51.25 -0.61
22.79 52.56 35.21 BoozAllen BAH 1.6 21 46.82 -0.97 -0.53 30.05 23.10 EnterpriseProd EPD 6.5 19 26.37 -0.47 -4.41 229.98 177.36 LennoxIntl LII 1.3 25 199.07 -6.07 -9.65 60.72 45.62 RioTinto RIO 5.3 9 47.82 0.51 2.16 69.80 49.58 Welltower WELL 5.3165 65.15 -1.13
-25.52 58.22 35.71 BorgWarner BWA 1.8 14 38.05 0.33 -17.58 138.69 90.54 Equifax EFX 1.6 26 97.19 -1.12 -9.99 99.68 68.33 LibertyBroadbandC LBRDK ... 7 76.65 -4.24 5.38 79.91 50.90 RobertHalf RHI 1.9 20 58.53 -1.19 2.49 125.09 82.74 WestPharmSvcs WST 0.6 49 101.13 -3.22
-11.63 132.82 111.57 BostonProps BXP 3.3 34 114.91 -2.05 -15.00 495.35 370.79 Equinix EQIX 2.4111 385.22 -26.75 -9.95 98.53 67.75 LibertyBroadbandA LBRDA ... 7 76.59 -4.34 -17.84 210.72 153.67 Rockwell ROK 2.3 52 161.32 3.83 t -44.44 106.96 42.00 WesternDigital WDC 4.5 21 44.19 -9.82
44.53 39.44 24.54 BostonSci BSX ... 76 35.83 -0.56 19.75 28.93 19.76 Equinor EQNR 3.6 19 25.65 ... t -33.01 39.73 23.17 LibertyGlobal A LBTYA ... dd 24.01 0.02 t -5.42 142.61 127.74 RockwellCollins COL 1.0 21 128.27 -1.01 t -19.70 42.92 29.36 WesternGasEquity WGP 8.0 18 29.84 -0.46
3.81 33.73 21.32 Braskem BAK 2.8 13 27.26 -0.07 7.59 98.53 79.78 EquityLife ELS 2.3 42 95.78 -2.22 t -30.88 37.86 22.56 LibertyGlobal C LBTYK ... dd 23.39 -0.07 0.06 54.95 43.11 RogersComm B RCI 2.9 17 50.96 -0.69 -13.12 54.40 40.44 WesternGasPtrs WES 9.2 43 41.78 -1.20
19.88 120.07 85.02 BrightHorizons BFAM ... 42 112.69 -0.31 1.68 70.45 54.97 EquityResdntl EQR 3.3 62 64.84 -1.22 -7.76 37.93 27.22 LibertyFormOne A FWONA ... 19 30.18 -1.00 0.08 77.57 18.50 Roku ROKU ... dd 51.82 -0.23 t -7.31 22.21 17.52 WesternUnion WU 4.3 dd 17.62 -0.31
-17.71 70.05 46.94 Bristol-Myers BMY 3.2 57 50.43 1.22 s 6.80 130.93 106.62 ErieIndemnity A ERIE 2.6 29 130.13 4.04 -7.46 39.62 28.37 LibertyFormOne C FWONK ... 20 31.61 -1.16 22.46 64.39 42.82 Rollins ROL 1.0 58 56.98 0.24 t -33.34 124.30 68.40 WestlakeChem WLK 1.4 6 71.01 0.25
-31.60 71.44 41.69 BritishAmTob BTI 5.9 2 45.82 -0.35 2.71 264.06 214.03 EssexProp ESS 3.0 44 247.91 -6.50 15.06 27.93 21.35 LibertyBraves A BATRA ... dd 25.37 -0.04 10.19 312.65 248.03 RoperTech ROP 0.6 28 285.38 20.04 t -24.57 25.67 18.22 WestpacBanking WBK 7.5 10 18.39 -0.11
-17.03 285.68 197.46 Broadcom AVGO 3.3 8 213.15 -9.09 -1.27 158.80 109.75 EsteeLauder EL 1.2 43 125.62 -0.79 14.36 27.96 21.53 LibertyBraves C BATRK ... dd 25.41 -0.08 20.54 100.58 62.59 RossStores ROST 0.9 24 96.73 0.33 -34.27 71.55 39.21 WestRock WRK 4.1 6 41.55 ...
26.07 138.24 84.81 BroadridgeFinl BR 1.7 32 114.19 -2.43 32.06 120.12 70.67 EuronetWorldwide EEFT ... 40 111.29 0.10 -2.52 48.56 38.52 LibertySirius C LSXMK ... 12 38.66 -1.24 t -11.65 87.10 71.01 RoyalBkCanada RY 4.1 11 72.14 -0.34 t -24.87 38.39 26.00 Weyerhaeuser WY 5.1 20 26.49 -2.46
-7.60 45.04 37.22 BrookfieldMgt BAM 1.5 15 40.23 -0.51 t -7.34 264.88 203.90 EverestRe RE 2.5 42 205.03 -2.52 t -2.60 48.57 38.54 LibertySirius A LSXMA ... 12 38.63 -1.27 t -23.30 8.74 5.82 RoyalBkScotland RBS ... 36 5.86 -0.25 -25.89 22.86 15.18 WheatonPrecMet WPM 2.2 23 16.40 0.20
t -16.16 46.88 36.93 BrookfieldInfr BIP 5.0 56 37.57 -0.55 ... 59.28 50.89 Evergy EVRG ... 24 56.12 -0.63 -0.30 45.40 37.77 LibertyProperty LPT 3.7 15 42.88 -0.82 -13.59 135.65 101.20 RoyalCaribbean RCL 2.7 12 103.07 -4.87 t -38.02 187.47 102.13 Whirlpool WHR 4.4 dd 104.53 -6.81
8.59 31.55 24.28 Brown&Brown BRO 1.1 17 27.94 -0.14 -0.65 66.15 52.76 EversourceEner ES 3.2 20 62.77 -0.90 25.96 116.61 73.69 EliLilly LLY 2.1 dd 106.39 -1.50 -7.20 73.86 60.62 RoyalDutchA RDS.A 6.1 13 61.91 -0.03 -20.24 33.67 24.00 Williams WMB 5.6 10 24.32 -0.70
-15.16 59.58 43.87 Brown-Forman B BF.B 1.4 30 46.61 -0.25 10.68 45.05 35.57 Exelon EXC 3.2 11 43.62 -0.23 t -24.70 86.68 57.55 LincolnNational LNC 2.3 6 57.88 -1.73 -6.36 76.99 61.92 RoyalDutchB RDS.B 5.9 13 63.95 -0.10 -7.75 165.00 134.50 WillisTowers WLTW 1.7 40 139.01 0.90
-5.40 57.70 41.00 Brown-Forman A BF.A 1.3 27 47.29 -0.34 0.61 139.77 98.52 Expedia EXPE 1.1 71 120.50 2.93 43.27 131.54 72.30 LivaNova LIVN ... dd 114.50 ... -21.13 127.61 77.97 Ryanair RYAAY ... 12 82.17 1.02 -6.58 5.99 4.50 Wipro WIT 0.6 19 5.11 -0.01
-33.56 57.19 32.03 BuckeyePtrs BPL 15.3 11 32.92 -0.54 0.99 78.16 56.45 ExpeditorsIntl EXPD 1.4 21 65.33 -0.89 17.59 55.26 35.94 LiveNationEnt LYV ... dd 50.06 -0.64 -6.19 127.16 99.20 SAP SAP 1.6 25 105.41 -1.13 -5.75 49.04 38.29 WooriBank WF 3.0 7 42.12 -0.50
-2.76 83.20 61.28 Bunge BG 3.1 dd 65.23 -0.89 26.31 97.22 58.58 ExpressScripts ESRX ... 11 94.28 -1.13 -23.47 4.21 2.81 LloydsBanking LYG 3.9 10 2.87 -0.05 1.19 217.31 153.25 S&P Global SPGI 1.2 26 171.41 -5.76 18.59 157.12 95.35 Workday WDAY ... dd 120.65 -5.19
38.80 175.48 88.64 BurlingtonStrs BURL ... 27 170.76 3.43 0.27 101.95 77.53 ExtraSpaceSt EXR 3.9 23 87.69 -0.58 -4.98 363.00 291.52 LockheedMartin LMT 2.9 28 305.05 -1.36 -7.44 177.67 145.99 SBA Comm SBAC ...630 151.21 -4.92 128.19 97.69 24.60 WW Ent WWE 0.7 97 69.78 -5.90
32.09 44.25 31.97 CA CA 2.3 40 43.96 0.06 -7.31 89.30 72.16 ExxonMobil XOM 4.2 16 77.53 -0.78 -9.65 53.59 44.78 Loews L 0.6 13 45.20 -0.55 -24.90 78.35 50.99 SEI Investments SEIC 1.1 17 53.97 0.93 22.92 103.50 67.71 Worldpay WP ... dd 90.41 -2.49
-10.48 25.12 17.91 CBD Pao CBD ... 18 21.10 -0.34 29.84 199.71 119.35 F5Networks FFIV ... 23 170.38 -1.09 4.64 49.96 32.66 LogitechIntl LOGI 2.0 27 35.20 -0.05 t -21.47 74.09 44.41 SINOPEC SHI 10.4 4 44.76 -1.39 t -40.38 203.63 97.24 WynnResorts WYNN 3.0 20 100.51 -2.71
t -10.48 50.43 38.05 CBRE Group CBRE ... 18 38.77 -0.57 -19.93 98.70 72.73 FMC FMC 0.9 10 75.79 -0.25 0.90 117.70 75.36 Lowe's LOW 2.0 20 93.78 -4.17 -4.69 28.97 22.66 SK Telecom SKM ... 6 26.60 -0.87 -5.37 116.27 68.28 XPO Logistics XPO ... 26 86.67 -3.55
-8.76 61.59 47.54 CBS B CBS 1.3 14 53.83 -0.85 t -17.62 218.62 143.80 Facebook FB ... 22 145.37 -5.58 71.55 164.79 59.93 lululemon LULU ... 52 134.82 -2.40 -9.65 106.53 89.46 SLGreenRealty SLG 3.6 25 91.19 -1.72 0.83 52.22 41.51 XcelEnergy XEL 3.1 20 48.51 -0.92
-9.87 61.70 47.98 CBS A CBS.A 1.3 14 53.88 -1.12 10.70 237.29 183.89 FactSet FDS 1.2 31 213.39 -2.36 -19.12 121.95 86.41 LyondellBasell LYB 4.5 6 89.23 0.03 21.76 60.97 39.15 SS&C Tech SSNC 0.6 47 49.29 -2.04 -6.04 37.42 23.52 Xerox XRX 3.7381 27.39 -0.35
-21.00 76.04 55.75 CDK Global CDK 1.1 20 56.31 -0.80 23.94 241.10 141.90 FairIsaac FICO 0.0 45 189.88 -6.74 11.71 29.76 22.51 StoreCapital STOR 4.5 40 29.09 -0.55 16.85 83.99 62.27 Xilinx XLNX 1.8 35 78.78 -0.62
14.65 90.50 65.59 CDW
4.33 56.51 33.50 CF Industries
CDW 1.1 20 79.67 -1.35
CF 2.7 18 44.38 -0.50
... 32.40 18.39 Farfetch
-9.76 61.14 46.40 Fastenal
FTCH
FAST
... ... 19.90
3.2 19 49.35
-0.29
0.04
MN -0.85 333.74 204.32 SVB Fin
12.83 26.78 17.86 Sabre
SIVB ... 15 231.79
SABR 2.4 18 23.13
-32.13
-1.16
-2.46 82.44 64.33 Xylem
-34.00 26.70 13.14 YPF
XYL
YPF
1.3 32 66.52
1.3 6 15.12
-0.33
0.63
7.82 66.53 51.16 CGI Group GIB ... 21 58.58 -0.98 -7.75 134.52 106.41 FederalRealty FRT 3.3 43 122.52 -0.69 -7.29 197.37 154.33 M&T Bank MTB 2.5 14 158.53 0.17 -27.32 195.97 59.65 SageTherap SAGE ... dd 119.71 0.17 -16.79 44.49 24.90 Yandex YNDX ... 13 27.25 0.25
-3.26 101.20 77.52 CH Robinson CHRW 2.1 21 86.19 -1.22 t -15.63 274.66 208.10 FedEx FDX 1.2 12 210.53 -3.25 -25.31 38.41 24.17 MGM Resorts MGM 1.9 8 24.94 -0.36 32.56 161.19 98.68 Salesforce.com CRM ...134 135.52 -5.28 5.11 92.21 74.26 YumBrands YUM 1.7 18 85.78 -1.14
22.31 183.79 134.09 CME Group CME 1.6 13 178.64 1.17 10.81 149.85 103.65 Ferrari RACE ... 32 116.17 0.79 -8.18 39.38 31.60 MPLX MPLX 7.7 15 32.57 -0.42 -0.93 48.01 37.43 Sanofi SNY 4.2 27 42.60 -0.48 -20.71 48.75 30.10 YumChina YUMC 1.3 23 31.73 0.41
4.12 51.91 40.48 CMS Energy CMS 2.9 26 49.25 -1.50 -10.20 24.95 15.19 FiatChrysler FCAU ... 6 16.02 -0.07 12.82 184.22 115.17 MSCI MSCI 1.6 34 142.76 -6.58 -5.32 21.81 14.75 SantanderCons SC 4.5 5 17.63 -0.22 -2.33 22.67 14.51 ZTO Express ZTO ... 18 15.48 -0.08
t -20.00 55.62 41.92 CNA Fin CNA 3.3 12 42.44 -0.36 32.99 22.05 13.34 FibriaCelulose FBR 0.6 24 19.55 -0.17 -21.50 69.73 49.41 Macerich MAC 5.8 94 51.56 0.11 119.93 176.50 46.13 SareptaTherap SRPT ... dd 122.37 -3.12 t -19.16 39.66 29.47 ZayoGroup ZAYO ... 73 29.75 -1.05
-24.78 15.64 9.67 CNH Indl CNHI 1.7 23 10.08 0.09 t -17.64 42.52 31.14 FidNatlFin FNF 3.7 13 32.32 0.20 28.50 41.99 17.41 Macy's M 4.7 6 32.37 -0.72 -4.27 39.73 28.31 Sasol SSL 3.2 31 32.75 -0.75 54.72 179.47 101.49 ZebraTech ZBRA ... 51 160.60 -2.30
20.47 202.38 129.03 CNOOC CEO 4.4 15 172.95 3.33 7.74 110.83 89.31 FidNatlInfo FIS 1.3 24 101.37 -1.55 28.49 330.00 205.22 MadisonSquGarden MSG ... 46 270.93 -5.42 -8.07 49.40 33.61 Scana SCG 1.4 ... 36.57 -0.80 64.54 72.76 29.57 Zendesk ZEN ... dd 55.68 -1.23
20.87 17.05 10.36 CPFLEnergia CPL 2.1 14 13.90 0.33 -14.77 34.67 24.10 FifthThirdBncp FITB 2.8 8 25.86 -0.01 -12.50 75.82 54.82 MagellanMid MMP 6.3 16 62.07 -0.96 t -21.50 80.35 51.84 Schlumberger SLB 3.8 dd 52.90 -0.40 -6.40 65.70 37.35 Zillow C Z ... dd 38.30 -3.35
-22.80 39.32 26.58 CRH CRH 1.6 13 27.86 0.69 -14.22 89.90 56.70 58.com WUBA ... 37 61.39 0.30 -14.66 67.47 45.73 MagnaIntl MGA 2.7 7 48.36 0.27 t -15.92 60.22 42.01 SchwabC SCHW 1.2 20 43.19 0.01 -6.21 65.42 37.29 Zillow A ZG ... dd 38.21 -3.25
19.83 76.24 48.26 CSX CSX 1.3 9 65.92 -0.47 29.26 26.62 14.73 FirstData FDC ... 12 21.60 -0.54 t -26.27 22.16 15.16 ManulifeFin MFC ... 20 15.38 -0.30 -7.27 62.70 36.07 Seagate STX 6.5 10 38.80 -3.81 -4.59 134.55 104.28 ZimmerBiomet ZBH 0.8 14 115.13 -7.02
-3.28 83.88 60.14 CVS Health CVS 2.9 24 70.12 -0.55 -0.02 106.75 84.47 FirstRepBank FRC 0.8 19 86.62 -0.65 10.40 24.20 13.39 MarathonOil MRO 1.1 dd 18.69 -0.10 3.36 84.37 47.75 SeattleGenetics SGEN ... dd 55.30 -10.05 -8.40 59.19 43.50 ZionsBancorp ZION 2.6 13 46.56 -0.59
-19.86 29.57 20.95 CabotOil COG 1.0 82 22.92 1.52 19.89 39.01 29.34 FirstEnergy FE 3.9 dd 36.71 -1.18 4.36 88.45 57.40 MarathonPetrol MPC 2.7 8 68.86 -1.10 5.51 127.22 100.48 SempraEnergy SRE 3.2 dd 112.81 -2.23 23.33 94.31 63.03 Zoetis ZTS 0.6 39 88.85 -1.62

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Edgewood Growth Instituti InvGrBd 10.82 +0.03 -1.6 John Hancock Instl IncomeFd NA ... NA BdIdxInst 10.37 +0.02 -2.1 TotIntBdIdxAdm 21.84 +0.04 1.4 TotIntBdIxInv 10.92 +0.02 1.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. EdgewoodGrInst 31.96 -0.74 8.1 LowP r 48.08 -0.64 -5.5 DispValMCI 21.30 -0.31 -8.6 PIMCO Funds I2 EqIdxInst 19.72 -0.33 0.4 TotIntlAdmIdx r 26.17 -0.22-12.7 WellsI 25.71 -0.07 -2.5
Fidelity MagIn 10.06 -0.18 0.8 JPMorgan Funds Income NA ... NA IntlEqIdxInst 18.04 -0.13-10.6 TotStAdml 66.11 -1.11 0.4 Welltn 40.53 -0.22 -1.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
500IdxInst 93.00 -1.63 1.0 OTC 11.23 -0.26 6.2 MdCpVal L 37.71 -0.68 -6.4 PIMCO Funds Instl VANGUARD ADMIRAL TxMIn r 12.50 -0.10-11.5 WndsrII 36.64 -0.49 -2.3
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
500IdxInstPrem 92.99 -1.64 1.0 Puritn 21.73 -0.24 ... JPMorgan R Class IncomeFd NA ... NA 500Adml 245.75 -4.32 0.9 ValAdml 40.12 -0.52 -1.3 VANGUARD INDEX FDS
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r CoreBond 11.17 +0.03 -1.5 BalAdml 34.05 -0.31 -0.4 WdsrllAdml 65.03 -0.87 -2.2 500 245.73 -4.33 0.9
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not 500IdxPrem 93.00 -1.63 0.9 SrsEmrgMkt 17.47 -0.18-18.4 Price Funds
ExtMktIdxPrem r 60.41 -0.77 -2.6 SrsGroCoRetail17.34 -0.42 4.3 CorePlusBd 7.97 +0.02 -1.5 BlChip 102.20 -2.48 6.1 CAITAdml 11.45 +0.01 -0.6 WellsIAdml 62.29 -0.16 -2.5 SmValAdml 53.45 -0.59 -5.0
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Lord Abbett F CapOpAdml r155.09 -2.89 1.0 WelltnAdml 69.99 -0.39 -1.6 TotBd2 10.27 +0.02 -2.1
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. IntlIdxPrem r 38.48 -0.28-10.8 SrsIntlGrw 14.61 -0.16 -9.5 EqInc 31.49 -0.43 -4.1
SAIUSLgCpIndxFd 14.28 -0.25 1.0 SrsIntlVal 9.45 -0.06-11.6 ShtDurIncm 4.15 ... 0.8 EqIndex 71.38 -1.26 0.8 EMAdmr 31.06 -0.32-17.0 WndsrAdml 72.76 -0.93 -7.1 TotIntl 15.64 -0.14-12.7
SerLTTreBdIdx 8.09 +0.05 -7.2 TotalBond 10.25 +0.02 -1.5 Metropolitan West Growth 64.84 -1.51 3.5 EqIncAdml 74.27 -0.80 -2.9 VANGUARD FDS TotSt 66.09 -1.11 0.3
Friday, October 26, 2018 TMktIdxF r 76.35 -1.28 0.3 First Eagle Funds TotRetBd 10.26 +0.03 -1.8 HelSci 75.44 -0.70 7.2 ExplrAdml 92.66 -1.16 4.8 DivdGro 26.73 -0.33 2.6 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD TMktIdxPrem 76.34 -1.28 0.3 GlbA 55.58 -0.48 -5.9 TotRetBdI 10.26 +0.03 -1.6 InstlCapG 39.97 -0.89 8.3 ExtndAdml 81.81 -1.05 -2.5 HlthCare r 208.25 -1.79 3.9 BalInst 34.06 -0.30 -0.3
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret USBdIdxInstPrem 11.11 +0.03 -2.0 FPA Funds TRBdPlan 9.65 +0.02 -1.6 IntlStk 16.46 -0.18-11.8 GNMAAdml 10.08 +0.02 -1.3 INSTTRF2020 21.88 -0.14 -2.9 DevMktsIndInst 12.52 -0.10-11.5
Fidelity Advisor I FPACres 33.11 -0.36 -4.0 MFS Funds Class I IntlValEq 13.00 -0.09-14.0 GrwthAdml 74.06 -1.68 3.2 INSTTRF2025 22.11 -0.17 -3.3 DevMktsInxInst 19.56 -0.17-11.5
American Century Inv Baird Funds EmMktCorEq 18.66 -0.24-18.4 ValueI 38.15 -0.44 -5.3 HlthCareAdml r 87.85 -0.75 3.9 INSTTRF2030 22.29 -0.19 -3.6 ExtndInst 81.81 -1.04 -2.5
Ultra 46.90 -0.98 8.0 AggBdInst 10.41 +0.03 -2.0 IntlCoreEq 12.42 -0.09-13.1 NwInsghtI 31.85 -0.66 1.6 Franklin A1 MCapVal 29.19 -0.40 -4.0
Fidelity Freedom CA TF A1 p 7.16 +0.01 -1.5 MFS Funds Instl
MidCap 88.41 -0.74 1.6 HYCorAdml r 5.64 -0.03 -0.3 INSTTRF2035 22.45 -0.23 -3.9 GrwthInst 74.07 -1.68 3.2
American Funds Cl A CorBdInst 10.75 +0.03 -1.8 IntlVal 17.42 -0.08-13.1 IntlEq 23.08 -0.16 -9.3 InfProAd 24.71 +0.13 -1.8 InPrSeIn 10.06 +0.05 -1.8
AmcpA p 31.44 -0.45 2.3 BlackRock Funds IntSmCo 18.09 -0.17-14.4 FF2020 15.62 -0.08 -3.4 IncomeA1 p 2.23 -0.02 -2.2 N Inc 9.06 +0.02 -2.2 INSTTRF2040 22.62 -0.25 -4.2
Nuveen Cl I IntlGrAdml 85.93 -1.12-10.1 InstIdx 242.44 -4.27 0.9
AMutlA p 40.34 -0.38 0.3 HiYldBd Inst 7.49 -0.02 0.6 IntSmVa 18.84 -0.17-17.6 FF2025 13.55 -0.08 -3.7 FrankTemp/Frank Adv NHoriz 58.41 -0.81 11.1 INSTTRF2045 22.72 -0.28 -4.5
HYMunBd 16.84 +0.01 0.8 ITBondAdml 10.85 +0.03 -2.2 InstPlus 242.46 -4.27 1.0
FF2030 16.84 -0.14 -4.3 IncomeAdv 2.21 -0.02 -2.1 OverS SF r 9.99 -0.10-11.7
BalA p 26.53 -0.20 -1.0 BlackRock Funds A TAUSCoreEq2 17.46 -0.25 -2.8 Oakmark Funds Invest ITIGradeAdml 9.33 +0.02 -1.8 INSTTRF2050 22.74 -0.28 -4.5 InstTStPlus 58.73 -0.98 0.4
Freedom2020 K 15.60 -0.09 -3.4 FrankTemp/Franklin A R2020 21.87 -0.14 -3.0
BondA p 12.42 +0.04 -1.9 GlblAlloc p 18.60 ... -5.2 US CoreEq1 22.28 -0.34 -1.3 EqtyInc r 30.62 -0.24 -4.9 LTGradeAdml 9.44 +0.02 -7.9 IntlVal 35.26 -0.27-11.6 MidCpInst 39.95 -0.70 -4.5
Freedom2025 K 13.53 -0.09 -3.7 RisDv A p 60.44 -0.36 -0.4 R2025 17.00 -0.14 -3.4
CapIBA p 57.58 -0.37 -6.1 BlackRock Funds III US CoreEq2 20.76 -0.30 -2.8 Oakmark 79.26 -1.56 -6.0 MidCpAdml 180.83 -3.17 -4.5 LifeGro 31.98 -0.33 -4.1 MidCpIstPl 197.01 -3.45 -4.5
CapWGrA 46.55 -0.49 -7.6 iShS&P500IdxK322.35 ... 2.7 US Small 34.26 -0.32 -4.1 Freedom2030 K 16.82 -0.14 -4.2 FrankTemp/Franklin C OakmrkInt 22.98 -0.19-19.6 R2030 24.97 -0.23 -3.7 MorgAdml 94.69 -1.85 4.4 LifeMod 26.00 -0.19 -3.3 SmCapInst 68.63 -0.88 -2.1
EupacA p 47.43 -0.44-13.2 BlackRock Funds Inst US SmCpVal 35.60 -0.30 -5.7 Freedom2035 K 14.11 -0.15 -4.7 Income C t 2.26 -0.02 -2.6 Old Westbury Fds R2035 18.21 -0.19 -4.0 MuHYAdml 11.02 ... -0.6 PrmcpCor 26.65 -0.49 -0.9 SmCapIstPl 198.10 -2.54 -2.1
FdInvA p 59.58 -0.90 -2.7 EqtyDivd 22.02 -0.27 -1.9 US TgdVal 22.93 -0.18 -7.2 Freedom2040 K 9.89 -0.11 -4.9 FrankTemp/Temp A LrgCpStr 13.68 -0.19 -5.4 R2040 26.09 -0.30 -4.2 MuIntAdml 13.70 +0.01 -0.7 SelValu r 26.87 -0.37-14.1 STIGradeInst 10.43 +0.01 0.3
GwthA p 50.39 -1.02 1.7 GlblAlloc 18.72 ... -5.0 USLgVa 36.29 -0.50 -5.9 Fidelity Invest Growth A p 24.95 -0.26 -8.5 Oppenheimer Y Value 35.13 -0.46 -5.9 MuLTAdml 11.19 ... -1.3 STAR 25.81 -0.20 -3.0 TotBdInst 10.30 +0.02 -2.0
HI TrA p 10.05 -0.04 1.6 StratIncOpptyIns 9.68 +0.01 -0.2 Dodge & Cox Balanc 21.86 -0.24 ... FrankTemp/Temp Adv DevMktY 36.63 -0.37-14.7 PRIMECAP Odyssey Fds MuLtdAdml 10.78 ... 0.5 TgtRe2015 14.98 -0.07 -2.3 TotBdInst2 10.27 +0.02 -2.0
ICAA p 38.68 -0.52 -1.8 Bridge Builder Trust Balanced 102.92 -1.04 -1.3 BluCh 89.68 -2.04 6.1 GlBondAdv p 11.60 -0.03 1.7 IntGrowY 36.26 -0.19-16.9 AggGrowth r 43.53 -1.05 -1.8 MuShtAdml 15.68 ... 1.0 TgtRe2020 30.47 -0.19 -2.9 TotBdInstPl 10.30 +0.02 -2.0
IncoA p 22.06 -0.14 -3.6 CoreBond 9.76 +0.02 -1.7 GblStock 12.69 -0.16 -8.4 Contra 12.51 -0.29 3.7 Harbor Funds PGIM Funds Cl Z Growth r 37.46 -0.81 0.6 PrmcpAdml r137.12 -2.00 2.6 TgtRe2025 17.88 -0.13 -3.4 TotIntBdIdxInst 32.78 +0.06 1.5
N PerA p 41.84 -0.67 -3.1 CorePlusBond 9.71 +0.02 -1.4 Income 13.30 +0.01 -1.0 ContraK 12.51 -0.29 3.8 CapApInst 72.08 -1.68 3.8 TotalReturnBond 13.88 +0.04 -2.2 Stock r 30.93 -0.64 -3.1 RealEstatAdml109.46 -2.71 -3.8 TgtRe2030 32.40 -0.29 -3.7 TotIntlInstIdx r104.65 -0.90-12.6
NEcoA p 43.73 -0.82 -2.0 Del Invest Instl Intl Stk 39.66 -0.29-14.4 CpInc r 9.63 -0.07 -2.0 IntlInst r 57.51 -0.39-14.8 PIMCO Fds Instl Principal Investors SmCapAdml 68.63 -0.88 -2.1 TgtRe2035 19.87 -0.19 -4.0 TotItlInstPlId r104.67 -0.90-12.6
NwWrldA 58.65 -0.41-12.4 Value 21.37 -0.21 0.8 Stock 196.04 -3.18 -1.7 DivIntl 35.01 -0.38-12.5 Harding Loevner AllAsset NA ... NA DivIntlInst NA ... NA SmGthAdml 57.11 -0.85 1.4 TgtRe2040 34.24 -0.38 -4.3 TotStInst 66.12 -1.11 0.4
SmCpA p 52.78 -0.64 -5.4 Dimensional Fds DoubleLine Funds GroCo 18.49 -0.46 3.5 IntlEq NA ... NA ShortT 9.88 -0.01 1.9 Schwab Funds STBondAdml 10.22 +0.01 0.1 TgtRe2045 21.47 -0.26 -4.6 ValueInst 40.12 -0.52 -1.3
TxExA p 12.62 +0.01 -0.9 5GlbFxdInc 10.91 +0.01 0.8 CoreFxdIncmI NA ... NA GrowCoK 18.50 -0.45 3.6 Invesco Funds A TotRt 9.91 +0.03 -1.4 S&P Sel 41.58 -0.73 0.9 STIGradeAdml 10.43 +0.01 0.3 TgtRe2050 34.55 -0.42 -4.6 Western Asset
WshA p 43.51 -0.46 -0.3 EmgMktVa 26.58 -0.24-13.9 TotRetBdI NA ... NA InvGB 7.62 +0.02 -1.9 EqIncA 10.32 -0.08 -4.8 PIMCO Funds A TIAA/CREF Funds TotBdAdml 10.30 +0.02 -2.0 TgtRetInc 13.11 -0.04 -1.8 CorePlusBdI 11.11 +0.03 -3.1
B10 | Saturday/Sunday, October 27 - 28, 2018 * ***** THE WALL STREET JOURNAL.

MARKETS

Declines Don’t Faze Tech Buyers

BY CORRIE DRIEBUSCH said.
Market
Signals
Chipped Away Jim Callinan, portfolio man-
The past week’s 3.8% de-
cline in the Nasdaq Composite
Index hasn’t shaken the faith
Semiconductor stocks have underperformed the rest of the tech sector.
Index performance, year to date Share-price performance
Month to date Year to date
ager at Osterweis Capital Man-
agement in San Francisco, said
he unloaded his stake in two
Bumps
of many investors in technol-
ogy shares.
When clients call Steven
15%
Facebook
Intel
–11.6%
–3.4
–17.6%
–1.0
tech companies he deemed
“lower quality.” Due to their
debt and leverage, he said he
Ahead
Dudash and ask the Chicago- 10 worried about their prospects BY ASJYLYN LODER
based financial adviser to sell Nvidia –29.4 2.5 in a rising interest-rate envi-
shares of Amazon.com Inc. ronment. Big technology stocks have
Alphabet –10.2 2.9
and Netflix Inc., he responds 5 Dan Morgan, a portfolio taken the brunt of the blame
this way: “No. I’m going to buy Tesla 25.0 6.3 manager at Synovus Trust Co., for October’s market decline,
you more.” Microsoft –6.5 25.0
is watching the volatility from but other factors have also
Mr. Dudash, whose IHT 0 the sidelines. “Six months ago, been at play: stock market
Wealth Management manages Apple –4.2 27.8 you couldn’t go wrong in technicals.
$3 billion, said he has been Twitter 13.7 34.8 tech,” he said. “It didn’t mat- These are psychologically
–5 Nasdaq Composite
buying up more consumer tech ter what you picked, it went important thresholds that of-
shares and selling some of cli- S&P 500 Amazon.com –18.0 40.5 up.” ten presage shifts in market
ents’ bonds and real-estate PHLX Semiconductor Index Netflix –19.9 56.2 His positions in tech behe- sentiment. The first cracks ap-
–10
stocks, which he views as hav- moths such as Amazon, Apple peared earlier this month and
J F M A M J J A S O AMD –42.9 71.5
ing poor prospects as interest and Google parent Alphabet laid the foundation for the
rates rise. “To me, this Sources: Dow Jones Market Data (indexes); FactSet (stocks) THE WALL STREET JOURNAL. are down this month, but he past week’s gyrations. Now,
screams go buy everything said he hasn’t seen shifts in the technical signals predict
you can,” he said. Amazon was down 7.8% and as semiconductors is softening. have slumped roughly 26% so consumer demand for iPhones more turbulence ahead.
An October stock rout is Alphabet was off 1.8%. Jason Tauber, a portfolio far this month, while IPG Pho- or changes in terms of projec- Certain prices, such as re-
placing investors like Mr. Du- For now, many investors’ manager for Neuberger Ber- tonics is down 14%. tions for advertising compared cent highs and lows and varia-
dash at a crossroads, and the belief in tech shares seems man’s Disrupters All-Cap “It’s been painful,” he said. with a month ago. tions on the 50-day and 200-
path they choose will have a largely unshaken despite the Growth strategy, has held on Although these companies More concerning to Mr. day moving averages, take on
significant impact on the mar- declines. Interviews with half a to shares of Cognex Corp., have been hit by a slowdown Morgan are comments about a symbolic importance. De-
ket’s course in coming dozen portfolio managers indi- which makes vision sensors in Chinese industrial orders, softening demand from execu- pending on market trends,
months. cate none are selling hot used by global manufacturers due in part to tariffs, Mr. Tau- tives at chip makers. those price levels can either
On Friday, sellers were out shares, though some have ex- including those in China, and ber said he still believes in Semiconductor stocks as establish a floor that supports
in force yet again in the wake pressed concern about the IPG Photonics Corp., which their ability to boost sales. “I measured by the PHLX Semi- falling prices, or impose a ceil-
of soft revenue figures from market environment and signs also sells its lasers to Chinese don’t think this is going to conductor Index are down 15% ing that resists a rally.
Amazon and Alphabet Inc. that demand for products such customers. Cognex’s shares spark a global recession,” he since the start of October. That’s why it was an omi-
nous sign when prices for S&P
500 eMini futures contracts

S&P 500 Deflated

Cumulative change in market value in October
day’s rebound and putting it
down 11% for the month.
Shares of Amazon slumped
Google parent Alphabet—has
taken nearly $350 billion off the
group’s market value, according
tumbled below key support
levels Wednesday. Those levels
are no longer a floor from

Flirts With $50 billion

0
$139.36, or 7.8%, to $1,642.81
to approach a bear market—a
decline of at least 20% from a
to Dow Jones Market Data.
In addition to Amazon and
Alphabet, lackluster results
which prices will naturally
bounce, but have become an
upper boundary that stocks

Correction –50 Amazon.com

recent high—while Alphabet
fell nearly 2%. Netflix slumped
to bring its October declines
and forecasts from executives
at a wide swath of companies
swung stocks. Disappointing
will struggle to push above.
“It’s called a change in po-
larity, when the old support
–100 to 20%, and Facebook and Ap- reports from Caterpillar and becomes new resistance,” said
Continued from page B1 ple, which both report earn- 3M battered major indexes Josh Lukeman, a managing di-
down in revenue, it makes –150 ings next week, also slipped. earlier in the week, while poor rector at Credit Suisse.
sense that those stocks could With Amazon’s drop, the e- sales targets from chip maker The thresholds might seem
fall, but what’s been upsetting –200 commerce firm’s market value Texas Instruments hurt the arbitrary, but many market
is you see everything coming Alphabet
fell to roughly $800 billion, semiconductor group. Nearly players believe in their signifi-
down,” said Craig Hodges, –250 lowering its ranking to the No. half the companies in the S&P cance, lending them heft. For
portfolio manager for Hodges 3 U.S. company by that measure 500 have posted third-quarter example, traders use them as
Funds. “I’m re- –300 Facebook behind Apple and Microsoft. results, with almost 60% ex- stop-loss signals, which is why
FRIDAY’S ally amazed at After Amazon hit a $1 tril- ceeding sales expectations, be- selling often accelerates after
MARKETS some of the –350 Netflix lion market cap in early Sep- low the one-year average of an important technical level is
prices I see.” October 5 12 19 26 tember, some analysts had an- 73%, according to FactSet. breached. That’s what hap-
Mr. Hodges said he has Source: FactSet THE WALL STREET JOURNAL.
ticipated it would soon Some analysts are predict- pened two weeks ago, and
been buying shares of materi- overtake Apple as the world’s ing more turbulence ahead, again on Wednesday.
als stocks and home builders week would put it in correc- for the year with Friday’s de- largest publicly traded com- amid reports of weaker-than- Those breaches left the
that have been engulfed by tion territory for the first time clines, and narrowly avoided pany. But investors have said expected consumption and market vulnerable to a down-
this week’s selling and are since February. The Dow Jones their worst week since March weaker-than-expected revenue higher input costs. draft. On Wednesday, declines
among the market’s worst per- Industrial Average declined following steep declines two has stoked fears about soften- “It has brought people to accelerated after the S&P 500
formers this year. 296.24 points, or 1.2%, to weeks ago. ing global demand. wonder, ‘Are these fantastic contract crossed below the
The S&P 500 dropped 46.88 24688.31. The Nasdaq Composite fell This month’s selloff in the fundamentals fading?’” said Oct. 11 low of 2712 and trig-
points, or 1.7%, to 2658.69 on The S&P 500 and the blue 151.12 points, or 2.1%, to so-called FANG stocks—Face- Jim Paulsen, chief investment gered stop-loss selling, Mr.
Friday. A dip of 0.8% next chips again turned negative 7167.21, paring much of Thurs- book, Amazon, Netflix and strategist at Leuthold Group. Lukeman said.

Oil Buoyed by Dollar; Stock

Selloff, Supply Worries Persist
BY STEPHANIE YANG cently been closely correlated barrel build. While geopolitical
AND CHRISTOPHER ALESSI with U.S. stocks. However, a risks have sparked worries
weaker dollar helped support over the availability of crude,
Oil prices reversed losses the market, as the WSJ Dollar the stockpile data suggests the
on Friday, as a weaker dollar Index fell 0.3% to 90.23. U.S. is well supplied.
outweighed a selloff in stocks. The dollar is up about 5% The number of rigs drilling
Light, sweet crude for De- year to date. That strengthen- for oil in the U.S. rose for a
cember delivery closed 0.4% ing has made commodities third week in a row, up by two
higher at priced in the U.S. currency, to 875 in the latest week, ac-
COMMODITIES $67.59 a barrel like oil, more expensive for cording to oil-field services
on the New foreign investors. company Baker Hughes. The
York Mercantile Exchange, af- Rising U.S. crude stockpiles U.S. oil-rig count is viewed as
TIM RUE/BLOOMBERG NEWS

ter trading as low as $66.37 have also weighed on the mar- a proxy for activity in the sec-
earlier in the session. ket in recent weeks, as refin- tor. After peaking at 1,609 in
Brent crude, the global ers have curtailed operations October 2014, the rig count
benchmark, gained about 1% to for maintenance. Inventories fell sharply as low oil prices
$77.62 a barrel. increased by 6.3 million bar- put downward pressure on
Global stock markets fell rels in the week that ended production. The oil-rig count
Friday, putting pressure on Oct. 19, exceeding analyst ex- has generally been rising since
crude prices, which have re- pectations for a 2.5 million- the summer of 2016. Rising U.S. crude stockpiles have weighed on the market. An oil tanker sits off the coast of California.

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
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Sym Hi/Lo Chg Stock
52-Wk %
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Continued From Page B8 52-Wk % 52-Wk % RoyalBkScotland RBS 5.82 -4.1 SummitMaterials SUM 11.98 -1.2 USA Tech USAT 5.32 -4.5
Dividend announcements from October 26.
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg RyderSystem R 54.16 -6.2 SummitTherap SMMT 1.72 1.6 US Concrete USCR 27.68 -1.6
Stock Sym Hi/Lo Chg PatrickIndustries PATK 42.01 -2.9 QTSRealtyPfdB QTSpB 98.63 -3.8 SI Financial SIFI 13.15 0.6 SunHydraulics SNHY 43.11 ... US Xpress USX 9.31 -4.1 Amount Payable /
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ON Semi ON 14.55 -4.7
PenneyJC JCP 1.31 -3.5 QuanexBldg NX 14.76 -0.5 SLGreenRealtyPfd SLGpI 24.61 -0.3 SunCokeEnerPtrs SXCP 14.02 -1.6 Unifirst UNF 143.68 -0.6
OncoMedPharm OMED 1.52 -6.1 Increased
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111 YI 7.52 1.7
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 THE WALL STREET JOURNAL.
Spelling Doom
For Muni Bonds
A 2010 prophecy wasn’t wrong—just early;
ills highlighted then have since become much worse
BY SPENCER JAKAB
Eleven years ago next week, a
then-obscure bank analyst made
the call of a lifetime when she said
Citigroup would be brought low
by bad mortgage loans. By the end
of the day hundreds of billions of
dollars in value had been lost in
U.S. stocks. The bank’s CEO would
resign days later.
Maybe it was overconfidence,
but when Meredith Whitney made
her second big call three years
later she violated the first rule of
punditry—never mention a number
and a date in the same sentence.
Her prediction on “60 Minutes”
that there would be “50 to 100 siz-
able defaults” on municipal bonds
over the next year proved wrong.
People in the municipal-bond busi-
ness, deluged by anxious clients,
were merciless in their criticism of
Ms. Whitney’s prediction.
Since then, a drastic decline in
the finances of state and local gov-
ernments has made it increasingly
likely that she will be remembered
as right, but early. Municipal-bond
investors should heed the warning.
There are $8 trillion in state
and local liabilities—a little under
half owed to bondholders and the
rest to pensioners. In what should
have been an ideal time to patch
the vulnerabilities that Ms. Whit-
ney highlighted, they have be-
come much worse. True, defaults
such as Detroit, Puerto Rico and
Stockton, Calif., have been rare,
but ratings firms and fund manag-
ers in the sleepy sector operate
under the assumption that every-
thing will somehow continue to
work out. Even the lowest-rated
state, Illinois, and all but the most
vulnerable cities, remain officially
investment grade and yields ha-
SEONGJOON CHO/BLOOMBERG NEWS
A Hyundai electric vehicle. Hyundai Motor’s latest results disappointed.
A Losing Bet in Korea
May Yet Prove a Win
Seoul’s nudge could help Elliott in Hyundai tussle
BY JACKY WONG
The war in Korea is dragging on
for activist investor Elliott Man-
agement, even though it has man-
aged to win some battles so far.
The $35 billion hedge fund, run
by billionaire Paul Singer, has been
pushing for reforms at the vast
Korean conglomerate Hyundai
Motor Group since April, when it
announced it had invested more
than $1 billion into three of the
group’s companies: Hyundai Motor,
Kia Motors and Hyundai Mobis.
The bet has yet to work out.
Shares in the three have dropped
by an average of 23% since then.
Hyundai Motor’s latest results
won’t help. The car maker re-
ported a 70% drop in operating
profit for its last quarter, much
worse than expected. The earnings
shortfall partly stemmed from
$440 million in one-off charges for
vehicle recalls related to faulty air
bags and engines. But Hyundai’s
sales have also been lackluster in
China, Korea and the U.S., which
together make up around 60% of
its sales volume.
Instead of hoping for the global
car market to rev up, the big prize
for Elliott is a revamp of Hyundai
Group’s corporate structure, which
it argues will unlock pockets of
* * * *
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
ven’t moved much relative to
Treasurys.
Using states’ and cities’ own fu-
ture-return assumptions, public
pension funds were 86% funded on
average on the eve of the financial
crisis, according to the Pew Chari-
table Trusts. Its most recent fig-
ures for fiscal 2016 show a $1.4
trillion shortfall and just 66%
funding. This was during a period
of dramatic recovery in stock mar-
kets, employment and property
values that underpin state and lo-
cal revenue.
Yet even Pew’s numbers are
rosy because states and cities have
discretion in determining how
much funds are expected to earn.
Trimming the average 7.5% as-
sumption by just a percentage
point would add $382 billion to
2016 net liabilities, says Pew.
If that sounds worrisome,
zooming in on the weakest links is
downright scary. The American
Legislative Exchange Council de-
termined that, using more realistic
assumptions, Connecticut, Illinois
and New Jersey are just 19.7%,
23.3% and 25.7% funded, respec-
tively. That is far worse than even
the worst major corporate pension
plans, which unlike state and city
ones are federally insured.
Because municipalities there
have less wiggle room, Illinois may
be ground zero for a wave of cash-
flow problems. Chicago suburb
Harvey had millions in tax revenue
garnished by the state this year
because it failed to make minimum
pension contributions, forcing
mass employee layoffs. Peoria says
that 100% of its sales tax will go to
funding pension contributions next
year. And Chicagoans’ net state
and local pension liability is nearly
$50,000 per citizen.
hidden value. On that front, Elliott
has scored some small victories.
Hyundai Motor announced nearly
$1 billion worth of share buybacks
and cancellations in April, just
weeks after the hedge fund had re-
vealed its stake. And in May,
Hyundai Mobis abandoned a plan
to sell its highly profitable after-
sales service business to another
company within the group, after
Elliott and other investors op-
posed the move on the grounds
that the deal price was too low.
Hyundai may soon have to re-
vive the deal, likely on improved
terms. The Korean government has
been pushing chaebols, or family-
run conglomerates, like Hyundai to
unwind their circular sharehold-
ings as such structures let found-
ing families keep a tight grip on
group companies, often at the ex-
pense of minority shareholders.
In this scenario, Hyundai Mobis
could be the best stock to follow
of the three. The hedge fund is
among several foreign investors
who together own nearly 50% of
the company, and who are likely to
push for fairer terms. Mobis al-
ready owns 21% of Hyundai Motor
despite its recent woes.
Investors sensing an eventual
victory for Elliott should take a
ride on Hyundai Mobis.
EXCHANGE
ON
THE
Illinois may be ground zero for a wave
of municipal cash-flow problems. Shown, an
abandoned elementary school in Chicago.
Mind the Gap
Illinois public pension funding
$250 billion
200
Liabilities
150
100
Assets
50
0 0
2003 ’05 ’07 ’09 ’11 ’13
Source: Pew Charitable Trusts
As they say, things don’t matter
until they matter: Cities can cut
back on basic services and rack up
IOUs without actually bouncing
checks to retirees or bondholders.
But rising interest rates and the
next recession may well be a tip-
ping point. Fiscal 2009 saw more
OVERHEARD
Synergy Pharmaceuticals
shareholders have quite a mess
on their hands.
The stock dove more than
70% on Friday morning, after
the biotech focused on gastro-
intestinal drugs announced re-
sults of its strategic review
Thursday evening. “To date, the
offers received to acquire Syn-
ergy have been significantly be-
low the company’s current mar-
ket value, and it has been
unable to consummate any
partnerships,” the company said
in a statement.
That wasn’t all. Synergy also
informed investors that sales
of its signature drug, the irrita-
ble-bowel-syndrome treatment
Trulance, have been worse than
anticipated “due to a highly
competitive market-access en-
vironment and slower than an-
ticipated overall market
growth.”
Synergy caused a stir last
year when it launched a promo-
tional campaign for Trulance.
That campaign included a cast
of emoji characters depicting an
array of 14 different bowel
movements which it called the
Poop Troop. Names of charac-
ters included Clogged Chris,
Runny Ron, and Mr. Smooth.
The company said that the
emojis would “allow people to
better express the physical and
emotional impact of chronic id-
iopathic constipation.”
Unfortunately, the latest
update shows those marketing
efforts have landed with a
thud.
Saturday/Sunday, October 27 - 28, 2018 | B11
Average funded level for U.S. public pensions
100%
80
60
40
20
’15 2003 ’05 ’07 ’09 ’11 ’13 ’15
THE WALL STREET JOURNAL.
than an 8% drop in state income
tax revenue and a blow to pen-
sions’ stock investments. Back
then, federal stimulus and a col-
lapse in borrowing costs eased the
sting. Today’s rising rates and the
current administration’s cooler at-
titude toward highly indebted blue
It Might Be a Selloff,
But Not a Bear Market
Despite rout, history says when it comes, it’s likely
to start with a whimper, not a roar
BY JON SINDREU
Sudden stock-market selloffs
have wrong-footed investors twice
in a single month. Yet the violence
of the rout may counterintuitively
be good news for stocks.
The S&P 500 is down 9.1% over
the past month, and the broader
MSCI All Country World has lost
8.5%. There is no clear explana-
tion: Investors have blamed
tighter monetary policy, trade ten-
sions and weakening economic in-
dicators outside of the U.S., but
these factors have been present
all year.
At the core of investors’ fears
lies the question of how much lon-
ger the stock market can keep
powering ahead after a remark-
able 10-year run. From this angle,
a bear market—defined as an eq-
uity drawdown of 20% or more—
seems likely to be lurking around
the corner.
But an analysis by U.S. invest-
ment bank Morgan Stanley, sur-
veying the past 65 years of the
S&P 500 and the past 27 years of
the MSCI All Country World, finds
that sharp initial drops are hall-
marks of run-of-the-mill correc-
tions, defined by drops of between
10% and 20% in equity prices.
On average, recovery follows
within six months, and a rally
within a year.
By contrast, bear markets typi-
cally start with deceptively gentle
drops.
From its last peak on Sept. 20
until the market close on Thurs-
day—35 days—the S&P 500 fell
7.8%. Judging by history, this
looks like a correction. These have
started with a median 6% fall over
the same length of time, com-
pared with 4% for bear markets.
In fact, following the 10 largest
35-day selloffs, stocks ended up
bouncing back in nine cases. Only
one eventually turned into a more-
sinister bear market. The current
rout falls in seventh place, while
the 2007 selloff that heralded the
LYNDON FRENCH FOR THE WALL STREET JOURNAL; EMOJI: SYNERGY PHARMACEUTICALS
states remove that safety net.
Higher rates also erase a once-
popular Hail Mary strategy—issu-
ing pension bonds. These work by
using a secure source of revenue
such as sales taxes to back a bond
that is then contributed to a pen-
sion fund. Because the assumed
rate of return for the pension fund
is higher than the bond’s interest
rate, things immediately improve
on paper, though often not in
practice. Chicago was considering
a $10 billion issue this summer.
When crunchtime comes, own-
ers of what are in theory ultrasafe
bonds—those backed by the taxing
power of issuers—may be in for
another rude surprise. In most
bankruptcies, pensioners have
been treated far better than bond-
holders.
When the muni market starts to
reflect the risks, investors will ask
why no one saw them sooner. Ms.
Whitney’s response from 2010
holds true: “’Cause they don’t pay
attention until they have to.”
Correcting the Market
Top 10 S&P 500 drawdowns since 1953,
performance on the 35 days after the peak
Correction Stocks went on to rebound
Bear Market Stocks kept falling
–11.9% Feb. 1980
–11.2 July '75
–11.0 July '90
–10.8 Nov. '74
–10.5
April 2010
–8.9 July '98
–8.8 Oct. '79
–7.8 (as of Thursday) Sept. '18
–7.1 Sept. '55
–6.9 Nov. '68
Source: Morgan Stanley Research, Refinitiv
global financial crisis—and a 36%
stock-market loss within a year—
doesn’t even enter the ranking: It
started with a 5% fall.
A likely explanation is that
markets don’t become smarter
overnight. Useful information that
shows the end of the economic cy-
cle drips in over time. Sudden
changes of heart on how to inter-
In an analysis of 10 large
35-day routs, stocks
bounced back in nine
cases.
pret the available data are more
often just irrational.
To be sure, the cycle will even-
tually turn, and more frequent
corrections may be another sign
that the end is nearer. Other indi-
cators, like increases in oil prices
and inflation-adjusted bond yields,
may herald trouble. On the other
hand, corporate-bond spreads, a
classic crisis bellwether, aren’t
flashing red just yet.
If history is any guide, the bear
market, when it finally comes, will
arrive with a whimper, not a roar.
B12 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.
 CULTURE | SCIENCE |
Beware,
Evil Spirits!
The folk roots of
Halloween are pagan,
Christian and more C3

POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. * * * *
After Shackleton
A doomed polar
explorer walks in the
footsteps of his hero
Books C7

Saturday/Sunday, October 27 - 28, 2018 | C1

The
Long Struggle for
Supremacy
In the
Muslim
World
Turks and Saudis have been
enemies for centuries.
Now the Khashoggi investigation
has rekindled their fierce rivalry
—and may upend the politics
of the Middle East.
BY YAROSLAV TROFIMOV

TWO CENTURIES AGO, in the fall of

1818, the Saudi monarch was brought
to Istanbul in chains. He was dis-
played in a cage to the cheering
crowds outside the Hagia So-
phia mosque, and then, amid
celebratory fireworks, his
head was chopped off.
This gruesome epi-
sode in the shared his-
tory of Turkey and
Saudi Arabia hasn’t
been mentioned in
public as the two
countries have clashed
over the Oct. 2 killing of the Saudi journalist Ja-
mal Khashoggi in the kingdom’s consulate in Is-
tanbul. But the long legacy of rivalry between
the two Sunni Muslim powers—both of them key
American allies—has fueled Turkish President
Recep Tayyip Erdogan’s determination to punish
the House of Saud for Mr. Khashoggi’s death.
In the wake of Mr. Khashoggi’s killing, Mr.
Erdogan proclaimed that Turkey “is the only
country that can lead the Muslim world.”
This, of course, is also the role that the House
of Saud sees as its natural right because of
the kingdom’s control over Islam’s holiest
sites in Mecca and Medina, and over the hajj
pilgrimage that brings more than two million
Muslims there each year.
In this contest, Iran—whose Shiite version of
Islam represents a small minority of the predom-
inantly Sunni Muslim world—can’t really com-
pete. For now, Tehran is happy to watch from the
sidelines as its two main regional rivals under-
mine each other and leave Western powers with
few good options for how to react.
Saudi Arabia’s 33-year-old Crown Prince
Mohammed bin Salman has tried to assert Ri-
yadh’s ambition to lead the Middle East ever since
his father ascended to the throne in 2015. In a major departure from
Saudi Arabia’s previous policy of behind-the-scenes checkbook diplomacy, Prince Moham-
med has built a coalition of Sunni states such as the United Arab Emirates and Egypt to
launch a war against Iranian allies in Yemen. He imposed an embargo that unsuccessfully
sought regime change in Qatar. He also attempted to meddle in Lebanese politics by forc-
ing that nation’s prime minister to announce during a stay in the kingdom that he would
resign, a decision that the prime minister rescinded once he was home.
Saudi Arabia and its allies also have relentlessly pursued the
Muslim Brotherhood, an Islamist political movement hostile to
Tehran is happy to watch U.S. influence in the region (its affiliates include Hamas). Though
professing a commitment to democracy under Islamic law, the
from the sidelines as its Brotherhood has turned autocratic when in power in Egypt and
two main regional rivals Sudan. Mr. Erdogan has supported the group across the Arab
world since the 2011 revolutions of the Arab Spring, and Mr.
undermine each other. Khashoggi was sympathetic to some of its aims.
Mr. Erdogan has made several efforts to resist Saudi Arabia’s rise.
He sent Turkish troops to protect Qatar, ousted Saudi allies from So-
malia and announced a deal to lease an island across the Red Sea from Saudi Arabia in Sudan,
possibly for a military base. He has also become a vociferous champion of traditional Muslim
causes, such as Palestine, and of new ones, such as the suffering of the Rohingya in Myanmar.
Istanbul has turned into a favorite hub for Islamist dissidents from across the Arab world.
“The Turkish president’s foreign policy strategy aims to make Muslims proud again,” said
ILLUSTRATION BY EDEL RODRIGUEZ

Soner Cagaptay, a scholar at the Washington Institute for Near East Policy and the author of
a recent biography of Mr. Erdogan, “The New Sultan.” “Under this vision, a reimagined and
modernized version of the Ottoman past, the Turks are to lead Muslims to greatness.”
There is a long history behind that claim. For four centuries, the sultan in Istanbul was
Please turn to the next page

Inside
JASON GAY WEEKEND EXHIBIT
Midterm CONFIDENTIAL

We complain
about working Losers Elaine Pagels,
Beastly Beauty
Our views of
crazy hours but brag Elections for Congress groundbreaking animals have
about it, too. Is that a have been trouble for scholar of reli-
incumbent presidents evolved with the
sane way to run a life ever since the bitter gion, shares her ways that we
or a business? C6 contest of 1826. C2 own history. C6 depict them. C5
C2 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

REVIEW
Turkey’s President
Erdogan (right) met with
Saudi Prince Mohammed
bin Salman at a G-20
summit in China in 2016.
thirsty murderers who had
plundered the holy city of
Karbala in Ottoman Iraq,
slaughtering 4,000 civilian
inhabitants (most of them
Shiite), and later destroyed
many shrines in Mecca and
Medina. To celebrate the
demise of the Saudi state
and the liberation of the
two holy mosques, the Ot-
toman sultan even released
debtors from jail across his
realm.
In the following de-
cades, a different branch of
the House of Saud rebuilt
Diriya and reconquered
much of the Arabian penin-
sula, prompting another
Ottoman military invasion
in 1871. Moving quickly
down the Persian Gulf
and his decision to imprison an American pas-
tor, Andrew Brunson, while seeking the extradi-
tion of a Pennsylvania-based cleric whom Tur-
key accuses of organizing the 2016 coup attempt
—all of which alienated Washington.
Now, with the Khashoggi affair igniting
global outrage, Mr. Erdogan has seized his
chance. Turkey’s recent release of Mr. Brunson
has allowed a thaw in relations with Washing-
ton. A series of leaks by Turkish officials, mean-
while, has forced Saudi Arabia—which initially
insisted that Mr. Khashoggi had walked out of
the consulate alive—to make an embarrassing
about-face, admitting that the journalist was in-
deed killed by a specially dispatched team on its
own diplomatic premises. The Saudis have dis-
missed two senior officials close to the prince
over the incident and have continued to back-
track, saying on Thursday that the killing was
premeditated and not, as they initially claimed,
the accidental outcome of a “brawl.”
Mr. Erdogan wants the Saudi suspects to
stand trial in Turkey and has pointed his finger
at the highest levels of the Saudi state. Though
Mr. Erdogan himself hasn’t accused Prince Mo-
hammed of killing Mr. Khashoggi, the Turkish
leader’s closest aides have done precisely that.
Prince Mohammed “is one of the culprits of the
murder,” and Saudi Arabia is facing “arguably
the most difficult process since it was founded,”

A Tense Past parliament, opposition parties and a civil soci- coast, the Ottomans deprived this second Saudi
ety—while Saudi Arabia has nothing like that.” state of much of its territory, seizing the eastern
Indeed, today’s kingdom of Saudi Arabia is a lands that were later found to contain most of
wrote Saadet Oruc, one of Mr. Erdogan’s senior
advisers, in a Turkish newspaper this week.
Prince Mohammed “has Khashoggi’s blood on
Divides monarchy as absolute as they come. It’s also the the kingdom’s oil. Over the next few years, a ri-
third state run by the House of Saud since the val Arabian tribe loyal to Turkey finished off
his hands” and the murder will “linger like a
curse” over the prince, concurred another ad-

Muslim Rivals
Continued from the prior page
also the religious leader, or caliph, of the entire
Muslim world. His spiritual authority was recog- two Saudi states ceased to exist.
nized well beyond the borders of the Ottoman
Empire, which at its peak included parts of cen- ditionary corps comprised mostly of Turkish and cles took part in those battles against the Turks
tral and eastern Europe, north Africa and the Albanian soldiers seized the Saudi capital of Di- and their local allies.
Arabian peninsula.
The caliphate was abolished only in
1924, six years after the Ottomans lost
control over Mecca and Medina to a Brit-
ish-sponsored Arab revolt during World
War I. The modern, secular Turkish Re-
public, which rose from the remnants of
the Ottoman Empire after its defeat by
the Allied powers, banished the last sul-
tan, Mehmed VI, to Europe in 1922. With
the Ottomans gone, the House of Saud
quickly expanded from its desert strong-
holds to much of the Arabian peninsula,
first capturing Mecca and then establish-
ing a powerful new state in 1932.
Mr. Khashoggi, as it happens, hailed
from a Turkish family that settled in
Arabia in the Ottoman age—which is
why Turkish newspapers usually spell
his surname the Turkish way as Kasikci,
which means a spoon maker, to signal
his kinship with the country.
Until Mr. Erdogan’s embrace of neo-
family’s alliance with the puritan preacher Mo- what remained of the second Saudi realm.
hammed ibn Abdel Wahhab rallied the Bedouin All of this is not quite ancient history. The fa-
of the Arabian peninsula under the banner of an ther of Saudi Arabia’s current King Salman and
uncompromising new creed (since known as the founder of the current Saudi state, King Ab-
Wahhabism) in 1745. dulaziz, went from being a vassal of the Otto-
Turkey is the main reason that the previous mans to fighting against the Turks during World
War I, when he helped to expel them from Ara-
The first disappeared when an Ottoman expe- bia for good. Some of Prince Mohammed’s un-
riya, on the outskirts of Riyadh, on Sept. 11, 1818. The Saudis have worked hard since then to
eliminate remaining traces of their coun-
try’s Ottoman past. In 2002, they razed
the historic Ajyad fortress in Mecca, one
of many ancient Ottoman buildings that
have gone under Saudi bulldozers. “The
Saudi royal family will never forget how
the Ottoman—the Turkish—soldiers
came twice and destroyed their state.
People tend to forget it in good times,
but it comes back again and again,” said
Abdulkhaleq Abdulla, a prominent politi-
cal scientist and former professor in the
United Arab Emirates.
The U.A.E. had its own spat with Mr.
Erdogan last December over the Turkish
record in Saudi Arabia, after the Emirati
foreign minister retweeted a post accus-
ing Fakhreddin Pasha, the last Ottoman
governor of Medina, of looting. The gov-
ernor had the holy city’s ancient library
shipped to Istanbul before Medina was
besieged in the Arab Revolt, then re-
viser, Ilnur Cevik.
Mr. Erdogan’s aim seems to be to render
Prince Mohammed unpresentable on the world
stage. More ambitiously, he may hope to pres-
sure the prince’s father, Saudi Arabia’s elderly
King Salman, to anoint another successor. “Tur-
key ultimately wants to erode the influence of
MbS internationally, regionally, and to the ex-
tent possible, domestically,” said Sinan Ulgen,
head of the Edam think tank in Istanbul, refer-
ring to the crown prince by his initials. “And al-
ready, his image as a reformist leader has been
tarnished.”
Prince Mohammed, who made a phone call to
Mr. Erdogan on Wednesday, insisted in his first
public appearance since Mr. Khashoggi’s death
that relations between Turkey and Saudi Arabia
remain excellent. Prince Mohammed added that
as long as he, King Salman and Mr. Erdogan re-
main in power, nobody would be able to drive a
wedge between the two brotherly Muslim nations.
In Ankara, however, memories are still fresh of
how Prince Mohammed just a few months ago, on
a visit to Egypt, bluntly described Mr. Erdogan as
part of a “triangle of evil” alongside Iran and the
extremists of Islamic State.
Though Saudi Arabia is far more repressive
than Turkey, which does have some independent
press and opposition parties, both countries are
among the world’s worst human-rights abus-
ers—as, of course, is Iran. Turkey under Mr. Er-
dogan has imprisoned more journalists than any
other state, press-freedom groups say. It has
FROM TOP: KAYHAN OZER/ANADOLU AGENCY/GETTY IMAGES; GETTY IMAGES

Ottoman politics—and more authoritar- fused to surrender, ordering the starving also pursued opponents abroad with its own
ian rule—a decade or so ago, the modern Turkish soldiers to subsist on grasshop- program of renditions, though it doesn’t have a
Turkish state wasn’t much interested in pers even after the Ottoman sultan con- death penalty.
leading the Muslim world and was con- The Ottoman Empire’s last Sultan, Mehmed VI, in 1922 ceded defeat in 1918. Mr. Erdogan com- Thanks to the Khashoggi affair, however, Mr.
tent to leave religious proselytizing to before he was banished by the new Turkish republic. plained of the Emirati minister’s Erdogan’s Turkey can finally credibly claim the
Saudi Arabia. Turkey joined NATO, “impudence,” and Ankara renamed the moral high ground—a major boon for Ankara’s
sought membership in the European street on which the U.A.E. embassy is lo- regional ambitions.
Union and nurtured close military links with Is- The city was razed. According to a Russian diplo- cated after the governor, whom Turkey consid- “One of the astonishing ironies of the entire
rael. matic dispatch, the Turkish sultan then had the ers a war hero. episode is how the leading jailer of journalists in
Mr. Erdogan’s new Turkey, by contrast, pres- captured Saudi ruler, Abdullah bin Saud, escorted Until Mr. Khashoggi’s death, the Saudi-led al- the world is now a paragon of press freedom
ents a major challenge to Saudi Arabia by offer- to Istanbul, alongside the chief Wahhabi cleric. liance with the U.A.E. and Egypt seemed to be and protections,” said Steven Cook, a senior fel-
ing an alternative Islamic model, said Madawi al After the deposed Saudi monarch was beheaded on the winning side across the region, with Tur- low for the Middle East at the Council on For-
Rasheed, a Saudi professor at the London School outside the Hagia Sophia, his body was propped key able to depend only on Qatar and possibly eign Relations in Washington. “Not only that,
of Economics and the author of a history of up in public for three days with his severed head Sudan. In part that was because of President but Turkey, which has been a wholly irresponsi-
Saudi Arabia. “It is an existential threat to Saudi under his arm. (As for the Wahhabi imam, he was Donald Trump’s early bet on Prince Moham- ble actor on Iran, Syria, Middle East peace, even
Arabia because of Turkey’s combination of Islam sent to Istanbul’s bazaar for beheading, the diplo- med—a cornerstone of his strategy to contain stability in the Horn of Africa, now looks like a
and a kind of democracy,” she said. “After all, mat reported.) Iran. It was also a result of Mr. Erdogan’s own source of regional stability in comparison to the
Erdogan is still ruling over a republic that has a In Ottoman eyes, the Saudis were blood- moves, such as his overtures to Iran and Russia reckless Saudis.”

Midterms: an even more impressive 37

seats in the midterms. And
in the 1938 midterms, the

Bad News for continuing Depression and

Franklin Roosevelt’s unpop-
ular plan to pack the Su-

Incumbents preme Court resulted in a

GOP gain of 81 seats.
But even in elections with

Since 1826 no single, burning issue at

BY DAVID S. HEIDLER
AND JEANNE T. HEIDLER
THE MIDTERM ELECTIONS are ap-
proaching, and polls suggest that the
Democrats are likely to pick up seats
in the House of Representatives. If
they do, it won’t come as a surprise,
since—as political commentators
love to remind us—midterm elec-
tions almost always go against the
president’s party.
This is not a recent trend. In fact,
it is nearly 200 years old. The election
of 1826 was the first time that mid-
term elections resulted in a significant
defeat for the party of the incumbent
president—at that time, John Quincy
Adams. The setback for Adams was a
direct response to his victory in the
unusual election of 1824, when his
chief rival for the presidency, the
charismatic ex-general Andrew Jack-
son, won a plurality in both the popu-
lar vote and the Electoral College.
But because Jackson failed to win
(something that has never happened
since). When the House chose Adams
as president, Jackson’s supporters
decried the defiance of the people’s
will. They also charged that Adams
had stolen the presidency with a
“corrupt bargain,” winning the sup-
port of House Speaker Henry Clay by
agreeing to give him the plum post
of secretary of state in the Adams
administration.
For the congressional elections of
1826, the indignant Jackson men
mounted a concerted effort to na-
tionalize what previously had been
local contests. For the first time,
midterms became a referendum on
the previous presidential election.
An aggressive and unprecedented
attack ensued. Jackson’s allies did
more than criticize President Adams
and his policies; they tried to per-
suade voters that he was unfit for of-
fice. Although Adams was one of the
most principled men in public life,
Jackson’s supporters successfully por-
stake, the president’s party
usually ends up losing con-
gressional seats. In the 47
midterm elections since 1826,
the president’s party has lost
seats in 41 of them. In only
three election years—1934,
1988 and 2002—has the pres-
ident’s party defied the trend
and gained seats.
Supporters of Andrew Jackson (right) rebuked President John Quincy Adams What explains the dura-
(left) at the polls, setting a precedent for future midterm elections. bility of this phenomenon?
Perhaps supporters of a win-
of corruption became immaterial. first to feature campaign techniques ning presidential candidate become
Every Adams administration ini- that became standard practice for fu- complacent, while voters on the los-
tiative, whether foreign or domestic, ture contests. Such vigorous and or- ing side get energized and seek re-
was denigrated in the press and hob- ganized opposition was something dress. It may also be that dissatisfac-
bled in Congress. The charge of cor- new in American politics, and it gave tion with current conditions, even if
ruption veined every criticism, in- midterm elections a prominent role they’re beyond the control of the
cluding the groundless one that during future critical moments in the president, tends to cause a backlash
Adams was filling the executive man- country’s history. against the most visible incumbent.
sion with frivolous luxuries pur- In 1862, Democrats successfully But there’s no doubt that 1826
chased at the public’s expense. The reprised the tactics that had worked marked a sea change in American
Jackson camp also targeted repre- against Adams to oppose Abraham politics. Ever since, midterm elec-
sentatives who had voted for Adams Lincoln. Exploiting voter discontent tions have been a crucial test for po-
in the House but whose constituents over the lengthening Civil War, litical leadership, one that even pop-
had voted for Jackson. The combina- higher taxes and infringements on ular presidents can fail.
tion of unrelenting attacks and ag- civil liberties, Democrats gained 28
gressive campaigning decided the seats, forcing Lincoln Republicans to Mr. and Mrs. Heidler are the au-
GETTY IMAGES (2)

the majority required for victory, it trayed him as a cheater. The phrase 1826 midterm elections. Jackson sup- court independents to retain control thors of “The Rise of Andrew Jack-
fell to the House to choose a new “corrupt bargain” was repeated so of- porters gained nine seats and a nar- of Congress. Eight years later, dis- son: Myth, Manipulation, and the
president under the terms of the ten that the details of the alleged bar- row 113-100 majority in the House. gust over the scandals of the Grant Making of Modern Politics,” re-
Constitution’s Twelfth Amendment gain and the lack of any real evidence The elections of 1826 were the administration saw Democrats gain cently published by Basic Books.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | C3

REVIEW
ROBERT NEUBECKER; ISTOCK (PUMPKIN)

The Multicultural Past of with parades in San Francisco’s Castro district and New
York’s Greenwich Village.
While Halloween is beloved by many Americans, how-

Our Commercial Halloween

Ancient pagans, medieval Christians and Irish immigrants
helped to create the holiday we know today
BY REGINA HANSEN
ever, it is not entirely without controversy. Because of
the holiday’s pagan origins and its perceived association
with witchcraft and the devil, some evangelical Chris-
tians prefer to celebrate October 31 as Reformation
Day—the date when, according to tradition, Martin
Luther nailed his 95 theses to the door of Witten-
berg’s Castle Church, launching the Protestant Refor-
mation. Other churches sponsor variations on haunted
houses that portray terrifying dioramas of the
pains of hell.
Nor are religious groups the only ones
Halloween traditions, including mas- to object to Halloween. In recent years,

H
alloween has come a long way from its
earliest origins in the Celtic autumn festi-
val of Samhain, which was celebrated in
the British isles before the arrival of
Christianity. Later historians recorded
that Samhain involved lighting bonfires against the on-
set of winter darkness and making offerings of crops
and livestock to appease threatening otherworldly
forces. Today, by contrast, people make offerings of
sweets to placate the little Wonder Women and Harry
Potters who come to their doors (full-size candy bars
preferred), or else they dress as zombies or “sexy
nurses” to attend haunted houses and slasher films.
Yet ancient echoes can still be heard in today’s holi-
day. In the mid-8th century, Pope Gregory III declared
querading, fortune-telling games a number of public schools have can-
and parading through the neigh- celed Halloween festivities because it
borhood asking for fruit, nuts and takes away from class time. They
coins. also wish to avoid excluding chil-
In some places, Halloween ob- dren whose families don’t celebrate
servances mixed with the secular the holiday.
“play parties” that took place As the pagan and Christian reli-
around harvest time. These in- gious elements of Halloween have re-
cluded ghost stories and opportu- ceded, they have given way to com-
nities for young people to meet and mercial practices. Already by the 1950s,
court each other. The Irish also con- store-bought Halloween candy had all but
tinued the practice of carving creepy replaced homemade treats. Today, Hallow-
lanterns out of vegetables, though now een-themed merchandise fills several aisles in
they used pumpkins, which were everywhere stores such as Target and Walmart. A survey by
in America and easy to carve. To this day, Hallow- the National Retail Federation notes that consumers
een is celebrated primarily in North America, although will spend $9 billion on Halloween celebrations this

that All Saints Day would be celebrated on November 1.
In English, All Saints Day was also known as All Hallows
Day, so the night before, October 31, became All Hallows
Eve, or Halloween. The Christian holiday was observed
with masses and prayers, but in parts of the British Isles
people also continued the old rituals associated with
Samhain—building bonfires, ringing bells and lighting
candles to scare away evil spirits.
Many of the practices associated with Halloween to-
day may be traced back to these medieval celebrations.
Trick or treating, for instance, recalls the practice of
“souling,” in which people would go door to door beg-
ging for “soul cakes”—small currant biscuits which were
offered in exchange for prayers (and probably also to
make the beggars go away). Costumes, too, have long
been a part of Halloween: In the Middle Ages, people
would disguise themselves in order to fool any evil spir-
its that might be wandering about. In Ireland, people
would carry candles in hollowed out turnips, carved
with grotesque faces—a precursor of the jack-o’-lantern.
Halloween may have arrived in America as early as
the colonial period, brought by the Scots who settled in
Appalachia. But it did not become well known until the
19th century, when Irish immigrants introduced their
it has become known to children around the world
thanks to American movies and TV shows.
Almost as soon as Halloween took root, attempts
were made to tame the celebration. The holiday’s repu-
tation as a night of mischief spread quickly: Many young
men embraced the night’s license to drink, misbehave
and commit small—or sometimes not so small—acts of
vandalism, such as turning over outhouses, digging up
gardens, stealing jack-o’-lanterns and even setting fires.
As early as the 1870s, ladies’ magazines included sug-
gestions for safe and organized Halloween celebrations,
complete with crafts and parlor games. By the 1920s,
cities and towns were establishing community Hallow-
een parties and parades.
During these years, the practice of begging for nuts
and fruit evolved into the tradition of children going
trick-or-treating, and Halloween became known as a
children’s holiday. But in recent decades it has been re-
claimed by adults, who relish the night’s freedom from
inhibition, the chance to try on new identities and often
to dress more provocatively than is usually acceptable.
A large part of Halloween’s renewed popularity with
adults can be attributed to the LGBTQ community,
whose public Halloween celebrations began in the 1970s
“
year, with less than a third going for candy.
Even so, for many people the holiday is not com-
pletely divorced from its religious roots. In the Catholic
Church and some mainline Protestant denominations, All
As soon Saints Day is still observed as a religious holiday, with
as the the month of November given over to prayers for the
dead. At the same time, modern-day Wiccans and neopa-
holiday gans celebrate a revived Samhain, sometimes in con-
took root, junction with Halloween and sometimes as a separate
holiday. Observances may include anything from the tra-
attempts ditional bonfires to a harvest meal with friends.
were For its part, the secular celebration of Halloween,
with its costumes and decorations, seasonal theme parks
made to and annual television specials, continues to resonate
tame it. with primal themes—darkness and fear, harvest and
nourishment, courtship and sex, the allure and rejection
of the supernatural. And it continues to be a holiday
that emphasizes community. How else to explain all
those people waiting at their doors to give free candy to
strangers? Even in 2018, Halloween can still be a way of
encountering the sacred.
Dr. Hansen is Master Lecturer of Rhetoric at Boston
University’s College of General Studies.

mous cinematic depiction. heads are monstrous enough to

Twenty years later, Franken- earn the “Frankenfish” appella-
words would take off as con- tion.) And you don’t even need

A Monstrous
cerns grew over the cultivation a “Frankencow” to produce a
of genetically engineered crops. “Frankenburger,” the nickname

Prefix
WORD ON
Haunts the
THE STREET
BEN
ZIMMER Language
IT HAS BEEN two hundred
years since the anonymous
publication of a novel that
would capture the world’s
imagination: “Frankenstein; or,
The Modern Prometheus.” As
would later be revealed, the
gothic masterpiece was writ-
into a productive source for
linguistic innovation, generat-
ing countless “Frankenwords.”
“Frankenstein,” as many a
pedant will explain, is the name
of the story’s scientist and not
the creature he brings to life in
the laboratory, but that confla-
the raw material for all sorts of
hybrid concoctions. Just the
first two syllables, “Franken-,”
is enough to conjure the Fran-
kensteinian image of a
stitched-together monstrosity.
“Frankenwords,” as University
of Edinburgh linguist Geoffrey
In 1989, as recorded in the Ox-
ford English Dictionary, Lon-
don’s Sunday Times carried the
headline, “Fear of Frankenstein
food.” That was telescoped into
“Frankenfood” in 1992, when
Paul Lewis, an English profes-
sor at Boston College, wrote a
letter to the editor of the New
York Times. “If they want to
sell us Frankenfood, perhaps
it’s time to gather the villagers,
light some torches and head to
the castle,” Mr. Lewis wrote.
“Frankenfood” soon flour-
ished, spawning other Franken-
words for genetically altered
British tabloids have given a
lab-grown beef patty developed
from cow stem cells, unveiled
by Dutch scientists in 2013.
On the meteorological front,
“Frankenstorm” has been used
for hybrid weather phenomena,
most notably Hurricane Sandy
in 2012, when it merged with
an inland snowstorm and a
nor’easter. (“Snor’eastercane”
was another suggestion.)
Though “Frankenstorm” ap-
peared in a National Weather
Service advisory about Sandy,
some news outlets like CNN
avoided using the word for fear

[Franken–]
ten by the English author
Mary Shelley when she was
still a teenager. Shelley’s cre-
ation has continued to reso-
tion of charac- Pullum has noted, are “formed food products, like “Franken- of trivializing the storm.
ters is nothing via the sort of unnatural com- crops,” “Frankenfruit,” “Fran- Mary Shelley’s spooky leg-
new. During a bination of parts that the ‘fran- kenplants,” “Frankencorn,” and acy has clearly pervaded the
visit to Sicily in ken-’ part alludes to.” “Frankenveggies,” all raised by English lexicon. And if you
1838, future Brit- Franken-coinages started off “Frankenfarmers.” Tinkering would like to celebrate the bi-
ish prime minis- innocuously enough with the with the genes of animals centennial of “Frankenstein”
ter William E. strawberry-flavored breakfast raised anxieties over the cre- this Halloween, you’re in luck,
Gladstone remarked on the hy- cereal Franken Berry, intro- ation of “Frankencows” and as the novel will be read pub-
brid nature of mules, the off- duced by General Mills in 1971 “Frankenfish.” (Keeping with licly in its entirety at the Li-
spring of horses and donkeys: alongside its chocolate counter- the horror theme, “Franken- brary of Congress and other
“They really seem like Franken- part Count Chocula. Ads for the fish” was also the title of a venues around the world. The
RUTH GWILY

nate as a cultural touchstone steins of the animal creation.” cereal featured a cartoon ver- 2004 monster movie about ge- international series of readings
to this day, with the very Over time, the word “Fran- sion of Frankenstein’s monster, netically engineered snakehead is called, naturally enough,
name “Frankenstein” turning kenstein” itself would become a knockoff of Boris Karloff’s fa- fish, though real-life snake- “Frankenreads.”
 C4 | Saturday/Sunday, October 27 - 28, 2018
MIND AND MATTER
SUSAN PINKER
When It Comes
To Sleep, One
Size Fits All
I’D ALWAYS thought that
our need for sleep, like
our appetite for food,
drink or social contact,
was a personal matter:
Some people need more, some need
less. Age, lifestyle, work and metabo-
lism combine to determine how much
sleep a person needs to function, and
if some people thrive on five hours a
night and others require seven, chalk
it up to different strokes for different
folks, right?
Wrong. A new study of the sleep
habits of more than 10,000 people
around the world suggests that the
amount of sleep adults need is univer-
sal. The massive survey, published in
the journal Sleep, demonstrates that
adults everywhere need 7-8 hours a
night—no more and no less—in order
to be mentally limber. When we habit-
ually stint on those hours, higher-or-
der cognitive processing—such as the
ability to see complex patterns and
solve problems—is compromised.
The lead author of the study, Conor
Wild, a research associate at the Brain
and Mind Institute at the University of
Western Ontario, explained how a re-
search team directed by the neurosci-
entist Adrian Owen recruited thou-
sands of people for the online study.
“We did a lot of social media advertis-
ing and radio interviews. And the BBC
put together a two-minute spot on Dr.
Owen’s sleep research,” Dr. Wild said.
This blitz prompted more than
40,000 people from 150 countries to
sign up. Ultimately, two thirds of them
were eliminated due to technical
glitches, incomplete questionnaires, or
extreme responses—such as reporting
that they sleep zero hours a night, or
more than 16.
The 10,886 adults who remained
filled out a detailed online question-
naire about their backgrounds, medical
histories and sleep patterns. How long
was their average night’s sleep? How
often was their rest interrupted, and
how consistent were their nights?
Once their sleep habits were re-
corded, the participants completed a
battery of 12 cognitive tests. Puzzle-
like tasks assessed their spatial, verbal
and short-term memories, as well as
their capacity for deductive reasoning,
sustained attention, planning and clear
expression.
The findings that emerged were
startling. Half the sample averaged
less than 6.4 hours of sleep a night—a
pattern that was associated with im-
paired problem-solving, reasoning and
verbal acuity. Those who routinely
slept six hours a night or less flubbed
more questions based on spatial rota-
tion or grammatical reasoning and left
more tasks incomplete than those who
got a full night’s rest.
Surprisingly, mere sleep depriva-
tion—that is, one or two nights with
little or no sleep—did not alter rea-
soning or verbal skills, though it did
hobble short-term memory. This find-
ing is reassuring, given that many pro-
fessionals—think of hospital residents
and airline pilots—have to make life-
or-death decisions based on exactly
this kind of erratic sleep schedule. If
their short-term memory is compro-
mised, they can always look up facts
on their phones. But for split-second,
life-changing decisions, they are on
their own.
Regularly sleeping too little seems
to be much more damaging than hav-
ing one or two bad nights. Getting
four hours of sleep or less for an ex-
tended period is equivalent to adding
eight years to one’s age when it comes
to test performance, the study
shows—a significant decline. But a sin-
gle good night can repair some of the
damage: People who slept more than
usual the night before they were
tested ended up acing more of the
cognitive tests.
So if you want to be articulate,
solve a pesky problem, parallel park or
organize an effective team—or even
your closet—you’ll definitely need that
nightly 7-8 hours of sleep.
TOMASZ WALENTA
* *** THE WALL STREET JOURNAL.
REVIEW
FROM TOP: ASSOCIATED PRESS; MIKE THEILER/REUTERS
The Odd Couple:
Nixon and Moynihan
BY JOSEPH DORMAN Left and right were shocked message: Just as the great Tory had pushed
F
his conservative party toward policies aimed
ifty years ago next month, Richard when the president brought at the relief of poverty, so might Nixon lead
Nixon won the presidency in a po- the liberal intellectual to the reluctant Republicans. Nixon loved being
litically divided America, running White House in 1968, but the treated like a fellow intellectual by Moynihan.
on a campaign of “law and order.” And the idea of beating the liberals of the
Over the course of the 1960s, civil unlikely pair’s anti-poverty Kennedy-Johnson era at their own game must
rights marches had given way to rioting in ideas still shape our politics have been irresistible.
many inner cities, and student protests had Moynihan had been frustrated by the War
evolved from picketing to the seizure on Poverty’s focus on social engineer-
of campus buildings. Many Americans ing over a more straightforward—
saw Nixon as the sort of tough-minded though more expensive—jobs program.
conservative who could deal with this In 1969, he published a withering
upheaval. book-length critique of the Johnson
So it came as a surprise when the administration’s Community Action
president-elect named the Harvard Project. He argued that federal bureau-
professor Daniel Patrick Moynihan as crats were misguided in believing they
his top adviser on America’s urban could solve African-American poverty
problems. After all, Moynihan—a Dem- by creating “grass roots” leaders to
ocrat who had served in the Kennedy agitate for change. As Moynihan
and Johnson administrations and was pointed out, big-city mayors were en-
one of the architects of the Great Soci- raged by this intervention in local poli-
ety—had complained on national tele- tics and mightily resisted the program.
vision during the campaign that “you “We’re trying to bring government
can have law and order in a penal back” to what it “knows how to do,”
camp, [but] you haven’t achieved Moynihan would explain as he pro-
much.” moted FAP. One of those things was
Moynihan was indeed a committed distributing money—that was the les-
liberal, but at that point he was an un- son, as he saw it, of Social Security’s
happy one. In 1965, white and black success. FAP could end poverty, not
radicals had pilloried him as the au- just for the unemployed but for the
thor of “The Negro Family: The Case working poor as well.
for National Action,” an internal Labor Ultimately, FAP was killed by at-
Department paper thereafter known as tacks from both the left and the right,
the “Moynihan Report.” The study pre- and Moynihan departed the Nixon ad-
dicted that the rise in single-parent ministration at the end of 1970. But
families among African-Americans the idea of FAP didn’t die. By 1975, it
would seriously harm economic prog- had evolved into the less ambitious
ress for blacks. but widely admired Earned Income
When the report was leaked, the Tax Credit (EITC), which gave financial
press highlighted Moynihan’s fiery assistance to working families. In the
rhetoric and oversimplified his com- Top: President a presidential historian and 1990s, the Clinton administration would qui-
plex argument. His critics accused him Richard Nixon Moynihan’s chief of staff at the etly but significantly boost funding for EITC
of blaming African-American culture (left) with time, explained that Nixon while very publicly working to reform welfare
for the problems of the African-Ameri- Daniel Patrick “had a tendency to ‘fall in love’ with the help of Republicans in Congress.
can family. In fact, Moynihan believed Moynihan, his with those who worked for Although Moynihan was a strong believer
that endemic racism and economic in- urban affairs him. And it happened with Pat in welfare reform, he roundly attacked the fi-
justice were the culprits and that dein- adviser, in 1970. Moynihan at exactly the right nal legislation for ending the federal guaran-
dustrialization was robbing inner cit- Above: In 1995, time.” tee of aid to the poor. In 1995, as an eminence
ies of high-paying jobs for black men. Sen. Moynihan Nixon had campaigned on of the U.S. Senate, he unleashed a stinging jer-
By 1967, Moynihan was furious at argued against getting people off the welfare emiad, angrily predicting that family and
student radicals who, he felt, had no President rolls; he railed against depen- childhood poverty would increase.
regard for authority. He gave a speech Clinton’s plans dency and government waste. In its first years, the rosy results of welfare
to the liberal cold warriors of Ameri- for welfare Yet in the fall of 1969, under reform seemed to refute Moynihan’s concerns.
cans for Democratic Action, stressing reform. Moynihan’s tutelage, Nixon Today, however, the effectiveness of the Clin-
that their own “essential interest proposed a program that would ton-era initiative remains a subject of fierce
[was] in the stability of the social or- have vastly expanded welfare debate. Though many poor Americans de-
der.” Amid the chaos of the 1960s, he said, it spending. The existing program of Aid to Fam- parted the welfare rolls for work during the
was necessary to “seek out and make more ef- ilies With Dependent Children (AFDC), as wel- boom years of the late 1990s, the recessions of
fective alliances with political conservatives fare was then called, had been designed to 2001 and 2008 found large numbers of them
who share that concern.” help unemployed single mothers. Nixon’s new vulnerable. And while EITC has bolstered the
Candidate Nixon took notice. As a cam- Family Assistance Plan (FAP) was supposed to prospects of the working-class poor, those in
paigner, he loved playing political hardball. He provide a minimum income for every family in deep poverty—with incomes below 50% of the
had red-baited his way into Congress in the America. official poverty level—have been hurt by the
1940s, and in the 1968 campaign he had em- The press was dumbfounded, and both left limits placed on welfare.
ployed what political analyst Kevin Phillips and right were thrown into disarray. For con- Meanwhile, some 50 years after President
called the “Southern strategy,” attracting servatives, FAP was a political betrayal and a Nixon proposed it, FAP is making a comeback
white voters who were alienated by Lyndon gargantuan giveaway. Though many liberals under a new name: the Universal Basic In-
Johnson’s civil rights legislation. praised the program, others on the left in- come. This time, however, the idea has advo-
But Nixon was also a sophisticated student sisted that the proposed amount—$1,600 a cates on both the left and the right, if not very
of policy, and he knew that the police alone year (about $11,000 today)—was so small that much mainstream support. It’s a powerful tes-
weren’t going to solve the problems of Amer- it was an insult to the poor. Thanks to Moyni- tament to the continuing relevance of Daniel
ica’s inner cities. He needed an adviser to help han, Nixon had surprised everybody. Patrick Moynihan, a brilliant public servant
him forge an effective domestic policy, so he Moynihan accomplished this remarkable whose ideas were always grounded in facts
created a new Council on Urban Affairs, with feat by appealing to Nixon’s own memories of rather than ideology.
Moynihan at its head. poverty, as well as to his political ambition. He
Over the next 18 months, the relationship gave the president a biography of the British Mr. Dorman is the writer and co-director of
between the two men deepened. Stephen Hess, Prime Minister Benjamin Disraeli to read. His the new documentary, “Moynihan.”
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | C5

REVIEW
ASK ARIELY Election Day, they get derailed by other
obligations. To change their priorities,
DAN ARIELY I would try to make the voting process
a social event. Invite your friends and
co-workers to meet at a bar or restau-
A Fix for That rant near the polling place, and when
they show up, tell them that you’re
Friend Who’s buying beer only for people who have
already voted. Encourage them to go to
Never on Time the polls in small groups and come
back quickly. By combining fun and
personal accountability, you’ll make
Hi, Dan. voting much more compelling.
I have a dear friend who is
always late. I love spend- Hi, Dan.
ing time with him, but I I work for a tech company, and our
can’t help feeling miffed performance reviews are coming up
when I’m kept waiting at a noisy bar, soon. The reviews are used to deter-
twiddling my thumbs and checking my mine who will get a bonus. Unfortu-
watch. He often turns up after half an nately, my performance is usually in
hour with an elaborate excuse about the middle of the pack, and I have yet
the subway system or a snafu to receive a bonus. I understand
with his dog. His wonderful the logic for giving bonuses to
company usually makes the most productive employ-
me forgive him, but this ees, but I can’t help feeling
pattern of wasting my disappointed, and my moti-
time is really frustrating. vation is suffering—which
What can I do? —Charles makes my chances of get-
ting a bonus even lower.
Unfortunately, wait- Do you think that bo-
ing around for nuses are a good
EXHIBIT your friend to way of motivat-
show up is ing employees?

Eye-Catching Creatures probably rein-

forcing his
behavior. I
would sug-
—Kayla

Bonuses are a
more complex
FROM CAVE PAINTING to 3D printing, humans have long been fascinated by likenesses of the gest setting topic than
creatures with whom we share the earth. A new book “Animal” (Phaidon, $59.95) showcases the a strict dead- most people
great variety of these depictions through 300 artworks. line and stick- think, and it’s
Phaidon editors selected a range of species for the project, from megafauna, such as lions and ing to it, certainly not the
bears, to domestic animals and smaller critters. The book aims to show the changing relationship though this case that they al-
of humans with animals and to highlight turning points in zoological study. might cause some ways lead to better
The featured works include every- friction initially. performance. A few
FROM TOP: USGS BEE INVENTORY AND MONITORING LAB; KOLLER AUCTIONS, ZURICH

thing from oil paintings to modern re- When you make an ap- years ago, my colleagues
search photography. The U.S. Geologi- pointment, warn your and I worked with a large
cal Survey’s image of a pollen-coated friend that you are only going to company that gave its top employ-
bee (top) was taken, for instance, for wait for 10 minutes; if he doesn’t show ees weekly bonuses, which could make
scientific documentation. up by then, leave. Over time, this up as much as 30% of their income. Ob-
By contrast, Sir Edwin Landseer’s should teach your friend to be more viously, the good employees got the bo-
1851 painting of “The Monarch of the punctual, which will help his relation- nuses week after week, while the not-
Glen” (right) depicts a red-deer stag ship with you—and maybe with others so-good employees got nothing.
standing proudly in the Scottish high- as well. By changing the way performance
lands. The popular image now serves as was calculated, we enabled average
an emblem of the country’s wildlife. Hi, Dan. employees to earn bonuses from time
Animals “are at once knowable Many of my friends and co-workers say to time. The result was that the com-
through study and domestication and they care about voting, but their spotty pany’s overall productivity increased.
entirely unknowable,” in that we can- track record suggests otherwise. How Why? Because the motivation of mid-
not speak with them or know what can I convince them to go out and vote dle-of-the-road employees makes a
they think, says editor Victoria in the upcoming election? —Georgia meaningful contribution to the bottom

EDMON DE HARO
Clarke. “We make art of animals sim- line. A good incentive system has to
ply to wonder at the beauty of a liv- My guess is that your friends aren’t ly- take into account the fact that feeling
ing being that we can never fully un- ing to you—they do care about voting, valued and acknowledged is important
derstand.” —Alexandra Wolfe and they may even plan to vote. But on to everyone.

“An original, gripping, penetrating novel that

may be John Grisham’s greatest work yet.”
DAVID GRANN, New York Times bestselling author of Killers of the Flower Moon

“From the courtrooms and jails of rural

Mississippi to the war-torn Pacific,
Grisham spins a tale that
is at once entertaining and
illuminating.”
JON MEACHAM
New York Times bestselling author of
The Soul of America

“A book that will break

your heart, set your blood
pumping and your mind
racing, and leave you gasping
for breath by the final page.”
CANDICE MILLARD
Jacket photograph by Steve Robinson

New York Times bestselling author of

The River of Doubt and Destiny of the Republic

Doubleday
Also available as an audiobook and an eBook JGrisham.com
 C6 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

REVIEW

daughter of a plant biologist father and

a homemaker mother. Her parents
weren’t religious, but as a teenager, she
joined an evangelical church for about a
year after hearing a sermon by the Rev-
erend Billy Graham in San Francisco.
She went on to Stanford University,
where she studied dance, history and
classics. After a stint studying dance at
Martha Graham’s studio, she earned a
Ph.D. in religion at Harvard University. It
was at Harvard that she first heard
about the ancient texts discovered near
a village in Egypt in 1945 that would be-
come the basis of “The Gnostic Gospels.”
The texts are believed to have been
written by early Christians, including
some of the apostles, but they are not
included in the New Testament. Her
book argued that the discovery expands
the understanding of Christian tradition.
She says that the Gnostic gospels sug-
gest that since everyone is created in the
image of God, Jesus is not unique. One of
the texts, referred to as The Gospel of
Thomas, for example, suggests that ev-
eryone has the potential to become a
“child of God.”
Her book became a best-seller and
won the National Book Award, but it also
attracted attacks from some traditional-
ists. “I worried about the reaction before
it happened, but after that, I realized
praise or blame didn’t matter that much,”
she says. “You just do what you do.”
In 1982, she joined the faculty of
Princeton. Five years later, her young
son Mark, who had been diagnosed with
pulmonary hypertension when he was 2,
died. A year later, her husband, the phys-
icist Heinz Pagels, died in a hiking acci-
dent in Colorado. While she’s always
been fascinated by religious tradition,
she hadn’t been a regular churchgoer,
and after their deaths, people kept tell-
ing her that she should rely on faith to
move forward. But their deaths made her
feel remote from faith. “I didn’t feel
close to any of it,” she says.
She searched for a way to go on liv-
ing and “hopefully contribute and
WILL FIGG FOR THE WALL STREET JOURNAL

share,” she says. “I didn’t want to go

into despair.” She had two other chil-
dren, who she had adopted with her
husband before he died. She threw her-
self into her work, and the emotional
turmoil took her studies in a new direc-
tion: “I thought, yes, I’d like to have
somebody to be angry at, and I thought
Satan,” she says.
She started researching Satan’s place
in the ancient world, and in 1995 pub-
WEEKEND CONFIDENTIAL | ALEXANDRA WOLFE lished “The Origin of Satan.” She argues

Elaine Pagels
that the problem with having a good God and an
evil Satan is that it promotes a binary view of the
world, which makes it difficult to resolve conflicts
by negotiating with “evil.” “You have to annihilate
the other side because they’re evil,” in this world-
view, she says. The book also explored the history
of Christian anti-Semitism.

The religion scholar tells her own story

She continued to struggle with her grief over
the deaths of her son and husband. She found some

W
hen a colleague of Princeton professor of reli-
gion Elaine Pagels told her that some websites
refer to her as “Elaine Pagan,” the moniker
didn’t bother her. A major point of her work, she
says, is the idea that there are many ways to be
spiritual outside of “official” religions.
“Different religious groups in every tradition define themselves
as the only ones that are right and everyone else is wrong,” she
says. “What fascinates me is the extraordinary spectrum of Chris-
tian traditions.”
Ms. Pagels has long had a reputation as an iconoclast. She made
her name with the groundbreaking and controversial 1979 book “The
Gnostic Gospels,” an examination of so-called “secret gospels,” an-
cient texts that fall outside the official Christian canon.
In her new book, “Why Religion?” out next month, Ms. Pagels
shares part of her own history as she explores why religion is still
around in the 21st century and what we mean by it. It is her first
book in the first person. In it, she describes the
two great tragedies in her life: the death of her 6-
year-old son from a rare disease in 1987, followed
by her husband’s death in an accident a year later.
Her life and her work, she explains in the book, are
interwoven.
Writing the book took her seven years. “It was
so personal,” she says in her Princeton office. “I
never thought I ever would write about things like
this for a long, long time, because it was too pain-
ful to look at,” she says.
Ms. Pagels doesn’t have a single answer to the
question posed in her book’s title. “This kind of ex-
ploration is more about questions than answers,”
she says. She examines it through her own experi-
ence as well as through history, art and poetry.
Ms. Pagels, 75, grew up in Palo Alto, Calif., the
solace in conventional religious practices. Today,
she belongs to an Episcopal church in Princeton
and goes to a Trappist monastery in the summer.
But she declines to provide more details about her
‘I never own practices and beliefs. “What I believe or what
thought I I don’t believe doesn’t matter at all,” she says. “I
ever would found for myself exploring a spiritual dimension to
write about be very important for me, but I don’t think every-
things like body needs to do it through religion at all.”
this for a She also found meaning in art and poetry. “They
long, long can open up the imagination in similar ways” as
time because religion, she says. She refers to the last line of Wil-
it was too liam Butler Yeats’ poem, “Among School Children”:
painful to “How can we know the dancer from the dance?”
look at,’ she which suggests that the dancer is part of a larger
says. whole. Such lines have helped her to feel con-
nected to something bigger than herself.
“It points to a tremendous human desire to con-
nect with a transcendent reality,” she says.

Working missed, television shows not

caught up on. Nobody wants
the authors for a Wall Street
Journal event in New York City.
they insist on three weeks.
What if the recipe for bet-

Like Crazy to seem like a remorseless

lunatic who’s
The co-founders of the work-
place software company
ter, more efficient work is ton-
ing it all down? Hours can be

May
thrilled to Basecamp, Fried and civil and productive. Schedules
miss the Hansson are successful can be flexible. Emails on the
JASON school play. entrepreneurs who rail weekend can be avoided.
GAY
Actually Be, But amid the
complaining
against the win-at-all-
costs mentality of
Bosses who send emails on the
weekend can be launched into

Well, Crazy about being over-

worked, there’s often a
decipherable bit of pride, even
American business.
They preach calm over
conquest. They pay their em-
space. (All of this applies to
bosses, too. Is there any doubt
that Elon Musk could use a va-
a hint of a brag—a workbrag. ployees to take vacation—not cation…without his phone?)
Why do we brag about vacation time but the The tide may be starting to
Are you DO YOU occasionally—or con- overwork? Because we’re actual vacation. I’m turn. Recently, a video game
stantly—complain about how conditioned to think that surprised the capital- developer, Dan Houser, gave
griping much you’re working? Of working all the time ism police haven’t an interview to New York mag-
about course you do. Complaining is a good thing, a arrested them yet. azine in which he talked about
working about too much work is basi-
cally a national pastime.
signal of diligence,
virtue and our own member Peanut’s name.
It’s an urgent con-
versation to have. We’ve spent
the 100-hour weeks some em-
ployees worked to finish a new
too I can’t believe how much of a value. To be working all the What if all of that is upside a lot of time reimagining the game. That provoked a back-
much, or time suck this project has been. time is to be important. down? What if working all the 21st-century workplace with- lash, with Houser later clarify-
bragging I feel like I’m living at the of-
fice.
To be clear, it’s better to be
employed than unemployed—
time is a symptom of dysfunc-
tion, not excellence? What if it
out reconsidering the work it-
self. We rhapsodize over office
ing to the website Kotaku and
others that such workweeks
about I’ve forgotten my dog’s I’ve been the latter, and it is the turns out to be dreadfully inef- ping-pong tables and slides were unusual, and not re-
it? name. pits. But why do we lavish ficient, a recipe for burnout and make-your-own-sundae quired, and that the average
I just returned 20 emails on praise on people who work and turnover and eventual col- bars—perks that are really workweek at his company was
a Sunday. themselves to the limit? We fe- lapse? Not to mention revolu- mousetraps to keep employees closer to 45 hours.
Peanut. I think the dog’s tishize the executive who sleeps tion by snubbed dogs. working. Fried and Hansson’s The fact that we’re even hav-
name is Peanut. on the factory floor, the cre- That’s the premise of a new company used to have one of ing this debate is a sign of en-
When we complain about ative team pulling all-nighters, book, “It Doesn’t Have to Be those “limitless vacation” poli- lightenment. Work really
JOHN S. DYKES

too much work, we’re ex- the football coach who barely Crazy at Work,” by Jason Fried cies, until they realized that it doesn’t have to be crazy. You
pected to offer regrets about sees his family during the sea- and David Heinemeier Hansson. made employees nervous can make a great sundae at
sleep lost, family events son—and definitely doesn’t re- Last week, I hosted a talk with about taking vacation. Now home. Peanut wants one, too.

Jamestown, 1619
The origins of
American democracy
and inequality C12
READ ONLINE AT WSJ.COM/BOOKSHELF
WILLIAM GOW (2)
FLOE STATE Henry Worsley and crew in training, camped on an iceberg off the Greenland coast.
Coming In From the Cold
Henry Worsley led teams that made the grim, grueling trek to the South Pole on foot—
twice. When he decided to set off on a solo Antarctic trip, the elements cost him his life.
The White Darkness
By David Grann
Doubleday, 146 pages, $20
BY SARA WHEELER
H
ENRY WORSLEY was
one of those gallant,
frozen-bearded adven-
turers who slog across
the polar wastes to test
themselves, to set new records and to
raise money for charity. On his final expe-
dition, he noted in his diary, “There is
nothing to see but white darkness,” and
with that sentence he bequeathed David
Grann a title for this slender volume.
Worsley was a British army officer in a
commando unit. His first polar sortie, in
2008, takes up most of the pages of “The
White Darkness,” the account fleshed out
with biographical detail. Our man set
out with two others to re-create Ernest
Shackleton’s Nimrod expedition, which
had sailed south a century earlier. On that
mission, the Boss, as Shackers was known
to his crew, trekked to within 97 nautical
miles of the South Pole. Worsley and his
men beat that and got all the way, sleep-
ing each night in a tent 14 feet long and 7
feet wide and burning between 6,000 and
THRILLOF 8,000 calories a day. His distant relative
THE CHILL Frank Worsley was on the Boss’s fabled
Worsley Endurance expedition (1914-17) and wrote
near the “Shackleton’s Boat Journey,” one of the
South Pole best polar books ever. The other two men
in 2008. with Henry Worsley were also descen-
dants of members of Shackleton’s teams.
Mr. Grann’s previous books include
“The Lost City of Z” (2009), the story of
the explorer Percy Fawcett’s disappear-
ance in the Amazon in the 1920s (it was
made into a film). For this new volume he
interviewed everyone and had access to
Worsley’s diaries and the transcripts of
the nightly broadcasts he transmitted,
and of course he quotes from Worsley’s
2011 book “In Shackleton’s Footsteps.”
BOOKS
THE WALL STREET JOURNAL.
Mr. Grann ably conjures the rasp of sled
runner on ice and the skin burn of
minus-40—and that’s before wind chill
is factored in—and he understands the
importance of specificity and detail:
how the trekkers dip their toothbrushes
into the ice to moisten and clean them,
for example, and what they listen to on
their iPods.
In 2012, Worsley and a military col-
league competed against two other
adventurers to mark the centenary of the
900-mile race between the Norwegian
Roald Amundsen and the Englishman
Robert Scott to be first at the South Pole.
Worsley’s team won. He had become the
first person to trace the two classic routes
to 90 degrees south. This second expedi-
tion is quickly dispatched in these pages.
Three-quarters of the way through the
book, Mr. Grann describes 55-year-old
Worsley leaving home again in 2015,
intending to trek more than 1,000 miles
across the Antarctic continent, coast to
coast, as his hero Shackleton had in-
tended to do until he had to abandon his
ship. But Shackleton was one of a team.
Nobody had attempted this feat alone
and unsupported. When Worsley set off
from Berkner Island, his sled weighed
325 pounds. Prince William had invited
him over to London’s Kensington
Palace to give him a signed Union
Jack, just as King George V had given
one to Shackleton.
Weather went against him. Every-
thing went against him. His diary
shrank to a litany of suffering and a
threnody for what might have been. He
almost made it but pressed the button
on his phone to be airlifted out on,
as Mr. Grann says, “the most expensive
taxi ride in the world.” He couldn’t
walk unaided up the steps to the small
plane, but he had trekked for 71 days
and covered nearly 800 nautical miles.
He had also contracted bacterial peri-
tonitis, an infection of the thin tissue
that lines the inner wall of the abdo-
men. A few days later he died in a
hospital in Punta Arenas, Chile.
This is a handsome volume, just 140
small pages, including lots of integrated
pictures and a great deal of white space
(no pun intended). It began life as an
article in the New Yorker—Mr. Grann is
a staff writer—and it still is an article,
really.
A touch of hagiography clings to the
tale. Mr. Grann aims to make his subject
a hero but sometimes diminishes him
with platitudes and cliché: “The man felt
like a speck in the frozen nothingness.”
Or: “For Worsley, getting closer to Shack-
leton was a way of getting closer to
himself.” Really? Worsley goes for a
walk alone every night after supper, “like
a mystic who pursues enlightenment
Distressed Pearl
MacArthur, Yamashita
and the ruin of
Manila C9
* * * *
through self-abnegation.” That said, there
is mercifully little, overall, about the inner
journey. Mr. Grann does say that Wors-
ley’s military career “stalled” because he
didn’t care to “jockey” for position and
offered too much “candor” for politicians’
liking in reports he wrote while on a
mission in Afghanistan in 2006 about the
dangers of British intervention there.
Mr. Grann is not attuned to the idiom
of England’s English: He says that Wors-
ley went to “the Stowe School,” whereas
there is no definite article attached to
that exclusive institution, and one doesn’t
“graduate” from school in the U.K.: One
only graduates from college. A Briton
would never say “we are setting off in a
couple hours,” as Worsley does here. It’s
“a couple of hours” in the old country.
The style is pleasant, if at times senti-
mental. Worsley’s wife gave her “bless-
ing” to the first expedition, one learns,
“even though it threatened to take from
her the man she loved.” There are no
insights into what makes a man punish
himself so, other than the usual stuff
about “character.” And despite a lot of
comment on Shackleton, Mr. Grann never
mentions that the man was Anglo-Irish,
a key to understanding him. His Protes-
tant forebears had for generations formed
part of the ruling class in pre-Partition
Ireland: Leadership was in the Shackle-
tonian DNA. In the potted histories of the
golden age of polar exploration, Mr. Grann
leaves out the best stories but includes
the famous anecdote about Shackleton
imagining a fourth presence alongside
him and his two colleagues as they
marched to a South Georgia whaling sta-
tion to find rescue (T.S. Eliot redeployed
the image in “The Waste Land”), even
though it’s known that Shackers and his
ghost writer invented it.
Mr. Grann writes of the time when
the summer light began “to grace the
sky.” I was in the Antarctic once when
the darkness receded, not doing any-
thing heroic, just writing about the
Big White, which is much easier than
pulling a sled over it. The return of light
is not a graceful business. It’s a fero-
cious one, a kind of barbaric splendor.
I admire the astonishing physical
prowess of these modern “explorers.”
But you can’t help wondering if it’s quite
the same with a satellite phone attached
to your belt. Let us remember, though,
that Henry Worsley raised hundreds of
thousands of dollars for two charities
supporting wounded servicemen. His
wife and children took his ashes to
South Georgia and buried them on a
cold hill overlooking Shackleton’s grave.
Ms. Wheeler’s books include
“The Magnetic North: Notes From
the Arctic Circle.”
Saturday/Sunday, October 27 - 28, 2018 | C7
The Belles
Of
Amherst
After Emily
By Julie Dobrow
Norton, 426 pages, $27.95
BY BRENDA WINEAPPLE
I
N 1898, 12 YEARS after the
death of Emily Dickinson, an
intrepid woman named Mabel
Loomis Todd (1856-1932)
stashed a huge trove of Dickin-
son manuscripts, including 655 poems,
into a camphorwood chest. That chest
stayed locked for more than 30 years,
when Mabel Todd instructed her
daughter, Millicent (1880-1968), to open
it. How Mrs. Todd came to possess that
pile of Dickinson material is a story
rivaling any old-fashioned Victorian
bodice-ripper. And happily it’s the
subject of Julie Dobrow’s long overdue
study, “After Emily: Two Remarkable
Women and the Legacy of America’s
Greatest Poet.”
More than anything, Mabel Loomis
had wanted to be a “Somebody,” as
Emily Dickinson dubbed those who seek
the approval of an “admiring Bog.” She
liked to say she was descended from
Priscilla and John Alden, that as a child
she’d known Thoreau and that her
brilliance as an artist, musician and
writer would inevitably win her great
acclaim. As a young woman, she did
briefly study piano at the New England
Conservatory but left for unknown
reasons—perhaps she wasn’t as good
as she thought. Then in 1879, at 22, she
married the handsome astronomer
David Todd, immediately vowing to
herself she would not become a drudge.
Her husband soon meant less to her
than Austin Dickinson, the poet’s brother.
After David Todd was hired to teach
astronomy and direct a new observatory
at Amherst College in western Massa-
chusetts, he and Mabel settled in the
bucolic college town. Having left her
1-year-old daughter, Millicent, in Wash-
ington with her parents, Mabel solaced
herself with the bustle of dinners, car-
riage rides, musicales and games of whist
mainly organized by the town’s eminent
couple, Susan
and Austin
Dickinson. The editor
The ro-
mance be-
Mabel Loomis
tween Mabel Todd and her
and Austin daughter,
began in-
auspiciously, Millicent, gave
sort of. Susan the world the
Dickinson
had not only
works of Emily
included Dickinson.
Mabel in
family out-
ings but also encouraged the pretty
faculty wife to pay special attention to
her oldest child, Ned, an epileptic. Poor
Ned: At 20, he was just five years youn-
ger than Mabel, inexperienced and soon
head over heels with the flirtatious new
friend who sang Schubert and painted
watercolors. Exuberant, Mabel wore
Ned’s fraternity pin, crowing that “I
could twist him around my little finger,
that he would go off and kill somebody
if I bade him.” But desiring something
more substantial than a besotted boy,
she set her cap for his dad.
Mabel and Austin’s not very secret
romance lasted for the remaining
12 years of Austin’s life. It was Susan’s
fault, Mabel alleged: Susan was a cold,
pretentious harridan from a lower
social class who had actually caused
Ned’s epilepsy by attempting to abort
a pregnancy. Most astonishing, Mabel
seemed not to understand why Susan
and the small village community
then turned on her.
Please turn to page C11
YALE UNIVERSITY LIBRARY
DICKINSON TRUST Millicent and
Mabel Todd in Peru in 1907.
C8 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

BOOKS
‘Success is not final, failure is not fatal: it is the courage to continue that counts.’ —WINSTO N CHURCHILL

FIVE BEST BOOKS ON THE COST OF COURAGE UNDER NAZISM

The Widow Who
Mothered the
Megan Koreman American Church
The author, most recently, of ‘The Escape Line’ Elizabeth Seton: American Saint
By Catherine O’Donnell
Three Hills, 508 pages, $36.95
Stepping Stones to Freedom
By Bob de Graaff (2003) BY MARC M. ARKIN

1 O
One in seven Allied aviators who N SEPT. 14, 1975, Pope Paul VI
survived being shot down in the presided over the canonization of
Netherlands were helped to safety. Elizabeth Ann Bayley Seton, the Ro-
According to Bob de Graaff, roughly man Catholic Church’s first American-
6,000 Dutch civilians took part in the rescue born saint. The religious order Seton
operations. They included Roman Catholic founded in 1811, the Sisters of Charity, now numbers
clerics, veterinarians, farmers, rationing some 4,000, serving the needy in schools, hospitals
inspectors, air-defense officials, gendarmes and orphanages. In the words of their Rule, the
and smugglers—all of whom joined in sisters have “no cloister but public streets or hospital
constructing, as Mr. de Graaff describes it, “a rooms, no enclosure but obedience, no grate but the
hodge-podge of intertwining lines” across the fear of God, no veil but that of holy modesty.”
flat countryside. The decentralized nature of From socialite to saint, it was an extraordinary
the Dutch escape lines made them harder to journey for Seton, one gracefully chronicled in
infiltrate but, even so, it’s estimated that for Catherine O’Donnell’s richly textured new
every two Allied pilots saved and returned to biography. “Elizabeth Seton: American Saint” deftly
their bases, one Dutch rescuer lost his or her places Seton in the context of the early Republic.
life. Such was the cost that the Dutch Council The author paints a vivid picture of genteel
of Resistance instructed resisters in 1943 to New York society and upper-class Maryland
PHOTO12/UIG VIA GETTY IMAGES

stop their pilot-rescue activities. To no avail—
Dutch men and women continued to assist
the Allied airmen, whatever the risk. Why?
Part of the explanation is found, perhaps,
in a contemporary Frisian ditty: “In the pale,
pale moonlight / They bombed Berlin at
night / Filling the Dutch with much delight.”
Under the Shadow of the Swastika
By Rab Bennett (1999)
TRAILING GLORY Soldiers watch an air battle between U.S. and German planes in Belgium, 1944.
sabotage and resistance. The great strength
murderer, the priest who refuses him
Catholicism, as well as a newly arrived Catholic
hierarchy largely dominated by French priests
seeking a foothold in America.
Born in 1774 to a socially prominent New York
family—her father, Richard Bayley, was a well-
regarded physician—Elizabeth had a privileged but
unsettled childhood. As a motherless girl wandering
the woods, she repeatedly experienced the
overwhelming presence of God in nature. At 19,
she married William Magee Seton, the son of an
affluent merchant family. The couple lived on

2
Rab Bennett explores the Wehrmacht’s
doctrine of collective responsibility,
“the moral inferno,” he writes, “into
which all values were hurled.” The
Germans, he tells us, treated the entire
population of the countries they occupied
as hostages under a policy of “pacification
through indiscriminate, random terror.”
Their punitive measures were relentless and
pointed. After a Dutch archbishop protested
the deportation of Jews in 1942, the Gestapo
sent all Dutch-Jewish converts to Catholicism
to Auschwitz. According to German records,
more than 2,000 hostages were executed in
the Netherlands, 29,660 in France. In Greece,
of this account derives from Bodson’s
visceral memory and grasp of the constant
danger threatening would-be rescuers of
downed Allied airmen in eastern Belgium.
Americans, for one thing, were more
dangerous guests than their more-disciplined
British counterparts. They had, Bodson
writes, “ravenous, carnivorous appetites”
unsuited to a hungry European world on
rations. They walked with a dangerously
distinctive slouch, threw away their cigarette
butts and were inclined to go sightseeing or
drinking—all of which posed the danger that
neighbors might notice these guests and
denounce their hosts to the occupiers. The
German police and the traitors who worked
absolution and fugitives of all sorts crowd
into Ms. Russell’s cast of witnesses. The local
credo that, “if you can help, you must help,”
clashes with the Gestapo’s ruling that “when
an old man gives vegetables to partisans, he
and his garden become military targets.” The
authorities cut civilian rations to 100 grams
of bread a day. German troops herd nearly
300 Italian women and children inside a
church and burn it. Stuka aircraft dive-bomb
mountain farms. And still the local people
will not give up the Jews or the partisans.
The Assault
By Harry Mulisch (1982)
then-fashionable Wall Street and attended Trinity
Episcopal Church. Four children followed in quick
succession. In those years, Elizabeth held a
cosmopolitan and instrumental view of religion
typical of her social circle while cultivating a self-
imposed stoicism. Then, as the Second Great
Awakening took hold, she explored a deeper
religiosity and became devoted
to the Eucharist.
After six idyllic years of
marriage, misfortune
arrived. Elizabeth’s father-
in-law died, leaving
Elizabeth to care for
William’s six younger half-
siblings. The family’s busi-

91,000 people died as hostages or reprisal
victims. Occupation authorities routinely
blamed resisters for the atrocities that they
themselves committed. The Germans and
Vichy French honed this policy to ensure that
responsibility was extended to the family of
any resister caught. Children were tortured
to make their parents talk. The threat of
collective family punishment hung over all
efforts at resistance, including the nonviolent
kind. The danger was clear—an effort to
rescue a single person could, and regularly
did, lead to the murder of many others.
for them were so effective at finding and
rolling up escape networks that when an
American refused to fill out a questionnaire
designed to prove he wasn’t a German spy,
Bodson pulled out his pistol and told him
he could answer or be disposed of. The
rescuers determinedly defied the risks and
there was no question of the reason. It was,
Bodson declares, for love of freedom and
human solidarity.
A Thread of Grace
By Mary Doria Russell (2005)
5
ness faltered during the
On a cold night during Holland’s Quasi War with
Hunger Winter of 1944-45, a resister’s France (1798-1800).
act of rescue collides with another’s Unable to right his
act of violence in this novel of the finances, William SISTER OF CHARITY
occupation. The consequences reverberate declared bankruptcy Sculpture of Elizabeth Seton.
through the life of the 12-year-old boy whose in late 1800, narrowly
house is burned and family killed along with avoiding debtors’ prison. The following August,
other hostages. Even the good German who Elizabeth was at her father’s bedside as he died from
wrapped the boy up and gave him milk and typhus.
chocolate dies. Only the war criminals go Under the stress, William’s consumption
free. The story is drenched in the guilt of reasserted itself—the Setons had a hereditary
the resisters, who had intended only to stop predisposition to tuberculosis—just as another baby
the brutalities of a vicious collaborator. arrived. In 1803, Elizabeth and William abruptly

4
Decade by decade the aftershocks ravage took ship for the supposedly healthier climate of
Downed Allied Airmen Mary Doria Russell did extensive their lives until the last fact finally falls into Livorno, Italy, where the Setons had connections
and Evasion of Capture fieldwork for this moving novel place, revealing the truth of that night’s with the well-placed Filicchi merchant family.
By Herman Bodson (2005) about the experience of an Italian events. Mulisch—the son of a man jailed William survived the voyage only to die in quaran-

3
community under 20 months of for collaboration—offers no explanation. tine. The Filicchis took Elizabeth under their wing,
Herman Bodson had recently German occupation. Peasants, city folk, “But what does it matter?” the narrator urging their faith on the new widow in the hope
completed his Ph.D. in chemistry Jews, Catholics, partisans, collaborators, asks. “Everything is forgotten in the end.” of advancing Catholicism in America through her
when the German occupation of Gestapo agents, German conscripts, British Except, as this story makes clear, it is conversion. By the time she returned to New York,
Belgium diverted him into a career of intelligence agents, a physician turned mass never forgotten. Elizabeth Seton was Catholic in all but name.
As a Catholic, Seton sought a life with and for God
alone. Ms. O’Donnell persuasively argues from
Seton’s own writings that the standard account over-
states the resistance to her religious choices posed

Finding Beauty
by her family and society at large. Initially, she hoped
to join a cloistered community, but five young
children were an impediment. Rather, she and the
children moved to Baltimore, where she established
a girls’ school associated with the French Sulpician
Almost Everything years, about what makes life ing generalities. This leads her to unbecoming of a writer who once Order at St. Mary’s Seminary. Then, in early 1808,
By Anne Lamott meaningful. This is well-trodden write things like, “Fear, against lamented the way people’s in- one of the Sulpicians suggested that an American
territory for her. Most of her all odds, leads to community, to tuitions and insights are often sisterhood centered on Seton would further Ameri-
Riverhead, 192 pages, $20
books, whether they are medi- bravery and right action, and “drowned out by folk say- can Catholicism. With her children and two other
BY EMILY BOBROW tations on faith and prayer these give us hope.” Also: “Like ings . . . guaranteed to be a cliché, women, Seton moved to Emmitsburg, Md., where

A
NNE LAMOTT has
a rare talent for
making writing
look easy. As the
author of seven
novels and 11 books of nonfiction,
she clearly takes pleasure from
her pen. She may grapple with
big ideas about writing and par-
enthood, family and addiction,
faith and grace, but her style is
conversational and disarmingly
humble. Given the warmth, liveli-
ness and intimacy of her prose,
time with one of her books can
feel like a visit with a friend.
Unfortunately, there are times
when our friends disappoint us.
Those unfamiliar with Ms. Lam-
(“Help, Thanks, Wow”; “Grace the North African light, our inner stale and self-contained.” she began building her order as well as a girls’
(Eventually)”; “Plan B”) or about incandescence reveals the hallu- No book of advice is wholly school to support their work. Ironically, given their
art and mechanics of writing (the cinatory and the ordinary, the without merit, and Ms. Lamott mission to the poor, the community unreflectively
delightful “Bird by Bird”), essen- magic and the grim.” certainly hits a few targets. She is depended on enslaved labor for its daily needs.
tially address the hard work of More generally, the writing provocative when she suggests Seton spent the rest of her days in Emmitsburg,
making sense and finding beauty here is often lazy. At times Ms. that dieting, “as with all forms of regulating her powerful will by the Rule the sisters
in an often cruel world. Lamott stretches simple ideas trying to control our beastly in- adopted in 1811. It was this discipline that she viewed
This may sound saccharine— across paragraphs stincts, is about the as her greatest sacrifice. Indeed, her greatest trials
Barnes & Noble places many of padded with ab- fear of death.” She is were internal. She was both Mother to the order
these books under the category stract language and
“Christian Living”—but Ms. Lam- few concrete exam-
The intimacy of wise when she notes
that families “are
and mother to her own children. Two of those
children and a number of her closest connections
ott usually pulls it off by laying ples. (“This is life. Anne Lamott’s hard partly because died of tuberculosis. Living in community with
bare her flaws with self-effacing We are life.”) She prose makes of expectations,” strong personalities presented Seton with challenges.
humor. She writes often about allows her affection which are “resent- Throughout, however, she proved herself equal to the
her rages and pettiness, her fam- for metaphors to
many readers ments under con- male clergy who attempted to impose their vision on
ily resentments and her battles woo her into piling feel the author struction.” And she the Sisters of Charity. As Archbishop John Carroll
with her thighs, her “hideous on too many at once is an old friend. is sensible when she wrote in 1808, Seton could not be held to conform
conceit and low self-esteem.” She and committing the writes that hate is to ordinary expectations; she was, after all, “a Saint.”
makes it clear that her insights occasional howler. In Sometimes, alas, both “comforting” In 1821, having nursed so many others, Mother Seton
are hard-earned. describing a woman old friends can and “malignant.” died of tuberculosis, surrounded by her sisters.
HENRY GROSKINSKY/THE LIFE IMAGES COLLECTION/GETTY IMAGES

ott’s work should probably start
with something other than her
latest collection of essays, “Al-
most Everything: Notes on Hope.”
As with much of her non-
fiction, this book comes from a
noble place. At a time when the
news “has captured the fever
dream of modern life: everything
exploding, burning, being shot, or
crashing to the ground all around
us,” Ms. Lamott felt moved to
collect and present to her grand-
son and niece the wisdom she
has gathered, over her 60-plus
Given Ms. Lamott’s preferred afflicted with self- Many of these gems Ms. O’Donnell’s story encompasses a cast of
subjects, the threat of cliché is loathing over her
disappoint us. made up a charming characters worthy of a Russian novel; readers may
always close at hand. Although craven desire for her and popular TED be forgiven for wanting a Seton-Bayley family tree
her essays of the past decade nasty father’s ap- talk Ms. Lamott de- as well as a separate table of names. For the
have certainly hovered over proval, Ms. Lamott writes that livered last year, which she seems secularly inclined, the number of extended death-
trendy self-help territory with this conflict “left a mucky mess to have fleshed out just in time bed scenes—albeit standing in a long religious
their talk of mindfulness and within her, like a cake that for the holidays. But while a well- tradition of edifying deaths—may verge on the
“radical self-love,” Ms. Lamott wouldn’t completely bake, no meaning book about hope might morbid. And, to this reader at least, the book does
usually avoids descending into matter how long you left it in the make for an appealing stocking- not do justice to the charm and humor that formed
bromides. With “Almost Every- oven,” but that talking about it stuffer, readers should expect a central element in Mother Seton’s charisma.
thing” she is less careful. Part of “helped her break out of the cake, more from Ms. Lamott. But these are mere cavils weighed against a
the problem is that these essays like a showgirl.” Carelessly recy- remarkable biography of a remarkable woman.
often take a first-person-plural cled phrases, such as “against all Ms. Bobrow, a former editor at
perspective, which flattens the odds” and “when life has pulled the Economist, is a journalist Ms. Arkin is a professor at Fordham University
drama of specificity with sweep- the rug out from under me,” are based in New York. School of Law.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | C9

BOOKS
‘Keep the flag flying. I’m coming back.’ — G E N . D O U G L A S MAC A RT H U R

MacArthur’s Bloody Promise

Rampage
By James M. Scott
Norton, 635 pages, $32.95
BY JONATHAN W. JORDAN

B
ATTLES IN World War II’s Pacific
Theater tended to be more savage
than those in Western Europe.
The struggle for Manila was the
cruelest of them all.
Before Pearl Harbor, the Philippines capital
was an old Spanish city with an American-
style makeover. Acquired by the United States
as a spoil of war in 1898, Manila featured
clean neoclassical buildings, designed by U.S.
architects, flanked by frescoed missions and
old colonial forts. The city’s broad streets
boasted top-brand department stores and golf,
polo and social clubs. Fords and Buicks
jockeyed for space with horse-drawn kalesas
on Dewey Boulevard and Taft Avenue. Suffused
with cash and culture, the Asian face of the
American empire lived up to its billing as the
“Pearl of the Orient.”
Then came the invasion. A month after Pearl
US ARMY/FPG/GETTY IMAGES; ON THE COVER: BETTMANN

Harbor, Japanese troops swarmed down Manila’s

boulevards, bayonets fixed. Gen. Douglas
MacArthur quickly abandoned the city, then the
archipelago, vowing to return. For three grim
years, Manila’s citizens endured starvation,
disease, humiliation, rape and repression as they
waited for MacArthur to fulfill his promise.
At last, on Jan. 9, 1945, MacArthur,
commanding a fleet of 818 ships and 280,000
men, landed at Lingayen Gulf to begin the
conquest of Luzon, the largest of the Philippine
islands. Awaiting his men were 260,000
Japanese defenders under Gen. Tomoyuki
Yamashita, some 10,000 American and Filipino
prisoners, and a million inhabitants of Manila INCH BY INCH U.S. troops preparing an amphibious attack on the walled city of Manila on Feb. 26, 1945.
who had survived the Japanese occupation.
The fate of the Manileños, and the soldiers was the diabolical work of the book’s villain: to indulge in any form of sadism they wished. sands of pages of testimony, according to Mr.
who turned their city into a deathtrap, is the Rear Adm. Sanji Iwabuchi, who commanded The doomed men spent their last days paint- Scott, “offer a chilling and personal view of the
subject of James M. Scott’s illuminating 17,000 marines and soldiers in charge of ing Manila in blood. At St. Paul’s College, they horror that unfolded during those few weeks.”
“Rampage: MacArthur, Yamashita, and the destroying Manila’s harbor and bridges before herded families into a dining hall lined with The book’s descriptions of this horror are
Battle of Manila.” evacuating. Yamashita ordered Iwabuchi to explosives; they detonated the bombs, then jarring, as if the Battle of the Bulge abruptly
Unlike typical Pacific War histories, Mr. wreck the harbor and retreat to the Luzon dispatched survivors with bayonets and gre- lurched into “Schindler’s List.” Yet not all the
Scott’s account drives the tragedy uplands, but Iwabuchi intended to nades. The jail at Fort Santiago, which the Jap- vignettes are tragic. Mr. Scott describes the joy
through two outsize personalities, stay and fight, turning the Pearl of anese had used as a torture center, became an of Filipinos who pressed scarce eggs and
Yamashita and MacArthur. Three years the Orient into a funeral pyre for incinerator for hundreds of political prisoners papayas into the hands of their liberators, a UPI
Though quick to pounce on himself, his men and as many and common criminals. “Troops marched into correspondent reunited with a wife he hadn’t
MacArthur’s flawed tactics and
after retreating Americans as his ammunition the cellblocks armed with drums of gasoline, seen since her capture in 1941, and children
deafness to a still-raging battle, from Manila, allowed. If Filipino innocents were tipping them over and letting the fuel flood singing “God Bless America” on Rizal Avenue
Mr. Scott spends little time Gen. Douglas caught in the fire, it was their fate the floors. Another marine tossed a torch,” to a group of cavalrymen.
dwelling on Mac’s towering ego to die, too. Mr. Scott writes. “The Japanese machine- MacArthur had vowed to hold Yamashita
or his squabbles with Roosevelt MacArthur Mr. Scott finely balances large gunned those few who managed to escape.” personally responsible for the actions of his
and the Navy, all of which have launched a battles, such as the U.S. 11th Air- At a nearby Catholic chapel, Japanese troops men, and the story’s denouement is a four-
been fodder for longer works by borne Division’s attack against the massacred missionaries and refugees, gutting chapter narrative of Yamashita’s capture and
William Manchester, Arthur
brutal fight to Genko Line—a defensive band and raping their victims. “Japanese marines war-crimes trial, a legal battle that led to the
Herman and Walter Borneman. retake the city. south of Manila—with small-unit had killed or mortally wounded forty-one men, U.S. Supreme Court. Mr. Scott sympathetically
Far more interesting is Mac- firefights, where grenades flew women, and children, turning this once holy follows the general’s journey from surrender to
Arthur’s opponent. From the recol- from behind walls and machine- place into a hellhole,” Mr. Scott puts it. “Blood the gallows, recounting a serene poem he wrote
lections of aides, postwar briefings and letters gun chatter broke the darkness. “No one dared not only stained the green-and-white tiled shortly before his execution and setting the
to his wife, the Japanese commander emerges sleep in such close quarters with the enemy, floors of the chapel but splattered the walls.” table for why his conviction remains contro-
as a luckless stoic dispatched on a suicide mis- who had placed machine guns inside boilers Page after page, tales of systematic and versial to this day.
sion to delay, not triumph. As Mr. Scott writes, and hoisted them up in the rafters,” he writes impromptu massacre parallel the battle’s Mr. Scott does one of the finest jobs in re-
Yamashita’s orders to Manila’s defenders of a two-day battle for a power plant. “The liberation narrative. A common element of both cent memory of cutting out the middleman and
reflected his own struggle to balance death and Americans resorted to using grenades and even stories is the triumph of death, in varied and letting the participants—hundreds of them—
duty: “ ‘It is easy to die with honor but it is bazookas inside the building.” degrading forms. tell their harrowing bits of a kaleidoscopic
much more difficult to hold up the enemy The battle’s sound and fury is but a small Mr. Scott leans heavily on first-person wartime tragedy. The result is an eloquent
advance when you are short of ammunition and part of Manila’s heartbreaking story. Because accounts to tell his story. Unlike most other testament to a doomed city and its people.
food,’ Yamashita told his men. ‘Those of you in the Japanese soldiers knew they would die in battles, Manila was treated as a crime scene by “Rampage” is a moving, passionate monument
the front line will be doing your duty if you hold Manila, moral constraints fell from them like the U.S. Army after the shooting stopped. The to one of humanity’s darkest moments.
them up for a day—or even half a day.’ ” broken fetters. Heavily armed, often drunk and Inspector General’s branch scoured churches,
Those days totaled 29, and during that holding the power of life and death over colleges and hospitals for testimony from Mr. Jordan is the author of “American War-
month the city was shredded in a crossfire of thousands of unarmed civilians, troops that were teachers, priests, mothers, children and soldiers lords: How Roosevelt’s High Command Led
shot and shrapnel. In large part, the carnage holed up in the city’s center had one month as they built cases for war-crimes trials. Thou- America to Victory in World War II.”

Alcohol Was the family income would not be wasted

at the saloon. It was, in the public view,
a “women’s issue.”
overseeing men who had never known dry but drank liberally. Deaths from
a female boss. alcohol increased, as did drinking
Sabin, a wealthy divorcée, served among teens drawn to the outlaw
idea of nailing crime bosses for tax eva-
sion, which led to the prosecution of Al
Capone. “If Mabel had worn trousers,

A ‘Women’s “Liberated Spirits,” a book by the

late Hugh Ambrose completed by re-
as president of the Women’s National glamour that Prohibition created.
Republican Club, raising funds and Rather than elevating American life,
she could have been president,” said
John Sirica, a judge who later presided

Issue’
search historian John Schuttler, shows recruiting thousands of women into the Prohibition had degraded it, eroding over Watergate. She resigned from gov-
how Prohibition—its enforcement and, party. In 1923, she was selected as New respect for the law and for the Consti- ernment in 1929, only 40 years old.
later, its repeal—defined women’s first York’s first female representative on tution itself. Sabin worried not only Sabin spearheaded repeal. Frus-
decade of formal political participation. the Republican National Committee. about the moral consequences—that trated by the claim of the Women’s
Liberated Spirits The 18th Amendment in 1919, banning While many men continued to insist hypocrisy was “rapidly becoming our Christian Temperance Union, which had
By Hugh Ambrose the sale of beer, wine and spirits, and that women’s desire for national characteristic”— led Prohibition, to represent all women,
the 19th Amendment in 1920, giving suffrage was just a fad, but also about the effect she founded the Women’s Organization
with John Schuttler
women the vote, went together, twin fleeting as the latest fash- The story of on civil liberties. Enforce- for National Prohibition Reform, grow-
Berkley, 360 pages, $28 reforms ushering in a radical experi- ion, Sabin saw that ment efforts fed govern- ing it into the largest repeal organiza-
BY ELIZABETH WINKLER ment in American society. Ambrose women were “seriously
Prohibition ment spying—the tap- tion in the country, triple the size of the
cleverly recasts that experiment interested” in politics. told through the ping of telephone wires, WCTU. Women, she showed politicians,

I
N AMERICA it might be said,
with truth as well as humor,
that the birth of political con-
sciousness is marked by the
rejection of certain offensive
beverages. The Sons of Liberty signaled
their rebellion against King George by
dumping tea into Boston Harbor. A cen-
tury and a half later, the suffragettes
tried to throw off another oppressor—
the American man himself—by banning
alcohol. In the current era of female
protest and mobilization, it is easy to
forget that the thing that first brought
American women into politics en
masse, that united and ignited them
as a force with which Washington had
to reckon, was Prohibition.
That liquor could be an issue around
which a political class might form now
seems quaint. But in a time when mari-
tal rape was not yet criminalized and
women had little hope of securing
financial independence to leave an
alcoholic husband, cutting off men’s
supply of booze seemed a sound solu-
tion. Prohibition was protection against
domestic abuse, a promise that sons
would not slide into debauchery and
through the lives of two women on They would become, she lives of its chief search without warrant. did not all think and vote alike.
opposite sides of the Prohibition divide: forecast, “a determining The problem was an eco- Hoover lost his 1932 re-election bid
Mabel Walker Willebrandt (1889-1963), factor in every election.” female critic nomic one, too. The gov- to Franklin Roosevelt, and on April 7,
the U.S. Assistant Attorney General In Prohibition’s early and its fiercest ernment was hemorrhag- 1933, a brewery truck delivered two
charged with enforcing Prohibition days, Willebrandt and
who, over eight years and under three Sabin both believed in the
female enforcer. ing money in its attempts
to enforce Prohibition
cases of beer to the White House.
Repeal had won, but one wonders if
presidents, brought down criminal 18th Amendment’s poten- and losing tax revenue things might have turned out differ-
gangs that had seized control of the tial to bring about a more from alcohol sales. Once ently if the sexism of government had
country’s alcohol supply, and Pauline perfect union. The realities of enforce- the Great Depression hit, that would not hampered Willebrandt from seeing
Sabin (1887-1955), a New York socialite ment, however, drove them to take become untenable. Prohibition through. Ambrose’s story
and Republican political operative who, different views. Willebrandt’s appoint- Sabin resigned from the Republican brings to the fore how much has
troubled by the fall-outs of Prohibition, ment was a nod to women’s role in en- National Committee in protest. But changed for women in politics but also,
organized women in a movement to acting Prohibition, but on arriving at Willebrandt continued to support the more startlingly, how little. “It takes
bring about its repeal. “Prohibition’s the Justice Department she found that party platform, campaigning so aggres- lots longer for a woman to get to the
success or failure would be measured in her efforts were hamstrung. She had no sively for Herbert Hoover in 1928 that same place so far as good results for
the public’s consciousness, often, by the control over Prohibition agents or bud- the press declared, “No other woman public office is concerned than it does
success or failure of these two women,” get appropriations. Her superiors ig- has ever had so much influence upon a a man,” Willebrandt wrote. As America
he writes. nored her recommendations and her presidential campaign.” She believed approaches the centenary of women’s
Willebrandt arrived in Washington subordinates disregarded her orders. Prohibition could succeed if she was suffrage, “Liberated Spirits” offers an
in 1921 from Los Angeles, where she As she would write in a series of expo- given the proper tools. But though she important, timely look at an era that
had served in the public defender’s sés upon leaving office, corruption and helped deliver Hoover the White House, is usually remembered for its speak-
office, advocating for beaten wives and incompetence in government made the he treated her with no less condescen- easies and flappers, rum runners and
fallen women. Separated from her hus- new law impossible to enforce. Agents, sion than his predecessors, passing her alcoholic writers. Behind all of that was
band but unable to divorce him, she she remarked to the Saturday Evening over for Attorney General, a position the burgeoning politics of American
dedicated herself to her career. “I am Post, were “as devoid of honesty and she richly deserved. In the nearly 80 women, determined to remake the
in my life and profession a man,” she integrity as the bootlegging fraternity.” cases she argued before the Supreme country that had forgotten them.
reflected. With her political appoint- The result was that organized crime Court, she established permissible
ment, she became the highest-ranking intensified. Gangs bribed police, pros- methods of search and seizure that still Ms. Winkler is a writer for the
woman in the federal government, ecutors, and judges. Politicians voted hold force today and developed the Journal’s “Heard on the Street.”
 BOOKS
‘Fathers should be neither seen nor heard. That is the only proper basis for family life.’ — OS C AR WILD E

Prodigal Fathers, Difficult Sons

d, Bad, the time, but (like Sir William him
gerous to Know largely forgotten today. As Mr. T
Colm Tóibín points out, save for the gender o
BRIAN SEED/BRIDGEMAN; HERITAGE IMAGES/GETTY; THE POETRY COLLECTION OF THE UNIVERSITY LIBRARIES, UNIVERSITY AT BUFFALO, THE STATE UNIVERSITY OF NEW YORK

alleged victim and the fact tha

bner, 253 pages, $26
William was exonerated, the deta
AUREEN CORRIGAN his father’s trial eerily foreshado

G
most point-for-point his son’s own
REAT WHITE literary lic trial for sodomy three decades
fathers are not in The paternal blithe spirit of this
vogue right now. Nei- is John B. Yeats. He was one of t
ther are studies of “the men almost everyone delighted in
anxiety of influence.” cept for his own wife and children
books stitched out of a series of chief problem was that Yeats père
igious lectures have never been a painter who had monumental
bets for scintillating reading culties completing his work—and,
riences. making a living. For the last 20 yea
l of which is to say that “Mad, his life, John B. labored on his own
Dangerous to Know”—Colm portrait. It remained unfinished
n’s little book about the fathers of his death in 1922 because, as he
r Wilde, W.B. Yeats and James with so many of his paintings-in-p
e—should be D.O.A. Forget those ress, John B. neurotically scrape
onceptions, however, because Mr. and reworked the surface. Of that
n’s investigation into the lives and portrait and John B.’s work as a w
ies of what he calls “three prodi- Mr. Tóibín muses: “It was part o
athers” is juicy, wry and compel- restless, paradoxical spirit tha
As the Irish would say, it’s the would spend more than a decade
ry equivalent of “a good craic.” single image so that he could al
r. Tóibín, of course, is celebrated more capture a sense of spontane
is fiction, particularly novels like A bit of a sexual scamp and a
Master,” “Brooklyn” and “Nora lime denier of hard realities, Joh
ter.” This step into book-length seems to have especially galled his
sm was occasioned by his delivery “Willie,” who took after his mot
e Richard Ellman Lectures in Mod- side of the family. As Mr. Tóibí
iterature at Emory University in counts, in 1907 at the age of 68, Jo
Fortunately, the august academic was pretty much washed up as a pa
ns of “Mad, Bad, Dangerous to when he impetuously decided to m
w” don’t cramp Mr. Tóibín’s relaxed from Dublin to New York City. “
person style here. York saved my life,” he wrote in a
he book opens with Mr. Tóibín letter. John B. reveled in walking
g his readers on a ramble through crowded streets of Manhattan, ch
neighborhood around University ing new friends and, of course, pai
ge Dublin that he first got to know in his room in a West Side boar
student in the 1970s. Mr. Tóibín house. Ignoring regular entreati
“There is a peculiar intensity come back home, John B. died i
t some streets in Dublin that gets DUBLINERS Clockwise from left: John Butler Yeats, unfinished self-portrait; Sir William Wilde, by J.H. Maguire sleep at the age of 82, his buoyant
layered the longer you live in the (undated); John Stanislaus Joyce, by Patrick Tuohy (1924). age escape from Ireland and his
nd the more stray memories and appointed adult children complet
iations you build up.” Certainly, to, among others, Oscar Wilde, W.B. poems, novels, essays, and indeed their the floor.” A later entry notes that one “Mad, Bad, Dangerous to Know
ame might be said of any city, but Yeats and Joyce’s very own father in own fragile selves. In their own likeness, of the Joyce sisters had to pawn her an entertaining and revelatory
’s something undeniably intrigu- the guise of Simon Dedalus. Regarding they made the world we walk in.” dress, “as there was no dinner.” No sur- book about the vexed relation
bout the fact that this is the neigh- the old man, Stephen laments: “A As such a pronouncement indicates, prise, then, that, as Mr. Tóibín tells us, between these three pairs of dif
ood where the families of Wilde, father . . . is a necessary evil.” Mr. Tóibín is writing here as a psycho- John Stanislaus was abandoned by his fathers and their difficult sons
and Joyce crossed paths. Hustling In the second half of the 19th cen- analytic literary biographer, somewhat adult children, dying alone in 1931 in his Tóibín’s title, of course, has nothi
rs along, tour guide Tóibín rattles tury, when the real-life fathers of Wilde, in the Janet Malcolm mode. Thus, like Dublin boardinghouse, where a copy of do with fathers and sons, being, ins
e historical intersections: “Yeats’s Yeats and Joyce were walking those its subject, the critical approach of his son James’s play “Exiles” was found a slight variant on Lady Caroline La
dparents and his fa- streets, Mr. Tóibín ob- “Mad, Bad, Dangerous to Know” is also in the sparsely furnished room. famous pronouncement on her l
knew Oscar Wilde’s serves that Dublin was out of fashion these days. But, if a critic At first impression, Oscar Wilde’s Lord Byron. Its application here is
nts and were part of ‘A father,’ wrote “poor, down at heel,” “a is going to rely on Freud, what better father seems to be something of an out- puzzling, but John Stanislaus cert
same small Dublin lier. Sir William Wilde was one of those could be labeled “bad,” and, in lig
d”; Oscar Wilde was
James Joyce, ‘is als, its aura shapeless in place
place of isolated individu- to do it in than a book on fathers
and sons? Mr. Tóibín’s approach yields eminent Victorian spinning tops of pro- his trial, Sir William seems like he
at Number 21 West- a necessary evil,’ some way, a place hidden especially charged assessments of John digiousness: Among other things, he well have been “dangerous to kn
Row in 1854 and a sentiment that from itself, mysterious B. Yeats and John Stanislaus Joyce— was an aural and ophthalmic surgeon, That leaves the “mad” appellatio
nty years later, and melancholy.” If the both of whom were Olympian procras- archeologist, statistician, historian and John B. Maybe, a little. But, as Polo
e’s father] John Oscar Wilde fathers were affected by tinators and scroungers. John Stanis- folklorist. But, in Mr. Tóibín’s view, Sir another deeply flawed-but-like
slaus Joyce moved and W.B. Yeats the “shapeless aura” of laus—the only out-and-out reprehen- William also generated his own strain of father observed: “Though this be
ffices to Number 13 the city, Mr. Tóibín sug- sible father in this patriarchal trinity— psychic “chaos” that accounts, in part, ness, yet there is method in’t.” Mu
land Row.” Yeats’s
would surely gests that the sons were was also a violent drunk. After he lost for why his son Oscar had a predilection his more temperamentally more
r, John B. Yeats, second. informed by a desire for his job as a tax collector at the age for posing as “a fully fledged orphan.” mal” son’s exasperation, John B. k
the young James precision and high pro- of 44, John Stanislaus became increas- Ironically, Wilde’s attempts to separate how to use his touch of creative
on the street. Joyce ductivity; in short, by a ingly lackadaisical about supporting from his prominent paterfamilias may ness to paint—and repaint—his wa
d him ‘very loquacious.’ ” Years desire not to be their fathers. Mr. Tóibín his nine children. A 1905 entry in a have been the most dramatically disas- of a dead end to happiness.
that casual encounter, Joyce makes this elegant diagnosis: “They cre- diary kept by Joyce’s younger brother, trous. Mr. Tóibín offers a deft close
d stage a neighborhood reunion, of ated chaos, all three of these fathers, Charlie, observes: “Pappie home to reading here of the 1864 rape trial in Ms. Corrigan, the book critic for
, in “Ulysses,” where his fictional while their sons made work. The sons dinner very drunk: shouting, swearing which Sir William was the celebrated NPR’s “Fresh Air,” teaches litera
ego, Stephen Dedalus, gives a nod became expert finishers—of plays, etc. Pappie has thrown his dinner about defendant; it was a public sensation at at Georgetown University.

Tapped Into a Kind of Magic

IN THOM JONES’S short story stories he completed before his one’s work, of course, and yet take place—particularly in the or even surpass—the maste
“A White Horse,” an American death in 2016 at the age of 71. there are moments in Jones’s title piece about the belea- “Acknowledged or not, i
ad writer awakens from an Like those of his contemporary stories, as in this depiction of guered retail crew selling psychoanalysis there usual
epileptic fugue on a tour bus in Denis Johnson, the stories are a Christmas dance party inside brand-name clothing to a horde was the smell of blood—pe
Bombay with a black eye and feral things, freed from polite a psychiatric ward, where the of literal zombies who crave were brutal when exposed,
wad of cash in his pocket. He convention by the sense of writing seems capable of tran- post-Thanksgiving sales. (“The Chaya Bhuvaneswar writes
can’t recall his name and has abandon that results from scending the forces of destruc- first wave of shoppers is home, “A Shaker Chair,” her exqu
little memory of what he’s been gazing too long at the abyss. tion it so unforgettably evokes: or sleeping, or dead in various sitely nasty story of therap
doing for the past few days, “When you are on the Highway corners of the mall.”) Present- manipulation and revenge
but his brain is humming with to Death, like me, everything From my folding chair, swoon- day forms of racial unrest have the standout of the collecti
CTION ideas that he frantically is interesting,” says a young ing on phenobarbital, overly grotesquely metastasized. “White Dancing Elephant
M SACKS scribbles down on a yellow woman in “Bomb Shelter Noel,” warm from all the body heat, “The Finkelstein 5” imagines (Dzanc, 205 pages, $16.95
legal pad. By the next morning who, again like I was in agony until the riots provoked in response Vulnerability collides with
he has enough ad copy to last Jones, is a type 1 di- THIS WEEK I saw . . . that [the to an outrageous spate of cruelty in a number of thes
him the year. “I tap into a kind abetic subject to hy- patients’] suffer- stand-your-ground killings, in stories, which often feature
of magic,” he tells a perplexed poglycemic comas. Night Train ings and miseries which the mere existence of Indian or Indian-American
doctor. “It’s hard to explain.” The imminence of By Thom Jones vanished in their black people is used to justify main characters and which
There’s a feeling reading death gives rise to dancing, as they fell lethal force. touch on rape, child abuse,
hom “Night Train” (Little, Brown, the inimitable bawl- Friday Black into the rhythm of The themes combine in the adultery, theft, abandonme
ones 419 pages, $28), a selection of ing, laughing, maca- By Nana Kwame the music and the book’s best story, “Zimmer and similar cheery subjects
stories from Jones’s short but bre narrations of the Adjei-Brenyah singsong of the Land,” about an interactive Ms. Bhuvaneswar is not
emed meteoric career, of a similar cancer patient in caller’s instructions. theme park where customers always in control of her
erily magic at work, as though Jones “I Want to Live!” White Dancing And for a moment I “start getting their justice on” volatile material and some
ble to was an oracle channeling the and the manic- Elephants saw myself as well; by virtually murdering actors— the stories seem more like
voices of his crazed, raucously depressive doctor in By Chaya I saw myself as if mostly black or Arab men— explosions of grief or outra
annel funny, deeply damaged gallery “Cold Snap.” Bhuvaneswar from on high, saw pretending to threaten them. than crafted dramas. But a
voices of characters. Jones was him- It’s impossible the pattern of my Like most of “Friday Black,” pleasingly devious streak, a
self a temporal-lobe epileptic— not to marvel at the whole life with a the story is highly influenced times reminiscent of Patric
f his like the narrator of his break- urgency of these stories. Re- kind of geometrical precision, by George Saunders, whose Highsmith, winds through
azed, through story “The Pugilist at viewers like to say that good like the pattern the dancers queasily comic futurist satires collection, offsetting the la
unny, Rest,” his “sacred disease” was writing feels alive, but living were making, and it seemed are often set in deranged melodrama. Shocking late
the result of boxing injuries— things are subject to the laws there was a perfect rightness amusement parks. Mr. Saun- twists and disclosures furn
eeply and his stories were most at of decay, and the miracle of to it all. ders has many imitators but a sense of unpredictability.
maged home in sites of devastating literature is that the truly great the debt is even more pro- Acid-etched stories such as
matis trauma: the boxing ring, the stuff has no half-life. It doesn’t The country has gone mad nounced here, as he was “The Bang Bang” and “The
battlefields of Vietnam and fade or stale or ossify, which is in Nana Kwame Adjei-Brenyah’s Mr. Adjei-Brenyah’s writing Goddess of Beauty Goes
sonae. the minds of the wounded why 16-year-olds can pick up impressive debut story collec- instructor at the University of Bowling” (and especially “A
and disturbed. Euripides or Jane Austen—or tion, “Friday Black” (Mariner, Syracuse (he also duly provides Shaker Chair”) build to fin
“Night Train” gathers the two of Jones’s inspirations, 194 pages, $14.99), though the a blurb that adorns the book’s paragraphs that pull their
greatest hits from the three Dostoevsky and Schopenhauer— forms of insanity are uncom- cover). There’s enormous talent entire meaning inside-out.
concussive story collections and feel as though the book was fortably recognizable. Consum- on show in “Friday Black” but this erratic but compulsive
Jones wrote in manic haste in written hours before specifically erism is a vicious bloodsport in the real fun will come in readable debut, the manipu
the 1990s, placing them along- for their eyes. Immortality is the post-apocalyptic dystopia watching the student’s attempt tions extend to the reader
side the previously uncollected too much to demand of any- in which many of these stories to escape the shadow of— as well.
 BOOKS
‘We hope to plant a nation, / Where none before hath stood.’ —RICHARD RICH, ‘NEWES FROM VIRGINIA ,’ 1610

Filling In Early America’s Blanks

9: Jamestown and the
ging of American
mocracy
ames Horn
c, 273 pages, $28

rooned: Jamestown,
THE BRITISH LIBRARY BOARD; ON THE COVER: H. ARMSTRONG ROBERTS/CLASSICSTOCKGETTY IMAGES

pwreck and a New

tory of America’s
gins
oseph Kelly
msbury, 500 pages, $32
ATHLEEN DUVAL

I
N 1619 Jamestown was on the
verge of becoming the latest
failed English endeavor in
North America. Sir Edwin
Sandys and the Virginia Co.
radical action to save their colony.
redesigned Jamestown using the
ng-edge political philosophy of
monwealth theory, as put forward
ndys and Sir Francis Bacon. Gone
he governor, with absolute power
terpret the law and punish those
disobeyed. Now men with prop-
would be represented in a General
mbly, and poorer colonists would
unprecedented opportunities to
re property, and thus political RIVER RUN Robarte Tindall’s chart of the entrance of Chesapeake Bay, created in Jamestown in 1608, one of the earliest depictions of the James (top) a
s. Indians who wanted to become York rivers. This slightly disorienting document (drawn with west at right) is just one of several fascinating and rare examples included in Susan Schulten’s
tian subjects of the English crown ‘A History of America in 100 Maps’ (Chicago, 272 pages, $35). Any one may make readers rethink what they know about how the nation came t
d be welcomed, and slavery would
necessary. Encouraging Christian them died from starvation and illness in “Marooned: Jamestown, Shipwreck, Maybe writing an erudite book cluding the great New York Unive
lity and relative equality would the winter of 1622-23. As for the rela- and a New History of America’s Origin” should be enough for an author, but historian Karen Ordahl Kupperma
nce the common good of the peo- tive equality Sandys envisioned? By provides a quite different reading expe- Messrs. Kelly and Horn strive for Yet Mr. Kelly goes on for s
nd the company. 1625, perhaps as many as 70% of adults rience. Mr. Kelly, a literature professor greater significance. As their subtitles pages in his introduction (and
mes Horn’s “1619: Jamestown and in Virginia were servants or slaves. at the College of Charleston, takes as imply, they feel the need to justify yet in his final chapter) about why
orging of American Democracy” Most American historians recognize his subject Jamestown’s common men, another book on Jamestown. Both shouldn’t focus on New England, u
the story of this momentous year, 1619 less for the Virginia Company’s arguing that they were metaphorically authors suggest Americans should re- as his examples a 1988 Charlie B
colonial founders tried to put into political and economic reforms than for (and sometimes literally) shipwrecked place Plymouth Rock with Jamestown television show and old edition
the kind of rational, civil society the “20 and odd” West Africans sold in other men’s dreams, forced to forge as our founding national story. college literature textbooks. It’s
icans today might see as our own from a ship that landed at their own path toward But I wonder who, outside of New that early American literature cla
as we live through yet another Jamestown that year, the America’s future. The au- England, still sees Plymouth as the have retained New England’s prim
ous era in American history. If first of many thousands Jamestown’s thor meanders through foundation of the United States. History for longer than history classes, d
ne today knows colonial Virginia, of Africans and people of topics only loosely con- textbooks today mention Jamestown as their focus on written texts. Bu
James Horn. For more than a African descent to be
early leaders nected to Jamestown. A well as St. Augustine and Santa Fe latest edition of one of the textb
de, he led the research and his- enslaved in Virginia. His- promoted section on four centuries alongside New England. My own kids, Mr. Kelly mentions includes read
al preservation efforts at Colonial torians have long ana- tolerance and of runaway slave com- learning history in North Carolina pub- not only from colonial New Englan
amsburg. Now president of the lyzed the tension between munities rambles far lic schools would point to Roanoke or also from Jamestown and Roan
stown Rediscovery Foundation, Jamestown’s political and equality. Should from 17th-century Vir- the American Revolution if asked about There are also passages from Spa
ersees some of the most exciting economic opportunities it replace ginia even before veering America’s founding. And I suspect few explorers, the Iroquois Constitution
eological work in North America:
e 1990s, Jamestown Rediscovery
for poor white men and
enslavement of black
Plymouth Rock abruptly into the theology
of Paul Tillich and Martin
students in San Diego and St. Louis
would choose Plymouth.
a Diné (Navajo) creation story.
Why pick one founding story o
rthed Jamestown’s fort, long men and women, most among our Luther King Jr.’s “Letter Joseph Kelly and Jim Horn are the complex and fascinating past o
med to have been submerged by famously in historian founding stories? from Birmingham Jail.” beating a horse that died in the previ- huge country? New York, New Or
ames River, and its archaeologists Edmund S. Morgan’s Although the common ous century. Starting in the 1960s, Jack and Detroit, all fascinating multir
nue to make astounding finds. “American Slavery, Amer- men of Jamestown are P. Greene incorporated Virginia and the communities from the beginning, c
he 1619 reforms created a repre- ican Freedom” (1975). the protagonists, “Ma- Carolinas into colonial political history, work at least as well as Jamestow
tive government and, just as im- Morgan’s generation presented free- rooned” is mostly a comprehensive and historians of Pennsylvania pointed Plymouth. O’odham Indians’ cre
nt, established private property, dom and slavery as the paradox of chronological history of Jamestown’s to its political participation, vibrant story starts their history with the
ing a personal incentive for set- American history, but Mr. Horn per- early years with historical and literary economy, diverse immigration and century destruction of the ancient
to support the colony. As Mr. Horn suasively argues that white Virginians asides along the way. Because Chapter religious tolerance as evidence that it of Hohokam, whose ruins still dot
ins, “private property, just laws, saw no paradox in slavery, approved of Five is entitled “Maroons,” I thought it better represented the United States to ropolitan Phoenix.
good government were all of a by the Bible and already entrenched in would focus on Jamestown’s runaways, come. Starting in the 1970s, Peter H. But of course our founding myth
.” The colony would support itself the American colonies. (By 1619, Portu- but it spends nearly all of its pages on Wood and Richard S. Dunn drew histo- describe the people we want to be
a mix of crops, industries, trade guese and Spanish slave ships had Francis Drake and Roanoke colony, an rians’ eyes to South Carolina and the maybe the Virginia Co.’s plan for a
public works projects. forced some half a million Africans episode that occurred before James- English West Indies as forerunners of public life with responsible leaders
hings did not go as Sandys across the Atlantic.) As early as 1621, town’s founding. A chapter on tempests the U.S. slave economy. For the past economic opportunities for ever
ned. Instead, Jamestown fought the governor of Bermuda wrote, includes not only Shakespeare but also two decades, historians of colonial is a good history to revive after a
ody war against the Powhatan “These slaves are the most proper and St. Paul and the Titanic, and most of North America pushed past the English
ns, who had certainly not agreed cheap instruments for this plantation the rip-roaring chapter on mutinies colonies to include Spanish Florida, Ms. DuVal, a professor at the
rrender their lands and become that can be.” “Few in Virginia,” writes takes place in Bermuda, where passen- French Louisiana and the vast conti- University of North Carolina at
sh subjects. Rather than create a Mr. Horn, “would have disagreed.” gers to Virginia were shipwrecked. nent that remained Indian country into Chapel Hill, is the author of
sified economy, settlers doubled At twice the length of Mr. Horn’s “Marooned” is a fun book, but you the 19th century. And many historians “Independence Lost: Lives on the
n on tobacco. At least 1,000 of book and ending in 1611, Joseph Kelly’s might want to find a comfortable chair. continue to focus on Jamestown, in- Edge of the American Revolution

est-Selling Books | Week Ended Oct. 21

th data from NPD BookScan

rdcover Nonfiction Hardcover Fiction Methodology

E THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
OR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK NPD BookScan gathers point-of-sale book data fr
more than 16,000 locations across the U.S.,
of Fools 1 2 Dare to Lead 6 1 Every Breath 1 New The Hate U Give 6 6 representing about 85% of the nation’s book sales
er Carlson/Free Press Brené Brown/Random House Nicholas Sparks/Grand Central Angie Thomas/Balzer & Bray/Harperteen Print-book data providers include all major
booksellers (now inclusive of Walmart) and web
ng the SS 2 3 The Happy Cookbook 7 New Dog Man: Lord of the Fleas 2 4 Unsheltered 7 New retailers, and food stores. E-book data providers
O’Reilly and Martin Dugard/Henry Holt Steve and Kathy Doocy/William Morrow Dav Pilkey/Graphix Barbara Kingsolver/Harper include all major e-book retailers. Free e-books an
those sold for less than 99 cents are excluded. The
Wash Your Face 3 4 Fear: Trump in the White House 8 7 Dork Diaries 13: Tales From... 3 New Holy Ghost 8 2 fiction and nonfiction lists in all form
hel Hollis/Thomas Nelson Bob Woodward/Simon & Schuster Rachel Renée Russell/Aladdin Paperbacks John Sandford/G.P. Putnam’s Sons include adult, young adult, and juven
titles; the business list includes only
de 4 New Atomic Habits 9 New Ambush 4 3 A Spark of Light 9 7 adult titles. The combined lists track
Souza/Little Brown James Clear/Avery Publishing James Patterson and James O. Born/Little Brown Jodi Picoult/Ballantine Books sales by title across all print and e-bo
formats; audio books are excluded. Refer question
orning, Gnight! 5 New This Will Only Hurt a Little 10 New The Next Person You Meet... 5 1 Dear Evan Hansen: The Novel 10 8 to Peter.Saenger@wsj.com.
Manuel Miranda/Random House Busy Philipps/Touchstone Mitch Albom/Harper Val Emmich w/ Levenson, Pasek, Paul / Poppy Books

nfiction E-Books Nonfiction Combined Fiction E-Books Fiction Combined Hardcover Business
E THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAS
OR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEE

cated 1 5 Ship of Fools 1 3 Every Breath 1 New Every Breath 1 New Dare to Lead 1 1
Westover/Random House Publishing Group Tucker Carlson/Free Press Nicholas Sparks/Grand Central Nicholas Sparks/Grand Central Brené Brown/Random House
Dubrow Diet 2 New Killing the SS 2 2 Desperate Measures 2 New Wonky Donkey 2 3 Atomic Habits 2 New
ther and Terry Dubrow/Ghost Mountain Books Bill O’Reilly and Martin Dugard/Henry Holt Stuart Woods/G.P. Putnam’s Sons Craig Smith/Scholastic Paperbacks James Clear/Avery Publishing
mic Habits 3 New Girl, Wash Your Face 3 4 Holy Ghost 3 1 Holy Ghost 3 1 Strengthsfinder 2.0 3 2
es Clear/Avery Rachel Hollis/Thomas Nelson John Sandford/G.P. Putnam’s Sons John Sandford/G.P. Putnam’s Sons Tom Rath/Gallup Press
Wash Your Face 4 6 Shade 4 New Dear Jane 4 New Unsheltered 4 New Extreme Ownership 4 5
hel Hollis/Thomas Nelson Pete Souza/Little Brown Kendall Ryan/Kendall Ryan Barbara Kingsolver/Harper Jocko Willink and Leif Babin/St. Martin’s
f Answers to the Big Questions 5 New Gmorning, Gnight! 5 New Unsheltered 5 New Ambush 5 2 Emotional Intelligence 2.0 5 4
hen Hawking/Bantam Lin-Manuel Miranda/Random House Barbara Kingsolver/Harper James Patterson and James O. Born/Little Brown Travis Bradberry/Talentsmart
ng the SS 6 1 Dare to Lead 6 1 Where the Crawdads Sing 6 8 Dog Man: Lord of the Fleas 6 8 Dark Horse 6 New
O’Reilly and Martin Dugard/Henry Holt Brené Brown/Random House Delia Owens/Penguin Publishing Dav Pilkey/Graphix Todd Rose and Ogi Ogas/HarperOne
of Fools 7 3 This Will Only Hurt a Little 7 New The Story of Arthur Truluv 7 -- Desperate Measures 7 New Life After Google 7 --
er Carlson/Free Press Busy Philipps/Touchstone Elizabeth Berg/Random House Stuart Woods/G.P. Putnam’s Sons George Gilder/Gateway Editions
Will Only Hurt a Little 8 New Brief Answers to the Big Questions 8 New The Christmas Scorpion 8 5 Room on the Broom 8 9 The Dichotomy of Leadership 8 6
y Philipps/Touchstone Stephen Hawking/Bantam Lee Child/Random House Julia Donaldson/Puffin Books Jocko Willink and Leif Babin/St. Martin’s
Is the Enemy 9 -- Fear: Trump in the White House 9 7 Ensnared 9 New The Next Person You Meet... 9 5 Capitalism in America: A History 9 New
n Holiday/Portfolio Bob Woodward/Simon & Schuster J.S. Scott/Montlake Romance Mitch Albom/Harper Alan Greenspan and Adrian Wooldridge/Penguin Pre
Books That Changed My Life 10 -- Racing to the Finish: My Story 10 New The Consuming Fire 10 New A Spark of Light 10 7 Scale or Fail 10 New
anne Patrick/Regan Arts Dale Earnhardt Jr. with Ryan McGee/Thomas Nelson John Scalzi/Tor Books Jodi Picoult /Ballantine Books Allison Maslan/Wiley
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | C13

PLAY
NEWS QUIZ DANIEL AKST From this week’s
Wall Street Journal
WSJ BRAIN GAMES Provided by Serhiy and Peter Grabarchuk
(grabarchukpuzzles.com)

1. Richard 5. In a test market, Dunkin’ 2. HHHHH

Parsons is trying to undercut Performing
stepped Starbucks on the price 1. HHHII regular
down— of a signature product. Can you trace the L-shaped
from What is it? flower constellation knight’s
which com- (at right) in the starry moves,
pany’s
A. Inoffensive music sky (below)? swap the
board?
B. Pre-made sandwiches The constellation black and

C. Espresso and espresso- must remain the white

A. Viacom based drinks same size but can knights in

B. Walt Disney Co.
D. Raw coffee beans be rotated and/or the fewest

C. Comcast mirrored. moves. A move

D. CBS
6. Supertyphoon Yutu is counted as one
struck two islands in the jump performed by
2. A new bar in Brooklyn Pacific, leaving a path of a knight.
distinguishes itself by the devastation. Which islands
surprising thing not in were they?
evidence. What’s notably
barred at this joint?
A. Nivano and Tauhunu

B. Noriti and Arariki 3. HHHII

A. Tattoos
C. Quemoy and Matsu Which view is snapped

B. Booze
D. Tinian and Saipan from the top of the

C. Talk given 3D composition

D. Men of five tetracubes?
7. Naspers was in the news.
Why?
3. Disneyland and Disney
World don’t much talk about
A. The late-night version
it, but some loyal customers of vespers is popular with
stay a little too long. Explain. younger Christians.

B. The disposable diaper

A. People spread the ashes brand provides essential
of their departed loved ones nutrients transdermally.
around the theme parks.
C. The new Chinese music-

B. Visitors hide all over the streaming service is poised
parks in order to spend the to go public.
night partying.
D. The African e-commerce

C. Employees have been conglomerate is betting on
found living in the parks for classified ads world-wide.
weeks at a time. For previous weeks’ puzzles, and to discuss strategies with other solvers, go to WSJ.com/puzzle.

D. Impostors in Mickey
8. Ford is recalling most
Mouse costumes linger after
of one type of car it built
closing time.
at a Michigan factory over SOLUTIONS TO LAST WEEK'S PUZZLES
a roughly seven-year period.
Acrostic Little Monsters WSJ Brain Games
4. Religious groups and Which model?
atheists lately have clashed Douglas Coupland, “The Gum Thief”—“If human be- SW I S S M E N S C H A R O U S E S
in court—over what?
A. Model T ings had genuine courage, they’d wear...costumes T A I C H I R A I L A T C E N S U R E
P R I ORC O M M I T M E N T E V E N P A R

B. Focus every day of the year, not just on Halloween. H E R E R E S P I T E S E S T
A C T E L L I O T S T I R D R E A
FROM TOP: REUTERS; ISTOCK

A. Whether there’s a God
C. Fusion Wouldn’t life be more interesting that way? ...Think S H E R P A A N D S O S C E N E I
S E N I ORC L A S S K A Y D I V ORC E S

B. The federal tax exemp-
D. Mustang of all the people you’d meet if they were in cos- T R E V I R E P E A L S N O O N S
tion for clergy housing tume.... People would be so much easier to talk to— S I T N E A R D R A
E L M D I M
C O
E A S
S A T U R N
E E R O S

C. School closings for reli- like talking to dogs.” T L C V I S I T ORC E N T E R S T N
O H I O I S I S L E T A I M
gious holidays A. Dungeons; B. Owl monkey; C. Uraeus; D. Ghoulies; P A Q U I N S M E A R E T N A H I T

D. The refusal of some E. Lie in wait; F. Aramaic; G. Skeleton; H. Clown suit; I N U S A
E X ORC I S T
A N D O
R Y E
R R A
A N C
J O Y C E
H ORC H A I R
sects to appoint female clergy I. Offbeat; J. Up to speed; K. Pitchfork; L. Lost out; A N K A R A R A D I I E A S T E R
F I B S S A G A G E N E R A T R Y
M. Almond Joy; N. Nightmare; O. Dewy-eyed; P. Tie I D I P E T E R P A N O L A F
the knot; Q. Hellhole; R. Egg white; S. Graveyard; F A N F A R E D I S T R I B U T ORC A P S
T H E A T E R O N S E T S P R E S T O
Answers are listed below the T. Untitled; U. Money belt; V. Test tube; W. Huara- H O T B E D S R A I D E R A S L A N

crossword solutions at right. che; X. iPhone; Y. Eye of newt; Z. Fearsome

Answers to News Quiz: 1.D, 2.B, 3.A, 4.B, 5.C, 6.D, 7.D, 8.B

THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 47 Citi Field 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
predecessor
19 20 21 22
48 Alternatively, 1
23 24 25 26 online
27 28 29 49 Orchestra 2
alternative
30 31 32
50 Southern cooking 3
guru Paula
33 34 35 36 37 38 39 40
4
52 Improve
41 42 43 44 45
53 Terminates 5
46 47 48 49 50 51 52 53
55 Churches in 6
54 55 56 57 Westeros
58 59 60
57 Sign at an 7
information desk
61 62 63 64 65 66 67 68 69 70 61 Bear in the night 8
sky
71 72 73 74 75 9
62 Rooting section?
76 77 78 79 80 81 82 83
63 Bedtime for 10
84 85 86 87 Dracula?
65 Contaminated
11
88 89 90 91

92 93 94 95 96 97 98 99
66 “Sicario” 12
character
100 101 102 103 104 67 Response from 13
an accident
105 106 107 108 109 110 111
survivor 14
112 113 114 68 Campbell of 15
115 116 117 118
“Scream”
69 Till fill Live Show | by Patrick Berry
119 120 121 122
72 Ollie’s Each Row and Column of this grid 8 Maker of Asteroids 4 Provider of Eve’s leaves
“A-Haunting We
Biting Humor | by Randolph Ross Will Go” partner contains a series of answers placed Talk nonsense Charlatans
end to end, clued in order of Burma’s not-fully-recognized Walter who played Mr. Chekov
75 “The Devil in
Across 47 Threatening 92 “Winsanity” 3 Uses scare
Miss Jones,” e.g.
appearance. One square in each new name 5 Girder makeup
1 Pilgrimage adversary for airer tactics on Row is presenting a live 3-D 9 Org. of Vikings and Raiders
Dracula? 78 Praise
Works in the cutting room
destination 94 Explosive 4 Cargo ship load show—that is, the square will Throw to the winds Take a ___ (try something risky)
6 Butcher’s stock 51 U.S. Open tennis experiments 5 Friendly 79 Having a shot to contain a three-letter word instead Inventor credited with saving the 6 Excessive
stadium honoree 98 Why Dracula’s win of a single letter. The crossing
10 Bit of 6 Bolan of T. Rex lives of Titanic passengers Didn’t throw away
54 Israeli desert city would-be pickup 80 Pituitary Column answer will only use one of
choreography 7 Deco designer 10 Stole Current unit
56 Siouan speakers rejected him? hormone the three letters; circle the one that
14 Native Israeli 8 Essen Worth noting 7 Calligrapher’s tip
57 Torcher’s doing 100 Painting class 81 “Do what I say!” gets used. When the grid is Recorded (2 wds.)
19 Hardly friendly equipment exclamation Sandpaper coating
58 Spot 82 Tide variety complete, the circled letters
20 Name on 9 In direct 11 Psychological outlook (3 wds.) No longer on duty
102 Monopoly 83 Prado display (reading from left to right) will
California 59 You might take confrontation “The Divine Comedy” divisions 8 Body part affected by tympanitis
pieces reveal the show you’re watching.
gas stations his word for it 10 Joint filer 85 Match parts 12 Raise the roof Cotton of the clergy
104 Escape
21 Remove the 60 Forgo frugality 11 Dull browns 86 Little illuminators House sitter’s charge Have in mind
105 Force Fighter in a war
skin of 61 School whose 89 Meets with, as 9 Hershey offering similar to a
106 Woman of the 12 Explorer
22 Where “Three home games Shackleton hard times 13 Driver of the Skycycle X-2 Heath bar
Sunflowers in are played in the House
91 No-___ (obvious
Rows (2 wds.) Defrauded
L.A. Coliseum 107 World’s most 13 Sneaky fellow
a Vase” was solution) 1 Removes TV doc Howser Musical symbol whose name
painted 64 Dracula, when populous 14 Pomona College Nullifies, as a keyboard error 14 Like some coincidences
92 Shogun means “key”
he’ s annoying? landlocked player
23 Dracula’s quilt entertainer “See Me, Feel Me” band (2 wds.) Zellweger of “Chicago” 10 Lies in the sun
country 15 Kitchen draw
fill? 70 Guitar pioneer 2 Language that gives us “anorak” Fasteners removed when Like Barack Obama Sr.
112 Litigious bunch 93 Colt with arms
26 Merchandise Paul 16 Dracula’s boat? “My Big Fat Greek Wedding” changing a tire (2 wds.)
95 Aussie gal Ancient manuscript
71 Cave ceiling, 113 Lived a 17 Rooibos beverage star Vardalos 15 Tedious experience
27 Way to go purposeful life, 96 Ratted out 11 ___ suit (protective garment)
for vampires Boat with a double-bladed Comedian John Sanford’s stage
28 Extra locks like Dracula? 18 Grade Magna ___
73 “American 97 More than paddle name (2 wds.)
29 Engage in 115 Sunny starter 24 At a time in the buzzed Shed feathers
Buffalo” Hammer part Golf course obstacles
histrionics past 12 Heaviest of the fencing swords
playwright 116 Soothing stuff 99 Related to K-12
30 “Dark Shadows” 25 NYSE listings 3 Blackened a bit Columns One raised on a farm
74 Doc bloc 117 Take in 101 Creepy
airer 31 Andy Kaufman’s Medal alloy 1 Gloria Gaynor’s music genre Outline
76 Makes finer 118 Kindergarten 103 “___ Beso” Cafeteria stack
31 Starter’s stat “Taxi” role Meager 13 Like freshly-applied paint
77 Show song refrain 106 iPhone 4 Corporate vessel? (2 wds.)
32 Ghosts, literarily 32 Bellatrix, Regulus Turned loose Boxer’s garment
conclusively 119 “Midnight in forerunners Post-wedding title
or Sirius 2 Bagel choice “Romeo and Juliet” surname
33 Dracula as an 78 Korean minivan Paris” director 107 Bram Stoker’s Thanks to Pierre
overindulged 33 Posturing person Place to surf 14 Nearly impossible, as a task
84 Letter before 120 Work on wood homeland 5 Small bill Until hell freezes over “Rock Me ___” (Billy Squier song)
child? 34 Corn concoction
Bravo 121 Get rid of 108 Work at a bar Hart feature
38 What’s left 35 Slimy stuff 3 Enjoyable 15 How building inspections are
85 Sweet drink for 122 Kidney enzyme 109 Hammer head Inquire after (2 wds.) Cause of goose bumps conducted (Hyph.)
40 Mil. hospitals Dracula? 36 October 31, e.g. half 6 Plumber’s device
41 Who lives
Down Lotion ingredient (2 wds.) She knows her rites
87 Cab competitor 37 Let the cat out 110 Old sundial Informal dining place (2 wds.)
forever 1 “No More of the bag
88 Draw conclusions number Get the solutions to this week’s Journal Weekend Puzzles in next
s

Victims” org. 7 Recoiled in terror

42 Some saxes 90 View from the 39 Carol opening 111 Soon, to Tom’s role in the “Mission: Saturday’s Wall Street Journal. Solve crosswords and acrostics
2 Prey of the
44 Juilliard major Fr. Riviera Morlocks, in “The 43 Temporary Shakespeare Impossible” franchise online, get pointers on solving cryptic puzzles and discuss all of the
46 Dix plus un 91 Talk sheepishly Time Machine” 45 Complain 114 Morse morsel Skeevy sort puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

REVIEW
show “The Love Boat.”
ICONS “What’s key with War-

Warhol
hol is he always responds
to things in the culture,”
Ms. De Salvo said. During
the 1980s, his images of

Takes
Soviet missile silos docu-
mented Cold War-era con-
cerns. Mortality was a pe-
rennial preoccupation,

New
echoed in images of skulls,
suicides and electric chairs.
The subject took on greater

York,
urgency amid the AIDS epi-
demic, which claimed the
life of one of Warhol’s boy-
friends.

Again
A gallery of works from
the ’70s and ’80s includes
collaborations with rising
young artists such as Jean-
Michel Basquiat and Keith
Haring. An untitled Haring
and Warhol painting in
acrylic and silk-screen ink
At the Whitney, a show from 1985 resembles a New
gathers more than 350 York City tabloid, with one
works by the Pop master of Haring’s outlined figures
alongside an image of Ma-
BY BRENDA CRONIN donna. Ms. De Salvo, who

‘E
met Warhol in the mid-80s,
mpire,” a movie that Andy recalled that the artist was
Warhol and the experimen- energized by the new gen-
tal filmmaker Jonas Mekas eration. But he also felt
shot in 1964, isn’t for the competitive pressure. In an
drowsy. The silent black- entry from late 1980 in
and-white film can run for eight hours and “The Andy Warhol Diaries,”
five minutes, and consists of a stationary published posthumously in
image of night falling around the Empire 1989, the artist frets about
State Building. “Empire” is part of “Andy hobnobbing instead of cre-
Warhol—From A to B and Back Again,” an ating. Warhol, who had
exhibition that opens Nov. 12 at the Whit- just returned to New York
ney Museum of American Art in New York. from a trip to Paris, mused:
Featuring paintings, drawings, photo- “I got so nervous thinking
graphs, movies and more, the show spans about all these new kids
Warhol’s evolution from commercial illus- painting away and me just
trator in New York in the early 1950s to going to parties, I figure I’d
global celebrity in the 1980s. better get cracking.”
The retrospective, which takes its name The Warhol movies in
from the subtitle of the artist’s 1975 book the exhibit were selected
“The Philosophy of Andy Warhol,” pro- by Claire K. Henry, the
ceeds largely chronologically through his Whitney’s assistant cura-
40-year career. It is bookended by two tor of the Andy Warhol
mammoth works featuring a camouflage Film Project. More than 10
pattern—an apt motif for an artist who short films, including
cultivated a facade of blank neutrality, glimpses of the artist and
parrying probing questions about his art friends, can be seen in
and inspiration with gnomic sound bites. 16mm in the exhibition.

Early in the exhibit, visitors are con-
fronted by “Camouflage,” a 1986 acrylic
and silk-screen ink painting that is 35 feet
long and more than 9 feet high. The
show’s final gallery has another vast painting from the same year,
“Camouflage Last Supper,” in which Warhol conflates a photograph
of Leonardo da Vinci’s masterpiece with a green-and-brown motif.
Born in 1928, Warhol prefigured the digital age by shaping a per-
sonal brand and using technology such as photostat machines, cameras
and tape recorders to experiment and create. According to Donna De
Salvo, deputy director for international initiatives and senior curator
at the Whitney, Warhol’s genius lay in linking the worlds of advertising
and fine art. The exhibition includes works from the 1960s and ’70s
that are among Warhol’s best known: his Brillo Boxes and his portraits
of Marilyn Monroe, Elizabeth Taylor and Mao.
Warhol’s observation about the paintings of Ad Reinhardt—“They
all look the same, but they’re all complicated underneath”—is also a
fitting assessment of his own work, Ms. De Salvo said. Images that ini-
tially appear identical actually have subtle distinctions, such as the 32
containers in his “Campbell Soup Cans” or the dozens of bottles and
stamps in “Green Coca-Cola Bottles” and “S&H Green Stamps.” “I think
that Warhol’s a very nuanced artist,” Ms. De Salvo said. Early draw-
ings, such as a series of shoes in collaged gold leaf and ink from the
Andy Warhol, mid-1950s, including “Golden Shoe (Elvis Presley)”
“Green Coca- reveal his extraordinary gifts as a draftsman.
Cola Bottles,” The Whitney show traces Warhol’s shifting per-
1962 sona from Madison Avenue journeyman to the im-
presario of the Factory, an unorthodox studio,
soundstage and party venue, where he put his as-
sembly-line ethos to work, churning out silk-screen
prints and portraits amid a stream of celebrities
and gawkers. He hopscotched from one medium to
the next, dipping into film in the 1960s and turn-
ing some of his acolytes into “Superstars” in his
screen tests and movies.
In 1965, Warhol flummoxed television host Merv
Griffin by appearing on his talk show and not talk-
ing. Instead, he nodded or shook his head or whis-
pered answers to Factory darling Edie Sedgwick,
seated beside him. Two years before he died—in
1987, at age 58, from complications after surgery—
he played himself on an episode of the television
THE ANDY WARHOL FOUNDATION FOR THE VISUAL ARTS, INC./ ARTISTS RIGHTS SOCIETY (ARS), N.Y.
Longer movies, including
“Empire,” will be screened
in the Whitney’s theater in
a series that continues
into 2019.
“Andy was very open to ideas,” said Mr. Mekas,
who is now 95 years old. He recalls more serendip-
ity than strategy in shooting “Empire.” While
walking in Midtown Manhattan one day, Mr. Mekas
caught a glimpse of the Empire State Building. “It
was like a star of Bethlehem” he says, “a perfect,
iconic image for Andy Warhol.” He proposed film-
ing it, and Warhol deputized him to secure a cam-
era and enough film for at least six hours. With a
handful of friends and pastrami sandwiches, they
headed to a room in an office tower about 20
blocks north of the Empire State Building. Mr. Me-
kas set up the shot—one unblinking view of the
skyscraper—and Warhol approved the framing. Ev-
ery half-hour, Mr. Mekas loaded another 30-minute
roll of film. Sometime before dawn, Warhol called
it quits. “I think maybe he got bored,” Mr. Mekas
said. “Or maybe I just ran out of film.”

MASTERPIECE | HORACE WALPOLE’S STRAWBERRY HILL (1750-1773)

One Man’s gilded tracery still gleams, the

trompe l’oeil still fools, and the
hand-painted wallpapers have not
“The world is a tragedy to
those who feel, but a comedy
to those who think,” Walpole

Gothic
looked better in two centuries. wrote. He was highly serious,
But the theatrical rooms are except for when he was not.
empty stages. In 1842, Walpole’s He titled the first history of

Fantasy
BY DOMINIC GREEN
IN 1747, the connoisseur and art historian
Horace Walpole (1717-1797), seeking a summer
villa in the country beyond southwest London,
bought a lodging house in the village of
Twickenham called Chopp’d Straw Hall. Re-
built between 1750 and 1773 as a “little Gothic
castle” he named Strawberry Hill House, and
packed with books, prints, coins, curios and
masterpieces of portraiture like Joshua Reyn-
olds’s “The Ladies Waldegrave,” the house be-
came the social, aesthetic and architectural
cornerstone of the 18th-century Gothic Re-
vival. Strawberry Hill inspired the first Gothic
novel, Walpole’s “The Castle of Otranto”
(1764), and pioneered the Romantic medieval-
ism that was to define Britain’s Victorian pub-
lic architecture throughout the Empire, from
Augustus Pugin and Charles Barry’s Palace of
Westminster to F.W. Stevens’s Victoria Termi-
nus in Bombay.
An autobiography in plaster, paint and phys-
ical objects, Strawberry Hill was a counter-
point to the 4,000 letters that made Walpole
one of the sharpest correspondents of an epis-
tolary age. This scholar’s retreat was also a
public showcase. Its light-shifting, mood-alter-
ing sequence of rooms, and their engagingly
eccentric contents, made Walpole’s house so
cash-strapped heirs auctioned his English art “Anecdotes of
collections on the lawn at Straw- Painting in England,” as if it
berry Hill. The only unsold item were a collection of after-
was a Jacobean chair, the seat of dinner stories. His only play,
the catalog seller. “The Mysterious Mother,”
For a few months, visitors can was a five-hour marathon of
now have a fuller sense of the double incest. It is rarely
original Strawberry Hill experi- performed.
ence. “Lost Treasures of Straw- An able tracer of prove-
berry Hill,” which just opened and nance, Walpole delighted in
continues through Feb. 24, 2019, spoofing the past. “This was
reunites more than 150 of Wal- a present from Henry 8th to
pole’s paintings, sculptures and Anne Boleyn,” he wrote of a
curiosities in their original set- golden clock (c. 1530), now
tings for the first time in 176 restored to the Library, “and
years. Over 30 items come from since, from the lady Eliza-
the Lewis Walpole Library at Yale beth Germaine to Mr. Wal-
University. “Lewis Walpole” is not Horace Walpole Dyck, Allan Ramsay and Peter Lely, pole.” The fireplace in the Round Room, he
a person, but the amalgamated built himself a and the curators, Michael Snodin said, was after the tomb of Edward the Confes-
surnames of Walpole and Wil- ‘little Gothic and Silvia Davoli of Strawberry Hill. sor in Westminster Abbey, only “improved” by
marth “Lefty” Lewis (1895-1979), castle’ in the All the uncanny eccentricities are Robert Adam in 1771. Receiving a group of
the American authority on Wal- country and here. “The Ladies Waldegrave” French guests, Walpole donned a carved lime-
pole who edited Walpole’s letters, filled it with his (1780-81), presiding once again over wood cravat (c. 1690) by Grinling Gibbons and
forgetfully signed checks in Wal- elegant the dining room, for which it was a pair of gloves allegedly owned by James I.
pole’s name instead of his own, treasures. commissioned. The bed in which “I almost begin to be ashamed of my own
and acquired items from elderly Walpole slept, in which his father magnificence,” Walpole joked, after completing
Walpole descendants with a skill had died. The study where Walpole the astounding Long Gallery, with its dripping
that one of them, ex-Conservative minister wrote his letters beneath Hogarth’s memento white papier-mâché ceiling, mirrored recesses
William Waldegrave, describes in his autobi- of a triple murderer, “Sarah Malcolm” (1733). and, once again, the rare portrait—“Catherine
ography as “not far short of that of a bandit.” The dark green “Star Chamber,” with the Ital- de’ Medici and Her Children” (1561) by the stu-
Walpole called Strawberry Hill “the castle (I ian Mannerist head depicting, Walpole be- dio of François Clouet. Few Georgian evenings
am building) of my ancestors”––a flight of his- lieved, the death agony of Henry VII. The par- can have been more pleasurable than a candlelit
torical imagination, and a flight into it. He adoxical taste for contemporary wallpaper, tour of Walpole’s cabinets and closets. Now that
commissioned landscapes of the surrounding French furnishings, and what Walpole called some of their contents have come home, we
country, as if the house had always been there, “modern refinements in luxury.” These paint- know their creator a little better. He had seri-
KILIAN O’SULLIVAN

popular that he wrote a guidebook and admit- but mostly he collected portraits, an invented ings and curios are a ghostly reflection of ous taste, and a serious sense of humor.
ted ticketed visitors, four at a time. company of adopted and invented ancestors Walpole’s refined and ambiguous personality,
The house was restored to Gothic splendor and companions. Now, the old familial faces are and their effect is akin to those artful beams Mr. Green is the Life & Arts editor of Specta-
in 2010, crenelated battlements and all. The back, by the hands of Reynolds, Anthony van of sunlight that fall into his shadowed rooms. tor USA.
 OFF DUTY
Frank Lloyd The Blade
Wrong? Wars
5 scathing 1959 7 dubious
reviews of the advances in the
Guggenheim’s quest for a better
design D10 razor D12
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | D1

The
Lists
Issue

101
1

19

Ways to Live,
7
Work, Eat, Think,
Exercise, Goof Off
And Even Sleep
More Ambitiously
13

1 All they can do is

say no, so what’s
the harm in asking
14 Interview a
very ambi-
tious person in the
your company if aftermath of a major
they’d honor you with failure. This is when
an equestrian statue? the ambitious are at
9 their most intellectu-

2 Write a love
letter. By hand.
Use both sides.
ally productive. And
their least chatty.

16 3 Train a spider
monkey to sit on
15 Ask your
spouse to
please address you
your shoulder and as a divan potato.
give you a tiny high-
2 five every time you
say something clever. 16 Accept the
eternal truth
that happiness is a

4 The next time

you have a melt-
warm Great Dane.

5
down, literally melt
down. It’s very im-
pressive.
17 Play “Words
With Friends
in High Places.” Do
not waste time play-

5 Compress your
workout and
post-workout rou-
ing “Words in Places
With High Friends.”

12
tines into one: Do
cardio in the shower. 18 Dress like a bil-
lionaire: jeans,
sneakers, T-shirt.

6 Tennis great
Billie Jean King
likes to say that 19 Build a house
with a widow’s
“pressure is a privi- walk…for your cat.
lege.” So whenever
you can, thank your
clients for all that
privilege they subject
20 Hunt your
Thanksgiving
centerpiece yourself,
you to. with a crossbow.

3
7 Make Champagne
Popsicles. 21 Just for today,
carry around a
small, Bluetooth

8 The next time you

chew bubble gum,
try really hard to
speaker and blast a
triumphant theme
song when you enter
blow an icosahedron. a room. Good: “Eye of
the Tiger.” Confusing:

9 Expand your
daughter’s grasp
“I’m A Little Teapot.”

of the real-estate
market by buying
her the Barbie Night-
22 Eat a floret
of raw cauli-
flower so that you
mareHouse. can truly appreciate
8 how much better it is

10 Rake your
leaves into
color categories.
when roasted. Make
roasting cauliflower
a signature move.

10
11 Write the
Greater Ameri-
can Novel and win
23 Ambition
mixed with
humility is an unbeat-
the Pulitzest Prize. able combo. Strive to
become the humblest

12
4 Eat an person in the entire
ambitious freaking universe.
amount of Domino’s
Pizza, then stand the
23 empty boxes up-
right in a row to
24 Watch 10
hours of K-
Beauty how-to videos
demonstrate the on YouTube and mas-
domino effect. ter an outlandish Ko-
STEVE SCOTT

rean beauty trend.

13 Find a lucky
4.5-leaf clover.
Aim for the Holy
Grail: “glass skin.”
Continued on page D2

Inside

WHAT FRESH SHELL IS THIS? CHANEL CHANGING VACATION PROGNOSTICATIONS PIED-À-TERRES FOR PETS
7 surprising egg dishes from all 8 riffs on Coco’s classic jacket by The top 10 buzziest destinations you’ll 5 architectural ways to house our
around the world D8 brands from Gucci to Zara D4 want to fly to in 2019 D5 loyal companions D10
D2 | Saturday/Sunday, October 27 - 28, 2018
The Checklist
Of Champions
Continued from page D1
25 Refer to your raincoat as
“The Cloak of Destiny.”
26 Read Gary Shteyngart’s
“Lake Success,” the Ameri-
can novel of the moment that crit-
ics are calling the new “Bonfire of
the Vanities.” No time? Leave a
copy conspicuously on your desk.
27 Go beyond two-dimensional
lawn signs this midterm
election season and install political
lawn statues instead.
28 Be grateful while you’re
still alive.
29 Remove the word “just”
from your vocabulary. It
makes you sound wishy-washy, and
its Scrabble tiles score more in “jus-
tice” or “jujitsu.”
30 Change your name to Odin,
but let people call you
“Odie.” Though truly awesome, thou
hast also a playful side.
31 Have a friend interview your
kids on the things they like
most about being in your family.
Eavesdrop (their answers might
surprise you). Adjust your strategy
accordingly but not high-calorically.
32 Plan to wet your feet in
three different oceans, seas
or rivers in 2019. If pressed for
time, just visit Pittsburgh, where
three rivers helpfully converge.
33 If you haven’t already, adapt
the silent horror classic
“Nosferatu” into a musical called
“Nosferatu!”—one so jaunty it earns
that exclamation point.
34 Change your motion-
detecting outdoor light to
red. It’ll scare the heck out of inter-
lopers and wow your neighbors.
35 Ponder the value of persis-
tence as Sarah Manguso did
in her book “300 Arguments,” writ-
ing: “I wish I could ask the future
whether I should give up or keep
trying. Then again, what if trying,
even in the face of certain failure
feels as good as accomplishing.
What if it’s even better?”
36 Write and publish “300
Counterarguments.”
37 Teach your dog to play
“near-death experience.”
Playing dead is for losers.
38 Consider this fun fact: An
emotion commonly re-
ported by people whose efforts end
in worst-case scenarios is relief.
Now take more risks.
39 Go Medieval on your home
security detail by building a
moat. Fill it with Evian.
40 Organize your computer’s
desktop or stop watching
“Hoarders” and feeling superior.
41 Got intuition? Nothing hones
this quality so much as trav-
eling solo (sans spouse, friend, or
even a favorite child). Siri’s off-lim-
its too. Try a week in a foreign
land, depending only on your gut.
Do not intuitively get arrested.
42 Tweet exclusively in iambic
pentameter.
98
39
43 Become a regular at your
local rock climbing gym.
The crossover business-benefits are
endless: greater stamina, higher
confidence, firm chalky handshakes.
44 Carving a jack-o’-lantern?
Aim for a Mona Lisa smile.
45 The only way to
permanently silence your
self-righteous marathon-running
friends, besides fleeing the country, is
doing a triathlon. Do what you must.
46 Ask for two raises, one for
you and one for your self-
defeating alter-ego.
47 Embed iris reticulata bulbs
in your front garden. These
are small purple irises that will
bloom right through the snow—way
before daffodils. Plant at least 50.
48 Start the Warby Parker of
something. Anything. Get
very rich. (See page D4.)
49 Expand your domestic staff
by employing a chauffeur
for your tandem bicycle.
50 When you go to sleep,
aspire to have a “lucid
dream,” in which you’re conscious
you’re dreaming and can control
the dream world. This may be your
only chance to tickle Lord Volde-
mort until he pleads for mercy.
51 Purchase season tickets to
the opera, and a case of
sugar-free Red Bull at Costco.
Swear to your partner that these
two acquisitions are unrelated.
52 Instead of petty power-trip-
ping, indulge in consequen-
tial power-tripping.
53 Use 10.4% of your brain.
54 Get to inbox negative 10,
which is the new inbox
THE LISTS ISSUE
zero. How it works: You must have
10 emails drafted and ready to go
on Monday morning and no unan-
swered mail.
55 One-up that friend who has
a personal chef by hiring an
overly personal chef.
56 Put out a separate Halloween
bowl for parents filled with
vintage candy. Razzles, anyone?
57 Learn to make your own
pasta. Give up all other
pasta until you do so. The weight
you lose will more than make up for
the frustration of never acing the
perfect penne.
58 Apply for most-favored-
nation status.
59 Play a game of telepathic
charades. No talking, no
moving, just uncomfortable eye
contact.
60 Put a scoop of Moon Juice’s
much-hyped adaptogen-rich
Brain Dust in every beverage you
drink. Be more judicious with the
Sex Dust.
61 They say a cluttered work-
space equals a cluttered
mind. Clean up both by committing
to a chore chart and/or aggressive
brain surgery.
62 Take a coding class. Make a
website humble-bragging
about your ability to make a web-
site.
63 Buy an article of clothing
you normally wouldn’t.
Wear it out of the store.
64 Plant an American Redbud
tree this fall. Nothing com-
petes with those purple flowers
against dark bark in spring.
65 Write a manifesto.
66 Instead of whipping out
your phone the second your
partner heads to the bathroom, sit
for a second and contemplate your
place in the universe. Have you
achieved oneness? Okay, now you
can Tweet about it.
67 Learn to jazz whistle.
68 Paint one of your rooms,
including ceiling and mold-
ings, in a deep-colored lacquer. Your
entry is a showy place to try this.
69 Your 2018 Halloween
costume: the Terracotta Sol-
diers of Qin Shi Huang. All of them.
70 For balance and
perspective, endeavor to
make your least favorite employee
your new favorite. Oh well, you tried.
71 Commit to wearing garments
made of recycled materials,
such as Everlane’s just launched Re-
New “Long Puffer” jacket, fabri-
cated from 60 plastic bottles.
* ***
53
72 Outgive someone generous.
73 Speak loudly into your
Amazon device: “Hey, Alexa!
I’ll be the one answering the ques-
tions from now on!”
74 Remember your worst
subject in school? Take an
adult class and conquer it. This
time don’t get in trouble for doo-
dling unicorn battles in your note-
book.
75 Surprise your dinner guests
with that rare delicacy,
macaroni and head cheese.
76 Two truths about successful
people are that they: 1) read
a lot and 2) take vacations. Plan
your next vacation by envisioning
your ideal place to vanquish your
reading list.
77 Start a high-intensity gym
regimen, alternating ham-
mer curls and burpees. Toss in a
couple CrossFit classes. Wear loose-
fitting clothing in public. In a few
months, host a biceps-reveal party.
78 Keep track of every TV
show you watch in a year. If
you’re too embarrassed to write a
show down, perhaps you can stop
watching that one.
79 Teach a millennial a thing
or two about computers—
like how to turn them off.
80 Prepare Beef Wellington:
seared filet of beef, truffled
mushroom duxelles and foie gras in
a perfect pastry crust, with a Ma-
deira glaze.
81 Embrace manifest destiny.
Annex your next-door neigh-
bor’s toolshed.
82 Meditate for hours without
thinking about how weird
your tongue feels against your
teeth.
83 Writing exercise: Have a
long, hard think about the
taste of water. Now put it into
words.
84 Name the indecision
currently haunting you.
Rosa Parks said, “To diminish fear,
make up your mind.” So do.
85 Start reading “The Brothers
Karamazov” without telling
anyone. It is Fyodor’s and your
dirty little secret.
THE WALL STREET JOURNAL.
ILLUSTRATIONS BY STEVE SCOTT
86 Try things upside down:
Peel bananas from the
other end, sleep in your bed with
your head at the foot and pour milk
before your cereal. See if life is bet-
ter this way.
87 Michael Franco, a top
Manhattan real-estate bro-
ker, evaluates his frequent vacations
as either greedy or generous. For
him, a successful vacation is one
that gives back more than it takes.
Revisit your travel to-do list and
cross off the greedier destinations.
88 Ask yourself whether
the following quote fills
you with eagerness or regret: “A
year from now, you might wish you
had started today.”
89 Join the After-Dinner
Coffee Achievers.
90 Drive a Maxivan.
91 Change out your
weed-pocked grass lawn for
one of Roman chamomile (yes, it
smells great, with flowers like mini-
daisies). Never mow again.
92 Instead of a yard sale,
market your garage as an
avant-garde gallery and add two ex-
tra zeros to every item you’re sell-
ing. Even that broken Flowbee.
93 Make polenta with abso-
lutely no lumps. The key:
Pour slowly, and whisk as if you’re
absolutely furious with the polenta.
94 Don’t be afraid to steal
fashion tips from your fic-
tional heroes: James Bond’s fine tai-
loring, Donald Duck’s thrifty no-
pants fashion savvy.
95 Be confident that you are
more than your job title.
You are also your social security
number, your shoe size and numer-
ous mushy organs.
96 Learn Latin—in Rome.
97 Empty your Evian moat and
refill it with Voss. Artesian
water is slightly more ambitious
than natural spring water.
98 Hop up Mount Everest.
99 Marcus Aurelius turned
long, taxing military cam-
paigns into opportunities for self-re-
flection. Bring that same productive
spirit to your next Shake Shack line.
100 If you’re in the wrong
job, be smart enough to
walk away from it. And creative
enough to get the video of your
stunt to go viral.
101 On Nov. 4, set your clocks
23 hours ahead. You don’t
do backwards.
—Written by Terrance Flynn,
Tim Gavan, Katie Goldin, Mark Go-
lin, Alex Schmidt and Off Duty staff
 THE WALL STREET JOURNAL. * * * *
STYLE & FASHION
Buy in
Bulk
Samples of
heavier corduroy
and wool
5 reasons to invest in a heavyweight suit
for fall, instead of one of those so-called
‘all-season’ numbers
BY JACOB GALLAGHER
1
Because it means you
won’t have to wear a
coat over your coat A
dense fabric like corduroy
or flannel battles sinking
temperatures better than a
SUIT ILLUSTRATION BY VICTORIA TENTLER-KRYLOV; SUPREME ILLUSTRATIONS BY MATTHEW COOK; F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (FABRIC)
wispy wool or viscose-
blend. “You’re basically
wearing a cardigan all the
time,” said Pete Anderson,
38, a communications ana-
lyst in Silver Spring, Md.,
of the flannel suits and
tweed jackets he wears in
fall. Though you’ll need to
toss on a topcoat eventu-
ally, a formidable fall suit
allows you to stretch those
coat-free days through
Thanksgiving.
2
Because it has lasting
power Discerning vin-
tage stores stuff their
racks with 30-year-old
tweed and corduroy suits
because sturdier textiles
don’t fade or wear out as
swiftly as thinner ones.
“These clothes can stand
up to whatever you throw
at them,” said Brendon
Babenzien, the founder of
New York brand Noah. So
they endure: “I want my
stuff to be substantial and
heavy and long-lasting.”
3
Because it travels
well When he’s on the
road, Kirk Miller, the
owner of New York haber-
dashery Miller’s Oath,
finds that a lithe suit “gets
that crease from where it
was folded in your suit-
case.” A robust fabric
doesn’t wrinkle as easily
and when it does, a quick
hang near the shower
Dress Code: Mocha The smooth
side of a sheepskin,
Bizarre Silks French,
English and Italian
Undress Casual cloth-
ing, which we now
Motoring Coat A
calf-length topcoat
‘Undress’ as it was known in
the mid-20th century.
fabrics that featured
floral and chinoiserie
just refer to as, well,
casual clothing. Today,
that, in the early days
of the car, earned this
Today, the term is motifs intense enough you’re unlikely to hear name because its
5 antiquated clothing more associated with to earn the name. this word unless short-for-the-day tails
terms that tell a tale a smooth chocolate- Now, we’d use it to you’re making didn’t get tangled in
about the history meets-coffee Star- describe Uncle Larry’s whoopee or at the the automobile’s ped-
of menswear bucks drink. Christmas tie. doctor’s office. als.
Saturday/Sunday, October 27 - 28, 2018 | D3
THINK
THICK
fabrics
erases those rumples. Plus,
a heavyweight set can be
broken up easily for more
outfit options: A corduroy
suit can do triple-duty as a
full suit for a meeting,
trousers with a sweater on
a casual day, and a jacket
on the plane over jeans.
4
Because it’s more
forgiving If (read:
when) you gain a few
pounds at Thanksgiving, a
good flannel or cord suit
will not cling as closely to
your body as that dinky
“all-season” paper-thin
wool. Light suits have a
tendency to wrap your
rolls unbecomingly, while a
heavier iteration hides
them. Trust us, nothing
conceals a food baby like a
tweed sportcoat.
5
Because it just looks
better “There is no
question that in my
humble view there is more
luster, more life, richer tex-
ture, more longevity in a
heavier weight cloth,” said
Michael Hill, the creative
director of Drake’s, a Lon-
don brand whose fall col-
lection includes a mustard
corduroy suit and a
houndstooth Harris Tweed
sport coat. Cold-weather
clothes, in plaid makeups
and fuzzy fabrics, evoke
everything from the hand-
some preppy rigs that
Ryan O’Neal wore in the
1970s film “Love Story” to
the colorful tweed coats
that stylish midcentury
rakes adopted in winter.
“Something like tweed is
such a vehicle for texture
and color,” said Mr. Hill.
Choker Small scarfs
or handkerchiefs worn
inside a shirt collar by
raffish sorts in the
“Mad Men” era. Not to
be confused by the
necklaces worn by
Drew Barrymore
types in the ’90s.
Supreme
Investing
4 arguments for
(and against)
stocking up on
the cult brand’s
wares
Supreme has risen
from a scrappy skate
shop to one of his-
tory's most influential
brands. The resale
market for its limited-
edition threads is hot,
but not every item
soars. “This is just
supply and demand,”
said Josh Luber, co-
founder and CEO of
StockX, which sells
secondhand Supreme
and tracks the items’
fluctuating prices.
Here, some of Su-
preme’s greatest ris-
ers and sinkers, as
evaluated by StockX.
Winners
White Supreme Brooklyn
Box Logo Tee (2017)
Original Price: $54
Average Resale Price: $665
Increase: +1,132%
Woodland Camo Supreme
Logo Facemask (2014)
Original Price: $24
Average Resale Price: $272
Increase: +1,033%
Losers
Supreme x UNDERCOVER
Public Enemy Parka (2018)
Original Price: $648
Average Resale Price: $334
Decrease: -49%
Navy Supreme Vampire
Hooded Sweatshirt (2018)
Original Price: $158
Average Resale Price: $90
Decrease: -43%
D4 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

THE LISTS ISSUE: STYLE & FASHION

1 2 3

F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENA (JACKETS, SLIPPERS); CHANEL (HANDBAG); ALAMY (ZEBRA); BULGARI (NECKLACE); PATEK PHILIPPE (WATCH); GETTY IMAGES (MADONNA, DAWES, PARKER, ABDUL, GINSBERG)
8
Comme 4

Des
Cocos
8 Chanel-ish jackets that aren’t
by Chanel, demonstrating the
pervasiveness of Mademoiselle
Coco’s enduring—and constantly
reimagined—tweed jacket design

7 6 5

1. For the woman 2. For the woman 3. For the woman 4. For the woman 5. For the woman 6. For the woman 7. For the woman 8. For the woman
who doesn’t tend to who rarely messes who likes things who’s a little bit who wants derrière who wants the sem- who makes do with- who’s on the fringes
reach across the ta- with metal detectors: short and sweet: chilly, thank you very coverage: Alessandra blance of being all out a Chanel budget: of this trend: Jacket,
ble: Jacket, $13,500, Jacket, $11,200, louis- Jacket, $2,890, Thom much: Parka, $2,200, Rich Jacket, $2,315, buttoned up. Jacket, Jacket, $129, $1,770, Sonia Rykiel,
Gucci, 310-278-3451 vuitton.com Browne, 212-633-1197 Prada, 212-334-8888 net-a-porter.com $598, katespade.com zara.com 212-396-3060

Online
Buyer,
Beware
5 items that
still can’t be
1. Chanel 2:55 Handbag Cha- 2. Charvet Slippers Paris bou- 3. Deyrolle Taxidermy Al- 4. Bulgari Necklace To buy 5. Patek Philippe Watch None
purchased via
nel is famously stingy with its tique Charvet is one of the though the French taxidermist Bulgari’s one-of-a-kind Ameri- of the Geneva-based brand’s
e-commerce— online-shopping possibilities, last remaining places to buy sells small pieces like butter- can Liberty coin necklace, a new watches are sold online,
in an era when and its most lusted-after an elegant souvenir that can’t flies online, bigger game re- trip to its New York boutique including its most recent, the
even a Tesla can handbag is no exception. be found elsewhere. quires more of a hunt. is de rigueur. “Twenty~4 Automatic.”

TRESS TEST
1 2 The Warby Parkers
Can you ID 5 famed
Of Everything
scrunchie wearers
9 direct-to-consumer retailers
using these clues?
JEWELS whose business models have been
monotonously compared with that of
3 4 5 a certain do-gooder glasses company

Lingerie Lively consumer model and

1. A mom of six
known for her take
on virginity.
2. A ‘magnificent,’
medaled ’90s champ.
1. MADONNA 2. DOMINIQUE DAWES 3. SARAH JESSICA PARKER 4. PAULA ABDUL 5. RUTH BADER GINSBERG
Dear
Crabby
4 bits of advice
from Cosmo’s
Helen Gurley
Brown that
aged poorly
AVAILABLE AT NEIMAN MARCUS
P R EC I O U S J E W EL S SALO N S 8 0 0 -937-914 6 “If you have potato-
puff hips and a large
(5 4 0) 8 37-30 8 8 or w w w.elizabethlockejewels .com
stomach, it’s true
you’d better stick
with your best style,
which is undoubtedly
a tent.” (“Sex and the
3. An actress who
got her start as the
lead in “Annie.”
4. A star who once
choreographed for
Single Girl,” 1962)
“Though dreadfully
expensive if they’re
good, wigs are often
prettier than a girl’s
own hair.” (“Sex and
the Office,” 1964)
“If you want to feel
princessy and have
things happen to
you at the office, I
suggest you wear
plenty of makeup at
the office but put it
on naturally.” (“Sex
and the Office,”
1964)
“Lively racks up $4 a fair bit of venture
million to become the capital.”
Warby Parker of —GQ
the Jacksons. lingerie.”
5. An octogenarian —Tech Crunch Dishes Year & Day
who lifts heavier “Meet the Warby
weights than you. Shoes M.Gemi Parker of dishware.”
(Answers below) “M.Gemi is the latest —Fast Company
in a long line of start-
ups similar to Warby Rings Jordan Jack
Parker, the eyeglass “Gettin’ hitched? Jor-
pioneer in the online dan Jack is the Warby
direct-to-consumer Parker of men’s wed-
“People....with fabu-
lous apartments,
space.”
—Entrepreneur
ding rings.”
—The Manual
rarely buy ’just
enough’; they always Jewelry Aurate Sneakers Allbirds
‘overdo’ it.” (“Having “The millennial power “Will it be the Warby
it All,” 1982) women behind Aurate Parker of shoes?”
are aiming to be the —CNBC
Warby Parker of
fine jewelry.” House Paint Clare
—Forbes “The Warby Parker of
buying paint is here.”
Luggage Away —Fast Company
“Away was a bit like
the Warby Parker of Braces Candid
suitcases—the com- “Democratizing
pany’s central proposi- orthodontia: Meet
tion being a better the Warby Parker of
suitcase for less, straight teeth.”
thanks to its direct-to- —PYMNTS.com
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | D5

ADVENTURE & TRAVEL

BY CHRISTIAN L. WRIGHT
1. Salta, Argentina The untrod northwest re-
gion of Argentina is the next big magnet for
nature lovers: Condors fly above giant cac-
tuses, snow-capped Andes mountains contrast
with high desert, and ancient rock formations
vie for attention with Indian ruins. It’s also an
up-and-coming wine region with old vines
and new, critically acclaimed wines that are
largely unavailable outside the country. Oeno-
philes can taste at wineries—some clustered
in Cafayete, not far from the well preserved
city of Salta (founded in 1582)—and also hike
or ride a horse through ancient Indian and
Spanish culture.
2. Seattle The so-called Emerald City is get-
ting a buff and polish. Part of ongoing reno-
vations of the waterfront, Pike Place Market’s
historic “marketfront” is already complete,
marked by a modern plaza facing Puget
Sound and panoramic views of the Olympic
Mountains. After a $45-million reinvention,
the Nordic Museum now sits in the Ballard
district, the Scandinavian quarter that’s in-
creasingly hip (nordicmuseum.org). And the
observation tower of the Space Needle—built
for the 1962 World’s Fair—has reopened after
an overhaul, complete with a wine bar on a
revolving glass floor (spaceneedle.com).
3. Tel Aviv In the historic port of Jaffa, now a
vibrant neighborhood of Tel Aviv, you’ll find a
mix of groovy new cafes and galleries amid
the old-school Arab shops. A new level of lux-
ury lodging has moved in too; the Setai Tel
Aviv occupies a renovated fortress on the sea
(from about $500 a night, thesetaihotel.com)
and, a few blocks away, the Drisco is an ele-
gant makeover of a hotel first built in 1866
(from about $360 a night, thedrisco.com). But
the hotel to beat is the Jaffa, a 19th-century
hospital that has been reimagined by British
designer John Pawson into a stunning oasis
of ancient stone and modern élan (from about
$500 a night, thejaffahotel.com).
4. Kyoto The culinary heart of Japan, Kyoto
has been bestowed with a significant new
sprinkling of Michelin stars. The 2019 guide
recommends 15 new one-star spots, while
three of the city’s top restaurants, including
Hyotei, have retained three stars for 10 con-
secutive years. Meanwhile, Park Hyatt will
open near Kodaiji Temple next year and ar-
chitect Kengo Kuma is transforming a 1926
telephone office building into an Ace Hotel.
5. The Maldives Go before overdevelopment
or rising sea levels swallow up the 1,200 is-
Hot Tickets
The top 10 destinations worth zeroing in on in 2019, from
the mountains of Argentina to—wait for it—Missouri
UPPING THE ANDES Argentina’s Salta Province is an emerging wine region.
lands of this tiny Indian Ocean nation. Not
easy to get to, the archipelago is a haven of
extravagant privacy. Take the John Jacob As-
tor Estate at the St. Regis Maldives Vommuli
Resort, about $23,000 per night (mar-
riott.com), or the whole island of Coco Privé
(from $45,000 a night, cocoprive.com). For
those with more modest budgets, the Baglioni
resort is set to open next spring on Mallau—a
40-minute seaplane ride from the capital Malé
(from $1,500 a night, baglionihotels.com).
GETTY IMAGES
6. Missouri It’s not all pigs and brick. St.
Louis, a fast-growing tech hub, is actively ex-
panding its network of greenways that con-
nect rivers and parks, including the revital-
ized Gateway Arch National Park. And part of
the historic garment district’s renaissance,
the 142-room Last Hotel, housed in the
circa-1909 International Shoe Company head-
quarters, will open in the spring. The 21c Mu-
seum Hotel brand chose Kansas City for its
latest endeavor, piggybacking on the river
city’s percolating art scene (from $185 a
night, 21cmuseumhotels.com). About midway
between the two urban centers, in the college
town of Fulton—where Winston Churchill
gave his Iron Curtain speech—sits the Na-
tional Churchill Museum. Starting in January,
the museum kicks off its 50th anniversary
with a year-long program of cultural events
(nationalchurchillmuseum.org).
7. Namibia Here is a very young country (est.
1990) with a very old desert and a growing
population of wildlife—rhinoceros to zebra.
(Environmental protection is incorporated in
the nation’s constitution.) In April, Wilder-
ness Travel will host a four-day conservation
symposium, with lectures by leaders in the
field and excursions (like cheetah tracking),
followed by a safari (wildernesstravel.com).
Worth a diversion: the new wistfully imag-
ined Shipwreck Lodge on the Skeleton Coast,
designed by a Namibian architect (from about
$700 a night, shipwrecklodge.com.na).
8. Tunisia Recovering from terrorism and
western travel advisories, this small North Af-
rican country offers all the seduction—un-
spoiled beaches, layers of history, architec-
tural marvels, busy souks—and none of the
hordes of its regional rival Morocco. The
year-old Four Seasons on the edge of the cap-
ital city of Tunis can arrange private tours of
the 4th-century Medina (from about $240 a
night, fourseasons.com).
9. Warsaw The Polish capital is experiencing
a renaissance, with high-speed trains, Mi-
chelin stars, a “Made in Warsaw” trend in
clothes and porcelain, and museums such as
POLIN, which looks Nazism right in the eye.
Last year, an aging Enrico Marconi palace
that dates to 1857 reopened as the 106-room
Raffles Europejski Warsaw (from about $250
a night, raffles.com). Design enthusiasts
might also consider the strikingly minimalist
rental apartment called A-Place in a repur-
posed 19th-century vodka factory (from about
$66 a night, aplace.pl).
10. Nassau, the Bahamas The British colonial
charm of Nassau was long ago eclipsed by the
port city’s traffic jam of cruise ships, but the
island has had a rebirth. The enormous fan-
tasy land of Baha Mar, which is 5 miles down
Cable Beach from downtown, encompasses
three hotels, a vast casino, 30 bars and res-
taurants, and eight pools. Guests at the new
Rosewood—markedly set apart from the raz-
zle-dazzle—get the serenity that $600 a night
can buy (rosewoodhotels.com). Plus, Nassau is
only three hours, nonstop, from New York.

High • Sleeping bag

• air mattress
• two tins of sar-
dines
Maintenance • spare gloves,
socks and pullover
• a half-used car-
ton of honey
11 items Sir • two masks for • tin of apricots in
Edmund Hillary sleeping oxygen syrup
• a pencil and paper Source: “High Ad-
carried in his pack • two boxes of venture: The True
on the penultimate matches Story of the First
leg of his 1953 • sticking-plaster Ascent of Everest”
Mount Everest • two packets of by Sir Edmund
ascent dates Hillary

Adventures in Masochism
4 punishing international races that’ll get your
heart pumping like no mere marathon could

Ötillö Swimrun World minimize the risk of ava-

Championship In recent
years, swim-runs have
sprung up from Sicily to Ore-
gon, but the toughest race of
all is in Sweden, held in Sep-
tember on the Stockholm ar-
chipelago. Competitors run
over an island, swim to a
new island, run over that
one, repeat. Twenty-four is-
lands, 46 miles in total.
Hearty Swedes aren’t the
only gluttons for this particu-
lar abuse—this year, the 300-
plus participants came from
25 countries. otilloswim-
run.com/races/otillo.
The Grand Traverse This
backcountry ski race, held in
late March, winds for 40
miles and climbs up 6,800
feet through the Colorado
Rockies, between Crested
PET ILLUSTRATION BY MIKEY BURTON; THE ADVENTURISTS (MONGOL RALLY)
lanches. thegrandtra-
verse.org/ski PET PSYCHIC AT
YOUR SERVICE
Molokai2Oahu Think you’ve
mastered stand-up paddle- 8 uncommon hotel
boarding? Try it over 32 amenities
miles in the open waters of
the Pacific across the Kaiwi Shaman-in-residence,
Channel, between Molokai Montage Los Cabos,
and Oahu, referred to, grue- Mexico
somely, as “Channel of the
Bones.” But that doesn’t de-
ter the hundreds of paddlers
An in-house or
phone consultation
A Thousand Years
who set out each July.
molokai2oahu.com
with a pet psychic,
Hotel deLuxe, Port- of Craftsmanship.
land, Ore.
Mongol Rally For the past 15
summers, the Adventurists Sheep herding les-
company has organized a sons, the Farm at
roughly 10,000-mile team Cape Kidnappers,
race from Europe to Mongo- New Zealand Exclusive offer For Readers
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• Kanpeki Japanese steel knife set (would-be-retail price $1,295)

Butte and Aspen. It’s a route
only lunatics—or the su-
premely confident—would
venture. But good news: The
race begins at midnight to
junkyards. No set course, no Beach, Miami, Fla.
support. On the upside, you • The 1000/3000 Kamikoto Toishi whetstone (sold for $210)
have a month to cross the Beer fridge in the
finish line. theadventur- shower, DogHouse, Together for just $265 with free shipping.
ists.com —Brigid Mander Columbus, Ohio

24-hour mango deliv-

ery, Paradise Beach Offer is only valid for readers.
Nevis, St. Kitts & Nevis

Monthly nude draw-

ing class, Freehand Only available at
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kamikoto.com/WSJ
Fresh buffalo milk
delivered daily, Pavil- Kamikoto 神箏 ショールーム Limited is a Japanese company headquartered in Tokyo, Japan.
ions Himalayas, Company Registration Number: 10104-01-131210
Pokhara, Nepal
The Mongol Rally, a cross-continental race of clunky cars. —Sara Clemence
 D6 | Saturday/Sunday, October 27 - 28, 2018 NY * *** THE WALL STREET JOURNAL.

THE LISTS ISSUE: ADVENTURE & TRAVEL

Design Ev’ry Mountain

Lonesome Chow 4 original tourism posters from the 1930s, available now at
the London gallery AntikBar and sold online at abebooks.com
5 out-of-the-way restaurants that very determined
diners will plan a whole trip around
BEINTA Á TORKILSHEY (KOKS LEYNAVATN); ABEBOOKS/ANTIKBAR (POSTERS); KIMBERLEY FRENCH/20TH CENTURY FOX/EVERETT COLLECTION (BAD TIMES AT THE EL ROYALE)

ELUSIVE EATS Koks Leynavatn, accessible only by an off-road drive. Inset: the restaurant’s ‘grass granite.’

The Lost Kitchen Freedom, at the adjacent House Over-By. dining room. Chef Poul Andrias
Maine Freedom is a tiny town 17 threechimneys.co.uk Ziska earned a Michelin star
miles down a country road from with a tasting menu ($215)
coastal Belfast, but chef Erin Brae Birregurra, Australia Set on showcasing raest, traditionally
French turned it into a foodie an organic farm in sheep-clogged fermented meats and fish air-
bull's-eye with her 7-course farm- countryside 80 miles west of dried for weeks (cod) or months
house dinners ($105) served in a Melbourne, Brae gives the farm- (lamb, reindeer). koks.fo/en
former mill. Would-be guests to-table concept particular im-
must mail reservation requests mediacy. Chef Dan Hunter’s tast- Fäviken Magasinet Jarpen, Swe-
on a 3” x 5” card during a brief ing menu ($275) nods to den Seven hours north of Stock-
annual window. And cross their aboriginal delicacies with cu- holm, a hunting estate surrounds
fingers. findthelostkitchen.com cumbers pickled with green ants, this two-Michelin-starred restau-
but the oyster ice cream/pow- rant where chef Magnus Nils-
The Three Chimneys Isle of Skye, dered sea lettuce combo is all son’s 30 meticulously paced
Scotland When nothing but Isle his own. Six guest suites avail- courses ($350) are presented to
of Muck red-legged partridge will able. braerestaurant.com 24 diners on any given evening.
do, Three Chimneys is your go- A few rooms (and a sauna) are
to. Other examples of chef Scott Koks Leynavatn Faeroe Islands available for overnighters, and
Davies’ take on farm-to-table cui- Dinner at Koks begins Mr. Nilsson recently
sine: local Rose beef with Isle of with a piece of smoked opened three smaller Clockwise from top left: A tourism poster for the Austrian alps, issued in
Barra snail ravioli and honey-yo- whale meat to nibble restaurants in nearby 1938/39 after the annexation of the country by Nazi Germany, $4,720; an
gurt parfait with a dusting of before an off-road Are. faviken.com earlier advertisement for Austria, this one published in 1930, $3,375; a 1930
Douglas fir and almonds. Prix Jeep ride to its —Margot photo-illustration from Poland’s Promotion of Tourism and the Polish State
fixe dinner, $90. Rooms available minimalist 24-seat Dougherty Railways, $2,360; a 1935 poster from the Swedish Traffic Association, $1,950

Psycho (1960) Niagara (1953) Motel Hell (1980) Vacancy (2007)

MOTEL MAYHEM Tomatometer: 97% Tomatometer 83% Tomatometer: 70% Tomatometer: 55%

12 creepy films set in Touch of Evil (1958) Joy Ride (2001) Identity (2003) Psycho (1998)
motor inns, ranked from Tomatometer: 96% Tomatometer: 73% Tomatometer: 62% Tomatometer: 38%
worthy to woeful, as per
Rotten Tomatoes Memento (2000) Bad Times at the El Royale Bug (2006) Mountaintop Motel Massacre
Tomatometer: 92% (2018) Tomatometer: 72% Tomatometer: 61% (1986) Audience Score: 15%

LOVING
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83 S Main St., New City

californiaclosets.com 914. 5 92. 1001

facebook & instagram: @caliclosetsnyc
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | D7

THE LISTS ISSUE: ADVENTURE & TRAVEL

ROAMING HOLIDAY

Room at the
Southern California’s
Terranea Resort offers
relatively affordable rates
over the winter holiday.

Inn...for Now
5 easy-to-reach beach resorts where you can still score a
humanely priced room for Christmas week

Villa Montaña Beach Resort, shorter than many Los Ange- coastline, but El Salvador’s
Puerto Rico les commutes: The resort oc- troubled history and lack of
On a quiet patch in north- cupies 102 acres on the Palos infrastructure has kept it off
western Puerto Rico, a 90- Verdes Peninsula, about a 40- most travelers’ radar. Now,
minute drive from San Juan, minute drive from Los Ange- it’s emerging as a new adven-
Villa Montaña Beach Resort les International Airport. ture destination, and its up-
occupies 35 acres along a se- Though just nine years old, scale hotels are straight-up
cluded beach in Isabela. The Terranea evokes a classic cheap. The Acantilados
look is rustic-elegant, with grand resort, with Mediterra- opened this fall on a rocky West is generally just too Izia Beachfront Hotel, Isla Beachfront Hotel is a white-
breezy linen curtains and nean-inspired architecture ocean bluff in La Libertad, popular. But luxury-seeking Mujeres, Mexico washed horseshoe of a bou-
carved wooden beds. There’s and an abundance of ameni- about an hour from San Sal- travelers can still find some Petite Isla Mujeres is almost tique hotel facing the Carib-
plenty to do: Villa Montaña ties. In addition to the nine vador. The hotel has 19 relative value at the Reach, a as accessible as Cancún mi- bean Sea. It has a swimming
offers tennis courts, pools, restaurants, there are four ocean-facing rooms and two Waldorf Astoria resort set on nus the mega-resorts. Attrac- pool for families and another
and two restaurants, and swimming pools (two adults saltwater pools, one set into a private natural-sand beach. tions include a turtle sanctu- for adults, a small spa and a
guests can snorkel, scuba, only), a spa, a kids club and a the side of the cliff. From While it lacks the grandeur ary and rehabilitation center, fitness center. From $260 a
fish, hike and bike nearby. nine-hole golf course. From about $260 a night for a of its sister property, Casa Garrafon Natural Reef Park, night for a double (a family
From $475 a night for a fam- $475 a night for a family of family of four, acantilados.sv Marina, the Reach comes at with its sculpture garden and of four would need two
ily of four, villamontana.com four, terranea.com half the price—and guests minor Mayan ruins, and the rooms), izlahotel.com.
The Reach, Key West, Fla. can use the spa and other Cancún Underwater Museum —Sara Clemence
Terranea Resort, Ranchos Acantilados, El Salvador If you’re looking for a dis- amenities around the corner. of Art, whose hundreds of
Palos Verdes, Calif. Serious surfers have long count destination during the From $759 a night for a fam- sunken statues offer snorkel- For two more affordable beach
The trip to Terranea is flocked to this tiny country’s holidays, quirky, colorful Key ily of four, reachresort.com ers rare diversion. Izla resorts, see wsj.com/travel.

Clipped Wings—and Claws The Cost of Coasting

13 types of animals banned by American Airlines Average coach-class airfares* on a round-trip
as emotional-support flying companions flight in July from LAX to JFK since 2009
GETTY IMAGES (FERRET); ILLUSTRATION BY MIKEY BURTON

• Amphibians • Non-household
birds (farm poultry,
• Ferrets
waterfowl, game
ET • Goats birds & birds of
RR
FE
R. • Hedgehogs prey)
,M
RY
S OR • Insects • Animals with
tusks, horns or
• Reptiles hooves (excluding
• Rodents miniature horses
properly trained as
• Snakes 2009 $378 2013 $525 2017 $503
service animals)
• Spiders 2010 $537 2014 $554 2018 $455
• Any animal that is 2011 $604 2015 $539 Source: Expedia.com
• Sugar gliders dirty or has an odor 2012 $550 2016 $491 *adjusted for inflation

Every space is filled with untapped possibility. To fit more than you
can imagine. To function better than you’d believe. From custom closets
Space is as vast
to clothes hangers, the transformation begins at The Container Store. as you make it.
©2018 The Container Store Inc. 40745
 D8 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

1
Crack 3

The Atlas
7 egg dishes from around the
world (and some of fall’s top
cookbooks) that show this
humble ingredient’s subtle
genius and universal appeal

CLOCKWISE FROM TOP LEFT: ZACH & BUJ; ERIC WOLFINGER; GABRIELE STABILE; PETER CASSIDY; AUSTIN BUSH; DANIELLE ACKEN/PHAIDON; NIK SHARMA
7 4

6
7
3 1
2
4
5

6 5

1. KOREA Al Gyeran Jjim
(Steamed Eggs With Salted Pollack
Roe) from “Korean Home Cooking”
by Sohui Kim with Rachel Wharton
(Abrams).
2. IRAN Yeralma Yumurta
(Smooshed Potato and Egg) from
“Bottom of the Pot” by Naz Deravian
(Flatiron Books).
3. SOUTHERN U.S. Deviled Egg
Salad Sandwiches from “Carla Hall’s
Soul Food” by Carla Hall with Ge-
nevieve Ko (Harper Wave).
4. ETHIOPIA Flatbread Pastries
Stuffed With Egg from “Ethiopia” by
Yohanis Gebreyesus (Kyle Books).
5. THAILAND Naem Khua Kap Khai
(Fermented Pork Stir-Fried with Egg)
from “The Food of Northern Thailand”
by Austin Bush (Clarkson Potter).
6. GERMANY Creamed Spinach
With Fried Egg from “The German
Cookbook” by Alfons Schuhbeck
(Phaidon).
7. INDIA BY WAY OF CALIFORNIA
Egg Salad With Toasted
Coriander, from “Seasons” by Nik
Sharma (Chronicle Books).
—Eleanore Park

Alive and Menu for End Times (or Quebec in Winter) Art of
Well-Cooked 25 edible essentials for the well-appointed bunker, from the cookbook ‘Joe Beef: The Meal
Surviving the Apocalypse’ by chefs Frédéric Morin and David McMillan, of
4 American food species Montreal’s Joe Beef, and Meredith Erickson (Nov. 27, Knopf) 19 foods Frida Kahlo
rescued from extinction, laid out to share with
profiled in the book departed loved
‘Food From the Radical 1. Canned Bread 10. Hardtack 18. Maple Syrup ones in observance of
2. Chien Chaud Spice Mix 11. Dried Verbena 19. Confit Salt Day of the Dead
Center: Healing Our 3. Cedar Salt Lard 12. Smoked Confit Gizzards 20. Smoked Cider Vinegar
Land and Communities’ 4. Crab Apple Syrup 13. Pickled Pork Butt 21. Pickled Deer Necks
by Gary Paul Nabhan 5. Hot Pepper Paste 14. Bark, Root and Twig Beer 22. Acorns and Black • Sugar cane • Yellow and
(Island Press) 6 Pickled Eggs and Tongues 15. Beef Jerky Walnuts • Limes red moles
7. Plum Jelly 16. Endives 23. Potatoes Stored in Sand • Mandarin • Oaxacan
8. Herb Salt 17. Beef Leg Soup with Dates 24. Sauerkraut oranges beef jerky

1
9. Cellared Russet Apples and Ginseng 25. Ham Hocks • Peanuts • Red rice
• Jicamas with dried
• Sugar skulls shrimp
on
n Bis They also suggest: Champagne, one elegant one gold bullion, 12-gauge slugs, dried ramen, a • Dead man’s • Chicken
rica Champagne saber, condoms, one hidden pack of tarp, coconut fat, vitamins, one MarkTen tobacco bread sautéed in
A me
cigarettes, a ham radio, ½ bottle of red wine, a can, Vieille Prune brandy, cans of cassoulet, an ax, • Cookies in chile pipián
garden’s worth of seeds, a machete, one slingshot, bleach, one suture kit, a hand-cranked nut mill the shape • Pumpkin in
JENNIFER MAY (JOE BEEF); F. MARTIN RAMIN/THE WALL STREET JOURNAL (RICE, DATES); GETTY IMAGES (BISON, SHEEP); ILLUSTRATIONS BY ANDREW JANIK

of little bones syrup

2
• Beans • Sweet
• Tortillas potatoes in
ice • Pasilla chile sancocho
old R sauce • Tamales in
aG
olin • Brown corn plantain
C ar
tlacoyos leaves

3
Source: “Frida’s
Fiestas” by
eep
Sh Guadalupe Ri-
ro
-C hur vera and Marie-
o
vaj Pierre Colle
Na
(Clarkson Pot-
ter)

4 Bla
ck
Sphi
nx
Da
te

Macchiato Mocha Grounds Rules Red Eye Cortado

4 trending coffee-bar
Foam items, as decoded in ‘The Textured
Espresso Steamed Milk Espresso
New Rules of Coffee’ by Milk
Chocolate Jordan Michelman and Coffee Espresso
Espresso Zachary Carlsen (Ten
Speed Press)
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | D9

THE LISTS ISSUE: EATING & DRINKING

The Insiders’ Fall Grocery List

12 ingredients chefs around the country are loving right now, as the harvest rolls in, temperatures dip and ovens heat up

7
BY ELEANORE PARK Habanada Pepper “This is a

1
habanero bred to have all the
1 2 3
Apples “I appreciate that it can flavor with none of the spice.
still be 70 degrees in the day and It has incredible tropical tastes of
you can eat an apple, reminding passion fruit and pineapple. My fa-
you that cool weather is coming.” vorite way to eat them is pickled.
—Barbara Lynch of No. 9 Park and We recently put them in a beet
six other restaurants, Boston salad with pluots and walnuts.”

2
—Sam Smith of Tusk, Portland, Ore.

8
Calabaza (Squash) “I look for-
ward to calabazas at this time Mushroom Powder “It’s like
of year to add to atole, a warm, adding a natural MSG, bring-
creamy drink made with corn masa.” ing a boost of umami to stocks,
—Cristina Martinez of El Compa- soups, burgers or, really, anything.”
dre and South Philly Barbacoa, 4 5 6 —Edouardo Jordan of Salare and
Philadelphia JuneBaby, Seattle

3 9
Celtuce “This leafy green vege- Pomegranate “The fruit is so
table is one of my favorite in- versatile, it can bring a lot of
gredients in fall and winter. things to life. That tartness
We use the leaves to wrap and and sweet-savory balance are inte-
steam fish, and the stem is meaty gral to Middle Eastern cooking.”
and super versatile.” —Reem Assil of Reem’s California
—Tom Cunanan of Bad Saint, and Dyafa, Oakland, Calif.

10
Washington, D.C.

4
Radicchio “For standing
Conch “The Caribbean has a up to stronger flavors
big culinary history of stews 7 8 9 and introducing some-
and one-pot meals. I like thing fresh to a heavier dish, ra-
grilling the conch meat and adding dicchio is really great.”
it to a green-curry-base stew. That —Edward Lee of 610 Magnolia and
herbal brightness balances the fla- Milkwood in Louisville, Ky., and
vor and picks up those salty sea Succotash in Washington, D.C.

11
notes.” —DeVonn Francis of Yardy,
New York Red Fermented Tofu “There

5
are layers of nuttiness and
Fuyu Persimmons “In spring- earthiness that take to
time we have a lot of berries dishes that are a little heartier, like
happening, and in the fall, a pork roast. It’s also the base for
persimmon is our way of having our fall bitter melon soup.”
that sweet berry taste in dishes.” 10 11 12 —Brandon Jew of Mister Jiu’s, San
—Stephanie Izard of Girl & the Francisco

12
Goat, Duck Duck Goat and Little
Goat Diner, Chicago Wild Mushrooms “This

6
season has been rainy, per-
GETTY IMAGES/ISTOCKPHOTO

Grapes “When they’re not pure fect for wild mushrooms.

sweetness and have a bit of an We’ve been seeing beautiful maita-
acidic or tannic backbone, kes and matsutakes, and turning
they’re really nice in savory food.” them into stock, blending them into
—Sara Kramer and Sarah Hyman- purées and braising them.”
son of Kismet and Madcapra, Los —Ben Jackson of Drifter’s Wife,
Angeles Portland, Maine

A Far More Palatable Halloween Sequel

6 Japanese sweets that will wow trick-or-treaters (but you’ll
want to hoard for yourself), from bokksu.com

1. Jouboshi Takeuchiseit-
aisho Goldfish Apple Yokan
Chewy candies with the fresh,
not-too-sweet flavor of real
apple juice ($24 for 8 pieces)
3. Kabaya Foods Saku Saku 5. Nestlé Japanese Kit Kat:
Panda Halloween Chocolate- Cranberry and Almond Au-
coated cookie pandas with a tumnal berries and nuts
range of fetching facial ex- baked into a dark-chocolate
pressions ($8 for 8 packs) wafer ($10 for 13 bars)

2. Furuta Seika Gudetama
Custard Chocolate Milk choc-
olate with a creamy center
and a wrapper featuring Hello
Kitty’s lovable, lazy egg friend,
Gudetama ($9 for 18 pieces)
4. Meito Sangyo Tai Straw- 6. Hakata Fuubian Pione
berry Inside a crisp shell Grape Chocolate Crunch
shaped like a tai (Japanese White chocolate, Japan’s
sea bream), a luscious straw- famed Pione grapes and the
berry mousse ($20 for 10 crispy pop of puffed rice ($20
pieces) for 12 pieces)

1 5

3
4

Look Out, LaCroix

F. MARTIN RAMIN/THE WALL STREET JOURNAL (CANDY): ILLUSTRATION BY MIKEY BURTON

Pamplemousse
26 flavors of soda pop listed in a 1912
report on Michigan bottlers from the Text FUTURE to 225568 to learn more
state’s Dairy and Food Commission
about high school and the future of work.
Banana Pop • Black Pop • Blood Orange
Pop • Chocolate Cream • Cocola • Cola
Koke • Cremo Ginger • Cuban Ade • Dreamo
• Gin Seng • Grapemist • Iron Port • Kolatona
• Kos-Kola-Pop • Lemon Pop • Orange
Cider • Orcharade • Peach Mellow • Ple Zee
• Rasport • Raspberry Wine • Red Pop • Red Visit XQSuperSchool.org/Future to learn more from XQ.
Tame Cherry • Sherbet • Strawberry Pop Msg and data rates may apply. XQ Institute is a 501(c)(3) organization.
• White Pop

Source: “The Faygo Book” by Joe Grimm

(Oct. 1, Painted Turtle)
 D10 | Saturday/Sunday, October 27 - 28, 2018
1 2
CATSWALL DESIGN (1); JÉRÔME GALLAND (2); CHIMÈRE EDITION (4, 5); BETTMANN ARCHIVE/GETTY IMAGES (GUGGENHEIM); GETTY IMAGES (CHAIR)
You Want Me to Live in That?
5 domesticated-animal homes that prioritize aesthetics, from ‘Pet-tecture: Designs for Pets,’ by Tom Wainwright (Phaidon)
BY CATHERINE ROMANO
1
Cats’ Cradle Evocative of
Christmas ribbon candy, the
Curvynest cat tree, a slightly
springy piece of furniture, pro-
vides four stories of semi-enclosed
cubbies, plus an observation deck
for the top cat if you have many
kitties. Apparently the Curvynest,
made of MDF board and PVC fab-
ric, passed muster with the 20 fe-
lines on which its Taiwanese
maker, CatsWall Designs, tests all
its ideas.
Snarkitectural Criticism
5 excoriating reviews of Frank Lloyd Wright’s
Guggenheim Museum when it opened in 1959
“A building that should be put in a
museum to show how mad the
20th century is.”
—New York Daily Mirror
“If he had deliberately designed an
interior to annihilate painting as
an expressive art, he could not
have done much better.”
—The New York Times
“...Frank Lloyd Wright’s inverted
oatmeal dish and silo with their
awkward cantilevering, their jaun-
diced skin and the ingenious spiral
ramp leading down past the ab-
DESIGN & DECORATING
2 3
Tweety’s Revenge French de-
signer Grégoire de Lafforest
gives birds a seat at the table
with his Cage Archibird. Tensioned
stainless-steel cables support the
bottom of the cage, with its inte-
grated water dish, while lacquered
branches breach the oak tabletop.
The sticks that protrude are en-
closed in glass bell jars, a cheeky
allusion to taxidermy displays. In
these clear enclosures, Warner
Bro.’s anything-but-bird-brained
canary could really taunt the inde-
fatigable Sylvester.
stractions which mirror the tor-
tured maladjustments of our time...”
—Robert Moses, New York
City parks commissioner
“Coupled with the great height of
the central court, the light seems
not so much atmospheric but
dense; one has the sensation of
suddenly being forced to carry a
gigantic flask of shining mercury.”
—The Baltimore Sun
“It shattered the mood of the
neighborhood.” —Norman Mailer
—Abbey Crain
4
The Puppy Dome Undoubt-
edly an improvement over
the lumpy pillow your dog
calls home, this 13-sided den from
Tokyo design firm Natural Slow is
called the Kamakura, after the ig-
loo-like snow huts found in
northern Japan. The sturdy but
lightweight canine quarters are
constructed of paulownia wood,
named after Queen Anna Pav-
lovna of Russia (1795-1865).
That’s a lineage your best friend
would surely be proud to stand
behind.
Can We Meet at Noon in Britney?
30 actual conference-room names that
must make office confabs a little less awful
Twitter (Birds) Grace Hopper
Bluebird Jean Bartik
Raven Ada Lovelace
Thrasher Anita Borg
Falcon Barbara Liskov
Woodswallow
Noddy Mozilla (“Star
Penguin Wars” planets)
Peacock Mustafar
Kashyyyk
Google (Computer Kessel
scientists) Naboo
Kathleen McNulty Hoth
Blueprint for
A Marriage
13 lovable qualities of
architect Eero Saarinen’s
would-be wife
In 1953, the Finnish-born archi-
tect (famed for the TWA Flight
Center at New York’s JFK air-
port) fell for art and architec-
ture critic Aline Bernstein and
sent her this love letter—a list
notable for its Roman numer-
als. Perhaps she attributed the
copious misspellings to fever-
ish ardor. They wed in 1954.
* *** THE WALL STREET JOURNAL.
3
4 5
Bowled Over How do you Luxury Hutch This rabbit or
turn the typically unimagina- hamster cage also comes from
tive design of a fishbowl on designer Marc Ange, in collab-
its side without losing its precious oration with his friend and partner
inhabitants? Marc Ange, co-founder Frédéric Stouls. Searching for a
of French company Chimère, did so hutch for his goddaughter’s rabbit,
by shifting the air opening of his Mr. Stouls found nothing he’d want
blown-glass Fish Bowl to the side. to live with, so the two devised this
The effect is pleasantly unsettling oak number, which includes lac-
but not calamitous. The snug bowl quered details and a ceramic bunny
of oak that cradles the glass lends head as an ornament. The door
the design a certain friendliness, opens into a sleeping compartment,
and, with those chunky legs, a and a ramp leads to an elevated
vague resemblance to Stuart of platform, for when your pet craves
“Minions” fame. an alternative view of the world.
Coruscant
Endor
Geonosis
Huge (Celebrities)
Beyoncé
Biggie
Jay-Z
Drake
Ben
Matt
Rihanna
Britney
I First I recognized that you were
very clever
XI That you are unbelievably
generous to me.
II That you were very hansome XII That the more one digs the
III That you were perceptive foundations the more and more
one finds the solidest of granit
IV That you were enthusiasic. for you and I to build a life to-
gether upon
V That you were generous.
VI That you were beautiful [Following an arrow pointing to
last entry] I
VII That you were terribly well
know this is
organized
not a good
VIII That you were fantastically sentence.
efficent
Source:
IX That you dress very very well Archives of
American
IIIA That you have a marvelous
Art,
sense of humor
Smithsonian
X That you have a very very Institution
beatiful body.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | D11

THE LISTS ISSUE: DESIGN & DECORATING

Desperately 1

Seeking Oddities
6 types of arcane objects that collectors with perplexing
passions pursue—via want ads in antiques magazines

BY EVE M. KAHN 4. VINTAGE ALARMS In the

mid-1800s, Edwin Holmes, 2
6
1. TINY TOMES In the past decade, San Fran- who set up the first security-
cisco real-estate broker Ian Berke has alarm company, moved his
amassed over 400 unreadable books—diminu- fledgling firm from Boston
tive stone folios usually about 4 inches long, to New York to go where he
carved by folk artists and monument-makers believed the burglars were.
from the Civil War until the 1920s. Memorials Early examples of the

and tokens of affection, they were incised
with motifs like hearts and clasped hands
alongside first names—and little identifying
information. “There’s a poignancy” to them,
said Mr. Berke, since so much about the com-
memorated people is
forgotten.
2. WORLD’S FAIR
PARAPHERNALIA
Andy Kaufman, owner
of World’s Fair Auc-
tions in Ponte Vedra
Beach, Fla., remembers
feeling awed during multiple childhood trips
to the 1964-65 New York World’s Fair. Mr.
Kaufman has incorporated the memorabilia
from those tours into a hoard of artifacts dat-
ing to the first fairs, in the 1850s. He some-
times focuses on subcategories, including per-
fume bottles and women’s jewelry. At every
fair, he said, visitors on even the tightest bud-
gets could take home “a little trinket.”
3. NUTMEG GRATERS
For four centuries, in-
ventors have tried to
devise easier ways to
pulverize the tough lit-
tle nutmeg seed. Jim
Klopfer, a speech and
language pathologist in
New England, has been seeking out the imple-
ments since the 1970s. His prized possessions
sprout cranks, knobs, gears and hinged com-
partments shaped like seashells, fruit, bee-
hives, church steeples and hearts. Products
that flopped on the market, he said, are most
prized.
F. MARTIN RAMIN/THE WALL STREET JOURNAL (ADS), SOURCE: MAINE ANTIQUE DIGEST, AND ANTIQUES AND THE ARTS WEEKLY; ILLUSTRATIONS BY MATTHEW COOK
Holmes system, with bat-
tery-powered bell devices
that clanged when intruders opened doors or
3
windows, are in the collection of Stanley Op-
penheim, who has run a security- and fire-
alarm company in Manhattan for decades. His
pre-1970s alarm memorabilia includes ads,
catalogs, corporate contracts, and photos of
suited operators in monitoring stations.
5. AUTOMAT
EPHEMERA From
the early 1900s
through the ’90s,
scores of Horn & 5
Hardart Automats
served affordable
meals from gleaming coin-operated machines
in New York and Philadelphia. When the
chain closed, architectural salvage dealer
Steve Stollman began rescuing parts. Each
restaurant, he said, “was a palace.” Expanses
of windowed metal compartments offered
food while ornate dolphin-shaped spouts ten-
dered coffee. Mr. Stollman sells some pieces
in his Athens, N.Y., gallery and remains vigi-
lant for remnants that were plastered over 4
but resurface in demolitions.
6. NATIVE CRAFTS A world-traveled navy
brat, architect Keith Reeves had to dig a bit to
find stimulation when he and his wife, Sara,
settled in Winter Park, Fla. He found it in
what he calls the “absolutely fearless use of
color” of Florida’s Native American Seminoles.
Patchwork shirts in purple and orange stripes, ONE MAN’S TRASH...
sashes intricately stitched with beads, are Printed ads from quirky
among the 3,000 artifacts dating from prehis- collectors on the hunt
tory to today that the Reeveses have gathered.

Home, Sigh, Social Butterflies

Home 5 interior designers (without TV shows) who have huge followings on Instagram
20 books with
‘Home’ in the
title came to
us this year.
Here are 15 of them

“Cozy Minimalist Home” “Maison: Parisian Chic at Home” 1. Kate Rumson 2. Phil Darwen 3. Justina Blakeney 4. Becki Owens 5. Shea and Syd
(Zondervan) (Flammarion) @the_real_houses_ @adesignersmind @thejungalow @beckiowens McGee
“Homes for Our Time” (Taschen) “Homebody” (Harper Design) of_ig 1.3M followers 1M followers 838K followers @studiomcgee
“Exceptional Homes” (teNeues) “Houses by the Shore: At Home 1.9M followers 780K followers
“Brian Gluckstein: The Art of With the Water” (Rizzoli)
Home” (Figure 1) Plus: The eight titles pictured above —Abbey Crain; Source: Instagram
F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOOKS); LAUREN TILLEY (RUMSON); DAVE GREER (OWENS); KATE OSBORNE (MCGEES); EVERETT COLLECTION (PRICE); GETTY IMAGES (TOAD)

From Wrenches to the Sublime KEEP YOUR

12 artists whose original works, curated by Vincent Price, GOOD

were sold by Sears & Roebuck
THING GOING
From 1962 to 1971, voracious collector and horror-film star Vincent Price ac-
quired over 50,000 pieces of art for Sears & Roebuck, which were sold in cat-
alogs and stores for accessible prices, their authenticity guaranteed. For exam-
ple, Picasso’s “Girl With a Boat,” a 1938 canvas now in a Swiss museum, sold
© 2018 Dow Jones & Co., Inc. All rights reserved. 2DJ6699

for $800, as did a painting by Piet Mondrian. Here, a partial list of the names
whose work you could have scored while picking up a socket set.

Rembrandt van Rijn, etching

signed in the plate, $275
Alexander Calder, signed col-
ored lithograph, $135
Marc Chagall, signed hand-
colored etching, $300
Franciso Goya, etching, $110
Henri de Toulouse-Lautrec,
lithograph signed in the plate,
$265
Man Ray, signed colored lith-
ograph, $95
Fernand Léger, signed colored
lithograph, $100
Salvador Dalí, signed colored
lithograph, $400
Pablo Picasso, signed litho-
graph, $275
James Abbott McNeill
Whistler, etching signed in
the plate, $40
Robert Motherwell, signed
colored lithograph, $95
Sources: Sears & Roebuck catalogs for The Vincent Price Collection of Fine
Art, Vincent Price Art & Artist Files, Smithsonian, Hirshhorn; Frick Collection
PATRON OF THE DARK ARTS Horror star
Price held an art-history degree from Yale.
Hi-Gloss Toad
5 things designers have been
inspired to match paint to
OPI’s Do You Sea What I Sea nail pol-
ish, a dark turquoise —Kirill Istomin,
designer, New York and Moscow
The belly of a Gulf Coast toad
(Shown above) —Ruth Gay, owner of
Chateau Domingue showroom, Hous-
ton
The dusty gray-green color you see Accomplish more when you
when you take the yolk out of a hard- travel. Keep your good thing
boiled egg —Josh Hildreth, designer, going with complimentary access
Reston, Va. to The Wall Street Journal.
Giorgio Armani’s Sheer Cream Blush
#2—Roger H. Seifter, partner at Robert
A.M. Stern Architects, New York City
A 20 mm pearl —Thomas Hamel, de- www.evenhotels.com
signer, Sydney, Australia
—Kathryn O’Shea-Evans
D12 | Saturday/Sunday, October 27 - 28, 2018
Workout
From
Home
5 total-body exercise
machines that put treadmills
to shame and will make gym-
rats want to sweatily cocoon
1 2
MIRROR What looks like
a fancy mirror is actu-
ally an interactive home
gym craftily hidden within
an LCD screen and con-
trolled via iOS app. For $39
a month it can stream live
and on-demand classes with
Mirror trainers in boxing,
HIIT, yoga and more. A
built-in camera allows train-
ers to see you and shout
real time feedback, and in
early 2019 you’ll be able to
access one-on-one coaching
outside of classes. Mean-
while, trainers can help you
hit a target-heart-rate zone
by analyzing health data
you sync from your Apple
Watch via Bluetooth. “Tar-
get-heart-rate training is
great as a motivator and
way to gauge progress,
whether it’s for fat burning
or endurance,” said Steve
Uria, trainer of pro athletes
and owner of New York’s
Switch Playground. “Mirror
does that really well.”
$1,495, mirror.co
Rules of
Engagement
7 gentlemanly
guidelines for playing
golf in war-torn
England in 1940
1. ”Players are asked to
collect Bomb and Shrapnel
splinters to save these
causing damage to the
mowing machines.”
2. “In competitions, during
gunfire, or while bombs are
falling, players may take
cover without penalty for
ceasing play.”
3. “The positions of known
delayed-action bombs are
marked by red flags placed
at reasonably, but not
guaranteed safe distance.”
4. “Shrapnel and/or bomb
splinters on the Fairways,
or in Bunkers within a club’s
length of a ball may be
moved without penalty, and
no penalty shall be incurred
if a ball is thereby caused
to move accidentally.”
1 2
‘Get stroked in the morn-
ing.’ Bic’s disposable one-
bladers: less smooth than
its double entendres.
GEAR & GADGETS
SLIM GYMS
From left: ICAROS and
MIRROR offer techy new
takes on home machines.
Technogym SKILL-
BIKE Sorry, Peloton—
this new stationary
bike is the only one with
real gear shifting to make
you feel like you’re riding
trails. Capable of simulat-
ing hills from -3% grade up
to 15%, the bike forces you
to shift as its resistance
changes and neatly tracks
your power and RPMs on a
7-inch LCD console, along
with speed, heart rate and
distance pedaled. “Hill
climbing can be a great
way to build strength,”
said Jacque Crockford, ex-
ercise physiology content
manager at the American
Council of Exercise. “When
combined with the mental
challenge of truly shifting
gears, it may also help to
build confidence and
speed.” Sync SKILLBIKE to
your Strava or Garmin ac-
counts, and you can ride
routes mapped by cyclists
throughout the real world.
$4,790, technogym.com
5. “A ball moved by enemy
action may be replaced, or
if lost or destroyed, a ball
may be dropped not
nearer the hole without
penalty.”
6. “A ball lying in a crater
may be lifted and dropped
not nearer the hole, pre-
serving the line to the hole
without penalty.”
7. ”A player whose stroke
is affected by the simulta-
neous explosion of a bomb
may play another ball from
the same place. Penalty,
one stroke.”
—Source: The Richmond
Golf Club, Surrey, U.K.
7 slogans marketers used to sell men an ever-escalating number of blades
3 4
‘One blade better than ‘You take one stroke, it
whatever you’re using takes three.’ Gillette’s in-
now.’ Gillette ups the novative Mach 3 launches
ante with 1971’s Trac II. the late-90s blade wars.
3 4
Hydrow Rowing uses
roughly 86% of the
body’s muscles, com-
pared with 44% for biking
or running, making it one
of the most efficient car-
dio workouts. “When using
your upper and lower
body simultaneously, you
burn way more calories,”
said Mr. Uria. With fluid
lines that would look as
good on the water as in a
living room, the sleek Hyd-
row lets you train along-
side Olympic champions
via its touch screen moni-
tor as they row live on the
water. For $38 a month,
you can access workouts
from 5 to 60 minutes
across four intensity lev-
els. And instead of a noisy
fan wheel or chain, its
computer-controlled resis-
tance tech automatically
adjusts 100 times a second
to help you glide through
a workout, making it well-
suited for at-home use.
$2,199; hydrow.com
Video Gaming the System
6 reasons your mom was wrong when she
told you to put down the controller and study
1. $25.5 Million “Dota 2”
2018 tournament prize pool,
according to game publisher
Valve—considered the largest
of any esports event to date.
2. $4.1 Million Estimated
career prize-pool earnings
for “Dota 2” pro Kuro
“KuroKy” Takhasomi, accord-
ing to esportsearnings.com.
3. $3.5 Million Total in per-
formance-based bonuses
Razoring the Stakes
‘The power of 4.’ Three
blades seemed enough.
Schick had other plans
with its 2003 Quattro.
ICAROS Home
Launched in August,
ICAROS looks like
something you’d find in a
NASA lab, not a home
gym. The company calls it
“active VR”—donning a VR
headset, you lay down in
plank position, grab its
two handles and then fly,
ski, swim or drive through
virtual worlds by control-
ling the gyroscopic ma-
chine with your body (as it
moves, you engage major
muscles—with a focus on
your core and upper
body—and test your re-
flexes and coordination).
“Engaging core muscles
and promoting balance is
an important aspect of
well-rounded fitness, while
gamifying a workout keeps
you engaged,” said Ms.
Crockford. The machine
works with VR headsets
like the HTC Vive, Oculus
Go and Samsung Gear VR,
as well as Samsung Tab-
lets. $2,800, icaros.com
awarded during the 2018
season of Activision Blizzard
Inc.’s Overwatch League.
3. $1 Million Team bonus
earned by London Spitfire
for winning the Overwatch
League’s grand finals in July.
4. $583,400 Total earnings
of the six esports athletes
on Knicks Gaming, champi-
ons of the NBA 2K League’s
inaugural 2018 season.
Power
Surge
13 things you
thought you’d
never have to
charge
5 6
‘Free your skin.’ Schick
continued innovating in
2010 with the Hydro 5
and its “flip trimmer.”
* *** THE WALL STREET JOURNAL.
5
Bowflex HVT The
HVT stands for “hy-
brid velocity train-
ing”—in other words, com-
bining short bursts of
cardio and total-body
strength training for an in-
tense workout that burns
fat and builds muscle in
20 minutes. The HVT
comes with three prepro-
grammed workout modes
as well as Bluetooth tech-
nology, to let you sync ad-
ditional workouts from a
smartphone app and track
your progress and stats.
“With varying resistance,
tempo and directional set-
tings, this machine may
help to improve your
strength, power and en-
durance when used consis-
tently,” said Ms. Crockford.
It isn’t small or particu-
larly sleek, but it allows
you to dream up an un-
usual number of exercise
programs. $1,799, bow-
flex.com
—Ashley Mateo
Teams square-off at a ‘League of Legends’ match in Paris.
5. $500,000 Average
monthly livestreaming earn-
ings for Tyler “Ninja” Blevins,
first pro gamer to be on the
cover of ESPN magazine.
1. Smart Fork $70, hapi.com
2. Smart Umbrella From $59,
weathermanumbrella.com
3. Smart Candle From $98,
lumoscandle.com
4. Smart Mug $80, ember.com
5. Smart Wine Decanter
$499, wineethusiast.com
6. Smart Canine $2,900,
sony.com
7. Smart Saltshaker $199,
mysmalt.com
‘The Final Frontier.’
Dollar Shave Club’s six-
bladed Executive nicks
puny drugstore brands.
You Son
Of a
Niche
21 examples of
Netflix’s weirdly
specific genre
suggestions
1. Critically-acclaimed
Mad-Scientist Movies
2. Mind-bending Japa-
nese Crime Dramas
3. Biographical Dramas
for Hopeless Romantics
4. Steamy German-
Language Movies
5. Cerebral Biographi-
cal Fight-the-System
Movies
6. Dark Tearjerkers
7. Stunts and General
Mayhem
8. Inspiring Animal
Tales
9. Raunchy Political
Movies
10. Ominous Wilder-
ness-survival Movies
11. Feel-good Education
& Guidance Movies
Starring Muppets 
12. Vampire Movies
starring Peter Cushing
13. Argentinian Dra-
mas Featuring a
Strong Female Lead
14. Romantic Super-
natural Comedies
15. Filipino Sci-Fi &
Fantasy Movies
16. Biographical Docu-
mentaries about Horses
17. Girl Power Musicals
18. Kung Fu Comedies
19. Scary Italian Crime
Movies from the 1970s
20. Suspenseful Mov-
ies/TV for ages 8 to 10
21. Bellydancing
6. $330,000 Average annual
salary for a player on a team
ALAMY (MUPPETS); GETTY IMAGES (VIDEO GAME MATCH); F. MARTIN RAMIN/THE WALL STREET JOURNAL (RAZORS); UMBRELLA AND HELMET ILLUSTRATIONS BY MIKEY BURTON
in Riot Games’ League of
Legends North American
league. —Sarah E. Needleman
8. Smart Dog Collar $230,
jagger-lewis.com
9. Smart Water Bottle $55,
hidratespark.com
10. Smart Flip-Flops $110,
harimari.com
11. Smart Belt $172, belty.paris
12. Smart Trash Can $199,
brunosmartcan.com
13. Smart Dental Floss $30,
smilepronto.com
—Rachel Jacoby Zoldan
7
‘Close has never been
closer.’ More blades? The
Dorco Pace 7 is the most
money can buy. For now.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, October 27 - 28, 2018 | D13

THE LISTS ISSUE: GEAR & GADGETS

Ode to a
Brooding Bot
3 haunting poetry
stanzas of dubious
merit—based on ‘The
Shining’ and ‘written’
by an artful artificial
intelligence system

“1 Work 0 Play”
Engineered by Ross Goodwin

1. All work and no play

makes Jack a dull boy.
The past is fled, and from
the world is light,
The ivy trembles in the dark
and still;
All work and no play makes
Jack a dull boy.
The people wait: the heroes
words are seen;
One in the valley of the
mountains hail,
All work and no play makes
ILLUSTRATION BY ROB WILSON

Jack a dull boy.

2. Danny isn’t here, Mrs.

Torrance;
But the trees strange and
slow are they all still
And strangely strange and
strong they live and say.

Journeys of Note
6 American road trips and the musical
selections that thematically echo the drive—
and last just long enough to get you there
BY DAN NEIL
Asbury Park, N.J., to Atlantic City
via Garden State Pkwy, 1.5 hours
“The River,” Bruce Springsteen
Mr. Springsteen’s fifth album, and
greatest double, “The River” repre-
sents the Boss’s most sustained
evocation of driving, highways and
automobiles, with titles such as
Drive all Night, Cadillac Ranch,
Wreck on the Highway, Stolen Car,
and Ramrod. Clocking in at just un-
der 90 minutes, its 20 tracks will
carry you all the way down this
turnpike of broken dreams.
Chicago to Denver via I-80 and I-76,
15.5 hours
“Der Ring des Nibelungen,”
composed by Richard Wagner, con-
ducted by Marek Janowski
Opera companies typically play
Wagner’s “Ring” cycle over four
nights but you can do it in four
states and a mere 1,000 miles near
the route of the old Lincoln High-
way. Ride across Iowa with the
“Valkyries”! Conquer Nebraska with
the aid of “Siegfried”! By the time
you reach Denver city limits, Brün-
nhilde will have surrendered to the
purifying fire and you will have
conquered the Matterhorn of opera.
Los Angeles to San Francisco via
I-5, 6 hours
“The History of Photography in
Sound” Michael Finnissy
Not enough angular, avant-garde pi-
ano in your life? Head out on the
I-5 and drop a digital needle on Mi-
chael Finnissy’s 11-part magnum
opus. In 2013, pianist Ian Pace tack-
led Mr. Finnessy’s densely packed
tumult of arcane piano figurations
and sprawling moodiness, like rock-
concert fog, based on the idea of a
musical analogue of photography
(one chapter is called “Eadweard
Muybridge—Edvard Munch”). The
great big empty of the California
Central Valley provides the frame.
Boston to Newport, R.I., via MA-24
and R.I.-24, 1.75 hours
“Swagism,” Ghost-Note
A spectacular 94 minutes of ultra-
tight, percussion-forward funk-hop,
EDM, rhythm-and-blues and general
shredding, “Swagism” is Ghost-
Note’s second album. Like the first,
it’s built around a roster of brilliant
collaborators, like afro-pop percus-
sionist Weedie Braimah (“Weedie B.
Good”). Before you hit the Newport
Jazz Festival, get up to speed.
Fargo, N.D., to Billings, Mont., via
I-94, 8.5 hours
“Sleep,” Max Richter
Arguably the most deadly-dull 600
miles of pavement in the vast U.S.
Interstate, I-94 is a day’s work of
string-straight highway with pictur-
esque nothingness arranged on
both sides. How about some tunes?
This work is a bit like a classical
night raga, meant to be heard
through the night, reaching parts of
the somnambulant listeners’ brains
that are inaccessible when they are
awake. And don’t forget there’s a
Starbucks in Bismarck.
Austin to Dallas via I-35, 3 hours
“The Complete Atlantic Sessions,”
Willie Nelson
Driving from Austin to the Big D?
Set the autopilot, relax, and enjoy
this astonishing musical document
covering the Texas native’s second
career, post Nashville. These hours
include—get this—a genre-bending
concept album called “Phases and
Stages.” Like a country music
Rashomon, this lament of marital
unease is told from both sides, in
competing episodes, with titles
built around phrases like “No Love
Around” and “Washing the Dishes.”
Danny isn’t here, Mrs. Tor-
rances are free.
I wish to love an old man’s
speech to see,
Who so soon would have
been one more than all;
Danny isn’t here, Mrs. Tor-
rance
3. Redrum. Redrum.
REDRUM! THE TURNER
STANDS!
The hour of evening and the
waves of men
Their temples and the spir-
its of the soul,
Redrum. Redrum. REDRUM!
Of late and all your story
seems to say,
And blest, alas! shall flow
with all the thought
Redrum. Redrum. REDRUM!

What’s In a Code Name? Inadequate Vibrations

Match each of these 6 Apple products with 5 of the weird, charming, ultimately unnecessary inventions
its moniker during development that failed to keep Brookstone’s stores afloat

1. Rock & Recline Shiatsu tiles at anyone impeding your

Massage Chair Plopped in its
curvaceous design (right), you
could choose from four preset
massage combos, and dial in
optional heat—although adding
“rocking” to a rubdown was
slightly nausea-inducing.
2. Kalorik Waffle Bowl Maker
1. iPhone 2. Power Mac G4 Cube This red George Foreman grill-
style gadget whipped up
“golden waffle bowls” you could
pile high with bacon and eggs,
fried chicken or ice cream.
3. Desktop Missile Launcher
This playful weapon connected
to a computer via USB cable
so you could fire foam projec-
productivity.
4. Bed Fan with Wireless Re-
mote Sweaty sleepers, take
note: This mattress-height fan
was meant to “circulate air un-
der the sheets,” targeting its
much-needed breeze across
your body rather than blasting
it all around your bedroom.
5. Smartphone-Controlled Pa-
per Airplane You still had to
fold a paper sheet into a pint-
size plane, but its clip-on rudder
let you steer the craft for 10
minutes by tilting your iPhone
or tapping a “throttle” in the
app. —Alexandra Ilyashov

3. Apple Watch 4. Power Mac G4

Groove Is In the Ugh Climatophone

“Weather Announcer”
Melodograph
“Song Writer”
ALAMY (APPLE PRODUCTS); BROOKSTONE (CHAIR); TYPEWRITER ILLUSTRATION BY MIKEY BURTON

25 names Thomas Edison and his Pinakophone Kinemograph

colleagues rejected before landing on “Sound Register” “Motion Writer”
‘phonograph’—and the explanatory
‘translations’ the inventor jotted down Hemerologophone Symphraxometer
“Speaking Almanac” “Pressure Measurer”

Auto-Electrograph Liguphone Sphygmophone Trematophone

5. iMac G3
A. Rubicon Intended as a
“point of no return,” it’s still
one of Apple’s biggest flops.
B. Sawtooth This “wicked
fast” machine was a break-
through for the brand.
C. Gizmo An innovative Ap-
ple device that couldn’t be
defined in simple terms.
6. PowerBook 100 “Electric Pen” “Clear speaker” “Pulse Speaker” “Sound Borer”
Source: listsofnote.com
D. Derringer Small and Kosmophone Minuttophone Seismophone
unassuming, yet powerful “Universal Sounder” “Minute Sounder” “Earthquake Sounder”
just like its namesake.
Didaskophone Meistophone Brontophone
E. Purple “Fight Club” post- “Teaching Speaker” “Smallest Sounder” “Thunder Speaker”
ers on the walls reminded
engineers to keep it secret. Acoustophone Palmatophone Surigmophone
“Sound Hearer” “Vibration Sounder” “Whistling Sounder”
F. Columbus Its famous
casing matched the color of Octophone Chronophone Bittakophone
the oceans explorers sailed. “Ear-Sounder” “Speaking Clock” “Parrot Speaker”

Answers: 1.E; 2.A; 3.C; 4.B; 5.F; 6.D Anitphone Glottophone Hulagmophone
“Back-talker” “Language Sounder” “Barking Sounder”
D14 | Saturday/Sunday, October 27 - 28, 2018 * *** THE WALL STREET JOURNAL.

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