For personal, non-commercial use only. Do not edit, alter or reproduce.
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
The
Easter
Effect
VOL. CCLXXI NO. 75
What’s
News
World-Wide
rump froze more than
T $200 million in funds
for recovery efforts in
Syria as his administration
reassesses Washington’s
broader role in the pro-
tracted conflict there. A1
 At least 15 Palestinians
died in clashes with the Is-
raeli military as tens of
thousands of Palestinian
protesters massed along
the Israel-Gaza border. A6
 Saudi Arabia has agreed
to play a leading role in
starting a new peace pro-
cess in Afghanistan. A8
 The U.N. Security Council
announced sanctions against
North Korea despite plans
for summit talks. A9
 Demand for low-skilled
worker visas for the sum-
mer season is again far out-
stripping supply, putting the
administration in a bind. A3
 The family of an unarmed
black man killed by Sacra-
mento, Calif., police released
their own autopsy report
showing that six of eight bul-
lets hit him in the back. A3
 The widow of the gunman
who killed 49 people at an
Orlando nightclub was ac-
quitted of charges in con-
nection with the attack. A3
Business & Finance
 Walmart’s potential ac-
quisition of Humana would
push the retailer far beyond
its big-box roots, enabling it
to diversify while thrusting
it into a complex and evolving
health-care sector. A1, A2
 Investments that typi-
cally serve as havens in
times of stress are moving
in strange ways, highlight-
ing the unsettled condition
of financial markets. A1
 Stock ratings among an-
alysts and brokerages have
largely held steady for big
tech firms even as their
shares have slumped. B10
 Tesla acknowledged that
its semiautonomous Auto-
pilot system was engaged
by the driver in the sec-
onds before a fatal crash. B1
 John Thain, the former
leader of Merrill Lynch
and the NYSE, is expected
to join Deutsche Bank’s su-
pervisory board in May. B1
 A 2016 memo by a Face-
book executive flagged
“the ugly truth” about the
social network’s relentless
pursuit of growth. B1
 The NYSE is in talks to buy
the Chicago Stock Exchange
after the recent collapse of
a two-year acquisition effort
by a Chinese-led group. B8
Inside
NOONAN A15
The Wisdom
Of Oscar
Hammerstein
CONTENTS
Books.................... C5-10
Business & Finance.... B2
Food......................... D6-8
Heard on Street...B10
Obituaries................ A11
Opinion.............. A13-15
s Copyright 2018 Dow Jones &
Company. All Rights Reserved
REVIEW
* * * * * * * *
Palestinian Demonstrations Along Israeli Border Turn Violent
MOHAMMED ABED/AGENCE FRANCE-PRESSE/GETTY IMAGES
on
BREAKING POINT: At least 15 Palestinians died in clashes with the Israeli military on Friday at demonstrations that drew tens of
thousands. The protests, backed by the extremist group Hamas, come at a time when the economy in the Gaza Strip is crumbling. A6
us l,
al a
e
Trump Freezes Syria Funds
ci on
BY FELICIA SCHWARTZ
er rs
WASHINGTON—President
Donald Trump froze more than
$200 million in funds for recov-
ery efforts in Syria as his ad-
m e
ministration reassesses Wash-
ington’s broader role in the
protracted conflict there.
m rp
The White House ordered
the State Department to put
the spending on hold, U.S. offi-
cials said, a decision in line
with Mr. Trump’s declaration
co Fo
on Thursday that America
would exit Syria and “let the
Walmart Courts New Risk
In Its Hunt for Humana
BY SARAH NASSAUER
AND ANNA WILDE MATHEWS
n-
Walmart Inc.’s potential ac-
quisition of a health insurer
would push it far beyond its
no
big-box roots, enabling it to
diversify away from the com-
petitive pressures of retailing
yet also thrusting it into a
complicated and rapidly evolv-
ing health-care sector.
Walmart is holding prelimi-
nary discussions to buy U.S.
health insurer Humana Inc.
and the companies are dis-
cussing various options, The
Wall Street Journal reported
Thursday. There is no guaran-
tee the companies will agree
Goodbye, Gefilte Fish
Hello, Matzo Crack
i i
Passover rebels pass over tradition as
liberation from ‘all this heavy, beige food’
BY SARAH E. NEEDLEMAN
At Passover dinner this
weekend, Judith Klein Frimer
plans to serve her guests a
smorgasbord of the unortho-
dox: kosher hot dogs, pizza and
Sports........................ A16 zucchini-feta pie.
Style & Fashion D2-5
Travel..................... D9-11 “I get tired of cooking the
U.S. News............ A2-4 same foods every year,” said
Weather................... A16 Mrs. Frimer, who is preparing
Wknd Investor....... B4
World News.... A6-10
the meal for nearly a dozen rel-
atives and close friends at her
Irvington, N.Y., home. At last
> year’s dinner, the young adults
whined about the texture of the
matzo balls, the 66-year-old
said.
“It’s hard enough to get
them to come home for the hol-
idays as it is,” she said.
WEEKEND
SATURDAY/SUNDAY, MARCH 31 - APRIL 1, 2018
other people take care of it
now.”
Mr. Trump called for the
freeze after reading a news re-
port noting that the U.S. had
recently committed an addi-
tional $200 million to support
early recovery efforts in Syria,
said the officials. Departing
Secretary of State Rex Tiller-
son pledged the money in Feb-
ruary in Kuwait at a meeting
of the coalition to defeat Is-
lamic State.
The shift comes as the fight
against the group has stalled,
on a merger or pursue some
other partnership.
A deal could present several
challenges for Walmart, whose
profits have been squeezed by
competition and e-commerce
investments to fend off Ama-
zon.com Inc. The retailer
ended its latest fiscal year in
January with $500 billion in
revenue. However, its profits
have declined 30% over the
past three years to $10.5 bil-
lion.
“Moving onto this turf
would give Walmart a whole
new arena in which to expand”
when retail margins are under
pressure, said Neil Saunders,
managing director of consult-
i
Seder lasagna
For thousands of years, Jews
have gathered to celebrate
Passover, a holiday that marks
the exodus of the Israelites
from Egypt—and requires going
eight days without eating leav-
ened foods containing grains
such as wheat, barley and oats.
Many Jews also forgo legumes
and rice.
The first two nights of Pass-
over center around a hearty Se-
Please see KOSHER page A12
U.S. military officials concede.
Pentagon officials have told Mr.
Trump Islamic State has lost
control of all but about 5% of
the Syrian territory it once
held, but fighting for that final
swath has reached an impasse.
An accelerated exit of the
U.S. from Syria would also
raise concerns about ceding
the hotly contested country to
Iran and Russia. That
would unnerve Israel and
Saudi Arabia, key U.S. allies
that both agitate for a tougher
U.S. approach to Tehran.
ing firm GlobalData Retail.
Still, he said, “the risks of be-
coming entangled in the com-
plex U.S. health-care industry
are considerable.”
Taking over a health in-
surer would force Walmart
into a highly regulated and
fast-changing business, where
the biggest players have
sought mergers as bulwarks in
part against the threat of Am-
azon, or to take advantage of
regulatory shifts.
Please see DEAL page A2
 Talks pressure remaining
health-care rivals..................... A2
 Heard on the Street: A risky
prescription for Walmart.. B10
In Battle for American West,
Cowboys Are Losing
More than just ranchers today have claims on vast public lands
BY JIM CARLTON
MONITOR VALLEY, Nev.—Wayne Hage sad-
dled up to check on his cattle one morning last
summer, but he didn’t have to ride far. All his
cows were confined to a private field near
his ranch house, instead of roaming the To-
quima and Monitor mountains, as herds have
done for more than a century.
Federal officials have prodded Hage cattle
off this lonesome stretch of central Nevada.
They didn’t use a lasso. The government cor-
ralled the cows through a series of court rul-
ings and policy changes to limit grazing—tac-
tics applied broadly to ranchers across the
West.
Now, the Hage cows are gone from that pri-
vate pasture and the family ranch is in foreclo-
sure.
“You can get on your horse and look like
The Good Life
For Less
OFF DUTY
HHHH $5.00
WSJ.com
Investors
Unsettled
By Shift
In Havens
Investments that typically
serve as havens in times of
stress are moving in strange
ways, highlighting the unsettled
condition of financial markets
as they head into the second
quarter.
By Ira Iosebashvili,
Amrith Ramkumar
and Daniel Kruger
The dollar and the yen have
both strengthened recently,
.
which is typical when investors
ly
are looking to unwind risk. But
other assets that usually rally
for similar flight-to-safety rea-
sons haven’t fared so well. Gold,
the Swiss franc and Treasurys
have fallen since the Dow Jones
Industrial Average slumped
9.4% from its Jan. 26 high.
That divergence is confound-
ing analysts and investors. It
marks a stark reversal from
other recent periods of market
disruption in 2011 and late
2015-early 2016. Both those
times, the dollar and yen rallied
alongside Treasurys and gold
Israel has warned its re- when nervous investors flocked
gional adversaries that it won’t to safer assets as stocks fell, ac-
allow Iran to cement its hold in cording to data from Ned Davis
Syria, and its military has re- Research.
peatedly bombed Syria to make With many investors intent
that point clear. In February, Is- on paring risk, “the normal cor-
rael shot down an Iranian relations you expect to see
drone that entered Israel, stok- don’t work so well,” said Said
ing tensions and raising new Haidar, head of New York-based
fears of a regional war. Haidar Capital Management,
It isn’t clear how Mr. which manages nearly $428
Trump’s eagerness to end the million.
U.S. effort in Syria comports It is the latest sign that fi-
with his recent overhaul of his nancial markets may be navi-
national security team. He has gating uncharted territory as
Please see SYRIA page A8 Please see HAVENS page A4
Wall Street Isn’t Buying ‘Techlash’
Analysts have maintained bullish stock ratings on big tech firms,
saying tighter regulations aren't likely to hurt the companies'
earnings or check their dominance across a range of industries. B10
Share of analysts issuing 'buy' or 'overweight'
ratings for each stock*
98%
96
Amazon.com
94
92
90 Facebook
88
86
Alphabet
84
82
2017 ’18
*Other possible ratings included ‘hold,’ ‘underweight’ and ‘sell.’
Source: FactSet THE WALL STREET JOURNAL.
John Wayne out here, but live the most miser-
able life ever because you’re dealing with law-
yers all the time,” said the 42-year-old Mr.
Hage.
In the latest land war for the American
West, the cowboys are losing.
Ranchers who rely on public land to raise
their cattle say they have shrinking access to
wide open spaces, grass and water because of
an array of regulations. Over the last four de-
cades, the number of cows grazing on public
lands has dropped by nearly half.
In some cases, government officials curb
grazing to protect natural resources from dam-
age caused by cattle, and create preserves for
threatened species. In others, officials close
land to ranchers to give more access to the
public for hiking and other activities that fuel
the fast-growing recreation industry.
Please see LAND page A12
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Saturday/Sunday, March 31 - April 1, 2018
THE NUMBERS | By Jo Craven McGinty
My Mama Told Me: Get a Better Interest Rate
Smokey
Robinson had
it right: You
better shop
around—for
love, sure,
but, as it turns out, for inter-
est rates as well.
Borrowers who finance
the purchase of cars or
homes without soliciting
quotes from multiple lenders
often pay more than their fi-
nancial peers.
Without comparison shop-
ping, consumers don’t know
the difference. And in the
absence of that competitive
pressure, lenders have no in-
centive to offer similar bor-
rowers comparable rates.
As a result, one borrower
may pay thousands more
than another, even when the
two have virtually identical
credit scores, commensurate
debt and are buying the
same thing at the same time
in the same place.
“Most people think prices
are roughly the same,” said
Sergei Koulayev, an econo-
mist with the Consumer Fi-
nancial Protection Bureau.
Talks Put Pressure on Remaining Health-Care Rivals
BY ANNA WILDE MATHEWS
AND SHARON TERLEP
The emergence of talks be-
tween Walmart Inc. and Hu-
mana Inc. creates pressure on
the health-care companies that
haven’t yet made deals, amid
the rapid-fire integration that is
reshaping the business.
A Walmart-Humana deal
would become the latest sign of
the sector’s rapid move toward
combinations that unite differ-
ent businesses under one roof.
It would come in the wake of
the $69 billion deal between
drugstore chain and pharmacy-
benefit manager CVS Health
Corp. and insurer Aetna Inc.,
and insurer Cigna Corp.’s $54
billion agreement to acquire the
biggest PBM, Express Scripts
Holding Co.
The spotlight is on remain-
ing companies like Walgreens
Boots Alliance Inc. and An-
DEAL
Continued from Page One
In December, CVS Health
Corp. agreed to buy Humana
rival Aetna Inc. in a $69 bil-
lion deal aimed at enabling the
drugstore-chain to capture
more of what consumers
spend on health care. In
March, Express Scripts Hold-
ing Co., the biggest adminis-
trator of prescription-drug
benefits in the U.S., agreed to
be bought by insurer Cigna
no
Corp. for $54 billion.
If Walmart buys Humana, it
would acquire a business that
is particularly tied to the gov-
ernment because it focuses on
Medicare coverage at a time
when health care is a political
flashpoint.
Humana, however, has
withdrawn from the Afford-
able Care Act’s exchanges af-
ter suffering losses, and the
private Medicare plans it of-
fers, known as Medicare Ad-
vantage, have recently been
protected by both Republicans
and Democrats.
Also, Walmart doesn’t have
much cash on hand. It ended its
fiscal year with just under $7
billion in cash and short-term
investments, meaning the re-
tailer likely would need to bor-
row tens of billions of dollars,
or issue millions of shares, to
Walmart likely would
need to borrow tens of
billions of dollars or
issue shares in a deal.
pay for any potential deal.
That could dilute the stake
of the founding Walton family,
which has retained control of
Walmart even as the company
has expanded into a global gi-
ant, with nearly 12,000 stores
from Chicago to Chile to China.
Humana has a market value
of $37 billion. Walmart could
end up paying close to $50 bil-
lion to buy the company, said
“The differences are large.”
The average spread on
home mortgages among all
borrowers is a half percent-
age point, according to Mr.
Koulayev’s research. Paying
4% interest on a $400,000
mortgage instead of 3.5%
amounts to an extra $114 in
monthly payments.
T
he average difference
in car loans is 1.3 per-
centage points, accord-
ing to researchers at MIT
and Brigham Young Univer-
sity. For the typical car loan,
the difference would be like
paying $1,300 more on the
purchase price.
“You would never get away
with this if you were selling
milk,” said Christopher
Palmer, an economist at MIT
and co-author of the research
on car loans. “It would be the
same price for everyone.”
Three things affect inter-
est rates: A benchmark, such
as the prime rate commer-
cial banks charge their most
creditworthy customers; a
borrower’s credit score and
debt-to-income ratio; and
on
us l,
al a
e
ci on
er rs
A Walmart-Humana deal would raise the stakes for competitors.
m e
them Inc., as well as smaller
health insurers that could
broaden their roles into differ-
m rp
ent sectors, analysts said.
“Whether you’re a payer, a
retail clinic, a retailer, a PBM or
a pharma company, you’re
co Fo
Ana Gupte, health-care ser-
vices analyst at Leerink Part-
ners. Walmart ended its fiscal
year with net debt of some
$39 billion.
Amazon ended 2017 with
more than $30 billion in cash
and short-term investments,
and just $13 billion of net
debt.
A Humana deal would be
the biggest acquisition by far
for the family and the board,
n-
which have resisted previous
major structural moves, such
as splitting off the Sam’s Club
warehouse division from the
core retailing chain, according
to people familiar with the
matter. In 2016, the board
agreed to pay $3 billion in
cash and $300 million in Wal-
mart shares for Jet.com, at
the time the biggest-ever pur-
chase of a U.S. e-commerce
startup.
Walmart has a market value
of about $260 billion. Total
shareholder return over the
past five years has been 35%,
compared with 87% for the
S&P 500, although Walmart
has outperformed the broader
market in the past year.
Its last acquisition of signif-
icant size was in 1999, when it
bought the U.K.’s Asda Group
PLC for $10.8 billion.
In recent years, Walmart
has expanded the pharmacy
and health services it offers in
stores, adding cheaper generic
drugs for sale, procedures like
vaccinations and urgent-care
locations. It is part of an effort
to give shoppers another rea-
son to visit Walmart’s cavern-
ous locations even as they buy
more online.
Walmart is also the largest
seller of food in the U.S., put-
ting it in a unique position to
capitalize on shopper data or
use a health insurer’s data to
inform decisions on which
products to carry in stores.
The average age of a Wal-
mart shopper is 50, according
to Kantar Consulting. It has
become older over the past
five years, in line with the
broader U.S. population of
shoppers.
“If I can get you in for your
health care and your meds...
U.S. NEWS
the lender’s markup.
Markups, which vary from
lender to lender and bor-
rower to borrower, are pri-
marily responsible for the
differences in rates.
“Lender A might say that
for someone with a 740
credit score, the markup will
be 1.5%,” Mr. Palmer said.
“Lender B may say there is
no markup.”
To test how borrowers are
affected by differences in in-
terest rates, Mr. Palmer and
his research partners exam-
ined 2.4 million auto loans
extended by 326 lenders,
nearly all credit unions, from
2005 through 2016 in all 50
states. The borrowers were
slightly older, less racially
diverse and of a higher aver-
age credit quality than na-
tional averages, which could
affect the findings.
More than half of the car
buyers paid more in interest
than people with similar
credit scores, including nearly
20% who took out loans more
than 2 percentage points
higher than the best rate
available to similar borrowers.
thinking, ‘how do I start to blur
those lines and start playing
across those lines,’ ” said Gur-
preet Singh, Health Services
leader at PwC.
U.S. drugstores are under
pressure to move beyond dis-
Boxed In
Walmart shares have trailed the broader market as the retailer's profits have been squeezed by
competition and investments aimed at fending off Amazon.com.
Five-year share and index performance
100%
75
50
25
0 1
–25
2013 ’14
*Fiscal year ended Jan. 31, 2018 Sources: FactSet (performance); S&P Capital IQ (profit)
What a Deal Could
Mean for Waltons
Walmart Inc.’s founding
family has maintained control
of the company that Sam Wal-
ton founded in 1962 as it ex-
panded into the world’s largest
retailer. But that could change
if it pursues an acquisition of
health insurer Humana Inc.
The Walton family owned
1.497 billion shares as of Dec.
31, or 50.5% of the total
shares outstanding, according
to S&P Capital IQ. Nearly all
the shares are held by Walton
Enterprises LLC, a private hold-
ing company that serves as
then you are hopefully going
to buy some blue jeans and
laundry detergent,” said Steve
Barr, consumer-markets leader
at PwC.
Walmart and Humana have
been partners for more than
10 years on a popular Medi-
care drug plan that lets cus-
tomers fill prescriptions at
Walmart pharmacies with low
co-pays.
The Loan Range
Market share of mortgage rates
offered for a prospective home
buyer with a FICO score of 760 in
Massachusetts requesting a
$400,000 loan with 20% down.
Rate Market share
3.9-4.0 3%
4.0-4.1 80%
4.1-4.2 12.9%
4.2-4.3 0%
4.3-4.4 5.2%
4.4-4.5 7.7%
Notes: Data as of Nov 3, 2014; Market shares
do not total 100% due to rounding
Source: Consumer Financial Protection
Bureau
THE WALL STREET JOURNAL.
On home loans, Mr. Kou-
layev analyzed a representa-
tive sample of 130,241 con-
ventional 30-year fixed-rate
mortgages originated in the
continental U.S. in 2014 for
amounts between $50,000
and $417,000, the largest loan
pensing prescriptions and sell-
ing candy, makeup and soda as
Amazon.com Inc. chips away at
the retail business and cost-
control efforts by insurers pres-
sure drug margins. Amazon has
also signaled it may go deeper
into the health-care and phar-
maceutical sectors, which
PATRICK FALLON/BLOOMBERG NEWS
would add to the threat.
Asked about the possibility
of a deal during a call with an-
alysts on Wednesday, Wal-
greens Boots Chief Execu-
tive Stefano Pessina said the
pharmacy industry is in need of
a major overhaul, but “I don’t
believe that the change is only
possible if you merge with a
health plan.”
Walgreens has nevertheless
been pursuing a big deal. Resis-
tance from federal antitrust
regulators derailed its attempt
last year to acquire rival phar-
macy chain Rite Aid Corp. In-
stead, it agreed to buy about
S&P 500
s68%
Walmart
s19%
’15 ’16 ’17 ’18
the family’s investment vehicle.
The family’s stake in the
company was around 38%
when Sam Walton died in
1992, but a series of buybacks
in the 2000s raised it above
50%. In recent years, the Wal-
tons have been selling shares
to keep their holdings near
50% and to fund charitable
pursuits. In April 2015, Walton
Enterprises distributed about
6% of its stake to a new trust
to facilitate such sales.
Owning more than 50%
frees the family of New York
Stock Exchange rules requiring
a majority of independent di-
rectors, but family members
occupy only three of Walmart’s
11 board seats. That includes
“They’ve proven these two
companies can work together
in a retail setting,” said John
Gorman, chairman of Gorman
Health Group, a consulting
firm focused on government
health programs. A merged
Walmart-Humana could create
a Medicare plan that could be
sold in Walmart stores and tap
into Walmart’s other potential
health offerings.
* ***** THE WALL STREET JOURNAL.
size that Fannie Mae or Fred-
die Mac could buy that year.
The data allowed Mr. Kou-
layev to compute the actual
rate on a given mortgage, as
well as rates a consumer could
have obtained if he or she had
contacted other lenders.
“The overpayment comes
down to about $300 per
year, but for the unlucky 10%
of consumers, it was $600 or
more,” he said.
Over the entire market of
45 million mortgages, the es-
timated cost to consumers
who didn’t shop around was
a combined $13 billion.
In each case, the research-
ers concluded consumers
didn’t search for better inter-
est rates because, in layman’s
terms, it’s a pain in the neck.
“Difficulty of shopping
and difficulty of comparing
quotes are definitely compo-
nents” that prevent people
from searching for better
deals, Mr. Koulayev said.
“The internet isn’t helping
much either, at least yet.”
Borrowers also may skip
shopping around because
they feel loyal to a particular
.
ly
2,000 Rite Aid stores for around
$4 billion.
The Deerfield, Ill., company,
with more than 13,000 stores in
11 countries, recently made an
approach to drug distributor
AmerisourceBergen Corp., The
Wall Street Journal reported in
February. Negotiations have
since stalled, but could restart,
according to people familiar
with the talks. Walgreens exec-
utives declined to discuss
Amerisource discussions when
asked this week on an earnings
call.
In the insurance sector, ana-
lysts said, smaller companies
like WellCare Health Plans Inc.
have long been seen as acquisi-
tion targets. Centene Corp., a
giant in the Medicaid space, has
been growing rapidly through
acquisitions, including its effort
to take over nonprofit New York
health insurer Fidelis Care. Cen-
tene also recently invested in a
Walmart’s quarterly profit
$5 billion
4Q FY2018
$2.2B
4 after less than two years on
3 tained an interview with Ms.
2
0 FDI is $5 trillion annually.
FY2014 ’15 ’16 ’17 ’18*
THE WALL STREET JOURNAL.
Chairman Greg Penner, who is
married to a Walton heir.
Since Walmart probably
would need to borrow money
or issue shares to pay for Hu-
mana, a deal could push the
Walton family’s ownership
stake below that threshold.
Three of Sam Walton’s chil-
dren, Alice, Jim and Rob, each
ranks among the richest U.S.
billionaires, based on their Wal-
mart stakes. Rob, the eldest
son, served as chairman after
his father and still has a seat
on the board. Jim’s son, Steuart
Walton, is the first of Sam
Walton’s grandchildren to sit on
the board, taking his father’s
seat there in 2016.
—Sarah Nassauer
In addition, he said, Wal-
mart’s heft as a major pur-
chaser of goods including
drugs might be able to gener-
ate savings for Humana and its
members. Humana already
owns a pharmacy-benefit man-
ager, but it is smaller than the
giants in that business, such
as CVS and Express Scripts,
and has less leverage with
pharmaceutical companies.
lender. But because all lend-
ers are licensed and regis-
tered, and the originator of a
loan may not even service it,
Mr. Koulayev said price
should take precedence.
“The end product is the
same,” he said. “It makes no
difference who originates the
loan.”
There is no comprehensive
source for comparing interest
rates, but borrowers can get a
sense of what they should ex-
pect to pay with the help of
websites such as Bankrate
and the CFPB’s tool, which
shows mortgage interest rates
offered to similar people.
E
ven without a tool, the
researchers found that
soliciting three quotes
is enough to feel confident
that a borrower is getting
the best possible price, or
very close to it.
“Make sure to ask for the
rate at zero points from ev-
ery lender” to ensure the
quotes are comparable, Mr.
Koulayev said.
The result will be in your
best interest.
PBM known as RxAdvance.
UnitedHealth Group Inc.,
parent of the biggest U.S. in-
surer, is already vertically inte-
grated, with its ownership of a
growing roster of doctor groups
and surgery centers as well as
its own PBM. The health giant
has remained on the M&A war-
path in recent months, includ-
ing its announcement in Decem-
ber that it will buy DaVita Inc.’s
big physician group.
Anthem has embarked on a
vertical move without a big ac-
quisition—it is starting its own
PBM, set to launch in 2020,
when its PBM deal with Express
Scripts ends. The insurer’s new
CEO, Gail K. Boudreaux, has
said she is focused on strength-
ening Anthem’s own operations
and expects major savings and
growth from the new PBM,
which could serve Anthem’s fel-
low Blue Cross and Blue Shield
insurers, among other clients.
CORRECTIONS 
AMPLIFICATIONS
Neela Montgomery took
over as chief executive of
Crate and Barrel in August
when the company’s previous
chief, Doug Diemoz, departed
the job. A Management arti-
cle on March 22 that con-
Montgomery inadvertently
omitted the phrase describ-
ing Mr. Diemoz’s departure.
U.S.-European Union for-
eign-direct investment
stands at $6 trillion total. A
World News article on March
21 about U.S.-EU trade incor-
rectly said that the bilateral
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
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THE WALL STREET JOURNAL.
HUD Hits
Biggest U.S.
Housing
Authority
BY LAURA KUSISTO
AND MARA GAY
The Trump administration
is curbing New York City’s abil-
ity to spend money on major
repairs to public-housing stock
in its first major response to
deteriorating conditions in the
city’s public housing and a
scandal over false paperwork
about lead-paint inspections.
Ben Carson, secretary of the
Department of Housing and
Urban Development, said in an
interview Thursday his agency
is requiring the New York City
Housing Authority to get
HUD’s approval for any expen-
ditures out of its capital fund.
The fund pays for upkeep of
buildings such as new boilers,
repairing leaky roofs and re-
placing elevator parts.
Mr. Carson ruled out a more
drastic step some New York of-
ficials feared. He said HUD
wouldn’t put the author-
ity into receivership, a step
that involves HUD taking it
over for a period of time.
“Not as long as I’m here,”
he said. “To take on the re-
sponsibility of a massive proj-
ect of that nature I think
would really be unfortunate
for the rest of the nation.”
176,000
Number of apartments in the
New York City Housing Authority
New York housing officials
protested HUD’s decision
to restrict access to capital
funds, calling the move puni-
tive. “It is surprising…that the
secretary, who has not found
an available hour to visit the
largest public-housing author-
ity in his portfolio, is focused
on steps that hinder not help,”
Housing Authority spokes-
woman Jasmine Blake said.
A HUD official said the sec-
retary hasn’t visited to avoid
inserting himself in a law-en-
forcement matter.
HUD has taken over housing
authorities before—in Phila-
delphia for two years and New
Orleans for more than 12
years—in response to fiscal
mismanagement and other is-
sues. Some former HUD offi-
cials have said receivership
was unlikely for New York be-
cause of the size of its housing
authority, the country’s largest
with 176,000 apartments.
In New York, HUD also has
asked the authority to submit
a plan to address lead-based
paint hazards and other physi-
cal conditions in its properties.
A HUD spokesman said the au-
thority has received “multiple
extensions” to its deadline for
no
submitting the plan.
New York City housing offi-
cials said they had already
thoroughly outlined their plan
to address the lead and other
issues to both HUD and the
U.S. attorney’s office in Man-
hattan, which is investigating
health and safety conditions in
the city’s public housing.
The housing authority has
been under scrutiny since No-
vember, when the city’s De-
partment of Investigation said
in a report that the authority
had failed to conduct lead-
paint inspections as required
by federal rules and city laws
for four years.
The authority needs upward
of $25 billion in infrastructure
repairs, up from $6 billion in
2005, according to city offi-
cials, a sum that has far out-
paced federal aid from Wash-
ington.
Gunman’s Widow Acquitted
The widow of the gunman
who slaughtered 49 people at a
gay nightclub in Orlando, Fla.,
was acquitted Friday of helping
to plot the attack and lying to
the Federal Bureau of Investi-
gation afterward—a rare and
stinging defeat for the U.S. gov-
ernment in a terrorism case.
Noor Salman, 31 years old,
sobbed upon hearing the jury’s
verdict of not guilty of ob-
struction and providing mate-
rial support to a terrorist or-
ganization, charges that could
have brought a life sentence.
Her family gasped each time
* * * * * *
Businesses Beg for Low-Skill Visas
Strong demand puts
White House in a bind:
honor requests or save
jobs for Americans
BY LAURA MECKLER
WASHINGTON—Demand for
low-skilled worker visas for
the summer season starting
Sunday is again far outstrip-
ping supply, with the Trump
administration forced to
choose between helping busi-
nesses seeking more visas or
trying to save those jobs for
American workers.
Some lawmakers tried and
failed in March to secure an
increase in the number of
H-2B visas available for this
summer as part of a large
spending bill. One Senate pro-
posal would have permanently
raised the annual cap from
66,000 to 90,000, with no lim-
its for certain jobs in areas af-
fected by disasters. A House
version would have increased
the annual cap to 132,000.
The White House warned
some lawmakers not to kick
the decision to the Depart-
ment of Homeland Security as
they did in 2017, congressional
aides said. “We did not want
the discretion,” an administra-
tion official said.
Nonetheless, DHS is now
under pressure from the busi-
ness community to provide
more visas after the spending
bill authorized the depart-
ment’s Secretary Kirstjen Niel-
sen to offer tens of thousands
of extra visas if she sees fit.
A DHS spokeswoman, Katie
Waldman, said no decision has
been made. She said the agency
us l,
is looking at last year’s imple-
mentation of the visa program
al a
e
“to determine how best to pro-
ceed this fiscal year.”
The H-2B visas, issued for
ci on
low-skilled, seasonal foreign
workers, are typically em-
ployed by landscaping compa-
nies, Alaskan fisheries, ski re-
sorts and vacation spots,
er rs
including some of President
Donald Trump’s properties.
Backers say the program
provides needed foreign work-
m e
ers, often in remote locations
where Americans are scarce.
They say the problem is par-
m rp
New York’s Sludge Runs Afoul in South
co Fo
As idled train cars stink, Alabamans want human-waste deliveries to local landfill to stop
BY VALERIE BAUERLEIN
AND KATE KING
New York City is famous
for a lot of things: the Yan-
kees, Times Square, bagels.
But 1,000 miles away in
rural northern Alabama, it
has become infamous for
about 200 shipping contain-
n-
ers full of sewage sludge that
came by rail from the Big
Apple. They have been rot-
ting on train cars for six
weeks, stalled on the way to
a nearby landfill.
New Yorkers flush the toi-
let millions of times a day,
creating 1,200 tons of biosol-
ids, or treated sludge. Big
Sky Landfill in Adamsville,
Ala., has permits to take
nearly all of that from New
York’s five boroughs.
The shipments have been
coming to Alabama for a
year and a half, drawing
plenty of complaints from lo-
cals upset by the odor. The
cars recently got stranded in
Parrish, Ala., as a result of a
legal dispute. They are now
caught in a fight about the
legality of loading them on
trucks and hauling them the
last 25 miles to the landfill.
“It smells like dead ani-
mals, you smell it, and you’re
looking for a dead dog or
dead deer,” Parrish Mayor
the words “not guilty” were
pronounced.
On the other side of the Or-
lando courtroom, the families
of the victims of the June 2016
Pulse nightclub shooting sat
stone-faced and silent.
Within hours, Ms. Salman
was released from jail and got
into a waiting car without an-
swering questions.
“Noor is so grateful. Her
belief in the process was
shown. She wants to get back
to her son,” her attorney,
Linda Moreno, said.
—Associated Press
U.S. NEWS
Seasonal H-2B visas are typically used by landscaping companies, ski resorts and vacation spots, such as Martha’s Vineyard.
ticularly acute given the cur-
rent unemployment rate of
4.1%, the lowest in a decade.
“We rebranded 8,000 vehi-
cles and put ‘now hiring’ on ev-
erything we own. We cannot
get enough workers,” said Todd
Chambers, chief marketing offi-
cer for BrightView Landscapes,
on LLC, a large landscaping com-
pany that has used H-2B work-
ers for more than a decade.
Opponents say businesses
should try harder and raise
wages if needed. “We should
want the labor market to
tighten and employers have to
work overtime trying to entice
American workers, especially
those who’ve dropped out of
the labor market,” said Mark
Krikorian of the conservative
Center for Immigration Studies.
Ultimately, Democratic
leaders killed the proposals to
increase the visas, congressio-
nal aides in both parties said.
Democratic aides said that
was partly because they
weren’t willing to import more
foreign workers at a time
Train cars loaded with sewage sludge have been sitting at a rail yard in Parrish, Ala., for six weeks.
Heather Hall said.
This is a little-seen part of
daily life in America. Big cit-
ies produce more waste than
they can dispose of. So all
across the country, pipes,
trucks and trains carry waste
elsewhere to be incinerated,
dumped or used as fertilizer.
As urban populations
grow, cities are weighing
how much they are willing to
spend to dispose of or recy-
ASSOCIATED PRESS
Stephon Clark died March 18.
Foreign Labor
The number of H-2B visa
requests by businesses for
low-skilled, seasonal work is on
track this year to surpass
previous requests.
200,000
150,000
100,000
50,000
0 This year, for the first time,
2010’11 12 ’13 ’14 ’15 ’16 ’17’18*
*Through March 29
Note: Fiscal year ends Sept. 30.
Source: Labor Department
THE WALL STREET JOURNAL.
when Congress was failing to
protect hundreds of thousands
of young undocumented immi-
grants brought to the U.S. as
children, known as Dreamers.
By statute, a total of 66,000
H-2B visas are available each
cle the one thing they are
certain the city will continue
creating. Some cities reuse
nearly all of it. In Washing-
ton, D.C., most biosolids are
turned into thermal energy
at a $470 million facility.
The mayors of West Jef-
ferson and Parrish went to
Montgomery on Wednesday
to meet with Alabama Gov.
Kay Ivey to seek help remov-
ing the New York waste from
ManShotinBack,AutopsyFinds
BY ZUSHA ELINSON
The family of Stephon
Clark, the unarmed black man
killed by police in Sacramento,
Calif., released their own au-
topsy report Friday showing
that six of eight bullets hit
him in the back.
Mr. Clark’s death on March 18
has spurred ongoing protests in
California’s capital city and re-
newed scrutiny of police killings.
Bennet Omalu, who per-
formed the autopsy, said the re-
sults are inconsistent with the
Saturday/Sunday, March 31 - April 1, 2018 | A3
year, divided evenly between
winter and summer seasons.
In past years, Congress has ef-
fectively raised the cap by ex-
empting workers who are re-
.
turning to jobs they had in
ly
previous seasons, but didn’t
do so last year nor this year.
For this summer season,
businesses filed requests for
more than 81,000 workers
with the Labor Department on
Jan. 1, a record, and more
since then. Many firms tried
to file applications after mid-
night on New Year’s Eve to be
near the front of the line.
DHS conducted a lottery
among early applicants to pick
winners, saying it was only
fair given the crush of de-
mand. Administration officials
said that applications cleared
by the Labor Department by
mid-February were eligible.
But several people who use
the program said they were
confused about why some pe-
titions were included in the
draw and others weren’t.
TOWN OF PARRISH
their towns and assurance
that no more will arrive.
They say they don’t have an-
swers yet. The governor’s of-
fice didn’t respond to a re-
quest to comment.
Over the past decade, pri-
vate landfills in the rural
South have agreed to take
sludge from out of state. But
communities near landfills
like Big Sky are increasingly
pushing back, saying the tax
official account of the shooting
given by Sacramento po-
lice, who said Mr. Clark ap-
proached officers with his hands
extended, holding an object they
believed to be a gun. Mr. Clark
was holding a cellphone, and no
weapon was found.
Dr. Omalu, a forensic pa-
thologist best known for his
work to identify degenerative
brain disease in football play-
ers, said the autopsy shows
Mr. Clark wasn’t facing the of-
ficers when they shot him.
Aside from the six bullets that
M. SCOTT BRAUER FOR THE WALL STREET JOURNAL
BrightView Landscapes
filed 94 petitions requesting a
total of 3,500 visas, but was
awarded fewer than 500, com-
pared with 1,600 last year,
said Sarah Powenski, vice
president and associate gen-
eral counsel at the company.
Officials say they are frus-
trated the program has been
caught up in the larger immi-
gration debate. “This thing has
become more of an immigra-
tion issue in people’s minds,”
Mr. Chambers said. “It’s been
attached to a third-rail issue.”
Faced with the same situa-
tion last year, John Kelly, then
DHS secretary and now White
House chief of staff, fumed. He
argued that if Congress wanted
more visas, then lawmakers
should have approved them.
Ultimately, Mr. Kelly al-
lowed up to 15,000 additional
visas for guest workers,
though not until the summer
was half over. He set a high
bar for businesses that wanted
to apply and described the ap-
proval as a “one-time” move.
revenue and jobs don’t out-
weigh the negative effects.
At a recent public hearing
on a permit renewal for Big
Sky, one woman brought a
bag of flies she said had been
swarming around her home.
West Jefferson Mayor
Charles Nix said that once
the sludge containers were
transferred to trucks, they
commonly leached sticky liq-
uid on the roads of his town.
Big Sky and the Alabama
Department of Environmen-
tal Management didn’t re-
spond to requests to com-
ment. At that public hearing,
a Big Sky representative said
the landfill has been in com-
pliance with state law.
New York has halted its
shipments to Big Sky, a
spokesman from the city’s
Department of Environmen-
tal Protection said. It won’t
accept any returns, he said.
Alabama state regulators
are expected to decide this
spring whether to renew Big
Sky’s permit, after holding
public hearings, soliciting
written comments and re-
viewing the company’s regu-
latory records.
Ms. Hall, Parrish’s mayor,
said she hopes the cars of
sludge will be gone by the
end of April, especially be-
fore it gets hot.
hit him in the back, one hit
him in the side and the other
in the thigh, he said.
“It suggests all the bullets
were from behind,” said Benja-
min Crump, an attorney repre-
senting Mr. Clark’s family.
Sacramento police didn’t
respond to requests for com-
ment. An official autopsy has
yet to be released. Mr. Clark
was killed after police received
reports of car break-ins.
On Thursday, the family
held a funeral for Mr. Clark, a
22-year-old father of two.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Saturday/Sunday, March 31 - April 1, 2018
Congress Curbs DeVos’s Agenda
BY MICHELLE HACKMAN
Congress just gave Educa-
tion Secretary Betsy DeVos ev-
erything she didn’t want: a
bigger budget and a guarantee
that certain department of-
fices wouldn’t be cut.
Mrs. DeVos had sought sig-
nificant cuts to both the de-
partment’s budget and staff.
But Congress didn’t go along
with her plans in the big
spending bill that it passed
last week, a sign of tensions
between the education secre-
tary and GOP lawmakers that
threaten to stymie her efforts.
The result: While Mrs. De-
Vos’s role as a crusader for
public-school alternatives has
made her a flashpoint, she has
so far done little to achieve
such a shift. Indeed, some Re-
publicans have privately ex-
pressed a concern that Mrs.
DeVos isn’t an effective advo-
cate for her primary cause,
which is reducing Washing-
ton’s role in education and ex-
panding “school choice” by
promoting learning facilities
that operate outside the tradi-
tional public-school system.
“She’s someone who’s
worked behind the scenes for
the most part,” said Mike
Petrilli, president of the Ford-
ham Institute, a conservative-
leaning education think tank
that supports Mrs. DeVos’s
school-choice agenda. “She
hasn’t spent decades being out
front, driving a message.”
Congress last week awarded
the department a $2.6 billion
boost when Mrs. DeVos had
requested a $9 billion cut. She
had sought to dismantle her
agency’s central budget office,
a move she said would create a
leaner structure, and to cut
the number of field offices in
the civil-rights division to four
from 12. The spending package
included specific measures
preventing her from doing so.
Congress’s spending deal
also didn’t address the priori-
ties in Mrs. DeVos’s initial re-
quest. Much of the additional
funding for the department
boosted initiatives undertaken
by the Obama administration.
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Secretary Betsy DeVos is finding her agenda hamstrung even in a Republican-controlled Washington.
None went to her signature re- sure, neither the White House
quest, a $1 billion program to nor Education Department of-
expand school choice, though ficials lobbied for it with
there was a slight increase in members of Congress.
funds for public charter “It’s unfortunate that Con-
schools. gress has decided to make it
Although the White House more difficult for Secretary
backed the school-choice mea- DeVos to pursue innovative so-
Vermont Poised to Tighten Gun Laws
BY JON KAMP same week, when police said
they had thwarted an alleged,
The Vermont Senate passed potential shooting attack by a
a bill that would heighten re- teenager at a high school.
strictions on firearms, includ- Mr. Scott said in a state-
ing raising the purchasing age onment after Friday’s vote that
to 21 for many people and ban- he supports the new bill, along
ning high-capacity magazines. with two other gun-control
The bill, sent to Republican measures that are advancing
Gov. Phil Scott’s desk on Fri- in the Legislature, because he
us l,
day, marks the latest move to believes they uphold constitu-
tighten regulations after a tional rights “while taking rea-
al a
e
gunman killed 17 people at a sonable steps to reduce the
high school in Parkland, Fla., risk of violence.” A spokes-
in February. woman confirmed he plans to
ci on
Vermont, despite its liberal sign all three bills pending a
reputation, is a largely rural technical review.
place with a high rate of gun “As governor, I have a moral
ownership and few historic and legal obligation and re-
gun regulations on the books. sponsibility to provide for the
er rs
But the tone shifted after the safety of our citizens,” the
Florida shooting and an appar- governor said in a statement.
ent close call in Vermont that The bill that passed Friday,
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lutions to better serve stu-
dents and taxpayers,” said Liz
Hill, an Education Department
spokeswoman. “She remains
committed to that goal and
will work within the frame-
work provided by Congress.”
Mrs. DeVos, who says she is
which the state House had
cleared, includes exceptions on
the age requirement for people
who have passed hunter-safety
courses.
Regarding ammunition, the
bill restricts sales of maga-
zines exceeding 10 rounds for
long guns and 15 rounds for
handguns. The bill also ex-
pands background checks and
bans bump stocks, devices that
enable semiautomatic rifles to
operate like fully automatic
weapons.
Vermont is the second state
to pass a sweeping gun-control
bill since the Florida shooting,
although lawmakers in many
states have been busily debat-
ing these issues.
Friday’s Senate vote was 17
to 13. The magazine limits
HAVENS
Continued from Page One
years of central-bank stimulus
start to wind down while long-
dormant volatility returns and
borrowing costs rise. Corpo-
rate earnings have been strong,
but growth and inflation re-
main tepid and face threats
like possible disruptions to
global trade.
“The big burning question
right now is ‘Where is the safe
haven?’ ” said Christopher Stan-
ton, chief investment officer at
Sunrise Capital LLC, a Califor-
nia-based firm that manages
around $250 million.
Utility and real-estate shares
in the S&P 500, popular with
investors seeking relative safety
because of their dividend pay-
ments, have fallen less than the
broader index’s 8.1% drop.
But U.S. government bonds
have been less predictable.
Yields, which rise as prices fall,
hit multiyear highs earlier in
2018 even as stocks tumbled
from their peak in January.
Then Treasurys rallied, pulling
the yield on the benchmark 10-
year U.S. Treasury note down
from nearly 3%, a level it hasn’t
hit since 2013.
For some analysts, the clear-
est explanation for the diver-
gence is the unwinding of
yearslong stimulus policies.
Trillions of dollars in mone-
tary stimulus pumped into the
markets by the Federal Re-
serve, Bank of Japan and Euro-
pean Central Bank over the
past few years tended to
smooth out volatility and cut
short market routs.
“Most of these things per-
formed as expected before, be-
cause there were no rate hikes
on the horizon,” said Joseph
Kalish, chief global macro strat-
egist at Ned Davis Research.
Expectations of rising rates
tend to hurt the value of out-
standing bonds issued during
periods of lower rates and
crimp the performance of as-
sets like gold, which become
less attractive to yield-seeking
investors when borrowing
costs rise.
The market is adjusting
from an environment where
there was little volatility in
2017 to a resurgence since Feb-
ruary, said Quincy Krosby, the
chief market strategist at Pru-
dential Financial.
“We were trained by the Fed
7 8 9 O I X X ******* THE WALL STREET JOURNAL.
acting on President Donald
Trump’s call to pare back fed-
eral agencies, is hardly alone
in seeing her budget requests
ignored, nor is she the first
education secretary to clash
with members of Congress.
And some of her broad goals
have drawn praise on Capitol
Hill.
“I commend her for taking
seriously her job as head of a
large federal agency and try-
ing to make it operate more
efficiently,” said Republican
Sen. Lamar Alexander, chair-
man of the Senate education
committee.
JOSHUA ROBERTS/REUTERS
Mrs. DeVos didn’t meet
with lawmakers about the
budget until a week before a
public hearing where she was
called to testify, leading to a
rare public rebuke from a fel-
low Republican.
“It’s hard to believe that
people have been on the job
for this long and they don’t
have staff that are understand-
ing how the system works,”
Rep. Rodney Frelinghuysen
(R., N.J.), the retiring chair-
man of the House Appropria-
tions Committee, said at a
March hearing.
were a sticking point, which
.
irked some senators who ar-
ly
gued the limits wouldn’t boost
safety and would be difficult to
enforce. The restrictions would
apply to new sales, not maga-
zines people already own.
Eddie Cutler, president of
Gun Owners of Vermont, said
ahead of the vote that he be-
lieved the new regulations
would raise legal risks for gun
owners without any beneficial
trade-off in the sparsely popu-
lated state.
“We’ve had a good record
as far as violent crime for the
last 227 years,” Mr. Cutler
said, referring to Vermont’s
founding date. He said his
group was ready to sue if the
law passed, arguing it violates
the Vermont Constitution.
to buy the dips, and it worked,”
Ms. Krosby said. Now that the
Fed appears to be intent on
raising rates and has called
stocks overvalued, “the dip will
have to be deeper before inves-
tors come in.”
Others point to the unwind-
ing of popular trades in recent
weeks.
Some investors had placed
outsize bets on more gains in
areas such as big technology
stocks, while wagering against
interest-rate sensitive sectors.
Now they are being forced to
cut back their positions in tech,
while buying back bonds, as the
government increases its scru-
tiny of Facebook Inc. and other
internet firms.
Assets that usually
rally for flight-to-
safety reasons haven’t
moved in lockstep.
Mr. Haidar of Haidar Capital
Management is now betting
that prices of government
bonds in places like Spain, Italy
and New Zealand will rise, as
he believes that a mild slow-
down in global growth will
force central banks around the
world to become less hawkish.
Concerns about inflation and
growth have hit bonds too. The
gap between two- and 10-year
Treasury yields recently shrank
to its narrowest since 2007, a
sign of weakening sentiment
about the prospects for long-
term growth.
Nowhere to Hide?
Assets considered safer bets including gold and utilities stocks have
fallen despite the uptick in market volatility.
Index and price performance since Jan. 26
0%
–2
–4
–6
–8
–10
Jan. Feb.
Source: FactSet
Bolton Has
To Wind
Down PACs
Before Job
BY JULIE BYKOWICZ
WASHINGTON—Before tak-
ing his new job as White
House national security ad-
viser in April, John Bolton will
have to wind down his multi-
million-dollar political opera-
tion that is already in the thick
of the 2018 election, according
to the White House and a fed-
eral watchdog agency.
Under the 1939 Hatch Act,
federal employees such as the
national security adviser “may
not campaign for or against
candidates or otherwise en-
gage in political activity” with
partisan groups, according to
the Office of the Special Coun-
sel. The standing agency is un-
related to special counsel Rob-
ert Mueller.
The Office of the Special
Counsel said Mr. Bolton cannot
maintain the two political
committees that bear his
name. The committees had
raised $6 million by the end of
February and had a little more
than half of that left in the
bank, Federal Election Com-
mission reports show.
The political groups are
called John Bolton PAC and
John Bolton Super PAC. A no-
tice posted to their websites
late Thursday said they were
“suspending all political activi-
ties until further notice as of
March 31, 2018.”
One unanswered question is
what will happen to the left-
over money.
“Even if the law doesn’t re-
quire him to refund all contri-
butions or cancel ad-buys al-
ready purchased, our
democratic norms do,” said
Stephen Spaulding at Common
Cause, a Washington advocacy
group that receives funding
from liberal donors.
Neither Mr. Bolton nor a
representative for his groups
responded to a request to
comment.
At the same time, fears of a
pickup in inflation, which
sparked selling in bonds earlier
in the year, have ebbed recently
and market-based measures of
investors’ expectations for price
increases have retreated from
recent highs.
Inflation poses a threat to
the value of government bonds
because it erodes the purchas-
ing power of their fixed pay-
ments.
“It appears to be a regime
shift from last year,” said Chris-
topher Sullivan, a portfolio
manager at United Nations Fed-
eral Credit Union. “The uncer-
tainty level has compounded
exponentially.”
Mr. Sullivan said he had
shifted his Treasury holdings
into longer-term securities,
which benefit from declining
expectations for growth and in-
flation.
The yen has added 2.2%
against the dollar since Jan. 26,
making it one of the markets’
best performing currencies in
2018. For years, investors have
borrowed yen—because Japa-
nese rates are comparatively
low—to fund trades in riskier
currencies that offer higher
yields in a strategy known as a
carry trade.
Now, many are selling their
riskier assets and buying back
yen, giving that currency a
boost, said Bac Van Luu, head
of currency and fixed-income
strategy at Russell Investments.
The Bank of Japan’s effort to
boost its economy by keeping
the yen cheap has made the
currency a better value than the
Swiss franc, another haven, Mr.
Van Luu said.
S&P 500
utilities
Gold
S&P 500
March
THE WALL STREET JOURNAL.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | A5

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A6 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Palestinians Protest, as Gaza Woes Mount
Fears rise of a war
Economy Falters
with Israel as enclave’s Gaza merchants are making
economy crumbles fewer trips outside the enclave,
reflecting tighter Israeli border
and 15 die in clashes control and diminished
economic prospects.
BY RORY JONES
AND ABU BAKR BASHIR Palestinian merchant
exits from Gaza
GAZA CITY—Tens of thou- 10,000
sands of Palestinian protesters
massed Friday along the Is-
raeli border, as Western offi- 7,500
cials warn the economic situa-
tion in the Gaza Strip is at 5,000
breaking point, raising the risk
of civil unrest or even war.
2,500
At least 15 Palestinians died
in clashes with the Israeli mili-
tary and more than 1,000 were 0
injured, Palestinian authorities 2015 ’16 ’17 ’18
said. Crowds rolled burning
Source: Gisha - Legal Center for Freedom
tires and threw stones and fire of Movement
bombs at Israeli soldiers, the THE WALL STREET JOURNAL.
Israeli army said.

WISSAM NASSAR/DPA/ZUMA PRESS

Friday’s demonstrations
called for a right to return to
homes in what is now Israel.
But Gaza’s flat-lining econ-
omy—battered by fighting,
blockades and an intensifying
power struggle between Pales-
tinian factions—has further in-
flamed tensions.
Growth is near zero, unem-
ployment is 44% and consumer
spending has plummeted in this
strip of Palestinian territory,
sandwiched between Israel and
from a monthly peak last year
of 12,183 in January 2017, ac-
cording to Tel Aviv-based non-
profit Gisha.
U.N. and World Bank officials
also are now worried that U.S.
cuts to refugee body Unrwa to
encourage reforms threaten the
jobs of thousands of aid work-
Members of the Palestinian Civil Defense carried a man who was injured during a melee with Israeli security forces on Friday. ers in the strip.
Friday’s protest had been
planned for weeks.
Falafels Reflect Hard $100 in daily sales he made tous in the Middle East. In ever been,” Mr. Abu Akar said. “This is a message to Trump
last year. As patrons dwindle, Gaza, it takes on outsize eco- One of Mr. Sebakhy’s cus- that our people will not give
Times in the Strip

.
the Mediterranean Sea. he has discounted his falafels, nomic importance because of tomers he has extended an IOU Jerusalem or Palestine,” Hamas

Gazans live with three to six
hours of electricity per day due
to shortages and more than half
of the strip’s nearly two million
residents receive food assis-
tance from the United Nations.
The economic situation is
so dire that some warn it
Customers usually buy Mo-
hammed Sebakhy’s falafels
with Israeli shekels. But as
tough times fall on the Pales-
tinian territory, he has started
accepting another sort of cur-
us l,
laid off a worker and cut the
wages of another.
“We are so down,” said the
on 24-year-old Mr. Sebakhy, wear-
ing a tattered sweater in his
dimly lighted shop. “I don’t
know how long we can sur-
vive.”
its cost—just 1 Israeli shekel, or
28 cents for a sandwich—and a
chain of suppliers and shops
that mesh residents’ livelihoods.
Fayeg Abu Akar, a food
wholesaler to falafel shops and
other stores, is increasingly de-
livering food to the needy
ly
owes him 400 shekels for the leader Ismail Haniyeh said at
past few months. And one the event, referring to the U.S.
family in this neighborhood leader’s decision to recognize
stopped walking past his shop Jerusalem as Israel’s capital.
as they are too ashamed to “This march is the beginning of
owe him money, he said. the return to all of Palestine.”
“I can’t be here knowing Israeli officials this week
there’s a family that can’t af- became increasingly con-

could lead Gaza’s rulers, the
extremist group Hamas, to
start a war with Israel. U.S.
and Israeli officials believe
Hamas started a conflict with
rency: The IOU. The falafel—fried balls of rather than to retailers. “We ford breakfast or dinner,” Mr. cerned about the scale of the
Today, Mr. Sebakhy is lucky chickpeas often eaten with pita have been in business for 50 Sebakhy said. “I’d love to see protest, deploying troops to
al a
e
to make half the equivalent of bread and hummus—is ubiqui- years and this is the worst it’s people getting paid again.” the border and warning Ga-
zans that soldiers would use
live fire on those breaching
ci on

Israel in 2014 in part because
Israel and Egypt squeezed the
group economically.
Gaza is on the brink of “total
institutional and economic col-
the Security Council last
month. “This is not an alarmist
prediction...it is a fact.”
Israel strictly limits the flow
of goods and people in and out
er rs
which it depends for funds, has
made the situation worse.
The authority’s president,
Mahmoud Abbas, last year be-
gan cutting salaries of Gaza’s
surrender control of Gaza.
Despite the rift between
Hamas and Fatah, both factions
blame their economic malaise
on Israel. Israel jointly manages
Israeli officials say spends tens the security fence.
of millions of dollars a year on “To Gaza inhabitants,
its military. Hamas is gambling with your
Due to the depressed econ- lives,” Israeli Defense Minister
omy and weak consumer Avigdor Lieberman tweeted in

lapse,” Nickolay Mladenov, U.N.
special coordinator for the Mid-
dle East peace process, told
of Gaza. And an internecine 40,000 doctors, teachers and security with Palestinian forces spending, the number of trucks Arabic on Friday. “You go
struggle between Hamas and other public sector employees in the West Bank but remains crossing into Gaza from Israel close to the fence, you put
the Palestinian Authority, on in a bid to pressure Hamas to in conflict with Hamas, which fell to 8,205 in February, down your life in danger.”
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | A7

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A8 | Saturday/Sunday, March 31 - April 1, 2018 NY * ***** THE WALL STREET JOURNAL.

WORLD NEWS

Saudis to Help
Reboot Afghan
Peace Effort
BY MARGHERITA STANCATI
AND JESSICA DONATI
WASHINGTON—Saudi Ara-
bia agreed to play a leading
role in starting a new peace
process in Afghanistan, part of
the latest U.S.-led strategy to
find a political solution to
America’s longest war.
The U.S. and Afghanistan
hope that Saudi Arabia can
bring the Taliban to the nego-
tiating table and act as guar-
antors for a possible peace
deal, according to officials in-
volved in the process.
as part of the U.S.-led coali-
tion fighting there.
“On peace and reconcilia-
tion, Saudi Arabia is best
placed to help Afghanistan,”
Afghan national security ad-
viser Hanif Atmar said during
a visit to Washington last
week. “We are extremely opti-
mistic that this level of coop-
eration will actually lead to
concrete results for peace and
reconciliation.”
President Donald Trump’s
outgoing national security ad-
viser, Lt. Gen. H.R. McMaster,
hosted the first, hourlong

The officials said they be-
lieve the kingdom can succeed
where others have failed due
to its religious clout as the
birthplace of Islam—and his-
torical ties with the powerful
insurgent group. But even
Saudi Arabia will have signifi-
cant obstacles to overcome.
The U.S. National Security
Council is spearheading this
new four-nation effort, a NSC
representative said this week.
The group also includes the
United Arab Emirates, a close
Saudi ally that previously de-
ployed troops to Afghanistan
meeting between the four
countries on March 23. Mr. At-
mar, Saudi and Emirati offi-
cials also attended.
An NSC representative con-
firmed the details of the meet-
ing and said the four countries
discussed ways to “cooperate
to support the Afghan govern-
ment” and “work together to
promote a peaceful settle-
ment.”
The new initiative could at
a later stage be widened to in-
clude other countries, the offi-
cial said.
Saudi Arabia has a long his-
An Afghan soldier escorted an accused Taliban militant recently. The U.S. hopes Saudi Arabia can help restart Afghan peace negotiations.
tory of involvement in Afghan-
istan. In the 1980s, it backed
an American effort against the
Soviet occupation of the coun-
try by supplying fighters,
weapons and training to insur-
gent mujahedeen rebels.
Saudi Arabia was also
among few countries to recog-
nize the Taliban government
as legitimate, though it later
withdrew its support after al
Qaeda leader Osama bin
Laden—a Saudi citizen—di-
rected the Sept. 11, 2001, at-
tacks from Afghan soil.
Mr. Atmar said he believes
the Taliban are open to Saudi
Arabia’s mediation. He also said
Saudi Arabia could help by ap-
plying pressure on the Taliban’s
longtime patron, Pakistan.
But major obstacles to a
comprehensive peace settle-
ment remain, notably regional
rivalries and major divisions
within the Taliban insurgency.
Powerful elements of the
Taliban have in recent years
grown close to two of the
kingdom’s biggest rivals: Iran
and Qatar.
The Taliban have nurtured
PARWIZ/REUTERS
ties with Tehran, though Iran
officially denies supporting
the group. And the Taliban’s
political office, which handles
the group’s diplomatic rela-
tions and was established with
U.S. approval, is based in the
Qatari capital, Doha.
The Taliban haven’t com-
mented publicly on the NSC’s
new strategy.

SYRIA
on
Continued from Page One
nominated Central Intelligence
Agency Director Mike Pompeo
to replace Mr. Tillerson at the
us l,
fighters from the U.S.-backed
Syrian Democratic Forces have
abandoned fighting Islamic
State in the middle Euphrates
River valley and moved north
toward the Syrian cities of Af-
rin and Manbij to fend off Turk-
ish military advances.
.
ly
strongly supportive of the State
Standstill Department’s efforts to restore
U.S.-backed coalition efforts to basic services in the country as
target Islamic State’s remaining the conflict wraps up.
territory in Syria and Iraq Stabilizing areas formerly
have stalled. controlled by Islamic State “is
also about removing the condi-
Coalition munitions dropped tions that lead to things like in-

State Department, and John In the past month, U.S.-led in Iraq and Syria* surgency, that lead to instabil-
Bolton, a former U.S. ambassa- airstrikes in support of local 5,000 ity,” said Army Gen. Joseph
AGENCE FRANCE-PRESSE/GETTY IMAGES

al a
e
dor to the United Nations, is set forces on the ground have Votel, commander for U.S. Cen-
to succeed Lt. Gen. H.R. McMas- dropped significantly. The U.S.- 4,000 tral Command during a January
ter as national security adviser. led coalition said it has con- visit to Raqqa with U.S. Agency
ci on

Messrs. Pompeo and Bolton
back more confrontational
strategies against Russia and
against Iran, which provides
Syrian President Bashar al-
er rs
ducted just seven strikes in
Syria in the past week. Islamic
State hasn’t lost any significant
territory in months, U.S. mili-
tary officials have said.
3,000 for International Development
director Mark Green. “So, from
a military standpoint we’re
2,000
very keen to make sure that the
follow-through in our opera-

Assad with fighters, weapons
and advisers.
Syrian civilians walk along a destroyed street in Eastern Ghouta. Kurdish and some Arab
m e
U.S. officials warned Fri- 1,000 tions is completed as effectively
day that Islamic State is al- as the military operation.”
ready taking advantage of the 0 Some current and former
battlefield pause to regroup, 2015 ’16 ’17 ’18 diplomats and military officials

raising the prospect of its re-
emergence as a serious threat
to the U.S. and its allies.
m rp
*Includes bombs, missiles and other
said they worry that abandon-
munitions ing the stabilization efforts
Source: Operation Inherent Resolve could lead to a resurgence of Is-

“If we leave sooner rather
than later, then there is a good
chance that this could be all for
naught and they could come
back,” said one U.S. official.
co Fo
THE WALL STREET JOURNAL.
freezing of some or all of those
funds, plus the additional
spending pledged in February,
lamic State in Syria.
“One of the major implica-
tions of terminating this pro-
cess would be opening up the
area to the Assad regime and to

In January Mr. Tillerson laid
out a comprehensive Syria
strategy in which the U.S.
would stay in the country for
the foreseeable future to pre-
vent an Islamic State resur-
gence and contain Iran’s re-
gional influence.
Mr. Trump now appears to
be questioning that approach.
The president has been increas-
ingly frustrated with Washing-
ton’s footprint in Syria and has
said he would like to see re-
n-
could cause existing programs
to halt, U.S. officials said.
“We continually re-evaluate
appropriate assistance levels
and how best they might be
utilized, which we do on an on-
going basis,” a State Depart-
ment official said.
As part of the stabilization, a
handful of U.S. civilian experts
have been deployed to Syria to
help restore water and electric-
ity, repair medical facilities,
schools and basic infrastructure
Iranian-led Shiite militias, and
of course this will instantly set
the stage for the return of ex-
tremism and terrorism,” said
Frederic Hof, who was the spe-
cial adviser for the transition in
Syria during the Obama admin-
istration.
Mark Dubowitz, CEO of the
Foundation for Defense of De-
mocracies, a think tank with
ties to the Trump administra-
tion, said Mr. Trump risks re-
peating mistakes former Presi-

gional allies like Saudi Arabia
shoulder more of the burden.
The State Department last
year spent $200 million on sta-
no
with a goal of encouraging dis- dent Barack Obama made by
placed Syrians to return home, pulling U.S. forces out of Iraq, if
working with partner organiza- he withdraws U.S. forces from
tions on the ground. Syria too soon.

bilization work in Syria, includ-
ing removing unexploded weap-
ons and restoring water, power
and electricity in the past year,
and an additional $225 million
in funds were designated for
such activities this year. The
Since the Syrian civil war
began in 2011, more than
400,000 Syrians have been
killed and millions displaced.
The military, which has
about 2,000 service members
operating in Syria, has been
“Trump cannot have a seri-
ous Iran strategy if he allows
Tehran to win in Syria,” he
said. “This is Obama 2.0.”
—Nancy A. Youssef
and Dion Nissenbaum
contributed to this article.

WORLD WATCH
Rhapsody in Blue POLAND Andrzej Duda argued that the Poland, a reference to European
bill wasn’t fair because it wouldn’t Union concerns about changes to
Tiffany & Co. Bill Targeting Former have allowed those deprived of Poland’s judicial system.
Communists Vetoed their ranks, some now dead, to de- The ruling party, Law and Jus-
fend themselves. “It was certainly tice, which has made punishing
Legendary firm. Rare gemstone. Poland’s president vetoed a bill a violation of democratic stan- former communists a keystone of
Friday that would have made it dards of the state,” Mr. Duda said. its program, was “surprised and
Timeless design. Ceylon sapphires possible for authorities to strip He also noted that the people disappointed,” party spokes-
are celebrated for their unparalleled communist-era officers of their are closely watching whether the woman Beata Mazurek said.
color and clarity, and the 10.93-carat ranks. rule of law is being observed in Supporters viewed the legisla-
stone in this Tiffany & Co. ring is no tion as an act of justice, but op-
Philip R. Clark, 87, of Boonton Township, NJ ponents described it as vengeful.
exception. Its rich royal blue hue is —Associated Press
accentuated by 1.59 total carats of Philip R. Clark, 87, of Boonton Township, NJ, passed away on March 28,
2018, at St. Clare’s Hospital in Denville, NJ. Born and raised in Brooklyn,
diamonds in its platinum setting. NY, Philip resided in Tennessee, Washington, DC, and Mountain Lakes, CYPRUS
NJ, before settling in Boonton Township. Philip and his family spent their
Signed “Tiffany & Co.” #30-7412 summers in Bethany Beach, Delaware. Faction Leaders to
Philip graduated from Brooklyn Polytechnic Institute, with a Bachelor of
Science degree in engineering and attended Oakridge School of Reactor
Technology in Tennessee. Philip was the President and CEO of GPU Nuclear
Attend U.N. Talks
in Parsippany, NJ.; Associate Director of Reactors, Naval Reactors Division,
Department of Energy. He was a Director of the Institute of Nuclear Power The U.N. peacekeeping mis-
Operations, a Director of the Association of Edison Electric Companies, and sion on ethnically divided Cyprus
a member of the National Academy of Engineering. says it will host an informal
A devout Roman Catholic, Philip was a parishioner and Eucharistic Minister meeting between the rival Greek
at St. Catherine of Siena Church in Mountain Lakes, NJ. He was also a
parishioner of St. Ann’s Church in Bethany Beach, Delaware. Cypriot and Turkish Cypriot lead-
Visitation will be held on Thursday, March 29, 2018 from 7-9 PM and ers in April.
Friday, March 30, 2018 from 2-4 & 7-9 PM at the Dangler Lewis and Carey The April 16 meeting be-
Funeral Home, 312 West Main Street Boonton, NJ 07005. A Funeral Liturgy
will be celebrated on Saturday, March 31, 2018, at 9:30 AM, at St. Catherine tween Nicos Anastasiades and
of Siena Church, 10 North Pocono Road, Mountain Lakes, NJ 07046. Mustafa Akinci will be the first
Interment will follow immediately at Holy Rood Cemetery, 61 Whippany time the leaders will meet face-
Road, Morristown, NJ 07960. Letters of Condolence may be posted at
630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com danglerlewisandcareyfuneralhome.com. to-face since the collapse of
Philip is survived by his beloved wife Jeanne C. (Cushing) Clark, whom he high-level peace talks in July.
Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry. married in 1953; his devoted children Philip R. Clark, Jr. (Lili), Margaret A. Both sides have said the
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece. Gatti (the late Richard), Andrew J. Clark (Cynthia Roberts), Mary T. Clark,
Michael A. Clark (Cheryl), Jeanne M. Clark, MD (Stephen Smolka) and meeting doesn’t necessarily sig-
Robert F. Clark (Lorena Palagonia); his caring sister Marjorie O’Loughlin; nal a resumption of negotiations,
his cherished grandchildren Benjamin, Nancy, Danny, Elizabeth, Matthew, but that it is a positive step.
Katherine, Carolina and Robert D.; his adored great-granddaughter Lily.
—Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
URBI ET ORBI | Francis X. Rocca
Shifting Lines: Pope’s Uncertainty Principle
ROME—For
Pope Francis,
the untradi-
tional has be-
come routine.
Still, the
news Thursday morning was
startling: Italian journalist Eu-
genio Scalfari, a friend and fre-
quent interviewer of the pope,
reported that the pontiff had
denied the existence of hell.
Sinners who die without
achieving eternal salvation
“are not punished,” the pope
said, according to an article by
Mr. Scalfari in the Italian
newspaper La Repubblica.
“There is no hell; there is the
disappearance of sinful souls.”
The Vatican later released a
statement cautioning that Mr.
Scalfari’s article was a “recon-
struction,” not a transcript, of
his conversation with the
pope. But the Vatican stopped
short of a specific denial, leav-
ing some readers to wonder
whether the church’s leader
might have contradicted Cath-
olic teaching on so fundamen-
tal a topic as the afterlife.
It was an extreme yet telling
example of how Pope Francis
has shaken up perceptions of
Catholic doctrine, drawing
widespread attention from the
non-Catholic world and caus-
ing turmoil within the church.
Commentators were quick
to note that Mr. Scalfari’s re-
port was inconsistent with
earlier statements by Pope
U.N. Imposes Sanctions on North Korea for Fuel Smuggling
BY FARNAZ FASSIHI
The United Nations Security
Council announced sanctions
against North Korea on Friday
despite plans for summit talks.
The sanctions target one in-
dividual and 21 shipping com-
panies and 27 ships for helping
North Korea evade interna-
tional sanctions through mari-
time smuggling of oil and coal.
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* * * * * * * *
Francis, who, for instance, has
warned unrepentant Mafiosi
of eternal damnation.
Y
et some found it plausi-
ble that the pope had
“abolished hell,” as one
headline put it, because the
idea echoed the pope’s well-
known stress on God’s mercy
rather than the threat of pun-
ishment as an incentive for
good behavior.
Indeed, the same day that
Mr. Scalfari published his in-
terview, Pope Francis told in-
mates at a prison in Rome
that the death penalty was
“neither humane nor Chris-
tian”—a more categorical re-
jection of capital punishment
than voiced by earlier popes.
The prison visit also dis-
played the pope’s characteris-
tic emphasis on social and
economic justice, themes he
has elevated above questions
of sexual and medical ethics—
matters he has deemed too
much of a preoccupation for
the church.
When Pope Francis does
talk about these issues, he
tends to put them into a so-
cial context rather than
stress individual culpability.
He has denounced abor-
tion as a symptom of a
“throwaway” culture, like
youth unemployment and ne-
glect of the elderly, and
made it easier to lift the ex-
communications of women
The entities were also in-
al a
cluded in the U.S. Treasury
Department’s sanctions an-
nounced on Feb. 23 aimed at
ci on
curtailing revenues for North
Korea’s ballistic-missile and
nuclear programs.
The sanctions will impose
an asset freeze on the 21 ship-
er rs
ping companies headquartered
in the Marshall Islands, Singa-
pore, Panama and Samoa. The
m e
m rp
co Fo
n-
could depend on the right team.
| T R U ST
Saturday/Sunday, March 31 - April 1, 2018 | A9
WORLD NEWS
and disciplined theologians
who deviated from orthodoxy.
Under Pope Francis, both of
those functions have practi-
cally ceased.
T
he current pope’s most
explicit effort so far to
liberalize moral teach-
ing has been in the area of di-
vorce, specifically the rule
that divorced Catholics who
remarry without an annul-
ment of their first marriage
may not receive Communion
unless they abstain from sex
with their new spouses.
FABIO FRUSTACI/EPA/SHUTTERSTOCK
The process of change in
that case has been time-con-
suming and circuitous, involv-
ing two international meetings
of bishops, which failed to en-
dorse a change, followed by a
papal document that encour-
aged leniency in the application
of traditional teaching without
Pope Francis commemorating Jesus’ death on Good Friday at St. Peter’s Basilica, in Vatican City. unambiguously revising it.
In general, however, Pope
who have had abortions. step over them and you’re off and even hostile to it,” said Francis resorts to less formal
He has described the pro- the reservation,’” said Chris- Sandro Magister, a Vatican ex- means, especially encounters
motion of same-sex marriage topher Lamb, Rome corre- pert who writes for Italy’s with the press, for shifting the
and population control in the spondent for Britain’s the L’Espresso magazine. perception of the spirit of
developing world as examples Tablet, a Catholic magazine. Part of Pope Francis’ strat- Catholic doctrine without
of “ideological colonization” “It’s a move from the institu- egy has been generally to play changing its letter. The single
by the West, but has warmly tional and the doctrinal to- down the importance of for- most famous statement of his
welcomed same-sex spouses ward a greater focus on per- mal teaching. Under St. John pontificate, made during an
and voiced compassion for sonal conscience.” Paul II and Pope Benedict XVI, in-flight news conference, re-
those who decide to use artifi- For more conservative crit- the Vatican’s doctrinal office mains “Who am I to judge?”
cial birth control. ics, the pope’s approach was the source of many defin- —Francis X. Rocca is the
.
In terms of morality, Pope amounts to promotion of a itive documents on major is- Journal’s Vatican
ly
Francis is “shifting the con- “low-intensity Catholicism sues, including controversial correspondent. This column
versation away from saying, that can be easily welcomed questions of sexual and medi- will be appearing
‘here are the borderlines— by those far from the faith cal ethics. It also investigated from time to time.
on
us l,
ships will also be banned from tional community must main- U.N. steps to rekindle Pyongyang’s
e
ports world-wide. tain pressure on North Korea The sanctions committee’s diplomatic ties with its neigh-
Taiwanese businessman even as it seeks negotiations decisions are by consensus of bors. He traveled to China last
Tsang Yung Yuan is subjected with its leader, Kim Jong Un. all 15 members. China and Rus- week and met with President
to an asset freeze and travel “The approval of this his- sia were on board because dip- Xi Jinping and is scheduled to
ban for helping North Korea toric sanctions package is a lomats said the council’s unity meet South Korean President
export coal through a broker clear sign that the interna- in pressuring Mr. Kim’s regime Moon Jae-in on April 27. Mr.
operating in a third country, tional community is united in had been crucial in bringing Kim and U.S. President Donald
according to the U.N. our efforts to keep up maxi- him to the negotiating table and Trump are planning to meet at
The U.S., which led the ef- mum pressure on the North averting a military catastrophe. a summit in May to discuss
fort for the U.N. sanctions, has Korean regime.” Said Nikki Ha- In the past few weeks, Mr. denuclearization of North Ko-
maintained that the interna- ley, U.S. Ambassador to the Kim has taken unprecedented rea.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

WORLD NEWS

Beijing Puts Pressure on Families of Uighur Exiles

BY JOSH CHIN
AND CLÉMENT BÜRGE U.S. Raises Concern
Muslim Uighurs who have With China on Issue
managed to flee an expanding
web of surveillance systems
and detention centers in their Radio Free Asia, a U.S.
northwestern China homeland government-funded news
are discovering they can’t service that reports on hu-
truly escape Beijing’s reach, man-rights issues in China’s
even in the U.S. Xinjiang region, said in Feb-

Tahir Hamut, a prominent
Uighur poet and filmmaker
who spoke to The Wall Street
Journal last year about his
family’s harrowing flight from
China’s Xinjiang region, said
his younger brother disap-
peared on Christmas Day,
shortly after the Journal arti-
cle was published. Two female
relatives were later called in
for interrogation by the police.
Chinese security forces are
using cutting-edge surveil-
lance and social control to
snuff out a sporadically vio-
lent separatist movement in
Xinjiang. Authorities there are
now reaching deeper into the
lives of Muslim Uighurs who
have fled abroad, according to
rights groups.
Ramped-up efforts under
President Xi Jinping to silence
critics outside the reach of
China’s police forces pose a
challenge for Western powers
like the U.S. that have held
themselves up as protectors of
Chinese citizens fleeing perse-
cution.
Pressure on families of
JASON ANDREW FOR THE WALL STREET JOURNAL; NG HAN GUAN/ASSOCIATED PRESS (BELOW)
ruary that Xinjiang authori-
ties had gone after the rela-
tives of U.S.-based reporters
for its Uighur-language ser-
vice.
One reporter, Gulchehra
Hoja, said police took away
more than 20 family mem-
bers starting last year, in-
cluding her mother, who was
kept handcuffed in a
crowded cell for nine days
before being released to a
hospital, under police watch.
The U.S. government has
raised concerns with Chinese
officials about the relatives
of the reporters, all of whom
are either U.S. citizens or
green-card holders, and
about reports of a crack-
down on Uighurs in China, a
State Department spokes-
man said.
Uighur poet and filmmaker Tahir Hamut now lives in Virginia. In China’s Xinjiang region, below, there is a growing web of surveillance.
warned not to criticize the us,’ ” Mr. Imin recalled. Seven
Chinese government. RUSSIA members of his extended fam-
Having relatives abroad is KAZ. ily in the city of Kashgar were
one factor that can lead Ui- detained after he rebuffed the
ghurs to be labeled as “un- MONGOLIA police, he said. His wife wasn’t
Urumqi
safe,” and thus a candidate for among them, as she had taken

.
overseas dissidents is a stan- detention, by big-data plat- X I NJ I A N G Beijing the protective measure of di-

dard tactic for China.
Uighurs are currently the
focus of such pressures, activ-
ists said. Mr. Hamut, who now
lives in Virginia and has ap-
plied for political asylum, has
been critical of China’s poli-
cies in Xinjiang—which to Bei-
forms being used by Xinjiang
police, according to observa-
tions and documents provided
by Uighur exiles.
“The Chinese government
wants to monitor and discour-
age any activism among Ui-
ghurs who moved to Western
us l,
ly
vorcing him after he left.
CHINA Mr. Hamut said distrust
runs rampant among Uighurs
on abroad. He said he was disap-
pointed in the turnout for a
INDIA reading of his poetry recently
MYAN.
at the University of Washing-
ton. With several hundred Ui-

jing makes him a separatist.
He said his female relatives
were told they were interro-
gated “because we hadn’t gone
back to China and were in-
THAI.
countries,” said Dolkun Isa, ghurs in the Seattle area, only
president of the World Uyghur THE WALL STREET JOURNAL. four showed up, he said.
al a
e
Congress, a Washington-based Similar events used to draw
group advocating for the eign Affairs said: “Social sta- back to China in 2015, and like Mr. Hamut was unable to as many as 200 Uighurs, but
peaceful establishment of an bility and long-term peace are some resistance, as when the bring his immediate family. turnout has dwindled since
ci on

volved in separatist activities.”
Several other Uighurs
abroad said family members in
Xinjiang had disappeared or
been taken to new detention
independent state in Xinjiang.
The pressure on family mem-
bers in Xinjiang has recently
become more aggressive, he
said.
er rs
the common aspiration of all
ethnic groups in Xinjiang and
are in the interests of every
ethnic group.”
China has pressured some
deportations drew protests at
the United Nations and in Tur-
key, which has welcomed
members of the Turkic-speak-
ing group.
After he arrived in the U.S., he the crackdown in Xinjiang be-
said, police from Urumqi, Xin- gan, said Darren Byler, a Uni-
jiang’s capital, called and told versity of Washington anthro-
him to come home. pology researcher, who studies
“They said, ‘If you want Xinjiang.

facilities. Some reported being
called by Chinese police or
contacted on social media and
Xinjiang authorities didn’t countries to return Uighurs— Tahir Imin, a Uighur aca- your family to be safe and “There’s nowhere that
respond to requests to com- with some success, as when demic and journalist, left Xin- your daughter to live with her China can’t threaten you,” Mr.
ment. China’s Ministry of For- Thailand sent 100 Uighurs jiang in February 2017, but un- mother, you should listen to Hamut said.
m e
m rp
co Fo

May 22, 2018 | Four Seasons Hotel | Washington, D.C.

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Scott Gottlieb, M.D. Rear Adm. Anne Schuchat, M.D. Steven H. Collis
Commissioner, Acting Director, Chairman, President and CEO,
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Gail K. Boudreaux Mark T. Bertolini Alex Gorsky
President and CEO, Chairman and CEO, Chairman and CEO,
Anthem, Inc. Aetna Inc. Johnson & Johnson
David A. Ricks Richard J. Gilillan, M.D. Michael A. Mussallem
Chairman and CEO, CEO, Chairman and CEO,
Eli Lilly and Company Trinity Health Edwards Lifesciences
Anthony S. Fauci, M.D. Mary E. Klotman, M.D Alexis Borisy
Director, National Institute of Dean, School of Medicine Director,
Allergy and Infectious Diseases, and Vice Chancellor for Health Affairs Third Rock Ventures
The National Institutes of Health Duke University
Steven J. Corwin, M.D.
Peter B. Bach, M.D. George M. Church, Ph.D. President and CEO,
Director, Center for Health Policy and Professor of Genetics, NewYork-Presbyterian
Outcomes and Faculty Member, Department Harvard Medical School
of Epidemiology and Biostatistics
David N. Osser, M.D.
Director,
Memorial Sloan Kettering Cancer Center Associate Professor of Psychiatry,
PersonalGenomes.org
Harvard Medical School
Stephanie Domas, P.E., C.E.H. Thomas McLellan, Ph.D. Attending Psychiatrist, Domiciliary
Vice President of Research, Co-Founder and Scientiic Director Treatment Program for Homeless
MedSec (19922015), Treatment Research Institute Veterans,
Eric Topol, M.D. Deputy Director and Senior Scientist Veterans Affairs Boston Healthcare System
Founder and Director, Scripps Translational (20092011), White House Ofice of Feng Zhang, Ph.D.
Science Institute, Professor of Molecular National Drug Control Policy
Core Institute Member,
Medicine and Executive Vice President, Sarah E. Wakeman, M.D. Broad Institute of MIT and Harvard
The Scripps Research Institute
Medical Director, Substance
Daphne Zohar Use Disorders Initiative,
Co-Founder and CEO, Massachusetts General Hospital
PureTech Health plc. Assistant Professor of Medicine,
Harvard Medical School

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© 2018 Dow Jones & Co., Inc. All rights reserved. 6DJ6394
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

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A10B | Saturday/Sunday, March 31 - April 1, 2018 NY * *** THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL.
Wine Importer Opened
His Own California Vineyard
BY JAMES R. HAGERTY
R
obert Haas spent 35 years
as a retailer and importer of
wine, introducing Americans
to some of the finest French win-
eries. Then he took on a tougher
challenge: making and marketing
his own wine.
As a wine importer, the New
York-born Mr. Haas cultivated rela-
tionships with wine growers in-
cluding the Perrin family, owners
of the Châteauneuf-du-Pape es-
tate Château de Beaucastel in
the Rhône Valley of France. In
1985, he teamed up with the Per-
rins to search for land in Califor-
nia to produce Rhône-style
wines. Four years later, they found
the right climate and on hills near
Paso Robles, 12 miles from the
coast and halfway between San
Francisco and Los Angeles.
The summer days were hot; cool
air blew in from the ocean at
night. “This is where we plant the
flag,” Mr. Haas recalled saying.
They established the Tablas
Creek Vineyard with vine cuttings
imported from Beaucastel and
made their first plantings in 1994.
In the early years, Tablas Creek
struggled. It was far from the
wine-tourist hot spots of Napa and
Sonoma. It was producing blends
of Mourvèdre, Grenache Noir,
Syrah and other grapes rather
than the single-grape wines that
were more popular.
Mr. Haas had to learn to sell his
own story. In his 70s and 80s, he
hustled around to host tastings
and meet distributors. He and his
partners developed a side business
selling cuttings from their French-
origin vines to more than 600
vineyards in the U.S.
He died March 18 at his home in
Templeton, Calif., at age 90.
The vineyard, named after the
Tablas Creek that flows through it,
averages production of 25,000 to
* * * *
OBITUARIES
ROBERT HAAS
1927 — 2018
30,000 cases a year. The wine re-
tails for about $25 to $55 a bottle.
M
r. Haas’s decades of negoti-
ating with wine producers
in France and elsewhere
had persuaded him that wine was
an emotional business. “You can’t
just walk in, negotiate a price and
walk off,” he told the Wine Specta-
tor in 1988. “Buying wine is not
like buying Tinkertoys. You have to
understand that the man just spent
a whole year of his life making
that particular crop and he’s not
on
going to part with it without some
show over it. There’s some discus-
sion necessary. Even if there’s
nothing to talk about, there’s
us l,
something to talk about.”
Robert Zadok Haas was born
al a
e
April 18, 1927, in Brooklyn and
grew up partly in Scarsdale, N.Y.
His father, Sidney Haas, ran a Man-
ci on
hattan butcher shop called M. Leh-
mann. When Prohibition ended in
1933, Sidney Haas switched to sell-
ing wine and liquor.
Robert Haas served in the Navy
er rs
near the end of World War II but
wasn’t sent overseas. He graduated
from Yale, where he studied his-
m e
m rp
co Fo
TIME O
tory, politics and economics, and
joined his father’s shop.
One of his early ideas was to of-
fer futures on cases of Bordeaux
wines not yet available, including
1952 Château Lafite at $39.50 a
case. His father was skeptical, but
the futures sold briskly. He later
soured on futures. “It’s a system
that doesn’t work except in the
short term,” he told The Wall
Street Journal in 1987. “It canni-
balizes itself by inducing specula-
tion which eventually backfires.”
After the shop’s wine buyer in
France died in the early 1950s, Rob-
ert Haas was sent to find a new
one. Soon after arriving in France,
he put his schoolboy French to
work and decided he wanted the
buying job. So began years of trav-
eling the back roads of France.
It wasn’t as glamorous as it
sounded. Spending a day swishing
scores of wines at half a dozen cel-
lars and concentrating on their
marketability wasn’t the same as
sipping a favorite while gazing at
the sunset. He sometimes got back
to a cheap hotel room too late to
have a proper dinner.
In the 1960s, his father sold the
shop, which became part of today’s
Sherry-Lehmann Wine & Spirits in
Manhattan. Robert Haas tried
working for a distilling company
but found it wasn’t a good fit.
In the early 1970s, he bought a
farmhouse near Chester, Vt., and
set up his own wine-importing
company, Vineyard Brands. Friends
thought it was folly to move so far
from the action. Mr. Haas assured
them that modern technology—
telex machines—meant he could
work anywhere.
He is survived by his wife of 50
years, Barbara, a sister, four chil-
dren, six grandchildren and a
great-grandson.
 Read a collection of in-depth
profiles at WSJ.com/Obituaries
ADVERTISEMENT
What Einstein Got Wrong
Taught by Professor Dan Hooper
Saturday/Sunday, March 31 - April 1, 2018 | A11
P ET E R DA I L EY
1930 — 2018
Positive Spots by Adman
Paid Off for Reagan
P
eter Dailey, a Los Angeles-
based advertising mogul
and former college football
player, had his biggest assign-
ment in 1980: selling Ronald Rea-
gan to the American public.
In crafting television ads, his
aim was to show the Republican
presidential nominee as an expe-
rienced governor with a calm,
common-sense approach, not a
washed-up movie actor with
hawkish right-wing views. In one
ad, Mr. Reagan said: “Nancy and I
have traveled this great land of
ours many times and we found
that Americans everywhere yearn
for peace, just as we do.” In an-
other, he promised to “get Ameri-
can business booming again.”
Mr. Dailey had worked for GOP
F R A N C I S B AT O R
1925 — 2018
Hungarian Refugee
Advised LBJ on Europe
.
F
ly
rancis Bator was 14 when
his family fled Hungary in
1939 to escape what his fa-
ther saw would be a grim future
there. His father, a lawyer, moved
the family to London and then
New York. Young Francis was dis-
patched to the Groton School in
Massachusetts, where he mingled
with the sons of the U.S. elite, be-
fore enrolling at the Massachu-
setts Institute of Technology.
By age 40 he was a respected
economist and adviser to Presi-
dent Lyndon Johnson, dealing
with international economic pol-
icy and relations with Europe.
State Department grandees
tended to see these White House
advisers as rivals. Mr. Bator en-
joyed telling friends that Secre-
President Richard Nixon’s 1972
campaign, helping create attack
ads that depicted Sen. George
McGovern as weak on military
matters and as a weather vane
whose views changed with the
wind. For Mr. Reagan, he accentu-
ated the positive.
After winning the election, Mr.
Reagan appointed Mr. Dailey as
ambassador to Ireland.
Mr. Dailey worked for several
ad agencies in the 1950s and
1960s. In the late 1960s, he
founded Dailey International,
which became a giant among
West Coast agencies. Interpublic
Group bought that firm in 1983.
Mr. Dailey died March 10 in
Pasadena, Calif. He was 87.
—James R. Hagerty
tary of State Dean Rusk had de-
rided him as “the ambassador
from Ulan Bator.”
During his 3½ years in the ad-
ministration, the erudite Euro-
pean felt at ease with the earthy
Texas politician. Prof. Bator said
in an oral history he met with the
president “sometimes several
times a week, sometimes not at
all for two, three weeks.”
After leaving the administration
in 1967, he became the founding
chairman of the public-policy pro-
gram at what became Harvard Uni-
versity’s Kennedy School.
Prof. Bator was struck by a car
in January while crossing a street
in Newton, Mass., and died March
15. He was 92.
—James R. Hagerty
ED F    ;
IT

  
FE
LIM

70%
R

off   

14
OR

DE L 1. What Einstein Got Right: Special Relativity

R BY A P RI

2. What Einstein Got Right: General Relativity

n-

3. Einstein’s Rejection of Black Holes

4. Einstein and Gravitational Waves

no

5. Cosmology and the Cosmological Constant

6. The Cosmological Constant and Dark Energy

7. What Einstein Got Right: Light Quanta

8. Does God Play Dice with the Universe?

9. Quantum Entanglement

10. The Search for a Unified Field Theory

Trace Einstein’s Path to 11. Problems with Time Travel

Greatness—Missteps and All 12. What Other Giants Got Wrong

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A12 | Saturday/Sunday, March 31 - April 1, 2018
LAND
Continued from Page One
As frustrations peaked, in ex-
treme instances, some cowboys
have taken up arms against the
government for what they say
are overly restrictive policies.
Ranchers took over a National
Wildlife Refuge in Oregon in
2016; before that, Nevada
rancher Cliven Bundy mounted
a standoff with federal officials.
President Donald Trump’s In-
terior Secretary Ryan Zinke—a
Montana native who arrived at
his first day of work in Wash-
ington, D.C., on horseback—says
he empathizes with ranchers.
The Trump administration plans
to lessen some restrictions on
public lands that could restore
access for ranchers. Ranch-
ing “is a tradition worth pro-
tecting,” Mr. Zinke said.
Even those who support Mr.
Zinke fear the recent moves
aren’t enough to reverse the
long decline of an American tra-
dition gaining momentum as
more cowboys quit.
Since 1979, when the envi-
ronmental movement kicked
into gear, the number of ranch-
ers permitted on Bureau of Land
Management-owned lands fell
from about 22,000 with 12 mil-
lion permitted livestock, mostly
cows, to 18,000 ranchers with
about seven million livestock,
according to the most recent
government estimates, from
2016. The number of ranchers
and cows on public lands con-
tinued to drop even as cattle
prices stabilized and rose.
Environmental groups op-
posed to this type of grazing are
glad to see ranching decline on
public lands. They say Western
ranchers have long taken advan-
tage of a system that gave them
access to publicly owned land at
cut-rate prices. Over the years,
critics have called the practice
“welfare ranching.”
The Bureau of Land Manage-
ment and U.S. Forest Service
charge a 2018 monthly grazing
fee of $1.41 per head, compared
with up to $20 on private land.
The fees don’t include fences,
stock ponds and other grazing
infrastructure ranchers say they
are often required to maintain.
Environmentalists say the
animals trample vegetation and
foul streams, marring public
land that belongs to all Ameri-
cans. “Livestock grazing is like a
slow death of the
land and wildlife by cancer,”
said Erik Molvar, executive di-
rector of Western Watersheds
Project, an anti-grazing group
based in Hailey, Idaho.
America’s Western plains and
valleys were once endless pas-
tures for ranchers, the backdrop
of an industry wrapped in ro-
mance and mythology. But
many small ranchers never
owned most of the land where
their cattle grazed.
Under a setup formalized
over the past century, they
struck deals with the govern-
ment to pay for access to feder-
ally owned land to feed their
herds. The percentage of land
owned by the federal govern-
ment varies among states, with
Western states near the top.
In Nevada, the federal gov-
no
ernment owns 79.6% of the
state, according to a 2015 Con-
gressional Research Service re-
port. By comparison, the federal
government owns 1.8% of Texas.
The system meant ranchers
could run herds over huge
tracts of public land and
didn’t have to pay to buy and
ship as much feed. When one
field was partially consumed,
KOSHER
Continued from Page One
der feast with signature dishes
of varying shades of brown that
hew to the culinary restrictions.
In the U.S., many hosts spend
weeks preparing brisket, matzo
ball soup and gefilte fish with
horseradish—all kosher, mean-
ing the contents were made in
accordance with Jewish law
and the holiday’s specific rules.
In recent years, though, Se-
der chefs have started an exo-
dus from tradition. Thanks to
supermarkets’ growing array of
Passover-friendly offerings,
cooks are filling the dinner ta-
ble with nontraditional foods
such as lasagna “noodles,”
gnocchi and salad croutons, all
modified with holiday-friendly
ingredients such as potato
starch and matzo meal.
Some observers think it
takes a lot of chutzpah to incor-
porate everyday eats into the
regular Seder dinner.
“If our ancestors could sur-
vive 40 years in the desert with
just water and manna, of
course we can survive eight
Nevada rancher Wayne Hage is moving from his family home after a decadeslong legal battle with the government over grazing.
they would simply move on.
The government decided how
many cows could graze on pub-
lic land, and how much they
could consume—down to the
number of inches on a blade of
grass. Still, the deals allowed
small ranchers to survive, even
as the cattle industry consoli-
dated into giant operations.
The number of cattle nation-
ally, most of it on private land,
is about 95 million, up only
slightly from 60 years ago.
About a 10th of the nation’s beef
cows spend some time grazing
on public lands, according to es-
timates by the Public Lands
Council, a ranching trade group.
Some environmentalists say the on
number is far lower.
Competition from private
ranching operations and years
of severe drought in the West
us l,
are major pressures on small
public-lands ranchers. Ranchers
al a
e
say they also face a threat from
government restrictions.
“It is the lack of flexibility by
ci on
the federal government that is
50% why the ranchers go out of
business,” said J.J. Goicoechea,
Nevada’s state veterinarian and
a fourth-generation cattle
er rs
rancher from Eureka, Nev. “I
just hope to hell my daughters
can continue doing this.”
Ron Cerri, whose 400 cows
m e
roam over 70,000 acres of fed-
eral public lands in Nevada,
said he and other ranchers
m rp
spent 15 years appealing a pro-
posal by forest managers to re-
‘I just hope to hell my
co Fo
daughters can
continue doing this,’
says one rancher.
strict the amount of plants a
cow could eat, such as from 50%
to 25% of a stalk of grass.
After they paid up to
$500,000 in legal and consulting
fees, he said, the ranchers won
n-
an administrative appeal within
the agency to redo the forage
rules in a way they hope will be
less restrictive. “Whenever we
deal with [federal agencies], we
give up something,” Mr. Cerri,
64, said on a lunch break from
branding calves.
Lyman Youngberg, a Nevada
rancher, threw in the towel two
years ago. Mr. Youngberg, 79,
said he decided to sell
a ranch he bought in 1993
rather than pass it down to his
adult children. “I was getting
Sandy Druckman’s Passover spread includes kosher-for-Passover
wieners and cold cuts. ‘I’m a modern lady,’ she says.
days with just matzo, brisket
and four cups of wine,” said
Rabbi Mordechai Shain of
Lubavitch on the Palisades syn-
agogue in Tenafly, N.J.
Others hope a more diverse
selection of food will win over
Jews such as Ashley Emala,
who is skipping Passover din-
ner this year in part because
she can’t fathom eating another
“soggy ball of matzo.”
“It’s about our liberation
from Egypt,” the 38-year-old
from Montclair, N.J., said of the
IN DEPTH
Wild West
Percentage of land owned by the federal government, 2015
0% 5% 20%
Wash.
Ore.
Idaho
Nev.
Calif.
Ariz.
Alaska
Source: Congressional Research Service
wore out from all the BS from
these agencies,” said Mr. Young-
berg, nursing a beer in the Say
When Casino in McDermitt, Nev.
Conflicts over grazing are
rooted in the way the West was
settled. The federal government
offered homesteading stakes, as
well as rights to resources in-
cluding water. With beef prices
high after the Civil War, many
homesteaders turned to ranch-
ing. The government kept most
of the land, creating a setup
where residents could live on
private property but go into
public areas for work.
Congress passed tougher en-
vironmental laws in the
1970s. Presidents and Con-
gress set aside National Parks
and Monuments to preserve
land for future generations. In
more recent years, administra-
tions have tightened access and
restrictions on ranchers.
From his ranch in Nevada,
Mr. Hage has seen decades of
change. He came here in 1978,
when his late father, Wayne
Hage, moved the family from a
California ranch to one nestled
in a high desert valley, between
Las Vegas and Reno.
The family’s Pine
Creek Ranch was 7,000 private
acres, with nearly year-round
access to 750,000 more on na-
tional forest and other public
lands. Under a 10-year grazing
contract, the elder Mr. Hage and
his then wife, Jean, paid be-
tween $29,099 and $49,792 in
fees annually to the federal
agencies.
holiday. “So why can’t we liber-
ate ourselves from eating all
this heavy, beige food?”
There are some 55,000 ko-
sher-for-Passover items on
store shelves in the U.S. this
year, up from 39,000 five years
ago, according to Lubicom, a
Brooklyn, N.Y., marketing firm.
Food manufacturer Abeles &
Heymann LLC sells kosher-for-
Passover wieners, which re-
place the corn-based additive
sodium erythorbate found in
regular kosher dogs—a holiday
35% 50% 80%
Mont.
N.D. Minn.
S.D.
Wyo.
Iowa
Neb.
Utah
Colo.
Kan. Mo.
Okla.
N.M. Ark.
Texas
La.
Hawaii
“Dad had talked about these
open-range ranches where all
the work is done on horseback,”
said Ramona Hage Morrison,
the elder Mr. Hage’s daughter.
“It was a dream for my
mom and dad as a place to raise
their children.”
The Hages’ 2,000 cows
grazed on a sage-covered valley
framed by mountains rising
nearly a mile into the sky,
tended by the cowboys.
“Believe me there is nothing
more free feeling than when you
saddle up a great big powerful
horse in the morning, and you
turn him loose and you’ve got
the entire country that you can
go on and at your
beck and call,” said the younger
Mr. Hage, wearing a Stetson as
he sat in a corral.
The government’s legal feud
with the Hages began years ago
when federal managers of the
Humboldt-Toiyabe National For-
est said the family’s herd was
straying into unauthorized areas
on public land.
The government also accused
the Hages of failing to maintain
hundreds of miles of livestock
control fences in the backcoun-
try. The Hages blamed a reintro-
duction of elk in the area for
breaking the fences. The family
said the government forced
them to graze cattle in areas
with less grass.
In the summer of 1983, forest
officials sent 40 certified no-
tices of violations and made 70
visits to the ranch to hand de-
liver more—including one for a
no-no—with grain-free ascorbic
acid. Seth Leavitt, the owner,
said he projects consumers will
buy four million of his Hillside,
N.J., company’s special holiday
franks this year, more than
double last year’s sales.
The demand for variety has
made Passover more challeng-
ing for kosher caterers such as
Naomi Nachman. This year, she
whipped up dinners for 22 fam-
ilies including pizza with a cau-
RON DRUCKMAN
liflower crust and hummus
made from quinoa instead of
chickpeas.
“They’re meals Elijah would
be impressed with, and he’s a
guy who’s seen everything,”
Mrs. Nachman, an Australian
native now living in Woodmere,
N.Y., said of the biblical prophet
whom Jews symbolically invite
to their Seder tables.
Kosher food company Kayco
spent more than five years de-
veloping its line of Passover
macaroni, lasagna and other
“pastas.” Early versions “tasted
like cardboard,” said co-owner
Charles Herzog, whose great
grandparents started the Bay-
onne, N.J., family business in
1948. Mr. Herzog concedes his
ancestors probably wouldn’t
* ***
N.H.
Vt.
Wis. N.Y.
Mich.
Pa.
Ind. Ohio
Ill.
W.Va.
Va.
Ky.
N.C.
Tenn.
S.C.
Miss. Ala. Ga.
Fla.
THE WALL STREET JOURNAL.
Falling Fee
Fee for grazing animals on
federal lands
$2.00
1.50
1.00
0.50
0 A judge in the government’s
2000 ’05 ’10
*animal unit months—a month's use and
occupancy of the range by one yearling, one
cow and her calf, one horse or five sheep or
goats
Sources: Congressional Research Service
(1999-2016); Bureau of Land Management
(2017-18)
THE WALL STREET JOURNAL.
missing fence staple, according
to court records. A rider had to
travel by horseback 20 miles
round-trip to replace the staple,
according to the documents.
In 1990, rangers threatened
to impound the Hages’ cattle for
repeated encroachments into a
newly designated no-grazing
zone. The elder Mr. Hage argued
it was too hard to police cows
from crossing from a permitted
area because there was no fence
along a 25-mile boundary.
Soon after, forest officials
impounded about 100 of the
Hages’ cattle and sold them
after they repeatedly entered
a restricted area. Under graz-
ing regulations, federal offi-
cials can impound livestock
have eaten any of it at the Se-
der table.
His mother, Surie Herzog,
isn’t a fan. Last month, when
the company introduced a Pass-
over-friendly type of rice made
from cauliflower, “she wouldn’t
let it into the house,” he said.
Mrs. Herzog is still proud of
her son. “He’s made a holiday
much more pleasurable for
many, many people,” she said.
When it comes to her own Se-
der, though, she prefers to stick
to convention. “I’m a staunch
traditionalist.”
Strict Passover observers
can’t imagine going to a Seder
without the staples, or one
marred by the newfangled
dishes. Josh Elberg is particu-
larly leery of hot dogs, which
have caught on in some house-
holds because they are easy to
make and popular with chil-
dren.
If there are any franks at the
two Seders his family plans to
attend this year, he hopes his
three sons can resist noshing
on them. “I love a good hot
dog,” said Mr. Elberg, who is 35
and lives in Southfield, Mich.
“But it’s not like we’re going to
a ballgame.”
THE WALL STREET JOURNAL.
that damages public lands.
The Hages filed suit with the
U.S. Court of Federal Claims in
Washington, D.C., in 1991, alleg-
ing their rights to water
and grazing land had been
taken, and demanding compen-
sation.
In court documents, the gov-
ernment argued in part that the
Hages failed to seek proper per-
mits, and that their cows had
access to water. In 1991, the
government canceled the Hages’
grazing permit.
Gloria Flora, who was the
U.S. Forest Service supervisor in
Nevada in the late 1990s, said
the problem for ranchers there
has been the state’s aridness.
JAKE NICOL/THE WALL STREET JOURNAL
“It’s not grazing land; that’s the
whole problem,” said Ms. Flora,
who left the agency in 1999 and
now runs an environmental
nonprofit in eastern Washing-
ton. “The rangelands are in dry
areas where it’s almost impossi-
ble to graze cattle and not tram-
ple the grass—especially when
you only have a few places that
have water.”
In 2002, U.S. Court of Federal
Claims Judge Loren Smith de-
livered an initial ruling that the
family did have wa-
ter and grazing rights to the
land. The Hages began grazing
cows on the public range
again—despite not having per-
mits, after concluding they
needed to prevent abandonment
Maine of their water rights.
Amid the court battles, the
Mass. elder Mr. Hage’s first wife, Jean,
died from a stroke at age
54. Her husband died 10 years
later in 2006 at age 69 from
.
R.I.
bone cancer, as he awaited a fi-
ly
Conn. nal ruling on the case.
N.J. The stress of the fight “cost
my sister her life and Wayne
Del.
most definitely his life,” said
Md.
Herb Nichols, an investment
D.C. banker from Reno and Mrs.
Hage’s brother.
The younger Mr. Hage took
on his parents’ ranch, and court
battle. The next year, in 2007,
the government filed a trespass-
ing suit against him and his par-
ents’ estate in U.S. District
Court in Reno.
In 2010, the Hages scored a
major victory: Judge Smith of
the U.S. Court of Federal
Claims in Washington awarded
the family $14 million after
agreeing their rights to wa-
ter and grazing had been
wrongly rescinded by the gov-
ernment under the terms of
their lease deal.
The government appealed.
Two years later, in 2012, an ap-
peals court overturned the
Hages’ $14 million award.
’15 trespassing case found the
Hages guilty last year, and or-
dered them to clear the cows off
the public land, and pay a fine
of $580,000. That ruling is on
appeal.
Meanwhile, the Hages ap-
pealed the water and grazing
rights case to the U.S. Supreme
Court. The court declined to
hear a final procedural chal-
lenge in November.
That triggered foreclosure
proceedings on the ranch’s $2
million loan. Mr. Hage has
moved his cows to leased pas-
tures in another part of the
state. By the end of April, he
plans to vacate the single-
story ranch house—one of only
two in a 25-mile long valley—
that he shares with his wife, Yel-
ena, and their two young sons
and daughter.
Mr. Hage hasn’t decided
where his family will go, but
says his battle with the govern-
ment is over. “We don’t have
the means to fight them any-
more,” he said.
Sandy Druckman is planning
to serve mainly kosher-for-
Passover wieners and cold cuts
to eight friends she invited to
her Hollywood, Fla., condo for
Passover dinner Friday night.
“I’m a modern lady,” said the
83-year-old, who wrapped up
her shopping in just one after-
noon at Costco earlier this
week. “I remember my mother
shopping for a month and try-
ing to get everything together.
It was a chore.” She does plan
to serve matzo, though, since it
is key to the story of Passover.
The Israelites made the unleav-
ened bread in haste as they
prepared to flee their captivity.
These days, even that tradi-
tional staple is subject to ex-
perimentation on some tables.
Amy Kritzer, a food blogger in
San Francisco, likes to layer
matzo with kosher caramel and
chocolate, rainbow sprinkles
and edible glitter—a dessert
known as matzo crack for its
addictive taste.
“I’m someone who’s dressed
up as a bottle of Manischewitz
for Halloween,” Ms. Kritzer
said, referring to the popular
kosher wine. “Shaking things
up is my shtick.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Harvey Mansfield | By Tunku Varadarajan
A
Cambridge, Mass.
wise and nuanced play-
fulness is Harvey Mans-
field’s forte. He’s just
turned 86 and has been
teaching at Harvard since
he was 30, making him one of the
longest-running shows in this
clever little town. A professor of
government, he’s among the fore-
most experts on Tocqueville and
Machiavelli. But since 2006, when
he published a book called “Manli-
ness,” the public attention toward
him has focused on his uninhibited
and mischievous put-down of West-
ern feminists. “I think I’ve got the
best critique that exists of femi-
nism, what its nature is, and what
it wants,” he says of that book,
chuckling immodestly.
Mr. Mansfield’s study of manli-
ness is acutely topical today, what
with the #MeToo movement and
the cries of “toxic masculinity” on
college campuses, coupled with a
startling masculine eruption in the
White House. One wonders if there
is a connection between the near-
banishment of manhood from
America’s social sphere and its sud-
den prominence in the political one.
Although, it must be said, there are
strong men in powerful positions
elsewhere, too, including Russia’s
Vladimir Putin, China’s Xi Jinping,
Turkey’s Recep Tayyip Erdogan and
India’s Narendra Modi.
The author of ‘Manliness’
suggests the president’s
vulgar appeal may be the
beginning of the end of the
push for gender-neutrality.
“Let’s look at the Washington,
D.C., kind of manliness,” Mr. Mans-
field says. “Trump’s manliness is of
a raw character, the kind you find,
also, in Erdogan and Putin, who
are rough and gross and discourte-
ous.” In the Mansfield scheme,
there’s a hierarchy of manliness,
ranging from animalistic strength
on the bottom rung, then rising
gradually to gentlemanliness, and
then to “the highest form, philo-
sophic manliness: the willingness
to take on dominant opinions and
subvert them by questioning and
argument.”
The “raw type of manliness,” Mr.
Mansfield says, “coincides with a
political situation of polarization.”
A polarized democracy is “an invi-
tation to the vulgar. I think what’s
interesting about Trump is not so
much Trump himself as the people
who voted for him.” They are a re-
minder that democracy “wants
equality, but the equality it gets
tends to be at a lower level than
Politicians Want to Start a Bank. What Could Go Wrong?
Some Democrats in
Trenton think they’ve
found an answer to
New Jersey’s prob-
lems: a new govern-
no
ment-owned bank.
Gov. Phil Murphy,
CROSS
COUNTRY formerly of Goldman
Sachs, campaigned
By Walter
last year on the idea
Olson
of creating a bank
owned by the state
and its municipalities. “A public bank
will allow New Jersey to invest in
New Jersey,” Mr. Murphy said. He
added that it would “provide capital
to communities that, for too long,
have been ignored by the financial
system, whether they be women-
owned businesses, businesses owned
by people of color, or small busi-
nesses with big ideas.”
New Jersey looks to follow
North Dakota’s example,
but without the same
low-corruption culture.
At the beginning of this year’s leg-
islative session, two Democratic state
senators introduced the State Bank of
New Jersey Act to turn Mr. Murphy’s
campaign proposals into reality. The
new bank would be run by an ap-
pointed board, plus the state trea-
surer. It would be instructed to make
its services available to all public en-
tities, and it could enter into real-es-
tate projects using the power of emi-
nent domain. The bank would also be
empowered to extend student loans
and small-business loans.
For years progressive groups have
advocated government-run banks, ar-
guing that they would serve local us-
ers better than private banks do. A
model often cited is the Bank of North
Dakota, the only state-owned bank in
the U.S., which was founded nearly a
* * * *
Manhood in the Age of Trump
the best.” America could, he
suggests, have equality like
the ancient Spartans, “requir-
ing everyone to be coura-
geous. But that’s too difficult
for us and doesn’t answer our
needs.”
We are in Mr. Mansfield’s
home, a garrison colonial hid-
den behind a high fence, and
at this point in the conversa-
tion a bustling German lady
enters from the garden, her
face flushed from the cold.
She is Anna Schmidt, Mr.
Mansfield’s third wife. (His
first marriage ended in di-
vorce, and his second wife,
with whom he collaborated on
a masterful translation of
Tocqueville’s “Democracy in
America,” died of cancer in
2006.) She gives the impres-
sion of being twice as tall as
the modestly built professor, and at
43, she’s half his age. With a cer-
tain amount of hamming it up
about her duties in the kitchen, she
disappears to cook dinner.
Mr. Mansfield, who betrays a
visible pride in Mrs. Mansfield, re-
turns to the subject of Mr. Trump’s
supporters. “They rather like and
appreciate his vulgarity and his
baseness, his impulsiveness,” he
says. “It doesn’t bother them that
he’s rich and wears flashy, bright
ties.” They think “that this is how
they would be if they were rich.
Trump is an image of their notion
of what money can buy.”
In 2016, Mr. Mansfield continues,
on
Mr. Trump won “a majority of
white women—and women are at-
tracted to manly men, I think.” He
agrees that there’s a connection be-
us l,
tween the campaign for gender-
neutrality in the U.S.—seeking, as
al a
e
he sees it, to erase all differences
between the sexes—and the “hun-
ger” that made Mr. Trump’s politi-
ci on
cal rise possible.
In Mr. Mansfield’s view, Mr.
Trump’s success wasn’t a racial re-
action to President Obama as
much as a backlash in favor of
er rs
masculinity. Mr. Obama “had the
scolding demeanor of a school-
marm—very much, I think, follow-
ing the temper of today’s femi-
m e
nists. It’s all a matter of correcting
the behavior of misbehaving juve-
niles, and of condescension.” Here,
m rp
he checks himself, allowing that
this observation “is a little unfair
to Obama, because some of his
speeches were pretty good, and he
did have a vision of America and
co Fo
the way America ought to be.” But
it was not an America that
“throws its weight around. That’s
precisely what he wanted to avoid.
So, in his foreign policy, and in his
domestic role as condescender-in-
chief, he showed his hostility to
manliness.”
century ago as part of a populist
n-
farmers revolt. It has survived as an
apparently functional part of the eco-
nomic landscape in one of the nation’s
most conservative states. Another oft-
cited example is Germany’s Landes-
banken, a group of state-owned re-
gional banks known for midlevel
commercial lending and for oversee-
ing local savings banks (Sparkassen)
run by municipalities.
As private banks see it, state-
owned banks succeed, if they do, be-
cause of unfair advantages. They’re
exempt from taxes, which may or
may not be partly offset by an expec-
tation that they return money to
state or municipal treasuries. Public
banks can also raise money at the
lower interest rates charged to gov-
ernment borrowers, since they’re
seen as unlikely to default (and likely
to be bailed out if they do).
But you don’t hear as much favor-
able buzz about the German Landes-
banken as you used to, given their re-
cent performance. The Economist
reported in 2015 that “this hybrid
public-private model, which relied on
public largesse in days past, has fared
disastrously since the financial cri-
sis.” The promise that politically con-
trolled banks would choose invest-
ments on a sound business basis has
proved false. “State politicians sit on
the supervisory boards, enjoying
playing the role of banker, supporting
favored projects and soft loans to
companies that employ lots of vot-
ers,” the magazine noted.
Alert readers might have noticed
what Germany and North Dakota
have in common: relatively clean,
honest political cultures. Germany
regularly ranks among the 10 or 20
least corrupt countries in the world
(and ahead of the U.S.). Among Amer-
ican states, the measures vary. North
Dakota has had more corruption con-
victions than one might expect, but it
still scores well on most outcome-
based measures. New Jersey, on the
other hand, fares quite poorly.
OPINION
Mr. Trump saw the electoral op-
portunity. “Trump’s not a clever
man,” Mr. Mansfield says, by which
he means that the president has lit-
tle propensity for abstraction or in-
tellectual complication. “But he’s
shrewd. He saw that there was a
way to be appealing, and to knock
off the competition of his rivals in
the Republican Party, by a display
of manliness and an attack on po-
litical correctness.” Mr. Trump is
“really the first American politician
to use that, to see that there was a
political opening there.”
Laughing lightly, Mr. Mansfield
recalls Mr. Trump’s masculine belit-
tling of “Little Marco,” “Low Energy
Jeb” and “Lyin’ Ted.” “That was
very effective with a lot of voters,”
he says, “particularly the less edu-
cated. You could look at 2016 as a
revolt of the lower-IQ half of Amer-
ica against the upper half, which is
dominated by the universities.” Now
in Washington there has been “a re-
placement of the people who reflect
the values of American universities,
where manliness is taboo.”
T
he Trump election, Mr. Mans-
field muses, is one sign that
the steady march of gender-
neutrality is slowing and may even
be halted. “We haven’t had a real
political debate about manliness,” he
says, “and maybe Trump is the first
stage of it.” Mr. Trump presents is-
sues “in a manly way, which is to
say, ‘Take it or leave it.’ Like the
wall—the wall is an intransigent ob-
ject that justifies and encourages an
intransigent mode of speech.”
Similarly with “Make America
Great Again,” Mr. Trump’s political
shibboleth. “It invokes the manly,
and allies it with patriotism,” Mr.
Mansfield says. “And the ‘again’ is
a strong critique of recent presi-
dents, because it states that ‘we
had it once and we lost it, thanks to
you.’ ” Mr. Trump could have said
A 2014 study by the Safra Ethics
Center at Harvard ranked state cor-
ruption by surveying political report-
ers covering capital politics. North
Dakota was in a small group of states
where illegal corruption was per-
ceived as “not at all common.” When
it came to “legal” corruption—i.e.,
the kind that isn’t against the law but
is still aromatic—the study found it
was only “slightly common” in North
Dakota.
On both metrics New Jersey was
among the seven states perceived as
The Benedictines Hit a 3-Pointer
By Angela Rocco DeCarlo
I
had no plans to watch the NCAA
basketball tournament until my
son Danny called last weekend to
alert me. Porter Moser, the coach at
Loyola-Chicago, is a “Benet boy”—a
graduate of Benet Academy, the sub-
urban Catholic prep school all three
of my sons attended. So of course
Danny was very excited about Loy-
ola’s chances for a big March Mad-
ness win, even though its team was
seeded 11th.
Benet is the mill that turns out a
prodigious number of National Merit
Scholarship honorees each year,
from a class of about 300. Those
Benedictines, with 1,500 years of ex-
perience, know about teaching. And
sportsmanship.
Coach Moser’s first words after
Loyola-Chicago won 78-62 last week-
end over Kansas State—a victory that
put them in the Final Four—were to
thank God and then the players.
Competitive sports clearly build
character and loyalty—a beautiful en-
terprise. Being a female of the Juras-
sic Era, I never had the chance to ex-
perience this personally, but I’m
delighted girls and women today
have the opportunity.
I must get my sports fizz from
Saturday/Sunday, March 31 - April 1, 2018 | A13
KEN FALLIN
“Make America Manly Again,” Mr.
Mansfield says. “That would have
been too much. But I believe that’s
what he meant.”
The thrill of competition is an
intrinsic part of Mr. Mansfield’s
idea of manliness, which suggests
that, in his worldview, political
campaigning is an inherently mas-
culine pursuit. “American elec-
tions,” he agrees, “have tradition-
ally been, in great part, tests of
manliness.” Was the last election a
.
test of Hillary Clinton’s manliness
ly
as well? “Yes it was,” Mr. Mans-
field responds, “and she showed it
a certain amount. Maybe it’s diffi-
cult for a woman to do that in a
graceful way, and to maintain her
femininity.”
Mr. Mansfield isn’t sure whether
Mrs. Clinton lost in 2016 “because
of electoral difficulties in being a
woman, or just because of the kind
of woman she was. It would be nec-
essary to untangle those different
possibilities.” He adds that Marga-
ret Thatcher, who won three terms
as Britain’s prime minister, “is one
of my models of manliness.”
If Mr. Trump’s manliness is vul-
gar, which presidents’ were refined?
He’s quick to cite the Bushes—“al-
most courtly, but friendly; people
who couldn’t be pushed around and
who had a controlled anger.” One of
the chief attributes of a good politi-
cian, Mr. Mansfield says, is know-
ing “how to be angry in an effec-
tual and impressive way, without
losing it.”
Mr. Mansfield doesn’t see it as an
accident that Mr. Trump’s presi-
dency coincides with an impres-
sively indignant national movement
against sexual harassment. #MeToo,
he believes, “is really directed at
Trump, and people like him, accus-
ing them of being ‘deplorable.’ ” (He
uses that “Hillary word,” as he calls
it, deliberately.) The movement
“represents a particular critique of
most corrupt. The Soprano State has
provided America with some of its
gaudiest and most colorful political
double-dealers, with mayors in Atlan-
tic City, Camden, Irvington, Jersey
City, Newark, Orange and Trenton all
having been convicted over the past
generation.
A State Bank of New Jersey would
be unlikely to content itself with the
predictable and repetitive lending
that goes on in an agriculture-and-
extraction economy like North Da-
kota’s. It would inevitably turn into a
family. That’s how I came to climb
aboard the Chicago Cubs’ historic
2016 World Series win. Without my
sons’ encouragement, I’d probably
wallow eternally alone in the wilder-
ness of opera.
Although I know less about basket-
ball than baseball, after Danny’s call
I followed Loyola’s now-famous 98-
year-old chaplain, Sister Jean Dolores
Schmidt, to cheer on the Ramblers.
Sister Jean told reporters she filled
out a Cinderella bracket in which her
team makes the championship game.
I am sans bracket. Even my husband,
Dan, who happens to be a Loyola-Chi-
cago alum, is bereft of paperwork to
prove his support, pleased as he is
with the Ramblers’ success.
Speaking of which, what is a “ram-
bler” anyway? And paired with a wolf
as the team’s mascot? Turns out the
term “rambler” was once consigned
to hobos. (Can one even utter the
term “hobo” today?) The wolf harks
back to the family coat of arms for St.
Ignatius of Loyola. A 16th-century
Spanish priest and theologian, St. Ig-
natius founded the Society of Jesus,
the religious order known as the Je-
suits, which has been deeply involved
in education all over the world.
In any event, I loved watching
these Ramblers last week chase up
Trump for his sexual harass-
ment, or at least his lamenta-
ble sexual reputation. It’s
against the aggressive male,
the presumptuous male, the
male who hasn’t had his ‘con-
sciousness raised’ sufficiently.
That’s Trump, and the #MeToo
campaign sees him as the em-
bodiment of everything male
they don’t like, and want to
oppose.”
Yet Mr. Mansfield sees a
“contradiction” in Mr. Trump’s
manliness: “It’s his ‘art of the
deal.’ A person who makes a
deal all the time is unmanly,
just as economics is inherently
unmanly because it always
wants a trade-off.” A manly
person “stands for things, and
when you stand for something,
that means you’re not willing
to make a deal against it.” He
views Mr. Trump’s recently an-
nounced tariffs as a way “to get
him to a deal.”
He doesn’t expect Mr. Trump to
change over the course of his presi-
dency—to acquire more polish or
refinement. “He’s had a chance to
do that,” Mr. Mansfield says. “He’s
an unapt pupil, a rebellious pupil.
But his alliance with the Republi-
cans seems to be based on the real-
ization that—and here I give him
some credit—to make America
great again he has to be a success
as president.”
M
r. Mansfield is, however,
critical of Mr. Trump’s deal-
ings with Kim Jong Un. “It’s
a personal contest between him and
this tin-pot dictator,” he says. “The
crisis needs some delicacy to obtain
what needs to be a siege, and a
blockade. That requires allies and
aggressive, pushy diplomacy.” Mr.
Trump “doesn’t have the patience,
and he has that in common with the
American people. This is in Tocque-
ville, so it must be right—that de-
mocracy is ‘impatient.’ ”
Still, Mr. Trump’s manliness is
playing out differently in the rest of
the world from its reception in
America—and North Korea. “He
doesn’t seem to have the fans
abroad that he does here,” Mr.
Mansfield says. “But in order for
him to be successful outside Amer-
ica, he doesn’t have to have fans. He
just has to have people impressed
and a little perturbed.”
Mr. Trump has the world’s at-
tention, for sure, and “it’s possible
that he could use it for some posi-
tive purpose.” Europe, Mr. Mans-
field says, “was just falling asleep
by stages. Now, Trump is worrying
them. . . . That’s good, isn’t it?”
Mr. Varadarajan is a fellow at
Stanford University’s Hoover
Institution.
Favor Bank for politicos hoping to
lure subsidized jobs from the more
vibrant cities of New York and Phila-
delphia. Once the initial buzz of ide-
alism passed, it would become a
tempting honey pot for the corrupt
politicians for which New Jersey is
famous.
In that sense, a State Bank of New
Jersey really would be sure to create
jobs—for prosecutors.
Mr. Olson is a senior fellow at the
Cato Institute.
and down the court, making impossi-
ble shots for three points, while Kan-
san tried valiantly to keep up. What I
also noticed was how clean the game
appeared. No one was beating up on
anyone. When somebody was acci-
dentally knocked down, hands were
there to lift him up.
By emerging victorious, 78-62,
the Ramblers became only the fourth
No. 11 seed to advance to the men’s
Final Four, joining Louisiana State
(1986), George Mason (2006), and
Virginia Commonwealth (2011). No
No. 11 seed has ever played in a na-
tional championship.
It is always better to win, but no
matter the outcome Saturday against
Michigan, the Ramblers’ exhilarating
dance of sportsmanship in pursuit of
the prize is memorable and heart-
warming by itself. “He wears his
emotions on his sleeve,” Tom Hayes,
a former Benet basketball teammate,
says of Coach Moser. “He exudes
nothing but positive attitude, and his
players follow.”
No wonder my son Danny is so
thrilled. And so am I.
Ms. DeCarlo formerly covered cul-
ture, travel and entertainment for the
Chicago Tribune, Las Vegas Review
Journal and Disney magazine.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Trump Choice for Veterans Democracy Challenged From Right and Left

I
t wouldn’t be a normal week in Washington So what’s going on? “Privatization” is in part As I read William A. Galston’s “Pop- operating in what they consider to be
without a Trump Administration personnel a straw man to obscure Mr. Shulkin’s own be- ulism’s Challenge to Democracy” (op- the grave evil of contraception—a mi-
ed, March 17), I experienced a deep nority view if there ever was one. It is
melodrama. But this week’s removal of Vet- havior, including ethical lapses on misusing VA
sense of relief that there is a sane, Antifa and Black Lives Matter that la-
erans Affairs Secretary David funds on travel. More substan- thoughtful person left on this planet. bel conservative positions as evil and
Shulkin is important on the Shulkin favored the tively, Senator Jerry Moran at The world into which I was born, a illegitimate, forcibly and sometimes vi-
policy merits, and let’s hope status quo of limited a hearing earlier this year world that admired kindness, courtesy, olently shutting down attempts at civi-
his successor is more amena- called out Mr. Shulkin for tolerance and respect for life in all its lized discussion of controversial topics.
ble to allowing retired service health-care options. “double talk,” by which he os- forms seems to have disappeared. I am It is Occupy Wall Street that falsely
members to make their own tensibly meant claiming to an educated white woman, born in San claimed to represent “the people”
health-care choices. support, while really oppos- Francisco, who voted for President against the elite 1%.
On Thursday Mr. Shulkin took to the New ing, a proposal that would provide more health- Trump not because my husband or any Before Mr. Trump tapped into the
York Times to warn of “political appointees care choices for veterans. of my five sons told me to, but out of populists on the right, President
choosing to promote their agendas instead of The best bill before Congress is Mr. Moran’s fear that the Clintons would be back in Obama harnessed leftist populism to
the White House. navigate around those frustrating insti-
what’s best for veterans” by supporting “privat- with Senator John McCain. After rampant VA
ARLENE RUBENS BALIN tutions of constitutional government.
ization leading to the dismantling of the depart- scandals, Congress in 2014 created a choice Sonoma, Calif. FRANK J. RUSSO III
ment’s extensive health care system.” This self- program that allows certain vets to receive Midlothian, Va.
justification exercise will not be remembered care outside the VA. But the system is based Mr. Galston has captured the more
as the most graceful exit. in part on where a vet lives and wait-list times, nuanced idea that while there is cer- For me, the threats to liberal democ-
Mr. Shulkin has been on the way out for sev- not the severity of the ailment or needs of the tainly a bad form of populism, there is racy in America are suppression of free
eral weeks, and his euphemisms are about his patient. The Moran bill would correct this dys- also a very good and important, even speech on college campuses, an IRS
months of infighting with White House and function with new standards and streamline enlightened, form of populism that is used to mute conservative thought, a
other Administration officials. The unsubtle in- many programs that allow vets to receive pri- being flagrantly ignored in this coun- Justice Department and FBI that have
nuendo in the press is that Mr. Shulkin was run vate care. The bill also opens up access to tele- try. This couldn’t be a more important political bias, expansion of the welfare
point as we slide into ever-darker po- state instead of job creation, an eco-
out by the nefarious Charles and David Koch medicine and walk-in clinics, among other use-
litical ineptitude in America. nomically stagnant middle class, po-
through a policy group called Concerned Veter- ful changes. VAN M. BOTTS rous borders, a highly biased press, the
ans for America. President Trump has chosen Ronny Jackson Seattle expanded power of bureaucrats and
Yet no one except Mr. Shulkin is talking as a VA replacement, and the rear admiral is identity politics. Let’s see, all that hap-
about “privatization.” Concerned Veterans for best known as the White House doctor. The rush Does Mr. Galston recognize that his pened under the liberal elite Obama
America in a white paper has sketched out a is to declare him unqualified, and we wonder descriptions of populism apply equally administration. Should we really be fix-
plan to restructure the VA and allow it to focus if Mr. Trump has put his nominee in a tough to the left? It is leftist populists who ated on the dangers of populism?
more on the expertise its doctors have devel- spot. Rear Admiral Jackson probably felt he give no quarter to nuns who don’t wish GUY RANDOLPH
oped in, say, post-traumatic stress and pros- couldn’t say no to his Commander in Chief, but to be forced to violate their faith by co- Savannah, Ga.
thetics. The plan includes a premium-support he hasn’t been immersed in the emotive and
payment so vets could buy discounted private complex politics of veterans.
coverage from a menu, much like federal em- He will now face a long and tough confirma-
ployees do. A current vet who preferred to be tion process in the Senate, and Mr. Trump had The Uses and Misuses of the ‘Gatekeeper’ SAT
treated for diabetes elsewhere would be free to better not start bashing Rear Admiral Jackson Standardized test scores can pro- dardized test scores as gatekeepers

.
make that choice. if he stumbles as the President has other cabi- vide some useful information; how- to professions such as medicine and

ly
At bottom this is a debate over political con- net officials. ever, they are just one point in what law is to the 20% of the population
trol and cost because allowing choice outside But checking the right boxes on a résumé should be a much fuller, more com- who are dyslexic. Without accommo-
the system is expensive. We know that denying didn’t help Mr. Shulkin, who by press reports prehensive and accurate picture of dations such as extra time on stan-
that escape valve often traps veterans in subpar couldn’t run his own communications depart-
on the applicant (“The Gatekeeper dardized tests, dyslexics typically
facilities with unresponsive bureaucracies. But ment. That sounds less stressful than Rear Ad- Tests,” Review, March 10). The dan- will do poorly—not because they do
politicians have never wanted to take on the miral Jackson’s stint in Iraq with a surgical ger is in lionizing these scores and not know the correct answers, but
veterans interest groups that are attached to shock trauma platoon. One piece of advice: being blind to their limitations and rather because they are unable to
the great harm that can come to in- finish the test. Dyslexia is a para-
us l,

the status quo. Don’t become a target with first-class travel,

dividuals and institutions by fetishiz- dox. No matter their high level of
Mr. Shulkin indicts private industry though stock trades or free Wimbledon tickets. ing these scores without appreciating intelligence, dyslexics are slow read-
VA’s single-payer system has been responsible The White House managed the Shulkin affair
al a
e
their serious shortcomings. ers yet at the same time fast, cre-
for some of the most macabre health-care scan- with its usual backbiting and disorganization. The problem is that the relation- ative thinkers.
dals in history. Manipulated wait times that re- But if the goal is to transform the VA to deliver ship between performance on stan- Sadly, colleges and professional
ci on

sulted in death; an opioid doctor known as “the better and more efficient health care for veter- dardized tests such as the SAT and schools which, rather than focus on
candy man”; recall the many horror stories in ans, then perhaps the real Trump mistake was ACT and later school and career out- the whole candidate rely primarily
2014 from Tomah, Wis., to Phoenix. choosing Mr. Shulkin in the first place. comes, is at the level of a large on standardized test scores, will miss
group, in contrast to what can be out on having extraordinary gradu-

White Privilege for White Coats

expected for any one individual. ates who are both dyslexic and bril-
er rs

This is very misleading since what liant and who score poorly on stan-
we are interested in is how to pre- dardized tests.

A
dict outcome for a particular, spe- SALLY E. SHAYWITZ, M.D.
mericans think they have a progressive telling the Australian Broadcasting Corporation cific individual. BENNETT A. SHAYWITZ, M.D.
political correctness problem, but the that, unlike the code of conduct, the accompa-
m e

Perhaps the most unfair and per- Yale University

politicization of everything runs nying glossary shouldn’t be viewed as policy. nicious misuse of relying on stan- New Haven, Conn.
across the Western democra- But the code also requires
m rp

cies. Witness the new code of
conduct issued by the Nurs-
ing and Midwifery Board of
Australia, which oversees
more than 389,000 health-
Australia’s nurses and health-care providers to ac-
midwives get a new tively “respect diverse cul-
tures, beliefs, gender identi-
Getting the Science Right for EPA Regulators
PC code of conduct. ties, sexualities and Regarding Steve Milloy’s “The EPA readers can’t evaluate its conclusions
experiences of women.” And it Cleans Up Its Science” (op-ed, March or whether it was published in a peer-
co Fo

27): Mr. Milloy, who, like EPA Adminis- reviewed journal. I couldn’t find a ref-
care providers. states that caregivers must
trator Scott Pruitt, is an attorney, re- erence for the study on Mr. Milloy’s
The new code, published this month, re- “acknowledge the social, economic, cultural, ports that data obtained from death re- JunkScience.com website.
quires nurses and midwives to uphold “cultur- historical and behavioral factors influencing cords found that there was no BRIAN COMBS
ally safe and respectful practices.” The board health, both [sic] at the individual, community relationship between small-particulate Fort Collins, Colo.
defines this as a “de-colonising model of prac- and population levels.” pollution and mortality. It is highly un-
tice” focused on “systemic and structural is- The British Medical Association recently ad- likely that such a database could show Long ago I served on an advisory
sues” and “challeng[ing] racism at personal and vised its members to “include intersex men and this, given the minimal amount of in- committee for a Fresno County super-
institutional levels.” transmen who may get pregnant by saying formation contained on a death certifi- visor and member of the Fresno
Most controversially, the glossary states that ‘pregnant people’ instead of ‘expectant moth- cate. Not the least of the shortcomings County agency responsible for air pol-
“the acknowledgment of white privilege” is part ers.’” And earlier this month, Planned Parent- of such a study would be that they re- lution control, now part of the San
of culturally safe practice. The implication is hood of Indiana and Kentucky declared on Twit- flect mortality and not general health Joaquin Valley Air Pollution Control
effects, such as asthma. Another is the District. The California Air Resources
that nurses must confess their sins of being ter that “some men have a uterus,” repeating
lack of information about the quality of Board was proposing regulations that
n-

born white and having learned how to care for the phrase 11 times. The tweet got more than the air the deceased breathed through- would prohibit farming on days when
patients as a kind of political expiation before 77,000 likes. out their lives. The author doesn’t pro- wind exceeded a threshold speed. Such
they can treat someone. Here’s a radical thought: How about ditching vide a reference for this study, so we winds occur frequently during spring
Not surprisingly, the code and instructions all the gender-race-class mumbo-jumbo and planting season in California’s San
no

created a stir. And amid the controversy the treating every patient as a human being worthy
Nursing and Midwifery Board has back-pedaled, of respect? Off the Mark on Polymath
Ibn Khaldun’s Writings
Attack of the Killer Cappuccino
In Eric Ormsby’s review of Robert
Irwin’s new book “Ibn Khaldun: An
Joaquin Valley. A series of no farming
days during planting season would
quickly morph into a no-farming year.
The committee presented scientific in-
formation including the universal soil-
loss equation and asked about the sci-

C
Intellectual Biography” (Books, ence underpinning the regulations. We
alifornians will soon get something be- The evidence is so scant that even the March 17), he quotes Mr. Irwin’s cri- also asked a favorite question, “How
sides milk and cinnamon with their cof- World Health Organization’s International tique of my earlier work of Ibn do you know that?” A result was the
fee—a mandated warning that their Agency for Research on Cancer admitted in Khaldun (“The Orange Trees of Mar- postponement of rule-making and de-
morning pick-me-up may kill 2016 that there was “no con- rakesh: Ibn Khaldun and the Science cades of research. Today we have rules
them. A Los Angeles Superior Californians can look clusive evidence for a carci- of Man” Harvard 2015) in which Mr. with some science behind them.
Court ruled Thursday against forward to cancer nogenic effect of drinking Irwin writes that I argue that Ibn NAT B. DELLAVALLE, CPAG/SS
Starbucks and other cafes and coffee.” Its review of more Khaldun was a philosopher and that Fresno, Calif.
gas stations, penalizing them warnings on coffee. than 1,000 studies turned up it was a mistake to argue he was in-
because they couldn’t defini- evidence that coffee may re- fluenced by Aristotelian ideas. Mr.
Irwin misrepresents my book.
CORRECTION
tively prove that coffee duce the risk of some types of
Ibn Khaldun was not a philoso-
doesn’t cause cancer. In addition to slapping a cancer. This is the same alarmist outfit that
pher and did not write like one. He President Trump is considering
cancer warning on each cup of joe, the compa- thinks everything from red meat to working never claimed to be a philosopher, the imposition of tariffs on $60 bil-
nies may have to pay millions in civil penalties the night shift causes cancer. but he sought to transform the his- lion in Chinese imports. This was
and lawsuit settlements. But however feeble the evidence, Prop. 65 torical discipline into a “philosophi- misstated in the March 28 Politics &
At issue is a chemical called acrylamide, encourages trial lawyers and their front groups cal science,” a science like mathe- Ideas column.
which is created when coffee beans are roasted. to sue on behalf of the state by offering them matics or music or rhetoric. Ibn
It’s also common in other foods, including a cut of the civil penalties. Last year Prop. 65 Khaldun only criticized Aristotle’s
bread, cookies, cereals, potato chips and French cases yielded $25.6 million in settlements, and metaphysics, not the entirety of his Pepper ...
fries. But under California’s 1986 Safe Drinking more than three-fourths of that sum went to the enormous corpus. I wrote nearly an
entire chapter on Ibn Khaldun’s Is-
And Salt
Water and Toxic Enforcement Act, better known lawyers. Trial lawyer Raphael Metzger brought
as Proposition 65, acrylamide is listed as a likely the case against Starbucks and 90 other cafes lamic faith and practice. Mr. Irwin’s THE WALL STREET JOURNAL
book fundamentally misrepresents
human carcinogen. and gas stations, working on behalf of some-
Ibn Khaldun’s thought because he
California’s cancer list relies heavily on thing called the Council for Education and Re- seems to misinterpret the philo-
junk science, and with acrylamide the evi- search on Toxics. The same “nonprofit” and at- sophical vocabulary that Ibn Khal-
dence is questionable at best. Some govern- torney also sued McDonald’s and Burger King dun uses to frame his argument
ment agencies want more research into its car- over acrylamide in 2002. about the dynastic cycles of tribes
cinogenic potential, and the American Cancer The Starbucks shakedown was easy in part in his North African homeland.
Society does, too. because under Prop. 65 the co-defendants bore EM. PROF. STEPHEN FREDERIC DALE
But the group also notes that even those ten- the burden of proof. The 7-Eleven chain decided The Ohio State University
tative concerns derive mainly from studies that to settle, paying $900,000. For the remaining Columbus, Ohio
examined its effects on lab animals, not people. defendants, Mr. Metzger is now seeking civil
The doses of acrylamide given to rats and mice penalties as high as $2,500 per person for each Letters intended for publication should
“have been as much as 1,000 to 10,000 times “exposure" since 2002. That adds up in a state be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
higher than the levels people might be exposed with roughly 40 million residents. or emailed to wsj.ltrs@wsj.com. Please
to in foods,” the American Cancer Society says. The case is further proof that Prop. 65 is a include your city and state. All letters
The group adds that for humans “there are cur- lot like a cup of coffee: Even if it doesn’t kill you, are subject to editing, and unpublished
rently no cancer types for which there is a it can keep you up at night. Or maybe it’s fur- letters can be neither acknowledged nor
returned.
clearly increased risk related to acrylamide.” ther proof that California progressives are nuts. “That one is just for fun.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | A15

OPINION

The Wisdom of Oscar Hammerstein

they’d said. But he discovered from the it’s fine that we have all kinds of
spoke of sentiment words of my songs thinkers in the world. . . . I admit
“in contradistinction that I had faith— that the majority of writers in this
to sophistication”: faith in mankind, country are on the liberal side.”
DECLARATIONS “The sophisticate is a faith that there was But he added, of Rand: “We need
By Peggy Noonan man who thinks he something more pow- her to hold us back, and I think she

E
can swim better than erful than mankind needs us to pull her forward.”
aster, Passover, spring he can and some- behind it all, and Italics mine. Because liberals and
break, holiday weekend. times drowns himself. faith that in the long conservatives do need each other, and
Let us unfurrow the brow He thinks he can run good triumphs the right course can sometimes be
and look at something ele- drive better than he over evil. If that’s re- found in the tug between them.
vated. It’s a small thing, a really can and some- ligion, I’m religious, Wallace: “The public does rarely
half-hour television interview from times causes great and it is my defini- get anything but a liberal viewpoint
60 years ago, but it struck me this smash-ups. So, in my tion of religion.” from Hollywood or from television,
week as a kind of master class in book there’s nothing Then to politics. from Broadway,” and the charge can
how to be a public figure and how to wrong with sentiment Wallace: “You are be “safely made that there is a cer-
talk about what matters. In our po- because the things an active liberal.” tain intolerance of conservative
larized moment it functions as both we’re sentimental Hammerstein: “Yes, ideas among liberals.”
template and example. about are the funda- I guess I am.” Hammerstein, again undefensive:
©CORBIS/GETTY IMAGES

In March 1958, the fierce young
journalist Mike Wallace—already fa-
mous for opening an interview with
the restaurateur Toots Shor by ask-
ing, “Toots, why do people call you
a slob?”—decided to bore in on Os-
car Hammerstein II. (For the record,
A 60-year-old example
of moral modesty and
candor—qualities we
could use more of today.
Shor responded that Wallace had
him confused with Jackie Gleason.)
Hammerstein was the fabled lyri-
cist and librettist who with com-
poser Richard Rodgers put jewels
in the crown of American musical
mental things in life, What connection “I think so too.”
the birth of a child, does this have with What’s to be done about it? Noth-
the death of a child your work? ing, said Hammerstein: “Just be
or of anybody, falling “I think it must yourself, that’s all.” If the public likes
in love. I couldn’t be have a connection, be- Miss Rand, “there will be a Miss
anything but senti- cause it expresses my Rand trend.” Let the problem work
mental about these Oscar Hammerstein II (1895-1960). feelings, my tenden- its way out in a free country.
basic things.” cies,” Hammerstein Hammerstein said he tries some-
What, Wallace asked, was Hammer- and professional achievement, carries said. “As I’ve said before, a writer times to vote Republican “just for
stein’s message in “South Pacific”? a warning: “After you’re successful, gives himself away if he’s writing the sake of switching—just for the
Hammerstein said neither he nor whether you be a doctor or a lawyer honestly.” sake of telling myself I’m not a party
Rodgers had ever gone looking for or a librettist, there is a conspiracy Wallace: “Would you agree that man,” which he doesn’t want to be.
vehicles by which to deliver mes- that goes on in which you join—a most of our writers and directors on “But somehow or other I always
sages. They were attracted to great conspiracy of the world to render you Broadway and television in Holly- wind up voting Democratic.” Balanc-
stories and wanted to tell them on less effective by bestowing honors on wood are liberal and that there is a ing the budget bores him. “I have an
stage. But “when a writer writes you and taking you away from the job liberal complexion to their work?” idea that the more liberal Demo-
anything about anything at all, he of curing people, or of pleading cases, “I think I would, yes,” Hammer- cratic tendency—to borrow and owe
gives himself away.” He inevitably or writing libretti and . . . putting you stein replied, honestly and with no money is healthier for us.” Most big
exposes his beliefs and hopes. The on committees.” He added he was “a defensiveness. corporations borrow, and they make
love stories in “South Pacific” were fine one to talk”: he couldn’t stop Wallace’s office had just spoken to progress with the money. When the
shaped by questions of race. The joining committees. “a militant dissenter” from liberal- U.S. borrows money, Hammerstein
main characters learned that “all Is he religious? Here Hammer- ism, Ayn Rand, author of the re- said, he felt “the people in the lower
this prejudice that we have is some- stein told a story. A year ago he was cently published novel “Atlas income bracket get the most out of

.
theater—“Oklahoma,” “South Pa- thing that fades away in the face of rushing to work and jaywalked. A Shrugged.” She said: “The public is it. But I’m no economist—this is

cific,” “The King and I,” and “Car-
ousel,” whose latest Broadway re-
vival is about to open. He was a
hero of American culture and a fa-
mous success in a nation that wor-
shiped success.
Wallace was respectful but direct
and probing. He asked Hammerstein
ly
something that’s really important.” policeman called out; Hammerstein being brainwashed by the so-called merely a guess.”
That thing is love. braced for a dressing down. But the liberal or leftist philosophies, which We’re all guessing, and working
Does this reflect his views on in- officer recognized him and poured have a stranglehold on the dissemi- on instinct and experience.
terracial marriage? on out his appreciation for his work. nation of ideas in America.” How did Moral modesty and candor are
Hammerstein, simply: “Yes.” Hammerstein thanked him and Hammerstein respond? good to see.
“The King and I,” he said, is about moved to leave, but the policeman He didn’t like her adding the word In our public figures, especially
cultural differences. The Welsh gov- had a question. “He said, ‘Are you re- leftist, “because you can be a liberal our political ones, they are hard to
erness and the Siamese children ligious?’ And I said, ‘Well, I don’t be- without being a leftist, and many find. I offer Hammerstein’s old
us l,

if critics who’d called his work senti-
mental didn’t have a point.
Hammerstein said his critics
were talented, loved the theater,
and there was something to what
know nothing of each other at the long to any church,’ and then he pat- and most liberals are.” Beyond that words as an example—a prompter—
start: “There again, all race and color ted me on the back and he said, ‘Ah, her criticism was an example of of what they sound like.
al a
e
had faded in their getting to know you’re religious all right.’ And I went what’s working. “I think it’s fine that A radiant Easter, a beautiful Pass-
and love each other.” On the other on feeling as if I’d been caught, and there is a Miss Rand who comes out over to my radiant and beautiful
hand, “Allegro,” about disillusionment feeling that I was religious. He had stoutly for the conservative. I think readers.
ci on

The Best Way to Learn Gun Safety Is With Real Guns

er rs

By Daniel Lee manhood we haven’t prepared them Even so, the kids, age 8 to 12, had by a decent sized bullet. The kids That America’s gun culture has be-

R
ecently I found a fascinating
remnant of America’s long re-
for, start shooting at gang rivals or a hard time restraining their excite- oohed and laughed with delight. come fixated on military-style weap-
their schoolmates. Last week an- ment. I found the best way to keep When my own kids attended a Y ons may be another symptom.
other young man shot two students them in order was to withhold camp in the 2000s, they shot soda The final Life magazine photos
m e

lationship with guns: a 1956 at a high school in Maryland. shooting privileges and to offer a big cans with air-rifles. Whisp. Spat. It from that 1956 gun-safety class show
Life magazine photo essay about a Boys who murder are statistically prize at the end of the class. If they isn’t quite the same. Sure, they the officer taking the kids and the ri-
conservation officer teaching fire- rare, but male aggression is a behaved themselves, I promised to learned precision, fine-muscle and fle outside to shoot a water-filled
m rp

arm safety at an Indiana elementary
school. The officer shows the kids
his service revolver, a shotgun and a
high-powered rifle. He lets 7-year-
olds handle the guns, draw their bolt
broader problem. Society used to un-
derstand the need to channel and
discipline it. That meant athletics,
serious academics, military service,
even monastic life. In almost every
co Fo
shoot my .357 magnum revolver for
them.
Wielding force is nothing
breath control, even safety, but
missing was the invaluable lesson
of grasping and managing raw
power.
In no way is riflery class a com-
metal can. It detonates spectacu-
larly; one picture catches it in mid-
explosion as the gape-mouthed kids
watch in the background. Another
picture shows them handling the

actions, feel their heft compared
with the plastic toys they have at
home. The kids’ awe and excitement
sets their faces alight.
It’s familiar scene for me, since I
used to teach riflery at a YMCA sum-
mer camp in the 1970s. An interest-
ing thing about these photos, though:
There isn’t a girl in sight. Apparently
only boys took part.
Today, gender segregation is all
but dead. In many ways that’s good,
but it can complicate the job of
teaching lessons that are unique to
historical culture, boys of a certain
age were separated out for stern and
strenuous lessons in controlling
their violent impulses.
The YMCA riflery lessons I taught
might have been a tiny remnant of
that tradition. We used single-shot,
bolt-action .22 rifles. The first day
was all about safety, meaning the
first round wasn’t usually fired until
day two. The class was much less
about marksmanship than establish-
ing firm habits of safe gun han-
dling—bolt open, safety on, finger
n-
compared with the power
of controlling, disciplining
and managing it.
This was a loud, powerful gun.
You could physically feel the dis-
charge from a few feet away. Hands
over their ears, eyes shining, the
kids loved it—especially when I blew
up some water-filled milk jugs. This
is an old trick; water doesn’t com-
plete solution to America’s problem
of boys turning deadly. The shooter
in Parkland, Fla., was apparently in
a National Rifle Association shooting
club at one point, though it was an
air-rifle class.
But the point really isn’t about
the guns. We’ve tried to suppress
the male hunger for power as path-
ological, instead of recognizing its
ubiquity and teaching boys how to
manage it. So it recurs in more-
toxic forms. Some portion of the
#MeToo movement was sparked by
blasted shards with astonishment.
Boys love this kind of destruction,
which may seem off-putting. Still, it
can imprint on them the terrible
danger of these weapons.
Kids, especially boys, shouldn’t be
kept strictly away from firearms. In-
stead guns can be used to teach
them that merely wielding force is
nothing compared with the power of
controlling, disciplining and manag-
ing it. That’s a valuable lesson for
boys as they turn into men—even if
they never touch another gun.

boys—like don’t use your size, off the trigger, always pointed press, so it blasts the container abusive men who were never taught
strength and outside voice to get downrange. apart very satisfactorily when struck how to manage their sexual urges. Mr. Lee is an Indianapolis writer.
your way.
One result has been a polarization
no

of manhood. The gentle, sharing

guys congregate to one side, while
the never-ask-directions fellows
stomp off, swearing, to the other
side. The center is starting to look as
empty as Dodge City on the day of a
gunfight.
We need our sons to repopulate
that manhood middle. Teaching
them firearms skills might help do
that. It isn’t only about danger and
power, which boys instinctively love,
but also control, which they must be
taught. That doesn’t mean they all
react the same way, or that no girls
overlap into this category. But like it
or not, guns are catnip for most
boys.
We laugh about them shooting
each other with sticks, until years
later a tiny number of them, foun-
dering painfully in an onrushing
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Your Pickup Truck Takes You for a Ride
Important things lucrative pickup-truck companies The chicken tax explains why in- for the tantalizing promise of a
are often the least attached to semi-embarrassing se- teresting, diverse, drivable pickups Hyundai pickup anytime soon.
discussed precisely dan businesses that barely break that sell by the millions in the rest The sophisticated media’s tone is
because so many in- even. And now we know Donald of the world are unavailable in the already shifting on Trumpian trade
dividuals have a Trump’s trade policy intends to U.S. market, like the Toyota Hilux, policy. Two weeks ago, Mr. Trump
stake in not calling keep it that way. VW Amarok and the Mercedes X was leading the world into a cataclys-
attention to them. Over the years, Detroit’s bizarre class. mic trade war. Now, especially on the
BUSINESS
When LBJ sought business model has been steadily ce- It explains why, even though left, he’s a paper tiger on trade.
WORLD
to retaliate against mented into place with numerous trucks are the most profitable and The Trump trade agenda is a
By Holman W.
European import acts of congressional and regulatory largest-selling vehicle category, “shadow play. . . . The concessions
Jenkins, Jr.
restrictions on U.S. opportunism. The chicken tax is a Americans have only six brands to wrung out of the participating coun-
frozen chicken, a kludge that helped the Big Three choose from—and 30-plus brands of tries turn out to be negligible at
United Auto Workers chief caught survive their weird obligation to pa- sedan. best,” complains a New Republic
his ear with complaints about a tronize a UAW labor monopoly while writer.
Volkswagen pickup truck (based on foreign-born auto makers are free to This at least gets the nature of
the VW microbus) then arriving on tap a competitive U.S. labor market. Trump’s ‘chicken tax’ Donald Trump’s trade policy right.
U.S. shores. Voilà. Fifty-five years The chicken tax helped Detroit en- extension makes suckers He, like most politicians, is not re-
later, the 25% “chicken tax” is why dure fuel-economy rules that re- ally so focused on expanding or free-
the Big Three have morphed into quired it to build money-losing small out of U.S. truck buyers. ing up trade. He likes dispensing
cars in high-cost domestic factories. goodies from the favor factory. The
Today, the chicken tax goes a long pockets of U.S. consumers are picked
way toward explaining U.S. pickup- It explains why the VW Tanoak, a for the benefit of specific U.S. com-
truck culture—why millions of prototype pickup that wowed visi- panies and industries.
Robert Thomson American males clog up suburbia tors at the New York Auto Show this Trade economists love retelling
Chief Executive Officer, News Corp
with overbuilt, inefficient, single- week, won’t be coming to the U.S., the chicken-tax story, but the tax’s
William Lewis
Chief Executive Officer and Publisher
person transportation vehicles dis- ever. quirky historical antecedents actu-
DOW JONES MANAGEMENT:
guised as “work” vehicles. It explains why the trans-Pacific ally couldn’t matter less today. A lot
Mark Musgrave, Chief People Officer; Detroit has even coined the term trade deal, opposed by both presi- more relevant are the Japanese ar-
Edward Roussel, Chief Innovation Officer; “never-never trucks” for the mil- dential candidates in 2016, perhaps rival in the U.S. car market, the vola-
Anna Sedgley, Chief Operating Officer
lions of pickups that will never never stood a chance. From the get- tility of oil prices that began in the
OPERATING EXECUTIVES: haul a trailer or be taken off-road go, negotiators stirred up a hornet’s 1970s, and the U.S. political class’s
Ramin Beheshti, Product & Technology;
or carry anything much heavier nest by trying to lure Japan and growing reliance on the auto sector
Kenneth Breen, Commercial;
Jason P. Conti, General Counsel; than the owner’s fishing gear. Thailand (a global capital of light- to serve as regulatory whipping boy
Frank Filippo, Print Products & Services; These trucks are sturdy enough for truck production) into the deal by for everything from climate change
Steve Grycuk, Customer Service;
the work they seldom do, but are promising to phase out the U.S. to the Iraq war.
Kristin Heitmann, Chief Commercial Officer;
Nancy McNeill, Advertising & Corporate Sales; also the most ungainly, ill-handling chicken tax on pickups. No recent Congress or administra-
Christina Van Tassell, Chief Financial Officer; vehicles on the road for the pur- It explains the modified, limited tion (including Texan George W.
Jonathan Wright, International poses to which they are actually trade warfare of the Trump adminis- Bush’s) has been able to pass up the
DJ Media Group: put. And for the privilege, their tration. This week the White House opportunity to score points by load-
Almar Latour, Publisher
buyers pay markups in excess of announced its latest triumph, an ing the auto industry with new bur-
Professional Information Business:
Christopher Lloyd, Head; $10,000 a truck, keeping the manu- agreement with South Korea to ex- dens. The chicken tax—and the exces-
Ingrid Verschuren, Deputy Head facturers swimming in profits even tend the tax until 2041. sive domestic pickup profits it fosters
while the Big Three dole out se- This “victory” will cost Americans —has been and apparently will
dans to the public practically at thousands of dollars each on future remain the industry’s payback for
cost. pickup-truck purchases. And so much putting up with such treatment.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

SPORTS
NCAA TOURNAMENT

The Road to Final Four Gets Longer

The ever-increasing
travel demands for
players are a quandary
for the NCAA, schools
Donte Ingram and his Loyola
teammates step off the bus with
BY RACHEL BACHMAN AND
the NCAA South Regional
ANDREW BEATON
Championship trophy.

WICHITA STATE had plenty of

incentives to leave the Missouri
Valley Conference, its home
since 1945. Its move to the
American Athletic Conference
before this season promised bet-
ter competition and more expo-
sure—along with hopes for the
type of big-time bucks the MVC
couldn’t offer.
Its men’s basketball team got an

TYLER LARIVIERE/CHICAGO SUN-TIMES/ASSOCIATED PRESS

extra burden along with the move:
five more travel days. The Shockers
spent 39 days at away games or in
transit in 2017-18, not including a
three-day trip to San Diego for a
first-round NCAA tournament game.
That’s a lot of time off campus
for players that that college-sports
leaders—facing probing questions
about academics and amateur-
ism—insist are students first, and
then athletes.
“I think of it as over a month

.
gone,” says Darron Boatright,

ly
Wichita State’s athletic director.
“And that’s significant, and some-
thing we should consider and look leaders have rejected calls to share ber schools’ athletic departments. son’s additional travel days
at and monitor.” Basketball-Season Creep on more of that revenue with the play- But the same shift has favored weren’t due to the conference
Wichita State’s season is a win- The average number of games a men's ers who draw the eyeballs to the strategic peers over geographic move. Some of Wichita State’s in-
dow into the reality faced by the 351 college basketball team plays has risen NCAA tournament. NCAA rules limit ones, setting up more games with creased travel time this year was
Division I basketball programs, in- steadily. player compensation mainly to tu- far-flung opponents. from the nine days it spent flying
cluding the ones in the NCAA tour- ition, room, board and minor ex- “Playing college basketball is a to and playing in the Maui Invita-
us l,

nament’s Final Four. The event be- Top five conferences with increase penses. The boilerplate response is full-time job,” says Orin Starn, a cul- tional, including a day off for play-
gins Saturday in San Antonio with of games simple: Amateurism is a foundation tural anthropology professor at ers. Boatright noted that WSU
al a
e
No. 11 seed Loyola against No. 3 Percentage increase in games for college athletics, and these ath- Duke who has suggested that his turned down the chance to play
seed Michigan before No. 1s Vil- since 1997-98 season letes receive valuable educations. school drop down to Division III, a another game in Maui.
lanova and Kansas tip off for a spot Yet those same leaders have ap- far more modest endeavor that of- The Journal’s analysis counted
ci on

(Average games played this season)

in the final. This event is the climax proved of the expanded seasons and fers no athletic scholarships. “The any time spent traveling as a travel
in a busy calendar that has only Mid-American 20.5% (33.3) longer trips that make it more diffi- fact that games always take priority day. Several itineraries, for instance,
grown more jam-packed for the Mid-Eastern
cult for athletes to be students and over class says a lot about the prior- showed teams returning to campus
players—and lucrative for the NCAA. 19.4% (33.0) bring in more money every year. ities of our universities right now.” from road trips in early-morning
Athletic
Broadcast-rights fees for tourna- NCAA rules limit athletic-re- Teams in the Big 12 Conference, hours. The University of Houston
er rs

West Coast 18.4% (33.6)

ment games earn the NCAA most of lated activities to no more than home to Final Four team Kansas, team got back from a November
its $1 billion in annual revenue. Big South 18.1% (32.9) four hours per day and 20 hours play an average of one more game tournament in Lynchburg, Va., at
Travel itineraries for eight top-25 per week. That does not include a season than they did a decade 2:45 a.m. on a Monday morning—
teams, reviewed by The Wall Street Southern 17.5% (32.9) travel time. ago and 4.6 more games than 20 and that was a charter flight.
m e

Journal after public records re- Records show the extent of years ago, according to data from In an NCAA survey of Division I
quests, tell the story of students The power five conferences those travels. The eight schools re- Stats LLC. West Coast Conference athletes in 2015, men’s basketball
who spend extended periods of time viewed by the Journal traveled an teams play 5.2 more games, an 18% players said they spent an average
m rp

out of the classroom and on air- Big 12 15.1% (34.9) average of more than 42 days this increase from the late 1990s. of 1.7 days a week away from cam-
planes or in hotels. They spend more season. For the schools in this Marcus Garrett, a freshman pus and missed 2.2 classes. Among
than a month away from campus Pac 12 9.2% (33.4) weekend’s Final Four, the travel guard for Kansas, said his college college students generally, research
over the course of the season, often time only escalates—a welcome basketball career brought “way has shown a strong correlation be-
SEC 9.0% (34.1)
returning in the wee hours of the trip, no doubt, but with the poten- more travel than what I expected.” tween class attendance and grades.
co Fo

morning. And that’s in addition to Big 10 6.1% (33.9) tial to add another week to the He said he’s learned to coordinate Emmert says the NCAA is striv-
the extensive time spent practicing, schools’ respective tallies. with professors and get work done ing to address rising demands on
training, receiving medical treat- ACC 4.7% (34.3) Those figures are only growing. ahead of missed class time. players’ time. He noted that
ment and playing games at home. The number of games per season And more than ever, teams are among other initiatives, the na-
“It’s a huge problem,” NCAA Source: Stats LLC has steadily increased in recent traveling farther. West Virginia’s tion’s five most prominent confer-
president Mark Emmert said in a THE WALL STREET JOURNAL. years. Travel time has spiked even move from the Big East to the Big ences voted to give men’s basket-
news conference at the Final Four. more in the last decade amid a 12 nearly tripled its average dis- ball players three days off during
Emmert said he worries about TV games, the tournament,” Emmert flurry of conference expansion and tance from conference opponents. winter break, a rule that takes ef-
networks’ growing appetite for said. “How can you make it all fit movement. More prominent con- Wichita State’s new conference fect next season.
live-sports content and the ripple and still not be utterly disruptive ferences generally command foes are about 76% farther from its Around the same time, NCAA
effects on athletes. of that experience? It’s hard.” higher TV-rights fees, which in campus than its previous ones. members voted to start the season
“We worry about it with these Emmert and other college-sports turn funnel money back to mem- Boatright said most of this sea- three days earlier.
n-

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. THE COUNT
d t
Edmonton 20s <0
no

V
Vancouver Calgar
algary
Calgary
20s 10s
0s
BASEBALL’S NOT-SO DRAMATIC RACES
10s ip
Winnipeg
Seattle 20s
30s
Portland
P
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Ottawa
50s Billings
Bismarckk
A g t
Augusta 40s sents hope and optimism, the ever-present William Hill’s preseason win totals projected the
g
Eugene 20s 40s possibility that this will be the year that ends average gap between first and second place in
p s / . Paul
Mpls./St. T
Toronto A bany
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Boston 50s
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Boise rtford
Hartford 60s with a champagne celebration and a parade the divisions at about 4 1/2 . As recently as 2016,
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Pierre Sioux k
Milwaukee Detroit
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Buffalo through the streets. that number was 2.8 games, with four divisions
30s Cl l d
Cleve
Cleveland New Yorkk
ew Y 70s
Reno Chicago
C h
60s Ch
Cheyenne
Dess Moines 50s Ph
hil d lphi
Philadelphia
At least, that’s what it’s supposed to mean. separated by two games or fewer.
h
Omaha Pittsburgh
Pittsb gh 80s
Sacramento Salt La
Lake
L City
C
Denver 40s Kansas
di p
Indianapolis But as the 2018 campaign gets under way “This is the highest the favorites have been
Ch
Charleston hington
gton D.C.
Washington DC 90s
an Francisco
San Topeka City p d
Springfield this weekend, the number-crunchers in Las to start the season that I can remember,” said
70s h d
Richmond 100+
LLas
Vega
Vegas
C d
Colorado
Springs hit
Wichita
St.. Lou
LLouis LLouisville
Lou ill Vegas see things a little differently. In their Nick Bogdanovich, William Hill’s U.S. director of
Raleigh
Los A
Ange l
Angeles ta F
Santa Fe
Nashville
h ill minds, it might as well already be time to fast trading, who has worked in the sports gambling
60s Charlotte
C h l tt
Memphis
ph
C b
Columbia
forward to October. industry for more than 30 years.
Ph
h
Phoenix Alb q q
Albuquerque Oklahoma City Warm Rain
San Diego
90s Little Rock Atlanta
A The lines set by bookmaker William Hill proj- These lines reflect a new reality across
T cson
Tucson i h
Birmingham
El P
Paso
Ft. Worth Dallas
D ll Jack
Jackson
Cold
ects the six major-league divisions to be deter- baseball: It has become a sport of haves and
70s T-storms
30s bil
Mobile Jacksonville
k mined by an average of nine games, predicting a have-nots, with very little in between. Increas-
80s Austin
A ti
20s t
Houston Stationary Snow clear favorite in almost all of them. In the AL ingly, front offices have recognized that it’s bet-
New
ew Orleans Orlando
l d
30s an Antonio
San Tampa
p West, the Astros have a 13-game advantage ter to be terrible than to be stuck in the middle,
20s Anchorage 80s
A h g Honolulu 80s Showers Flurries over the Angels, while the Indians have a 12- resulting in a spate of rebuilding teams with lit-
40s 90s Miami game edge over the Twins in the AL Central. The tle chance to compete anytime soon. This phe-
70s
Ice Nationals have a 10.5-game cushion over the nomenon has in turn created of group of “su-
Mets in the NL East, the Dodgers are expected per-teams,” like the Astros and Dodgers, who
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W to beat the Diamondbacks by 9.5 games in the on paper are far more talented than the rest.
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; NL West, and the Cubs have a 6.5-game edge Of course, these are just projections. Any-
Omaha 44 24 pc 42 25 pc Frankfurt 55 39 pc 50 35 sh
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 78 64 t 83 64 t Geneva 53 37 sh 49 36 sh over the Cardinals in the NL Central. thing can happen. But it’s worth noting that
Today Tomorrow Philadelphia 58 42 s 57 38 pc Havana 86 65 pc 84 63 s
City Hi Lo W Hi Lo W Only the AL East appears close, with the last season, William Hill accurately picked all
Phoenix 92 67 pc 91 64 s Hong Kong 80 70 s 80 70 pc
Anchorage 37 21 s 41 23 s Pittsburgh 55 32 pc 44 27 pc Istanbul 62 52 c 68 49 pc Yankees and Red Sox separated by three games. six division winners. —Jared Diamond
Atlanta 69 47 s 76 55 s Portland, Maine 50 38 s 51 28 pc Jakarta 91 77 t 89 75 c
Austin 82 59 s 83 64 pc Portland, Ore. 64 41 pc 54 40 r Jerusalem 66 49 s 73 51 pc
Baltimore 59 43 s 58 35 pc Sacramento 81 51 pc 79 49 s Johannesburg 77 59 t 74 58 pc
Boise
Boston
60 40 pc 63 42 pc
54 40 s 54 33 pc
St. Louis
Salt Lake City
58
71
30 sh
47 c
38 27 c
70 51 s
London
Madrid
48
56
39 sh
39 pc
48 40 c
63 45 pc
Justin
Widening Gap
Burlington 51 37 s 42 26 pc San Francisco 70 52 pc 67 52 pc Manila 89 76 pc 89 75 pc The average gap between the first-place
Charlotte 68 46 s 76 56 pc Santa Fe 70 38 pc 73 39 pc Melbourne 76 54 s 79 57 pc Verlander and second-place teams in baseball’s
Chicago 51 21 sh 39 24 pc Seattle 60 41 pc 52 37 r Mexico City 78 52 pc 79 52 s
Cleveland 53 29 sh 40 27 c Sioux Falls 31 17 pc 40 27 pc Milan 56 42 pc 66 40 pc divisions, according to William Hill’s
Dallas 81 62 s 78 54 pc Wash., D.C. 60 48 s 61 40 pc Moscow 38 33 c 40 37 sn preseason projected win totals.
Denver 56 27 c 63 36 pc Mumbai 90 73 pc 91 75 pc
Detroit
Honolulu
50 27 r
82 69 sh 82 72 pc
42 24 pc
International Paris
Rio de Janeiro
52
88
41 sh
75 s
52 42 sh
91 77 pc
YEAR WINS

Houston 81 61 s 81 64 pc Today Tomorrow Riyadh 86 67 pc 85 67 pc

2018 9.2
TONY GUTIERREZ/ASSOCIATED PRESS

Indianapolis 54 29 c 43 26 pc City Hi Lo W Hi Lo W Rome 61 47 t 62 44 pc 2017 6.3

Kansas City 57 26 c 37 22 sn Amsterdam 52 38 c 46 33 sh San Juan 82 73 pc 84 73 pc
Las Vegas 86 63 pc 85 63 pc Athens 68 57 pc 72 51 s Seoul 66 49 s 63 50 sh 2016 2.8
Little Rock 75 52 pc 56 41 t Baghdad 80 57 s 81 58 s Shanghai 74 58 pc 79 59 pc 2015 4.3
Los Angeles 76 57 pc 72 56 pc Bangkok 91 78 pc 89 79 t Singapore 90 77 t 89 77 pc
Miami 81 71 c 82 70 t Beijing 75 50 pc 80 55 s Sydney 75 68 c 85 70 pc 2014 4.6
Milwaukee 49 20 sh 38 25 pc Berlin 44 34 r 40 30 sn Taipei City 82 65 s 85 65 s
Minneapolis 30 13 c 36 23 pc Brussels 54 39 pc 48 36 sh Tokyo 61 53 s 67 56 s Source: William Hill; WSJ
Nashville 70 48 pc 58 43 r Buenos Aires 84 63 pc 76 58 c Toronto 48 26 sh 37 23 pc
New Orleans 75 55 s 78 59 pc Dubai 93 75 s 89 75 s Vancouver 52 39 c 50 35 pc
New York City 55 43 s 56 35 pc Dublin 45 36 pc 43 37 c Warsaw 55 45 sh 49 34 c
Oklahoma City 72 37 c 43 36 t Edinburgh 40 29 c 44 29 c Zurich 46 36 sh 47 33 sh
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
AEROSPACE NORTHROP FIXES B3
©2018 Dow Jones & Company. All Rights Reserved.
DJIA Closed (24103.11) NASDAQ Closed (7063.44)
Tesla: Autopilot Was On in Fatal Crash
NTSB is examining
incident amid safety
questions about new
driving technologies
BY TIM HIGGINS
Tesla Inc. late Friday ac-
knowledged its semiautono-
mous Autopilot system was en-
gaged by the driver in the
seconds before a fatal crash,
raising more questions about
the safety of self-driving tech-
nology on public roads.
Federal investigators this
week began examining the
March 23 crash of a Model X
sport-utility vehicle that was
traveling south on Highway 101,
near Mountain View, Calif., be-
fore it struck a barrier, then
BLOOMBERG NEWS
Telecom-equipment rivals have been hashing out the standards for next-generation networks. A Huawei exhibit in Shanghai.
Global Wireless Contest Gets Technical
BY NEWLEY PURNELL
AND STU WOO
CHENNAI, India—The U.S.
government is trying to
thwart Huawei Technologies
Co.’s ascent in wireless tech-
no
nology, but the Chinese com-
pany is determined to prevail.
Far from Washington,
where the government has
called Huawei a national secu-
rity threat, the world’s largest
maker of cellular-tower equip-
ment is trying to guide the de-
velopment and design of the
next generation of mobile net-
works, dubbed 5G.
Huawei is sending large
teams to industry-sponsored
meetings—including one held
TAX REPORT | By Laura Saunders
As Filing Deadline Nears,
Get a Jump on Next Year
As the mad
dash to file
2017 tax re-
turns nears
the finish line,
here is the
most important tip: start
thinking about this
year’s taxes.
Congress passed the big-
gest tax overhaul in three
decades late last year, and
most provisions took ef-
fect Jan. 1. Americans who
don’t check now to learn the
changes’ effects—especially
on paycheck withholding and
deductions—could face sur-
prise tax bills next spring.
Here are the most impor-
tant steps to take now for
next year’s return, in addi-
tion to several tips for 2017.
WEEKEND INVESTOR B4 | MARKETS DIGEST B5 | HEARD ON THE STREET B10
* * * * * * * *
STOXX 600 Closed (370.87) 10-YR. TREAS. Closed (yield 2.741%)
was hit by two other vehicles
and caught fire. The driver of
the Model X was killed.
Tesla said its vehicle logs
show the driver’s hands weren’t
detected on the wheel for six
seconds before the collision,
and he took no action despite
having five seconds and about
500 feet of unobstructed view
of a concrete highway divider.
On Tuesday, the National
Transportation Safety Board
dispatched investigators to the
scene, the second Tesla crash to
attract the agency’s attention
this year. The NTSB, better
known for its investigations
into airplane crashes, has been
increasingly scrutinizing the
emergence of automated-driv-
ing technologies.
A 2016 fatal crash involving
Tesla’s Autopilot, first raised
on
us l,
al a
e
ci on
er rs
m e
m rp
co Fo
recently in this south India
port city. Just as the home-
movie industry agreed years
n-
ago on specifications for DVD
players, wireless-technology
companies are now meeting to
establish 5G standards.
Huawei representatives are
swamping such conferences
with recommendations for
how the new system should
work, leveraging the com-
pany’s large research-and-de-
velopment budget and its
growing workforce of skilled
engineers, according to meet-
ing attendees and outside ana-
lysts.
The U.S. and Europe, draw-
ing on the expertise of West-
ern firms, were the quickest to
An estimated 45 million fil-
ers still haven’t finished
their returns as the April 17
deadline approaches.
 Project taxes for 2018:
The overhaul will lower
taxes for about 65% of filers
and raise them for about 6%
on 2018 tax returns, accord-
ing to the nonpartisan Tax
Policy Center. The rest will
see no net change. These re-
sults don’t include indirect
effects, such as from corpo-
rate tax cuts or increased
Please see TAXES page B4
Notice to Readers
The Intelligent Investor
column will return next
week.
THE WALL STREET JOURNAL.
questions about the system’s
abilities. The National Highway
Traffic Safety Administration
concluded Tesla’s technology
didn’t contain a safety defect
while the NTSB decided that
the company shared blame in
the crash by failing to include
enough safeguards. In that
crash, a Tesla Model S struck a
tractor trailer crossing a road
and the company said the sys-
tem didn’t see the white trailer
against the bright sky.
The NTSB noted that Autopi-
lot allowed a driver to ignore
the company’s warnings and go
long periods without his hands
on the wheel. Officials also
found Autopilot could be used
on roads for which it wasn’t de-
signed, and that a hands-on-
the-wheel detection system was
a poor substitute for measuring
roll out today’s 3G and 4G mo-
bile networks. Now, industry
leaders say China, with Hua-
wei’s leadership, is ahead in
the race for the next stage.
“5G will be made in China,”
said Dimitris Mavrakis, a di-
rector at ABI Research.
The next-generation net-
work promises better reliabil-
ity and speed, as well as the
potential to make the most of
new technologies such as self-
driving cars. But the industry,
at meetings like the one held
in Chennai, is still crafting the
technical details about how 5G
will actually work.
Some companies are push-
ing certain standards that rely
on technology they have the
Facebook Note Flagged ‘Ugly Truth’ of Growth
BY DEEPA SEETHARAMAN
For many years, Facebook
Inc. employees were told that
growth was paramount. But
during the spring of 2016,
there were mounting ques-
tions internally about the ill
consequences of growth-at-
all-costs.
That mentality was laid
bare in a 2016 memo called
“The Ugly” from a Facebook
executive who defended to
employees the social net-
work’s relentless pursuit for
growth, even if it meant a
user somewhere was bullied
to death through Facebook or
a terrorist attack was coordi-
nated by the tools.
“The ugly truth is that we
believe in connecting people
so deeply that anything that
allows us to connect more
people more often is *de
facto* good,” Andrew Bos-
Please see MEMO page B2
OIL Closed ($64.94) GOLD Closed ($1,322.80) EURO $1.2324
driver alertness.
The most recent Tesla crash
occurred five days after an
Uber Technologies Inc. self-
driving test car struck and
killed a pedestrian walking her
The driver’s hands
weren’t detected on the
wheel for six seconds
before the crash
bicycle late at night in Tempe,
Ariz. Uber suspended testing of
its vehicles, and federal trans-
portation agencies are investi-
gating what happened.
The Uber crash stirred law-
makers to call for further regu-
right to patent. Similarly,
hardware manufacturers sup-
port standards that would ac-
commodate products they
have been developing.
Huawei, which is also the
world’s No. 3 smartphone
maker, sent 40 representatives
to the Chennai meeting, be-
hind only the 41 from South
Korean smartphone giant
Samsung Electronics Co., ac-
cording to conference records.
There were 30 delegates from
San Diego-based chip maker
Qualcomm Inc., while Hua-
wei’s major wireless-equip-
ment rivals, Sweden’s Erics-
son AB and Finland’s Nokia
Corp., sent 25 and 18 repre-
Please see MOBILE page B2
Andrew Bosworth’s memo in 2016 titled ‘The Ugly’ drew attention to the risks of Facebook’s direction.
BANKS OUT OF THE GAME B8
Saturday/Sunday, March 31 - April 1, 2018 | B1
lation of driverless technolo-
gies, and prompted Toyota
Motor Corp. and Nvidia Corp. to
temporarily halt their own test-
ing of self-driving vehicles out
of caution.
The incidents threaten to
damage the public’s perception
of automation in vehicles as car
makers and technology giants
are spending billions of dollars
in their pursuit to have robots
controlling the wheel.
At the same time, many auto
makers, including Tesla, are in-
corporating semiautonomous
systems in their vehicles that
allow drivers to take their
hands off the wheel for periods
of time.
Tesla has said Autopilot,
which can handle certain driv-
ing tasks, isn’t a self-driving
system and outlines to owners
.
ly
Thain to Join
Deutsche Board
BY JENNY STRASBURG
John Thain, former chief
executive of the New York
Stock Exchange and crisis-era
leader of Merrill Lynch & Co.,
is expected to join Deutsche
Bank AG’s supervisory board
in May, according to a person
familiar with the board’s
plans.
Mr. Thain, a former long-
time Goldman Sachs Group
Inc. executive and more re-
cently CEO of midsize lender
CIT Group Inc., is one of four
nominees who have been in-
vited by the German lender’s
supervisory board to fill seats
coming open this year, the
person said.
The 20-member board
plans to submit the nominees
to shareholders for election at
the bank’s annual meeting
May 24.
Mr. Thain, 62 years old,
would be a high-profile addi-
tion to Deutsche Bank’s super-
visory board at a trying time
for the lender. John Cryan, its
CEO since 2015, and the board
are being tested by three con-
secutive full-year losses and
missed cost-cutting targets, as
well as high-level tensions
over strategy and perfor-
mance.
The Wall Street Journal
and other media reported this
week that Deutsche Bank’s
chairman, Paul Achleitner, has
reached out externally to po-
tential candidates to replace
Mr. Cryan, citing people
briefed on the discussions.
The outreach raises the possi-
bility that Mr. Cryan could
leave before his contract ends
in 2020,
Mr. Achleitner didn’t re-
spond to requests for com-
ment.
Mr. Cryan didn’t address
YEN 106.24
that the technology is designed
to assist the driver who must
remain in control at all times.
But drivers have been know to
grow overly confident in the
system’s abilities.
The company has said it
places a priority on safety and
contends Autopilot enhances it.
In its statement on Friday, Tesla
said there is one fatality for ev-
ery 320 million miles in vehi-
cles equipped with Autopilot
hardware in the U.S., compared
with one automotive fatality ev-
ery 86 million miles across all
vehicles in the country.
The heightened scrutiny of
Tesla’s technology comes as the
company struggles to ramp up
production of its latest mass-
market sedan and as investors
lose patience with the auto
maker.
the reports directly, but a day
later told employees in a
memo the bank made public
that he is “absolutely commit-
ted” to serving the lender and
carrying out its turnaround
strategy.
Other nominees to the su-
pervisory board are Michele
Trogni, former executive at
data and analytics firm IHS
Markit Ltd. and UBS Group
AG, and Mayree Clark, a for-
mer longtime Morgan Stanley
wealth-management execu-
tive, according to the person
familiar with the board’s
plans.
The fourth nominee is al-
ready known: Deutsche Bank
previously announced that
Norbert Winkeljohann, a Euro-
pean executive of Pricewater-
3
Consecutive full-year losses
racked up by Deutsche Bank
houseCoopers LLP, would be
nominated to the supervisory
board this year.
Mr. Thain didn’t immedi-
ately respond to a request for
comment. The other nominees
weren’t immediately reached.
Mr. Thain’s nomination was
earlier reported by Ger-
many’s WirtschaftsWoche.
Deutsche Bank, like other
German companies, has a
dual-board structure. The
CEO-led management board is
directly responsible for strat-
egy and operations; the super-
visory board appoints, over-
sees and dismisses
management-board members.
Please see BOARD page B8
PAUL SAKUMA/ASSOCIATED PRESS
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B2 | Saturday/Sunday, March 31 - April 1, 2018
Time Warner Chief Executive Jeff Bewkes arriving at the U.S. District Court in Washington, D.C., last week; also attending was AT&T CEO Randall Stephenson. Their companies’ merger is valued at $85 billion.
AT&T Trial Hears From Initial Witnesses
Government elicits
testimony in antitrust
challenge to merger
with Time Warner
BY BRENT KENDALL
WASHINGTON—The first
full week of witness testimony
in the trial over the $85 billion
merger of AT&T Inc. and Time
Warner Inc. started fairly
smoothly for the antitrust case
against the deal, but the gov-
ernment appeared to hit some
bumps as the week drew to a
close.
One of the Justice Depart-
ment’s early witnesses was
Dish Network Corp. executive
Warren Schlichting, who runs
Dish’s Sling TV, an internet-
based pay-TV service that at-
MOBILE
Continued from the prior page
sentatives, respectively.
Representatives from Chi-
nese companies now hold 10
of the 57 chairman and vice
chairman positions on deci-
sion-making panels at 3GPP,
the France-based industry
group overseeing the stan-
dard-setting process, accord-
ing to Jefferies Group re-
searchers.
Even before the current 5G
discussions, Huawei was
ramping up its research and
patenting efforts, nearly
matching design contributions
for 4G standards made by Er-
icsson, the then-undisputed
leader in wireless equipment.
Huawei said Friday its re-
search-and-development bud-
get rose 17% last year to $14.3
billion. That is more than the
combined 2017 total for Erics-
son and Nokia.
U.S. leaders have made
clear they are trying to pre-
vent a world in which most
telecom electronics are made
no

tracts cord-cutting customers.
His testimony was in line with
one of the department’s cen-
tral arguments against the
merger: that AT&T, which
owns the rival satellite service
DirecTV, could disadvantage
other pay-TV distributors if it
were to control Time Warner’s
Turner networks, which in-
clude TBS, TNT and CNN.
Mr. Schlichting testified
that Turner networks are im-
portant for pay-TV lineups and
that a postmerger AT&T is
likely to raise Turner net-
works’ carriage fees and im-
pose burdensome conditions
on Dish and Sling, which in
turn could hurt their ability to
offer popular packages to bud-
get-conscious consumers. It
could even lead to blackouts of
Turner content, he said.
On Thursday, the Justice
by Huawei and its Chinese
peers, fearing Beijing could
spy, steal trade secrets or cast
cyberattacks through them. A
Huawei spokesman says the
company is employee-owned
and that no government has
ever asked it to spy on or sab-
otage another country.
m e
176
m rp
Number of firms represented at a
recent standard-setting meeting
co Fo
A Trump administration
panel stepped in earlier this
month to block an attempt by
Singapore-based Broadcom
Ltd. to buy Qualcomm, saying
a takeover could reduce Qual-
comm’s research-and-develop-
ment budget and the U.S.
firm’s influence on 5G devel-
opment. In a letter, the panel
cited Huawei’s growing pres-
ence at meetings like the one
n-
in Chennai: “Chinese compa-
NY * ***** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
AARON P. BERNSTEIN/REUTERS; JOSE LUIS MAGANA/ASSOCIATED PRESS
Department’s case got murkier professor based his survey an issue of this magnitude Those factors could boost the
when it called to the stand conclusions “on two groups of would like. government’s argument that
John R. Hauser, a marketing 400 respondents,” which he The week ended with testi- the Turner networks are
professor at the Massachusetts suggested wasn’t nearly mony from Comcast Corp. ex- “must-have” content.
Institute of Technology. Mr. enough of a statistical basis ecutive Greg Rigdon, who ne- Mr. Rigdon, however, de-
Hauser testified about a study for arguing against a merger gotiates with programmers on clined to offer details on the
he had conducted that indi- of this size. the financial terms for carry- internal studies in open court
cated about 12% of customers Mr. Hauser said his switch- ing their channels. Mr. Rigdon and part of his testimony took
would switch to a new pay-TV ing estimates were accurate was a Justice Department wit- place in a closed session.
provider if their current one and based on long-accepted ness but his answers indicated In other parts of his open
suffered a long-term blackout methodologies and a sufficient that the cable giant, which testimony, Mr. Rigdon, under
of the Turner networks. sample size. also owns NBCUniversal, questioning by a Time Warner
The switching question is At the end of Mr. Hauser’s didn’t have the same level of lawyer, said he didn’t think
important for the Justice De- testimony, U.S. District Judge concern about the deal as Comcast would have more dif-
.
partment’s legal theory that Richard Leon expressed some other distributors like Dish. ficult negotiations with Turner
ly
AT&T could use Turner as le- skepticism about the data, in Mr. Rigdon said Comcast, in and Time Warner if AT&T
verage over rivals. particular whether survey re- two recent negotiations with owned them.
In his cross-examination of spondents were answering Turner, agreed to raise the Judge Leon said that time is
Mr. Hauser, Time Warner law-
on truthfully. prices it would pay for the of the essence and told the
yer Peter Barbur said the “You have no way of know- networks. The decision to do parties to confer over the
study was a hypothetical exer- ing,” Judge Leon said, adding so appeared to be based at weekend and decide how many
cise that ignored evidence of that the respondents “can just least in part on internal stud- witnesses each side actually
how consumers responded in whip through” the survey in- ies suggesting Comcast could needs.
us l,
real-world blackouts. stead of taking the questions lose customers if it didn’t —Drew FitzGerald
Mr. Barbur also said the as seriously as one weighing reach a Turner agreement. contributed to this article.
al a
e
nies, including Huawei, have
Huawei
ci on
increased their engagement in Market Grab
5G standardization working Huawei has zoomed ahead of other suppliers of network equipment.
Sales Rise
groups.”
After four days huddled Global market share of telecom equipment*
over laptops in the conference
er rs
Despite
rooms of a luxury hotel in 30%
Chennai, attendees set “new
radio” specifications—stan- Huawei
25 (China)
U.S. Curbs
dards that will dictate how the
cellular towers of the future
will talk to smartphones and
other devices. About 400 tele- 20
com-industry representatives BY JOSH CHIN
from 176 companies hashed Nokia
out the new rules. 15 (Finland) SHENZHEN, China—Huawei
While the group reached Technologies Co. said strong
Ericsson
quick consensus on the radio smartphone sales recharged
(Sweden)
specs, controversy flared over 10 profit growth last year, after
a procedural issue. Huawei ZTE flatlining in 2016.
and Ericsson representatives (China) The Chinese telecommuni-
faced off over how many top- 5 Cisco cations company said Friday
ics the conferences should (U.S.) that its annual profit rose 28%
tackle in meetings subsequent to 47.5 billion yuan ($7.6 bil-
to a major gathering in June 0 lion), following a 0.4% rise in
in San Diego. 2013 ’14 ’15 ’16 ’17 the prior year. Sales grew
Ericsson representatives ar- nearly 16%, driven largely by
gued the workload at the *All categories of equipment, including wireless gear, towers, routers and switches. its consumer business.
Chennai conferences was al- Source: Dell'Oro Group THE WALL STREET JOURNAL. But the gains were clouded
ready too much and proposed by the company’s inability to
a reduced number of topics. attendees said works to the tion. In the end, the delegates crack the U.S. market, amid
Huawei, meanwhile, proposed Chinese company’s advantage reached a compromise num- warnings by U.S. national se-
tackling more—a stance some given the size of its delega- ber, according to attendees. curity agencies that Huawei
products could give the Chi-
nese government access to
MEMO the most unpopular things I’ve last 18 months. critical networks.
ever written internally and The note also shows the ex- Huawei, which is closely
the ensuing debate helped tent to which Facebook was held and owned by its employ-
Continued from the prior page shape our tools for the bet- having internal debates about ees, has repeatedly denied
worth, then Facebook’s vice ter.” its use of power well before such allegations, saying its
president of ads, wrote in a Mr. Bosworth’s note has similar discussions occurred products don’t have so-called
   note he posted on Facebook’s surfaced amid a broader de- in the mainstream media. backdoors that would allow
internal forums. bate among Facebook employ- In a public post on Twitter such access.
Mr. Bosworth now oversees ees about the company’s tac- on Thursday, one former Face- “Now, for a variety of rea-
consumer-hardware efforts at tics for expanding its user book employee, Alec Muffet, sons, we can’t do business in
Facebook. base, including its liberal use said the ideas in Mr. Bos- the U.S. We feel helpless
Mr. Bosworth wrote that of notifications, the scary ef- worth’s note was a big factor there,” said Ken Hu, who fin-
the emphasis on growth—con- fectiveness of its “People You in his departure from the ished his six-month stint as
necting millions of people May Know” feature and its company in 2016. Huawei’s rotating chief execu-
around the world—is justified willingness to build what Mr. Muffet was among the tive on Friday. “These chal-
despite the risks. “All the many employees view as a employees who pushed back lenges in the U.S. will make us
questionable contact import- censorship tool in order to on Facebook’s desire to create work even harder in other
ing practices. All the subtle help Facebook crack the Chi- a tool that would allow out- markets around the world.”
language that helps people nese market. siders to censor content be- Best Buy Co. is planning to
stay searchable by friends. All The publication of Mr. Bos- fore it was posted online, he stop selling Huawei-made
of the work we do to bring worth’s internal note is the and another former employee phones in the U.S., The Wall
more communication in. The latest in a string of controver- said. Street Journal reported re-
work we will likely have to do sies about Facebook’s business Mr. Muffet didn’t respond cently. The Federal Communi-
in China some day,” his mes- and policy practices over the to a request for comment. cations Commission is also
sage read. considering a new rule that
The ideas from the memo, would make it harder for small
first reported by BuzzFeed and rural carriers in the U.S.
and confirmed by Mr. Bos- to purchase gear from Chinese
worth, provoked an internal telecom-equipment makers.
backlash, according to former Huawei has become the
employees. “It was not well- world’s dominant producer of
received,” one of the former wireless equipment and is now
employees said, because it positioned to be a heavy-
seemed as if Mr. Bosworth weight in the global rollout of
wasn’t thinking clearly enough 5G, the next generation of mo-
about the negative conse- bile internet services. The
quences of connectivity when company is also the world’s
DAVID PAUL MORRIS/BLOOMBERG NEWS

it was posted in June 2016. third-largest smartphone

In a statement Thursday on maker by sales, after Samsung
Twitter, Mr. Bosworth said Electronics Co. and Apple Inc.
that at the time he wasn’t es- Huawei said its research-
  
 pousing the ideas he pre- and-development spending
sented in the memo, rather it rose 17% to 89.7 billion yuan,


 
  was designed to expose issues as it looks to capitalize on a
JAVITS CENTER AUTOSHOWNY.COM #NYIAS for discussion within Face- rollout of 5G and other emerg-
book. ing technologies.
FOR SECURITY PURPOSES, NO BACKPACKS ALLOWED. RANDOM SECURITY AND BAG CHECKS. “It was intended to be pro- Mr. Hu said Huawei plans to
AN ACTIVITY OF THE GREATER NEW YORK AUTOMOBILE DEALERS ASSOCIATION. vocative,” Mr. Bosworth fur- Mr. Bosworth’s note has surfaced amid a broader debate among release its first 5G-compatible
ther tweeted. “This was one of Facebook employees about the company’s tactics. smartphone in 2019.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | B3

BUSINESS & TECHNOLOGY

Northrop Addresses Lapses Chinese Firm Acts

BY ANDY PASZTOR

Northrop Grumman Corp.

On Solar Tariffs
has implemented major BY AUSTEN HUFFORD ings could cushion the effect.
changes in satellite production Also, utilities in some locales
as a result of its previously NextEra Energy Inc. is ex- are mandated to procure re-
disclosed mistakes building panding a deal to buy millions newable energy, which would
NASA’s troubled James Webb of solar panels from a Chinese sustain demand.
Space Telescope, according to manufacturer setting up shop Domestic solar installers,
people familiar with the de- in Florida, a move that comes which employ more people
tails. after the U.S. announced tariffs than the relatively small U.S.
The new practices, these on imported solar products. solar manufacturing sector,
people said, include stepped- NextEra Energy, Florida have largely opposed the tariffs
up quality-control checks and Power & Light parent, said Fri- for fear higher panel prices
enhanced training in an effort day that it would source 2.75 would cut into installations.
to lock in tighter testing pro- gigawatts of solar modules, In January, JinkoSolar said
cedures and prevent employee roughly seven million panels, it had reached a deal to supply
burnout. They come after over four years from Shang- a then-unnamed U.S. company
NASA this past week an- hai-based JinkoSolar Holding with 1.75 gigawatts of solar
nounced a roughly one-year Co., which is building its first modules over about three
NORTHROP GRUMMAN/NASA/ASSOCIATED PRESS

schedule slip on the long-trou- U.S. factory in Florida to meet years. On Friday, it confirmed
bled space project, to around the demand. it plans to open its first U.S.
May 2020 from summer 2019. In January, the Trump ad- factory in Jacksonville, Fla.,
The revisions are expected ministration announced tar- which is expected to create
to affect practices at Northrop iffs—30% in the first year, de- 200 direct jobs. NextEra di-
Grumman, a major supplier of clining to 15% by the fourth— rected questions to JinkoSolar,
commercial and defense space on foreign-made solar panels which didn’t respond to a re-
systems, significantly beyond and cells. The decision came quest to comment.
its work for NASA, according after Suniva Inc., which is ma- To prepare for the tariffs,
to some industry and govern- jority-owned by a company NextEra and other solar-proj-
ment officials. based in Hong Kong, and So- ect developers have also been
Extra personnel costs are larWorld Americas Inc., which stockpiling panels. NextEra
anticipated to add at A 2015 illustration of the James Webb Space Telescope, which has been further delayed. has a German parent, peti- Chief Executive James Robo
least $200 million to the Webb tioned the U.S. government for told analysts in January that
program’s overall development ing Tuesday. When NASA an- structions and in the process Several tears also appeared trade protection. the Florida-based company had
costs, which could put it over nounced the schedule used the wrong cleaning com- in the shield, according to one While that measure could purchased all of the panels it
the $8 billion cap approved by adjustment—the third major pound, damaging the of the knowledgeable people, pressure panel prices in gen- needs in 2018 and 2019, as well
Congress, one of the knowl- delay in seven years—senior parts, one of the knowledge- because of unexpected eral, technological improve- as the panels for “a significant
edgeable people said. agency officials were unchar- able people said. stresses stemming from work- ments and production cost sav- portion of our 2020 build.”
Congress has pledged to re- acteristically critical of what Resulting leaks required a ers’ incorrectly attaching
evaluate the project if its bud- they called “avoidable errors” subcontractor to refurbish the hooks and cables to the wrong
get exceeded that total. In ad- by Northrop. Moreover, the valves, followed by another holes.

.
dition, some lawmakers have announcement was unusual time-consuming process to re- Even before such blunders,

ly
already been critical of Nor- because details of the final place and retest them. It took NASA leaders had demanded a
throp Grumman’s perfor- timetable changes and agency about three months to com- high-level management shake-
mance. positions weren’t communi- plete the process, this person up at Northrop Grumman in
Neither Northrop Grumman cated to senior Northrop on said. response to schedule slips for
nor National Aeronautics and Grumman executives in ad- When workers deployed a the project, this person added.
Space Administration officials vance, according to the knowl- sun shield designed to protect Privately, company managers

MARCUS YAM/LOS ANGELES TIMES/GETTY IMAGES

have publicly indicated the edgeable people. the spacecraft’s intricate gold, countered that years of delays
likely financial impact of the During the briefing, acting hexagonal-shaped mirrors in were common for other large,
us l,

procedural fixes and addi- NASA chief Robert Lightfoot
tional hardware testing. said “corrective actions taken
al a
e
On Thursday, a Northrop by the project” are intended to
Grumman spokesman declined “give us better insight into our
to comment, reiterating an management of future large
ci on
space, the operation took
twice as long as expected and
revealed shortcomings despite
earlier successful tests with a
one-third-scale replica.
complex government satellite
projects.
Northrop Grumman argued
some of its delays reflected
joint NASA-contractor deci-

earlier statement that the space systems.”
company “remains steadfast in Since then, more specifics
its commitment to NASA and have emerged about the root
ensuring successful integra- causes of certain production
tion, launch and deployment.” lapses. Northrop Grumman
er rs
Cables that pull the shield
into shape “develop too much
slack during the deployment,
creating a snagging hazard,”
Thomas Zurbuchen, NASA’s
sions made years earlier to
hold off developing and test-
ing certain elements of the
space observatory to give the
agency extra dollars and time

A NASA spokesman pointed workers installed 16 valves on associate administrator for to complete work on its por-
to statements by agency offi- the satellite’s thrusters with- unmanned missions, told re- tion, one of the people famil- In January, the Trump administration announced import tariffs on
cials during a press brief- out relying on detailed in- porters Tuesday. iar with the process said. solar panels and cells following petitions from U.S.-based firms.
m e

SpaceX Puts Satellites Into Orbit

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GOLDEN LIFTOFF: A SpaceX Falcon 9 rocket successfully launched 10 next-generation satellites for
Iridium Communications after taking off from Vandenberg Air Force Base in California on Friday.
“everyone should own
a pair of mahabis”

Foxconn Profit Buoyed by iPhone P. WAL DECK

BY YOKO KUBOTA boosted the average selling

Back on Course price for its iPhones by nearly
BEIJING—Foxconn Technol- Foxconn’s quarterly profit 15%.
ogy Group posted a better- For all of 2017, Foxconn
80 billion New Taiwan dollars “try a pair you won’t
than-expected 4% rise in posted a profit of NT$138.7
fourth-quarter profit, bounc- billion, down 7% from the regret it”
ing back after major customer 4Q 2017 prior year, and revenue of
D. WALTER
Apple Inc. overcame produc- 60 71.7B NT$4.7 trillion, up 8%.
tion troubles for the iPhone X. Foxconn Chairman Terry
Taiwan-based Foxconn, Gou has been working to ex-
which assembles Apple’s pand the company’s business
40
iPhones in China, said Friday beyond contract manufactur-
that profit for 2017’s final pe- ing and into consumer brands
riod climbed to 71.7 billion of its own.
New Taiwan dollars (US$2.5 20 A Foxconn unit recently
billion), from NT$68.8 billion a agreed to buy smartphone and
year earlier. electronics accessories maker
Analysts polled by S&P Belkin International Inc. for
0
Capital IQ were expecting on $866 million.
’16 ’17
average a fourth-quarter profit Another subsidiary, Fox-
1 New Taiwan dollar = $0.03434
of NT$64.4 billion. Source: the company conn Industrial Internet Co.,
Revenue rose 23% to NT$1.7 THE WALL STREET JOURNAL. which makes smartphones and
trillion, after flat results for wireless-equipment compo-
the preceding quarter. vember. nents, recently won regulatory
Foxconn, known formally as Foxconn doesn’t hold earn- approval in China for an initial
Hon Hai Precision Industry ings conference calls and public offering to raise at least
Co., is the world’s largest con- hasn’t commented iPhone X 27.3 billion yuan (US$4.3 bil-
tract electronics maker. production. lion) on the Shanghai Stock
In the third quarter, the Apple, which is Foxconn’s Exchange.
company’s profit fell 39% from largest customer, booked re- The subsidiary said that it
a year earlier, likely reflecting cord revenue for its latest plans to use the funds to in-
production troubles for the quarter, and said in February vest in cloud computing, 5G
iPhone X that delayed initial that the iPhone X, with a technology and smart manu-
sales of the device until No- starting price of $1,000, facturing.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

WEEKEND INVESTOR

Latham Looks to Regain Its Mojo

After losing chairman son familiar with the matter. trade publication American a reconciliation between the
Legal recruiters, consul- Lawyer. Kirkland & Ellis woman and the founder of the
and top revenue rank, tants and former partners say brought in $3.165 billion in New Canaan Society, Mr. Voge
law firm faces pressure the shake-up, while surprising, global revenue in 2017, com- sent text messages of a sexual

CHRISTOPHER DILTS/BLOOMBERG NEWS

is unlikely to have a lasting ef- pared with Latham’s $3.064 bil- nature to the woman over a

MARK VON HOLDEN/INVISION/ASSOCIATED PRESS

to find long-term boss fect on Latham’s business. The lion, the publication reported. four-day period, the person
2,600-lawyer firm’s size and Mr. Voge stepped down after said. The founder of the soci-
BY SARA RANDAZZO corporate structure make disclosing to the firm that he ety didn’t respond to requests
leadership changes less dis- had inappropriate contact with for comment.
First, Latham & Watkins ruptive than at first-genera- a woman whom he had never After Mr. Voge reported his
LLP lost its chairman. Then, it tion law firms that rely on a met and who had no ties to the conduct to Latham, the woman
lost its rank as the world’s handful of founders to main- firm, Latham said in a state- continued to contact Mr. Voge
highest-grossing law firm. The tain client relationships. ment. The firm didn’t disclose and others about the encoun-
two recent events are putting “I think whatever focus the contents of the communica- ter, according to the person.
pressure on the firm—whose they might lose, nobody out- tions or the woman’s identity. Latham said in its statement Cigarette, energy-drink sales
clients include American Air- side would notice a change in In his own statement, Mr. that Mr. Voge’s subsequent con- are huge at gas stations.
lines Group Inc. and JPMor- their performance,” said Mi- Voge said that “I made a per- duct after his disclosure to the
gan Chase & Co.—to name a
new leader and move past the
distractions.
Latham said vice chairs Ora
chael Rynowecer, the presi-
dent of BTI Consulting Group
Inc., which provides market
research to law firms. “They
‘I deeply regret my
lapse of judgment
sonal mistake for which I bear
considerable fault and humili-
ation. I deeply regret my lapse
of judgment and I am sorry for
firm “while not unlawful, the
executive committee concluded
was not befitting the leader of
the firm.” The conduct, accord-
Sales
Fisher in Silicon Valley and
Richard Trobman in London
will take immediate responsi-
have been very disciplined on
how to go about growing the
firm and grooming leaders.”
and I am sorry,’
Mr. Voge said.
the distress and embarrass-
ment I have caused my family,
friends, and colleagues.”
ing to a person familiar with
the matter, involved heated
communications with the
Worry:
Mr. Voge, a 61-year-old proj- Mr. Voge was introduced to
bility as co-leaders after chair-
man William “Bill” Voge re-
signed abruptly in late March.
That exit followed revelations
ect-finance lawyer, took over
leadership of the firm in Janu-
ary 2015 from Robert “Bob” a single five-year term.
the woman through his work
as a board member for the
New Canaan Society, a Chris-
woman’s husband.
If Latham’s past leadership
transition is any guide, the
process to replace Mr. Voge
Charging
of his engaging in communica-
tions of a sexual nature with a
woman unaffiliated with the
Dell, a legendary chairman who
had held the job for two de-
cades. Mr. Voge was viewed dur-
His resignation hastens that
transition by two years.
Mr. Voge’s successor will in-
tian men’s group, according to
a person familiar with the
matter. The New Canaan Soci-
will be a deliberative one.
Latham takes a democratic ap-
proach to leadership roles,
Up, but
law firm, Latham said in a ing the last leadership election herit a firm that recently ceded ety describes itself as a place holding elections for the exec-
statement. Some employees
have been told that a perma-
nent successor will be in place
as a bridge candidate between
Mr. Dell and the next generation
of lawyers in their 40s, and said
its top spot to Kirkland & Ellis
LLP after three years of being
the world’s highest-grossing
for men to find friendship and
faith and support each other
through regular gatherings.
utive committee and other key
positions. By contrast, many of
its peers typically have leaders
No Snacks
by summer, according to a per- at the time he planned to serve law firm, according to legal In the course of facilitating handpick their close advisers. BY ALISON SIDER

It isn’t only the auto indus-

Short-Term Lending Spigot Is Poised to Open

try that could be upended by
the rise of electric vehicles. It
could threaten the gasoline
station as we know it, too.

.
BY LALITA CLOZEL EVs would mean big

ly
changes for refiners that pro-
WASHINGTON—Consum- cess oil into fuel and retailers
ers could find it easier to get who sell it at the pump. But
small loans for emergency car on companies that make ciga-
repairs and other unplanned rettes, energy drinks and
expenses under Trump admin- other convenience-store items
istration plans to prod more could also be forced to find
banks to make short-term new sales outlets.
us l,

loans. Owning gas stations has

“We have a big market, we long been about more than
al a
e
have a market that is unful- selling fuel: They make almost
MELANIE STETSON FREEMAN/THE CHRISTIAN SCIENCE MONITOR/ASSOCIATED PRESS

filled,” said Comptroller of the as much money selling Slim

Currency Joseph Otting in an Jims and Red Bull as they do
ci on

interview. “When you don’t gasoline. Gas stations account

have an alternative in that for 75% of cigarette sales and
space, what happens is people 60% of sales of energy drinks,
have a tendency to fall to the according to a recent Morgan
lowest common denominator,” Stanley report.
er rs

such as check-cashers, pawn- “A major distribution chan-

shops and liquor stores, he nel for these products could
said. be disrupted,” the analysts
The move signals a shift said.
m e

from the Obama administra-

tion, which earlier this decade

75%
pressured banks to scrap
m rp

short-term lending programs.

Those regulators viewed small
loans by banks with suspicion
because of concern about high Share of cigarette sales
interest rates and perceived accounted for by gas stations
co Fo

repayment risks.
The Office of the Comptrol-
ler of the Currency, which Regulators plan to make it easier for banks to offer short-term loans for unplanned expenses like emergency car repairs.
oversees national banks, will Companies such as Altria
clarify its position on install- the underwriting process is courage banks to make more rates in the triple digits. less for consumer loans. Group Inc., which owns Philip
ment loans that can help con- too costly given the small of these loans, Mr. Abernathy In 2013, banking regulators Lauren Saunders, associate Morris USA, Monster Bever-
sumers with immediate cash profit they make on each loan. said. “We know these people, cracked down on deposit-ad- director at the National Con- age Corp. and PepsiCo Inc.
needs such as buying “a piece “You have a very small op- because we have ongoing rela- vance loans made by a handful sumer Law Center, said banks could all be affected to some
of equipment [or] a family portunity to cover your costs,” tionships,” he said. of large and regional banks should be able to afford to degree, the analysts said.
emergency,” Mr. Otting said. said Wayne Abernathy, execu- Before the Obama adminis- that virtually eradicated the make the loans at lower rates, To be sure, there is a wide
The announcement, ex- tive vice president of finan- tration, some banks offered a products. gaining goodwill with custom- range of opinions about how
pected within the next two cial-institutions policy and different type of short-term But under President Donald ers in the process. popular electric vehicles will
months, will focus on 45- regulatory affairs at the Amer- loan called deposit-advance Trump, financial regulators “Are they going to make become. Morgan Stanley ana-
to-90-day loans, rather than ican Bankers Association trade products. Like payday loans, have sharply reversed course gobs of money out of it? No, lysts believe adoption is going
n-

payday loans, which typically group. these typically were deducted on short-term lending. not unless they’re charging to climb; their base case is
are repaid in a lump sum in a Easing underwriting expec- automatically from a bor- Consumer groups worry the high rates,” Ms. Saunders said. that EVs will account for 70%
few weeks or by the bor- tations—for instance, allowing rower’s next paycheck, but regulators’ new attitude could But “banks can make small- of U.S. light-vehicle sales and
rower’s next paycheck. banks to rely more on a bor- they tended to be more pre- allow predatory actors to dollar loans with fewer over- 48% of U.S. miles driven by
no

Banks say that small-dollar rower’s financial history, dictable and less costly than reach more consumers. The head costs than other compa- 2040.
consumer loans are difficult to rather than a full credit check, payday loans, though both groups typically advise an an- nies that don’t know their It isn’t clear whether the
make on a large scale, because to evaluate risk—could en- could carry annual interest nual percentage rate of 36% or customer.” solution for gas stations is as
simple as adding charging ca-
pability. The vast majority of

TAXES For those making quar-

terly payments of estimated
taxes, it is also important to
EV owners—some 80%—
charge from the comfort of
their homes, often at night. It
Continued from page B1 see where you stand. See the is a slow process that takes
federal borrowing. IRS’s new Form 1040-ES for several hours but is cheaper
A host of online calcula- 2018. than charging up at a public
tors can estimate how you  Rethink charitable de- station, and a single charge
will fare, including one from ductions: The overhaul can often get a typical driver
The Wall Street Journal. If made landmark revisions to through the day.
your income won’t vary too exemptions, deductions and That could change if more
much, plug in the informa- credits. public stations for rapid
tion from your 2017 return. In particular, the number charging are built and if costs
Many tax preparers are also of filers who benefit from come down. Restaurants could
providing clients with pro- deducting charitable dona- be “ideally positioned” to take
jections. tions on Schedule A will advantage of 10- to 30-minute
 Check 2018 withhold- drop from about 36 million charging times by adding sta-
ing and estimated pay- for 2017 to about 16 million tions, the analysts say.
ments: To put tax cuts into for 2018, according to the But it isn’t all bad news for
CHIP SOMODEVILLA/GETTY IMAGES

workers’ pockets faster, U.S. Tax Policy Center. convenience stores and the
officials have revised the ta- Donors who want a tax products they sell. Even today,
bles that employers use to break for their donations only about half of in-store
withhold taxes from pay- should determine the new sales at gas stations come
checks. Millions of workers law’s effect on them. Those from customers stopping for
have seen a bump up in pay. who won’t be filing Schedule gas.
But these broad-based A every year may want to While suburban and neigh-
changes are imprecise. They bunch two or more years of borhood gas stations could
raise take-home pay too gifts into one to surmount struggle to coax EV drivers
much in some cases, espe- the higher hurdle to a write- Changes to withholding taxes may be imprecise, so checking with the IRS calculator is advised. from home chargers, drivers
cially if the filer had prior off. might need to charge (and buy
large deductions for state  Tax-cutting moves for Health Savings Accounts ment penalties, filers must with a shortfall to file on snacks) at stations along in-
and local taxes. If withhold- 2017: There still are a few made by April 17, but only if pay 90% of their total tax time and pay as much as terstates and highways. Sta-
ing isn’t adjusted, some peo- ways to cut last year’s taxes. the account was set up by bill by April 17. Underpay- possible. Also consider filing tions in urban areas could still
ple will owe large balances Many savers can open or the end of 2017. ments incur an interest IRS Form 9465 to request a get foot traffic and serve cab
due next spring even if they fund individual retirement  If you need extra time charge, which rises to 5% an- payment plan. According to and Uber drivers.
get an overall tax cut. accounts by April 17 and re- to file: Filing Form 4868 nually as of April 1. an IRS spokesman, rapid ap- And the analysts said most
To address this issue, the ceive a 2017 tax deduction by April 17 extends the filing  If you can’t pay: Don’t proval is highly likely if the smokers will probably find
Internal Revenue Service has for contributions up to deadline until Oct. 15. It can ignore this issue. Nonfilers amount owed is less than new places to buy cigarettes.
posted a new withholding $5,500 ($6,500 for those 50 be e-filed either through a owe interest plus a host of $50,000 and can be “Given the addictive nature
calculator. To use it, enter years and older). For more tax-prep service or the IRS’s penalties that mount rapidly. paid within six years. The re- of cigarettes and prior experi-
information from your most details on contribution limits, website, or filed on paper. The statute of limitations quest can be filed online. ence, we would not expect a
recent paycheck and tax re- see IRS Publication 590-A. But remember: An exten- usually doesn’t begin until a Penalties will still be due, meaningful impact on overall
turn. Then adjust take-home Taxpayers can also deduct sion to file isn’t an extension return is filed. but they will be far smaller tobacco-industry volumes,”
pay if necessary. allowable contributions to to pay. To avoid late-pay- The IRS advises taxpayers than those for nonfilers. Morgan Stanley analysts said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | B5

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Track the Markets: Winners and Losers
Last Year ago Last Year ago
A look at how selected global stock indexes, bond ETFs, currencies and
commodities performed around the world for the week.
24103.11 s 569.91, or 2.42% last week Trailing P/E ratio 25.46 21.15 2640.87 s 52.61, or 2.03% last week Trailing P/E ratio * 24.51 24.52
P/E estimate * 16.24 17.72 P/E estimate * 16.85 18.27 Stock Currency, Commodity, ETF
High, low, open and close for each of High, low, open and close for each of Index vs U.S. dollar traded in U.S*
Dividend yield 2.22 2.35 the past 52 weeks Dividend yield 1.95 1.97
the past 52 weeks
All-time high 26616.71, 01/26/18 All-time high 2872.87, 01/26/18 Nymex Natural Gas 5.48%
Nikkei 225 4.06
Current divisor 0.14523396877348 S&P 500 Consumer Staples 3.50
25900 2800
S&P 500 Real Estate 3.19
Week's high
S&P 500 Telecom Svcs 3.11
DOWN UP 2700
24700 S&P 500 Utilities 2.96
t

Monday's open Friday's close

Corn 2.78
Friday's close Monday's open
t

23500 2600 S&P 500 Financials Sector 2.67

65-day moving average Dow Jones Industrial Average 2.42
Week's low
2500
Dow Jones Transportation Average 2.29
22300
IBEX 35 2.21
S&P MidCap 400 2.14
21100 2400
South Korean Won 2.13
65-day moving average 200-day moving average S&P 500 2.03
19900 2300 S&P 500 Industrials 2.03
Mexico peso 2.01
200-day moving average 18700 2200 S&P 500 Health Care 1.95
FTSE 100 1.95
Bars measure the point change from Monday's open
DAX 1.77
17500 2100
MA M J J A S O N D J F M MA M J J A S O N D J F M S&P 500 Information Tech 1.71
S&P SmallCap 600 1.66
Primary
NYSE weekly volume, in billions of shares market Composite Soybeans 1.60
t
t

iShJPMUSEmgBd
30 Notice to Readers S&P 500 Materials
1.56
1.51
20
10 U.S. financial markets were closed Euro Stoxx 1.47
0
Good Friday, March 30.
iShiBoxx$InvGrdCp 1.44
MA M J J A S O N D J F M They resume Monday, April 2. iSh 20+ Treasury 1.44
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
CAC-40 1.41
Stoxx Europe 600 1.38
Major U.S. Stock-Market Indexes Nasdaq Composite
Russell 2000 1.28
Latest Week 52-Week % chg s 70.78, or 1.01% Kospi Composite 1.20
High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann.
Dow Jones last week Sao Paulo Bovespa 1.17
Industrial Average 24446.22 23708.73 24103.11 569.91 2.42 20404.49 l 26616.71 16.3 -2.5 10.8 Comex Copper 1.16
Transportation Avg 10480.51 10109.47 10396.56 233.24 2.29 8783.74 l 11373.38 13.6 -2.0 6.1 S&P BSE Sensex 1.14
7300
Utility Average 696.80 674.55 692.63 18.95 2.81 647.90 l 774.47 -0.4 -4.2 6.1 Nasdaq 100 1.12
Total Stock Market 27717.94 26896.69 27383.00 509.64 1.90 24125.20 l 29630.47 11.6 -1.0 8.2 S&P 500 Consumer Discr 1.12
Barron's 400 718.60 698.99 711.59 12.04 1.72 610.89 l 757.37 13.3 0.1 8.1 7150 Nasdaq Composite 1.01
S&P 500 Energy 1.01
Nasdaq Stock Market
l
7000 S&P/TSX Comp 0.94
Nasdaq Composite 7255.54 6901.07 7063.44 70.78 1.01 5805.15 7588.32 19.4 2.3 13.0

.
l
iShiBoxx$HYCp 0.85
Nasdaq 100 6793.50 6410.04 6581.13 73.04 1.12 5353.59 7131.12 21.0 2.9 14.9

ly
6850 FTSE MIB 0.55
S&P 22 23 26 27 28 29 VangdTotalBd 0.52
500 Index 2674.78 2593.06 2640.87 52.61 2.03 2328.95 l 2872.87 11.5 -1.2 8.6 March
Shanghai Composite 0.51
MidCap 400 1888.61 1844.00 1878.77 39.30 2.14 1681.04 l 1995.23 9.3 -1.1 7.6 DJ US TSM Nymex ULSD 0.50
SmallCap 600
Other Indexes
946.34 924.90 938.46 15.34
on
1.66 815.62 l 979.57 11.4 0.2 9.5 s 509.64, or 1.90%
last week
iSh 7-10 Treasury
WSJ Dollar Index
0.48
0.42
Russell 2000 1543.81 1505.64 1529.43 19.34 1.28 1345.24 l 1610.71 10.6 -0.4 7.2 iSh TIPS Bond 0.42
us l,

NYSE Composite 12517.26 12241.48 12452.06 274.36 2.25 11324.53 l 13637.02 8.1 -2.8 4.6 Chinese Yuan 0.39
Value Line 550.47 537.92 546.67 8.75 1.63 503.24 l 589.69 5.2 -2.8 2.5 27850 iShNatlMuniBd 0.32
0.19 l VangdTotIntlBd 0.31
al a

NYSE Arca Biotech 4644.95 4438.03 4504.23 8.48 3449.61 4939.86 26.6 6.7 3.8
e
NYSE Arca Pharma 532.78 514.02 528.95 12.64 2.45 498.46 l 593.12 3.6 -2.9 -2.7 27500 Indonesian Rupiah 0.28
KBW Bank 108.32 103.87 106.50 2.56 2.47 88.02 l 116.52 14.5 -0.2 14.3 Russian Ruble 0.28
ci on

PHLX§ Gold/Silver 82.77 79.32 81.12 -0.39 -0.47 76.42 l 93.26 -2.6 -4.9 6.2 iSh 1-3 Treasury 0.07
27150
PHLX§ Oil Service 139.51 131.87 135.69 -1.10 -0.80 117.79 l 171.55 -19.6 -9.3 -10.6 -0.06 Canada dollar
PHLX§ Semiconductor 1391.01 1294.31 1328.90 4.98 0.38 960.01 l 1445.9 31.3 6.1 24.2 -0.10 Indian Rupee
19.97 l 26800
CBOE Volatility 24.94 19.60 -4.90 -19.70 9.14 37.32 73.1 80.9 9.8 -0.21 Australian dollar
22 23 26 27 28 29

Nasdaq PHLX March -0.26 Euro area euro
er rs

Sources: SIX Financial Information; WSJ Market Data Group

-0.49 S&P GSCI GFI
International Stock Indexes Commodities and
-0.70 Swiss Franc
-0.71 Hang Seng
Region/Country Index Close
Latest
Net chg % chg
YTD
% chg Currencies -0.77 Nymex Rbob Gasoline
m e

Last Week YTD

World The Global Dow 3023.53 2.30 0.08 –2.0 Close Net chg %Chg % chg -0.82 UK pound
DJ Global Index 392.07 0.33 0.08 –1.3 DJ Commodity 631.07 0.55 0.09 0.91 -0.82 South African Rand
m rp

DJ Global ex U.S. 262.74 0.45 0.17 –1.5 TR/CC CRB Index 195.36 -0.90 -0.46 0.77 -0.84 IPC All-Share
Crude oil, $ per barrel 64.94 -0.94 -1.43 7.48 -1.05 S&P/ASX 200
Americas DJ Americas 634.00 ... unch. –1.3
Closed Natural gas, $/MMBtu 2.733 0.100 3.80 -7.45
-1.08 Norwegian Krone
Brazil Sao Paulo Bovespa 85365.56 … 11.7
Canada Closed Gold, $ per troy oz. 1322.80 -27.10 -2.01 1.26 -1.42 Japan yen
S&P/TSX Comp 15367.29 … –5.2
Mexico S&P/BMV IPC 46124.85 Closed –6.5
-1.43 Nymex Crude
… U.S. Dollar Index 90.15 0.71 0.80 -2.14
co Fo

Chile Santiago IPSA 4173.22 … Closed –0.9 -1.86 Comex Silver

WSJ Dollar Index 83.75 0.35 0.42 -2.59
-1.96 Comex Gold
EMEA Stoxx Europe 600 370.87 … Closed –4.7 Euro, per dollar 0.8115 0.0021 0.26 -2.60
-2.01 Wheat
Eurozone Euro Stoxx 373.99 … Closed –3.0 Yen, per dollar 106.24 1.51 1.44 -5.73
-2.01 Lean Hogs
Belgium Bel-20 3857.10 … Closed –3.0 U.K. pound, in dollars 1.40 -0.0116 -0.82 3.73
*Continuous front-month contracts
Denmark OMX Copenhagen 888.52 … Closed –4.2 52-Week Sources: SIX Financial Information (stock indexes), Tullett Prebon (currencies), WSJ Market
France CAC 40 5167.30 … Closed –2.7 Low Close(l) High % Chg Data Group (bond ETFs, commodities).
Germany DAX 12096.73 … Closed –6.4 THE WALL STREET JOURNAL
DJ Commodity 532.01 l 645.87 11.34
Israel Tel Aviv 1436.22 … Closed –4.9 See an expanded daily list of selected global stock indexes, bond ETFs, currencies
TR/CC CRB Index 166.50 l 200.52 5.31 and commodities at WSJ.com/TrackTheMarkets
Italy FTSE MIB 22411.15 … Closed 2.6
Netherlands AEX 529.52 Closed –2.8
Crude oil, $ per barrel 42.53 l 66.14 28.98
…
Russia RTS Index 1249.41 2.43 0.19 8.2 Natural gas, $/MMBtu 2.55 l 3.63 -14.35 Currencies
South Africa FTSE/JSE All-Share 55474.52 Closed –6.8 Gold, $ per troy oz. 1208.60 l 1362.40 6.25
…
Spain Closed U.S.-dollar foreign-exchange rates in late New York trading
IBEX 35 9600.40 … –4.4
n-

U.S. Dollar Index 88.59 l 101.13 -10.36 US$vs, US$vs,

Sweden SX All Share 559.67 … Closed –1.6 Fri YTDchg Fri YTDchg
Switzerland Closed WSJ Dollar Index 82.70 l 90.93 -7.34 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Swiss Market 8740.97 … –6.8
Turkey BIST 100 114930.22 85.66 0.07 –0.3 Euro, per dollar 0.80 l 0.94 -13.54 Americas Vietnam dong .00004387 22794 0.4
U.K. FTSE 100 7056.61 Closed –8.2 Yen, per dollar 104.73 l 114.29 -4.62 Argentina peso .0497 20.1150 8.1 Europe
…
no

Closed l Brazil real .3026 3.3051 –0.2 Czech Rep. koruna .04861 20.571 –3.3
U.K. FTSE 250 19460.47 … –6.1 U.K. pound, in dollars 1.24 1.43 11.71
Canada dollar .7753 1.2898 2.6 Denmark krone .1653 6.0484 –2.5
Asia-Pacific Chile peso .001656 603.90 –1.9 Euro area euro 1.2324 .8115 –2.6
Australia S&P/ASX 200 5759.40 … Closed –5.0 Real-time U.S. stock Ecuador US dollar 1 1 unch Hungary forint .003942 253.71 –2.0
China
Hong Kong
Shanghai Composite
Hang Seng
3168.90
30093.38
8.37
…
0.26
Closed
–4.2
0.6 WSJ
.COM
quotes are available on
WSJ.com. Track most-
active stocks, new
Mexico peso
Uruguay peso
.0551 18.1614 –7.7
.03522 28.3900 –1.4
Venezuela b. fuerte .00002049600.0001 479504.7
Iceland krona
Norway krone
Poland zloty
.010142 98.60
.1275 7.8420
.2924 3.4199
–4.8
–4.4
–1.7
India S&P BSE Sensex 32968.68 … Closed –3.2 Russia ruble .01749 57.180 –0.9
highs/lows, mutual Asia-Pacific
Japan Nikkei Stock Avg 21454.30 295.22 1.40 –5.8 Sweden krona .1199 8.3420 1.9
funds and ETFs. Australian dollar .7682 1.3017 1.7
Singapore Straits Times 3427.97 … Closed 0.7 Switzerland franc 1.0482 .9540 –2.1
China yuan .1590 6.2911 –3.3
0.39 Plus, get deeper money-flows data and Turkey lira .2528 3.9552 4.2
South Korea Kospi 2445.85 9.48 –0.9 Hong Kong dollar .1274 7.8489 0.5
Ukraine hryvnia .0377 26.4915 –5.9
Taiwan Weighted 10906.22 60.30 0.56 2.5 email delivery of key stock-market India rupee .01537 65.079 1.9
UK pound 1.4017 .7134 –3.6
Thailand SET 1776.26 9.34 0.53 1.3 data. Indonesia rupiah .0000727 13748 2.0
Middle East/Africa
Japan yen .009412 106.24 –5.7
Sources: SIX Financial Information; WSJ Market Data Group All are available free at Kazakhstan tenge .003132 319.28 –4.0 Bahrain dinar 2.6522 .3771 –0.01
WSJMarkets.com Macau pataca .1235 8.0970 0.6 Egypt pound .0566 17.6620 –0.6
Malaysia ringgit .2589 3.8625 –4.9 Israel shekel .2865 3.4906 0.3
Consumer Rates and Returns to Investor Benchmark Yields and Rates
New Zealand dollar
Pakistan rupee
.7242 1.3808
.00864 115.710
–2.1
4.6
Kuwait dinar
Oman sul rial
3.3379 .2996 –0.6
2.5980 .3849 –0.01
U.S. consumer rates Selected rates Philippines peso .0192 52.173 4.4 Qatar rial .2746 3.642 –0.2

A consumer rate against its Money market accounts

Treasury yield curve Forex Race Singapore dollar .7631 1.3104 –2.0 Saudi Arabia riyal .2666 3.7503 ...
Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. South Korea won .0009423 1061.28 –0.6 South Africa rand .0845 11.8335 –4.3
benchmark over the past year major U.S. trading partners Sri Lanka rupee .0064251 155.64 1.4
Bankrate.com avg†: 0.35% notes and bonds Close Net Chg % Chg YTD%Chg
Taiwan dollar .03450 28.988 –2.3
Barclays 1.50% Thailand baht .03207 31.180 –4.3 WSJ Dollar Index 83.75 –0.09–0.11 –2.59
1.60% Wilmington, DE 888-720-8756 3.75% 15%
Federal-funds s Sources: Tullett Prebon, WSJ Market Data Group
target rate Capital One 360 1.50% 3.00 10 Euro
1.20
t Glen Allen, VA 877-464-0333 Thursday
0.80 Discover Bank 1.50% t 2.25 5 Borrowing Benchmarks | WSJ.com/bonds
Yen
s

Money market
account yields
Riverwoods, IL 877-505-4051 1.50 0 Money Rates March 30, 2018
t 0.40 Goldman Sachs Bank USA 1.50% t
0.75 –5 Key annual interest rates paid to borrow or lend money in U.S. and
New York, NY 855-730-7283 s
0.00 One year ago
0.00 WSJ Dollar index international markets. Rates below are a guide to general levels but
AM J J A S O N D J FM MyeBanc,ADivisionofBACFloridaBank 1.50% –10
don’t always represent actual transactions.
2017 2018 Coral Gables, FL 855-512-0989 1 3 6 1 2 3 5 710 30 2017 2018
month(s) years Week —52-WEEK—
Inflation Latest ago High Low
Yield/Rate (%) 52-Week Range (%) 3-yr chg maturity Feb. index Chg From (%)
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Switzerland 0.50 0.50 0.50 0.50
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) level Jan. '18 Feb. '17 Britain 0.50 0.50 0.50 0.25
Federal-funds rate target 1.50-1.75 1.50-1.75 0.75 l 1.50 1.50 Australia 1.50 1.50 1.50 1.50
Prime rate* 4.75 4.75 4.00 l 4.75 1.50
Corporate Borrowing Rates and Yields U.S. consumer price index
All items 248.991 0.45 2.2 Secondary market
Libor, 3-month 2.31 2.29 1.15 l 2.31 2.04 Spread +/- Treasurys, Core 255.783 0.45 1.8
Yield (%) in basis pts, 52-wk Range Total Return Fannie Mae
Money market, annual yield 0.35 0.35 0.25 l 0.36 -0.07 Bond total return index Last Wk ago Last Low High 52-wk 3-yr International rates 30-year mortgage yields
Five-year CD, annual yield 1.66 1.65 1.29 l 1.66 0.17
10-yr Treasury, Ryan ALM 2.741 2.826 -0.63 -0.44 30 days 4.012 4.068 4.109 3.253
30-year mortgage, fixed† 4.40 4.43 3.73 l 4.49 0.50 Week 52-Week
60 days 4.041 4.100 4.139 3.281
DJ Corporate 3.703 3.785 2.44 2.20 Latest ago High Low
15-year mortgage, fixed† 3.85 3.91 2.99 l 3.95 0.60 Notes on data:
Aggregate, Barclays Capital 3.120 3.170 41 34 45 1.19 1.24 U.S. prime rate is the base rate on corporate
Jumbo mortgages, $424,100-plus† 4.66 4.74 4.21 l 4.96 0.31 Prime rates
High Yield 100, Merrill Lynch 6.265 6.269 363 304 376 2.743 3.495 loans posted by at least 70% of the 10 largest
Five-year adj mortgage (ARM)† 4.13 4.39 3.20 l 4.50 0.76 U.S. 4.75 4.75 4.75 4.00 U.S. banks, and is effective March 22, 2018.
Fixed-Rate MBS, Barclays 3.300 3.360 29 20 34 0.86 1.18 Canada 3.45 3.45 3.45 2.70 Other prime rates aren’t directly comparable;
New-car loan, 48-month 3.67 3.63 2.85 l 3.67 0.70
Muni Master, Merrill 2.491 2.504 13 5 18 2.008 1.820 Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location.
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest Complete Money Rates table appears Monday
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
EMBI Global, J.P. Morgan n.a. 6.104 n.a. n.a. n.a. n.a. n.a. Policy Rates through Friday.
Sources: Bureau of Labor Statistics; SIX Financial
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Euro zone 0.00 0.00 0.00 0.00 Information
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

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 MKT and Nasdaq Stock Market listed securities. 7.27 52.88 33.95 FlirSystems FLIR 1.3 64 50.01 0.84 -10.93 22.16 16.62 ManulifeFin MFC 3.8 25 18.58 0.27 -0.82 55.36 36.34 ServiceMaster SERV ... 13 50.85 0.54
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX 10.78 62.09 37.04 Fluor FLR 1.5 42 57.22 1.37 -4.73 19.52 10.55 MarathonOil MRO 1.2 dd 16.13 0.81 26.89 176.56 84.03 ServiceNow NOW ... dd 165.45 5.77
BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. -2.63 103.82 84.32 FomentoEconMex FMX 1.5 30 91.43 0.99 10.81 74.92 47.78 MarathonPetrol MPC 2.5 11 73.11 1.29 -15.64 23.44 18.50 ShawComm B SJR 5.0 23 19.26 0.03
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -11.29 13.48 10.14 FordMotor F 5.4 6 11.08 0.22 2.73 1194.98 936.95 Markel MKL ... 45 1170.25 15.57 -4.37 435.15 306.05 SherwinWilliams SHW 0.9 21 392.12 6.87
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 22.64 55.34 35.44 Fortinet FTNT ...315 53.58 1.30 7.78 229.84 171.45 MarketAxess MKTX 0.8 56 217.44 4.46 -8.62 50.37 40.02 ShinhanFin SHG ... 4 42.40 0.33
-7.91 38.24 31.41 Fortis FTS 4.0 19 33.77 0.09 0.18 149.21 90.00 Marriott MAR 1.0 38 135.98 2.08 -3.69 192.15 123.73 Shire SHPG ... 11 149.39 4.86
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 7.15 80.31 59.38 Fortive FTV 0.4 26 77.52 0.87 1.47 86.54 71.79 Marsh&McLen MMC 1.8 29 82.59 0.70 23.36 154.82 67.05 Shopify SHOP ... dd 124.59 2.99
-13.95 73.62 57.75 FortBrandsHome FBHS 1.4 19 58.89 0.59 -6.22 244.32 191.09 MartinMarietta MLM 0.8 18 207.30 5.51 3.42 161.92 116.68 SignatureBank SBNY ... 20 141.95 0.79
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -14.46 86.06 64.62 Franco-Nevada FNV 1.3 65 68.39 1.38 -2.19 25.18 14.58 MarvellTech MRVL 1.1 25 21.00 0.48 -10.13 176.17 147.28 SimonProperty SPG 5.1 25 154.35 -1.56
s-New 52-week high. standards vj-In bankruptcy or receivership or -19.96 47.65 33.58 FranklinRscs BEN 2.7 30 34.68 0.57 -7.97 46.45 32.97 Masco MAS 1.0 24 40.44 0.61 16.42 6.62 4.73 SiriusXM SIRI 0.7 48 6.24 0.07
t-New 52-week low. lf-Late filing being reorganized under the -7.33 20.25 11.05 FreeportMcM FCX ... 15 17.57 0.82 15.72 183.73 111.01 Mastercard MA 0.6 48 175.16 4.81 2.77 42.73 22.64 SkechersUSA SKX ... 34 38.89 0.53
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -2.80 57.94 41.46 FreseniusMed FMS 1.0 22 51.08 0.60 41.94 47.10 16.06 MatchGroup MTCH ... 37 44.44 1.28 5.59 117.65 93.05 Skyworks SWKS 1.3 23 100.26 1.39
four quarters. requirements. assumed by such companies. 15.19 74.94 43.35 MaximIntProducts MXIM 2.8 45 60.22 1.27 3.77 68.39 49.48 SmithAO AOS 1.1 37 63.59 1.07
FD-First day of trading. t-NYSE bankruptcy GHI 4.40 111.46 90.25 McCormick MKC 2.0 17 106.39 0.44 8.97 40.43 30.73 Smith&Nephew SNN 2.4 22 38.15 -0.30
-9.14 178.70 128.60 McDonalds MCD 2.6 25 156.38 -2.03 -0.19 134.12 99.56 Smucker SJM 2.5 11 124.01 0.71
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -12.53 24.37 18.83 GGP GGP 4.3 30 20.46 -0.09 -9.67 178.86 133.82 McKesson MCK 1.0 6 140.87 0.21 8.62 23.57 11.28 Snap SNAP ... dd 15.87 -0.08
8.61 72.77 54.50 Gallagher AJG 2.4 27 68.73 0.53 -0.66 89.72 76.41 Medtronic MDT 2.3 40 80.22 1.76 -15.35 185.47 140.83 SnapOn SNA 2.2 15 147.54 0.32
-9.54 39.32 32.51 Gaming&Leisure GLPI 7.5 19 33.47 -0.20 -0.21 30.49 18.21 MelcoResorts MLCO 1.9 41 28.98 0.84 -17.21 64.20 32.38 SOQUIMICH SQM 1.8 30 49.15 2.25
Thursday, March 29, 2018 YTD 52-Week Yld Net -8.40 35.68 21.02 Gap GPS 3.1 15 31.20 0.30 13.26 417.91 210.78 MercadoLibre MELI 0.21114 356.39 15.17 7.54 53.91 31.32 Sony SNE ... 13 48.34 0.26
% Chg Hi Lo Stock Sym % PE Last Chg -9.58 38.00 19.91 GardnerDenver GDI ... dd 30.68 0.63 -3.20 66.41 52.97 Merck MRK 3.5 63 54.47 -0.62 -7.13 53.51 42.38 Southern SO 5.2 53 44.66 0.02
YTD 52-Week Yld Net -1.07 65.96 48.50 Garmin GRMN 3.5 16 58.93 0.72
-12.08 46.00 30.81 CadenceDesign CDNS ... 50 36.77 0.63 -9.24 55.91 43.38 MetLife MET 3.5 13 45.89 -0.01 14.18 56.61 32.63 SoCopper SCCO 2.2 57 54.18 1.75
% Chg Hi Lo Stock Sym % PE Last Chg -4.49 142.16 107.13 Gartner IT ...3921 117.62 0.81 -7.18 697.26 472.44 MettlerToledo MTD ... 40 575.03 3.13 -12.48 66.98 49.76 SouthwestAir LUV 0.9 10 57.28 1.03
-11.07 14.50 9.20 CaesarsEnt CZR ... dd 11.25 0.35
-6.74 11.00 9.01 Gazit-Globe GZT 4.0 4 9.82 0.22 -1.38 69.95 32.38 MichaelKors KORS ... 18 62.08 0.87 -14.92 46.47 32.12 SpectraEnerPtrs SEP 8.8 43 33.64 0.70
ABC -8.56 96.39 78.19 CamdenProperty CPT 3.7 40 84.18
-9.98 59.14 40.99 CampbellSoup CPB 3.2 12 43.31
0.12
-0.10 8.58 230.00 185.64 GeneralDynamics GD 1.7 23 220.90 3.62 -58.20 36.21 12.67 MicroFocus MFGP ... 22 14.04 -0.10 -4.07 105.20 51.85 SpiritAeroSys SPR 0.5 28 83.70 1.13
-9.37 100.01 77.20 CIBC CM 4.8 11 88.28 0.92 -22.75 30.54 12.73 GeneralElec GE 3.6 dd 13.48 -0.20 3.96 101.48 71.40 MicrochipTech MCHP 1.6 94 91.36 0.20 18.77 112.66 54.17 Splunk SPLK ... dd 98.39 2.45
-11.48 28.67 22.04 ABB ABB 3.5 23 23.74 0.18
-11.36 85.73 70.59 CanNtlRlwy CNI 2.0 21 73.13 1.56 -24.00 60.69 43.96 GeneralMills GIS 4.3 12 45.06 0.71 26.80 63.42 26.36 MicronTech MU ... 6 52.14 0.65 -17.15 9.22 4.81 Sprint S ... 3 4.88 0.02
... 13.02 7.51 ADT ADT ... ... 7.93 0.33
-11.90 37.63 27.52 CanNaturalRes CNQ 3.4 20 31.47 0.96 -11.34 46.76 31.92 GeneralMotors GM 4.2 dd 36.34 0.87 25.30 67.52 46.09 Microsemi MSCC ... 37 64.72 0.41 41.91 58.46 16.66 Square SQ ... dd 49.20 1.81
4.99 12.05 9.87 AES AES 4.6 dd 11.37 0.14
-3.43 188.80 144.77 CanPacRlwy CP 1.0 14 176.50 2.14 0.79 34.79 23.34 Genpact G 0.8 24 31.99 0.40 6.70 97.24 64.85 Microsoft MSFT 1.8 63 91.27 1.88 -9.72 176.62 130.04 StanleyBlackDck SWK 1.6 19 153.20 2.36
-0.30 45.88 35.73 Aflac AFL 4.8 8 43.76 0.21
-2.54 40.67 30.79 Canon CAJ 3.9 18 36.45 0.17 9.88 24.07 16.59 Gentex GNTX 1.9 16 23.02 0.42 -9.27 110.95 85.16 MidAmApt MAA 4.0 32 91.24 0.30 0.80 64.87 52.58 Starbucks SBUX 2.1 19 57.89 -0.01
-6.29 22.34 17.84 AGNC Invt AGNC 11.4 10 18.92 0.11
-3.78 106.50 76.05 CapitalOne COF 1.7 28 95.82 1.55 -5.44 107.75 79.86 GenuineParts GPC 3.2 21 89.84 1.16 -8.27 142.00 107.53 Middleby MIDD ... 24 123.79 0.33 2.17 114.27 76.95 StateStreet STT 1.7 19 99.73 1.87
29.83 15.77 10.24 ANGI Homesvcs ANGI ... dd 13.58 0.05
2.30 82.80 54.66 CardinalHealth CAH 3.0 11 62.68 0.58 25.27 5.32 2.60 Gerdau GGB 0.8 dd 4.66 0.21 -8.67 8.11 5.94 MitsubishiUFJ MTU ... 10 6.64 0.02 10.41 24.47 16.18 Statoil STO 3.7 17 23.65 0.38
6.17 171.92 104.65 Ansys ANSS ... 52 156.69 1.82
-8.13 119.21 92.09 Carlisle CSL 1.4 18 104.41 1.18 -10.56 34.19 26.09 Gildan GIL 1.6 18 28.89 0.29 1.65 4.00 3.37 MizuhoFin MFG ... 9 3.70 0.03 2.53 50.70 32.15 SteelDynamics STLD 1.7 13 44.22 1.52
14.23 216.00 126.03 ASML ASML 0.9 ... 198.56 4.03
-6.77 25.90 15.60 Carlyle CG 6.2 9 21.35 0.35 5.23 89.54 63.76 GileadSciences GILD 3.0 22 75.39 0.61 11.78 12.80 7.76 MobileTeleSys MBT 6.3 12 11.39 0.12 2.06 25.30 14.07 STMicroelec STM 1.1 24 22.29 0.14
-8.31 41.89 32.55 AT&T T 5.6 7 35.65 0.09
-3.41 77.64 54.29 CarMax KMX ... 17 61.94 1.30 10.15 44.53 34.52 GSK GSK 6.5 50 39.07 -0.31 -15.83 286.85 226.57 MohawkInds MHK ... 18 232.22 3.33 3.93 170.00 129.82 Stryker SYK 1.2 60 160.92 2.95
4.99 64.60 42.31 AbbottLabs ABT 1.9223 59.92 0.69
11.25 118.94 76.47 GlobalPayments GPN 0.0 37 111.52 1.44
-2.13 125.86 63.12 AbbVie ABBV 4.1 29 94.65 0.38 -1.19 72.70 57.39 Carnival CCL 2.7 18 65.58 0.94 -8.21 97.50 72.07 MolsonCoors B TAP 2.2 12 75.33 -0.08 -2.19 9.67 6.93 SumitomoMits SMFG ... 8 8.50 0.03
-1.18 72.29 56.79 Carnival CUK 2.7 18 65.50 0.81 22.16 64.49 36.02 GoDaddy GDDY ...161 61.42 2.49 52.70 46.69 22.49 Momo MOMO ... 24 37.38 1.77 -1.52 96.08 78.90 SunComms SUI 3.1107 91.37 0.32
55.27 304.28 117.36 Abiomed ABMD ...147 290.99 8.00
-6.47 173.24 91.00 Caterpillar CAT 2.1117 147.38 8.22 15.63 11.64 Goldcorp GG 0.6 18 13.82 0.31 -2.50 47.23 39.19 Mondelez MDLZ 2.1 22 41.73 1.14 -0.34 44.50 32.22 SunLifeFinancial SLF 3.5 15 41.12 0.53
0.27 165.58 114.82 Accenture ACN 1.7 27 153.50 6.09 2.22
-8.42 138.54 78.83 CboeGlobalMkts CBOE 0.9 32 114.10 -1.14 275.31 209.62 GoldmanSachs GS 1.2 29 251.86 2.49 -0.08 124.20 113.15 Monsanto MON 1.9 22 116.69 -0.06 -5.94 38.39 27.96 SuncorEnergy SU 3.3 17 34.54 0.61
6.54 79.63 48.41 ActivisionBliz ATVI 0.5153 67.46 1.49 2.19
-17.73 36.74 26.26 Goodyear GT 2.1 20 26.58 0.22 -9.61 70.22 44.35 MonsterBev MNST ... 40 57.21 0.97 5.34 73.37 51.96 SunTrustBanks STI 2.4 15 68.04 1.48
-20.91 209.18 131.64 AcuityBrands AYI 0.4 19 139.19 2.18 -6.42 114.00 83.34 Celanese A CE 1.8 16 100.21 0.47
-14.52 147.17 84.95 Celgene CELG ... 25 89.21 1.11 49.69 30.80 Graco GGG 1.2 31 45.72 1.13 9.27 171.68 110.82 Moody's MCO 1.1 31 161.30 2.36 -7.88 34.20 24.94 Symantec SYMC 1.2 17 25.85 0.21
23.31 231.34 128.21 AdobeSystems ADBE ... 57 216.08 3.54 0.80
-11.73 10.37 6.45 Cemex CX 19.48 298.14 155.00 Grainger GWW 1.8 28 282.27 4.79 2.84 59.38 40.43 MorganStanley MS 1.9 17 53.96 1.05 -13.16 40.59 26.01 SynchronyFin SYF 1.8 14 33.53 0.42
18.92 151.72 78.81 AdvanceAuto AAP 0.2 18 118.55 2.57 ... 12 6.62 0.10
-6.46 11.89 6.76 CenovusEnergy CVE 1.9 5 8.54 -1.40 34.72 27.60 GreatPlainsEner GXP 3.5 dd 31.79 0.46 -5.38 29.56 19.23 Mosaic MOS 0.4 dd 24.28 0.71 -2.35 94.80 70.55 Synopsys SNPS ...308 83.24 0.94
-2.24 15.65 9.70 AdvMicroDevices AMD ...335 10.05 0.24 0.36
5.94 112.42 69.20 Centene CNC ... 23 106.87 -7.50 25.18 18.47 Grifols GRFS 2.0 23 21.20 0.18 16.56 110.29 79.63 MotorolaSol MSI 2.0 dd 105.30 1.34 4.17 53.14 39.07 SynovusFin SNV 2.0 23 49.94 0.58
12.04 7.52 5.86 AdvSemiEngg ASX 3.1 17 7.26 -0.04 6.52
-3.39 30.45 25.84 CenterPointEner CNP 4.1 7 27.40 41.32 112.41 32.43 GrubHub GRUB ... 91 101.47 2.36 89.08 44.58 19.40 MuleSoft MULE ... dd 43.98 0.28 -1.27 64.27 48.85 Sysco SYY 2.4 27 59.96 0.59
7.46 7.03 4.73 Aegon AEG 5.2 8 6.77 0.01 0.45
11.40 7.86 3.49 CentraisElBras EBR ... dd 6.35 -2.24 9.51 7.76 GpoAvalAcc AVAL 4.2 13 8.31 -0.03 -2.69 47.82 29.39 Mylan MYL ... 32 41.17 0.67
-3.59 55.66 42.35 AerCap AER ... 9 50.72 0.55 0.04
-6.31 194.40 125.53 Aetna AET 1.2 29 169.00 -0.43 -1.50 27.61 13.16 CenturyLink CTL 13.1 9 16.43 0.22 -0.14 73.45 36.09 GpoFinGalicia GGAL 0.0 18 65.76
-14.52 27.37 14.20 GrupoTelevisa TV 0.6 41 15.96
0.66
0.15
7.20 31.14 14.52 NRG Energy NRG 0.4 dd 30.53 0.26 TUV
-7.63 217.00 148.81 AffiliatedMgrs AMG 0.6 16 189.58 4.58 -13.93 73.86 56.49 Cerner CERN ... 23 58.00 -0.64 7.57 26.14 22.58 NTTDoCoMo DCM ... 15 25.57 0.22
8.85 92.65 55.26 Guidewire GWRE ... dd 80.83 1.62 -13.66 3700.00 2028.99 NVR NVR ... 24 3029.08 51.19 24.84 41.75 16.75 TAL Education TAL ...131 37.09 0.21
-0.10 75.00 52.26 AgilentTechs A 0.9113 66.90 0.50 t -7.36 408.83 303.78 CharterComms CHTR ... 9 311.22 4.96
10.43 106.84 71.18 HCA Healthcare HCA 1.4 16 97.00 -0.15 -0.08 125.93 103.14 NXP Semi NXPI ... 18 117.00 0.74 15.84 63.01 36.12 TD Ameritrade AMTD 1.4 34 59.23 2.00
-8.90 51.86 37.35 AgnicoEagle AEM 1.0 40 42.07 0.65 -4.13 119.20 95.03 CheckPoint CHKP ... 21 99.34 0.30 5.11 108.23 71.93 TE Connectivity TEL 1.6 29 99.90 3.56
-3.08 175.17 134.09 AirProducts APD 2.8 34 159.03 1.95 -2.70 58.08 34.70 Chemours -10.93 33.67 21.48 HCP HCP 6.4 27 23.23 -0.16 12.22 87.00 65.98 Nasdaq NDAQ 2.0 20 86.22 2.73
CC 1.4 12 48.71 2.51 -2.85 110.77 73.73 HDFC Bank HDB 0.5 ... 98.77 1.93 -7.16 38.50 32.06 Telus TU 4.6 19 35.16 0.36
9.13 78.28 44.65 AkamaiTech AKAM ... 57 70.98 0.93 -0.72 60.22 40.36 CheniereEnergy LNG ... dd 53.45 1.15 -4.05 75.24 51.44 NationalGrid NGG 3.6 12 56.43 -0.26
-5.22 42.25 28.97 HD Supply HDS ... dd 37.94 0.47 21.47 53.57 31.57 NatlInstruments NATI 1.8130 50.57 1.32 2.85 39.48 22.78 Ternium TX 3.4 8 32.49 1.08
-15.71 95.75 59.25 AlaskaAir ALK 2.1 7 61.96 0.39 -1.82 33.47 26.41 CheniereEnerPtrs CQP 6.9 dd 29.10 0.59 12.22 22.73 13.63 TIM Part TSU ... 27 21.67 0.73
-27.48 144.99 89.28 Albemarle ALB 1.4 21 92.74 3.18 -0.29 29.73 24.00 CheniereEnHldgs CQH 7.4 54 27.61 0.13 4.33 24.75 17.10 HP HPQ 2.5 10 21.92 0.23 2.19 40.90 29.90 NatlOilwell NOV 0.5 dd 36.81 0.88
-7.69 55.89 39.63 HSBC HSBC 8.8 19 47.67 -0.06 -8.97 45.63 36.25 NatlRetailProp NNN 4.8 33 39.26 0.28 6.67 84.79 66.44 TJX TJX 1.5 20 81.56 0.87
-16.54 57.50 29.55 Alcoa AA ... 39 44.96 0.54 -8.91 133.88 102.55 Chevron CVX 3.9 24 114.04 1.94 -3.89 68.88 54.60 T-MobileUS TMUS ... 12 61.04 0.17
-4.36 134.37 109.16 AlexandriaRlEst ARE 2.9 79 124.89 1.33 1.83 45.33 24.44 ChinaEastrnAir CEA ... 12 36.80 1.47 -3.95 57.86 38.18 Halliburton HAL 1.5 dd 46.94 0.89 77.93 111.36 17.33 NektarTherap NKTR ... dd 106.26 1.25
-11.91 25.73 18.27 Hanesbrands HBI 3.3123 18.42 0.04 11.51 65.58 37.43 NetApp NTAP 1.3 dd 61.69 2.22 2.90 120.07 67.60 TRowePrice TROW 2.6 18 107.97 2.18
-6.80 149.34 96.18 AlexionPharm ALXN ... 57 111.46 0.85 -10.38 17.85 13.76 ChinaLifeIns LFC 1.2 17 13.99 0.07 16.79 87.60 48.66 TableauSftwr DATA ... dd 80.82 1.62
6.44 206.20 106.76 Alibaba BABA ... 48 183.54 4.63 -8.81 166.19 57.89 ChinaLodging HTHT ... 52 131.71 5.91 -15.72 62.95 41.33 HarleyDavidson HOG 3.5 14 42.88 0.20 -18.74 377.64 253.20 Netease NTES 0.5 24 280.39 5.85
13.86 164.58 106.18 Harris HRS 1.4 38 161.28 1.50 53.86 333.98 138.66 Netflix NFLX ...236 295.35 9.58 10.37 46.57 31.49 TaiwanSemi TSM 2.6 20 43.76 1.07
13.02 287.32 113.40 AlignTech ALGN ... 88 251.13 6.71 -9.48 56.93 44.55 ChinaMobile CHL ... 11 45.75 0.10 -10.93 129.25 57.36 TakeTwoSoftware TTWO ... 60 97.78 0.32
5.90 71.22 46.42 Alkermes ALKS ... dd 57.96 -1.27 20.59 89.68 69.60 ChinaPetrol SNP 11.5 13 88.48 2.76 -8.46 59.20 46.69 HartfordFinl HIG 1.9184 51.52 -0.21 6.88 92.98 39.21 Neurocrine NBIX ... dd 82.93 0.10
-7.25 116.20 83.56 Hasbro HAS 3.0 27 84.30 0.48 -6.76 108.40 58.47 NewOrientalEduc EDU ... 49 87.65 1.40 18.95 53.57 38.47 Tapestry TPR 2.6 47 52.61 0.10
3.08 639.42 521.07 Alleghany Y ...115 614.44 9.48 1.56 70.52 32.14 ChinaSoAirlines ZNH 1.4 12 52.63 2.34 -9.13 60.62 39.59 TargaResources TRGP
7.20 89.81 73.93 Allegion ALLE 1.0 30 85.29 2.16 -6.30 53.77 41.28 ChinaTelecom CHA 3.0 13 44.48 0.81 12.19 75.55 45.50 Heico A HEI.A 0.2 36 70.95 0.20 0.08 14.53 11.67 NY CmntyBcp NYCB 5.2 14 13.03 0.08 8.3 dd 44.00 0.26
15.01 91.34 53.85 Heico HEI 0.2 45 86.81 -0.17 -17.54 55.08 23.85 NewellBrands NWL 3.6 5 25.48 0.20 6.41 78.70 48.56 Target TGT 3.6 13 69.43 0.25
2.88 256.80 142.81 Allergan AGN 1.7 dd 168.29 2.64 -5.17 16.55 11.87 ChinaUnicom CHU 0.6127 12.83 0.29 -22.29 37.62 24.85 TataMotors TTM 0.1 10 25.70 0.28
t -16.02 278.33 205.61 AllianceData 11.79 499.00 247.51 Chipotle CMG ... 52 323.11 3.60 2.97 75.02 42.16 Helm&Payne HP 4.2 18 66.56 1.98 4.13 42.04 31.42 NewmontMin NEM 1.4 dd 39.07 0.68
ADS 1.1 15 212.86 -9.04 -3.82 93.50 62.56 HenrySchein HSIC ... 25 67.21 0.94 -5.94 35.00 24.53 TechnipFMC FTI 1.8 46 29.45 0.76
-4.11 45.55 36.84 AlliantEnergy LNT 3.3 21 40.86 0.24 -6.41 157.50 133.82 Chubb CB 2.1 17 136.77 -1.49 -3.01 17.70 12.60 NewsCorp B NWS 1.2 dd 16.10 0.30
43.93 100.45 56.81 Herbalife HLF 1.2 41 97.47 0.30 -2.53 17.29 12.19 NewsCorp A NWSA 1.3 dd 15.80 0.37 -1.57 30.80 14.56 TeckRscsB TECK 0.6 8 25.76 1.18
-9.46 105.36 79.09 Allstate ALL 1.9 11 94.80 0.19 s 9.65 38.93 33.00 ChunghwaTel CHT 4.2 24 38.86 0.36 -14.47 40.19 21.66 TelecomArgentina TEO 2.5 13 31.33 0.24
-6.89 31.29 18.11 AllyFinancial -12.82 116.49 95.21 Hershey HSY 2.7 27 98.96 0.71 4.57 164.41 127.09 NextEraEnergy NEE 2.7 14 163.33 1.06
ALLY 1.9 13 27.15 0.56 0.38 54.18 43.21 Church&Dwight CHD 1.7 17 50.36 1.12 10.89 10.83 7.57 TelecomItalia TI
6.64 55.48 37.25 Hess HES 2.0 dd 50.62 1.89 6.22 70.25 50.35 Nike NKE 1.2 63 66.44 1.00 2.7 ... 9.57 ...
-6.26 153.99 46.90 AlnylamPharm ALNY ... dd 119.10 -10.77 -17.41 227.13 146.49 Cigna CI 0.0 19 167.74 -0.58 15.12 8.87 6.27 TelecomItalia A TI.A 3.7 ... 8.30 0.04
-1.40 1186.89 817.02 Alphabet C GOOG ... 57 1031.79 27.23 22.14 19.48 12.70 HewlettPackard HPE 1.7 19 17.54 -0.12 -6.86 27.76 22.44 NiSource NI 3.3 61 23.91 0.19
-23.37 130.16 89.49 CimarexEnergy XEC 0.7 18 93.50 0.75 3.32 201.40 121.58 TeledyneTech TDY ... 30 187.17 3.58
-1.54 1198.00 834.60 Alphabet A GOOGL ... 58 1037.14 31.96 4.43 69.52 49.20 Hexcel HXL 0.8 21 64.59 0.43 3.98 35.74 22.98 NobleEnergy NBL 1.3 dd 30.30 0.94
-0.95 81.98 68.49 CincinnatiFin CINF 2.9 12 74.26 0.40 2.48 288.78 191.04 Teleflex TFX 0.5 79 254.98 1.88
6.00 80.56 45.96 Altaba AABA ... 3 74.04 1.40 3.22 91.11 69.47 Hill-Rom HRC 0.9 30 87.00 1.10 17.38 6.65 4.51 Nokia NOK 4.3 dd 5.47 0.04
9.47 178.34 119.54 Cintas CTAS 0.9 28 170.58 1.53 3.57 17.33 13.06 TelefonicaBras VIV ... 17 15.36 0.53
-12.95 35.29 17.58 AlticeUSA ATUS ... 9 18.48 0.29 -1.38 88.11 55.91 Hilton HLT 0.8 20 78.76 0.45 0.52 6.83 5.28 NomuraHoldings NMR ... 9 5.85 0.08
11.98 46.16 30.36 CiscoSystems CSCO 3.1 dd 42.89 1.23 1.96 11.64 8.99 Telefonica TEF 4.8 14 9.87 0.09
-12.73 77.79 59.07 Altria MO 4.5 12 62.32 -0.13 -4.61 53.21 23.46 HollyFrontier HFC 2.7 11 48.86 1.30 -6.87 151.84 107.16 Nordson NDSN 0.9 23 136.34 2.34
-9.29 80.70 57.55 Citigroup C 1.9 dd 67.50 -0.76 -18.00 36.19 25.96 TelekmIndonesia TLK 2.8 16 26.42 0.18
-22.36 23.54 11.01 AlumofChina ACH ... 41 13.92 0.48 -12.61 46.80 35.33 Hologic HOLX ... 10 37.36 -0.03 2.17 54.00 37.79 Nordstrom JWN 3.1 19 48.41 0.51
... 48.23 31.51 CitizensFin CFG 2.1 13 41.98 0.43 8.82 37.56 25.91 Tenaris TS 1.5 57 34.67 1.11
-5.96 207.60 144.25 HomeDepot HD 2.3 24 178.24 3.48 -6.29 157.15 111.07 NorfolkSouthern NSC 2.1 7 135.78 1.81
23.76 1617.54 871.66 Amazon.com AMZN ...236 1447.34 15.92 5.45 96.96 73.33 CitrixSystems CTXS ... dd 92.80 1.10 9.17 50.68 29.68 Teradyne TER 0.8 36 45.71 0.88
12.54 7.43 5.30 Ambev ABEV ... 50 7.27 0.16 1.91 37.29 27.05 HondaMotor HMC ... 7 34.73 0.31 3.24 110.81 84.93 NorthernTrust NTRS 1.6 21 103.13 2.00
-10.51 150.40 123.64 Clorox CLX 2.9 22 133.11 2.80 t -14.52 389.61 248.21 Tesla TSLA ... dd 266.13 8.35
1.89 71.72 60.30 Amdocs DOX 1.5 22 66.72 0.53 -5.77 165.13 122.40 Honeywell HON 2.1 69 144.51 1.25 13.75 359.43 235.16 NorthropGrum NOC 1.3 30 349.12 4.41
-5.34 48.62 42.19 Coca-Cola KO 3.6161 43.43 0.11 -9.82 33.82 10.85 TevaPharm TEVA 2.0 dd 17.09 0.05
-8.68 400.99 326.30 Amerco UHAL ... 9 345.10 2.32 -5.69 38.00 29.75 HormelFoods HRL 2.2 20 34.32 0.66 -0.53 61.18 51.30 NorwegCruise NCLH ... 16 52.97 0.49
4.54 44.75 36.17 Coca-Cola Euro CCE 3.1 30 41.66 0.23 -0.53 120.75 75.92 TexasInstruments TXN 2.4 29 103.89 1.98
-4.00 64.89 51.89 Ameren AEE 3.2 26 56.63 0.69 -14.16 53.32 31.98 DR Horton DHI 1.1 16 43.84 0.56 -3.70 94.19 72.67 Novartis NVS 3.7 25 80.85 -0.40
-4.58 91.84 63.90 Coca-Cola Femsa KOF 2.6 dd 66.43 0.84 4.21 62.19 45.00 Textron TXT 0.1 52 58.97 1.37
11.31 19.52 14.09 AmericaMovil AMX 1.6 45 19.09 0.25 -6.10 21.53 17.26 HostHotels HST 4.3 25 18.64 0.07 -8.24 58.37 33.78 NovoNordisk NVO 1.6 21 49.25 0.13
-14.99 72.99 39.73 Cognex CGNX 0.3 53 51.99 1.22 s 5.99 139.62 114.28 HowardHughes HHC ... 36 139.13 8.73 226.44 151.74 ThermoFisherSci TMO 0.3 37 206.46 0.54
11.73 19.46 13.89 AmericaMovil A AMOV 1.6 45 19.00 0.17 2.79 -3.92 70.48 51.67 Nucor NUE 2.5 15 61.09 1.77
13.35 85.10 57.50 CognizantTech CTSH 1.0 32 80.50 0.83 -11.33 48.61 38.22 ThomsonReuters TRI 3.6 20 38.65 0.12
-0.13 59.08 40.82 AmerAirlines AAL 0.8 13 51.96 1.11 7.40 31.85 23.64 HuanengPower HNP 6.2 38 26.85 0.24 39.20 55.25 14.38 Nutanix NTNX ... dd 49.11 1.17
-5.00 77.91 67.86 ColgatePalm CL 2.3 31 71.68 0.88 -23.59 161.48 87.96 ThorIndustries THO 1.3 14 115.17 2.78
-6.77 78.07 63.32 AEP AEP 3.6 18 68.59 -0.07 -10.02 149.03 109.31 Hubbell HUBB 2.5 28 121.78 1.91 ... 56.18 40.41 Nutrien NTR 3.4 ... 47.26 1.45
-14.68 44.00 32.74 Comcast A CMCSA 2.2 7 34.17 0.89 -6.73 259.77 188.62 3M MMM 2.5 28 219.52 2.98
-6.07 102.39 75.51 AmerExpress AXP 1.5 32 93.28 1.07 8.37 293.35 205.19 Humana HUM 0.7 16 268.83 1.28 19.68 254.50 95.49 NVIDIA NVDA 0.3 48 231.59 10.24
10.51 102.66 64.04 Comerica CMA 1.3 23 95.93 1.66 -6.05 111.44 84.15 Tiffany TIF 2.0 33 97.66 -0.37
3.39 121.69 93.25 AmericanFin AFG 1.2 21 112.22 0.03 1.89 126.49 83.35 JBHunt JBHT 0.8 19 117.15 2.23
7.29 61.88 49.43 CommerceBcshrs CBSH 1.6 21 59.91 0.70 3.40 103.90 85.88 TimeWarner TWX 1.7 14 94.58 0.38
3.71 16.60 12.14 HuntingtonBcshs HBAN 2.9 15 15.10 0.08 OPQ

.
-8.06 23.83 18.39 AmerHomes4Rent AMH 1.0 dd 20.08 0.30 5.66 42.75 30.95 CommScope COMM ... 41 39.97 1.32 -9.93 52.73 34.99 Toll Bros TOL 1.0 12 43.25 0.58
-8.66 67.30 53.34 AIG AIG 2.4 dd 54.42 -0.10 9.36 276.69 183.42 HuntingIngalls HII 1.1 25 257.76 4.58
1.34 11.96 8.15 SABESP SBS ... 9 10.59 0.27 -0.43 37.32 29.59 OGE Energy OGE 4.1 11 32.77 0.44 -7.21 93.59 73.99 Torchmark TMK 0.8 7 84.17 0.47
-12.14 36.09 23.12 Huntsman HUN 2.2 11 29.25 0.36

ly
1.87 155.28 120.17 AmerTowerREIT AMT 2.1 54 145.34 1.04 -2.10 41.03 32.16 ConagraBrands CAG 2.3 17 36.88 0.56 6.49 61.36 47.14 ONEOK OKE 5.4 43 56.92 1.29 -4.26 73.86 58.39 Toro TTC 1.3 28 62.45 1.99
-10.23 92.37 74.63 AmerWaterWorks AWK 2.0 35 82.13 0.94 3.70 83.02 52.72 HyattHotels H ... 39 76.26 -0.41
0.07 162.91 106.73 ConchoRscs CXO ... 23 150.33 7.08 2.84 279.23 169.43 OReillyAuto ORLY ... 20 247.38 4.66 -2.95 61.06 45.18 TorontoDomBk TD 3.7 14 56.85 0.75
-12.70 183.90 118.84 Ameriprise AMP 2.2 16 147.94 0.98 27.89 166.64 72.84 IAC/InterActive IAC ... 50 156.38 2.27
8.02 61.31 42.27 ConocoPhillips COP 1.9 dd 59.29 0.56 -11.81 78.09 57.20 OccidentalPetrol OXY 4.7 38 64.96 1.81 4.36 59.57 48.15 Total TOT 5.3 16 57.69 1.49
-6.11 106.27 71.90 AmerisourceBrgn ABC 1.8 19 86.21 1.10 -9.04 11.26 7.48 ICICI Bank IBN 0.9 21 8.85 0.14
-8.25 89.70 73.73 ConEd ED 3.7 16 77.94 0.38 11.72 152.50 80.56 OldDomFreight ODFL 0.4 26 146.97 4.86 9.07 90.74 51.88 TotalSystem TSS 0.6 27 86.26 1.41
22.39 207.14 146.09 IdexxLab IDXX ... 65 191.39 2.60
4.83 79.32 53.19 Ametek AME 0.7 26 75.97 1.02 s 0.94 230.55 162.28 ConstBrands B STZ.B 0.8 31 229.65 10.44 0.33 22.34 17.91 OldRepublic ORI 3.6 11 21.45 0.04 2.52 140.99 103.62 ToyotaMotor TM ... 9 130.37 1.00
-1.97 201.23 152.16 Amgen AMGN 3.1 66 170.48 0.02 6.84 50.00 41.17 IHSMarkit INFO ... 34 48.24 0.29
-0.28 231.83 160.53 ConstBrands A STZ 0.9 27 227.92 7.43 -0.22 86.71 65.32 Omnicom OMC 3.3 16 72.67 0.03 -15.69 82.68 49.87 TractorSupply TSCO 1.7 19 63.02 3.02
-1.90 93.62 68.56 Amphenol APH 0.9 42 86.13 1.28 -8.29 20.58 14.55 ING Groep ING 6.3 12 16.93 0.01
11.29 59.90 29.08 ContinentalRscs CLR ... 28 58.95
on 1.64 16.81 27.10 13.65 ON Semi ON ... 13 24.46 0.65 -15.07 51.85 40.02 TransCanada TRP 5.3 16 41.31 1.06
12.62 64.15 39.96 AnadarkoPetrol APC 1.7 dd 60.41 1.51 -12.40 38.43 30.02 Invesco IVZ 3.6 12 32.01 0.53
5.02 260.26 194.29 Cooper COO 0.0 66 228.81 3.66 -2.44 40.31 30.88 OpenText OTEX 1.5 49 34.80 0.76 11.77 321.38 217.41 TransDigm TDG ... 25 306.94 6.15
2.36 98.38 74.65 AnalogDevices ADI 2.1 44 91.13 1.22 8.99 264.11 116.82 IPG Photonics IPGP ... 37 233.38 7.60
17.92 51.77 28.89 Copart CPRT ... 36 50.93 1.10 -3.24 53.48 43.60 Oracle ORCL 1.7 56 45.75 0.77 3.31 61.42 37.64 TransUnion TRU ... 24 56.78 0.26
-12.05 121.71 75.11 Andeavor ANDV 2.3 10 100.56 1.53 0.21 110.67 78.07 IQVIA IQV ... 16 98.11 -0.51
-12.85 35.10 26.32 Corning GLW 2.6 dd 27.88 0.53 -1.84 18.57 14.94 Orange ORAN 3.4 24 17.08 0.09 2.37 150.55 113.76 Travelers TRV 2.1 19 138.86 0.07
-2.99 55.79 42.17 AndeavorLog ANDX 8.9 20 44.81 1.15 -21.24 64.68 42.48 IRSA Prop IRCP 5.5 12 44.50 ...
22.14 378.57 197.55 CoStar CSGP ...100 362.68 6.65 0.84 134.59 93.50 OrbitalATK OA 1.0 25 132.61 0.09 -11.71 45.70 30.45 Trimble TRMB ... 76 35.88 1.11
-1.45 126.50 101.21 AB InBev BUD 3.4 27 109.94 0.31 7.62 62.79 47.06 IcahnEnterprises IEP 12.3 4 57.04 -0.13
1.24 199.88 150.00 Costco COST 1.1 28 188.43 4.82 5.99 100.03 73.70 Orix IX ... 8 89.86 1.42 18.66 50.95 29.50 TripAdvisor TRIP ... dd 40.89 0.28
-12.28 12.73 10.00 AnnalyCap NLY 11.5 8 10.43 0.12 5.34 124.65 76.45 Icon ICLR ... 23 118.14 -0.22
-7.99 21.68 14.24 Coty COTY 2.7 dd 18.30 0.05 -14.99 100.26 61.74 Oshkosh OSK 1.2 18 77.27 1.03 -6.27 11.29 7.79 TurkcellIletism TKC 1.3 15 9.56 0.41
4.47 23.56 16.31 AnteroResources AR ... 10 19.85 0.64 7.99 150.72 91.60 IDEX IEX 1.0 33 142.51 1.99
9.45 237.99 150.71 Credicorp BAP 2.1 14 227.04 2.39 -12.55 96.52 59.26 OwensCorning OC 1.0 32 80.40 -1.20 -10.50 3.59 2.44 TurquoiseHill TRQ ... 34 3.07 0.05
us l,

-2.36 267.95 163.87 Anthem ANTM 1.4 15 219.70 -1.78 -6.11 179.07 130.17 IllinoisToolWks ITW 2.0 32 156.66 2.80
2.14 377.82 182.50 CreditAcceptance CACC ... 14 330.41 5.80 8.21 256.64 167.16 Illumina ILMN ... 48 236.42 1.43 -2.01 71.57 37.30 PG&E PCG ... 14 43.93 0.69 6.26 39.13 24.81 21stCenturyFoxA FOXA 1.0 17 36.69 0.81
4.72 152.78 117.00 Aon AON 1.0 ... 140.33 0.87 -5.94 19.98 13.28 CreditSuisse CS 4.3 dd 16.79 0.21 -5.68 38.54 26.97 PLDT PHI 3.8 23 28.37 0.32 6.59 38.56 24.30 21stCenturyFoxB FOX 1.0 17 36.37 0.87
-8.86 54.64 33.60 Apache APA 2.6 11 38.48 1.13 t -15.04 32.81 25.91 ImperialOil IMO 2.0 59 26.50 0.34
-1.26 114.97 93.14 CrownCastle CCI 3.8107 109.61 -1.27 -12.02 144.32 80.85 Incyte INCY ... dd 83.33 -1.63 4.82 163.59 115.45 PNC Fin PNC 2.0 15 151.24 1.79 20.82 36.80 14.12 Twitter TWTR ... dd 29.01 0.56
-6.77 46.72 37.97 ApartmtInv AIV 3.7886 40.75 0.17 -9.78 62.27 48.27 CrownHoldings CCK ... 22 50.75 0.60 0.92 93.12 56.48 POSCO PKX ... ... 78.85 1.54 19.15 214.33 152.00 TylerTech TYL ... 51 210.96 4.69
10.05 18.71 13.88 Infosys INFY 2.2 17 17.85 0.16
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-11.50 37.35 23.44 ApolloGlbMgmt APO 8.9 10 29.62 ... 5.71 60.65 42.65 Ctrip.com CTRP ... 81 46.62 0.45 -4.47 122.07 100.45 PPG Ind PPG 1.6 18 111.60 1.63 -9.72 84.65 57.20 TysonFoods TSN 1.6 9 73.19 0.26
e
-0.86 183.50 140.06 Apple AAPL 1.5 17 167.78 1.30 -4.13 97.67 79.58 Ingersoll-Rand IR 2.1 17 85.51 1.56
12.07 111.10 81.09 Cullen/Frost CFR 2.1 19 106.07 1.38 -7.78 146.28 113.42 Ingredion INGR 1.9 18 128.92 2.37 -8.59 40.20 27.08 PPL PPL 5.8 17 28.29 0.12 -3.97 20.89 15.10 UBS Group UBS 3.8 61 17.66 0.07
8.78 62.40 37.41 ApplMaterials AMAT 1.4 21 55.61 1.55 -8.24 194.18 143.83 Cummins CMI 2.7 27 162.09 2.42 28.37 81.72 51.00 PTC PTC ...312 78.01 0.97 -7.53 40.71 32.88 UDR UDR 3.6129 35.62 0.02
0.17 96.91 61.53 Aptiv APTV 1.0 17 84.97 2.15 12.82 53.78 33.23 Intel INTC 2.3 26 52.08 2.48
10.85 140.07 82.77 CurtissWright CW 0.4 28 135.07 3.54 13.56 74.11 33.01 InteractiveBrkrs IBKR 0.6 62 67.24 1.52 10.36 157.96 96.85 PVH PVH 0.1 23 151.43 7.41 -5.39 52.00 42.51 UGI UGI 2.3 14 44.42 0.24
-13.18 39.55 31.18 AquaAmerica WTR 2.4 25 34.06 0.47 11.29 18.87 12.50 CypressSemi CY 2.6 dd 16.96 0.34 -6.91 79.69 61.93 Paccar PCAR 2.63 35.10 25.43 US Foods USFD
ci on

2.78 76.30 57.91 ICE ICE 1.3 17 72.52 1.07 1.5 14 66.17 1.67 ... 17 32.77 -0.17
-7.44 46.09 36.06 Aramark ARMK 1.1 18 39.56 -0.12 -6.51 131.13 89.73 PackagingCpAm PKG 2.2 16 112.70 1.52 4.82 41.18 25.60 USG USG ... 63 40.42 0.04
-3.62 69.23 49.03 InterContinentl IHG 2.3 20 61.21 0.09
-1.55 37.50 19.59 ArcelorMittal
-5.71 102.60 83.16 ArchCapital
MT ... 5 31.81 1.45
ACGL ... 21 85.59 -0.21
DEF 0.01 176.33 139.13 IBM IBM 3.9 25 153.43 0.91 -1.73 54.86 43.08 PacWestBancorp PACW 4.0 17 49.53 0.62 -8.67 314.86 187.96 UltaBeauty ULTA ... 23 204.27 -0.84
-20.65 66.50 36.00 DISH Network DISH ... 9 37.89 0.45 -10.29 157.40 128.42 IntlFlavors IFF 2.0 37 136.91 1.85 s ... 39.97 26.78 PagSeguroDig PAGS ... ... 38.32 1.22 11.67 257.93 181.59 UltSoftware ULTI ...508 243.70 6.06
8.21 46.33 38.59 ArcherDaniels ADM 3.1 15 43.37 0.57 25.24 191.53 107.31 PaloAltoNtwks PANW ... dd 181.52 4.62 -4.88 26.48 20.60 UltraparPart UGP 2.5 24 21.62 0.61
-15.45 31.17 21.75 Arconic ARNC 1.0 dd 23.04 0.34 -4.62 116.74 97.66 DTE Energy DTE 3.4 17 104.40 0.40 -7.78 66.94 49.60 IntlPaper IP 3.6 10 53.43 1.05
5.93 107.85 67.76 DXC Tech DXC 0.7 33 100.53 -0.07 14.24 26.01 18.30 Interpublic IPG 3.6 16 23.03 0.18 -14.31 212.80 151.17 ParkerHannifin PH 1.5 27 171.03 2.88 13.31 23.46 11.40 UnderArmour A UAA ... dd 16.35 0.02
8.37 311.67 128.66 AristaNetworks ANET ... 48 255.30 10.16 -1.53 33.07 21.12 ParsleyEnergy PE ... 64 28.99 1.65 7.73 21.80 10.36 UnderArmour C UA ... dd 14.35 0.16
-4.22 87.26 69.67 ArrowElec ARW ... 17 77.02 1.29 5.48 104.82 78.97 Danaher DHR 0.7 28 97.91 1.39 9.87 179.30 114.80 Intuit INTU 0.9 48 173.35 2.42
-11.22 100.11 76.27 Darden DRI 3.0 20 85.25 0.87 13.12 452.00 251.13 IntuitiveSurgical ISRG ... 73 412.83 10.44 -9.53 73.10 54.20 Paychex PAYX 3.2 25 61.59 0.99 0.12 61.62 49.27 Unilever UN ... 23 56.39 0.58
0.78 36.70 28.43 AstraZeneca AZN 5.4 29 34.97 -0.16 33.69 115.48 56.45 PaycomSoftware PAYC ... 95 107.39 2.21 0.40 60.13 48.91 Unilever UL 3.2 23 55.56 0.46
7.51 158.66 95.01 AthenaHealth ATHN ...110 143.03 2.27 -8.73 80.71 52.51 DaVita DVA ... 19 65.94 -0.06 -3.14 24.30 20.25 InvitatHomes INVH 1.9 dd 22.83 0.16
-0.76 175.26 107.04 Deere DE 1.5 36 155.32 3.84 -12.37 65.51 37.26 IonisPharma IONS ... dd 44.08 -1.85 3.06 86.32 42.06 PayPal PYPL ... 52 75.87 0.81 0.25 143.05 101.06 UnionPacific UNP 2.2 10 134.43 3.67
-7.54 55.22 45.15 Athene ATH ... 7 47.81 0.26
er rs

-9.93 92.40 59.92 DellTechs DVMT ... dd 73.21 1.11 -12.91 41.53 30.78 IronMountain IRM 7.2 48 32.86 0.15 7.23 10.80 7.62 Pearson PSO 3.2 16 10.53 ... 3.07 83.04 56.51 UnitedContinental UAL ... 10 69.47 1.56
18.45 62.25 29.56 Atlassian TEAM ... dd 53.92 1.76 -13.68 36.99 30.17 PembinaPipeline PBA 5.3 22 31.23 0.64 8.37 2.73 1.89 UnitedMicro UMC 3.2 21 2.59 ...
-1.92 93.56 76.46 AtmosEnergy ATO 2.3 16 84.24 0.54 -2.12 60.79 43.81 DeltaAir DAL 2.2 11 54.81 0.88 4.95 4.95 3.85 IsraelChemicals ICL ... 4 4.24 0.08
t -23.58 68.98 49.60 DentsplySirona XRAY 0.7 dd 50.31 0.36 20.00 16.98 10.02 ItauUnibanco ITUB 0.3 14 15.60 0.38 -3.53 74.84 59.13 Pentair PNR 2.1 26 68.13 0.24 -12.16 135.53 101.45 UPS B UPS 3.5 19 104.66 1.98
19.79 141.26 82.70 Autodesk ADSK ... dd 125.58 1.03 -0.21 20.26 15.96 People'sUtdFin PBCT 3.7 19 18.66 0.20 0.48 190.74 100.62 UnitedRentals URI ... 11 172.73 3.62
32.89 92.65 28.63 Autohome ATHM ... ... 85.94 2.59 -26.54 20.23 13.67 DeutscheBank DB 1.4 dd 13.98 0.22
14.84 152.57 96.08 Autoliv ALV 1.7 30 145.94 3.82 -23.21 45.16 28.79 DevonEnergy DVN 1.0 12 31.79 0.59 JKL -8.98 122.51 105.94 PepsiCo
3.56 84.49 56.21 PerkinElmer
PEP
PKI
3.0 32 109.15
0.4 70 75.72
-0.03
0.85
-5.75 58.50 49.15 US Bancorp
... 47.64 18.55 US Steel
USB
X
2.4 14 50.50
0.6 16 35.19
0.43
1.65
-3.17 125.24 95.50 ADP ADP 2.2 29 113.48 1.72 29.22 85.67 42.62 DexCom DXCM ... dd 74.16 0.88 -2.25 50.68 31.09 JD.com JD ... dd 40.49 0.48
-7.27 147.62 113.67 Diageo DEO 2.1 20 135.42 0.31 -4.38 95.93 63.68 Perrigo PRGO 0.9 99 83.34 0.74 -1.37 139.24 109.10 UnitedTech UTX 2.2 22 125.82 1.37
-8.81 797.89 491.13 AutoZone AZO ... 14 648.69 11.44 2.83 119.33 81.64 JPMorganChase JPM 2.0 17 109.97 1.97 -0.29 82.33 60.69 PetroChina PTR 1.1 37 69.74 -0.10 -2.93 250.79 163.46 UnitedHealth UNH 1.4 20 214.00 -4.50
0.21 134.60 82.77 DiamondbkEner FANG ... 25 126.52
m e

-7.82 199.52 152.65 Avalonbay AVB 3.6 26 164.46 0.41 1.85 3.41 127.31 91.50 JackHenry JKHY 1.2 27 120.95 1.41
-7.48 127.23 96.56 DigitalRealty DLR 3.8104 105.38 0.34 37.41 14.93 7.61 PetroleoBrasil PBR ... dd 14.14 0.38 4.46 128.15 95.26 UniversalHealthB UHS 0.3 15 118.41 -2.97
1.07 53.46 42.42 Avangrid AGR 3.4 42 51.12 0.37 -10.32 72.18 49.31 JacobsEngg JEC 1.0 31 59.15 2.28 32.15 13.92 6.96 PetroleoBrasilA PBR.A ... dd 12.99 0.29 -13.26 58.73 43.55 UnumGroup UNM 1.9 11 47.61 0.32
-7.50 123.67 79.13 AveryDennison AVY 1.7 34 106.25 2.20 -6.49 81.93 57.50 DiscoverFinSvcs DFS 1.9 13 71.93 1.65 1.53 18.79 13.55 JamesHardie JHX 1.1 31 17.88 0.45
-7.79 29.18 14.99 DiscovComm C DISCK ... dd 19.52 0.25 -2.02 39.43 31.67 Pfizer PFE 3.8 10 35.49 0.19 -10.65 8.94 6.62 VEREIT VER 7.9 dd 6.96 0.03
-6.71 38.20 27.77 AxaltaCoating AXTA ...232 30.19 0.03 -13.51 41.64 30.24 JanusHenderson JHG 3.9 10 33.09 0.62 -5.92 123.55 95.51 PhilipMorris PM 4.3 26 99.40 -0.39 0.16 84.38 51.22 VF VFC 2.5 46 74.12 0.45
4.67 56.31 41.17 BB&T BBT 2.5 19 52.04 0.51 49.19 38.00 19.25 DiscovComm B DISCB ... dd 37.00 1.05 12.14 163.75 128.58 JazzPharma
m rp

JAZZ ... 19 150.99 3.33 -5.17 107.47 75.14 Phillips66 PSX 2.9 10 95.92 1.59 t -10.63 22.99 17.86 VICI Prop VICI ... 96 18.32 0.05
-10.35 49.06 42.14 BCE BCE 5.6 18 43.04 0.29 -4.24 30.25 15.99 DiscovComm A DISCA ... dd 21.43 0.26 -9.04 24.13 18.05 JetBlue JBLU ... 6 20.32 0.15
-6.58 116.10 96.20 Disney DIS 1.7 14 100.44 1.90 -20.77 38.39 20.28 PilgrimPride PPC ... 9 24.61 -0.29 4.91 126.88 88.13 Visa V 0.7 41 119.62 2.63
-3.39 50.79 33.37 BHPBilliton BHP 5.0 25 44.43 0.94 -8.28 148.32 120.95 J&J JNJ 2.6329 128.15 0.70 -9.03 66.67 52.30 PinnacleFoods PF 2.4 12 54.10 0.31 4.34 237.77 186.44 VailResorts MTN 2.7 28 221.70 -2.03
-1.41 45.43 28.73 BHPBilliton BBL 5.5 22 39.73 0.94 2.52 74.29 48.00 DolbyLab DLB 1.0101 63.56 0.81 -7.53 44.37 33.89 JohnsonControls JCI 3.0 22 35.24 0.95
0.58 105.82 65.97 DollarGeneral DG 1.2 17 93.55 0.61 -6.32 92.48 73.81 PinnacleWest PNW 3.5 18 79.80 0.33 4.01 14.67 7.47 Vale VALE ... 12 12.72 0.27
7.22 107.00 74.48 BOK Fin BOKF 1.8 19 98.99 0.87 17.26 178.75 101.83 JonesLang JLL 0.4 31 174.64 1.20 -0.62 192.93 125.46 PioneerNatRscs PXD 0.2 35 171.78 4.26 0.94 99.95 60.69 ValeroEnergy VLO 3.4 10 92.77 2.49
-3.55 44.62 33.83 BP BP 5.9 39 40.54 0.94 -11.56 116.65 65.63 DollarTree DLTR ... 13 94.90 0.99 -14.63 30.96 23.84 JuniperNetworks JNPR 3.0 31 24.33 0.28
-16.81 85.30 66.99 DominionEner D 5.0 14 67.43 -0.36 6.73 31.93 18.38 PlainsAllAmPipe PAA 5.4 23 22.03 0.42 10.35 130.29 87.49 VarianMed VAR ... 99 122.65 1.12
-11.31 21.16 15.41 BT Group BT 4.2 15 16.16 0.17 7.31 56.75 40.27 KAR Auction KAR 2.6 21 54.20 0.38 -0.91 32.24 18.98 PlainsGP PAGP 5.5 dd 21.75 0.33 -15.65 21.99 13.78 Vedanta VEDL ... 14 17.57 0.34
5.03 67.69 45.79 BWX Tech BWXT 1.0 44 63.53 -0.97 23.60 236.00 166.74 Domino's DPZ 0.9 40 233.56 -0.31 -0.97 63.96 41.10 KB Fin KB ... 8 57.94 1.51
-7.97 52.20 42.59 Donaldson DCI 1.6 44 45.05 1.34 -7.64 137.66 77.91 PolarisIndustries PII 2.1 43 114.52 1.82 32.09 78.28 49.90 VeevaSystems VEEV ... 79 73.02 1.55
-4.71 274.97 171.17 Baidu BIDU ... 29 223.19 0.09 -3.61 24.50 16.77 KKR KKR 3.3 10 20.30 0.10 12.78 150.26 97.25 Pool POOL 1.0 32 146.22 2.46 -17.46 72.36 47.80 Ventas VTR 6.4 28 49.53 -0.14
-12.23 40.82 25.53 BakerHughes BHGE 2.6 dd 27.77 -0.30 -10.47 41.59 34.72 DouglasEmmett DEI 2.7 64 36.76 -0.02 3.75 123.96 87.93 KLA Tencor KLAC 2.2 26 109.01 2.44
-2.74 109.06 76.47 Dover DOV 1.9 19 98.22 2.01 -6.71 166.95 117.11 Praxair PX 2.3 33 144.30 2.14 3.60 127.24 86.74 VeriSign VRSN ... 32 118.56 2.16
4.91 43.24 35.60 Ball BLL 1.0 35 39.71 0.52 -12.24 18.82 12.70 KT KT ... 16 13.70 0.29 -13.68 75.58 57.62 PrincipalFin PFG 3.3 8 60.91 1.51 8.33 106.07 75.60 VeriskAnalytics VRSK ... 32 104.00 2.24
co Fo

-7.06 9.54 7.22 BancoBilbaoViz BBVA 9.4 13 7.90 0.12 t -10.54 77.08 62.31 DowDuPont DWDP 2.4 41 63.71 1.30 4.40 114.85 84.92 KSCitySouthern KSU 1.3 12 109.85 2.26
21.97 126.65 83.23 DrPepperSnap DPS 2.0 20 118.38 0.02 -13.71 94.67 75.81 Procter&Gamble PG 3.5 21 79.28 0.44 -9.65 54.77 42.80 Verizon VZ 4.9 6 47.82 -0.18
4.20 106.50 69.60 BancodeChile BCH 3.1 19 100.58 1.59 -4.37 74.28 58.76 Kellogg K 3.3 18 65.01 1.11 8.19 62.74 38.61 Progressive PGR 1.8 22 60.93 0.49 8.75 178.25 106.52 VertxPharm VRTX ...157 162.98 3.40
-6.83 136.10 82.68 BancoMacro BMA 0.7 13 107.97 1.03 s ... 34.37 27.75 DropBox DBX ... ... 31.25 0.27 -3.07 22.40 16.28 KeyCorp KEY 2.1 17 19.55 0.28
-7.89 91.80 72.93 DukeEnergy DUK 4.6 18 77.47 0.05 -2.36 67.53 50.36 Prologis PLD 3.0 21 62.99 0.46 13.47 49.00 28.20 Viacom A VIA 2.0 8 39.60 0.70
7.16 34.98 23.16 BcoSantChile BSAC 3.1 19 33.51 0.57 25.94 55.21 35.05 KeysightTechs KEYS ...111 52.39 1.16 27.97 123.87 70.30 Proofpoint PFPT ... dd 113.65 1.35 0.81 46.72 22.13 Viacom B VIAB 2.6 6 31.06 0.58
-1.92 10.82 6.67 BcoSantMex BSMX ... 10 7.17 0.05 -2.68 30.14 24.30 DukeRealty DRE 3.0 35 26.48 0.21 -4.94 77.70 62.91 KilroyRealty KRC 2.4 47 70.96 -0.44
6.45 37.48 29.44 ENI E ... 16 35.33 0.51 -9.94 127.14 97.88 PrudentialFin PRU 3.5 6 103.55 0.65 41.81 19.14 7.79 Vipshop VIPS ... 35 16.62 0.42
0.15 7.57 5.74 BancoSantander SAN 4.6 13 6.55 0.08 -8.73 134.29 104.58 KimberlyClark KMB 3.6 17 110.13 0.67 0.69 55.36 41.12 Prudential PUK 3.5 21 51.13 -0.52 80.33 35.20 13.10 VirtuFinancial VIRT 2.9150 33.00 0.48
5.95 48.74 36.38 BanColombia CIB 3.4 11 42.02 0.43 -2.45 119.00 81.99 EOG Rscs EOG 0.7 24 105.27 1.45 -20.66 23.03 13.69 KimcoRealty KIM 7.8 29 14.40 -0.13
6.60 125.88 73.49 EPAM Systems EPAM ... 87 114.52 2.99 -2.45 53.28 41.67 PublicServiceEnt PEG 3.6 16 50.24 0.88 13.70 21.43 14.50 VistraEnergy VST ... dd 20.83 -0.30
1.59 33.05 22.07 BankofAmerica BAC 1.6 19 29.99 0.60 -16.66 21.91 14.76 KinderMorgan KMI 3.31506 15.06 0.25 -4.12 232.21 180.48 PublicStorage PSA 4.0 30 200.39 -1.73 -3.23 165.00 85.45 VMware VMW ... 90 121.27 1.32
-5.56 84.71 66.75 BankofMontreal BMO 3.9 14 75.57 0.91 -16.53 67.84 43.70 EQT EQT 0.3 7 47.51 0.92 5.24 51.94 27.61 Knight-Swift KNX 0.5 17 46.01 0.51
11.78 58.49 33.06 E*TRADE ETFC ... 26 55.41 1.81 -11.31 35.21 21.41 PulteGroup PHM 1.2 20 29.49 0.41 -12.79 32.75 25.54 Vodafone VOD 4.3 dd 27.82 0.15
-4.33 58.99 45.88 BankNY Mellon BK 1.9 14 51.53 0.92 20.80 69.48 35.16 Kohl's KSS 3.7 13 65.51 0.95 4.46 36.34 27.74 Qiagen QGEN ...208 32.31 0.15 -13.92 83.52 64.13 VornadoRealty VNO 3.7 80 67.30 -0.22
-4.39 66.78 53.86 BkNovaScotia BNS 4.2 12 61.70 0.97 2.81 69.25 48.76 EastWestBncp EWBC 1.3 18 62.54 0.72 1.35 42.35 31.40 KoninklijkePhil PHG 2.6 19 38.31 0.30
13.97 112.45 76.11 EastmanChem EMN 2.1 10 105.58 1.40 5.78 86.84 62.68 Qorvo QRVO ...352 70.45 1.91 2.08 54.87 33.53 VoyaFinancial VOYA 0.1 dd 50.50 0.43
-0.37 53.70 40.15 BankofOzarks OZRK 1.6 14 48.27 0.95 -13.10 20.92 14.12 KoreaElcPwr KEP ... 18 15.39 0.52 -13.45 69.28 48.92 Qualcomm QCOM 4.1 dd 55.41 0.71 -11.06 141.20 110.23 VulcanMatls VMC 1.0 26 114.17 2.87
8.44 12.47 9.29 Barclays BCS 1.9 dd 11.82 0.06 1.14 89.85 69.82 Eaton ETN 1.9 12 79.91 0.86 -19.89 93.88 59.95 KraftHeinz KHC 4.0 7 62.29 0.92
-1.28 60.95 42.20 EatonVance EV 2.2 22 55.67 1.17 1.84 112.97 90.10 QuestDiag DGX 2.0 18 100.30 0.79
-13.96 20.36 11.07 BarrickGold ABX 1.0 10 12.45 0.06 -12.79 31.45 19.69 Kroger KR 2.1 11 23.94 0.32 WXYZ
0.62 72.58 51.57 BaxterIntl BAX 1.0 50 65.04 1.19 6.62 46.99 31.89 eBay EBAY ... dd 40.24 0.13
1.23 248.39 175.66 BectonDicknsn BDX 1.4165 216.70 4.27 2.15 140.50 124.42 Ecolab ECL 1.2 27 137.07 1.76
-13.39 71.92 53.79 Kyocera KYO ... 19 56.74 0.57 RS -6.71 162.20 111.68 WABCO WBC ... 18 133.87 1.26
10.72 17.39 10.53 LATAMAirlines LTM 0.4 57 15.39 0.37
71.92 182.79 34.36 BeiGene BGNE ... dd 168.00 3.99 32.13 20.55 8.61 Ecopetrol EC ... 18 19.33 0.66 -36.55 63.10 35.00 L Brands LB 6.3 11 38.21 0.54 -9.88 23.30 18.45 RELX RENX 3.8 26 20.79 0.13 -5.61 70.09 58.92 WEC Energy WEC 3.5 17 62.70 0.42
1.47 74.43 62.00 Berkley WRB 0.8 17 72.70 0.09 0.66 83.38 57.63 EdisonInt EIX 3.8 37 63.66 0.59 -12.06 17.05 11.59 LG Display LPL ... 5 12.10 0.08 -11.86 24.03 19.64 RELX RELX 3.7 26 20.89 0.14 10.90 163.25 97.26 WEX WEX ... 42 156.62 4.05
0.64 217.62 160.93 BerkHathwy B BRK.B ... 11 199.48 2.81 23.79 143.22 92.44 EdwardsLife EW ... 52 139.52 2.75 -4.83 47.81 32.69 LINE -9.06 56.69 46.80 RPM RPM 2.7 18 47.67 0.26 -10.03 72.41 59.23 W.P.Carey WPC 6.5 37 61.99 -0.17
15.40 131.13 87.94 ElectronicArts EA ... 38 121.24 1.91
LN ...133 39.01 0.85
0.17 326350 242180 BerkHathwy A BRK.A ... 11 298110 3069.00 -6.69 43.86 27.85 LKQ LKQ ... 22 37.95 0.45 15.24 47.17 28.76 RSP Permian RSPP ... 32 46.88 1.88 -12.16 113.51 76.68 WPP WPP 6.5 9 79.55 -0.17
-6.58 61.71 47.24 BerryGlobal BERY ... 16 54.81 0.77 -1.99 74.45 56.77 EmersonElec EMR 2.8 28 68.30 1.00 5.13 218.71 159.43 L3 Tech LLL 1.5 24 208.00 5.36 7.82 119.33 66.06 RalphLauren RL 1.8 dd 111.80 1.76 -0.04 93.81 69.20 Wabtec WAB 0.6 30 81.40 1.37
2.22 78.59 47.63 BestBuy BBY 2.6 21 69.99 1.43 -30.20 19.64 9.05 EnbridgeEnPtrs EEP 14.5 19 9.64 0.28 1.40 181.72 134.19 LabCpAm LH ... 13 161.75 0.22 -15.83 108.29 79.17 RandgoldRscs GOLD 2.4 28 83.24 0.92 -9.85 87.79 63.82 WalgreensBoots WBA 2.4 16 65.47 -2.12
4.78 279.59 195.50 Bio-RadLab A BIO ... 66 250.08 2.46 -19.53 42.92 29.54 Enbridge ENB 6.7 24 31.47 1.11 10.37 234.88 124.91 LamResearch LRCX 1.0 22 203.16 6.95 0.12 99.26 71.35 RaymondJames RJF 1.1 22 89.41 1.90 -9.90 109.98 70.64 Walmart WMT 2.3 27 88.97 1.20
-14.05 370.57 244.28 Biogen BIIB ... 23 273.82 2.00 -17.48 14.31 8.01 Encana ECA 0.5 13 11.00 0.48 -14.25 79.17 62.45 LamarAdv LAMR 5.7 20 63.66 -0.50 14.89 222.82 149.70 Raytheon RTN 1.6 31 215.82 4.76 1.13 74.59 58.28 WasteConnections WCN 0.8 33 71.74 0.56
-9.08 100.51 77.05 BioMarinPharm BMRN ... dd 81.07 1.45 15.71 59.29 42.08 EncompassHealth EHC 1.7 21 57.17 0.34 -9.28 62.31 47.25 RealtyIncome O 5.1 47 51.73 0.19 -2.53 89.73 70.08 WasteMgt WM 2.2 19 84.12 0.94
n-

3.14 60.85 40.61 LambWeston LW 1.3 27 58.22 1.83

6.68 53.00 41.10 BlackKnight BKI ... 32 47.10 0.40 4.03 12.11 9.07 EnelAmericas ENIA 0.9 19 11.62 0.24 3.47 79.84 55.18 LasVegasSands LVS 4.2 20 71.90 1.12 24.49 167.36 84.16 RedHat RHT ...107 149.51 3.31 2.83 220.20 153.91 Waters WAT ...1046 198.65 0.08
2.95 14.55 6.83 BlackBerry BB ... 13 11.50 -0.70 s 12.68 6.55 5.03 EnelChile ENIC 1.9 12 6.40 0.04 0.11 60.00 40.50 Lazard LAZ 13.0 29 52.56 1.03 -14.74 70.64 54.87 RegencyCtrs REG 3.8 83 58.98 -0.04 6.43 183.84 134.08 Watsco WSO 2.8 32 180.97 4.88
5.45 594.52 375.51 BlackRock BLK 2.1 18 541.72 13.69 -11.59 29.41 21.65 EnelGenChile EOCC 2.1 10 23.79 -0.68 5.34 202.42 132.01 Lear LEA 1.5 10 186.09 5.43 -8.41 543.55 313.53 RegenPharm REGN ... 33 344.36 5.88 -15.87 100.14 39.80 Wayfair W ... dd 67.53 2.39
-0.22 37.52 28.85 Blackstone BX 10.6 15 31.95 0.43 s 9.19 63.29 46.16 Energen EGN ... 20 62.86 2.08 -7.06 54.97 41.25 Leggett&Platt LEG 3.2 21 44.36 0.46 7.52 20.21 13.00 RegionsFin RF 1.9 19 18.58 0.30 15.54 142.12 48.82 Weibo WB ... 76 119.54 4.45
21.41 40.15 21.51 BlueBuffaloPet BUFF ... 41 39.81 0.04 -17.67 19.82 12.80 EnergyTransferEq ETE 8.6 17 14.21 -0.04 1.29 70.11 49.84 Leidos LDOS 2.0 27 65.40 1.14 -1.24 165.12 121.92 ReinsGrp RGA 1.3 6 154.00 -0.77 -3.72 221.75 137.10 WellCareHealth WCG ... 23 193.63 3.36
-4.13 236.17 74.45 bluebirdbio BLUE ... dd 170.75 -1.40 -9.49 24.71 15.06 EnergyTransfer ETP 13.9 7 16.22 0.13 -6.80 72.17 48.50 Lennar A LEN 0.3 17 58.94 0.18 -0.06 95.97 68.46 RelianceSteel RS 2.3 10 85.74 2.61 -13.61 66.31 49.27 WellsFargo WFC 3.0 13 52.41 0.93
11.18 371.60 175.47 Boeing BA 2.1 24 327.88 7.86 -3.21 87.95 71.95 Entergy ETR 4.5 35 78.78 -0.22 -7.72 58.65 40.39 Lennar B LEN.B 0.3 14 47.69 0.24 -2.04 69.40 60.26 RepublicSvcs RSG 2.1 17 66.23 0.73 -14.65 78.17 51.63 Welltower WELL 6.4166 54.43 -0.43
no

19.72 2228.99 1630.56 BookingHldgs BKNG ... 45 2080.39 25.70 -7.66 29.51 23.10 EnterpriseProd EPD 6.9 19 24.48 0.42 -1.87 223.05 160.18 LennoxIntl LII 1.0 29 204.37 4.15 16.27 104.78 67.04 ResMed RMD 1.4 49 98.47 2.22 -10.52 103.36 77.97 WestPharmSvcs WST 0.6 44 88.29 1.79
-1.68 58.22 37.54 BorgWarner BWA 1.4 24 50.23 1.58 -0.09 147.02 89.59 Equifax EFX 1.3 24 117.81 -1.23 -14.19 28.30 21.72 LeucadiaNatl LUK 1.8 53 22.73 0.28 -7.42 68.89 54.00 RestaurantBrands QSR 3.2 35 56.92 1.31 -0.40 57.32 47.06 WestarEnergy WR 3.0 23 52.59 0.65
-5.24 137.35 111.57 BostonProps BXP 2.6 42 123.22 -0.18 -7.74 495.35 370.79 Equinix EQIX 2.2140 418.14 1.12 -0.29 104.35 80.39 LibertyBroadbandA LBRDA ... 8 84.80 1.84 -2.65 59.25 37.66 RioTinto RIO 7.0 10 51.53 1.33 2.63 62.49 44.64 WestAllianceBcp WAL ... 19 58.11 0.75
10.21 29.93 24.19 BostonSci BSX ...390 27.32 0.64 -1.40 91.94 75.91 EquityLife ELS 2.5 40 87.77 0.56 0.62 104.66 80.41 LibertyBroadbandC LBRDK ... 8 85.69 1.78 4.23 60.59 42.92 RobertHalf RHI 1.9 25 57.89 1.06 16.02 106.96 76.59 WesternDigital WDC 2.2 76 92.27 1.47
10.40 33.73 17.44 Braskem BAK 2.6 ... 28.99 2.13 -3.37 70.45 54.97 EquityResdntl EQR 3.5 53 61.62 0.07 -10.08 37.86 27.36 LibertyGlobal C LBTYK ... dd 30.43 -0.38 -11.28 210.72 148.31 Rockwell ROK 1.9 61 174.20 -0.50 -10.87 47.40 32.24 WesternGasEquity WGP 6.6 19 33.12 0.62
6.09 105.04 69.48 BrightHorizons BFAM ... 38 99.72 2.03 -4.19 7.47 5.52 Ericsson ERIC ... dd 6.40 0.04 -12.64 39.73 28.17 LibertyGlobal A LBTYA ... dd 31.31 -0.54 -0.57 139.63 96.13 RockwellCollins COL 1.0 25 134.85 -0.45 -11.27 61.78 40.44 WesternGasPtrs WES 8.6 29 42.67 1.15
-12.35 75.00 49.62 BrighthouseFin BHF ... dd 51.40 0.36 -0.29 270.04 214.03 EssexProp ESS 3.1 37 240.68 1.05 3.07 29.11 19.59 LibertyQVC A QRTEA ... 6 25.17 0.14 -12.27 54.95 43.11 RogersComm B RCI 3.4 17 44.68 0.41 1.16 22.21 18.39 WesternUnion WU 4.0 dd 19.23 0.01
3.21 70.05 51.56 Bristol-Myers BMY 2.5107 63.25 0.68 s 17.67 150.40 83.34 EsteeLauder EL 1.0 52 149.72 3.69 -9.69 41.14 30.14 LibertyFormOne C FWONK ... 33 30.85 -0.02 9.67 53.00 35.82 Rollins ROL 1.1 62 51.03 0.56 4.34 121.30 59.58 WestlakeChem WLK 0.8 11 111.15 3.14
-13.88 73.41 53.38 BritishAmTob BTI 4.7 1 57.69 0.36 16.07 277.17 208.81 EverestRe RE 2.0 23 256.82 -1.51 -10.48 39.37 28.78 LibertyFormOne A FWONA ... 31 29.29 0.06 8.37 292.97 204.62 RoperTech ROP 0.6 30 280.69 4.20 -9.02 27.05 21.83 WestpacBanking WBK 6.5 13 22.18 0.21
-8.27 285.68 208.44 Broadcom AVGO 3.0 13 235.65 -1.03 -6.74 66.15 55.93 EversourceEner ES 3.4 19 58.92 0.45 3.08 26.52 21.35 LibertyBraves A BATRA ...379 22.73 0.03 -2.83 85.66 52.85 RossStores ROST 1.2 22 77.98 1.82 1.52 71.55 49.23 WestRock WRK 2.7 9 64.17 1.01
s 21.10 110.05 66.49 BroadridgeFinl BR 1.3 35 109.69 2.55 -27.14 32.50 18.03 Exelixis EXEL ... 45 22.15 -0.21 2.70 26.20 21.53 LibertyBraves C BATRK ...380 22.82 0.03 -5.34 87.10 66.66 RoyalBkCanada RY 3.9 13 77.29 0.97 -0.74 37.89 30.95 Weyerhaeuser WY 3.7 45 35.00 -0.02
-10.43 44.33 35.70 BrookfieldMgt BAM 1.5 29 39.00 0.23 -1.01 42.67 33.30 Exelon EXC 3.5 10 39.01 0.47 3.63 46.43 36.33 LibertySirius A LSXMA ... 12 41.10 0.27 -3.14 8.74 5.66 RoyalBkScotland RBS ... 47 7.40 0.04 -7.95 22.72 18.32 WheatonPrecMet WPM 1.8157 20.37 0.30
-7.07 46.88 37.54 BrookfieldInfr BIP 4.5 dd 41.64 0.59 -7.81 161.00 98.52 Expedia EXPE 1.1 47 110.41 4.09 3.00 46.24 36.11 LibertySirius C LSXMK ... 12 40.85 0.14 -1.29 135.65 93.86 RoyalCaribbean RCL 2.0 16 117.74 1.21 -9.21 202.99 150.22 Whirlpool WHR 2.9 34 153.11 1.94
t -1.13 53.87 25.16 Brown&Brown BRO 2.4 9 25.44 -0.07 -2.15 67.63 51.96 ExpeditorsIntl EXPD 1.3 24 63.30 1.68 -7.63 45.40 37.76 LibertyProperty LPT 4.0 21 39.73 0.39 -4.35 72.43 51.08 RoyalDutchA RDS.A 5.9 20 63.81 0.73 t -18.47 33.67 24.59 Williams WMB 5.5 9 24.86 0.08
-0.98 56.81 36.33 Brown-Forman B BF.B 1.2 35 54.40 1.58 -7.45 85.07 55.80 ExpressScripts ESRX ... 9 69.08 -0.65 -8.39 89.09 73.69 EliLilly LLY 2.9 dd 77.37 0.36 -4.04 74.60 53.10 RoyalDutchB RDS.B 5.7 21 65.53 0.73 -11.22 44.06 32.74 WilliamsPartners WPZ 7.0 37 34.43 -0.01
6.69 56.10 34.34 Brown-Forman A BF.A 1.2 27 53.33 1.85 -0.10 88.56 71.34 ExtraSpaceSt EXR 3.6 23 87.36 ... -1.78 101.34 81.85 LincolnElectric LECO 1.7 24 89.95 1.16 17.91 127.61 81.66 Ryanair RYAAY ... 18 122.85 1.98 1.00 165.00 125.66 WillisTowers WLTW 1.6 36 152.19 0.90
-24.54 69.95 35.24 BuckeyePtrs BPL 13.5 11 37.39 -0.58 -10.80 89.30 72.67 ExxonMobil XOM 4.1 16 74.61 1.80 -4.96 86.68 62.67 LincolnNational LNC 1.8 8 73.06 1.05 -6.41 116.90 96.04 SAP SAP 1.3 27 105.16 1.18 -5.67 6.40 4.75 Wipro WIT 0.6 22 5.16 0.04
10.23 83.75 63.87 Bunge BG 2.5 83 73.94 0.88 10.20 153.91 114.63 F5Networks FFIV ... 22 144.61 2.00 -1.01 49.11 29.82 LiveNationEnt LYV ... dd 42.14 0.22 12.79 197.76 127.60 S&P Global SPGI 1.0 33 191.06 3.78 -7.43 53.50 35.01 WooriBank WF 3.1 8 41.37 0.54
s 8.23 133.91 79.07 BurlingtonStrs BURL ... 24 133.15 2.66 -19.11 98.70 61.25 FMC FMC 0.9 19 76.57 3.46 -0.80 4.21 3.15 LloydsBanking LYG 6.1 17 3.72 ... 4.63 177.67 118.21 SBA Comm SBAC ...199 170.92 0.46 24.94 140.00 80.76 Workday WDAY ... dd 127.11 3.34
1.86 37.25 30.45 CA CA 3.0 34 33.90 0.42 -9.45 195.32 138.81 Facebook FB ... 30 159.79 6.76 5.26 363.00 266.01 LockheedMartin LMT 2.4 49 337.93 2.60 4.24 78.35 49.45 SEI Investments SEIC 0.8 30 74.91 1.95 11.82 85.53 59.10 Worldpay WP ...104 82.24 1.80
-14.30 25.90 18.26 CBD Pao CBD ... 24 20.20 0.64 3.46 217.36 155.09 FactSet FDS 1.1 32 199.42 0.98 -0.60 53.59 45.01 Loews L 0.5 14 49.73 0.29 3.95 124.60 63.05 Sina SINA ... 50 104.27 4.54 -1.24 127.96 83.40 Wyndham WYN 2.3 14 114.43 1.64
9.03 48.39 32.30 CBRE Group CBRE ... 23 47.22 0.52 -0.18 58.73 39.79 Fastenal FAST 2.7 27 54.59 1.41 9.19 43.54 30.64 LogitechIntl LOGI 1.7 31 36.73 0.11 7.58 64.43 50.67 SINOPEC SHI 7.8 7 61.32 0.17 8.17 203.63 112.70 WynnResorts WYNN 1.1 25 182.36 6.32
-13.95 71.07 49.33 CBS A CBS.A 1.4 46 51.44 -0.52 -12.57 138.12 106.41 FederalRealty FRT 3.4 40 116.11 -0.55 0.92 134.80 95.60 LogMeIn LOGM 1.0 65 115.55 3.90 -13.40 28.97 23.01 SK Telecom SKM ... 7 24.17 0.42 11.16 106.20 44.85 XPO Logistics XPO ... 42 101.81 3.58
-12.90 70.09 49.24 CBS B CBS 1.4 46 51.39 -0.49 -3.78 274.66 182.89 FedEx FDX 0.8 15 240.11 5.31 -5.58 108.98 70.76 Lowe's LOW 1.9 21 87.75 1.87 -4.06 109.95 89.46 SLGreenRealty SLG 3.4110 96.83 -0.35 -5.47 52.22 41.51 XcelEnergy XEL 3.3 20 45.48 0.14
-11.14 76.04 59.33 CDK Global CDK 0.9 28 63.34 0.60 14.96 131.20 69.59 Ferrari RACE ... 38 120.52 0.90 s 13.40 89.54 47.26 lululemon LULU ... 47 89.12 3.16 32.51 53.99 34.75 SS&C Tech SSNC 0.5 35 53.64 2.10 -1.27 37.42 26.64 Xerox XRX 3.5 49 28.78 -0.07
1.18 76.73 55.80 CDW CDW 1.2 21 70.31 0.38 15.02 24.95 9.56 FiatChrysler FCAU ... 8 20.52 0.58 -4.21 121.95 78.01 LyondellBasell LYB 3.8 9 105.68 2.53 2.67 271.79 159.44 SVB Fin SIVB ... 26 240.01 4.20 7.15 78.02 54.99 Xilinx XLNX 1.9 38 72.24 0.89
-11.31 45.00 25.04 CF Industries CF 3.2 25 37.73 1.24 32.65 22.05 8.60 FibriaCelulose FBR ... 31 19.50 0.25 4.63 25.01 17.30 Sabre SABR 2.6 24 21.45 0.18 12.79 79.83 48.81 Xylem XYL 1.1 42 76.92 1.11
6.09 59.89 46.40 CGI Group GIB ... 21 57.64 0.94 1.99 42.52 27.52 FidNatlFin FNF 3.0 17 40.02 0.21 MN -2.21 195.97 59.57 SageTherap SAGE ... dd 161.07 2.26 -5.63 26.70 18.41 YPF YPF 0.9 12 21.62 0.21
5.19 100.18 63.41 CH Robinson CHRW 2.0 26 93.71 2.02 2.35 103.65 78.89 FidNatlInfo FIS 1.3 25 96.30 0.98 13.76 128.87 81.55 Salesforce.com CRM ...684 116.30 3.42 -6.95 142.97 42.90 YY YY ... 17 105.20 3.93
4.61 56.14 41.94 CIT Group CIT 1.2 30 51.50 -0.03 4.65 34.57 23.20 FifthThirdBncp FITB 2.0 11 31.75 0.19 7.82 197.37 141.12 M&T Bank MTB 1.6 21 184.36 3.77 -6.79 50.65 38.14 Sanofi SNY 4.6 24 40.08 0.12 20.46 44.49 21.40 Yandex YNDX ... 97 39.45 0.20
10.74 171.71 114.82 CME Group CME 1.7 14 161.74 2.90 11.58 87.65 34.55 58.com WUBA ... 62 79.86 2.26 4.88 38.41 27.01 MGM Resorts MGM 1.4 10 35.02 0.92 -12.46 19.02 11.12 SantanderCons SC 1.2 5 16.30 0.26 4.31 86.93 63.18 YumBrands YUM 1.7 22 85.13 0.88
-4.25 50.85 40.48 CMS Energy CMS 3.2 28 45.29 0.22 4.71 62.71 37.80 FirstAmerFin FAF 2.6 16 58.68 0.57 22.38 128.28 64.75 MKS Instrum MKSI 0.6 19 115.65 4.30 -0.53 38.75 26.92 Sasol SSL 2.4 16 34.03 1.01 3.70 48.75 26.33 YumChina YUMC 1.0 41 41.50 0.78
-6.97 55.62 43.03 CNA Fin CNA 2.4 15 49.35 -0.48 -4.25 19.23 14.67 FirstData FDC ... 10 16.00 0.17 -6.85 39.38 30.88 MPLX MPLX 7.4 22 33.04 0.42 -3.87 80.89 61.02 Schlumberger SLB 3.1 dd 64.78 1.57 -5.43 18.08 11.91 ZTO Express ZTO ... 30 14.99 0.35
3.00 166.23 108.05 CNOOC CEO 3.5 19 147.87 0.72 -5.80 20.86 15.84 FirstHorizonNatl FHN 2.5 27 18.83 0.21 18.12 159.98 95.01 MSCI MSCI 1.0 45 149.47 -1.08 1.65 58.11 37.16 SchwabC SCHW 0.8 32 52.22 1.32 -7.17 37.95 29.73 ZayoGroup ZAYO ...100 34.16 0.72
30.43 17.69 10.63 CPFLEnergia CPL 1.8 29 15.00 0.31 6.89 105.52 84.56 FirstRepBank FRC 0.7 21 92.61 1.10 -14.71 69.73 52.12 Macerich MAC 5.3 77 56.02 -0.89 39.87 61.19 30.60 Seagate STX 4.3 27 58.52 1.63 34.09 148.71 86.82 ZebraTech ZBRA ...447 139.19 3.24
-5.74 39.32 32.47 CRH CRH 3.5 13 34.02 0.24 5.12 76.61 25.56 FirstSolar FSLR ... dd 70.98 1.66 18.06 31.04 17.41 Macy's M 5.1 6 29.74 0.67 -13.20 49.94 40.76 SealedAir SEE 1.5 53 42.79 0.57 32.55 59.73 33.09 Zillow A ZG ... dd 54.00 0.59
37.80 41.60 27.38 CSRA CSRA 1.0 18 41.23 ... 11.07 35.22 27.93 FirstEnergy FE 4.2 dd 34.01 -0.38 16.58 254.50 189.96 MadisonSquGarden MSG ... 78 245.80 3.28 -2.17 71.31 45.31 SeattleGenetics SGEN ... dd 52.34 0.66 31.48 59.99 32.87 Zillow C Z ... dd 53.80 0.33
1.27 60.04 46.04 CSX CSX 1.6 9 55.71 1.40 8.76 74.45 57.48 Fiserv FISV ... 25 71.31 0.57 -17.75 78.00 54.82 MagellanMid MMP 6.3 15 58.35 1.19 -22.90 9.14 4.49 SemicondctrMfg SMI ... 35 6.60 0.16 -9.64 133.49 107.32 ZimmerBiomet ZBH 0.9 12 109.04 0.88
-14.19 84.00 60.14 CVS Health CVS 3.2 10 62.21 -0.50 5.23 213.74 121.52 FleetCorTech FLT ... 26 202.50 5.87 -0.56 59.99 39.50 MagnaIntl MGA 2.3 10 56.35 1.94 4.02 122.97 100.63 SempraEnergy SRE 3.2111 111.22 0.89 3.74 57.29 38.43 ZionsBancorp ZION 1.5 20 52.73 0.56
-16.15 29.57 21.40 CabotOil COG 1.0109 23.98 0.26 -9.23 19.71 14.70 Flex FLEX ... 16 16.33 0.02 -8.73 136.93 97.15 Manpower MAN 1.6 14 115.10 2.64 1.13 40.28 30.12 ServiceCorp SCI 1.8 13 37.74 0.17 15.92 85.73 52.25 Zoetis ZTS 0.6 48 83.51 2.51

Dividend Changes
Dividend announcements from March 30.
Amount Payable / Amount Payable / Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Increased Constellation Brands B STZ.B 1.2 .67 /.47 Q May24 /May10 Pathfinder Bancorp PBHC 1.6 .06 /.0575 Q May11 /Apr20
Eaton Vance FR NextShares EVFTC 0.4 .0325 /.0315 M Apr05 /Apr03 Reliant Bancorp RBNC 1.4 .08 /.06 Q Apr20 /Apr10 Foreign
Constellation Brands A STZ 1.3 .74 /.52 Q May24 /May10
Eaton Vance Oaktree Div OKDCC 0.3 .0287 /.0258 M Apr05 /Apr03
Reduced Alamos Gold AGI 0.4 .01 SA Apr30 /Apr16
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Glacier Bancorp GBCI 2.4 .23 /.21 Q Apr19 /Apr10
Movado Group MOV 2.1 .20 /.13 Q Apr25 /Apr11 Eaton Vance TABS 5-to-15Y EVLMC 0.2 .0161 /.0175 M Apr05 /Apr03 Luxfer Holdings LXFR 3.9 .125 Q May02 /Apr13
S2:1: stock split and ratio; SO: spin-off.

Global Government Bonds: Mapping Yields

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
2.250 U.S. 2 2.266 l 2.266 2.250 1.290 2.250
0.050 U.S. 2 -0.326
Italy 2.266 l 2.266
-0.326 2.250
-0.195 1.290
-0.096 -259.2 -259.2 -138.5
2.750 10 2.739 l 2.739 2.862 2.421 2.000 10 1.792 l 1.792 1.975 2.144 -94.7 -94.7 -27.7
4.500 Australia 2 2.024 l 2.024 2.008 1.756 -24.3 -24.3 46.7 0.100 Japan 2 -0.136 s l -0.137 -0.159 -0.231 -240.2 -240.3 -152.1
2.250 10 2.608 l 2.608 2.794 2.700 -13.2 27.9 0.100 10 0.048 s l 0.041 0.052 0.064 -269.1 -269.8 -235.6
-13.2
1.400 Spain 2 -0.350 l -0.350 -0.370 -0.206 -261.6 -261.6 -149.6
0.000 France 2 -0.499 l -0.499 -0.453 -0.476 -276.5 -276.5 -176.6
1.400 10 1.163 l 1.163 1.461 1.624 -157.6 -157.6 -79.7
0.750 10 0.721 l 0.721 0.924 0.942 -201.8 -201.8 -147.8
2.000 U.K. 2 0.822 l 0.822 0.690 0.107 -144.5 -144.5 -118.2
0.000 Germany 2 -0.610 l -0.610 -0.596 -0.740 -287.6 -287.6 -203.0 4.250 10 1.353 l 1.353 1.504 1.120 -138.6 -138.6 -130.1
0.500 10 0.498 l 0.498 0.657 0.337 -224.1 -224.1 -208.4 Source: Tullett Prebon
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | B7

OPEC price impact by date

of quota reduction.

.
ly
on Crude oil implied volatility (VIX-equiva-
lent) hit a multi-year low, as OPEC pro-
us l,

vides the market with what is effectively

a put option.
al a
e
ci on

Natural gas has overtaken

coal as the dominant fuel
for electricity production.
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WSJ’S
co Fo

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Saturday/Sunday, March 31 - April 1, 2018 * ******* THE WALL STREET JOURNAL.

BANKING AND FINANCE

Bank’s Ex-CEO Sticks to Finance, Cricket

BY MIKE BIRD

A decade after the financial

crisis, The Wall Street Journal
has checked in on dozens of
the bankers, government offi-
cials, chief executives, hedge-
fund managers and others who
left a mark on that period to
find out what they are doing
now. Today, we spotlight the
former chief executive of
Northern Rock, Adam Apple-
garth, and former CEO of Mer-
rill Lynch, John Thain.
Adam Applegarth is playing
more cricket these days, now
that he is no longer running a
bank that for many symbolized
excesses of the financial crisis.
Mr. Applegarth was chief
executive of Northern Rock
PLC from 1996 to 2007, when
the bank, then one of the U.K.’s
biggest mortgage lenders,
nearly collapsed in Britain’s
first bank run in more than a
century, and was taken over by

MARK FLETCHER/SHUTTER PRESS

the government.
Northern Rock was one of
the first victims in the country
of the credit crisis and high-
lighted the dangers of banks’
overreliance on the markets
for funding.
Since the bank’s national-
ization, Mr. Applegarth has Throughout the financial crisis and its aftermath, Mr. Applegarth—shown batting in 2013—has played for Sunderland Cricket Club.
kept a low profile, giving no
interviews or making public vested in Belmont Green Fi- lightning rod for the unfolding U.K. retail banks. derland Cricket Club, an ama- cricket batting average—the
statements. nance Ltd., a mortgage lender financial crisis in the late sum- Following the credit crunch, teur cricket club in the north- average number of runs scored
Still, the 55-year-old hasn’t that is now offering mortgage mer of 2007, as money mar- which started in summer 2007, east of England, according to for each time the batsman has
left finance. In 2009, Mr. Ap- loans under the name Vida kets dried up and the bank he a run on Northern Rock began, the club’s website. After mak- been out—of 28.4 last year,

.
plegarth took a position as an Homeloans in the U.K., accord- ran was eventually national- with depositors lining up out- ing just seven games in 2008, down from a personal record

adviser to the New York in- ing to Belmont Green. Earlier
vestment firm Apollo Global this month, Vida Homeloans
Management LLC, a position announced a range of mort-
he held until 2013. gages for customers with on
After that, he advised New “slightly impaired credit histo-
York-based private-equity firm ries.”
Pine Brook Partners as it in- Mr. Applegarth became a
us l,
ly
ized. side branches to withdraw he has notched up more in re- of 40.9 in 2012, according to
Under his leadership, the their money. The British gov- cent years, playing 17 in the Sunderland Cricket Club’s
bank’s business model shifted ernment took over the bank in 2016 season and 12 in the 2017 website. That is roughly equiv-
to wholesale markets to fund February 2008. season. alent to a Major League Base-
mortgage lending, and it be- Throughout the crisis and He couldn’t be reached for ball player hitting .275, good
came more active in securitiz- its aftermath, Mr. Applegarth comment. enough to crack the starting
ing its mortgages than other has continued to play for Sun- Mr. Applegarth had a lineup, perhaps, but no all-star.

Helping Companies After Crises BOARD

al a

ADVERTISEMENT
e

The Mart
ci on

BY MICHAEL WURSTHORN led since 2010. Mr. Thain Continued from page B1
To advertise: 800-366-3975 or WSJ.com/classifieds
helped the lender to small- Mr. Thain would bring a
John Thain still clings to his and midsize companies long history of experience in
BUSINESS OPPORTUNITIES roots as a corporate fix-it guy. emerge from bankruptcy pro- financial services, some of it
CHRIS GOODNEY/BLOOMBERG

The 62-year-old banking ex- tection, lowered its funding tumultuous.

er rs

ecutive has a history for leading costs and boosted returns. But Early in his career, he spent
 
  struggling businesses through he was criticized by CIT’s more than two decades at
   turbulent periods. Now, he has
taken on a new role as a direc-
board for failing to meet most
of the expectations for starting
Goldman Sachs, working his
way up the ranks to co-chief
  
m e

tor at Uber Technologies Inc. and closing the integration of operating officer and presi-
as the ride-hailing firm faces a OneWest Bank, and it opted to dent. In 2004, he became head
-- .$/ / 0$
01/) 2$/$.$
$/( string of controversies related Mr. Thain has led troubled slash his pay in his final year. of the New York Stock Ex-
m rp

to its corporate culture and companies through trying times. Taking over in December change. He then became chief
3. 44& 
"     &'5 treatment of employees.
His tenure as a board mem-
ber got off to a rocky start last
fall. The firm’s former chief ex-
co Fo
ecutive, Travis Kalanick, ap-
pointed Mr. Thain without con-
sulting the rest of the board,
surprising directors who
weren’t pleased. Mr. Kalanick’s
power to appoint board mem-
bers was the subject of a law-
suit that was settled last year
after Uber agreed to add more
2007, Mr. Thain, a former Gold- executive of Merrill Lynch in
for election at the bank’s annual man Sachs Group Inc. executive
meeting in May, says a person who had risen through the
familiar with the board’s plans. ranks to be president and co-
As chairman and CEO of operating chief, steered Merrill
Merrill Lynch & Co., Mr. Thain through mortgage-related
was perhaps best known for problems before helping to
finding a buyer for the troubled craft a sale to Bank of America
firm during the financial crisis. Corp. at the height of the crisis.
He has said he relishes the The deal helped save Mer-
challenge of helping businesses rill’s brand, which lives on un-
regain their footing. “I enjoy der Bank of America today. But
fixing things that someone else Mr. Thain got flak for hefty bo-
late 2007, when the invest-
ment bank was grappling with
debilitating mortgage-related
losses.
He helped orchestrate Mer-
rill’s sale to Bank of America
Corp. at the height of the
2008 financial crisis, then lost
his job and was lambasted by
investors, regulators and poli-
ticians for big bonuses paid to
Merrill employees.
     !  "#  directors, limiting the former broke,” he said in 2015. nuses paid to Merrill employ- He later told the Journal
CEO’s influence. He couldn’t be reached for ees after the sale’s announce- that he regretted taking the
 
 

       Mr. Thain has been tapped to comment for this article. ment and a $1.2 million office job and having to sell Merrill

 
    

 
 
serve on the supervisory board His record since Merrill has redecoration amid mounting to Bank of America.
!    "        #
of Deutsche Bank AG as the been mixed. Before joining losses. Three weeks after the Mr. Thain then earned
  
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   + , German lender faces three con- Uber’s board, Mr. Thain retired bank completed its purchase of credit for shepherding a turn-
$       -. *#"   ' &/  secutive full-year losses. He will after six years at the helm of Merrill in early 2009, BofA around at CIT Group. He left
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0
  12     34 be submitted to shareholders CIT Group Inc., a bank he had forced out Mr. Thain. CIT in 2016.
  
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   $""#  %&''('''  % (
&  )( *+   , NYSE Circles Over Chicago Stock Exchange
BY DAVE MICHAELS
AND ALEXANDER OSIPOVICH Mini Market
The Chicago Stock Exchange’s
The New York Stock Ex- share of U.S. stock-trading
change is in talks to buy the volume has dwindled to about
3 
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 = tiny Chicago Stock Exchange, one-half of 1% in recent years.
   1    8A;8@ '%1 B / after the recent collapse of a
two-year acquisition effort 6%
by a Chinese-led investor
ANNOUNCEMENTS BUSINESS SERVICES 5
group, people familiar with
the situation said.
The talks could still fall 4
QLACQuote.com “SELL YOUR PRODUCTS"
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gional stock exchange, which 2
SCOTT OLSON/GETTY IMAGES

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QLACS.NET 561-948-4632 handles less than 1% of U.S.
stock-trading volume. Instead 1
of becoming a potential out-
Digital Billboards TRAVEL post for Chinese firms seek-
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INTERNATIONAL
country’s largest exchange The SEC rejected a Chinese-led bid for the Chicago Stock Exchange.
2@SFRCInc.Com Major Airlines, Corporate Travel operator by value of shares
Never Fly Coach Again! listed, which is well posi- approval to start a new ex- U.S. lawmakers had alleged them to become regulated ex-
www.cooktravel.net tioned to win regulatory ap- change can take years. For a the deal risked hurting the changes and to abide by in-
AUCTION (800) 435-8776
proval. big market operator like the security of the U.S. financial vestor-protection rules. To
 


The NYSE has discussed NYSE—which owns four stock system. CHX and Chongqing do this, the cryptocurrency
    
    ! ! paying about $70 million for exchanges and two options Casin Enterprise Group Co., platforms could merge or

THE
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the Chicago exchange, the exchanges—acquiring an ex- a Chinese conglomerate that form alliances with compa-


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MART
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sales.mart@wsj.com men for the NYSE and for the and traders. for new buyers. rency platforms.

 
 
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    For more information visit:

 

    
 
wsj.com/classifieds company, CHX Holdings Inc., change Commission would time when exchange licenses founded in 1882, would be a

   
   declined to comment. have to sign off on the take- are potentially more valu- small acquisition for the
  
  


  
 

  © 2018 Dow Jones & Company, Inc. Analysts say CHX’s most over. The SEC rejected the able, due to the growth of NYSE, whose parent company
.33/ 145614 7 
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(  All Rights Reserved. valuable asset is its license to Chinese-led bid for the ex- unregulated platforms that Intercontinental Exchange
run a national securities ex- change in February, citing trade cryptocurrencies. The Inc. reported profit of $2.5
change. Getting regulatory regulatory deficiencies. government wants many of billion last year.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
China to Its Tech Stars: List at Home
SHANGHAI—The Chinese
government unveiled a pilot
plan to encourage qualified
companies in select industries
to float shares on its domes-
tic stock market, paving the
way for the country’s big
technology companies to list
at home.
Overseas-listed Chinese
companies in advanced tech-
nology sectors with market
capitalizations of at least 200
billion yuan ($31.8 billion)
can return to China’s yuan-
denominated stock market by
selling shares or issuing fi-
nancial instruments called
Chinese depositary receipts,
according to the China Secu-
rities Regulatory Commission.
The announcement was made
after markets in China closed
on Friday.
The plan is aimed at luring
companies such as Alibaba
Group Holding Ltd., Tencent
Holdings Ltd., Baidu Inc. and
JD.com Inc. back home. Ali-
baba and other companies
were previously barred from
listing their shares domesti-
cally because they were incor-
porated overseas. Tencent is
listed in Hong Kong, while
Alibaba, Baidu and JD.com
are listed in New York. The
Volatility in Natural Gas Vanishes
 
 



 
 
 

* * * *
four companies are domiciled
in the Cayman Islands.
Internet company Alibaba,
which has a market value of
$470 billion and went public
on the New York Stock Ex-
change in 2014, has been
working on a plan to list in
China as soon as this summer.
A spokeswoman for the com-
pany previously said Alibaba
has long considered listing its
shares domestically if regula-
tions would permit it. Chinese
smartphone maker Xiaomi
Corp., meanwhile, is planning
to go public in Hong Kong
this year and may also list its
shares in China via depositary
receipts, the Journal previ-
ously reported.
Chinese authorities are ea-
ger to welcome back home-
grown tech champions to give
individual investors a chance
to tap into heady tech-stock
profits. Shares of Tencent and
Alibaba have risen 83% and
68%, respectively, from a year
ago, while Baidu and JD.com
have each increased over
22%.
A total of 15 overseas-
traded Chinese companies
had valuations exceeding the
$31.8 billion market capital-
ization threshold as of last
MARKETS
Alibaba, one of China’s largest companies with operations in e-commerce and logistics, is among
other firms that have listed shares overseas. The government unveiled a plan to lure them back.
week, according to data from
Wind Information Co.
Meanwhile, private tech
companies with revenue of at
least 3 billion yuan in the
past year would also be al-
lowed to go public on the
Shanghai and Shenzhen ex-
changes if their estimated
valuation is at least 20 billion
yuan, the securities regulator
said. This could include firms
that have yet to turn a profit.
The regulator said it would
set up a committee to select
qualified companies from sec-
tors that fit with national
strategies and possess core
technologies, including inter-
net, big data, cloud comput-
ing, artificial intelligence,
software and integrated cir-
Saturday/Sunday, March 31 - April 1, 2018 | B9
innovative companies to list
domestically through public
share offerings or the issu-
ance of Chinese depositary
receipts was approved by the
State Council, China’s cabinet,
on March 22.
The plan could prove to be
a boon for Chinese companies
listed outside of China that
qualify to list shares back
home. Stocks on the mainland
tend to trade at higher valua-
tions than in other markets,
and access to domestic inves-
tors could also make it easier
for the companies to raise ad-
VCG VIA GETTY IMAGES
ditional funds by selling
shares.
There are risks, however.
China’s stock market is
largely driven by individual
investors and has been prone
to large swings during times
of stress in previous years. In
addition, depositary receipts
cuit, high-end manufacturing typically confer limited rights
and biotechnology. to their holders.
The pilot plan for allowing —Stella Yifan Xie
ADVERTISEMENT
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
PUBLIC NOTICES

    
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lence brought on by a global China have levied tariffs 
         
supply glut. 2.75 against each other. " % & ' !(   ) !#!) & *% & " #+" )!"# !'! % " ,   '-+"
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been prone to severe swings, volatility, or lack thereof, will !-% " !"    ) %%%  , "!" ",% ! & ,! !'!  !"2
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is at its lowest since 1996, the

bank said in a note this past
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January
Source: WSJ Market Data Group
straint from other major crude
February March tal data than macroeconomic "!" ",% -"% , " ! 04 "+ !  -)+! !"# !  2 & -', " ! 0 , " #! % " 
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reached weekly record highs. to the lowest level in nearly  9 
     
   
    

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since late 2014. exporters have eliminated an That has kept U.S. oil prices three years in early 2018, ac-  . 7            9  8   
9                   
The depressed volatility, inventory overhang. Quieter between $58 and $66 a barrel cording to data from the En-       . 9     9     2
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other asset classes, is largely return to balanced supply and rose 0.9% to $64.94 a barrel, tion. Natural gas stockpiles !!-(- -
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attributable to the outsize im- demand, analysts said. putting it up 7.5% this year so have also significantly de- .. *



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which have become more flexi- troleum Exporting Countries were closed on Good Friday. ries 20% below the five-year  A



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down output, the bank said.
While shale producers
flooded the market with oil
and gas years ago, increasing
global fuel demand and re-

co Fo
tending their deal to limit out-
put into 2019, and geopolitical
risks to supply have kept
prices supported. Meanwhile,
U.S. production has repeatedly
pieces that are working
against each other,” said Bob
Yawger, director of the futures
division at Mizuho Securities
USA Inc. “Your upside and
On Thursday, natural gas .!!. !
:;;:<=>?
for May delivery rose 1.3% to
$2.7330 per million British
NOTICE OF SALE PUBLIC NOTICES
thermal units, although gas is
down 7.5% for the year to date.
  
  

  





 

 



 

 

 
    
  

  

 
 

 
       
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BY SURYATAPA BHATTACHARYA the tech upturn to push the tary policy abroad have to the dollar’s decline, analysts  +  * 

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the losses of a tough first The region’s worst per- For the quarter, the euro 7.7% against the Mexican peso 9   
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Japan’s Nikkei Stock Aver- Nikkei, weighed down by a currency. optimistic outlook for the *<   
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age led the way Friday with a 5.7% slide in the dollar against “Worries about the U.S.’s U.S.’s southern neighbor in re- 

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Korea, Taiwan and Shenzhen stronger yen hurts Japanese creasing protectionism from American Free Trade Agree-  
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MARKETS with many mar- While the yen’s gains have ity from the Trump adminis- and Ira Iosebashvili 25     C# 
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helped lift the Nikkei following
overnight buying of major U.S.
tech stocks that have been
rally are unlikely to fade, said
Takahiro Sekido, Japan strate-
gist for Bank of Tokyo-Mitsub-
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
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makers in Taiwan gained from growth and tightening mone-
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B10 | Saturday/Sunday, March 31 - April 1, 2018
Investors’ Zeal for Tech Remains Strong
Despite turbulence
recently, the stocks
are considered a good
bet in the long run
BY AKANE OTANI
AND MICHAEL WURSTHORN
Wall Street still isn’t ready
to break up with the market’s
technology darlings.
Stock ratings among ana-
lysts and brokerages have
largely held steady for big
tech firms even as their shares
have slumped, a sign the tidal
wave of bad news hitting the
industry hasn’t destroyed con-
fidence in the popular stocks.
Analysts cite big technology
companies’ strong earnings
outlook and dominance across
industries from retail to social
media, as well as the likeli-
hood that any additional regu-
lations imposed by lawmakers
will take time to implement.
Tech shares began sliding in
mid-March, following reports
about Facebook Inc.’s handling
of user data. Added to that at
the end of the month: reports of
a fatal crash involving a Tesla
Inc. vehicle and the prospect of
the Trump administration try-
ing to rein in Amazon.com
Inc.’s market dominance.
The New York Stock Ex-
change’s FANG+ Index—which
tracks the shares of 10 global
tech giants—fell 2.3% this past
week, paring losses after Tues-
day’s 5.6% drop, its biggest one-
day loss since September 2014.
Yet as of the end of the
week’s trading, 91% of analysts
had a “buy” or “overweight”
rating for Facebook shares, ac-
cording to a FactSet analysis
of 45 ratings on the stock, a
jump from an average of 89%
for February.
“There’s going to be higher
regulation, and we’re assuming
that in how we look at these
names,” said Josh Olson, a tech-
nology-equity analyst at Ed-
ward Jones. “But for the long-
term investor, the fundamentals
remain pretty compelling, and
Email: heard@wsj.com
Tariffs Cloud
The Outlook
For Retailers
Retailers, who were look-
ing down and out this time
last year, got two big gifts
toward the end of 2017. One
was an unusually strong hol-
iday season, lifting sales. An-
other was the U.S. tax plan,
which dropped the corporate
tax rate to 21% from 35%,
handing them a timely cash
no
windfall to reinvest in their
fight against Amazon.com.
Those twin forces have
raised the 2018 outlook for
many retailers. But elevated
expectations pose a new
problem, especially as the
Trump administration pre-
pares to raise new tariffs on
imports from China. Those
tariffs, which are meant to
force changes in Beijing’s in-
tellectual-property practices,
could cover consumer goods
ranging from electronics to
apparel to footwear.
That has retailers worried,
and rightly so. It would undo
all the benefit they have
seen from the tax cuts, says
Stephen Lamar, executive
vice president of the Ameri-
can Association of Apparel
and Footwear.
Retailers have been calling
for greater intellectual-prop-
erty protections for years.
But they believe the Trump
administration’s proposed
tariffs will drive up prices
without solving that prob-
lem. It isn’t surprising that
retailers are aggressively
pleading their case. About
42% of clothing and 72% of
footwear sold in the U.S.
comes from China. “It’s the
U.S. consumer who will lose
at the end of the day,” says
Jon Gold of the National Re-
tail Federation.
The bigger losers may be
investors. Since their low in
July, retail stocks are up
40%. If tariffs dent sales,
those expectations and those
stock gains will be dashed.
—Elizabeth Winkler
Analysts largely remain bullish on big technology stocks, thanks to
the companies’ track record of delivering solid earnings growth.
Stock-price decline in March
Tesla
Facebook
Twitter
Alphabet
Apple
Amazon.com
–25% –20 –15
Cboe Nasdaq 100 Volatility Index’s daily moves
60%
40
20
0
on
–20
January February
us l,
Source: FactSet
al a
e
we think this is an opportunity.”
Credit Suisse added in a re-
search note following the
ci on
Facebook news that it contin-
ues to be a buyer of the stock.
It reasoned that the issues fac-
ing the social network are
“backwards-looking” and cited
er rs
the company’s announcement
last year that it would double
the number of employees fo-
HEARD ON THE STREET
m e
m rp
Risky Rx: Walmart-Humana Deal
co Fo
There is a method to the
madness of retailers that
want to buy health insurers,
but Wall Street still isn’t
crazy about it.
Walmart is in preliminary
discussions to buy Humana,
The Wall Street Journal re-
ported on Thursday. While
Walmart has long been a
n-
dominant pharmacy player, a
deal would push it into new
business lines.
One obvious rationale lies
beneath these talks: Retailers
have an urgent need to main-
tain foot traffic. Pharmacies
can help.
Grocery chain Albertsons
illustrated this recently when
it announced a deal to ac-
quire pharmacy chain Rite
Aid. Pharmacy customers
visit Albertsons stores an av-
erage of 2.3 times a week
and spend $66 on groceries
and $26 on prescriptions.
Other customers visit less
than once a week and spend
just $24 weekly on grocer-
ies. A hypothetical entry
from new online rivals like
Amazon.com into the phar-
macy business has the poten-
tial to hammer sales.
Adding an insurer to the
fold has the potential to help
Advertisers Are Unlikely to Rush to Unfriend Facebook
As frustrated as advertis-
ers may be with Facebook
these days, a bigger chal-
lenge may be finding a suit-
able alternative.
Whether many will actu-
ally try to do so remains the
$55 billion question. That is
what Wall Street expects
Facebook to generate in ad-
vertising revenue this year.
It is a big number that also
happens to be 37% higher
than what the company gen-
erated in ad sales last year.
Google’s ad business was ex-
panding about half as fast
when it was the same size.
Perhaps most notable is
that the majority of analysts
MARKETS
–10 –5
March
cused on user security.
Analysts remained similarly
upbeat about Amazon: 96% of
46 analysts had the equivalent
of a “buy” rating for the stock,
up from an average of 94% in
February.
And 86% of analysts have a
“buy” rating for Google parent
Alphabet Inc., down slightly
from 87% the month before.
FINANCIAL ANALYSIS & COMMENTARY
Adding an insurer may help Walmart protect its retail business.
protect the retail business if
Walmart can expand the clin-
ical options it can offer in
stores. That thought process
helped fuel CVS Health’s de-
cision to purchase Aetna last
year.
Yet that logic doesn’t
mean that Walmart share-
holders will be happy. For
one thing, the cost of a po-
tential deal is massive. Add-
ing a 25% takeover premium
to Thursday’s closing enter-
prise value would value Hu-
mana at about $46 billion.
Walmart would have to
stretch its balance sheet or
haven’t brought down their
projections for Facebook’s ad
business even as controversy
has engulfed the company
over the past two weeks.
Many instead are taking a
wait-and-see approach.
Questions over Facebook’s
handling of user data has
sparked an online campaign
to #DeleteFacebook. But lit-
tle is known about whether
that is having any effect.
Facebook’s next quarterly re-
port—likely about a month
from now—will be the first
real opportunity to see if us-
ers are fleeing or largely
sticking around.
In the latter case, most
Facebook's share price compared with analysts’ price target
$230
220
210
200
190
180
170
160
150
140
0 Oct. 2017 ’18
Expected earnings growth for S&P 500 sectors in the first quarter,
change from a year earlier
Energy
Materials
Technology
Financials
Telecom
Industrials
Utilities
Health care
Consumer staples
Consumer discretionary
Real estate
0%
The continued bullishness
shows that, even as investors
question the durability of the
tech sector’s market leader-
ship, many analysts remain re-
luctant to call it quits on com-
panies that have delivered
remarkable growth throughout
the past year. Shares of Face-
book, Amazon and Alphabet
are down 14%, 7.9% and 8.6%,
Prescriptions Pay
Pharmacy customers at
Albertsons average more
weekly grocery spending.
$80
60
40
20
0
Pharmacy Nonpharmacy
Source: the company
THE WALL STREET JOURNAL.
heavily dilute existing share-
holders to pay that. Minimal
advertisers likely will, too.
As controversial as Facebook
may be right now, its scale
and reach make the platform
unique among advertising
channels. The social network
ranked highest in terms of
return on investment among
online advertising platforms
in a survey by RBC Capital
Markets. Interestingly, most
of the survey took place in
the latter half of March as
the negative headlines about
Facebook piled up. RBC ana-
lyst Mark Mahaney noted
that Facebook even managed
to edge out Alphabet’s
Google for the top ranking
for the first time.
* *** THE WALL STREET JOURNAL.
Mean price
target
Actual stock price
.
ly
20 40 60 80
THE WALL STREET JOURNAL.
respectively, since March 16,
while the tech-heavy Nasdaq
Composite has declined 5.6%.
“There’s been a massive so-
cietal shift that’s changed how
we interact with one another
and how we consume things,
and technology is at the fore-
front of that shift,” said Tony
Roth, chief investment officer
of Wilmington Trust, a Dela-
business overlaps mean there
won’t be much opportunity
to find cost savings by com-
bining.
Yet that won’t ensure a
smooth antitrust review. A
Walmart-Humana tie-up
would mean three large deals
involving health insurers will
JULIO CORTEZ/ASSOCIATED PRESS
need regulatory clearance,
including CVS-Aetna and
Cigna’s planned purchase of
Express Scripts Holding.
Trump administration offi-
cials have criticized large
health-care consolidation. In-
vestors clearly are wary, be-
cause both Aetna and Ex-
press Scripts trade at
significant discounts to im-
plied offer values.
Both CVS and Cigna have
sold off sharply since unveil-
ing their proposed deals. An
Amazon entry into the phar-
macy world would put these
new competitive barriers to
the test. Acquirers also are
making pricey bets that
health-care regulatory rules
won’t change in a way that
disadvantages these deals.
If its wager backfires, ev-
eryday low prices will be
where Walmart least wants
it: in the stock price.
—Charley Grant
Large advertisers are
most certainly making their
feelings about Facebook
known. The RBC survey
found a drop in the number
who said they planned to in-
crease their spending on the
platform. But Facebook actu-
ally has a “long tail” of small
to midsize advertisers that
make up about 75% of its to-
tal ad business, according to
analyst Michael Nathanson
of MoffettNathanson. Those
advertisers have few other
options that generate the
same level of return, so they
are unlikely to just disap-
pear, Mr. Nathanson said.
Of course, much at Face-
ware-based asset-management
firm. “When you look at the
big technology companies that
are leading the charge, they all
have to do with the fact that
human beings are living differ-
ently around the world—and
that’s driving revenues higher.”
Short sellers have also
raked in profits since the tech-
nology sector’s rout began.
Bets on falls in value for
FAANG names—Facebook, Ap-
ple, Amazon, Netflix and Al-
phabet—gained roughly $2.9
billion since March 19, accord-
ing to Ihor Dusaniwsky, man-
aging director of predictive
analytics at S3 Partners.
And big tech’s dominance of
the stock market is also a cause
for concern. “Every time you’ve
seen this kind of concentration
of leadership, it usually ended
poorly,” said Vincent Deluard,
global macro strategist at INTL
FCStone. He cited the collapse
of Japanese banks in the 1990s,
the bursting of the dot-com
bubble in 2000 and the slide in
energy stocks around 2015.
Whether technology stocks
can overcome the recent tur-
bulence and continue their run
will depend largely on their
ability to continue growing
revenue and earnings and
reign in high-profile legal, ethi-
cal and technological problems.
Technology companies in
the S&P 500 are poised to post
22% earnings growth in the
first quarter from the year-ear-
lier period, according to Fact-
Set. That would build on gains
from the fourth quarter that
helped propel revenue at Ama-
zon and Alphabet to records.
That may help explain why
some of the biggest funds
tracking technology shares
have continued to attract cash.
The Technology Select Sector
SPDR Fund pulled in $570.5
million in March, according to
FactSet, even though the fund
posted its worst monthly per-
formance since April 2016.
“If big tech can show the
growth, investors will forgive
it all,” said Mr. Deluard of
INTL FCStone.
WSJ.com/Heard
OVERHEARD
How do you say “money
for nothing” in Japanese?
Last year, fund manager
Fidelity International made
headlines by saying it
would start charging vari-
able fees to its big institu-
tional clients based on the
performance of its funds.
Now, one of its largest
customers, Japan’s Govern-
ment Pension Investment
Fund, with $1.5 trillion in
assets, says it will pay
managers the same fee as
a passive index fund if
they lag behind or meet
their benchmark but po-
tentially much more if
they beat it.
But why stop there?
All of its managers
combined failed to meet
its benchmark last year,
though some individual
ones must have.
If the fund had put this
system in place a year
ago, it still would have
lagged behind but would
have saved a bit on fees.
But if it had taken the
next logical step of put-
ting everything into an in-
dex fund, it would have
done better and spent
even less.
book is in flux. This past
week, the company promised
to improve its data privacy
settings for users while also
limiting the information ac-
cessible to third-party data
brokers. It is unclear how
these changes will affect us-
age and the attractiveness of
the platform for advertisers.
The company also could en-
act more sweeping changes
as it races to improve its im-
age and possibly ward off
government regulation.
Little at Facebook is cer-
tain these days, but one cer-
tainty is that advertisers will
always follow the crowd.
—Dan Gallagher
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

The original Some enchanted

Siamese Twins: collaboration:
entrepreneurs, A book explores
family men, Rodgers &
Confederates Hammerstein
C3 C5

BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
© 2018 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, March 31 - April 1, 2018 | C1

‘RESURRECTION OF CHRIST’
by Sodoma (Giovanni Antonio
Bazzi).

readiness of Christians to care

for all the sick, not just their
own, was a factor, as was the
impressive witness to faith of
countless martyrs. Christianity
also grew from within because
Christians had larger families, a
byproduct of their faith’s prohi-
bition of contraception, abortion
and infanticide.
For theologians who like to
think that arguments won the
day for the Christian faith, this
sort of historical reconstruction
is not particularly gratifying, but
it makes a lot of human sense.
Prof. Stark’s analysis still leaves
us with a question, though: How
did all that modeling of a com-
pelling, alternative way of life
get started? And that, in turn,

How did a ragtag

band of nobodies
become such a
dominant force?

.
ly
brings us back to that gaggle of
nobodies in the early first cen-
tury A.D. and what happened to
on them.
What happened to them was
the Easter Effect.
There is no accounting for the
us l,

rise of Christianity without

weighing the revolutionary ef-
fect on those nobodies of what
al a
e
they called “the Resurrection”:
their encounter with the one
ci on

whom they embraced as the

Risen Lord, whom they first
knew as the itinerant Jewish
rabbi, Jesus of Nazareth, and
who died an agonizing and
er rs

shameful death on a Roman

cross outside Jerusalem. As N.T.
Wright, one of the Anglosphere’s
pre-eminent biblical scholars,
m e

makes clear, that first genera-

tion answered the question of
m rp

why they were Christians with a

straightforward answer: because
Jesus was raised from the dead.
Now that, as some disgrun-
tled listeners once complained
co Fo

about Jesus’ preaching, is “a

hard saying.” It was no less chal-
lenging two millennia ago than
it is today. And one of the most
striking things about the New
Testament accounts of Easter,
BRIDGEMAN IMAGES

and what followed in the days

immediately after Easter, is that
the Gospel writers and editors
carefully preserved the memory
of the first Christians’ baffle-

The Easter Effect

ment, skepticism and even fright
about what had happened to
n-

their former teacher and what

was happening to them.
In Mark’s gospel, Mary Mag-
dalene and other women in Je-
no

sus’ entourage find his tomb

empty and a young man sitting
The first Christians were baffled by what they called ‘the Resurrection.’ nearby telling them that “Jesus
of Nazareth, who was cruci-
Their struggle to understand it brought about a revolution in their way fied…has risen; he is not here.”
But they had no idea what that
of life—and astonishing worldly success for their faith. was all about, “and went out and
fled from the tomb…[and] said
Christians likely counted for between a quarter and a half nothing to anyone, for they were afraid.”
BY GEORGE WEIGEL

I
n the year 312, just before his victory at the
Battle of the Milvian Bridge won him the undis-
puted leadership of the Roman Empire, Con-
stantine the Great had a heavenly vision of
Christian symbols. That augury led him, a year
later, to end all legal sanctions on the public
profession of Christianity.
Or so a pious tradition has it.
But there’s a more mundane explanation for Constan-
tine’s decision: He was a politician who had shrewdly de-
cided to join the winning side. By the early 4th century,
of the population of the Roman Empire, and their expo-
nential growth seemed likely to continue.
How did this happen? How did a ragtag band of no-
bodies from the far edges of the Mediterranean world be-
come such a dominant force in just two and a half centu-
ries? The historical sociology of this extraordinary
phenomenon has been explored by Rodney Stark of Bay-
lor University, who argues that Christianity modeled a
nobler way of life than what was on offer elsewhere in
the rather brutal society of the day. In Christianity,
women were respected as they weren’t in classical cul-
ture and played a critical role in bringing men to the
faith and attracting converts. In an age of plagues, the
Two disciples walking to Emmaus from Jerusalem on
Easter afternoon haven’t a clue as to who’s talking with
them along their way, interpreting the scriptures and ex-
plaining Jesus’ suffering as part of his messianic mission.
They don’t even recognize who it is that sits down to
supper with them until he breaks bread and asks a bless-
ing: “…and their eyes were opened and they recognized
Please turn to the next page
Mr. Weigel is distinguished senior fellow at the Ethics
and Public Policy Center, where he holds the William E.
Simon Chair in Catholic Studies.

INSIDE

MIND & MATTER

What are grandparents good
for? Alison Gopnik on their
crucial role as storytellers.
C2

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Found: a long-sought link to Why Keynes bought a Cézanne: Jeremy Irons on the art of Happy yet? A book about the
the speech King delivered the the great economist’s scheme to performing poetry and his new positive psychology movement
night before his assassination. return to the Bloomsbury fold. T.S. Eliot audiobook. and a memoir by a key figure.
C3 C4 C11 C5
EVERETT COLLECTION (RODGERS & HAMMERSTEIN); PEROU FOR THE WALL STREET JOURNAL (WEEKEND CONFIDENTIAL)
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C2 | Saturday/Sunday, March 31 - April 1, 2018
MIND & MATTER:
ALISON GOPNIK
Grandparents:
The Storytellers
Who Bind Us
‘GRANDMOM, I love Mommy
most, of course, but you do
tell the best stories—espe-
cially Odysseus and the Cy-
clops.” This authentic, if
somewhat mixed, review from my grandson
may capture a profound fact about human
nature. A new study by Michael Gurven and
colleagues suggests that grandparents really
may be designed to pass on the great sto-
ries to their grandchildren.
One of the great puzzles of human evolu-
tion is why we have such a distinctive “life
history.” We have much longer childhoods
than any other primate, and we also live
much longer, well past the age when we can
fully pull our weight. While people in earlier
generations had a shorter life expectancy
overall, partly because many died in child-
us l,
hood, some humans have always lived into
their 60s and 70s. Researchers find it espe-
cially puzzling that female humans have al-
al a
ways lived well past menopause. Our closest
primate relatives die in their 50s.
ci on
Perhaps, some anthropologists speculate,
grandparents evolved to provide another
source of food and care for all those help-
less children. I’ve written in these pages
about what the anthropologist Kristen
er rs
Hawkes of the University of Utah has called
“the grandmother hypothesis.” Prof. Hawkes
found that in forager cultures, also known
as hunter-gatherer societies, the food that
m e
grandmothers produce makes all the differ-
ence to their grandchildren’s survival.
m rp
In contrast, Dr. Gurven and his colleagues
focus more on how human beings pass on
information from one generation to another.
Before there was writing, human storytell-
ing was one of the most important kinds of
co Fo
cultural transmission. Could grandparents
have adapted to help that process along?
Dr. Gurven’s team, writing earlier this
year in the journal Evolution and Human Be-
havior, studied the Tsimane in Amazonia, a
community in the Amazon River basin who
live as our ancestors once did. The Tsimane,
more than 10,000 strong, gather and garden,
hunt and fish, without much involvement in
the market economy. And they have a rich
tradition of stories
and songs. They
Timeless have myths about
n-
themes of Dojity and Micha,
creators of the
revenge Earth, with the
and love. timeless themes of
no
murder, adultery
and revenge. They
also sing melan-
choly songs about rejected love (the blues
may be a universal part of human nature).
During studies of the Tsimane spread
over a number of years, Dr. Gurven and his
colleagues conducted interviews to find out
who told the most stories and sang the
most songs, who was considered the best in
each category and who the audience was for
these performances. The grandparents, peo-
ple from age 60 to 80, most frequently
came out on top. While only 5% of Tsimane
aged 15 to 29 told stories, 44% of those
aged 60 to 80 did. And the elders’ most de-
voted audiences were their much younger
kin. When the researchers asked where the
Tsimane had heard stories, 84% of them
came from older relatives other than par-
ents, particularly grandparents.
This preference for grandparents may be
tied to the anthropological concept of “al-
ternate generations.” Parents may be more
likely to pass on the practical skills of using
a machete or avoiding a jaguar, while their
own parents pass on the big picture of how
a community understands the world and it-
self. Other studies have found that relations
between grandparents and grandchildren
tend to be more egalitarian than the “I told
you not to do that” relationship between so
many parents and children.
Grandparents may play a less significant
cultural role in a complex, mobile modern
society. Modern pop stars and TV showrun-
ners are more likely to be millennial than
menopausal. But when they get the chance,
grandmas and grandpas still do what
TOMASZ WALENTA
they’ve done across the ages—turning the
attention of children to the very important
business of telling stories and singing
songs.
REVIEW
A New Way of Life
Continued from the prior page
him.” They high-tail it back to Jerusalem to tell the other
friends of Jesus, who report that Peter has had a similarly
strange experience, but when “Jesus himself stood among
them…they were startled and frightened, and supposed that
they saw a ghost.”
Some time later, Peter, John and others in Jesus’ core group
are fishing on the Sea of Tiberias. “Jesus
stood on the beach,” we are told, “yet the
disciples did not know that it was Jesus.” At Christian
the very end of these post-Easter accounts,
those whom we might expect to have been mission is
the first to grasp what was afoot are still inconceivable
skeptical. When that core group of Jesus’ fol-
lowers goes back to Galilee, they see him,
without Easter.
“but some doubted.”
This remarkable and deliberate recording
of the first Christians’ incomprehension of
what they insisted was the irreducible bottom line of their faith
teaches us two things. First, it tells us that the early Christians
were confident enough about what they called the Resurrection
that (to borrow from Prof. Wright) they were prepared to say
something like, “I know this sounds ridiculous, but it’s what
happened.” And the second thing it tells us is that it took time
for the first Christians to figure out what the events of Easter
meant—not only for Jesus but for themselves. As they worked
that out, their thinking about a lot of things changed pro-
foundly, as Prof.
Wright and Pope
Emeritus Benedict XVI
help us to understand
in their biblical com-
mentaries.
The way they
thought about time
and history changed.
During Jesus’ public
ministry, many of his
followers shared in
the Jewish messianic
expectations of the
time: God would soon
on
work something grand
for his people in Is-
rael, liberating them
from their oppressors
and bringing about a
new age in which (as
e
Isaiah had prophesied)
the nations would
stream to the moun- ‘THE INCREDULITY OF ST. THOMAS’
tain of the Lord and
history would end. The early Christians came to understand
that the cataclysmic, world-redeeming act that God had prom-
ised had taken place at Easter. God’s Kingdom had come not at
the end of time but within time—and that had changed the tex-
ture of both time and history. History continued, but those
shaped by the Easter Effect became the people who knew how
history was going to turn out. Because of that, they could live
differently. The Easter Effect impelled them to bring a new
standard of equality into the world and to embrace death as
martyrs if necessary—because they knew, now, that death did
not have the final word in the human story.
The way they thought about “resurrection” changed. Pious
Jews taught by the reforming Pharisees of Jesus’ time believed
in the resurrection of the dead. Easter taught the first Chris-
tians, who were all pious Jews, that this resurrection was not
the resuscitation of a corpse, nor did it involve the decomposi-
tion of a corpse. Jesus’ tomb was empty, but the Risen Lord ap-
peared to his disciples in a transformed body. Those who first
experienced the Easter Effect would not have put it in these
terms, but as their understanding of what had happened to Je-
sus and to themselves grew, they grasped that (as Benedict XVI
put it in “Jesus of Nazareth–Holy Week”) there had been an
“evolutionary leap” in the human condition. A new way of be-
ing had been encountered in the manifestly human but utterly
different life of the one they met as the Risen Lord. That in-
sight radically changed all those who embraced it.
Which brings us to the next manifestation of the Easter Ef-
fect among the first Christians: The way they thought about
their responsibilities changed. What had happened to Jesus,
they slowly began to grasp, was not just about their former
teacher and friend; it was about all of them. His destiny was
PAKISTANI Christian worshipers during an Easter Mass in Lahore, 2015.
* *** THE WALL STREET JOURNAL.
their destiny. So not only could they face opposition, scorn and
even death with confidence; they could offer to others the truth
and the fellowship they had been given. Indeed, they had to do
so, to be faithful to what they had experienced. Christian mis-
sion is inconceivable without Easter. And that mission would
eventually lead these sons and daughters of Abraham to the
conviction that the promise that God had made to the People
of Israel had been extended to those who
were not sons and daughters of Abraham. Be-
cause of Easter, the gentiles, too, could be
embraced in a relationship—a covenant—
with the one God, which was embodied in
righteous living.
The way they thought about worship and
its temporal rhythms changed. For the Jews
who were the first members of the Jesus
movement, nothing was more sacrosanct than
the Sabbath, the seventh day of rest and wor-
ship. The Sabbath was enshrined in creation, for God himself
had rested on the seventh day. The Sabbath’s importance as a
key behavioral marker of the People of God had been reaffirmed
in the Ten Commandments. Yet these first Christians, all Jews,
quickly fixed Sunday as the “Lord’s Day,” because Easter had
been a Sunday. Benedict XVI draws out the crucial point here:
“Only an event that marked souls indelibly could bring about
such a profound realignment of the religious culture of the
week. Mere theological speculations could not have achieved
this... [The] celebra-
tion of the Lord’s day,
which was character-
istic of the Christian
community from the
outset, is one of the
most convincing
proofs that something
extraordinary hap-
pened [at Easter]—the
.
discovery of the
ly
empty tomb and the
encounter with the
Risen Lord.”
Without the Easter
Effect, there is really
no explaining why
there was a winning
side—the Christian
side—for Constantine
the Great to choose.
That effect, as Prof.
Wright puts it, begins
(1602-03) by Caravaggio. with, and is incompre-
hensible without, the
first Christians’ conviction that “Jesus of Nazareth was raised
bodily to a new sort of life, three days after his execution.” Rec-
ognizing that does not, of course, convince everyone. Nor does
it end the mystery of Easter. The first Christians, like Chris-
tians today, cannot fully comprehend resurrected life: the life
depicted in the Gospels of a transphysical body that can eat,
drink and be touched but that also appears and disappears, un-
bothered by obstacles like doors and distance.
Nor does Easter mean that everything is always going to
turn out just fine, for there is still work to be done in history.
As Benedict XVI put it in his 2010 Easter message: “Easter does
not work magic. Just as the Israelites found the desert awaiting
them on the far side of the Red Sea, so the Church, after the
Resurrection, always finds history filled with joy and hope,
grief and anguish. And yet this history is changed…it is truly
open to the future.”
Which perhaps offers one final insight into the question with
which we began: How did the Jesus movement, beginning on
the margins of civilization and led by people of seeming incon-
sequence, end up being what Constantine regarded as the win-
ning side? However important the role of sociological factors
in explaining why Christianity carried the day, there also was
that curious and inexplicable joy that marked the early Chris-
tians, even as they were being marched off to execution. Was
that joy simply delusion? Denial?
Perhaps it was the Easter Effect: the joy of people who had
become convinced that they were witnesses to something inex-
plicable but nonetheless true. Something that gave a super-
abundance of meaning to life and that erased the fear of death.
Something that had to be shared. Something with which to
change the world.
FROM TOP: BRIDGEMAN IMAGES; LIGHTROCKET/GETTY IMAGES
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | C3

REVIEW
BY YUNTE HUANG
The Amazing mese Twins takes an even more unexpected
turn, entering what Primo Levi called the “gray
zone” of humanity, a treacherous murky

American Story
ON HIS RECENT VISIT to California, President ground where the exploited becomes the ex-
Donald Trump likened people who climb over ploiter, the victim turns victimizer. Treated
barriers on the U.S.-Mexico border to “profes- much like slaves in their first years in the U.S.,
sional mountain climbers.” The metaphor was the twins would now own and trade slaves

of the Original
another instance of his ugly rhetoric against themselves and, reputedly, even father children
immigrants, but it contains, ironically, a grain with their slaves. At the peak of their wealth,
of truth. Chang and Eng possessed 32 slaves, worth

SIAMESE TWINS
Throughout American history, almost all im- about $26,550, according to county tax records.
migrants, legal or illegal, have indeed had moun- When the Civil War broke out, Chang and
tains to climb. Mr. Trump would only need to Eng, as slaveholding Southern gentry, stood
look back at his own family’s immigration his- staunchly with the Confederacy. Although
tory to know the difficulties facing new arrivals. they themselves could not join the military,
But few newcomers to the U.S. have crossed the twins sent their first sons, Christopher
more daunting barriers than Chang and Eng and Stephen, to the battlegrounds, where the
Bunker, the original “Siamese Twins.” Exploited as ‘freaks of nature,’ they broke free, got rich, two biracial Bunkers were wounded and cap-
Born in 1811 on a riverboat at a fishing vil- created big families—and sided with the Confederacy tured by Union troops.
lage in Siam (as Thailand was then The twins were fortunate to see
called), Chang and Eng were joined their sons come home alive, but the
at the base of their chests by a war meant the freeing of their
band of flesh. Their Siamese moni- slaves and wiped out their financial
ker notwithstanding, they were ac- investments, made in Confederate
tually Chinese. At age 13, they were money. Defeated and broke, they
“discovered” by the Scottish mer- had no choice but to resort to the
chant Robert Hunter, and in 1829, one asset they still possessed: their
the American ship captain Abel Cof- conjoined body. They hit the road
fin tricked them into signing a con- again as itinerant showmen.
tract and brought them to the West This time, they took along some
for a touring exhibition as “freaks of their children, occasionally even
of nature.” their wives, to show the world that
Even though they did not arrive at however abnormal they might look,
Boston Harbor in chains, they were their double union with two white
treated no better than slaves. Ini- women was able to produce normal
tially advertised as monsters and offspring.
thrust into a circuit of commercial- On the chilly morning of Jan. 17,
ized freak shows, they traveled along 1874, Chang and Eng died at home in
the young nation’s back roads to Mount Airy—Chang first and Eng a
bring entertainment to the masses. few hours later. Their legacy, not sur-
They also toured Great Britain for a
year, further enriching their promot-
ers. But they were denied entry to They married two

.
France, the native land of Rabelaisian
white sisters and

ly
giants and Victor Hugo’s bell-ringing
Hunchback of Notre Dame, because had 21 children.
the French officials feared “maternal
impressions,” a time-honored belief on
that a pregnant woman seeing a
monster would lead to deformation prisingly, survives far beyond their
of her unborn baby. deaths. Their brand name now ap-
us l,

The twins may have been objects plies to every pair of conjoined
of curiosity, but they were by no twins. Their proud descendants num-
means passive, mute display pieces. ber more than 1,500 today. Their
al a
e
Having imbibed the young democ- shared liver is on permanent display
racy’s fresh vapors, they began to as an anatomical curiosity at the
ci on

fight for their independence. Upon Mütter Museum in Philadelphia.

turning 21 in May 1832, they drafted The twins’ adopted hometown of
and signed a lengthy letter detailing Mount Airy, where they lived for al-
their abuse and exploitation by Cof- most three decades, became the
fin, who was abroad on business. birthplace of the actor Andy Griffith
er rs

They were now, they pronounced, and the inspiration for Mayberry,
“their own men.” By the time Coffin the fictional setting for the popular
HULTON ARCHIVE/GETTY IMAGES

returned a few months later, they 1960s American sitcom, “The Andy
had struck out on their own. Griffith Show.” In the peaceful ham-
m e

Chang and Eng used their new let of Mayberry, as fans of the show
freedom to hire a manager who know, everyone is kith or kin, and
m rp

would work for them, rather than
the other way around, and contin-
ued to travel the highways, byways
and waterways of America, from
town to town. Never part of any cir-
there’s no trouble too big for the
amiable sheriff and his bungling
deputy Barney Fife to resolve.
Mayberry is the very picture of
CHANG AND ENG BUNKER circa 1865, returning to the show circuit after going bankrupt in the Civil War. American normalcy, which is what
co Fo

cus troupe in those years, the two the Siamese Twins, in their unre-
plucky entrepreneurs turned them- lenting fight, were trying to
selves into the most popular showmen of ante- zenship to “free white persons,” the small num- ety. The families settled shortly thereafter in achieve. They were indeed “professional moun-
bellum America. ber of Chinese in the U.S. were sometimes Mount Airy, N.C., near the Virginia border. tain climbers,” but in a very different way from
By 1839, weary of the road and the prying considered “honorary whites,” and the twins The twins and their wives would produce al- what President Trump intended. As Andy
eyes of the public, Chang and Eng retired to Wil- were able to use their celebrity status, wealth together 21 children, sending national tabloids might have said to Barney about their story, “If
kes County in North Carolina, an area of hills and connections to acquire American citizenship. and local gossip mills into endless speculations you wrote this into a play, nobody’d believe it.”
and hollows nestled at the foot of the Blue Ridge Even more shocking, in 1843, the twins mar- as to their bedroom manners. It would be an un-
Mountains. In this arcadia, their conjoined life ried two white sisters, Adelaide and Sarah, derstatement to say that the logistics defied Mr. Huang is a professor of English at the
once again thrust them back into the spotlight. daughters of a well-to-do farmer, David Yates. what is often characterized as the erotic reserve University of California, Santa Barbara. This
Having amassed a substantial fortune, they The unusual union, forbidden by anti-miscege- and moral earnestness of Victorian America. essay is adapted from his new book, “Insepa-
bought land, built houses and turned themselves nation laws and denigrated as “bestial” by At their double wedding, Chang and Eng had rable: The Original Siamese Twins and Their
into Southern gentlemen farmers. Although fed- penny-press editors, was a sensational event in received the gift of a slave woman from their Rendezvous with American History,” which
n-

eral law limited the privileges of naturalized citi- an antebellum America riddled with racial anxi- father-in-law. Thereafter, the story of the Sia- will be published on April 3 by Liveright.
no

FOUND: THE LONG-LOST LINK TO KING’S LAST SPEECH

BY CAMERON MCWHIRTER contains the “sneeze” passage.
Jean Kepler, a 37-year-old white
mother and civil-rights activist from
ON THE NIGHT before the Rev. Mar- Pleasantville, N.Y., near White
tin Luther King Jr. was assassi- Plains, wrote Dr. King a three-page
nated—50 years ago next week—he letter with blue ink on white paper.
delivered a 43-minute unprepared It ended with: “I am so glad you
speech to a crowd of more than didn’t sneeze!”
2,500 people at a black church in The letter is among roughly 1,800
Memphis. It became known as the that he received while at Harlem
“mountaintop” speech, one of his Hospital after Izola Curry stabbed
most renowned. him at a book-signing on Sept. 20,
BETTMANN ARCHIVE/GETTY IMAGES
letter said that they believe it is the
one to which Dr. King refers in his
1968 speech. David J. Garrow, a Pulit-
zer Prize-winning biographer of Dr.
King, said that he is “quite con-
vinced” that Ms. Kepler’s letter is the
one. “He remembers the language ex-
actly but just got the I.D. wrong,” he
said. Mr. Bass, the Westchester histo-
rian, agrees: “He basically took that
great line and kind of spiced it up.”
Others said that it wasn’t the only

While thunder rumbled outside
and windows rattled, Dr. King re-
counted how a decade earlier in Har-
lem, a deranged black woman had
stabbed him in the chest with a letter
opener. The blade had come so close
to Dr. King’s aorta, his doctor told re-
porters, that if he had sneezed just
then, he would have been killed.
Toward the end of the April 3,
1968, speech, the last he ever deliv-
ered, the 39-year-old Dr. King men-
tioned a letter that he had received
while recuperating in Harlem Hospi-
tal from the 1958 stabbing. It began,
he said: “‘I am a ninth-grade student
at the White Plains High School.’ She
said, ‘While it should not matter, I
would like to mention that I’m a
white girl.’ ” The letter concluded,
Dr. King said, “I am so happy you
didn’t sneeze.”
“If I had sneezed,” Dr. King re-
peated that night as a refrain, there
would not have been the many
achievements of the civil-rights
MARTIN LUTHER KING JR. in Memphis the night before his death.
movement in the previous decade,
including the March on Washington,
the Civil Rights Act and the sanita-
tion workers’ strike that he was in
Memphis to support.
For a half-century, historians and
researchers haven’t been able to lo-
cate the letter or its author. They
have scoured archives, checked year-
books and asked alumni at the school.
Frank Williams, executive director of
the White Plains, N.Y., Youth Bureau,
said that he has tried for years to fig-
ure it out. Andy Bass, a historian who
has researched Dr. King’s ties in
Westchester County, looked into the
1958. Then-Vice Presi-
dent Richard Nixon,
performer Harry Bela- A fan
fonte and gospel singer wrote to
Mahalia Jackson sent
messages. Singer Lena him, ‘I am
Horne sent pink rose so glad you
buds.
No piece of his hospi-
didn’t
tal correspondence in sneeze.’
sneeze letter’s origins and eventually the Morehouse archive
grew skeptical that it existed, he said. mentions White Plains
Michele Schoenfeld, district clerk High School, however.
and de facto historian of the White No letter starts the way that Dr. King
Plains City School District, said that remembered in his speech. The large
she has received inquiries about the King archive at Boston University
unnamed girl and the sneeze letter does not possess a “sneeze” letter
every year for the past 35 years. and Stanford University’s King papers
“We’ve never been able to find any- project has not found one. A review
thing,” she said recently. of the material at the Martin Luther
But the mystery, it would seem, King Jr. Center for Nonviolent Social
has finally been solved. In one of the Change in Atlanta, currently headed
world’s largest archives of Dr. King’s by Dr. King’s daughter Bernice, found
correspondence, owned by his alma no letter mentioning the sneeze.
mater Morehouse College, The Wall Several historians asked by the
Street Journal has found a letter that Journal to review Ms. Kepler’s 1958
time that Dr. King had
tapped material from
memory and misattrib-
uted its source.
When told about Ms.
Kepler’s letter and the
historians’ assessment,
Ms. Schoenfeld at the
White Plains School
District said, “Well, that
explains why we never
found anything. I’m
glad to hear it so now I
can stop looking.”
Mrs. Kepler’s daughter, Kendel
Yackeren, said her mother often
wrote to people in the news about so-
cial justice. In her letter to Dr. King,
Mrs. Kepler, who died in 1971, wrote
that “the lady who did this to you
must have been very confused and
sick in her mind and I feel sure that
you are the kind of a big person who
can forgive her—even for this.”
—Lisa Schwartz contributed to this
article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C4 | Saturday/Sunday, March 31 - April 1, 2018
© THE PROVOST AND SCHOLARS OF KING’S COLLEGE, CAMBRIDGE
PAUL CEZANNE’S “Still Life With Apples” was bought by John Maynard Keynes at auction in 1918 for about £370 as German guns shelled Paris.
When Keynes
Played Art Buyer
A century ago, the economist got masterpieces for the U.K.,
pleased his bohemian friends and won a Cézanne for himself
BY JASON ZWEIG
JUST DAYS before the start of World War I in
1914, the British Treasury urgently summoned
the brilliant economist John Maynard Keynes
to serve as an adviser. His Majesty’s govern-
ment would need to fund the war while lend-
ing heavily to France and other allies to keep
them from collapsing. Keynes, then just 31, de-
voted himself to the war effort for the next
four years, living (as he later wrote) “in daily
contact with the immense anxieties and im-
possible financial requirements of those days.”
As if the job itself weren’t stressful enough,
it also alienated Keynes from the friends he
cared most about: the artists, philosophers
and writers of the Bloomsbury Group. A loose
set devoted to free thought, free love and, as
Keynes later put it, “the creation and enjoy-
ment of aesthetic experience,” the group in-
cluded Virginia Woolf, her sister Vanessa Bell,
Vanessa’s husband Clive Bell and his fellow art
critic Roger Fry, the artist Duncan Grant and
the writer Lytton Strachey. They were paci-
fists, and by 1918, many of them were turning
their backs on Keynes for his help in financing
a war they detested.
So Keynes took matters into his own hands.
n-
A hundred years ago this week, the
young man who would become the
most influential economist of the
20th century executed a scheme for
no
winning his way back into the good
graces of his bohemian circle. He
would do it through art.
Visiting the studio of Roger Fry in
March 1918, Keynes’s friend (and for-
mer lover) Duncan Grant spotted an
auction catalog for the coming sale
in Paris of the art collection of Edgar
FROM TOP: KEYNES PAPERS, JMK/PP/70/9, KING’S COLLEGE ARCHIVES, UNIVERSITY OF CAMBRIDGE; UNIVERSAL HISTORY ARCHIVE/UIG/GETTY IMAGES
Degas, the great impressionist
painter who had died the year be-
fore. Degas had collected hundreds
of works by other artists whom he
admired. Grant asked whether
Keynes could persuade the Treasury
to send the National Gallery money
to buy some of the paintings.
As it turned out, Keynes was
alarmed at the time by the weak-
ness of the French franc against the
pound. He realized that by obtain-
ing artistic masterpieces, Britain
would obviate the need to collect
on a portion of the loans, which the
French would probably never be
able to pay off anyway. The move
would also inject cash into the rav-
aged French economy—and show
his Bloomsbury friends that he was
no warmongering philistine.
Keynes sprang into action, work-
ing, as he recalled, “23 hours in the
last 35.” He talked a senior Treasury
official into his scheme, then drafted
a letter in favor of the idea and got
Charles Holmes, director of the Na-
tional Gallery, to sign it. Holmes and
Keynes recruited the support of
Lord Curzon, a powerful member of
the cabinet. Finally, Keynes brought
the plan to Andrew Bonar Law,
Chancellor of the Exchequer.
“My picture coup was a whirl- KEYNES’S admission ticket for the preview of the Degas auction,
wind affair,” Keynes wrote to Van- top; above, Keynes (right) with painter Duncan Grant in 1926.
REVIEW
on
us l,
al a
e
ci on
essa Bell on March 23, “carried through in a
day and a half before anyone had time to re-
flect what they are doing.” In a letter to his
mother the same day, Keynes said that Bonar
Law, who signed a draft for £20,000 to pur-
er rs
chase the art, was “very much amused at my
wanting to buy pictures and eventually let me
have my way as a sort of joke.”
The chancellor remarked that
m e
“this was the first occasion ’My picture
that he had ever known me in coup was a
m rp
favor of any expenditure what-
ever,” wrote Keynes, whose whirlwind
work at the Treasury had fo- affair,’ he told
cused on penny-pinching and
borrowing to fund the war. Vanessa Bell.
co Fo
Vanessa Bell and Duncan
Grant were thrilled by Keynes’s
scheme. Their friend David
Garnett wrote to him that “you have been
given complete absolution and future crimes
also forgiven.”
Keynes had to be in Paris that week for a fi-
nancial meeting of the Allies, and he went to
the auction with Holmes, who disguised him-
self to avoid being recognized as an agent of
the National Gallery. The sale was held in the
glass-ceilinged Galerie Georges Petit on the
Rue de Sèze. One hour into the auction, at 3
* ***
p.m. on March 26, “a dull ‘Boom’ sounded out-
side, as if a smallish bomb had dropped,”
.
Holmes wrote in his memoir. A few people left.
ly
At 3:15, as the most important paintings were
about to come on the block, another explosion
shook the neighborhood—actually shelling
from a giant new German gun—and more bid-
ders bolted for the door.
Using the money that Keynes had wheedled
from the Treasury, Holmes bought a clutch of
masterpieces for the National Gallery, includ-
ing the portrait of Monsieur de Norvins by
Jean-Auguste-Dominique Ingres; Édouard Ma-
net’s “The Execution of Maximilian” and
“Woman with a Cat”; a still life of flowers by
Paul Gauguin; the portrait of Louis-Auguste
Schwiter by Eugene Delacroix; and an Italian
landscape by Jean-Baptiste-Camille Corot. All
told, he acquired about two dozen works for
approximately £15,000.
But Holmes refused to purchase anything by
Cézanne. The prickly postimpressionist painter
had died less than 12 years ear-
lier, and no museum in Britain
had yet dared to display his
work. So Keynes bought a Cé-
zanne for himself—a superb still
life of seven apples—for about
£370. He also bought three
works by Delacroix and Ingres.
The two men wrapped their
purchases in waterproof paper,
then boarded a train teeming
with Parisians fleeing the Ger-
man bombardment. At Boulogne, they joined
a convoy of hospital ships and crossed the
heaving English Channel, on high alert for Ger-
man mines and torpedoes.
After traveling almost nonstop for 24 hours,
Keynes eventually arrived at the farmhouse
where Grant, Vanessa Bell and her husband
Clive lived. Exhausted from lack of food and
sleep, Keynes tossed the suitcase with the Cé-
zanne into the hedgerow, trudged up the se-
cluded lane leading to the house
and walked in as the group was
eating dinner.
“I’ve got a Cézanne in my suit-
case,” he proclaimed. “It was too
heavy for me to carry, so I’ve left it
in the ditch, behind the gate.”
The effect was electrifying. Grant
and David Garnett, who was also
there, sprang up and sprinted off to
fetch the suitcase. They easily found
it in the clear moonlight.
Just four years earlier, Clive Bell
had written that “Cézanne is the
Christopher Columbus of a new
continent of form.” Cézanne him-
self had said, “I want to astonish
Paris with an apple.” And he did. As
the mid-20th-century art critic
Meyer Schapiro observed, Cézanne
“gave almost lifelong attention” to
painting apples, perhaps because of
their ancient associations with
love, fertility and sin.
On Apr. 15, 1918, Virginia Woolf
and Roger Fry first laid eyes on the
Cézanne at Keynes’s home in Lon-
don: “Roger very nearly lost his
senses,” she wrote. “I’ve never seen
such a sight of intoxication. He was
like a bee on a sunflower. Imagine
snow falling outside, a wind like
there is in the Tube, an atmosphere
of yellow grains of dust, and us all
gloating upon these apples.... The
longer one looks the larger and
heavier and greener and redder
they become.”
Today, the Cézanne is displayed
at the Fitzwilliam Museum in Cam-
bridge, along with several other ma-
jor paintings collected by Keynes.
Visitors today can only imagine what
the painting must have looked like a
century ago on that moonlit night,
as Keynes and his friends exulted
over capturing it during wartime.
THE WALL STREET JOURNAL.
WORD ON
THE STREET:
BEN ZIMMER
A Big Racket
In Scandals:
‘Hush Money’
BACK IN JANUARY, The Wall
Street Journal reported that
President Donald Trump’s lawyer
Michael Cohen paid former
adult-film actress Stephanie Clif-
ford $130,000 to stay silent
about an alleged affair with Mr.
Trump in 2006. At the time of
the January article, Mr. Cohen
released a statement signed by
Ms. Clifford that read, “Rumors
that I have received hush money
from Donald Trump are com-
pletely false.”
But on “60 Minutes” last Sun-
day, Ms. Clifford, known profes-
sionally as Stormy Daniels, con-
firmed that the payment was, in
fact, “hush money,” claiming that
she had been pressured to deny
the affair out of fear for her fam-
ily’s safety.
The expression goes back
more than three centuries and
was long used to describe money
paid to keep something secret, or
“hush it up.” “Hush” likely stems
from the Middle English word
“husht,” which could be used as
an interjection to quiet someone
or as an adjective meaning “si-
lent.” “Hush” began getting used
as a verb for imposing silence by
the mid-16th century, and soon
thereafter the phrase “hush up”
gained currency for suppressing
discussion on a particular topic,
especially one that is scandalous
or potentially embarrassing.
“Hush money” is first re-
corded in the Tatler, a London
society journal, in 1709: “I expect
Hush-Money to be regularly sent
for every Folly or Vice any one
commits in this whole Town.”
Jonathan Swift, a frequent
contributor to the Tatler, used it
in his 1731 poem, “An Epistle to
Mr. Gay”: “A dext’rous steward,
when his tricks are found, Hush-
money sends to all the neigh-
bours round.” That was enough
to get the attention of Samuel
Johnson, who included “hush
money” (with the quotation from
Swift) in his 1755 dictionary, de-
fined as “a bribe to hinder infor-
mation; pay to secure silence.”
The phrase was exported
across the Atlantic as well, a
handy term to use in the politi-
cal scandals of the budding
American republic. In the coun-
try’s first major sex scandal, it
was revealed in 1797 that Trea-
sury Secretary Alexander Hamil-
ton had made secret payments
to the husband of Maria Reyn-
olds to cover up an affair be-
tween her and Hamilton. The
blackmail first leaked out in a
pamphlet by the scandalmonger
James T. Callender, to which
Hamilton responded in his own
notorious “Reynolds Pamphlet”
(as any fan of the musical “Ham-
ilton” knows).
While “hush money” has not
been found in any of the contem-
porary docu-
ments about
From the Reynolds
Jonathan Affair, the
term was
Swift to
certainly
Stormy known to
Daniels. the Founding
Fathers. In
fact, Hamil-
ton’s rival
Thomas Jef-
ferson used the expression in
two separate letters to James
Monroe: once in 1785 when he
was ambassador to France and
again in 1801 when he was presi-
dent and dealing with his own
threat from Callender (who a
year later would disclose that
Jefferson had fathered children
with his slave, Sally Hemings).
“Hush money” would continue
to pop up in political scandals,
notably when payments made to
the Watergate burglars were
found to be authorized by Presi-
dent Richard Nixon. While Nixon
denied trying to buy the defen-
dants’ silence, White House tape
recordings later revealed the
president muttering, “goddamn
hush money…how do we get this
stuff?”
Answers
to the News Quiz on page C13:
1.D, 2.A, 3.C, 4.C, 5.B, 6.A, 7.D,
8.D
or personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C6 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

BOOKS
‘The Christian ideal has not been tried and found wanting. It has been found difficult; and left untried.’ —G.K. Chesterton

POLITICS: BARTON SWAIM

In the Beginning Was the Word

MANY AMERICAN licanism, as he reminds us in “Faith:
Christians across the A Journey for All” (Simon & Schus-
ideological spectrum, ter, 179 pages, $25.99). The former
perhaps the large president believes now more than
majority, seem to ever, he writes, “that Christians are
believe that Christi- called to plunge into the life of the
anity must have a distinctive political world, and to inject the moral and
expression. Liberal Christians think ethical values of our faith into the
their liberalism is a natural expres- processes of governing.”
sion of their Christian faith, and con- Of course, Mr. Carter defines “the
servative Christians think the same of moral and ethical values of our faith”
their conservatism. very differently from the way many
This belief wasn’t always so per- other professing Christians do. In a
vasive. Up until the 1960s, it was chapter called “Challenges to Faith,”
Protestant liberals, not evangelicals, he bemoans the death penalty, urges
who fused their faith with left-liberal compliance with the Paris accords on
political ideologies. Many influential climate change and inveighs against
liberal Protestants—the academics, the “gun lobby” in strident terms.
writers and ministers associated with None of this is surprising for anyone
the large denominations later called who knows the first thing about
“mainline”—were less interested in Jimmy Carter, but it’s striking that he
personal piety or even theology than exhibits no awareness that a person
in the social gospel or, later, various of genuine Christian faith might take
forms of radical liberationism. Evan- views that differ from his routine left-
gelical Christians had their political liberal ones.
views, but for the most part did not I still don’t know, however, what
treat those views primarily as matters Mr. Carter means by the word “faith.”
of faith, and concentrated instead on He seems to mean not a definably
GETTY IMAGES

individual devotion to God and evan-
gelism. Only with the rise of the
counterculture in the late 1960s did
evangelicals begin to formulate the
conservative and putatively Christian
religious faith but any sort of belief or
trust in other people. That allows him
to speak of faith as a sort of American
HOUSE OF GOD A church in South Carolina. credo—something like Bellah’s civil
religion—but you can’t help thinking

.
politics with which they are now supported Victoria Woodhull, a Chris- trast communist “materialism” with thereof in Christian orthodoxy mat- he’s making it up as he goes. At one

widely associated.
Matthew Bowman chronicles this
progression in “Christian: The
Politics of a Word in America”
(Harvard, 304 pages, $29.95).
Despite its catchy title, Mr. Bowman’s
book is not primarily about the word
tian feminist who advocated radical
egalitarianism. These three candi-
dates, writes Mr. Bowman, “offered
different versions of Christianity, with
on
different emphases, and they dis-
agreed vehemently about why pre-
cisely Christianity mattered to Ameri-
us l,
the democratic openness of Christian
America.
Christian republicanism was frac-
tured in the 1960s, though it still sur-
vives in various forms. In the late
1960s and ’70s the liberal sociologist
Robert Bellah and others proposed
ly
tered less than his commitment to
Christian civilization as they imag-
ined it.”
Liberalizing mainline
Protestants merged faith
point Mr. Carter remarks that “the
foundation for our faith” consist of
the “principles of peace, truthfulness,
equality, justice, and even hospitality,
freedom, and friendship.” At another
point, explaining the ways in which a
Christian might inject the faith’s

“Christian”—the word itself comes up
infrequently—but an academic history
of Christianity and politics in Amer-
ica, with detailed attention paid to a
few significant episodes.
can government.”
All three candidates and their sup-
porters believed in what later inter-
al a
e
preters would call “Christian republi-
canism,” the idea that “Christianity,
ci on
something they called “civil religion,”
a content-free quasifaith to which all
Americans could subscribe, but the
idea had little appeal beyond intel-
lectuals. At about the same time,
and politics long before
evangelicals began to.
moral and ethical values into his or
her life’s work, Mr. Carter explains
that “for a Christian, the constant
access to God and the life and teach-
ings of Jesus offer a sound moral

The first chapter nicely captures
the futility of assuming there to be a
single genuinely “Christian” view-
point on a phenomenon as complex
and multifaceted as a national elec-
properly understood, lent critical sup-
port to American democracy.” That
worldview survived intact for nearly
another century. After World War I,
Mr. Bowman shows, liberal Protestant
er rs
evangelicals adopted a new sort of
Christian republicanism in response
to rising secularization and the sexual
revolution. Hence the rhetoric of re-
turning to the ideals of the Founding
That’s well stated, and I would add
one point: Many of those same Chris-
tians, or at least their parents, didn’t
support a certain candidate they
foundation that includes all the most
basic ideals that should guide and
inspire us.”
I don’t know what any of that
means, but if you were a liberal or a

tion. In 1872, some Americans sup-
ported Ulysses S. Grant’s bid for re-
election on the grounds that he was a
morally upstanding Christian—this
academics at Columbia University,
dismayed that Germany had suc-
cumbed to militarism and “material-
ism,” formulated the idea of “Western
m e
Fathers and rediscovering America’s might have been expected to swoon progressive in politics and you
allegedly biblical roots. over—a morally irreproachable, needed some faith-y rhetoric to bol-
Mr. Bowman’s book illuminates one Southern and “born-again Christian” ster your outlook, it would do the job
contemporary mystery—at least for presidential candidate named Jimmy just fine. And indeed, in both the

although he was never especially civilization” as a kind of cultural liberals in the Northeast and on the Carter. Rightly or wrongly, most liberal and conservative varieties of
devout or a churchgoer. Others sup- Christendom: a broadly Christian West Coast: the support of evangeli- evangelicals came to view him as a Christian republicanism, you get the
m rp

ported Horace Greeley because they
believed Grant’s cabinet was overrun
by unscrupulous business interests,
the very opposite of what a Christian
administration ought to be. A few
society bereft of Christianity’s “ir-
rational” elements. A few decades
later, anticommunists such as Fulton
Sheen, Clare Boothe Luce and Norman
Vincent Peale would similarly con-
co Fo
cal leaders for Donald Trump. How
could people who care about personal
faith and upright moral behavior
plump for Trump? To them, Mr. Bow-
man writes, “Trump’s belief or lack
less-reliable defender of Christian
republicanism than the Californian
divorcé Ronald Reagan.
Mr. Carter himself believes fer-
vently in a variety of Christian repub-
strong feeling that the “Christian”
part of the formulation is an after-
thought. What these religious com-
batants know best—and what they
care about most—is their politics.

Rodgers and Hammerstein’s Broadway Revolution

Continued from page C5
songwriter of our time. He has estab-
lished new levels of taste, distinction,
simplicity in the best sense, and
inventiveness.” Hart died early, in
1943, at the age of 48. Hammerstein
was 65 when he died in 1960. But
Purdum tells us: “More people canny in their echoes. They seem so specific melody: the very one that parently in both his lyrics and his
watched Cinderella together than had perfectly fitted to the tunes later Rodgers, on glimpsing the lyrics for occasional writings about the theater.
ever collectively watched any event in created for them that it’s a little the first time, was destined to write. He was affable, cheery, pragmatic.
the history of the planet to that point. difficult to imagine their being writ- Each man was so gifted, and each Decorous in his language and public
At least 107 million people saw part of ten within a sonic vacuum. Take the so professional a man of the theater, dealings, he was what his own era
the program, in a country whose pop- concluding lines from “The Surrey that it’s hardly surprising that they would have called gentlemanly and
ulation at the time was roughly 172 with the Fringe on Top” from collaborated well with others. Yet, as ours would call prudish. He was also,
n-

Rodgers lived on until 1979, long
enough to witness what must have
been a bewildering and upsetting
cultural onslaught: Beatlemania, acid
no
million.” “Oklahoma!”: with “The Surrey with the Fringe on as Mr. Sondheim justly calls him, gen-
The two men were widely known Top,” there were lovely and distinctive erous and monumental.
as (take your choice) levelheaded or Hush! you bird, my baby’s songs that they could create only with Alas, his emotional generosity did
tight-fisted businessmen, whose other a-sleepin’— each other: “People Will Say We’re in not always extend to his immediate

rock, “Hair,” guerilla theater, and all collaborators often wound up un-
the rest. Rodgers’s final years are not happy with the divvying of profits.
pretty to contemplate. He was a se- The two were
cret boozer and a secret womanizer, highly unusual in
with a relentless appetite for young being both artistic
showgirls. He was beset by health and entrepreneurial
problems (cancer of the jaw, a heart innovators. Accord-
attack, cancer of the larynx and a ing to Mr. Purdum,
laryngectomy), which must have been they had a reputa-
not only excruciatingly painful but tion “as perhaps the
also socially mortifying. Mr. Purdum’s best (and richest)
portrait of the aging composer is both pair of businessmen
discreet and touching. in show business—
Rodgers and Hammerstein have in- with their own
spired a spate of books and articles music publishing
over the years, and anyone acquainted house, sole owner-
with this literature will traverse much ship of their dra-
familiar ground in “Something matic properties,
Wonderful.” But Mr. Purdum has dug and a casting and
up some fresh material as well, and production organi-
the result is a neatly proportioned zation that held
study of a reasonable length and a open auditions ev-
commendable clarity. Mr. Purdum ery Thursday morn-
mostly avoids that perennial pitfall of ing . . . They had
GETTY IMAGES
Maybe got a dream worth Love,” “Soliloquy” (from “Carousel”),
a-keepin’. “It Might as Well Be Spring,” “This
Nearly Was Mine,”
“Hello, Young Lovers.”
Striking, too, among
such songs, given
Hammerstein’s repu-
tation for being (like
Nellie in “South
Pacific”) a “cockeyed
optimist,” is how
much gentle rueful-
ness they enclose.
For both men, the
gratification in find-
ing and refining these
particular songs was
clearly as profound a
pleasure as any in
their lives. Hammer-
stein, who wore his
heart on his sleeve,
often found himself
moved to tears by
family. His son James observed that
Hammerstein was a “wonderful father
to everyone except his children.” He
could be competitive and short-
tempered. He lacked consistency. He
was both politically liberal and un-
abashedly patriotic—a combination
that at times irked both the left and
the right.
Rodgers, though, really does seem
an opaque presence, not least in de-
claring himself the more emotionally
open of the partners. “I was very fond
of him,” he once said of Hammerstein,
“very fond of him—and I never did
find out whether he liked me or not.”
It seems everyone who writes about
Rodgers finally is forced to declare
him unknowable. Mr. Purdum, too,
eventually declares defeat. At the end
of “Something Wonderful,” he quotes
Rodgers’s daughter the Broadway
composer Mary Rodgers: “I don’t
think anybody ever knew who he

Broadway books, the exhaustive cata-
loguing of minor revisions and cast-
changes as a play wends from out-of-
town tryout to Broadway opening.
(“In Detroit, the role of the soubrette
was taken on by . . .”)
Where Mr. Purdum is perhaps most
helpful is in reminding us of the bold
breadth of the business—in the broad-
est sense—of the Rodgers and Ham-
merstein partnership. The two men
were wise stewards of their intangible
property, canny protectors of one of
the most successful brands in Ameri-
can entertainment. In 1957, after the
firework successes of “Oklahoma!”
and “South Pacific” and “The King
and I,” they created a “Cinderella” es-
pecially for television. It was broad-
cast by CBS on March 31, 1957. As Mr.
pioneered the prac- their creations. But really was, with the possible excep-
tice of recording his words were not tion of one of the five psychiatrists he
original cast albums going to come into went to.”
of Broadway musi- IN THEIR OWN LITTLE CORNER Rodgers and Hammerstein with lustrous bloom with- It’s a quotation I wish had ap-
cals and were the Julie Andrews in rehearsal for the 1957 CBS production of ‘Cinderella.’ out the coloring of a peared earlier in the book, as it offers
first to exploit Rodgers melody. It one plausible portrait that might
lucrative merchandising tie-ins for Whoa! you team, and jist keep a seems they needed each other more explain a great deal. Here was a man
their shows.” creepin’ at a slow clip-clop; than they loved each other. whose most intimate words were
They had come up with the win- Don’t you hurry with the surrey Theirs was a highly successful pub- tidily confined to another office, small
ning marquee. They were of like with the fringe on the top. lic marriage of a till-death-do-us-part and private, and a brief one-hour ses-
minds in all the ways that counted in sort—whose triumphs belonged to a sion. His most intimate melodies, on
their collaboration. Typically, Ham- The lyric has a custom-made feel, stage but whose negotiations and con- the other hand, ventured sprawlingly
merstein wrote the lyrics first, with as though tailored to a pre-existing cessions belonged to an office. And across the planet, all day and deep
Rodgers’s tunes to follow. (Rodgers melody. Willful and idiosyncratic, the each complained, significantly, that into the night.
and Hart had worked in the opposite words are the opposite of generic— within that office the other was
order—one more sign of Rodgers’s singular in their distribution of senti- opaque. Mr. Leithauser is the author, most
creative flexibility.) When you read ment and rhyme and rhythm. Hence, Rodgers’s complaints about his recently, of “The Oldest Word for
Hammerstein’s lyrics on the page— you might declare—such being col- partner’s inscrutability will likely im- Dawn: New and Selected Poems.”
stripped of music, predating all laboration at its most inspired—that press many readers as off the mark, His new novel, “The Promise of Else-
music—there’s often something un- the lines were indeed created for a since Hammerstein emerges so trans- where,” will be published next year.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
‘Whoever destroys a soul, it is considered as if he destroyed an entire world. And whoever saves a life, it is considered as if he saved an entire world.’ —Hillel the Elder
A History of Judaism
By Martin Goodman
Princeton, 623 pages, $39.95
BY DOMINIC GREEN
IN THE TALMUD, a pagan asks the
first-century B.C. sage Hillel the Elder
to teach him the whole Torah while he
stands on one foot. Hillel replies with
the Golden Rule: “That which is hate-
ful to you, do not do to your fellow.
The rest is commentary; go and
learn.” In Hillel’s time, Greek skepti-
cism and the Roman Empire had the
Jews on the back foot. His dictum re-
mains popular in our skeptical time,
which also prefers reason over revela-
tion, and the armed truce of “inter-
faith” tolerance over open hostilities.
But consult the redaction of oral law
in the Mishnah (ca. 200), and you get
a different answer. In Pirkei Avot, the
“Ethics of the Fathers,” the world
rests on three pillars: “Torah, avodah,
gemilut hasadim.” While the third
principle, “acts of loving kindness,”
has remained stable from Hillel’s day
to ours, avodah (“service”) has been
transmuted from priestly sacrifices to
communal prayer, and Torah has been
transformed by extension.
Even in Hillel’s time, however, Jew-
ishness had three legs: peoplehood,
religion and culture. Martin Good-
man’s “History of Judaism” is a
learned and illuminating treatment of
only the second leg, but this magnifi-
cently lucid account will become the
standard reference for a generation.
Mr. Goodman, a professor of Jewish
Studies at Oxford, sketches every
figure, defines every movement and
captures the “kaleidoscopic variety”
of Judaism’s modulating expressions
without losing sight of its living core.
He is an invaluable guide to the faith
that has led the Jews like the pillar of
fire that guided Moses and the
Hebrews in the desert.
By Hillel’s time, the age of proph-
GETTY IMAGES
ecy was over. The canon of the
Hebrew Bible had formed—the Greek
wisdom of Ecclesiastes was in, but the
Greek wisdom of Ben Sira (Ecclesias-
ticus) was out. The Shema, the daily
prayer whose title means “Listen!,”
had been the stuff of Judean amulets
for centuries: “Hear O Israel, The Lord
is Our God, The Lord is One.” And
Platonic doctrines about the soul and
the afterlife had been reconciled with
the core principles of monotheism.
But we and the rabbis of the Mishnah
are divided from Hillel and ancient
Judaism by the destruction of the
Second Temple in the year 70.
The temple at Jerusalem, Mr.
Goodman writes, had been “the pri-
mary link between Israel and God,”
just as Solomon had envisaged. It had
been one of the architectural “won-
ders of the Roman Empire,” and its
quasi-Homeric sacrifices of bulls and
sheep attracted “non-Jewish tourists
as well as masses of Jewish worship-
pers.” Its destruction by Titus’s
legions led to the fall of the Judean
state and its priesthood—and to the
rebuilding of Judaism.
no
The synagogue, “one of the most
striking religious innovations in antiq-
Continued from page C5
changes—from globalization to deteri-
orating economic conditions—that
take place outside the frightened,
hopeless individual. If religion no
longer alleviates fear as it once did,
surely workshops that preach opti-
mism, hope, determination and resil-
ience will do it. Or will they?
Martin Seligman’s “The Hope Cir-
cuit” is a memoir that will likely ap-
peal only to his family and any ador-
ing follower who hungers to know
every aspect of his life and thoughts.
For most others, it will read like a
self-published memoir by a retired
great-uncle wishing to reflect and
pontificate on his life to impress the
children. It’s full of photos that mean
little to readers but everything to the
narrator (“Martin in 1946, the blue-
eyed boy with ringlets of platinum
blond hair,” reads the caption of one
of them) and of stories only a mother
could love (how, as a child in 1952, Mr.
Seligman became Albany’s Quiz Kid by
knowing that “Connecticut” is the
only state that ends in “ut.”). The
author’s bragging sometimes reaches
unintentionally funny, Trumpian
heights: Right at the start he tells us
that he became APA president “by the
largest vote in APA history” and how
he rescued his entire profession
single-handedly from its gloomy focus
on human troubles: “Your job, Marty,”
* * * *
The Book of Books
on
us l,
al a
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ci on
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uity,” already existed as a secondary
m e
institution; public reading from the
Torah had been instituted by Ezra the
m rp
Scribe in the fifth century B.C., after
the return from Babylon. There was
also an existing diaspora, including
large Jewish communities at Babylon,
Rome and Alexandria. But the syna-
co Fo
gogue soon became the primary link
to God, and the dispersion of his
people was now theologized as Galut,
a repeat of the Babylonian Exile, on a
larger and more lasting scale.
The rest really was commentary.
Torah still meant the Five Books of
Moses and the right living they engen-
dered, but it also came to mean the
layers of study and interpretation that
surround the “common core of all later
forms of Judaism” like the insulation
around a nuclear reactor. Rabbinic
n-
Judaism, forged amid philosophical
challenge and physical destruction,
preserved this core into the modern
age. The sparks still flew upwards.
Doctrines expressing Judaism’s core
beliefs developed slowly, through
The History of Happiness
one APA officer apparently told him,
“is to transform American psychol-
ogy.” The author goes on to explain
that he bravely agreed to lead that
transformation, to create a “new psy-
chology of hope.”
Martin Seligman was hardly the
first psychologist in history to create
a psychology of hope. Indeed, Abra-
ham Maslow and his fellow humanists
and philosophers were writing about
hope and other topics in positive psy-
chology when Mr. Seligman was in
platinum ringlets, and Mr. Horowitz
writes that as early as 1946 “the
World Health Organization announced
its commitment to seeing ‘health’ as ‘a
state of complete physical, mental and
social well-being and not merely the
absence of disease or infirmity.’ ”
Mr. Seligman apologizes, sort of,
for slighting Maslow, who after all
GETTY IMAGES
was the first to use the term “positive
psychology,” by saying he wrongly
conflated Maslow’s humanism with
“crystal healing and aromatherapy.”
But that’s all Mr. Seligman admits.
“On the other hand,” he explains, with
unselfconscious narcissism, “Maslow
came too early . . . spotty scholar that
I am, I had not read much Maslow,
and so his writings played little role in
my own thinking. Had I invoked
Maslow, however appropriately, it
would have been window dressing.
Positive psychology arose directly
BOOKS
layers of interpretation. The Bible had
explained God within a sacred history
of kinship, as “the God of Abraham,
Isaac and Jacob.” The Hellenistic era
forced Judaism to develop a consistent
worldview—consistent, that is, with
the universalism of Greek philosophy
and Roman power. The result was
disagreement over purity, calendars
and Sabbath observation; speculation
about demons and angels; discordant
prophecies about the ”immediate and
eschatological future”; and bitter de-
bate about the “value of martyrdom”
as well as the “expectation for life
after death.”
The sparks now flew outwards. In
the first century, the “dramatically
different theological complexions” of
Judaism led to the sectarianism of
revolt, civil war and Christianity. Mr.
Goodman excels in sifting the partial
evidence we have about groups like
the long-haired Nazirites, the sociable
Haverim, the stringent Essenes and
the Yahad group at Qumran, whose
reverence for their deceased “Teacher
from my take on the shortcomings of
mainstream clinical and experimental
evidence.” The lesson? You too can be
a brilliant and original innovator! Just
don’t read anyone whose identical
innovations “came too early”—early
enough to have influenced others who
might have influenced you.
Nevertheless, what Mr. Seligman
did that no one had done previously,
Mr. Horowitz suggests, was make
positive psychology a movement that
generated staggering financial and
entrepreneurial success. Mr. Seligman
left no application unexplored, from
enlisting the APA’s support in partner-
Saturday/Sunday, March 31 - April 1, 2018 | C7
RABBI Gamaliel teaching, from
the Sarajevo Haggadah, ca. 1350.
.
ly
of Righteousness” Mr. Goodman com-
pares to the attitudes early Christians
held toward Jesus.
Meanwhile, the heirs of Hillel de-
veloped the synagogue, the liturgy
and the Gemara (the hermeneutic
analysis of the Mishnah with refer-
ence to the Torah and later rabbinic
traditions). Around the year 500, they
compiled their findings, the halakhah,
or legal “way,” into the Babylonian
Talmud. Hillel and his contemporary
Shammai survive in “very schematic
form” as the progenitors of a dialec-
tical rivalry, the House of Hillel and
the House of Shammai.
While the Talmud stabilized Juda-
ism, the study of Talmudic method
fostered a “dynamic tradition” of in-
terpretation, in which rabbinic poskim
(“deciders”) expanded the halakhah
through responsa, “answers.” Stimu-
lating questions arose not just from
the challenges of Christianity and
Islam, but from neo-Aristotelian phi-
losophy and the recurrent mystical
impulse within Judaism. Medieval
ing with the Army to create a Compre-
hensive Soldier Fitness Program—an
enterprise that enraged many mem-
bers of the APA for its blurring of
uncertain science and politics—to co-
creating the Authentic Happiness
Coaching Program, “which used tele-
conferencing to train more than 1,000
coaches in 19 nations.”
Mr. Horowitz’s straightforward,
comprehensive history of the positive-
psychology movement follows the
money wherever it leads—and it leads
everywhere. He presents every contro-
versy, representing defenders of posi-
tive psychology as fully as its critics—
massacres by Christians demanded a
theology of martyrdom; the kaddish
prayer for the deceased entered the
Ashkenazi liturgy. Eastern Jews
adopted the Muslim habits of head-
covering and visiting saints’ tombs, or
were influenced by the neo-Platonist
themes of Sufism. “In marked contrast
to the strict controls on theological
speculation in contemporary Christian
circles,” Mr. Goodman writes, “and the
necessary restraints for rabbis them-
selves when ruling on halakhah, it was
possible to dream with little restraint
about the nature of the divine and its
secret revelation through the enig-
matic words of scripture.” Nor did Ju-
daism penalize “failure to depict cor-
This magnificent account
of Jewish belief should
become the standard
reference for a generation.
rectly the nature of the divine world”
with automatic accusations of heresy.
Thus mystical speculation devel-
oped dialectically with rabbinic law.
While the great medieval commenta-
tors, Rashi on the Talmud and Mai-
monides on Jewish law, were clarify-
ing the plain meaning of the halakhah,
their rabbinic peers were creating the
speculative mysticism of the Zohar.
While Isaac Luria expounded the kab-
balah following the expulsion from
Spain, Joseph Caro updated the prac-
tical application of halakhah in the
Shulchan Aruch code of laws (1563). In
the 18th century, while Polish Jews
followed charismatic Hasidic leaders,
Lithuanian Jews followed the intellec-
tual austerities of the Gaon of Vilna.
The consensus broke down in 19th-
century Europe. When the Reform
Jews of Germany adopted the privat-
ized religious model of Christianity,
another German Jew, Samson Raphael
Hirsch, responded with the new tradi-
tionalism of Orthodoxy. In the U.S., a
third stream, Conservative Judaism,
tried to reconcile Reform aspirations
with Orthodox rigor. Further minori-
ties responded with the secular here-
sies of Zionism and socialism.
Judaism did not die in the Holo-
caust, nor was it superannuated by
Zionism. Today, Judaism is the state
religion of nearly half the world’s
Jews. The diaspora has never been so
well connected to the land of Israel;
the internet, like the printed Talmud
in the 16th century, standardizes
“norms and expectations” as it
spreads them. Hebrew literacy has
never been so high, and the “extraor-
dinary fecundity” of ultra-Orthodox
Jews is tipping the demographic
balance. So far, the Jews’ “consistent
thread” of grudging tolerance for one
another’s opinions has held.
Citing Josephus, the historian who
witnessed the destruction of the
Second Temple, Mr. Goodman advises
“reticence in predicting what will hap-
pen in the next century.” Meanwhile,
the first responsa on the halakhah of
space travel already have been issued.
Mr. Green is a historian and critic.
including my favorite critic, Barbara
Ehrenreich, whose book “Bright-Sided:
How Positive Thinking Is Undermining
America” (2009) was a deft takedown
of positive psychology’s promotion of
itself and Mr. Seligman’s promotion of
himself. Mr. Seligman takes full ad-
vantage of the Memoirist’s Revenge—
the chance to rebut her and other
critics who have raised objections that
range from “positive psychology is
individualistic and selfish” to “positive
psychology is just old wine in new
bottles.”
The modern positive-psychology
movement—like Phineas Quimby’s—is
a blend of wise goals, good studies,
surprising discoveries, old truths and
overblown promises. Daniel Horo-
witz’s history deftly reveals the eter-
nal lessons that underlie all its incar-
nations: Money can’t buy happiness;
human beings need social bonds, sat-
isfying work and strong communities;
a life based entirely on the pursuit of
pleasure ultimately becomes pleasure-
less. As Viktor Frankl told us, “Hap-
piness cannot be pursued; it must
ensue. One must have a reason to ‘be
happy.’ ” That reason, he said,
emerges from the pursuit of purpose.
Ms. Tavris is a social psychologist
and the co-author, with Elliot
Aronson, of “Mistakes Were Made
(But Not by Me).”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C8 | Saturday/Sunday, March 31 - April 1, 2018
‘Our chief want in life is somebody who shall make us do what we can.’ —Ralph Waldo Emerson
FICTION CHRONICLE: SAM SACKS
The Feminist Circle of Life
IN A PARADIGM-
shifting essay for
the New York Times
in 2012, Meg Wo-
litzer considered
the prejudices that
had come to define the invidious
category of “women’s fiction.” The
label, she observed, reflexively de-
noted something miniature and do-
mestic—a book for reading-group
discussion, not for serious literary
consideration. You could identify
such books by their pastel-colored
cover art and modest length, which
enforced the idea that sprawling
tomes were for men to produce,
while women quietly whittled their
two inches of ivory.
The characterization was eye-
opening because it seemed both
ridiculous and accurate. On one
hand, “The Tale of Genji” and
“Middlemarch” give the lie to the
notion that women don’t write long
novels, as do the doorstoppers
routinely published by A.S. Byatt,
AP
Joyce Carol Oates, Donna Tartt,
Sarah Waters, et al., ad infinitum.
Yet through some combination of
marketing, mythology and Norman
Mailer, the stereotype that size
signifies male virility has stuck, with
the pernicious knock-on effect of
cheapening the achievement of beau-
tifully written “small” books. “If a
woman writes something short these
days, particularly if it’s about a
woman,” Ms. Wolitzer noted, “it
risks being considered minor.”
That risk was no doubt on Ms.
Wolitzer’s mind when she turned
from focused, funny novels like
“This Is My Life” (about a female
stand-up comic) and “The Uncou-
pling” (a suburban update of “Lysis-
trata”) to write “The Interestings,” a
decades-spanning saga following the
fortunes of a clique of six talented
friends. Its Great American Novel-
style sweep made it look like a con-
scious effort to resist pigeonholing.
Yet, tellingly, the book itself is about
the double-edged sword of ambition.
The friends vow in their youth to
become world-beaters, but only two
grow up to find fame. The novel ex-
plores the psychological fallout from
their unequal successes, and the
flaws in our conception of success in
the first place.
Ms. Wolitzer’s latest, “The Fe-
male Persuasion” (Riverhead, 456
pages, $28), is a big book on the
hot-button subject of feminism that
seems, like its predecessor, ambiva-
lent about its attention-grabbing
scope and topicality. It centers on
Greer Kadetsky, an introverted
undergrad who is turned on to
women’s rights after being groped
by a frat boy whose serial assaults
Tough-Minded, Jokey and Just
no
See What Can Be Done
By Lorrie Moore
Knopf, 407 pages, $29.95
BY WILLIAM H. PRITCHARD
WHEN ASKED WHETHER a writer is
justified in making a book out of pre-
viously published pieces—most of
them book reviews—the historian
Hugh Trevor-Roper replied, yes, if
they have some underlying philoso-
phy that connects them. To which
the critic Cyril Connolly noted that
the philosophy is every writer’s de-
sire to see the pieces combined be-
tween hard covers: “If they can make
a book out of them, they will.” When
the novelist and short story writer
Lorrie Moore asked herself whether
there was a reason to round up
essays she’d written since 1983, she
couldn’t answer. Although she has
been selective, this collection of 66
items runs to over 400 pages—
“thirty-four years of, well, stuff”—so
the selection process can’t have been
a severe one. The greater part of the
“stuff” appeared in the New York
Times Book Review and the New
York Review of Books; subtitled
“Essays, Criticism, and Commentary,”
much of it consists of, more humbly,
book reviews, for the commissioning
of which she thanks Anatole Broyard,
Barbara Epstein and Robert Silvers,
the last of whose invitations to re-
view regularly contained the homely
injunction to “see what can be done”
about the book in question.
Ms. Moore’s seven books of fic-
tion, the most recent of which is
earn him nothing more than a slap
on the wrist. At a campus talk Greer
meets Faith Frank, a 63-year-old
feminist icon “a couple of steps
down from Gloria Steinem in fame.”
When Greer graduates, Faith puts
her to work at her glitzy women’s
foundation, Loci, whose funds come
from a questionable venture capital-
ist. It’s the feminist circle of life—in
on
Greer, Faith finds an adoring appren-
tice eager to absorb her wisdom and
carry on her ideals.
us l,
Naturally, it doesn’t work out so
simply. Ms. Wolitzer is very smart
about the gritty realpolitik of activ-
al a
e
ist movements, both in the conces-
sions they make to corporate
ci on
money and in the cutthroat tactics
their leaders use to gain acclaim.
Greer becomes a best-selling writer
herself, but her lean-in feminism is
contrasted, not very flatteringly,
er rs
with the lives of two other charac-
ters. Her closest college friend,
Zee, who never had the good luck
to be anointed by Faith Frank,
m e
teaches in an inner city before be-
coming a crisis response counselor.
m rp
Greer’s high school sweetheart
Cory abandons a lucrative career in
finance after a family tragedy
strikes, instead moving home to
care for his mother. “I think there
co Fo
are two kinds of feminists,” Zee
tells Greer. “The famous ones, and
everyone else.”
Curiously, the ancillary storylines
about Zee and Cory are the novel’s
most affecting portions. Ms.
Wolitzer’s appreciation for their
local, “undersung” acts of kindness
and social change may account for
the hesitancy in her portrayal of
n-
“Bark,” a 2014 collection of stories,
are notable for their combination of
discordant qualities—“both dark and
wry” in the words of one reviewer,
who found the result “hilarious and
heartbreaking.” Her wicked wit is
demonstrated by the opening sen-
tence of the first item in the new
collection, a review of a novel by
Nora Ephron, “whose name sounds
like a neurotransmitter or a sinus
medication.” Ms. Moore has a hard
A leading American
short-story writer collects
34 years of lively, often
humorous critical prose.
time resisting quips like that, since
she is endowed with what a charac-
ter in a Wyndham Lewis novel called
GETTY IMAGES
“the curse of humour.” In her recent
novel “A Gate at the Stairs,” the nar-
rator, a university student, is so full
of what she calls “jokey curses” that
it’s hard to know how seriously to
take her.
The first 200 or so pages of the
new book mostly deal with novels
and collections of stories: Kurt
Vonnegut, Bobbie Ann Mason, V.S.
Pritchett, Stanley Elkin, Don
DeLillo, Charles Baxter, Margaret
Atwood, Alice Munro. At times one
questions the value of reading
about a forgotten novel published
15 years ago like Ms. Atwood’s
“Oryx and Crake”: “Towering and
intrepid,” Ms. Moore calls it, but
also full of “smirk and deadpan,” a
BOOKS
Faith, the novel’s ostensible figure
of interest. “Faith went to marches
for the Equal Rights Amendment,”
we read of her formative experi-
ences. “She hung around after
meetings, long into the night, to
talk to many women.” As an evoca-
tion of the rough-and-tumble hey-
day of second-wave feminism, this
is remarkably flat, and descriptions
An ambitious young
woman enters the orbit,
and furthers the work, of
her intellectual role model.
of the environment at Loci are no
more textured. One woman is intro-
duced as “pretty, early twenties, in
a yellow dress,” place-holding de-
tails so vague that they do little be-
yond fill the pages. It’s impossible
to get a feel for Faith’s magnetism,
or for the gifts that makes Greer
her natural successor.
Near the end of “The Female Per-
suasion” Greer comes to realize that
even flawed messages have the
power to encourage and inspire. In
that sense the novel is a meaningful
statement, a drawn-out work on big
issues written by a woman at the
pinnacle of her career. Still, I missed
the perfect short book hidden some-
where inside it.
Richard Powers, whose latest
novel, “The Overstory” (Norton,
502 pages, $27.95), is his twelfth,
has always been a maximalist
writer, though this is a matter of
sharply turned phrase that fits
much of Ms. Moore’s own fiction.
(“Another joke! These jokes will kill
you!” declares a woman whose baby
is about to undergo chemotherapy
in the story “People Like That Are
the Only People Here.”)
SHE’S GOT THE ‘STUFF’ Lorrie Moore in 2009.
The strictly chronological organi-
zation of these pieces makes one
ask, why not combine three separate
reviews of Alice Munro or two of
Margaret Atwood under single head-
ings? But arrangement by chronol-
ogy means that you get a chance to
see Ms. Moore’s developing powers
as a critic. They are never more
impressive than in two items about
Philip Roth and John Updike, the
occasions being Mr. Roth’s novel
“The Human Stain” and Updike’s
“The Early Stories.” With Mr. Roth
* ***
artistic vision, not masculine
preening. His books work by
synthesizing diverse themes and
stories into intricate patterns. Thus
“Three Farmers on Their Way to a
Dance” intertwines meditations on
painting, industry and warfare.
Bach and DNA coil together in “The
Gold Bug Variations.” Central to
these incomparable books is the
search for what is sometimes called
consilience—a unity of knowledge,
particularly between science and
the arts.
The shape “The Overstory” forms
is that of a great branching tree. The
story introduces a group of strang-
ers who are gradually brought to-
gether by a shared passion for sav-
ing the last of America’s old-growth
forests. Included in the motley and
under-realized cast are an evolution-
ary psychologist, a painter, an Air
Force veteran and a woman galva-
nized by a near-death experience.
The most important is the
dendrologist Patricia Westerford, a
prime example of Mr. Powers’s
favorite stock character, the prophet-
like scientist whose ideas are too
groundbreaking to be fully recog-
nized in her time. Dr. Westerford
finds evidence that trees are capable
.
of communicating in times of danger,
ly
through airborne signals and mats of
underground fungi that “link trees
into gigantic, smart communities
spread across hundreds of acres.”
The lesson trees teach about the
collective responsibility of “tied-
together life” is one humans have
trouble grasping. “The Overstory”
has much in common with Annie
Proulx’s “Barkskins,” an epic viewed
through the history of a timber
company (and another massive
book, while we’re on the subject),
but Mr. Powers is far more strident
about the wages of deforestation.
The story of his eco-activists is vir-
tually operatic in its melodrama.
Little surprise that one of the cli-
mactic scenes is a Götterdämmer-
ung of fire.
But if Mr. Powers is clumsy in his
depiction of persons, he’s brilliant
on the strange idea of “plant person-
hood.” The novel is interested in
what one character calls “unblind-
ing”—opening our eyes to the won-
drous things just above our line of
sight. Memorable chapters unfold
when two protestors “tree-sit” in the
canopy of a giant redwood being
threatened by loggers. A whole eco-
system thrives in that ancient and
rarefied habitat: birds, mammals,
smaller trees, even ponds with fish.
It’s one of many unforgettable
images in a novel devoted to “reviv-
ing that dead metaphor at the heart
of the word bewilderment.”
she quickly situates the novel in re-
lation to its immediate predecessors,
then pulls out all the stops: “In
terms of sheer productivity, bril-
liance, distinctly American diction,
philosophical rage, comic irritability,
dramatic representations of solitude,
uniqueness of voice, and unwavering
repugnance toward heterosexual
convention, it is difficult to think of
a contemporary artist with whom
Roth might even be compared.” The
tribute is strong and just, but it does
not prevent her from singling out a
couple of unsatisfactory scenes in
the book. The essay on Updike, using
“The Early Stories” as base, is even
better, pointing to the “chilling au-
thenticity” of the Maples stories and
his “supreme story of boyhood,”
“Pigeon Feathers”; concluding that
THE WALL STREET JOURNAL.
MYSTERIES: TOM NOLAN
She Might Be
In Tangier
CHRISTINE Man-
gan’s debut novel,
“Tangerine” (Ecco,
308 pages, $26.99),
takes place in Tan-
gier, Morocco, in
1956—with flashbacks to Benning-
ton, Vt., and a prologue and epilogue
set in Spain. Bennington is where
the well-to-do Alice Shipley meets
the working-class Lucy Mason. The
two students become constant com-
panions and plan a future together
of travel and creativity. An example
of elective affinity—or a case of folie
à deux?
The book begins in Tangier, after
Lucy and Alice have left school and
gone their separate ways. Emo-
Two women, once college
roommates, rekindle
an obsessive friendship
in midcentury Morocco.
tionally fragile Alice is now living
with John, her neglectful and se-
cretive English husband, who may
or may not work in the British
foreign service. One day Lucy ar-
rives unannounced at their door
from New York City—intent, it
seems, on resuming her old friend-
ship with Alice.
In chapters told in Alice’s and
Lucy’s alternating voices, we learn
that the women had a falling out, and
the traumatic facts slowly emerge:
events involving Alice’s intrusive
former boyfriend and a car crash
during a Vermont blizzard.
Ms. Mangan makes good use of
her arid locale—which is oppres-
sive for Alice but inspiring to Lucy.
(“Do you know it’s thought that
even Ulysses must have passed
Tangier during his travels?” Lucy
asks.) The city, with its roots in an-
cient mythology, encourages Lucy
to embrace her impulsive nature, as
when, despite warnings from Alice
and John, she becomes acquainted
with Youssef, a dilettante and pos-
sible con man who promises to
show her the “real” Tangier. Lucy is
not put off by Youssef’s unsavory
ways and eagerly welcomes what-
ever dubious adventures he may
have in store for her.
The reader’s sympathy switches
back and forth between Lucy and
Alice as their Moroccan reunion
moves inexorably toward another
fatal crossroads. But caveat lector:
“Tangerine,” like its namesake
fruit, can be both bracing and
bitter.
both in quality and quantity he is
“American literature’s greatest
short-story writer, and arguably our
greatest writer without a single
great novel.” “Arguably” leaves it
open to suggest that the Rabbit te-
tralogy, four novels considered as
one and bound together in “Rabbit
Angstrom” is, as she calls it, an “im-
mense achievement” and also a
great novel. It’s also worth remark-
ing that as a tough-minded critic
who happens to be female as well,
she spends no time worrying about
charges of sexism or misogyny that
both Updike and Mr. Roth have
sometimes incurred.
The later pages of this collection,
beginning around 2010, are often
devoted to admiring appreciations of
various television series such as
“The Wire,” “Homeland,” “Friday
Night Lights” and “True Detective.”
These are assessed with obvious en-
gagement, as well as critical discrim-
ination. Interspersed are glances at
9/11, a GOP primary debate and Ba-
rack Obama, and a postscript on the
2016 presidential election especially
apropos of Hillary Clinton. What
sustains overall this group of essays
and commentary is a continuous
critical spirit that stays in touch
with life. Writing of the interlinked
short stories in Joan Silber’s “Ideas
of Heaven,” Ms. Moore notes that
everyone in them “speaks in the
same lively, funny, intelligent voice:
the voice of the book”—a judgment
that applies equally to the disparate
items in “See What Can Be Done.”
Mr. Pritchard is Professor of Eng-
lish Emeritus at Amherst College.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
‘Never say no when a client asks for something, even if it is the moon . . . . There is plenty of time afterwards to explain that it was not possible.’ —César Ritz
Ritz & Escoffier
By Luke Barr
Clarkson Potter, 312 pages, $26
BY MOIRA HODGSON
THE PRINCE OF WALES, Britain’s
future King Edward VII, loved to eat
well. He dined frequently at the
Savoy, where one evening the hotel’s
famous chef de cuisine, Auguste
Escoffier, introduced a new dish with
a poetic name: Cuisses de Nymphes à
l’Aurore (Thighs of Nymphs at Dawn).
Members of the royal party were in-
trigued. Was it a small bird? Or what?
With pounding heart, César Ritz,
the Savoy’s dapper manager, revealed
the identity of the so-called nymphs’
thighs to be frogs’ legs—a French
abomination, worse even than garlic!
But instead of expressing outrage the
prince was so amused that a few days
later he ordered them again.
The Savoy, which opened in 1889,
was glamorous and cosmopolitan, an
antidote to Victorian stuffiness. Its
owner, Richard D’Oyly Carte, the
backer of Gilbert and Sullivan’s comic
operas, had a theater next door, and
his ambition was to create a modern
luxury hotel the likes of which had
never been seen. To fulfill his vision,
in 1890 he turned to Escoffier and the
Swiss hotelier Ritz, a man known for
his impeccable taste, and in short
order the two men, who’d had a pre-
vious success at the Grand Hotel in
Monte Carlo, made the Savoy into the
most famous and profitable hotel and
restaurant in the world.
“Ritz & Escoffier,” Luke Barr’s
entertaining narrative history, reads
like a novel (complete with cliff hang-
ers and descriptions of the characters’
private thoughts). Both of its subjects
had grown up poor, but were oppo-
sites temperamentally. Mr. Barr, a
former features editor at Travel +
Leisure magazine, describes the 39-
year-old Ritz as “outgoing, debonair,
GETTY IMAGES
and excitable.” He was “extravagant,
ambitious, and prone to self-doubt,”
while Escoffier, four years older, was
“self-assured and precise,” a brilliant
cook who had created a modern
kitchen brigade and codified French
cuisine. He was a handsome man,
“imperturbable, soft-spoken,” but so
small that he wore boots with heavy,
built-up heels. Ritz, on the other
hand, was embarrassed that his large
feet betrayed his peasant background
and wore shoes half a size too small.
Neither man had to use the stairs
at the Savoy, since the hotel had six
elevators, the largest ever seen in
Europe, which D’Oyly Carte called
“ascending rooms.” There were 400
guestrooms and an unheard-of num-
ber of bathrooms—67 all told, many
en suite and at no extra charge. (The
recently opened Hotel Victoria pro-
vided just four for 500 guests.) The
Savoy also had electric light that you
CHILDREN’S BOOKS: MEGHAN COX GURDON
no
Old Enough to Look Back in Anger
TWO BOYS, two lost
fathers, two big mis-
takes, two unwanted
summertime visits
with grandparents:
These points of com-
monality unite in theme, if not in
setting, two affecting novels in free
verse for readers ages 9-12.
Kwame Alexander’s “Rebound”
(Houghton Mifflin Harcourt, 414
pages, $16.99) traces a painful time
in the life of 12-year-old Charlie Bell.
One day Charlie will grow up to be
the father of Jordan and Josh, the
twin middle-school basketball
phenoms from Mr. Alexander’s 2015
Newbery Medal-winner, “The Cross-
over.” In this prequel, though, set in
the 1980s, Charlie is just a boy griev-
ing after the death of his own father.
Taking solace in superhero comics,
Charlie daydreams about wearing a
pair of Air Jordans and becoming a
sensation on the basketball court.
When he’s in a reverie, the pages
morph into comic strips, drawn by
Dawud Anyabwile, featuring Charlie
as a trash-talking champion: “I’d
steal the ball / and make you cry. /
My game’s so criminal, / I’d need an
alibi.” Happy for a moment, he’ll sud-
denly be sandbagged by grief. “The
worst / are / the moments / I forget
/ that he’s gone / and then remem-
ber,” he says. The shape of free
verse, with often only a word or two
strung on each line, is strikingly
effective at conveying the weight of
a boy’s strong emotions: Each page
* * * *
Modern Hospitality
on
us l,
al a
e
ci on
er rs
STOMPIN’ AT THE SAVOY The hotel ca. 1905. Ritz and Escoffier made it the talk of London in the 1890s.
m e
could switch on or off in your room
without getting out of bed, also at no
m rp
extra charge.
Oscar Wilde commented (half-
seriously) that he didn’t think much
of the electric light, which was
“everywhere, except where you need
co Fo
it! A harsh and ugly light, enough to
ruin the eyes. And not a candle or a
lamp to read by.” As for amenities
such as a washbasin in the room,
“Hide the thing! I prefer to ring for
water when I need it.” (Alas, just a
few years later, to Ritz’s mortification,
the Savoy was to provide the setting
for many accusations that lead to
Wilde’s tragic downfall in 1895.)
Closely observing Ritz and Escoffier
as they ran the business was D’Oyly
n-
seems as laden with pauses and
unspoken thoughts as it is with
narrative.
Like Charlie Bell, sent to stay for
the summer with his grandparents
(It’ll be good for both of us, Charlie’s
mother says), 11-year-old Jett finds
himself on a plane to his grand-
mother’s house on Canada’s eastern
shore. In Heather Smith’s novel “Ebb
& Flow” (Kids Can Press, 227
pages, $16.99), he tells us: “It was
A grieving boy takes
solace in comics, a guilty
boy does penance for
an awful act of betrayal.
GREENWILLOW
my mother’s idea. / Jett, what you
need is a change of scenery. / I think
she needed a change of scenery, too.
/ One without me.”
Jett has had a “rotten bad year,”
but it takes time for him to reveal
what awful thing he did—the betrayal
of an innocent that has left him
hating himself—and what his absent
father has to do with it. Jett’s
grandmother, like Charlie Bell’s
grandparents, is both demanding and
empathetic: She insists that Jett join
her on her visits to a smelly, toothless
old woman; she makes him work
around the house; and she takes him
hunting on the beach for beautiful
bits of detritus. What was once a
BOOKS
Carte’s wife, Helen, a former actress
who was a manager at the hotel. Mr.
Barr paints her as a relentless, watch-
ful figure, “a nervous, meticulous per-
son, and fiercely protective of her hus-
band.” She disliked Ritz, especially the
way he and Escoffier spent her hus-
band’s money, and she was to play a
pivotal role in uncovering impropri-
eties that led to their abrupt dismissal
ten years later. (The two had long ac-
cepted kickbacks from suppliers and
contractors, and in 1897-98 they se-
cretly entertained—at D’Oyly Carte’s
expense—prospective investors in the
Carlton, a rival hotel venture.)
Despite his wife’s misgivings,
D’Oyly Carte gave Escoffier and Ritz
free rein from the start. The restau-
piece / of broken glass / is now some-
thing better— / it’s a gem, she tells
Jett. Even after all that battering? he
asks. His grandmother smiles.
Because of all that battering, she says.
Yet another unhappy young boy
gets sent to stay with relatives for
the summer in “Tom’s Midnight
Garden” (Greenwillow, 96 pages,
$22.99), an illustrated adaptation of
Philippa Pearce’s 1958 novel of the
same name. Young Tom feels like a
prisoner with his Uncle Alan and
Aunt Gwen: There are bars on the
windows of his bedroom, and he isn’t
allowed outside for fear that he may
have contracted measles from his
brother, who is sick at home. In
graphic-novel panels drawn by the
French illustrator Edith, we see Tom
lying awake in the dark as a grand-
father clock in the downstairs hall
strikes 11, then 12, and then—13!
Against orders, Tom creeps down to
check the time. “I saw that moon-
Saturday/Sunday, March 31 - April 1, 2018 | C9
.
ly
rant became enormously popular, a
gathering place open to all who could
afford it: aristocrats, the nouveau
riche, royalty, Jewish bankers and fur
traders (Jews weren’t freely accepted
in society at the time), and stars of
the theater and opera. Formal evening
dress was de rigueur in the dining
room and women were admitted—
except those of “doubtful reputation
and uncertain revenue,” who arrived
unaccompanied, wearing makeup and
large hats. Mr. Barr writes, “An ex-
travagant hat worn in the evening,
Ritz had discovered, was a sign of
trouble.” But Ritz not only gave
ladies’ banquets, he also successfully
campaigned to change the laws
against eating out on Sundays. Soon
beams were shining through the
window of the back door,” he writes
to his brother.
As Tom opens the door—and as
the young reader turns the page—
there’s the shock of sunlight: Instead
of a paved alley, Tom sees a wonder-
ful garden, with trees and hedges
and flowering bushes. He meets a
girl named Hatty, who wears Victo-
rian clothes and seems to be the only
person in the garden able to see him
(see above). Soon Tom has embarked
on a secret double life, confined by
day and free at night, even as he
begins to realize that time doesn’t
work in the midnight garden the way
it normally does. Imbued with deep
feeling, this dramatic, poignant, joy-
ful story invites readers ages 8-12 to
imagine the impossible.
Time doesn’t work the way it nor-
mally does during moments of stress
and crisis, either, but slows down so
much that a few seconds seem to
those formerly grim at-home evenings
of “cold joint and gloom” became the
most fashionable times of the week to
dine at the Savoy.
When the great French actress
Sarah Bernhardt visited London she
would hold forth in the restaurant, Mr.
Barr writes, “fashionable as always,
wearing a small live lizard attached to
a fine chain that was pinned to her
dress. It darted about listlessly on her
breast.” (She was more interested in
champagne than food. When she was
67 she told Escoffier, who was a great
friend, the secret of her youthful good
The hotel had 400 rooms,
six elevators and an
unheard-of number of
bathrooms—67 all told.
looks: half a bottle of Moët et Chandon
with every meal.)
Élisabeth de Gramont, the French
aristocrat, could be seen at her hus-
band the Duc de Clermont-Tonnerre’s
table smoking cigarette after ciga-
rette. The sight of a woman (a de-
scendant of King Henri IV, no less)
doing such a thing in public was so
shocking that some diners actually
stood up to watch.
Escoffier streamlined his cooking,
eliminating the unnecessary, fussy
(and often inedible) decoration of his
great mentor, Marie-Antoine Carême.
But that didn’t mean his dishes
weren’t excessive. His menu for an
important dinner, attended by titans
of global finance, included a Chinese
soup made from imported birds’
nests, the braised fin of an American
turtle that weighed 120 pounds, and
roasted ortolans (songbirds) eaten
whole. Mr. Barr has an eye for comic
detail, and he writes that for their
penultimate dessert the millionaire
diners were presented with miniature
grape vines and tiny peach, plum and
cherry trees, all laden with perfectly
ripe fruit to be harvested with a small
pair of golden scissors—to be kept as
a souvenir.
Ritz had opened the hotel’s doors
to anyone with money wearing the
right clothes. The old social rules
were broken. Mr. Barr comments,
“Indeed, there was an element of
decadence in the Savoy’s brand of
luxury—it was this decadence that
made it modern, the sense that plea-
sure was to be celebrated.”
Mr. Barr has done a fine job evok-
ing fin-de-siècle London and the char-
acters of the two odd men who played
such a pivotal role in that exhilarating
time. Of course, at the very least they
should be remembered for getting the
English to eat frogs’ legs.
Ms. Hodgson is the author of “It
Seemed Like a Good Idea at the Time:
My Adventures in Life and Food.”
take an hour. The fraught hiatus
between the thwack of a bat and a
baseball hurtling into the outfield
takes the entirety of a picture book
in David Wiesner’s “I Got It!” (Clar-
ion, 32 pages, $17.99). In that brief
span of time, a boy of 9 or 10 stakes
the fateful claim: “I got it!” Running,
reaching, leaning for the ball, he
envisions disaster: He’s going to trip
on a root, crash to the ground,
embarrass himself. Then, with a turn
of Wiesner surreality, in the candy-
colored illustrations the proportions
go all wonky: The root becomes a
tree, the ball is huge, the outfielder
tiny. Then the boy is competing for
the ball with a throng of giants, their
monstrous mitts extended. Ah—does
he get it?
The narrator of Ricardo Cortés’s
picture book “Sea Creatures From
the Sky” (Black Sheep, 48 pages,
$16.95) is comfortable with giants—
his undersea world is full of them—
but he’s not calm about monsters.
How could he be, after finding him-
self pulled out of the ocean by
them, poked and prodded and
having a tag stuck to his dorsal fin?
And no one will believe him!
“Everyone I told, from the whale to
anchovies, scoffed at the tale as a
‘complete impossibility,’ ” the poor fel-
low explains. “In ships they steered?
Faces with beards? Heads with two
ears? It was all just too weird.” Sump-
tuous paintings and an engaging con-
ceit make this a terrific read-aloud
choice for children ages 2-7.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C10 | Saturday/Sunday, March 31 - April 1, 2018
‘A storybook detective starts by confronting us with a murder and ends by absolving us of it. He clears us of guilt. He relieves us of uncertainty.’ —Kate Summerscale
SCIENCE FICTION: TOM SHIPPEY
GETTY IMAGES
Better Not to Know
EVERYONE knows
that if someone
should appear from
nowhere and hand
you a magic lamp,
you better think
very carefully before you rub it. This
is the problem confronting Charles
Soule’s hero in “The Oracle Year”
(Harper, 402 pages, $21.99). Will is
a struggling musician, struggling
because although he’s good, he’s not
New York good. One night, he has a
dream in which he is given 108 pre-
dictions about the future. And they
start coming true. Some of them are
trivial: a surprising turn-round in a
football game, the number of babies
to be born on a particular day in a
Texas hospital, a hold-up at a given
time at a particular store. Others are
life-savers: a plane that will crash,
and does.
Will starts putting all his prognos-
tications up on a website that every-
one looks at, and becomes “the Ora-
cle.” He gets millions of emails from
people asking him for stock tips or
what to bet on at the races. Will
keeps some commercially valuable
knowledge to himself, however, and to
protect himself from those who would
pry it out of him, he goes into hiding
behind electronic security arranged
for him by “the Florida Ladies,”
money launderers beyond compare.
But all security can be breached, once
you attract the attention of the presi-
dent of the United States.
Pretty soon thousands of lives are
on the line, and the downward spiral
to disaster is accelerated by the fact
that, of course, people can lie. Even
Will. Moreover, one very easy predic-
tion anyone can make is that religious
leaders the world over will label Will
a false prophet. Can he undo the
coming apocalypse he has created?
“The Oracle Year” raises many
questions, but adds constant twists of
plot. Where did those predictions
come from? Were they sent by a
genie? Or a demon? If you’re told
what you’re going to do in advance,
can you just refuse to do it? If it
happens anyway, are we looking at
providence? Someone, or something,
must have had a plan.
John Marrs’s “The One” (Hanover
Square, 412 pages, $26.99) presents
another case of a seemingly great
Best-Selling Books | Week Ended March 25
no
With data from NPD BookScan
Hardcover Nonfiction
TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK
Secret Empires 1 New
Peter Schweizer/Harper
Russian Roulette: The Inside Story 2 1
Michael Isikoff & David Corn /Twelve
12 Rules for Life 3 3
Jordan B. Peterson/Random House Canada
Food: What the Heck Should I Eat? 4 7 The Rock, the Road, and the Rabbi 9
Mark Hyman/Little, Brown and Company
Pretty Mess 5 New
Erika Jayne/Gallery Books
Nonfiction E-Books
TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK
Last Week Tonight with John Oliver 1 New
Jill Twiss/Chronicle Books
Secret Empires 2 New
Peter Schweizer/HarperCollins Publishers
Never Split the Difference 3 —
Chris Voss & Tahl Raz/HarperCollins Publishers
Darkest Hour 4 —
Anthony McCarten/HarperCollins Publishers
Glow15: A Science-Based Plan 5 New
Naomi Whittel/Houghton Mifflin Harcourt
Russian Roulette: The Inside Story 6 1 Food: What the Heck Should I Eat? 6
Michael Isikoff & David Corn/Grand Central Publishing
Educated 7 4
Tara Westover/Random House Publishing Group
12 Rules for Life 8 5
Jordan B. Peterson/Random House Canada
Pretty Mess 9 New
Erika Jayne/Gallery Books
The Crusades 10 — The Sun and Her Flowers
Thomas Asbridge/HarperCollins Publishers
opportunity gone badly wrong. It’s a
hook-up culture we live in, or so
we’re told, but there are millions still
looking for that perfect partner. What
if that match could be guaranteed by
a DNA test?
Any sci-fi author who thinks up a
Marvelous Invention—whether it’s an
immortality drug, an impenetrable
force field, an antigrav device or
something else—moves straight to
the Law of Unintended Side Effects.
One hardly needs science fiction to
think of the problems with love
matches. Half of our literature is
based on true love striking like a
In a dream, a man is given
108 accurate predictions
about the near future—
but no forewarning of the
on
disaster that awaits him.
us l,
thunderbolt but hitting totally unsuit-
able targets. It’s why, in traditional
al a
e
art, Cupid not only carries a bow and
a quiver but wears a blindfold. He’s a
ci on
terrible shot.
So it proves in “The One.” Mr.
Marrs tells the stories of five indi-
viduals, all studies in what can go
wrong when we take love-matching
er rs
into our own hands. Nick and Sally,
for instance, are happy in their rela-
tionship until Nick decides to check
for his match. What he finds is not
m e
what he expected—but can he go
back to the way things were before?
m rp
That will always be second best, and
he and Sally know it. “I can’t battle
with genetics,” she says. But people
aren’t just their DNA. They have life
experiences and emotional baggage,
co Fo
not to mention emotional scar tissue.
“The One” runs as fast and unpre-
dictably as any soap opera, swinging
between tragedy and tragicomedy
with a shock on every other page. But
what about the bigger picture? What
would perfect match-ups do to birth
rates? Would they be a powerful
weapon against racism and religious
hatred, as Mr. Marrs suggests, or
would it turn out that we tend to find
our matches within our own com-
munities and gene pools?
n-
TITLE
AUTHOR / PUBLISHER
The Subtle Art of Not Giving a F*ck
Mark Manson/HarperOne
I’ve Been Thinking . . .
Maria Shriver/Pamela Dorman Books
There Is More
Brian Houston/WaterBrook Press
Kathie Lee Gifford & Rabbi Jason Sobel/Thomas Nelson
StrengthsFinder 2.0
Tom Rath/Gallup Press
Nonfiction Combined
TITLE
AUTHOR / PUBLISHER
Secret Empires
Peter Schweizer/Harper
Russian Roulette: The Inside Story
Michael Isikoff & David Corn /Twelve
Last Week Tonight with John Oliver
Jill Twiss/Chronicle Books
12 Rules for Life 4 2
Jordan B. Peterson/Random House Canada
Pretty Mess
Erika Jayne/Gallery Books
Mark Hyman/Little, Brown and Company
The Subtle Art of Not Giving a F*ck
Mark Manson/HarperOne
You Are a Badass
Jen Sincero/Running Press
Educated
Tara Westover/Random House
10
Rupi Kaur/Andrews McMeel Publishing
BOOKS
FIVE BEST: A PERSONAL CHOICE
Laura Thompson
on British detective novels
Miss Pym Disposes
By Josephine Tey (1946)
1
IN ‘MISS PYM DISPOSES,’
young women find fulfillment
at Leys, an elite physical-
education college. One could call
the novel Sapphic, with its loving
descriptions of goddess-like girls—
golden Pamela Nash, enigmatic
Mary Innes—and the gymnastic
exercises (which will later kill one
of them) that display “muscles
rippling in the light.” Yet the tone
is seriously innocent. The college is
described with a devout absorption
that casts the same pure spell as
the school stories of one’s child-
hood reading. Studying, cheating,
deathless friendships: These assume
a total importance even to Miss
Pym, a London sophisticate who is
invited to give a talk at the school
and succumbs after an afternoon of
“great beatitude,” taking tea under
a cedar tree with this collection of
“tumbled youth.” The girls emerge
cleanly from the mold of their
creator’s imaginings, Innes in
particular, with her “Borgia” face
and her capacity for tragedy.
Josephine Tey’s dignified passion
for Innes is the strange flame that
lights her strangely magical novel.
The Fashion in Shrouds
By Margery Allingham (1938)
2
‘THE FASHION IN SHROUDS’
is set within the world of the
modish: Margery Allingham,
the supreme stylist, creates a
couture business run by Valentine,
the sister of her high-born
detective, Albert Campion. When
Val tells her brother that an
adulterous client has been hit by
VAULTING AMBITION A pommel
horse in an old gym.
Hardcover Fiction
THIS LAST TITLE
WEEK WEEK AUTHOR / PUBLISHER
6 6 Accidental Heroes
Danielle Steel/Delacorte Press
7 4 Dog Man and Cat Kid (Dog Man 4)
Dav Pilkey/Graphix
8 New Green Eggs and Ham 3 3
Dr. Seuss/Random House Books for Young Readers
2 Mother Bruce
Ryan T. Higgins/Disney-Hyperion
10 8 The Punishment She Deserves
Elizabeth George/Viking
Fiction E-Books
THIS LAST TITLE
WEEK WEEK AUTHOR / PUBLISHER
1 New The Punishment She Deserves
Elizabeth George/Penguin Publishing Group
2 1 Accidental Heroes
Danielle Steel/Random House Publishing Group
3 New Covert Game
Christine Feehan/Penguin Publishing Group
The Bishop’s Pawn
Steve Berry/St. Martin’s Press
5 New The Great Alone
Kristin Hannah/St. Martin’s Press
10 With This Man
Jodi Ellen Malpas/Grand Central Publishing
7 4 Neverwhere
Neil Gaiman/HarperCollins Publishers
8 — The Escape Artist
Brad Meltzer/Grand Central Publishing
9 9 Little Fires Everywhere
Celeste Ng/Penguin Publishing Group
— The Woman in the Window
A. J. Finn/HarperCollins Publishers
* ***
her husband, he replies: “You
matched up her black eye in your
new peau de pêche noire, I hope?”
Needle-sharp satire and a bracing
disregard for modern orthodoxies:
That is Allingham. Her plot is driven
by what goes on when the clothes
are off. Valentine is in love with a
man who has fallen for an actress,
Georgia, whose physicality—
“coarse” and “vital”—fairly swells
off the page. Georgia is lost in the
depths of her own insincere
sincerity, but she generates real and
deadly emotions. Set against her is
Lady Amanda Fitton, a sublimely
capable young engineer who, in
Campion’s admiring words, keeps
her stockings up with “two magnets
and a dry-battery, if I know her.”
The book is an elliptical fantasy; yet
it has the gift of making one care.
Have His Carcase
By Dorothy L. Sayers (1932)
3
CLASSIC DETECTIVE novels
provide profoundly satisfying
resolutions, sometimes of a
sort that suggests that they may
be exercises in wish-fulfillment for
their creator. Women especially
have excelled in this genre, which
permits so much freedom within
its steely template. Dorothy L.
Sayers has her wildly eligible
detective, Lord Peter Wimsey, fall
in love with her alter ego, crime
writer Harriet Vane, who then
holds out over three novels for a
partnership between equals. Wish-
fulfillment indeed. Meanwhile
“Have His Carcase”—stage two of
Harriet’s journey to Wimsey—is a
blissfully cynical tale set in a
typical English seaside resort. The
murder victim is a dancer-cum-
gigolo engaged to a rich widow.
Harriet contemplates this woman,
with her look of “almost bridal
exaltation,” while listening to the
domestic babble of the wives at the
next table. “And these are the
happy ones, I suppose,” thinks
Harriet. “Well, dash it!”—and turns
back to her work, the salvation that
gives her an independent identity.
The Hollow
By Agatha Christie (1946)
4
HOW DECEPTIVE is the
seeming simplicity of Agatha
Christie? In “The Hollow,” a
man is shot at a house party—such
an apparently simple case for
GETTY IMAGES
Hercule Poirot, yet it’s depth is
formidable, its worldliness strik-
ing. The victim, John Christow, is a
doctor and a philanderer. His lover,
Henrietta Savernake, is genuinely
THIS LAST TITLE
WEEK WEEK AUTHOR / PUBLISHER
1 New One Fish Two Fish Red Fish Blue Fish 6
Dr. Seuss/Random House Books for Young Readers
2 1 God Gave Us Easter 7 —
Lisa Tawn Bergren/Waterbrook Press
Pete the Cat: Big Easter Adventure
James Dean/HarperTorch
4 5 Wonder
R. J. Palacio/Alfred A. Knopf Books for Young Readers
5 New The Great Alone
Kristin Hannah/St. Martin’s Press
Fiction Combined
THIS LAST TITLE
WEEK WEEK AUTHOR / PUBLISHER
1 New A Wrinkle in Time
Madeleine L’Engle/Square Fish
2 New Accidental Heroes
Danielle Steel/Delacorte Press
3 New The Punishment She Deserves
Elizabeth George/Viking
4 New The Bishop’s Pawn
Steve Berry/Minotaur Books
5 4 The Great Alone
Kristin Hannah/St. Martin’s Press
6 New Covert Game
Christine Feehan/Berkley Books
7 — Camino Island
John Grisham/Dell
8 — Ready Player One
Ernest Cline/Broadway Books
9 10 Simon vs. the Homo Sapiens
Becky Albertalli/Balzer & Bray/HarperTeen
10 9 Little Fires Everywhere
Celeste Ng/Penguin Press
THE WALL STREET JOURNAL.
MS. THOMPSON’S latest book is
“Agatha Christie: A Mysterious Life.”
kind to Christow’s wife. There is
not a speck of authorial judgment
about this relationship, nor even
much blame attached to the killer.
Instead “The Hollow” is a medita-
tion on the human capacity for
feeling, a theme with which
Christie was obliquely obsessed
after the end of her first marriage.
She considers the detachment of
her proxy, Henrietta, whose lover
says: ‘‘If I were dead the first thing
you’d do, with the tears streaming
down your face, would be to start
modelling some damned mourning
.
woman.’’ There are no flourishes
ly
here, only the unmistakable force
of truth.
Devices and Desires
By P.D. James (1989)
5
PERHAPS THE LAST
purveyor of classic detective
fiction was P.D. James. For
her, its conventions enabled
catharsis, the expiation of fear of
the unknown—as embodied by the
serial killer who stalks the pages
of this work whistling hymns and
wrapping his dog’s leash around
the necks of five women. The
“Whistler” is a thread in the book’s
pattern, whose symbolism is as
intricate as an embroidered
vestment. The religious simile is
apt. For all James’s majestic sense
of location—in this case, England’s
raw east coast—the real hinterland
of her novels is the church and its
rituals. There is not necessarily
belief, but there is presence, as
when James’s poet-detective,
Adam Dalgliesh, sprinkles the
bones of his aunt “like a libation”
in a Norfolk churchyard: “There
was a flash of silver and all that
remained of Jane Dalgliesh
sparkled among the brittle autumn
stalks.” “Devices and Desires” is
about death, the supreme
unknown. James is always
prepared to confront the reality at
the heart of detective fiction: The
mystery is that its consolations
remain so gloriously intact.
Methodology
THIS LAST
WEEK WEEK NPD BookScan gathers point-of-sale book data from
more than 16,000 locations across the U.S.,
6 representing about 85% of the nation’s book sales.
Print-book data providers include all major
booksellers (now inclusive of Walmart) and web
retailers, and food stores. E-book data providers
include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
8 — fiction and nonfiction lists in all formats
include adult, young adult, and juvenile
titles; the business list includes only
9 8 adult titles. The combined lists track
sales by title across all print and e-book
formats; audio books are excluded. Refer questions
10 9 to Peter.Saenger@wsj.com.
Hardcover Business
THIS LAST TITLE THIS LAST
WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK
1 1 StrengthsFinder 2.0 1 1
Tom Rath/Gallup Press
2 New Emotional Intelligence 2.0 2 3
Travis Bradberry & Jean Greaves/TalentSmart
3 New The CEO Next Door 3 New
Elena L. Botelho/Currency
4 New Extreme Ownership 4 7
Jocko Willink/St. Martin’s Press
5 3 Don’t Bullsh*t Yourself! 5 2
Jon Taffer/Portfolio
6 New Principles: Life and Work 6 4
Ray Dalio/Simon & Schuster
7 5 Total Money Makeover 7 5
Dave Ramsey/Thomas Nelson
8 — Crushing It! 8 9
Gary Vaynerchuk/HarperBusiness
9 10 The Five Dysfunctions of a Team 9 6
Patrick Lencioni/Jossey-Bass
10 — Discrimination and Disparities 10 New
Thomas Sowell/Basic Books
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
PEROU FOR THE WALL STREET JOURNAL; GROOMING BY TAHIRA
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Jeremy Irons
NEARLY A DECADE ago, actor Jer-
emy Irons was reading “The Love
Song of J. Alfred Prufrock” by T.S.
Eliot at an event at London’s Brit-
ish Library, and to his surprise, the
poet’s widow, Valerie, who was
then in her 80s, showed up. After
the performance, he spoke to her,
and she told him, in words he hap-
pily recalls today, “I think you are
today’s voice for Eliot.”
Mr. Irons thinks that she may
have been reacting to his straight-
no
forward approach to the reading.
“I read what came to me off the
page, without much intellectual
study,” he says. Later, when get-
ting ready to perform other poems
by Eliot, he experimented with
MOVING TARGETS: JOE QUEENAN
A Wonderful Future for TV of the Past
TWENTY-ONE YEARS after it
went off the air, the hit sitcom
“Roseanne” is back with much of
the original cast returning. This
comes on the heels of such high-
profile reboots as “Twin Peaks,”
“Dynasty,” “Will and Grace” and
“The X-Files.” Which followed the
reboot of “Dallas.” And “Battlestar
Galactica.” And “Ironside.”
And…well, you get the idea.
Interestingly enough, before
these remakes, some reanimated
series spawned movies, not always
with enormous success. The fact
that this has not deterred Holly-
wood seems to suggest that televi-
sion is desperate for new stream-
ing material, preferably programs
the public is already familiar with.
According to one published re-
port, a total of 52 remakes are
now in some stage of develop-
ment. To paraphrase Gen. Douglas
MacArthur, “Old soldiers never
die. Nor do ancient sitcoms.”
I’m very excited about all of
* * * *
on
us l,
al a
e
ci on
er rs
m e
m rp
co Fo
reading the lines with a lot of per-
sonality and acting, and then tried
reading them with “nothing,” just
straight off the page. He stuck
with the latter. “I just try to be-
come a voice,” he says.
Across his long film and televi-
sion career, the 69-year-old actor
is especially known for portraying
n-
historical or literary figures, such
as Claus von Bülow in the 1990
film “Reversal of Fortune,” for
which he won an Academy Award,
Humbert Humbert in “Lolita”
(1997), and Pope Alexander VI in
the Showtime series “The Bor-
gias” (2011-2013).
Before the reading in London
years ago, Mr. Irons hadn’t read
this. I see potential reboots in
four categories, all rife with possi-
bilities. The first—including “Bay-
watch,” “Saved by the Bell,”
“Buffy the Vampire Slayer,” “Get
Smart,” “Gilligan’s Island,” and
“The Brady Bunch”—could all re-
turn pretty much as they were
when they originally aired. With
enough hair-dye and prosthetics,
they could even include members
of the original casts.
Other programs might
need a contemporary make-
over. “I Dream of Gene”
would be a nice way to mix
up gender roles, or maybe it
could be “I Dream of Both
Gene and Jeannie.” “Ms.
Ed” would star a brash talk-
ing mare. The late-’70s hit
“Taxi” would be more in
step with the times as
“Uber.” I’m also hoping that the
TV producers will fuse similarly
named series—how about “The
Partridge & Addams Families” or
REVIEW
The actor’s latest role: reading the
challenging poems of T.S. Eliot
much of Eliot’s poetry. Now he
has read all of Eliot’s major
works, from “The Hollow Men” to
“The Waste Land.” Next month,
his audiobook recording “The
Poems of T.S. Eliot” will be re-
leased, 75 years after the publica-
tion of Eliot’s “Four Quartets.”
That set of four poems, about
the nature of time and the cycle of
life, “is for me the apogee of his
work,” Mr. Irons says. They reflect
the struggle to get to “the still
point of the turning world,” free
from living in the past or the fu-
ture. As Eliot writes, “The inner
freedom from the practical desire,
/ The release from action and suf-
fering, release from the inner /
Let’s bring back
’Baywatch’—
with hair-dye
and prosthetics.
Saturday/Sunday, March 31 - April 1, 2018 | C11
.
ly
And the outer compulsion, yet sur-
rounded / By a grace of sense...”
Mr. Irons says that he’s tried to
get to his own still point by medi-
tating occasionally, but he jokes
that he more effectively gets there
by smoking a cigarette on his own.
“This isn’t getting as deep as I
think Eliot is trying to get, but
what I do is I smoke and I get out
of noisy places and noisy dinners
and I stand on the sidewalk or on
the terrace,” he says. “I can’t bear
the constant prattle of life.”
Mr. Irons, who grew up on the
Isle of Wight in England, trained as
an actor at the Bristol Old Vic The-
atre School. One of his first major
parts was in the 1981 television se-
“The Happy Days of Our Lives.”
And maybe eight isn’t enough.
A third category of revivals
would take advantage of today’s
high-tech computer wizardry. Take
“The Lawrence Welk Show.”
Tweaked versions of old episodes
are still grabbing millions of view-
ers a week on public television. So
why not use CGI to do what the
original show never could: create
the illusion that the accordion-
packing North Dakotan
schmaltzmeister is actually a liv-
ing, breathing human being?
Finally, there are all those
dreadful shows that no one
would think of reviving—but
someone should. “My Mother
the Car,” which many con-
sider the worst TV series
ever, starred Dick Van
Dyke’s less talented
brother Jerry as a man
whose dead mother is rein-
carnated as a censorious
talking car. This series never
ries “Brideshead Revisited,” based
on the book by Evelyn Waugh.
Since then he has acted in many
other films and television shows in-
spired by books, such as the 2015
dystopian drama “High-Rise,” based
on a J.G. Ballard novel. “I think it’s
very rare that you get a film that’s
better than a book, but you can
find some that are almost as good,”
Mr. Irons says.
When it comes to doing histori-
cal re-enactments, he thinks the
characters and plot must reflect
“the attitudes and understanding
of life that they had at the time,”
he says. He
thought it was
Why he important
that “The Bor-
avoids gias” reflected
L.A.: ‘My the nature of
his character,
instinct Pope Alexan-
is not to der VI, who is
live over notorious for
his schemes
the shop.’ to use the pa-
pacy to ex-
pand the
power of his
Borgia line, as well as for his many
mistresses.
“We can’t gloss stuff with our
modern sensibilities, and we’re so
sensitive about everything,” he
says, adding that he thinks politi-
cal correctness has seeped too far
into modern culture. “One has to
be brave about that,” he says.
“It’s difficult because there’s a po-
litically correct box waiting to
break anybody.”
His new audiobook compiles
readings of Eliot’s poetry that he
originally did for BBC Radio. He
thinks of poems and modern art
the same way: Both are best un-
derstood emotionally rather than
intellectually. “I know a lot of
modern art goes over my head be-
cause I look at it and go, ‘It
doesn’t mean anything to me.’ But
sometimes you look at it and
you’re just sort of gobsmacked.”
He applies a similar philosophy
to acting as to reading poetry. He
tries to be careful not to overact.
He also aims to listen and react to
the other actors in a scene. “I’ve
always thought acting was more
about listening than talking,” he
says. He’s now starring in the Lon-
don production of Eugene O’Neill’s
“Long Day’s Journey into Night,”
which will travel to the Brooklyn
Academy of Music in May and
then the Wallis Annenberg Center
for the Performing Arts in Los An-
geles in June.
In his down time, he and his
wife, Sinéad Cusack, spend time at
their castle in Ireland. Built in the
15th century and recently re-
stored, it looks like it could be the
setting for one of his period
pieces. “I like walking, and I think
Ireland suits my nature best of all
and Los Angeles least of all,” he
says. He spends as little time in
L.A. as possible. “My instinct is
not to live over the shop,” he says.
If he could pick a different era
to live in, which would it be? “I
think 1900 to 1912 was an extraor-
dinary time,” he says, “and I think
between the wars was a mad time
and also quite fun to be around.”
But he says that he’s satisfied
enough with the present. “I’m
happy to be healthy and alive
when I am.”
realized its great potential. Why
not bring mom back as a talking,
politically correct Prius, merci-
lessly badgering her environmen-
tally insensitive son?
When the last limp TV show has
been put on its zombielike feet, I
would suggest one final potential
gold mine. It’s based on the fact
that some revivals come and go so
fast that almost no one remem-
bers. Reborn TV versions of
“Knight Rider,” “Charlie’s Angels”
and “Bionic Woman” all strutted
and fretted their single season on
the stage and then were seen no
more. Have we already seen a re-
vival of “Remington Steele”?
This sort of question could
spawn a Chuck Barris-style game
show in which contestants com-
pete for fabulous prizes. What has
been remade? Starring whom?
NISHANT CHOKSI
Winners get to appear in an epi-
sode of “Dr. Quinn, Rebooted Med-
icine Woman.” Losers get to ap-
pear in two episodes.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C12 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

REVIEW

EXHIBIT

Urban Flight
 Jana—seen exercis-
ing its wings—was
rescued after showing
signs of torticollis
(twisting of the neck),
likely caused by lead
poisoning.

 Hatchlings are cov-

 Apollo was one ered in a fine yellow
protective down. This
of the first patients
bird is 10 days old.
of New York City’s
Wild Bird Fund, a
rehabilitation center  Mr. Garn was in
that works with search of an over-
sick, injured and looked, undiscovered
orphaned subject before settling
wildlife. on pigeons. Now, he
writes, ‘pigeons are my
muses.’ This bird is
named Mr. Brown.

 The birds have a

wide range of eye
coloration.

.
ly
on
us l,
al a
e
ci on

P
igeons are pervasive in New York City, but
how much do urban dwellers really know
about them? “The New York Pigeon,” by
er rs
coops, but he also chronicles their history and
shares stories about rescued and rehabilitated
birds. He can’t imagine his city without them. “You

photographer Andrew Garn, features shots so de- may as well visualize the Everglades without alli-
tailed that they make the often maligned bird look gators, or the Antarctic without penguins,” he
almost exotic. Mr. Garn photographed the crea- writes. “Pigeons are NYC’s nature.”
m e

tures at rest, in motion and at home in their —Alexandra Wolfe

m rp

PHOTOGRAPHS BY ANDREW GARN

PLAYLIST: DAYMOND JOHN ASK ARIELY: DAN ARIELY

co Fo

Music to Stitch By Pick Your Own Tax Rate

A ‘Shark Tank’ star made hats to the
thump of a Keni Burke anthem
Hi, Dan.
Daymond John, 48, is the founder scared of getting beat up or dying, With the recent changes in the
and CEO of the FUBU apparel and I didn’t want to wind up liv- tax code, Americans have been
company and an investor on TV’s ing in a cage in prison. Anything debating what rate high earners
“Shark Tank.” He is the author of else was better. should pay. Here’s a thought ex-
“Rise and Grind” (Currency). He I worked hard throughout the periment: How about offering
spoke with Marc Myers. ’80s. In 1989, I started making knit those in the highest bracket a
n-

I heard the music before I saw the
car. In 1982, when I was
13, I was shopping with
no
hats tied off on top with fishing choice of rates—say, 37%, 40%,
line. I sold them for half the price 45% even 50%. They could
they were selling for at choose to pay whatever rate
stores and began mak- they wanted—but they would

my mother in the Hollis A ing good money. have to make their choice public.
section of New York’s
borough of Queens. A
reminder My mom had taught
me how to operate her
So politicians, celebrities and
CEOs who talk about the need
large car rolled by with that sewing machine, and for fair taxes would have to
young kids inside blast- success she let me launch my walk the talk—and pay up. This
ing Keni Burke’s “RISIN’ clothing company, altruistic option might even
TO THE TOP.” was FUBU, in her house. make them feel good. —Pete
The new song was possible. I frequently listened
coming out of nearly all to “Risin’ to the Top” I like this creative approach. I
the big cars driven by for the same reason ev- would suggest adding some so-
kids then. Music was eryone else did—to feel cial-media coordination to the
our Twitter. What you cranked up that success was possible. I love plan by obliging people to say,
sent a social message and said ev- the synthesizer that opens the well before taxes are due, how
erything about what you wanted. song. It’s sparkly and sounds like much they plan to pay. I sus-
As a kid, I was just trying to go you’re in outer space. pect that many of the super-
to school and stay out of trouble. I Then Keni Burke’s thick, rub- rich wouldn’t mind paying
knew I had two choices: Become a bery bass line kicks in. It feels like more taxes as long as their su-
crack dealer and wind up dead or it’s pushing you forward. The lyr- perrich friends paid the same amount (or more). soon as you make the invitation. That way, your
in jail, or try to work my skills—at ics are about rising to the top, one After all, if everyone were to pay more, relative guest won’t even experience the anticipated pain of
the time, break-dancing, record- notch at a time. I like that the wealth would remain the same. paying for anything. It’s true that your guest, know-
scratching and sewing. I was song doesn’t say where the top is And if a few altruistic billionaires chose high ing dinner is on you, might order another dessert
or that the climb- rates, as they probably would, their peers might or glass of wine, but that’s a small price to pay.
ing ever stops: feel social pressure to follow suit. The more news
“Keep on believ- coverage, the more likely this outcome. Though Dear Dan,
ing / All the Congress is unlikely to try out this approach any- I recently started working at a company that re-
dreams inside of time soon, communities could experiment by try- quires employees to wear suits, and I find them
you / And don’t ing some version of it with property taxes. uncomfortable. Can you help me understand the
stop achieving / logic for wearing them? —Joseph
Let some love Dan,
shine on From time to time I treat a friend or my signifi- In my mind, suits represent everything wrong
through.” cant other to dinner, thanks to your advice that with modern society. They’re basically an expen-
Now, when I the psychological pain of spending $80 is less than sive school uniform. The lack of choice does make
hear “Risin’ to the the pain of each of us spending $40. My question suit purchases easier, and since people wearing
Top,” images of is: When should I tell my friend it’s my treat? suits look more or less the same, the clothing
my childhood in When I invite them? When the bill comes? What works as a kind of leveler in looks, ensuring that
Hollis flash would maximize my guest’s en- no one looks more interesting or exciting.
through my head, joyment? —Colin Have a But suits kill sartorial creativity and individu-
including the fu- dilemma ality, and as you say, they’re uncomfortable. They
nerals of friends I You are absolutely right about for Dan? are a prime example of our tendency to pick the
HANNAH BARCZYK

had to attend. The
song also makes
me grateful I
KENI BURKE’S 1982 album, ‘Changes.’ knew how to sew.
the pain of paying. If your goal unpleasant, uncreative option as long as it’s easy
is to maximize your dinner part-
Email and makes us all look identical. My advice to you:
ner’s enjoyment, I would let AskAriely Rebel, and if you succeed, most of your co-work-
them know it’s your treat as @wsj.com ers will thank you.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | C13

PLAY
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal
VARSITY MATH National Museum of Mathematics
Provided by the

1. North Korean leader Kim
C. Bribing women to lie

Jong Un took a trip. Where did about his relations with an Points and lines Maximizing Links
he go? underage prostitute are the theme this week.
Define a link as a straight line

D. Bribing officials to cover connecting any two points of the

A. Los up misuse of campaign funds six points in the figure below.
Angeles, to How many links can be placed
audition for an without forming a triangle having
Austin Powers 5. After the Treasury branded three of the points as vertices?
film ABLV bank a money-laundering

B. Tucson, for operation, it collapsed. Where
a little “me” time was it based?
at Canyon Ranch

C. Seoul, to meet
A. Tallinn
South Korean leaders
B. Riga For previous

D. Beijing, to meet Chinese
C. Helsinki weeks’ puzzles,
President Xi Jinping
D. San Diego and to discuss
strategies with
other solvers,
go to WSJ.com/
2. Former adult-film actress 6. What’s the latest challenge puzzle.
Stephanie Clifford sued facing Myanmar’s top civilian
President Donald Trump’s leader, Aung San Suu Kyi? Seven Points
personal lawyer—for what Place seven points at
alleged wrong?
A. Succession: She’s 72. different positions on

B. Secession: Rakhine State the same plane so that

A. Defamation could break away. for any three chosen,

B. Breach of contract
C. Suppression: A Maoist at least two will be

C. Fraud uprising has China’s backing. exactly one foot apart.

D. Violations of the Voting
D. Suspension: Her top
Rights Act general, on leave without pay,
may spark an uprising.

3. Facebook, already in hot LUCI GUTIÉRREZ

water over privacy, turns out

to log something unexpected,
7. Penguins reliably draw
crowds at which of these
+ Learn more about the National Museum of Mathematics (MoMath) at momath.org

users first revealed. What is it? Pittsburgh institutions?

A. Your subconscious
A. The Three Rivers Ice

SOLUTIONS Counter Parts Terrible Twosomes

B. Call and messaging Bucket Museum TO LAST WEEK’S F

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O L I P
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A T
C E B
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B
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A
T S T AW E D F R I M P S
histories of some iPhone users
B. The North American PUZZLES S T I F F N E C K E D A N T I P A S T O
A R C A D E S U N O V A

.
S S N F AW K E S A Y N V E S T E D

C. Call and messaging Hockey Museum R A N S O M D R O O P Y E A R E D T E R T R E A D D I O S

ly

C. The vintage tuxedo
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S M E E E P E E I S T S
histories of some Android The time in Time of Day is
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N
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8:24 a.m. The simple O C A N A D A L I G H T H A I R E D
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D. Call and messaging
FROM TOP: KCNA/KNS/AFP/GETTY IMAGES; ISTOCK

Museum of Art continuous function in The P A R E N S P I C E D T E A WA R N S

E V E N E D I T E R M T
histories of some Skype users
D. The National Aviary
on Missing Element is F(x) =
120(2x – 1)/x. The terms
T H
S E
M
I C K H E
N I L E
I L E R S
S O A
A D
N H

P
I
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L B
S S O
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shown are for x = -3, -2, -1, 0, E L S E N O U T U R N R U S S O
L O O S E L I P P E D T A B O O S
A G G T E E T H I B D A
4. In Italy, Silvio Berlusconi was 8. Scandal engulfed three 1, 2, 3, 4, 5, 6. q = F(0) = M A N T R A P S T M E D I A N S C I
us l,

120×ln2, which is approximately I D I D N T L I E T I G H T F I S T E D R O A R A V E I N L E T

ordered to stand trial—on what Australian cricket players in a R E C S H E E T O R E O S E F I L E
equal to 83.17766. A D S T E E S M E R C S O R T A S U N I R E R O G E R S
charges? scheme to doctor the ball
al a
e
during a match in South Africa.

A. Exceeding the EU’s life- Which one was captain of the
Extra letters in the clues spell a day late and a dollar short. For each affected clue, the extra letter is shown in brackets after
ci on

time limits on hair dye national team? the solution note. ACROSS 1. STAT(U)E 6. TH + UMPS 11. ARCADES (anag.) [a] 12. NOVA (rev.) [d] 14. RE + A + DD [a]

B. Embezzling from his 15. S(M)EE [y] 16. EPEEISTS (anag.) [l] 17. BUCK + B(O)ARD 18. EM + PA + THY 20. MOR(M)ON 23. EVE + NED 27. SI(M)PS
media empire
A. Cameron Bancroft + ON [a] 30. BUCKAROOS (anag.) 31. TR(EEL)ESS 33. RUN + E [t] 34. BUCKTEETH (anag.) 35. R + OAR [e] 36. VEINLET

B. Donald Bradman (anag.) 37. SA + TIRE 38. BUCK ROGERS (anag.) DOWN 1. FR(IS + B)EE 2. T + REM + OR [a] 3. ACREAGE (anag.) [d]
4. WA(TE)RY [o] 5. DEE(PEN)D 7. RU(D)E [l] 8. IN + DIA (“aid” rev.) [l] 9. MO(IS)T [a] 10. S(ASS) + Y [r] 13. VO + WED
To see answers, please
C. Gaylord Perry 14. RED + YES 19. PO + TASH [s] 20. BUCKMINSTER (anag.) 21. TROUBLE (anag.) 22. BUCKET SEATS (anag.) 24. VI(R) + GO
er rs

turn to page C4.
D. Steve Smith 25. hERRING [h] 26. S + UNDER 27. STARBUCKS (anag.) 28. MEG + A + N [o] 29. PETRI (hid.) [r] 32. LE + AR [t]
m e

THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk

m rp

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 36 Blotchy
19 20 21 38 Slick
39 “Nighthawks” 35 40
22 23 24
painter
25 26 27 28 29 42 News brief
co Fo

30 31 32 33 34 35 36 43 Gin-and-lime-
juice cocktail 25
37 38 39 40
44 Baconator seller
20 36 30
41 42 43 44 46 Like Prometheus
45 46 47 48 49 50 51 47 Kazan of “My 15
Favorite Year” 29 39
52 53 54 55 11 21 12
48 Server, gender-
56 57 58 59 neutrally 14 19
5 6
60 61 62 63 64
49 Notion
34
50 Words of denial 1 2
65 66 67
51 Fed
68 69 70 71 72 73 74 41 31
54 Sudden
enlightenment 10 4 3
75 76 77 78
n-

26
57 Lost momentum 18 9 8 7
79 80 81
58 Calendar pages
82 83 84 85 86 87 88 24 33 13
59 Unfinished novel
89 90 91 92 by D.H. Lawrence
no

17 16
60 Get around 37
93 94 95 96
61 Boatloads 23 22
97 98 99 100 101 102 103 104 105
62 Spa cover
106 107 108 63 Star fish? 28 27
42
109 110 111 64 Destroyer, in 32
naval slang
Way to Go! | by Julian Thorne 67 Physics stuff 38
69 Platitudinous
Across 43 Police 77 Horse-drawn Down 70 Enchantress on
1 Miami paper commissioner of carriage 1 Torah lang.
comics oscillating in Aeaea
7 Vandalize, in a
44 Minute motion? 2 Swift 72 Protect from Spell Weaving | by Mike Shenk
way Australian polio
45 Sailing ship 79 Humanitarian The answers to this puzzle’s clues 11 Annual race named for a 27 Hazel or lime
13 John Deere offering 3 Japanese symbol 73 Needs a massage
offerings offering form a continuous thread that is ghost town along its
discounts on 80 Bills of fare 4 Samuel with a 74 “Ask away” interwoven like a tapestry. Enter
28 Oscar-nominated star of
19 Estevez of fares? J.D. from Yale course 2002’s “Frida” (2 wds.)
“The Breakfast 81 Southwestern Law 76 Viscount’s one letter per space, beginning in
Club” 48 Merger of a spread superior the square at the left edge and 12 Canning specialists? 29 Backwater town
sort 5 Pocket fuzz
82 Electrical 77 Just mornings, proceeding to the right. When you 13 Iconic shoes largely
20 Post-trip
52 Types problem 6 Female fawn say reach an edge, make a right-angle
30 Cockamamie
assurance unchanged over their
53 Load-bearing 85 They often 7 Decathlete’s 78 Engross turn in the direction of the arrow 95-year history (3 wds.) 31 Do some pitching
21 Strafes need
item? involve 80 Friskies fans next to the grid. Each answer 32 Kentucky Derby winner’s
22 Harley for the door-slamming 8 Roast head begins in the correspondingly 14 First of the High Holy Days
honcho? 54 Lacking 82 Turf Builder award
55 Benedictine 86 Stubble setting 9 Winner of four maker numbered space and immediately (2 wds.)
24 Paper piece Indianapolis 500s follows the previous answer in 33 Company whose name
monk’s title 88 Top suit 83 Zimbabwe’s 15 Antithesis of the working
25 Gomez’s hirsute
56 Set upon 10 Canine Good capital the thread.
class (2 wds.) means “to the skies”
relative 89 Patrol boat
towed by a thick
Citizen org.
84 Puck’s king
(2 wds.)
26 TV co-star 58 Cleanup 16 Subcompact car from Ford
position? rope? 11 White House 34 Player who sits on the
of Mariska nickname of the 85 Sustains 1 Worker who might do
Hargitay 59 Self-referential 91 Unappealing 17 T-shirt choice bench?
1920s 86 Attackers in a a weave (2 wds.)
bowlful “Star Wars” 18 Bind with cords
27 Piggy bank 60 Cruise ship 12 Hazel, for some 35 Fanzine focuses
insert during spring 92 Punch prequel 2 Taquerias and teahouses
ingredient? 13 Labor result 19 Cockamamie 36 The Arctic Circle and
29 One might have break? 87 Radiator 3 Balloon pilot, e.g.
a big head 63 Subway 93 Mine haul 14 Gallery offering attachment 20 Unexpected setback Tropic of Capricorn, e.g.
equipped with 15 Fragrant ring 4 Children’s song with the
30 “How awful!” 94 For fear that 90 Air condition? 21 Competently handling 37 Destructive felony
bathrooms? 16 Con quest same melody as “Twinkle,
32 Down 95 Libidinous god 91 Mill meal (3 wds.) 38 Completely unencumbered
65 Wet wipes 17 Brush alternative Twinkle, Little Star”
33 Helicopter made 96 Sloth, e.g. 92 Smutty stuff 22 Coaching concern (4 wds.)
ingredient
18 Derisive reactions (4 wds.)
of hickory? 97 North Carolinian 95 Otherwise
66 Handling the 21 Feel a desire for 5 Control, as out-of-control 23 Exile spot of 1814 39 Selling point of many
37 Change course situation 100 Jet while it’s 96 Ignored the limit
suddenly 23 Houseplant spot spending (2 wds.) 24 Specialist with specimens vacation homes (2 wds.)
67 Studies banking? 98 Holed up
38 Some secondarily 106 Groups of 28 Starting site 99 __ out a living 6 Wife of Augustus and (2 wds.) 40 Yachts’ tenders, e.g.
toothpastes three working 30 Author Cynthia grandmother of Claudius 25 Like Iraq’s civil war 41 Terrarium denizen
68 Express sorrow 101 Eggy drink
39 Britain’s second together
69 Precious to 31 Capital on the 102 Contemptible 7 Shooting aid 26 Gibson garnish 42 Last word, appropriately
Astronomer 107 Airy dessert Red River
Royal excess fellow
108 Cargo unit 32 Noggin
8 Twofold
70 Movimiento 26 103 Crime scene Get the solutions to this week’s Journal Weekend Puzzles in next
s

40 Slip settings 9 Heeds the sentry

de Julio leader 109 Email header info 33 Decidedly odd evidence, often Saturday’s Wall Street Journal. Solve crosswords and acrostics
41 Small interior
lobe of the 71 Flaring stars 110 Some are snowy 34 Having seniority 104 Neither partner 10 Fixture outside many a online, get pointers on solving cryptic puzzles and discuss all of the
cerebral cortex 75 Took the wheel 111 Stick 35 Paper pieces 105 Compass dir. campus building (2 wds.) puzzles online at WSJ.com/Puzzles.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C14 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

REVIEW

A TRIP to North Africa

inspired ‘Women of Algiers in
Their Apartment’ (1833).

inside the museum,” says Sé-

bastien Allard, director of the
paintings department at the
Louvre and co-curator of the
show. “Sardanapalus” will stay
in its usual place in the Lou-
vre; “Liberty Leading the Peo-
ple” won’t make it to New
York either.
In 1832, Delacroix went to
Morocco as part of a diplo-
matic delegation, a trip that
also took him to southern
Spain and Algeria. His impres-
sions, captured in several
sketchbooks, fueled the rest of
his career, leading to works like
“Women of Algiers in Their
Apartment” (1833-34), showing
three lounging women and a
servant. The picture, with its
air of sensuality and mystery,
echoes through later works by
Pierre-Auguste Renoir and
Pablo Picasso. “Women of Al-
giers” will travel to New York.
Delacroix may have been
almost as serious about so-
cializing as painting. He “was
out almost every night,” says
Michele Hannoosh, a profes-
sor of French at the Univer-
sity of Michigan and editor of
the definitive version of Dela-
croix’s journal, which ap-
peared in 2009 and is cited
by Louvre and Met curators

.
as a key source for the new

ly
show. The journal, which
runs more than 2,000 pages
ICONS in the original French, ranges from mundane

Delacroix in Every Size

on jottings to deep reflections.
During Europe’s revolution-filled year of
1848, Delacroix did not revisit the subject mat-
ter of “Liberty” but instead turned to still lifes
us l,

like “Basket of Flowers.” Until recently, a

scrim-like layer of old varnish and layers of
A rare retrospective of vast “represented a kind of liberation” for later art- the Italian poet on a tour of hell. Delacroix overpaint from a restoration had dimmed its
al a
e
ists. Mr. Riopelle cites overlooked categories of went on to an even greater triumph a few beauty. The Met’s paintings conservation de-
canvases—and works less Delacroix paintings, like his large flower paint- years later with “Massacres of Chios,” a scene partment recently treated the picture, and now
ci on

known but just as influential ings and landscapes, as “hugely influential” for
figures from postimpressionist Paul Gauguin to
BY J.S. MARCUS modernist master Henri Matisse.
For the Louvre exhibit, curators went to
American museums and French churches to
er rs
from the Greek War of Independence. Both “the colors are much brighter,” says Mr. Allard.
works are in the Paris show. The results will be shown in public for the first
The young artist made no secret of his am- time in Paris before re-
bition. “Barque” is 8 feet long, while “Massa- turning to the Met.
cres” measures nearly 300 square feet. In 1827, A hurdle: The art market is

EUGÈNE DELACROIX created some of the

best-known artworks of the first half of the
19th century, but he painted far more than
those celebrated room-size spectacles lining
find underappreciated Delacroix works. The
Paris exhibition opened at the Louvre on
he turned things up a notch with “The Death
of Sardanapalus,” a lurid, chaotic spectacle,
paintings also jumping on the
Delacroix bandwagon.
Thursday and runs through July 23. The New depicting an Assyrian king amid a number of too fragile In Paris last week, a
York version will be on view at the Metropoli- dead or dying women. At a length of 16 feet, it to move. sketchbook from his
m e

the walls of the Louvre Museum. In Paris, his tan Museum of Art from Sept. 17 to Jan. 6. is his largest work of all. Moroccan trip sold for
lesser-known still lifes and religious paintings Delacroix’s family was tied to the Napole- In his early 30s, Delacroix took on the state about $367,000, nearly
m rp

are now on view, along with the crowd-pleas-
ers, in the first full-blown Delacroix retrospec-
tive in more than a half-century. A version will
travel to New York later this year.
Featuring nearly 200 works, including 127
onic regime—his father was a high government
official. But Delacroix’s father died when the
boy was 7, the family lost its money, and the
death of the artist’s mother left him an impov-
erished orphan at 16. Eventually, the young
co Fo
of French politics. “July 28, 1830: Liberty Lead-
ing the People” is set against the backdrop of
France’s rejection of the Bourbon restoration.
The work’s bare-breasted, barefoot heroine,
bearing a battle-ready French tricolor flag, be-
six times the high esti-
mate for the piece. In May, Christie’s New York
will include a Delacroix, “Tiger with Tortoise,”
alongside works by Picasso and Matisse as it
auctions the art collection of David Rockefeller

paintings, “Delacroix (1798-1863)” comes at a
time of growing appreciation of his impact on
younger innovators. At the time of Delacroix’s
death, says Christopher Riopelle of London’s
National Gallery, the artist “seemed passe,” but
his emphasis on color and bold brush strokes
man scored some early artistic successes, and
his literary and musical interests led to an ac-
tive social life among Romantic artists in Paris.
One of those successes was “The Barque of
Dante,” an 1822 painting showing Virgil,
Dante’s guide in “The Divine Comedy,” leading
came a symbol of the French nation, finding
her way onto currency and stamps.
Several of these larger paintings will not
make the trip across the Atlantic for the New
York version of the show. “Delacroix’s early
works are too big and too fragile to move, even
and his wife Peggy in a multipart sale. “Tiger,”
painted the year before Delacroix’s death, has
a presale estimate of $5 million to $7 million—
less than works on offer that day by artists
that he influenced but close to his own record
sale at auction of $7.7 million in 1998.

MUSÉE DU LOUVRE, PARIS © RMN-GRAND PALAIS/FRANCK RAUX

MASTERPIECE: PLAQUE WITH THE JOURNEY TO EMMAUS AND ‘NOLI ME TANGERE’ (C. 1115-20)
n-

WITNESSES OF THE RISEN CHRIST

reading “D[omi]N[u]S LOQUITUR MA- brandt), he vanishes; Virtually unmentioned today are
no

BY E.A. CARMEAN JR.

THE GREAT NEW YORK financier
and cultural patron J.P. Morgan ac-
quired not only individual works of
art but sometimes entire collections.
One of the latter, formed in Paris by
the designer and decorator Georges
Hoentschel (1855-1915), included a
superb Spanish late Romanesque
ivory relief that came to the Metro-
politan Museum in 1917, four years
after the financier’s death. The
carved panel—it shows traces of
gilding—was likely once part of a
large reliquary fea-
turing several ivory
images. Romanesque
This work’s bold carving
figures, with their
flowing garments and conveys the
pronounced move- Good News of
ments, posit its mak-
ing in the religious
Easter.
workshops of León,
Spain, an important
stop on the Camino de Santiago, the
pilgrimage route to Compostela. Its
crisply cut imagery and sophisti-
cated mixture of complex Medieval
Church understandings make it a
masterpiece of this often-neglected
period.
The ivory illustrates two separate
RIE” (or “The Lord speaks to Mary”),
a caption for the lower register.
The action presented comes from
the Gospel of John’s Noli me tangere
episode, when outside of the empty
tomb on Easter morning, Mary Mag-
dalene recognizes and grasps for Je-
sus—who rebuffs her, saying “Touch
me not, for I have not yet ascended
to the Father.” In the story, Mary
Magdalene obeys Jesus’ request that
she go and tell the disciples.
The upper register affords an-
other major Easter appearance, from
the Gospel of Luke. The risen Christ,
on the left with a pil-
grim’s purse, a walk-
ing staff and a bottle,
approaches two fel-
low wayfarers. He
touches one on the
shoulder to gain his
attention. Jesus is
here in Mark’s “dif-
ferent form,” and
thus unrecognized by
these pilgrims.
But for this mysterious change,
they would know him. The two men
are walking the seven miles to Em-
maus, returning from their Passover
in Jerusalem. They stop and ex-
press—conveyed here with vivid ges-
tures—both their despair over the
and they immediately the two pilgrims’ identities, known
return to Jerusalem to from Luke’s gospel as well as Euse-
tell the disciples, echo- bius and other writers of the early
ing Mary Magdalene Christian era. The older man on the
that very morning. right—his walking staff held like a
The artist of this cane—is Cleopas, Joseph’s brother
ivory describes these and thus Jesus’ uncle. The more en-
events with clarity and ergetic central figure has been seen
an assured command as Jesus’ cousin Simeon.
of different Roman- These two were later made Ss.
esque styles. The Cleopas and Simeon, and thus they
plaque shares a wide- here wear plain nimbi; Christ’s nim-
spread Medieval use of bus, traditionally marked with a
bold figural gestures cross—as it is in the companion Mary
and enlarged hands Magdalene scene—is in this pilgrims’
and eyes, a vocabulary scene a plain halo, in symbolic accord
found from the con- with his changed appearance.
temporaneous sculp- Mary Magdalene’s story also in-
ture at Vézelay, France, forms this relief. According to Jaco-
all the way into the bus de Voragine’s “Golden Legend,”
13th century. a widely read compilation of hagiog-
At the same time, it raphies published in the 13th cen-
displays a particularly
Spanish predilection
tury, her venerated bones came to
rest in a reliquary in the Benedictine
(inherited from Impe- Abbey of St. Mary Magdalene in Vé-
rial Roman portraiture zelay. Consecrated by Pope Innocent
and extending to the II in 1132—around the date of this
paintings of Diego Ve- ivory—this church in central France
lázquez and Francisco would become one of world’s most
de Zurbarán) for realis- spiritual spaces, the sacred starting
tic depiction in the ex- point for the route to Compostela
traordinary, detailed and, therefore, to the León work-
attention to beards and shops in Spain.
clothing. Medieval pilgrims walking the
THE METROPOLITAN MUSEUM OF ART

Easter Day events joined in Mark’s
Gospel, where he says of the risen
Christ: “He appeared first to Mary
Magdalene and then after that he
appeared in another form unto two
of them [pilgrims]; as they were
walking into the country.”
The depictions are above and be-
low a horizontal lettered inscription
Crucifixion and wonderment at news
of Jesus’ empty tomb. The incognito
Christ explains how the ancient
Scriptures foretold these events.
These travelers will invite Jesus for
supper in Emmaus; as they recognize
Christ in his breaking of the bread (an
episode subsequently taken up by art-
ists such as Caravaggio and Rem-
More broadly the Camino de Santiago would identify
composition of the two THE IVORY illustrates two Easter meetings: with this Romanesque ivory’s mas-
scenes underscores with benevolent travelers and Mary Magdalene. terly parade of those who first met
their stories’ actions. the risen Christ and then journeyed
The shapes in the Emmaus trio con- Mary Magdalene, while his left hand with the “Good News” of Easter.
vey, moving left to right, the narra- pulls his garment away from her
tive’s sense of both movement and grasping hands—together, creating Mr. Carmean is an art historian
attention. In the lower panel, almost magnetic fields of attraction and a canon in the Episcopal
Christ’s extended right arm holds off and separation. Church. He lives in Washington.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Seven cruise Get a low-

lines that don’t cost décor update
nickel-and- with paint colors
dime you from Claude
at sea Monet
D9 D13

EATING | DRINKING
ING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2018 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, March 31 - April 1, 2018 | D1

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THE SPRING OFF DUTY 50

The Good Life...for a Song

If the rising costs of being cosmopolitan have you in a flap, consider these 50 pennywise
ILLUSTRATION BY CHARLOTTE KNOX

ways to score affordable luxury—from style steals to décor deals to steep

travel discounts (that are almost as disconcerting as talking birds)

[ INSIDE ]

SKIP THE MARK-UP SAVOR THRIFTY VICTUALS KRAKOW WISE TRIM YOUR EXPENSES FLOAT FRUGALLY
For economical elegance, buy The best delivery systems for It’s no joke how much budget Under-$100 design tricks and Dan Neil on the antithesis of a
bodysuits and tights where spring’s freshest produce? These luxury this crowd-free Polish tools from decorators, landscape fast Ferrari, a narrow-body
ballerinas shop D3 pasta recipes D6 city delivers D10 architects and other pros D12 houseboat D15
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D2 | Saturday/Sunday, March 31 - April 1, 2018
Shop Vicariously
Eight fashion-wise guys on the bargains they proudly scored
and (sigh) their most misguided buys
Justin Berkowitz
Fashion Director, Bloomingdale’s
Best Bargain I bought this
Helmut Lang denim jacket in
high school that I still wear all
the time. It was $250 15 years
ago, and it’s super minimal—an
iconic denim jacket.
Stupidest Splurge When the
floral-print shirt became a
thing, I bought one from Dries
Van Noten (below). I’m not
comfortable in it, and it just sat
in my closet.
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS; ILLUSTRATION: THE ELLAPHANT IN THE ROOM
Jay Carroll
Co-Founder, Wonder Valley
Best Bargain I bought a blue
German work jacket at a Tokyo
flea market. I’ve gotten that
jacket embroidered and
patched over the years. I just
keep adding to it.
Stupidest Splurge Also in
Japan, I bought these Kapital
sneakers—like Nike Pegasuses
but with the toe cut out. I’ve
never worn them. I just went
overboard with them.
no
STYLE & FASHION
1
Archie Lee Coates IV
Co-founder, PlayLab INC.
Best Bargain At an upstate
New York Walmart I bought a
hooded workwear jacket from
Walls. It’s super stiff and was
only $40. It has worn well.
Stupidest Splurge I missed
out on buying the gray Adidas
Yeezy Powerphase sneakers
when they came out and I had
to buy them at 200% at
[sneaker reseller] Stadium
Goods.
on
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al a
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ci on
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Aaron Levine
Design, Abercrombie & Fitch
Best Bargain A black Car-
hartt beanie is my magic in-
m e
visible safety blanket. I love the
fit, and each one breaks in dif-
m rp
ferently. If it’s 65 degrees or
less, I’m wearing one.
Stupidest Splurge I don’t
know what musician I was
channeling when I thought I
co Fo
could pull off short-sleeve slim-
fit Prada and Marni printed
shirts, but I was way wrong.
n-
Benjamin Clymer
Founder, Hodinkee
Best Bargain I bought an Au-
demars Piguet Royal Oak
watch with the original box
and papers for $8,600. I kept it
safe until I sold it six months
ago for $75,000.
Stupidest Splurge I’m color-
blind and I bought what I
thought was a beautiful blue
cashmere Gucci sweater for
$3,700. It ended up being Bar-
ney purple.
Salehe Bembury
Sneaker Designer, Versace
Best Bargain I have a $120
Supreme Kung Fu jacket that
I wear all the time. It’s super
versatile, and has a somewhat
Japanese aesthetic that I’m at-
tracted to.
Stupidest Splurge I have these
Visvim tabi sneakers that were,
like, $1,300. They’re dope shoes,
but I don’t wear them that of-
ten. I feel stupid to this day for
spending that much.
* ***
Eugene Tong
Stylist
Best Bargain I wear my
Uniqlo puffer vest every day.
It looks like a men’s tailored
vest, not a zip-up. It’s a perfect
layering piece.
Stupidest Splurge The first
time I went to Japan on my
own, I bought a crazy burlap
bomber jacket with a high rib
collar. I never wore it. I learned
in Japan you can’t be fooled by
how cool the staff looks.
Todd Selby
Author and Photographer
Best Bargain My vintage
Coogi sweater was $10, and I
wear it every week in winter. I
like color, it goes with every-
thing and I like the connection
to Notorious B.I.G.
Stupidest Splurge I bought
these Saint Laurent raw denim
jeans that are stick thin and so
stiff they can stand up. I’ve
tried them on a few times, and
it’s so painful.
NE W YORK
CHICAGO BOSTON
F O R I N S I D E R A C C E S S : T H E W I N D O W. B A R N E Y S . C O M
M OY N AT PA R I S
S A M E D AY D E L I V E RY
AVA I L A B L E I N M A N H AT TA N A N D S E L E C T Z I P C O D E S
I N T H E G R E AT E R M E T RO P O L I TA N A R E A
THE WALL STREET JOURNAL.
2
RELIVE THE ‘90s FOR
WELL UNDER $90
Columbiaknit is as synonymous with rugby shirts as Harley-
Davidson is with mid-life-crisis vehicles. Since 1921, the Port-
land, Ore. company has produced hardy, American-made rug-
bies that transcend their bargain-basement prices (some
options are as cheap as $29.50). Today, with ’90s nostalgia
roaring back, the brand’s preppy, white-collared pullovers seem
like a better deal than ever. Columbiaknit offers a boggling 123
different shirt options on its website (the aptly named, usa-
wear.com). There you’ll find stripes from pin to thick, a rain-
bow range of solids and even a red-and-white striped number
so you and your kids can spend spring playing a real-life round
of “Where’s Waldo.” Rugby, $69, usa-wear.com
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ly
3
Aim Higher Than Flip Flops
Flip-flops belong on the beach. Those barely-hanging-on
thongs are too flimsy to be worn in town, unless that town is
Key West, Nantucket or Margaritaville. A more substantial, less
dangly choice for urbanites come summer: Birkenstock’s two-
strapped Arizona slide, which has lately re-emerged as a jolie
laide fave among the fashion crew. The suede version will set
you back $125, but fortunately Birkenstock offers a stylish
synthetic version for less than a third of the price. Better still,
these rubbery acetate “BirkenCrocs” can be hosed down
should you choose them over your flip-flops when you take to
the sand. Sandals, $40, birkenstock.com
BARNEYS.COM
B E V E R LY H I L L S SAN FRANCISCO
LAS VEGAS PHILADELPHIA S E AT T L E
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
THE SPRING OFF DUTY 50: STYLE & FASHION
Perform a Pas de Dough
Smart shoppers know that authentic ballet gear—from bodysuits to tights—is the thriftiest
way to execute a perfect base layer that gives spring looks a lift
BY RORY SATRAN
I
N 1985, WHEN Madonna was seeking
film stardom in “Desperately Seeking
Susan” and touring to promote “Like
a Virgin,” Andy Warhol wrote a diary
entry about a dinner party where “the
girls were absolutely all wearing the shortest
shirts ever and then the Madonna stockings.”
That could only have meant one thing: leg-
gings stolen from the dance studio. Just a few
years earlier, the former dancer had been
supporting herself serving up Dunkin’ Donuts
and hustling on the club-kid circuit, which is
to say that she knew how to create a memo-
rable look on a shoestring. She knew the se-
cret of ballet basics.
Most outfits require strong base layers,
and when it comes to finding the best ones,
shopping experts get creative. Sure, you can
go high-end for your bodysuit, and heaven
knows that Azzedine Alaïa makes a gorgeous
one, but what if you’re not about to drop a
grand on something few will focus on? Enter
ANDRES OYUELA FOR THE WALL STREET JOURNAL; HAIR BY LEVI MONARCH, MAKEUP BY ERIC VOSBURG (DANCERS); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (5)
the humble dance shop, where clever women
since the Madonna era have joined actual bal-
lerinas in scoring leotards, leggings and wrap
tops for everyday use. Pieces from authentic
brands like Capezio and Bloch usually cost
less than $50. Highly functional, these
stretch-imbued basics were made to grand
jeté but can easily handle le subway.
Athleisure’s success has shown that women
want comfort, and ballet pieces provide the
same ease as upscale sweats with more ele-
gance. Mary Helen Bowers, a ballerina and
founder of the Ballet Beautiful empire, wears
a leotard nearly every day. “It makes it really
easy to move from your workout to a power
meeting or the office or even a night out,”
she said. “The pieces transition in a way that
a lot of other staples from athleisure do not.”
Ms. Bowers swears by the classic pairing of a
leotard with a pencil skirt or jeans.
Which brings us to a delicate question:
Do delicate ballet basics work on women
who aren’t stick-thin? On a recent visit to
the Sansha dance boutique in New York, we
were heartened to see women of all ages
and sizes rifling through the leotard bins for
$10 finds. Ms. Bowers affirmed that these
streamlined pieces are kind to all body
types: “One of the things about ballet and
ballet wear in general is that it really helps
to highlight and embrace women’s feminin-
ity, so that a curvier fuller body shape looks
amazing in a leotard, and I think it’s excit-
ing to see women embrace that.”
With ballet wear syncing up seamlessly
with our wardrobes, dancewear companies
are eager to capitalize on the appeal. Gilles
Assor, CEO of the Americas for 71-year-old
French brand Repetto, said it is aiming to
target more non-dancers. Mr. Assor com-
pared ballet’s universal appeal to Proust’s
memory-triggering madeleine, noting that
“every time you talk about dance there is
something extremely emotional that ap-
pears.” And that emotion might just be ela-
tion at finding the perfect (cheap) leotard.
n-
no
* * * * Saturday/Sunday, March 31 - April 1, 2018 | D3
5
Get More Collar
For Your Dollar
Pro shopping tip: The size of a shirt
collar is often a dead giveaway of a
blouse’s quality, or lack thereof. While
fast-fashion button-ups can capably
ape the cut of their high-end counter-
parts, the cheaper versions mess up in
a way that’s right in (or really, next to)
your face: They skimp on the collar.
Budget retailers tend to adorn shirts
with skinny strips that pucker and look
proportionately insubstantial on today’s
oversize tops. That doesn’t mean it’s
impossible to find a well-designed, am-
ple collar for a reasonable amount of
cash. Our current favorite: this cotton
COS blouse that combines a generous,
pointy spread with a price that suits
the impecunious, ticking off all the
boxes of shirt acceptability. Shirt, $115,
cosstores.com —Rebecca Malinsky
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Buy Organic
ON POINTE On New York City Ballet Soloist Unity Phelan (left): Coat, $1,555, theory.com; Leotard, $38,
Grishko, 917-262-0783; Skirt, $22, Sansha, 910-371-0101; Gaynor Minden Tights, $26, dancer.com; Flats,
$750, Chanel, 212-355-5050; Necklace, $550, marymacgill.com; Bag, $148, trade-mark.com. On NYCB Corps
Dancer Miriam Miller: Coat, $2,760, Prada, 212-334-8888; Shirt, $335, theory.com; Leotard, $21, Affordable handmade jewelry tends to
m e
capezio.com; Leggings, $88, kdnewyork.com; Sneakers, $50, vans.com; Hirotaka Earrings, $650, barneys.com look like something sold next to goat’s-
milk yogurt at a crunchy craft fair. Not
m rp
so with Mary MacGill’s pieces, all
dreamed up at her upstate New York
studio. When she started her business
six years ago, she said, you couldn’t
easily find budget-friendly gold jewelry:
co Fo
“I wanted to create something that
was attainable for women who love
well-designed jewelry but maybe
couldn’t afford an 18-carat version.”
One of her first pieces combined 14-
karat gold with freshwater, or “ba-
roque” pearls. The mollusks that pro-
duce these lay dozens at a time,
making them less rare, and far less
dear than their Tahitian siblings. Bonus:
Their organic shapes mean each piece
Wrap Sweater, $80, Tights, $18, Leotard, $21, is one-of-a-kind. Earrings, $145, mary-
repetto.com balletbeautiful.com blochworld.com macgill.com —-R.M.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D4 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

THE SPRING OFF DUTY 50: STYLE & FASHION

7

Work for Peanuts

With menswear skewing more utilitarian these days, Carhartt jackets, Dickies pants and other workwear
classics are putting in overtime as fashion—without straining anyone’s budget

Lynn Baucom, 54, an American

BY JACOB GALLAGHER
GO INTO LABOR investor relations consultant in

A
A showgoer at Pitti
Uomo in Florence, S A TEENAGER in the
Italy, wears a denim heart of Illinois farm-
Carhartt jacket. land, Christopher Jus-
tiniano would needle
his friends, many of
whom toiled on local farms, for
wearing their dusty Carhartt pants
and work shirts in town. “I would
be, like, ‘Why are you wearing Car-
hartt all the time? That’s some
Half Zip Shirt, $36 to $40, farmer s**t,” said Mr. Justiniano.
bendavis.com Back then, he saw cheap workwear
as too utilitarian to don outside a
barn. Today, Mr. Justiniano, 24, a
Chicago-based national stylist for
personalized shopping startup
Trunk Club, has realized he was la-
boring under a delusion: “I’ve had
this shift: That stuff is practical and
I should be wearing it.” Even in the
city, Mr. Justiniano favors work-
wear standbys including Dickies
pants and Carhartt beanies just like
his farmer friends back home.
Fashion, it seems, has experi-
enced a similar epiphany. The look
874 Work Pants, $20, of traditional workwear—though
Bulgaria, has been wearing work-
wear more and more frequently of
late. He has yet to come across
anything that rivals the quality of
his Carhartt gear, and at less than
$50 for a pair of pants, it doesn’t
overwork his budget. “It’s good
value and it lasts a long time, too,”
Mr. Baucom said.
Such humble items offer an es-
cape from the frenetic fashion cycle.
“Most people aren’t looking for the
crazy over-the-top trendy thing,”
said Adam Levy, the co-owner of
Dave’s New York, a 55-year-old fam-
ily-operated denim and workwear
store in Manhattan. “They’re look-
ing for a staple.” His shop initially
catered to builders who needed to
stock up on reinforced chinos and
steel-toed boots, but Mr. Levy esti-
mates that today laypeople consti-
tute about a third of his clientele.
The same customers could exercise
even more frugality by shopping at
fast-fashion chains like H&M, but
the $35 jeans from those labels
don’t come with tried-and-true,

.
dickies.com nothing you could accurately call construction-site testing.

ly
trendy—has made its way onto the
runways. Junya Watanabe and Cal-
vin Klein recently showed reflec-
on tive-taped parkas that could have
come straight from a garbage man’s
closet. And even outside the fashion
bubble, savvy city guys are buying
us l,
Not everyone sees workwear as
passably urbane, so consider where
you wear it. Brunch? Yes. A board-
room? No, sir. “I have been mis-
taken on more than a few occasions
for [someone] working in the
trades,” said Mr. Baucom, recalling

up the sort of gear found at your a business event in Manhattan

local workwear store: Dickies’ trou- where a woman asked him, “Are
sers, Red Wing boots and Ben Davis you a farmboy with your farm Car-
al a
e
shirts. With menswear skewing hartt jacket?” Though Mr. Baucom
more utilitarian, these sturdy stan- found it amusing enough, he’ll have
ci on

G.I. Type Heavyweight Mini Alice dards look surprisingly right and the last laugh when his jacket is
Pack, $33, rothco.com are generally wallet-friendly. still in heavy rotation come 2038.

GETTY IMAGES (MAN); F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (5)
8 9
er rs

Save Some Collect a Classic

Time
m e

A collectible, mid-90s Helmut Lang

jean jacket nearly identical to this
m rp

Like two-martini lunches and suits with striped trucker recently sold for over
obnoxious shoulders, gargantuan gold $1,000 on clothing resale website
watches are a relic of the past. Today’s Grailed. Good news for anyone appalled
timeliest tickers feature more modestly by that price: The 32-year-old brand
proportioned cases and simplified faces. recently decided to re-issue iconic
co Fo

Watch collectors shell out serious cash pieces from that era—thoughtfully sav-
for minimalist vintage Rolexes and ing you hundreds of dollars. Back then,
Omegas, but thanks to a collaboration Mr. Lang (who left the company in
between New York menswear designer 2005) won over editors with his
Todd Snyder and Timex, you can strap ground-breaking runway shows, but it
on a similarly subtle timepiece—and was his denim staples that came to be
achieve obvious savings. A sporty rotat- regarded as classics. You’ll want to
ing bezel and a face ringed by neat hang on to this two-pocket trucker, a
dashes that glow in the dark meet our functional spring layer cut from soft
standards for style. And the striped ny- Japanese denim. The signature red
lon strap adds durability far beyond stripes on the back are just enough to
what you’d expect at this pint-sized impress any diehard Helmut collector.
price. Watch, $158, toddsnyder.com Jacket, $395, helmutlang.com
n-
no

BOGLIOLI
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | D5

THE SPRING OFF DUTY 50: STYLE & FASHION

11
LET THE KIDS
DON FAUNA
10 For competitive children and the
type-A parents who raised them,

Love Your Handles

slumber parties have a not-so-
secret agenda: to show off impres-
sively charming sleepwear. But all
that Keeping Up with the Miniature
Joneses can get pricey. Solution:
these low-cost, big-impact cat and
That canvas carryall advertising your literary ambitions might be free. But it’s also grimly bunny “sleep” masks, also optimal
pretentious. For just a few dollars more, you can tote your stuff far less tediously for summer camp. They pop neatly
into the well-outfitted child’s back-
pack (or tiny Goyard trunk, for more
While often promotional, the totes, which cost $10, since 2007. her childhood—the vinyl Harrods pedigreed sorts). The masks can be
BY ALICE NEWELL-HANSON
canvas tote does have quasi-noble Her team designs with city dwell- tote in “that green” and a “really personalized, but perhaps a mono-

Y
ou can, in fact, have too
much of a good thing:
beige canvas logo’d tote
bags, for instance. One
morning last week, I
extracted such a bag from my closet
and discovered three smaller ver-
intentions—to lighten our loads
and reduce our use of plastic
bags—but the bags’ ubiquity has
turned them into something of an
aesthetic and ecological blight. And
they already had shaky environ-
mental credentials: A 2011 study by
the U.K. Environment Agency
ers in mind, she explains, peripa-
tetic people for whom a tote can
“often feel like your house for the
day,” storing everything from gym
clothes to office files to groceries.
Accordingly, she ensures her bags
are lightweight, collapsible, and
have straps that sit comfortably
vintage old Barnes and Noble tote
by Tibor Kalman”—Ms. Ping has
created color-blocked versions that
resemble Josef Albers paintings,
ones modeled after grocery bags
but cut from gray sweatshirt-jersey,
and winking riffs on the classic
preppy boat bag. “I think there’s
grammed “C” is more subtle than
“HRH Princess Charlotte of Cam-
bridge.” Eye Masks, $16 each, pe-
tite-plume.com —Haley Velasco
MY UNAPOLOGETIC SPLURGE

.
sions scrunched inside it—tote found that cotton tote bags have on shoulders. They also come still definitely an evolution for the

within tote within tote—like an un-
welcome family of Russian dolls.
Literary magazines, art fairs, gour-
met supermarkets, athleisure
brands, noodle bars, prestige phar-
macies: In 2018, there are few com-
mercial ventures that haven’t
a surprisingly high carbon
footprint. In fact, to offset
the resources expended to
manufacture and distrib- on
ute a single cotton tote,
you’d have to use it 393
times (for a standard plas-
us l,
in colors other than beige:
cornflower-blue gingham, a
pink-grapefruit print,
sherbet stripes. “It’s a
low-investment way to
have fun with your ward-
robe,” Ms. Sugihara said,
ly
tote,” she said.
Ms. Ping’s criteria for a smartly
designed tote include: easily acces-
sible pockets and a bright lining.
“If it’s black, you have to dig and
use your phone light!” And be-
sides, as Ms. Sugihara said, “Color
“I wear [$50] white supima
cotton T-shirts from Save
Khaki every day. I buy them
by the dozen every six months
because I just live in them!
They come already washed

printed their names across canvas
tote bags (which often come “com-
plimentary” with a purchase or sub-
scription). A recent scan of a Man-
hattan restaurant took in three New
tic bag, it’s just three uses). Our
plan: to stop accepting those sup-
posedly “green” cotton totes and
al a
e
find an alternative we will actually
want to use more than 393 times.
ci on
“especially in winter, when
you’re wearing the same two
coats—one black, one camel—and
it gets dreary: Buy a red bag!”
Mere vividness isn’t the only way
is delightful, it brings joy.” It’s and soft so you don’t have to
hard to say the same of the gray- wait to break in the cotton.”
ing New York Review of Books bag
you’ve been carrying all winter.

Yorker tote bags; one tote from
Marfa, Texas; one tote advertising
the music streaming service Tidal;
and, finally, a tote designed in the
style of a Virginia Woolf book cover
A tote that is indispensably cute.
“We wanted to make bags that
were more delightful,” said Emily
Sugihara, the founder and CEO of
Los Angeles and New York-based
er rs
to upgrade your tote. Mary Ping of
the conceptual clothing brand Slow
and Steady Wins the Race special-
izes in artfully reimagining classic
accessories, including the tote, by
ANTITOTES Above, from left: Mesh
Tote, $41, walkerbags.com; Baggu Tote,
$10, alwaysfits.com; Iridescent
Tote, $35, skinnydiplondon.com; Net
Tote, $89, clarev.com; Pleated Tote,

imprinted with the dubious word- company Baggu, which has been playing with scale and unexpected $49, cosstores.com; Gingham Derek Lam
play “Tote Lighthouse.” creating colorful ripstop nylon materials. Inspired by the bags of Tote, $98, trade-mark.com Designer
m e

12 1 2 3 4 5 6

Snag Some
m rp

French-Girl
Beauty Booty
co Fo

When in-the-know beauty

devotees travel to France,
they always leave space
in their suitcases for ex-
cellent Gallic pharmacy
finds. If you’re stuck
stateside, these revered
products—just a prudent
click away—are a rela-
tively thrifty way to ac-
cess savoir faire.
n-

1. Renowned for its gentle 3. This beachy, multiuse am- vorite, but don’t take her
formula, Bioderma cleansing ber-scented oil by Nuxe is a word for it: Give the simple
no

water is one of the few
products makeup artists can
agree on. Créaline H20,
from $16, jet.com
2. Medicinal-mint brand
Ricqlès (over 180 years old)
is hard to track down, but
its refreshing mouth spray
is worth the hunt. Spray,
about $7, soin-et-nature.com
F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS; BIRD ILLUSTRATIONS THROUGHOUT BY MATTHEW COOK
French toilette staple. Huile
Prodigieuse oil, $29, jet.com
4. Klorane’s best-in-class dry
shampoo has a light fragrance
and keeps your tousled Bardot
locks fresh for days after a
blowout. Dry Shampoo with
Oat Milk, $20, kloraneusa.com
5. This no-fuss Embryolisse
moisturizer is Jane Birkin’s fa-
cream a try yourself. Lait
Creme Concentre, $28, net-
a-porter.com
6. A new La Roche-Posay
skin cream we recently
scored at a Paris drugstore,
this antiaging formula con-
tains hyaluronic acid. Hyalu
B5 Cream, $43, careto-
beauty.com —Lauren Ingram

Honestly, Sure, you can find great

I didn’t stuff at Goodbill.
even know
secondhand
feathers
were a thing.

13
Join the Dane Gang
To shake your wardrobe out of its winter torpor,
consider the definitively fun label Ganni, currently
our favorite one-step-up-from-Zara brand. With its
colorful, quirky dresses and separates, the Copenha-
gen-based Ganni combines the thoughtful design of
a ready-to-wear line with prices that, while not out-
right cheap, never outrage: Think $100-$500. Each
of the brand’s plentiful offerings brings an element
of the unexpected to an outfit, whether it is a corn-
flower-blue shoulder bag printed with little fruits, a
pair of slouchy bubble gum trousers or a zip-up tur-
tleneck jacket with sheer sleeve details and flounced
cuffs. Dress, $280, farfetch.com —Lane Florsheim
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D6 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

14

Noodle Around With Spring Produce

Vibrant green vegetables are starting their stride down the seasonal runway; tossed with a tangle of pasta, they stretch
further to make sumptuous meals. These four fresh recipes from chefs around the country will easily feed a crowd

BY ELEANORE PARK

Arugula Pesto Penne

This flexible pesto recipe calls
for arugula but will work with
most any leafy spring green.
TOTAL TIME: 40 minutes
SERVES: 6
Preheat oven to 350 degrees.
Separately, toast ¼ cup pine
nuts and 1/4 cup Marcona al-
monds until golden brown,
8-12 minutes. Cool slightly,
then roughly chop. // In a food
processor or blender, combine
21/2 cups loosely packed arug-
ula and 5 cups loosely
packed basil, and pulse a few
times. Add chopped nuts, 2
teaspoons kosher salt, 3
large garlic cloves, grated, 3
tablespoons fresh lemon
juice and 1/2 cup finely grated
Parmigiano-Reggiano. Pro-
cess on medium-low speed
and slowly stream in 9 table-
spoons extra-virgin olive oil Arugula Pesto Penne Bucatini Alle Clams Casino With Green Garlic

.
until a chunky paste forms.

ly
Season with more salt to
taste. // Bring a large pot of
salted water to a boil. Add 1
pound rigatoni, penne rigate on
or other ridged pasta and
cook according to package in-
structions until al dente. Re-
us l,

serve 1 cup pasta water and

set aside. Drain pasta. // In a
large skillet with high walls,
al a
e
melt 3 tablespoons butter
over medium-high heat. Add
ci on

1/
4 cup reserved pasta water

and 1 cup pesto, and stir to

combine. (Save remaining
pesto for another use.) Add
cooked pasta and toss to coat
er rs

well. Add a couple more table-

spoons of reserved pasta wa-
ter and toss until sauce is
glossy and clings to pasta. To
m e

serve, divide among bowls

and sprinkle with more Par-
m rp

migiano-Reggiano to finish.
—Adapted from Courtney
Storer of Jon & Vinny’s, Los
Angeles Purple Sprouting Broccoli Fusilloni Asparagus Spaghetti With Meyer Lemon and Calabrian Chile
co Fo

Purple Sprouting
Broccoli Fusilloni
This recipe takes advantage of
the short couple months that
beautiful purple sprouting
broccoli is available. If you
miss it, broccolini will do
nicely.
TOTAL TIME: 15 minutes
about 1 minute. Add sliced
broccoli and season with salt.
Increase heat to medium-high
and add 1 cup dry white
wine, stirring to combine.
Cook until wine has reduced
by about half, 5-7 minutes.
Dot 5 tablespoons softened
TOTAL TIME: 35 minutes
SERVES: 6-8
Make anchovy-bacon bread
crumbs: In a large skillet, cook
8 ounces bacon, finely diced,
over medium heat, stirring,
until fat has rendered and ba-
con is browned and crisp,
in an airtight container in the
refrigerator. // Clean 2 pounds
(about 24) Littleneck clams.
Thinly slice pale-green and
white parts of 5 green garlic
stalks. Bring a large pot of
salted water to a boil. In a
large Dutch oven, melt 1/2 cup
To serve, divide pasta among
serving bowls and liberally
sprinkle anchovy-bacon
breadcrumbs over top.
Garnish with remaining
green garlic and serve
with lemon wedges.
—Adapted from Benjamin
labrian chiles or red chile
flakes, 2 teaspoons fennel
pollen or finely ground
toasted fennel seed, and zest
of 2 Meyer lemons. Cook,
stirring, until fragrant and
chile flakes begin to fizzle,
about 1 minute. Add 1 cup
CHRISTOPHER TESTANI FOR THE WALL STREET JOURNAL, FOOD STYLING BY EUGENE JHO, PROP STYLING BY CARLA GONZALEZ-HART (PASTA); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (2)

SERVES: 4-6
Thinly slice white parts of 5
green garlic stalks and cut
green parts into 1/4 -inch slices.
butter around skillet. Add
1/
4 cup reserved pasta water,
stirring and swirling pan to
combine and emulsify sauce.
n-
about 7 minutes. Add 1/4 cup (1 stick) butter with 6 table- Sukle of Oberlin, Providence, pasta water to halt cooking
extra-virgin olive oil, 2 gar- spoons extra-virgin olive oil R.I. and remove from heat. Use
lic cloves, diced, and 3 oil- over medium-high heat. Add 3 tongs to transfer spaghetti di-
packed anchovies, finely large shallots, minced, green Asparagus Spaghetti rectly to skillet. (Reserve

Cut stalks of 2 bunches
(about 1 pound) purple
sprouting broccoli or brocco-
lini on the bias into 2-inch
no
Season with salt to taste. // minced, and cook, stirring of- garlic (reserving a few pieces with Meyer Lemon and pasta water in pot). Add 1/2 cup
Add pasta, tossing to com- ten, until anchovies dissolve, for garnish) and a pinch of Calabrian Chile (1 stick) softened butter and
bine. If sauce seems too tight, red pepper flakes. Cook, stir- Toothsome in-season aspara- cook, tossing, until sauce be-
add more pasta water, a table- ring often, until shallots have gus—what luxury. Don’t waste gins to cling to noodles. Add

pieces, keeping flowers and
florets intact. Set aside.
Bring a large pot of salted
water to a boil. Add 1 pound
fusilloni or fusilli and cook ac-
cording to package instruc-
tions until al dente. Reserve 1
cup pasta water and set
aside. Drain pasta. // In a large
skillet with high walls, heat
4 cup olive oil over medium
1/
spoon at a time, until sauce
coats pasta. Squeeze juice of
half a lemon over pasta and
toss to combine. To serve, di-
vide pasta among bowls and
grate Parmigiano-Reggiano
over top. Sprinkle on more red
chile flakes, if desired.
—Adapted from Sarah Minn-
ick of Lovely’s Fifty Fifty, Port-
land, Ore.
Toothsome in-season
asparagus—what
luxury. Don’t waste it.
taking care not to brown gar-
lic, about 2 minutes. Add 2
cups panko bread crumbs,
and cook, stirring, until
softened, about 6 minutes.
Add 1 cup dry white wine and
clams, cover, and cook until
clams begin to open. Once
clams have opened uncover
and continue to cook, stirring,
until wine and clam liquid has
reduced by about half, about 7
minutes. Discard any clams
that do not open. // Mean-
while, cook 1 pound bucatini
it. Here the stalks are shaved
and cooked just a little, to pre-
serve bite and flavor.
TOTAL TIME: 20 minutes
SERVES: 6-8
Use a mandoline or vegetable
peeler to shave 1 pound
trimmed asparagus into thin
ribbons. Cover with a damp
paper towel. // Bring a large
pot of salted water to a boil.
asparagus and season with
kosher salt. Continue to cook
until asparagus softens
slightly, 2-3 minutes more.
Add juice of 2 Meyer lemons
and 1/4 cup reserved pasta wa-
ter. Cook, tossing frequently,
until sauce is glossy and has
reduced slightly, about 2 min-
utes. (Add another splash of
pasta water if sauce seems

heat. Add 4 oil-packed an-
chovy fillets and 1/4 teaspoon
red chile flakes, and cook,
stirring often, until anchovies
begin to dissolve, 2-3 minutes.
Add sliced green garlic and a
pinch of sea salt, and cook
until garlic becomes fragrant,
Bucatini Alle Clams
Casino With Green Garlic
In all its bacon-and-bread-
crumb glory, this comforting
pasta with clams is a spring
dish fit to face down any lin-
gering winter chill.
lightly toasted, 2-3 minutes.
Add 1 tablespoon fresh
lemon juice and cook 2 min-
utes more. Transfer to a paper
towel-lined plate. Season
lightly with salt and freshly
ground black pepper. Bread
crumbs will keep three days
according to package instruc-
tions. Reserve 1 cup pasta wa-
ter and set aside. Drain pasta.
Add pasta and 1/2 cup reserved
pasta water to clams, tossing
until sauce is glossy. Add
more butter, a tablespoon
a time, for a creamier pasta.
Add 1 pound spaghetti and
cook according to package in-
structions until al dente. // In
a large skillet, heat 3 table-
spoons extra-virgin olive oil
over medium heat until shim-
mering. Add 1 tablespoon
coarsely ground dried Ca-
tight.) Season with salt to
taste. // To serve, transfer
pasta to a platter or divide
among bowls. Grate Parmi-
giano-Reggiano over top.
—Adapted from Nick Curtola
of the Four Horsemen, Brook-
lyn, N.Y.

16
15
Carry
GIVE IT A
The Day
GOOD GLUG
Sure, you could pick up a store-
Dodge the bill at the steakhouse bought something to take to
and serve premium cuts at the party, but a homemade dish
home—properly. Rich, winey or dessert holds far greater ca-
Blast Steak Sauce from Michi- chet, usually at a fraction of the
gan-based Blis Gourmet delivers cost. Now you can transport
complex flavor, as well it should your creations across town in
after aging in 21-year-old oak style, without any accidents or
barrels that previously held spills, thanks to the Aplat culi-
bourbon, maple syrup, beer and nary tote, made with sharing in
hot sauce. Warming allspice and mind. This sturdy, soft denim
clove, plus four types of pepper, bag has an ingenious design
confirm the cozy feeling that that keeps round or square
you’re getting the full-on four- platters, pie tins or casserole
star treatment. $8, blisgour- dishes upright, and your culi-
met.com —Gabriella Gershenson nary cred intact. $62,
aplatsf.com —Priya Krishna
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | D7

THE SPRING OFF DUTY 50: EATING & DRINKING

1 2 3 4 5 6 7 8 9 10

17

Strike Gold on the Bottom Shelf

.
ly
Not serious enough, they say. Undistinguished. Cheap. Lettie Teague says live a little. Buying wine should be about
on
pleasure, not penury. Her budget-wine hall of fame features bottles that are easy to love—and to buy
us l,

CERTAIN WINES Chile, $12 medium-bodied wine with a note of excellent Riesling and Shiraz, and illes Vignes, $11
have reputations While Sauvignon Blanc from Chile green apple on the nose and a rich, Jim Barry is one of the region’s Muscadet, the perennially underval-
al a
e
tarnished by the has become synonymous with cheap yeasty finish. best-known producers. Lodge Hill is ued white wine of the Loire Valley
connotation of and cheerful wine, there are some a high-elevation vineyard that pro- in France, may be the biggest value
ci on

“cheap.” They’re terrific examples of the grape pro-
usually the low- duced in places like the cool Casa-
est-priced offer- blanca Valley. This delightfully brisk
ings on a restaurant wine list and and citrusy white is produced in one
shelved near the floor in a wine of the coolest spots in the region.
er rs
4. NEW ZEALAND SAUVIGNON
BLANC
2017 Craggy Range Martinborough
Te Muna Road Vineyard Sauvignon
Blanc, $17
duces a bright and savory wine, not of all. This old-vine bottling delivers
the alcoholic or jammy Shiraz that exceptional quality for the price. It’s
so many drinkers dislike. an intensely mineral wine with a
powerfully zingy acidity.

store. Often described by unpromis- This is no grocery-store Kiwi Sauvi- 9. MONTEPULCIANO

ing adjectives like “affordable,” 2. CÔTES DU RHÔNE gnon but a zesty white with charac- I set out to find these 2015 Masciarelli Montepulciano
“drinkable” or simply “fun,” they in- 2015 Domaine Charvin Côtes-du- ter and verve made in the cool cli- d’Abruzzo, $10
clude wines such as Beaujolais, Chi- Rhône Le Poutet, $17 mate of Martinborough. It’s humble gems—the wines Montepulcianos from the Abruzzo
m e

anti, Pinot Grigio, Chilean Sauvignon Top Châteauneuf-du-Pape producer fermented in oak and stainless steel that are well made as well region of southern Italy tend to be
Blanc and Muscadet. And their rep- Domaine Charvin also turns out a in a slightly softer style that’s more simple, commercial reds, often
m rp

utation for cheapness knows no bor-
ders. Just last week, I served a
French dinner guest Muscadet and
was informed, “That’s a wine we
drink in bistros for 3 euros.”
predictably first-rate, old-vine Côtes
du Rhône. This Grenache-dominant
red is marked by an earthy, slightly
herbal nose, bitter cherry fruit and
bright acidity.
co Fo
Loire Valley than New Zealand.
5. CHIANTI
2015 Fattoria Rodáno Chianti
Classico, $16
as drinkable and, yes, available in jug sizes; the Mascia-
‘affordable.’ relli family has long produced ex-
ceptions. This one is their most ba-
sic bottling, a light to medium
bodied, slightly rustic red wine with

While plenty of Pinot Grigios and
Chiantis deserve scorn, there are
also exceptions that warrant praise.
I set out to find these humble
gems—the wines that are well made
as well as drinkable and, yes, “af-
fordable.” After tasting my way
through a few disappointments, I
found 10 budget-friendly bottles
that were actually quite good.
1. CHILEAN SAUVIGNON BLANC
2017 Casa del Bosque Sauvignon
3. AMERICAN SPARKLING WINE
Gruet Brut Non Vintage New
Mexico, $12
Sparkling wine from the United
States and especially sparkling wine
made anywhere outside California
may be not be much-heralded, but
this méthode Champenoise sparkler
from a family winery celebrating
their 30th year of production in
New Mexico is a terrific value and a
well made wine. Produced predomi-
n-
This lively food-friendly red
made from the Sangiovese grape
may not be particularly complex,
but it’s definitely delicious. Located
in the heart of the Chianti Classico
region of Tuscany, Fattoria di
Rodáno produces well-priced and
consistently well-regarded wines.
6. AUSTRALIAN SHIRAZ
2014 Jim Barry The Lodge Hill Shi-
raz Clare Valley, $14
The Clare Valley, a cool-climate re-
7. BEAUJOLAIS
2016 Clos des Vieux Marronniers
Les Pierres Dorées Beaujolais, $16
Though the Beaujolais name has
been brought down by the grapey
novelty Beaujolais Nouveau, there is
delicious, charming, affordable wine
sold under the “regular” Beaujolais
label, including this old-vine exam-
ple from the Pierres Dorées region
in southern Beaujolais.
8. MUSCADET
an earthy, slightly spicy nose.
10. PINOT GRIGIO
2016 Alois Lageder Pinot Grigio
Alto Adige, $12
Once part of Austria, Italy’s Alto
Adige has an alpine climate per-
fectly suited to the production of
crisp reds and whites. Made by one
of the region’s leading biodynamic
producers, this is a clean, well-bal-
anced, fairly light bodied white
wine that’s more than just another

Blanc Reserva Valle de Casablanca nantly from Chardonnay, it’s a dry, gion in South Australia, is home to 2016 Château de la Ragotière Vie- boring Pinot Grigio from Italy.

18
no

Spread on the Splendor

You could pay $7 for fancy,
fussed-up toast at your local
café. Or you could keep a jar
of kaya, the Southeast Asian
coconut jam, on hand to ALL EYES ON YOU...
slather on toasted bread for
instant luxury, anytime. Auria’s
Malaysian Kitchen uses only
natural ingredients, and not Gold Cup Haven Sneaker
very many of them, in these
kayas—one a salted caramel
flavor, the other infused with
nutty pandan leaf—also terrific
on ice cream or pancakes. $9,
auriasmalaysiankitchen.com

19
GO FULL STEAM AHEAD
18k, Diamonds $3,500
They’re sustain-
able. They cook in
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS

minutes. They’re
cheap! And a meal 18k, Diamonds $1,550
of them always
feels special. Mus-
sels, the meaty,
low-maintenance
shellfish, need NEW YORK - PORTO MONTENEGRO
only olive oil, gar-
lic, parsley and a
splash of wine to
shine. While you
can cook them in (212) 371-7050
any old stockpot, www.misahara.com
Le Creuset’s new 8-quart carbon-steel beauty really makes an event
At select Neiman Marcus
of it. The purpose-built pot holds pounds of mussels, has a snug-
fitting lid that keeps steam in and, with its pebble-gray enamel coat- Available at Sperry.com
ing, is pretty enough to go straight from stovetop to table. $100,
available starting May 1 at lecreuset.com —G.G.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D8 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

THE SPRING OFF DUTY 50: EATING & DRINKING

20

Cook Without
Clutter
Two new cookbooks and one cult classic
make an art of eating simply and frugally

shockingly short ingredient lists,

BY ADINA STEIMAN
the author chronicles her content-

C
HANCES ARE you’ve
never cooked a pot of
fresh haricot beans
over a wood fire on
the rugged Greek is-
land of Naxos, letting them sim-
mer until you emerged from your
midday swim to find the tender
legumes “just immersed in a fra-
grant sauce.” Yet for the expat
British writer Patience Gray, this
romantic vision was just a typical
daily lunch. While living a no-
madic life in remote Mediterra-
nean villages with precious few
resources, Ms. Gray soon learned
that “good cooking is the result of
a balance struck between frugality
and liberality.”
You might presume that watch-
ing your wallet (or your watch)
ment with eating a plate of simply
cooked vegetables and very little
else for lunch or dinner. Because
out-of-season, non-local produce
simply didn’t exist in the places
she lived, she shares ideas for
feasting on the seasonal foods
that are plentiful and, yes, cheap-
est at any given moment in the
year. “A passion for youth and
freshness, for grasping what the
season has to give at the precise
moment: This lends an ardor to
daily living and eating,” she
writes. And her primitive pantry
demonstrates just how little you
need to buy to embellish your
food, when a trickle of good olive
oil, a thread of wine vinegar or a
sprinkle of flaky salt can make
most anything taste better.
Not quite ready to cook like you
live in a converted mule shed on a

.
Greek island? Two new cookbooks
Pozole With Pinto Beans

ly
tackle thrifty cooking in even
‘Honey From a Weed’ is more approachable ways. and Queso Fresco
packed with surprising Melissa Coleman’s “The Mini- SERVES: 4-6
malist Kitchen” (Oxmoor House)
on Make quick-pickled red onions: Put
little dishes so seductive shows home cooks how easy and 1 large red onion, thinly sliced, in
it’s easy to forget how affordable it is to make dinner a sealable jar. Add 1/4 cup red wine
when your kitchen is pared down vinegar and 2 teaspoons kosher
affordable they are.
us l,

while cooking is a one-way ticket to
deathly dull food. But Ms. Gray’s
to the essentials. Ms. Coleman, salt. Seal jar and shake vigorously.
who helms a popular design- Continue to shake occasionally until
minded food blog called “The Faux onions are soft, at least 15 minutes.
al a
e
Martha,” lays out a radical ap- // Set broiler to high. Line a
proach: Stick to a set list of super- rimmed baking sheet with alumi-
ci on

memoir-cum-cookbook, “Honey
From a Weed: Feasting and Fasting
in Tuscany, Catalonia, the Cyclades
and Apulia,” finds the beauty in
simplicity. First published over 30
market foods and then find end-
less ways to reinvent them. “The
recipes in this book…use the same
handful of tools and ingredients
but offer a wide range of flavors,”
er rs
num foil. In a small bowl mix 2 ta-
SOUP’S ON A simple, satisfying Mexican-style pozole is one of the recipes blespoons canola oil, 2 teaspoons
on offer in these cookbooks that celebrate doing more with less. chili powder, 2 teaspoons kosher
salt and 1 teaspoon freshly ground
and fridge. It’s not just about favorite show on TV while your black pepper. On prepared baking

years ago, the cult classic includes
dozens of recipes as stripped-down
and elemental as that pot of beans,
gathered from Greek, Italian and
she promises.
But wait: Before you get cook-
ing, Ms. Coleman wants you to
clear out your cluttered pantry
m e
spring cleaning. All that organiz-
ing, Ms. Coleman says, will help
you cut down on overbuying at
the store and food waste at home.
dinner finishes cooking.”
In her recipe for a Mexican-
style pozole soup, she offers the
timesaving alternative of using a
sheet combine 1 pound tomatillos,
halved, 3 poblano peppers,
LINDA PUGLIESE (POZOLE); F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOOKS, MORTAR AND PESTLE, BAKLAVA)
stemmed and seeded, 1 medium
yellow onion, quartered and

Spanish home cooks who had to And once you’ve followed her rotisserie chicken and broth from leaves pulled apart, and 4 cloves
transform life’s daily rations into clear, practical advice—tossing ex- a box. I opted to poach a whole garlic, peeled, and rub with oil-
m rp

soul-sustaining nourishment. Peel
away the gauzy layers of Mediterra-
nean romance, and you’ll find
dishes that could qualify for inclu-
sion in any modern cookbook of $10
I’m rather pired packages, paring your spices chicken instead, so my version chili powder mixture. Broil, tossing
vain about You can do down to a mere 20, transferring took a bit longer, but the dish ab- once, until everything is golden
my cooking. so much with most pantry items to airtight, solutely did nail that hard-to-find brown and easily pierced with a
One must so little! My clearly labeled containers—“you balance of vibrant and comforting, fork, 13-15 minutes. // Transfer veg-
peck around kitchen is realize all the things you can using ingredients available at any etables to a blender and purée until
co Fo

dinners, 15-minute meals and 5-in-
gredient recipes.
“Honey From a Weed” is packed
with surprising little dishes so se-
ductive it’s easy to forget how af-
fordable they are: spring peas
simmered with sliced new onions,
fresh mint and olive oil; mussels
stuffed with garlicky Parmesan
breadcrumbs; spaghetti tossed
with anchovies, preserved chiles, a
bit of tomato sauce and plenty of
olive oil and butter. But it’s the
to find the strictly egg- make,” she writes. Top of my list?
best recipes. free, of Chickpea tikka masala topped with
course. crisp-roasted curry cauliflower,
prepped with ingredients from an
impeccably organized pantry.
Value in cookbooks doesn’t just
mean a modest grocery bill. After
all, time is money and health is
wealth. In “Healthyish,” veteran
recipe developer Lindsay Maitland
Hunt aims to deliver “recipes for
the real world”—ones that don’t
take too long to cook, dirty too
n-
supermarket. And I ended up with
dividends: extra broth, chicken
and neon-pink, quick-pickled on-
ions that made my next dinner
even easier (and cheaper) to
throw together.
The rest of the book is filled
with equally irresistible ideas,
from a tangy romaine salad that
puts roast pork tenderloin and
carrots in a whole new context, to
a near-instant raspberry-and-
shortbread parfait ideal for de-
completely smooth. Pour into a
large pot and add 8 cups chicken
stock. Cover and bring to a boil
over high heat. Reduce heat to me-
dium and add 4 cups shredded
cooked chicken, 1 (29-ounce) can
hominy, rinsed, and 1 (151/2 -ounce)
can pinto beans, rinsed. Simmer
until heated through, 5-7 minutes.
Stir in 1 tablespoon fresh lime
juice, 1 teaspoon granulated sugar
and 1/4 teaspoon freshly ground
black pepper. // Serve topped with

life lessons Ms. Gray teaches along many pots or weigh you down. Af- molishing a midweek hankering crumbled queso fresco, sliced rad-
with her kitchen craft that make ter 15 minutes of prep, she prom- for dessert. A cookbook jam- ishes, cilantro leaves, quick-pick-
“Honey From a Weed” the god- ises, “you can step away from the packed with recipes you’ll actually led red onions and lime wedges.
mother of good-value cookbooks. stove to change into sweats, un- use? That’s a pretty strong value —Adapted from “Healthyish” by
no

Along with recipes that feature cork the wine and queue up your proposition right there. Lindsay Maitland Hunt (Abrams)

22
GRIND AND BEAR IT
It’s hard to improve on a tool as ancient, simple, sturdy and mul-
tipurpose as the mortar and pestle, yet somehow the gadget
geeks at Chef’n have managed it. They’ve left the basic bowl and
pounding implement blessedly un-messed-with, rendered in cool,
durable marble that transitions to the table elegantly. What
changes the grinding game: an ingenious silicone base that ab-
sorbs shock and sound, and also lets you tilt the mortar to the
CHRISTOPER TESTANI FOR THE WALL STREET JOURNAL, FOOD STYLING BY EUGENE JHO, PROP STYLING BY CARLA GONZALEZ-HART

angle optimal for you. Your wrist will thank you as you pulverize
spices or whip up a quick aioli. There are so many kitchen gizmos
you can do without—particularly if you stock the one that’s abso-
lutely indispensable. $35, chefn.com

23 MY UNAPOLOGETIC
SPLURGE
Flake Out
“My father sends eggs from his
Some of the best baklava in
friend’s farm in Vermont, out-
America—flaky, buttery, honey-
side Stowe. It ends up costing
laced treasures made with
more to ship them than I would
grade-A nuts—can be found at
pay for organic at the market
the sprawling bakery Shatila in
down the street, but it’s totally
Dearborn, Mich. Good news for
21 far-flung fans: You no longer
worth it. Crack one on a hot
pan with olive oil and a sprinkle
have to venture to the Midwest
RISE TO THE OCCASION for your favorite Middle Eastern
of Maldon and fresh pepper,
and I am a happy man.”
treats, as Shatila has re-
Making your own rainbow-sprinkled Italian-style Easter bread isn’t launched its e-commerce site.
as hard as you might think, but it does take time. To get the big- The bakery’s signature gold
gest bang for your baking, make a half-dozen loaves at once and boxes lend a luxurious touch, yet Antoni
share the yeast-risen, multicolored love with friends and family. as fancy as the packaging looks, Porowski
Off Duty photo editor Allison Gumbel baked the bounty pictured a 54-piece assortment will set food and
here using a recipe from her great-grandmother, who emigrated you back only $33. Considering wine expert
from northern Italy to Clarksburg, W.V., and made a mega-batch the quality of these pastries, on Netflix’s
for her big family every year. This bread keeps about a week in an that’s a sweet deal indeed. Sha- “Queer
airtight container and freezes well, too. A slice lightly toasted with tila Elegant Gold Box, $33, sha- Eye”
a little butter is heaven. Find the recipe at wsj.com/food. tila.com —Priya Krishna
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
24
Sail Away
Sensibly
High-value ways to ply the high seas
BY CHRISTIAN L. WRIGHT
ON MANY CRUISE ships, the
most dazzling sleight of hand
is not an evening magic show,
but the extra charges the
crew exacts for everything
from a ginger ale to a yoga
class. Yes, fares usually in-
clude all meals, but so-called
specialty restaurants often
impose a cover fee. Dozens
of other onboard offerings,
from sun-deck cabanas and
golf simulators to Chiantis
and cappuccinos typically
cost extra. “People don’t like
to be nickel-and-dimed,” said
Torstein Hagen, chairman of
Viking Cruises. “It’s just
cheating.” In a backlash
against this pricing scheme, a
flotilla of cruise lines has em-
braced the more inclusive
model that’s standard on riv-
erboats and super luxury lin-
ers, but rarely found among
the upper-middle class of ves-
sels—until now. These aren’t
bargain boats, but they spare
cruisers a sticker-shock de-
nouement. The fringe benefits
included in the fare vary
widely from line to line.
Here’s a peek at the perks:
Azamara Club Cruises
Launching its third ship, Pur-
suit, this August, Azamara
prides itself on staying rela-
tively small and nimble. Ves-
sels accommodate 694 pas-
sengers each and tend to stay
25
no
TAKE TO THE LAKE—THE HIPSTER WAY
The Pacific Northwest has no shortage of cedar-scented accommodations amid evergreen woods, but
the 24-key Suttle Lodge, a lakeside property an hour outside crunchy Bend, Ore., distinguishes itself in
several ways. For starters, the distinctly affordable lodge—recently purchased and renovated by a team
from Ace Hotel Portland—banished the mediocre salmon bake that plagues resort menus across the
Northwest. It opts instead for irreverent “Portlandia” takes on camp food: Kettle chip-encrusted trout,
ELLIE ARCIAGA LILLSTROM (LODGE); SKY CLOUD CRUISES (SHIP); F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (SLIPPERS)
anyone? Many dishes also feature fresh produce from local farms, while the cocktail list, dreamed up
by one of Portland’s top barmen, includes Interpretive Ranger, a sort of grown-up Kool-Aid combining
kirsch, sweet vermouth, rye and absinthe. Other unusual touches, like custom Pendleton Blankets and
Maaklab toiletries elevate this rustic lodge to a quintessential hipster deal. From $79 a night, thesut-
tlelodge.com —Chaney Kwak
MY UNAPOLOGETIC
SPLURGE
“I have owned a Prada
fanny pack since the
‘90s. My kids have al-
ways made fun of it.
But on trips my hus-
band and I walk every-
where and it’s very
practical. I recently up-
graded to a stunning
oxblood color that goes
with everything. It can
even go cross body if I
don’t want to wear it
around my waist.”
Bobbi Brown
founder of
Bobbi Brown
Cosmetics
and owner
of the new
George
hotel in
Montclair,
N.J.
* * * *
ADVENTURE & TRAVEL
in port longer than the big-
ship drive-bys.
What’s Included: All beer,
wine, all nonalcoholic bever-
ages and some spirits, plus
room service, self-service
laundry, shuttle service to and
from the port and the city
center (where available) and
one shore excursion per per-
son on trips that are longer
than seven days, excluding
the trans-Atlantic crossings.
What Isn’t: Meals at the spe-
cialty restaurants—one the
fancy Italian Aqualina, the
other a steakhouse—cost $30
per person no matter what
you order; port fees.
Sample Sailing: An 11-day trip
from Miami to Lima in a
stateroom with balcony,
$4,499 per person.
Crystal Cruises
With two medium sized cruise
ships (848 and 980 passen-
gers) and one 62-passenger
yacht, Crystal is pricier than
the others listed here but on
packs big-boat amenities and
activities into smaller luxury
specs. Chef Nobu Matsuhisa
us l,
consults on some menus.
What’s Included: One meal at
each of the specialty restau-
al a
e
rants, all beverages, room ser-
vice, Wi-Fi and gratuities. Fit-
ci on
ness classes are also
complimentary so you can do
yoga, Pilates and “chi-energiz-
ing” to your cardio’s content.
What Isn’t: Port fees, which
er rs
can add hundreds of dollars
m e
m rp
co Fo
n-
26
SLIP INTO SOMETHING
LESS OBJECTIONABLE
Somehow, that gratis pair of slippers most hotels offer rarely makes
you feel at home. Perhaps it’s the crinkle of the plastic wrap or pos-
sibly the scratch of sandpaper-like terry cloth. For an upgrade that’s
close to free, try the abidingly comfortable slides from Australia’s
oldest lifestyle label, Country Road. With their cushioned jersey
soles, backed by sturdy rubber, they’re as well suited for endless
flights as they are for hotel lounging and a post-boring-meeting
dash to the pool. Slippers, $32, countryroad.com —Lauren Ingram
NY
MAST FROM THE PAST Passengers on the vintage Sea Cloud get a welcome bottle of Champagne.
per person to each fare.
Sample Sailing: A 10-day
round trip to Montreal
through the Gulf of St. Law-
rence in a stateroom with bal-
cony on the newly upgraded
Symphony, $7,850 per person.
Ponant
This French cruise line
is very French, from the
Veuve Clicquot to la gastrono-
mie, and sails 10 small, stylish
expedition ships: one masted
sailboat, an icebreaker and
eight cruising yachts. The big-
gest ships accommodate 264
passengers.
What’s Included: Room ser-
vice, open bar, port fees, and
on select itineraries, airfare
and shore excursions.
What Isn’t: Super premium
wines and spirits
Sample Sailing: An 8-day trip
from Panama to Martinique in
a stateroom with balcony,
$4,606 per person.
LOVING
HOW
YOU
LIVE.
You dream it.
We design and build it.
Make every space your own.
NEW YORK CITY NASSAU
WESTCHESTER
ROCKLAND HUDSON VALLEY
9 1 4 .5 9 2 .1 0 0 1
californiaclosets.com
facebook & Instagram: @caliclosetsnyc & @caliclosetsmiami
Saturday/Sunday, March 31 - April 1, 2018 | D9
.
ly
Sea Cloud Cruises
The dramatically masted 64-
passenger Sea Cloud, built in
1931 for heiress Marjorie Mer-
riweather Post, is a throw-
back to old-world sailing to
lesser known ports in Europe
and the Caribbean. The com-
pany also sails a slightly
larger windjammer, the 94-
passenger Sea Cloud II.
What’s Included: Wine and
beer with lunch and dinner, all
nonalcoholic beverages, gratu-
3 05. 623. 8282
ities (as of 2019), a bottle of
Champagne in cabin, daily
fresh fruit in your cabin, port
fees, use of onboard laptop to
send emails, and access to wa-
ter sport equipment.
What Isn’t: Drinks at the bar.
Sample Sailing: A 10-day sail
from Bilbao to Lisbon, from
$3,955 per person.
Viking Ocean Cruises
Inaugurated in 2015, the four-
ship fleet (930 passengers on
each) is new. A fifth ship, Vi-
king Orion, launches in June.
What’s Included: Lots of
breakfast herring, wine and
beer at lunch and dinner, one
shore excursion in each port
(such as a walking tour in Je-
rusalem), room service, nonal-
coholic drinks, port fees, Wi-
Fi, self-service laundry and
access to the spa’s “Thermal
Suite,” where you can hop be-
tween the sauna, hot tub and
snow room, Nordic style.
What Isn’t: Gratuities (they’re
automatically added to your
bill after the cruise).
Sample Sailing: A 13-day voy-
age from Bangkok to Bali in a
stateroom with balcony, from
$3,999 per person.
Windstar Cruises
The biggest of Windstar’s
three sailing yachts and three
cruise ships hold 310 passen-
gers. Zodiac excursions,
James Beard Foundation
chefs on some journeys and
scholarly lecturers add up to
active, elegant trips.
What’s Included: Room ser-
vice, nonalcoholic beverages,
use of water sports equip-
ment and, on select itinerar-
ies, evening events—like a
white-glove dinner and con-
cert at the ruins of Ephesus,
Turkey.
What Isn’t: Port fees.
Sample Sailing: A 10-day
journey from Copenhagen to
Stockholm in a balcony suite,
$5,589 per person.
For additional high-value
cruises, see wsj.com/travel.
©2018 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated.
MIAMI
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D10 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

THE SPRING OFF DUTY 50: ADVENTURE & TRAVEL

POLE STAR Wawel Castle, Krakow’s main tourist draw. Since the Nazis chose the city as their Polish headquarters in 1939, it was spared the German bombing raids that devastated Warsaw.

27

To Live Large for Less, Go East

.
ly
on
A spring trip to the Polish city of Krakow reveals an intriguing mix of Easter splendor, haunting history and absurdly low prices
us l,

bed. Two leather armchairs faced

BY DALE HRABI
each other in the middle, almost

A
lonely in all that space. Our tiny
al a
e
CERTAIN TIGHTWAD room in Tokyo, twice as costly,
attitude led my hus- seemed a cruel joke in retrospect.
ci on

band and me to Krakow We would go on to have many

last Easter on our an-
nual spring holiday. The
previous years, we’d vacationed ex-
travagantly in Japan, spent too
frugal meals that week, paying as
little as $4 for an ample entree of
tender pierogi, $2 for horseradishy
beetroot cream soup, but that first
er rs

loosely in London and undertaken night, we splurged. We went

an overly ritzy tour of Switzerland, downstairs to our hotel’s own re-
complete with $5,000 impulse watch nowned restaurant, the 22-seat
buys. It was time to economize. Copernicus, having signed up for
m e

Poland, we’d heard, was merci- the formal seven-course spread ECHO CHAMBER From left: One of
fully cheap. While I wasn’t enthu- with some trepidation, being more the enormous, well-priced rooms at
m rp

siastic at first, worried the coun-
try would be grim with vestigial
Communism and the scars of
World War II, friends said they’d
eaten there like kings. Hedonism
of an eat-takeout-pasta-on-the-
couch-while-watching-cable-news
kind of couple back home in
Brooklyn. The first sign that some-
thing special was afoot: Our table
co Fo
Hotel Copernicus; holiday cookies
sold at Krakow’s Easter market.
pool, tucked atmospherically into a aptly, “It’s Easy to Be a V.I.P.” of architectural styles atop a hill
shadowy, catacomb-like stone cellar, Old Town doesn’t lack attrac- just outside Old Town. In 1939, the

cut with a little bleakness seemed
an interesting mix.
We settled on a week in Krakow,
which the occupying Nazis had cho-
sen as their Polish home and so not
bombed to ruins. When our taxi de-
posited us at the edge of Krakow’s
beautifully intact medieval Old
Town, a bittersweet awareness of
the city’s narrow escape was ines-
capable. Our hotel, on the oldest
cobblestoned street of all, immedi-
ately made it clear, however, that
for two was so big it could have
accommodated six diners, eight if
they were chummy. (This does not
happen in New York.) The second
sign: Beside our plates, along with
the odd knife, our waiter ceremo-
niously placed an array of forks
and spoons facedown, which
seemed vaguely Wiccan.
Then the courses began their pa-
rade—tarts, terrines, brûlées—more
than justifying the roughly $75-per-
person cost, especially since our im-
n-
and had it all to myself once two
larking New Jersey tweens retired
for the night.
As the days unfolded, this sense
of luxury—angst-free because it cost
so little—manifested in many ways.
Above all, we had the luxury of time:
hours to wait among joking Poles for
the “best haircut in town” (about
$14) at Butter Cut, a barbershop in
the former Jewish quarter, Kazmi-
erz, a still-down-at-heel hipster en-
clave; hours to chug along the Vis-
tions—including the Planty, the pic-
nic-ready park that rings it—but
Easter’s imminence brought on a
new level of splendor. A country
that’s 96% Catholic isn’t about to
downplay the holiday. All manner of
eggs sprouted up: foot-tall white
plastic ones in feather nests as dé-
cor at restaurants; 4-inch plaster
ones tucked into the pussy willows
at our hotel; basket upon basket of
pisanki, the traditionally decorated
eggs, at the Easter market in the
Germans ousted the castle’s rightful
tenants and installed governor-gen-
eral Hans Frank, who would go on
to declare that it was “absolutely
intolerable that thousands upon
thousands of Jews should go slink-
ing around” the city. In the castle,
we experienced another of the luxu-
ries Krakow’s relative freedom from
crowds allows: a good five minutes
alone with Leonardo da Vinci’s mas-
terpiece “The Lady with an Ermine”
(stolen from Poland by the Nazis

this Polish version of “bargain
travel” was going to be enjoyable.
The 5-star Hotel Copernicus, so
named because the famed astrono-
no
peccable waiter kept slipping in ex- tula River in a barely populated boat main square. but since returned and, as of 2018,
tra unofficial courses; I counted called the Peter Pan, wrapped in Before taking a proper wander housed in the National Museum,
both a pre- and a post-dessert. Per- blankets as we passed a circa-1930s through the market with its braided elsewhere in Krakow).
haps unwisely, I capped off this riverside police station, and a piped- breads, toothsome iced cookies, T- After the castle, we stopped into

mer lodged in the three-story re-
naissance building when passing
through town, welcomed us with
courtesy, austere luxury and crazily
abundant sprays of pussy willows, 4
feet tall in simple glass vases. Spring
has its fans at the Hotel Copernicus.
Though our room only set us
back around $200 a night (the ex-
change is not quite as favorable in
2018), it was vast, even echoey,
frescoed, with a high, timbered ceil-
ing and a beckoning, baronial oak
meal with a swim in the hotel’s in radio station played a song called, shirts printed with ‘60s Polish cars, Pod Nosem, one of the city’s top
and edible “wrenches” and “ham- restaurants, the sort that would be
mers” rendered in chocolate, we well beyond our means back home.
Sing that crazy stopped in at Café Noworolski for a Flush as we were after a week in
Eastern Euro- beer. When the main square was Krakow, it didn’t seem out of order
Sorry, no. As a
pean song we forcibly re-christened Adolf Hitler- to order caviar and, for $75 an
V.I.P. myself, I
heard in Poland! Platz during the war, SS officers ounce (a third of what the Russian
found the mes-
You know, ‘It’s took over this art nouveau cafe, and Tea Room in Manhattan demands),
sage very reduc-
Easy to Be a its faded opulence, all red velvet we ate it with blinis and quail eggs
tive. Would you
V.I.P.’ Please, and Slavic filigree, still felt haunted. and a decided lack of care.
settle for ’I’m
please, please... We sensed the presence of Nazi
Like a Bird’ by
Nelly Furtado? ghosts, too, in the city’s main tour-  For details on where to stay and
ist draw, Wawel Castle, a grand pile eat in Krakow, see wsj.com/travel

28
GETTY IMAGES (KRAKOW); DALE HRABI/THE WALL STREET JOURNAL (COOKIES); ILLUSTRATION BY ELLEN WEINSTEIN

Hitch a Ride on
A Private Jet
Who hasn’t stood in an endless TSA
queue and daydreamed about escaping in
a private plane? Thanks to recent innova-
tions in the jet chartering field, this
seemingly absurd extravagance is within
reach. JetSuite offers a few last-minute
deals for one-way trips on jets (designed
to hold four to 13 passengers) that would 29
otherwise fly empty after dropping off a
regular customer. Recently, “Suite Deals” FIND TAHITI REASONABLE
were posted for flights from San Fran-
cisco to Las Vegas, Charleston, S.C. to Nothing can spoil the classic “run-away-to-a-South Pacific-island” fan-
Houston, and St. Louis to Washington, tasy quicker than tallying up the cost. Thatched-roof bungalows—the
D.C.; prices start at $536. jetsuite.com. nice ones, at least—perched over crystalline water don’t come cheap.
And sister company JetSuiteX gives you Neither do the flights. Fortunately, Air Tahiti Nui is offering travelers
a different path to this exclusive club, of- who are willing to travel by May 31 a batch of air-and-resort deals. Take
fering daily flights aboard premium-class this enticingly priced example: a 30% savings on a six-day trip, with
30-seat jets that only fly out of private three nights on Tahiti, the country’s main island, and the other three on
terminals, from airports in L.A., the Bay the more textbook-idyllic Taha’a Island. At the latter, you’ll stay in an
Area and Las Vegas to seasonal destina- overwater suite (pictured) at the luxe Le Taha’a Island Resort & Spa—
tions like Mammoth Lakes; fares start at fantasy realized! All flights included. Total price tag: $5,796 for two. air-
$129 per person one-way. jetsuitex.com tahitinui.com. For deals at other times of the year, check with the Art of
—Barbara Peterson Travel, a French Polynesia travel specialist, theartoftravelonline.com.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
ILLUSTRATION BY KEITH D. SKEEN; JAMES BELLORINI; ILLUSTRATION BY MIKEY BURTON (SKI PASS)
Book a Big-Box Holiday
Attention, shoppers: Costco’s been stocking up on luxury travel
discounts lately. Throw some Turks & Caicos in with your toilet paper
BY TERESA RIVAS
W
HEELING your
supersize gro-
cery cart, stuffed
with a 30-roll
pack of toilet pa-
per and 20 plastic containers of or-
ganic hummus, around a vast, win-
dowless warehouse can really
remind you that you need a vaca-
tion. Luckily, you can pick one up
on your next Costco run, too.
Bargain holiday shoppers have
long gravitated to Costco Wholesale
for family-oriented travel packages:
a whirl in Disney World, an Alaskan
cruise, a week at an all-inclusive
Mexican beach resort. The packages
often bundle components of the
trip, like theme park fees, air and
no
EASY SUMMER
2 f o r 1 C R U I S E FA R E S
limited-time inclusive package
includes:
Unlimited Internet
plus choose one:
FREE - Shore Excursions
FREE - Beverage Package
MAR183959
FREE - Shipboard Credit
* * * *
THE SPRING OFF DUTY 50: ADVENTURE & TRAVEL
30
accommodations. Lately, however,
the big-box behemoth has been up-
scaling its travel deals, offering sav-
ings on stays at high-end hotel
brands such as Fairmont, Park
Hyatt and Waldorf Astoria around
the world. And for proudly indepen-
on
dent travelers who reject coddling
travel packages, Costco launched a
hotel-only portion of its travel web-
us l,
site last summer.
Just how good are the deals? Ac-
cording to Chris Hendrix, who over-
al a
e
sees the company’s travel buying
division, Costco members can save
ci on
10% to 30% off hotel rack rates, de-
pending on the destination and
dates. In our own comparison shop-
ping, we found a one-week stay in
June at the Park Hyatt New York
er rs
for just over $5,000 (for two)
through Costco Travel, 10% less
m e
m rp
co Fo
n-
LUXUR IOUS VOYAGES FROM M ANHATTAN’S WEST 48 TH STR EET
Oceania Cruises offers enticing 10-day roundtrip voyages to New England, Canada and Bermuda.
Savor the World with The Finest Cuisine at SeaTM aboard our intimate and luxurious ships.
C ALL 8 55 - OCE ANIA ( 8 55 - 62 3 -26 42 ) | VISIT OCE ANIACRUISES.COM / WJ
than booking on the hotel’s website
and 7% cheaper than the price on
offer at Priceline.com. A week in
late April at the Chicago’s Conrad
hotel proved even more tempting—
$1,800, 22% less than posted on the
hotel site. Also in April, a week-
stay at Maui’s Grand Wailea, a
Waldorf Astoria resort, cost
about $4,270, 10% lower than
offered by the hotel website. The
Costco rate also included a daily
buffet breakfast for two.
Perhaps even better than all-
you-can-eat pineapple pancakes:
Since September Costco Executive
members have earned 2% back on
their bookings, on top of the stan-
dard 3% cash back if they use their
Costco Anywhere credit card—
which also doesn’t charge foreign
transaction fees. costcotravel.com
getaway
or CONTAC T YOUR TR AVEL AGENT
Saturday/Sunday, March 31 - April 1, 2018 | D11
31
Tailgate at the Opera
The perception of opera is that it’s expensive and stiff. Relatively speaking,
however, the sticker shock is not that bad (been to a major sports event
lately?) and the experience is unparalleled, especially if you combine a perfor-
mance with a little summer tailgating. Think of it as living “The Great Gatsby”
life on a budget. Tickets for this summer’s “Madame Butterfly” at Santa Fe
Opera are about $47-$250, for instance, and the parking lot opens three hours
before curtain so audience members can nosh against the Southwestern land-
scape; the season runs June 29-Aug. 25. santafeopera.org. The al fresco tradi-
tion flourishes in the United Kingdom, where Glyndebourne (above), a country
estate with its own opera house an hour from London by train, is famous for
its formal-dress garden picnics—and provides changing facilities if you don’t
want to travel in a gown. The summer festival runs from May 19-Aug 26. From
about $15-$370 a ticket, glyndebourne.com. Less iconic but just as pleasurable
is the Longborough Festival Opera (June 6-Aug. 2), in the scenic Cotswolds. A
90-minute intermission lets patrons enjoy a leisurely dinner in the open air.
About $50-$280, lfo.org.uk —Elisabeth Vincentelli
.
32
ly
SPRING FOR WINTER PASSES
With the price of ski tickets rising to nosebleed-
inducing heights, thrifty snow junkies are invest-
ing in multi-resort passes. The new Ikon Pass,
for one, unlocks 26 big-ticket destinations like
Aspen and Deer Valley for $599. ikonpass.com
Vail Resorts group’s Epic Pass provides access
to 61 resorts in North America, Europe, Japan
and Australia, starting at $439, and if you
book by April 15, you’ll get six “buddy tickets”
at deep discounts for friends. epicpass.com.
And Mountain Collective, $409 (as of press
time), offers two free days at each of the 16
participating resorts (think Alta and Jack-
son Hole) then 50% off the single-day
rate. mountaincollective.com—E.V.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D12 | Saturday/Sunday, March 31 - April 1, 2018
See What a
C-Note Can Do
Nine design pros, used to lavishly spending other people’s dough,
propose high-impact décor moves that cost $100 or less
I
NTERIOR DESIGNERS of-
ten lack experience when it
comes to extreme skimp-
ing. After all, they’re work-
ing with clients who can
afford to hire a design professional
and usually have plenty to spend.
“Most of the items we use in
our work cost thousands, not hun-
dreds, of dollars,” said Mountain
no
34
Let There Be Tasteful Light
Your child’s night light needn’t be a treacly pink unicorn or a garish cartoon character. Our favorite
way to shoo away the boogeyman both whimsically and tastefully (yet not too extravagantly):
these porcelain safari animals. When flicked off, the origami-inspired hippo, giraffe and elephant
resemble tabletop sculptures. So when your little nervous sleeper overcomes his or her fears of
midnight spooks, commandeer the critters (the tallest is 7 inches) for your living room for some
extra ROI. $39 each, rhbabyandchild.com —Kelly Michèle Guerotto
36
SERVE UP
ELEGANCE
For cooks, every minute spent not
cleaning the kitchen is a luxury. To re-
duce the dishwashing load, dirty one
less dish by using these Swirl Baking
Dishes by Oyku Thurston Gurpinar and
Basak Onay. Combining the practicality
of Pyrex with the beauty of a hand-
dipped enamel finish incorporating a
15th-century marbling technique,
they’re pretty enough for the table, let-
ting you breeze past that “transfer to
serving platter” step in recipes. From
$21, store.moma.org —Eleanore Park
* ***
DESIGN & DECORATING
you just purchase.”
Below, eight more dé-
cor aficionados offer
simple, economically re-
sponsible ways to raise
the bar in your abode.
Umi Throw,
“Anyone can purchase $100, cb2.com
vintage bottles on eBay
and quickly amass 15 to
20 of them for $100.
Years ago, I started to
collect them—I look for
various heights and gen-
erally stick to clear, aqua
and green glass—and I
place a single floral stem
in each one to replace
what I feel has become
boring: the typical din-
ing-table floral center-
piece. I create a garden
by mixing a variety of
flowers. Beyond the din- One-Hand Pruning
ing table, I do this on my Shears, $78,
front hall table, side ta-
bles and entry consoles.”
—Cathy B. Graham,
artist and author of
“Second Bloom: Cathy
Graham’s Art of the
Table,” New York
“A vintage ‘fancy’ mirror
in the kitchen is an unex- Astier de Villatte They’re well made, easy
pected, glamorous idea. Yakushima Incense to sharpen and many of
A French gilded or gilt-
wood style can be found abchome.com
in thrift and vintage
stores for a song. And a can of
gold spray paint can do wonders.”
—Max Humphrey, interior de-
signer, Portland, Ore.
“Replace your current lightbulbs
with smart bulbs that you can con-
on trol on your phone. You can dim
them or set them to turn on and
off at different times of the day.
VASE SQUAD For a fresh, frugal You instantly get a high-end light-
us l,
take on the floral centerpiece, artist ing system.”
Cathy B. Graham scores wee —Jason Oliver Nixon, interior
vintage glass vessels on eBay. designer, Madcap Cottage, High
al a
e
Point, N.C.
ci on
“One of my favorite things is in-
33 cense. I like Yakushima best. Peo-
ple are fascinated by the aroma.
It’s named after a Japanese island
and smells like subtropical moss
er rs
and lilies, but there’s a cedar
scent and notes of leather so it
blends together in a way that’s
both feminine and masculine. A
m e
box of 125 sticks is around $65,
which will last six months
m rp
depending on how crazy
you become about its lin-
gering scent.”
—Jeffrey Dungan, archi-
tect, Mountain Brook, Ala.
co Fo
“I love searching for local
Brook, Ala., architect Jeffrey Dun- sive,” he said. Off the top of his artists or artisans when I
gan of the plush rugs, rare woods head: Move in a monumental plant travel and purchasing their
and investment art his team in- or a sizable vase filled with work for my home. Often,
stalls. When asked to suggest an branches. “I have an arrangement these aren’t globally fa-
under-$100 décor upgrade or two, of prunings from my hornbeam mous people, so their work
Mr. Duncan looked to a home that trees that have the most wonder- is likely to be a good value.
operates on a much more modest ful color,” he said. “The large scale It’s the simple luxury of
budget: his own. “I can think of is terrific, makes a big impact on seeing something you love
things that make an impact in my any room and allows for a per- in your home and remem-
house that are not terribly expen- sonal touch rather than something bering your carefree explo-
n-
37
Elevate an Egg-Salad Sandwich
Paper bags are a beautiful solution
when you’re trying to short-circuit hic-
cups; less so when you’re carting your
lunch to work. This coated-linen lunch
tote by Kate Spade New York, whether
emblazoned with strawberries (shown),
stripes or dots, is as easy to clean as
it is on the wallet. Wipe up any spills
in the insulated interior with a damp
cloth. The top-handled satchel prom-
ises to keep food warm or cold (with a
tossed-in ice pack, not included). And
gold-toned bows for zipper pulls will
prettify even a stale sandwich mo-
ment. $30, katespade.com —K.G.
THE WALL STREET JOURNAL.
ration of a local market
or street.
—Gideon Mendelson,
interior designer,
New York
.
“We like to use colorful
throws a lot in our inte-
riors. They give the per-
fect finishing touch, and
they work in almost ev-
ery room of the house.
I’ve even seen them in
bathrooms! Although
most throws are above
$100, you can find ones
within that budget at
CB2.”
—Jay Sheth, interior de-
signer, Mumbai, India
“Many people purchase
Felco 7 the least expensive (and
often poorly made)
pruners, but if their gar-
felco.com dens need frequent trim-
ming and deadheading,
paying for quality prun-
ers really helps to ease
the load and speed the
work. The Felco F-7 hand
pruners with rotating
handle are truly high-
end and luxurious.
Box, $50, the parts are replace-
able, so they are long
lasting. The rotating
handle is also ergonomic and pre-
vents blisters.”
—Jerry Williams, senior project
.
manager, landscape,
ly
KAA Design Group, Los Angeles
“I grow flowers and can’t live
without fresh ones in my house.
For my New York City home, I or-
der a petite arrangement that’s
unique and truly precious for $95
from Emily Thompson Flowers.”
—Paula Hayes, artist and land-
scape designer, New York
“Be Home, a Northern California
design company with vendors
from all over the world, offers a
never-ending selection of wood
and shell and horn utensils—for
serving spreads and caviar and
such—for $4 and up.”
—John Derian, home-décor maker
and purveyor, New York
—Compiled by Catherine Romano
“I bought my
last nest on
”Me, too. I out-
bid a very com-
eBay for $2.” petitive owl.”
35
INVEST IN NEW
MASTERS
The problem with formidable art? Its
cost is equally formidable, and you
have to design your home around it.
Cheaper and less demanding: Work by
up-and-coming artists from Danish de-
sign shop Stilleben. Yes, they’re prints
and posters, but odds are no one you
know has purchased the same pieces.
Display a row of bold abstracts over a
QUENTIN BACON & ANDREW INGALLS (FLOWERS); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (7)
console, frame a still-life in a hallway or
pin a few acquisitions around your cu-
bicle. When co-workers inevitably hover,
make like New York’s Metropolitan Mu-
seum and switch from pay-what-you-
wish to mandatory admission. From
top: Poster A3 Stilleben, 12 inches by
16½ inches, about $46, and Poster A4
Balance, 8¼ inches by 12 inches, about
$29, stilleben.dk —Tim Gavin
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 31 - April 1, 2018 | D13

THE SPRING OFF DUTY 50: DESIGN & DECORATING

38

Adopt a Paint Style of the Rich and Famous

Once, only the wealthy could choose wall colors on a whim. Now those same hues are just a few brush strokes away

BY KATHRYN O’SHEA-EVANS

Y
OU MAY never amass
the capital to build a
pile like George Van-
derbilt’s 35-bedroom
Biltmore Estate, in
North Carolina, but you can match
the sumptuous color of this
wealthy aesthete’s bedroom walls.
Generally inexpensive, house paint
is the Chanel lipstick of interiors, a
point at which the hoi polloi and
upper crust intersect. Certain paint
colors, however, weren’t accessible
to most people until fairly recently.
In 18th-century England, for ex-
ample, the affluent tended to
choose hues such as an academic
deep green, which cost 30 pence
per pound compared with 4p per
pound for common colors such as
cream and gray. “Peach blossom,”
a sedate pink, also swept the upper
classes, at 12p per pound. “When
I’m looking in the microscope at
paint layers,” said Patrick Baty,
historical paint consultant and au-
thor of “The Anatomy of Color”
(Thames & Hudson), “I can see

.
people’s tastes and aspirations and

ly
snobbery and poverty and wealth.”
Today, synthetic pigments and
binders—replacing crushed miner-
als and linseed oil—make thou- Saarinen’s Studio Beige
on
sands of shades affordable. We Finnish architect Eliel Saarinen (1873-1950) concocted this complex putty hue himself. It appears in the north-facing working studio of his faculty
asked conservationists to match home at Michigan’s Cranbrook Academy of Art, where the family (including son Eero) lived from 1930 to 1950. “White was not part of Eliel’s color
colors from four iconic homes, now vocabulary,’” said Gregory M. Wittkopp, director of the Cranbrook Center for Collections and Research. Mr. Wittkopp posits that Saarinen nonetheless
us l,

museums, so you, too, can envelop wanted “a color that was going to be pretty reflective and keep [the room] as bright as possible” and so conjured this tawny shade, which maximizes the light from his
yourself in historically rich pig- leaded glass windows but adheres to an overall earthy palette of grays, greens and brown. Though self-effacing, the beige adds atmosphere. “One senses that nothing
ments. would have been allowed to compromise the clean lines and order seen here,” said Mr. Baty. Twisted Oak Path 226, Regal Select, $55 a gallon, benjaminmoore.com
al a
e
ci on
er rs
m e
m rp

Monet’s Luminous Yellow Vanderbilt’s Broody Brown Hemingway’s Cooling Blue

co Fo

The indefatigably sunny color that coats Art collector and philanthropist George Papa Hemingway deferred to his second
the walls, moldings and furnishings of Washington Vanderbilt—grandson of in- wife, Pauline, in the renovation of the Key
Claude Monet’s dining room in Giverny, dustrialist “Commodore” Cornelius Vander- West, Fla., home they bought in 1931 and
ERIC FRANCHY/CRANBROOK CENTER FOR COLLECTIONS AND RESEARCH (SAARINEN); THE BILTMORE COMPANY (VANDERBILT); GETTY IMAGES (MONET, HEMINGWAY); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (8)

France, amplified sunshine (notice the dearth
of electric lights). “Claude Monet wanted to bring light and color
into his house,” said Ombeline Lemaitre, of Fondation Claude
Monet. During the 43 years he lived here, until his 1926 death,
Monet hosted midday meals with such illustrious guests as a
prime minister, art dealers and fellow artists—from Mary Cassatt
to Pierre-Auguste Renoir. “The color was by no means common,”
said Mr. Baty. “He might have been showing off.” Pineapple
Grove 333, Regal Select, $55 a gallon, benjaminmoore.com
n-
bilt—painted his private bedroom with choco-
late brown. The mud-toned upper walls and ceiling create unlikely
intimacy in the nearly 18-foot-tall room, one of 250 in Biltmore,
the 1890s mansion he built in North Carolina. The color also acts
as a matte foil to the 23K gold-coated burlap that clads the
walls’ lower sections from baseboard to walnut chair rail. Vander-
bilt was his own decorator and stocked the room with antiques
such as the walnut Portuguese baroque bed. Sherwin-Williams
Nuthatch SW-6088, $31 a gallon, sherwin-williams.com
lived in for ten years. Pauline, a fashion editor
for Vogue in Paris, selected cool interior colors, observed Dave
Gonzales, executive director of the Ernest Hemingway Home &
Museum. “I would imagine here in the subtropics she was trying
to visually cool down the weather,” he said. Mr. Baty noted that,
in sky blue, “the walls seem to vanish, and one is left with the
impression of a loggia. Perhaps an impression of an outside
room was wanted.” Sweet Innocence 2125-50, Regal Select, $55
a gallon, benjaminmoore.com

39 MY UNAPOLOGETIC
SPLURGE
no

STEP UP TO
REAL RUGS
Owning a quality vintage Turkish rug
can seem an unfulfillable wish if
you’ve been sifting through the over-
priced carpets in internet bazaars or
fondling the chintzy reproductions in
big-box stores. Though not quite a
genie in a lamp, Revival Rugs—a di-
rect-to-consumer firm that an Oak-
land-based couple runs with friends
stationed in Istanbul—can set you up.
For as little as $135, you can have an
authentic accent rug or, for $400, a
5-feet-by-8-feet Turkish carpet with
enchanting, hand-knotted arabesques
and richly dyed wool. Next step: Find
something truly unobtainable to wish
for. revivalrugs.com
—T.G.
“I like really good bedding:
serious thread count, 100%
cotton percale, appliqué mono-
grams. Our housekeeper, who
seems to have the same linen
fetish, irons them. They last
forever and the more you wash
them, the better they are.”
40
Nathan Turner
Find a Youthful Fountain interior designer
and author of
Finally, a modern, design-minded alternative to the stodgy, ‘Nathan Turner’s I
irrationally heavy fountain pen. Newly launched Perkeo Love California’
cartridge pens by 135-year-old German company Kaweco (Abrams, April 10)
come in four color-blocked, matte-plastic models, write as
smoothly as a Uniball and cost only $16 each. To fend off
boredom, buy a few and swap out the interchangeable
faceted grips and tops. nannieinez.com —K.M.G.

41
42
Cut Ties With
BREAK OUT A
China
BREADBASKET
Ceramic dinner plates in a pattern as
delicate as this would likely cost The high life: a trip to North Africa to
enough to make you lose your appe- plunge delicious bread into endless
tite. Juliska’s Lalana collection, how- dips. The high-value life: this Moroccan
ever, cleverly rendered in melamine, breadbasket—an inspiration to whip up
requires an outlay of just $18 per 11- your own harissa. Berber craftsmen
inch plate. The design, inspired by weave these snugly topped 9-inch ves-
Thai paintings and antique mosaic sels from palm-leaf fibers—wrapped in
tiles, surpasses the taste level of colorful wool thread. Whether you’re
most melamine offerings but, like its storing comestibles or camouflaging
modest peers, can cheerfully survive clutter, you get a glimmer of Marrakesh
a 4-foot fall and be thrown recklessly without atomizing your travel budget.
into the dishwasher, no questions $150, jaysonhome.com —E.P.
asked. juliska.com — K.M.G
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D14 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

.
ly
on 43

Invest in 33-Cent Movie Tickets

us l,
al a
e

The MoviePass app lets you see a film a day for only $10 a month. So what’s the catch?
ci on

mine whether a film is worth a date have thriftily bypassed. money before you see the product, directly market films, which could
BY MATTHEW KITCHEN
with the big screen or can safely be “It’s changing culturally how we so it’s actually a high-risk venture help it establish partnerships with

Y
er rs

seen, months later, distractedly on
OU CAN KEEP your Netflix. Most people would rather
sun-soaked sandy stay home than risk their cash on
beaches and your another sure-to-be regrettable se-
m e
go to the movies,” said Samir for audiences. MoviePass shifts that studios. One such targeted email
Mehta, a writer for “The Sinner” on model and puts the power back in spurred me to see “I, Tonya” after
USA. “I think it creates a more open the hands of the filmgoer.” work, and the indie comedy
and receptive audience.” So precipitously has the cost of “Gringo” sold 22% of its tickets

ocean-blue Mai Tais. quel, which is likely why millennials MoviePass CEO Mitch Lowe re- making films risen, added Mr. Det- through the app, said Mr. Lowe.
For me, the only true are no longer buying in. The group’s cently described it to me as “bad weiler, that studios are only willing For some, privacy is too high a
m rp

respite from the world is a cold,
dark movie theater. As film critic
Roger Ebert once grandly declared,
the cinema provides a “proscenium
for our dreams.” Novelist and film
turnout at theaters dropped by
about 17% between 2012 and 2013,
according to the Motion Picture As-
sociation of America, and they’ve
yet to return partly due to steep
co Fo
movie insurance,” even while admit-
ting that might not be the best
marketing speak. But he’s right.
This month I saw seven films, in-
cluding smaller works like “Unsane”
to place safe bets on franchises like
Star Wars, creating a “creative
backlog.” If we want to see original
films again we have to prove that
we’re willing to pay for them. Mov-
price for cheap movies. Others, un-
willing to risk seeing the “sold out”
notice as they approach the cinema,
would rather spend more to con-
firm their seats online. Still others

director Stephen Chbosky said that
laughing at a movie along with
strangers “is living proof that you
are not alone.”
Hitting a theater also challenges
you to turn off your phone for a few
hours, which ain’t nothing.
The problem is that rising costs
have sapped much of the fun from
the moviegoing experience. We’ve
lost the ancient impulse to just
show up and see what’s playing—
regardless of genre or even quality.
ticket-price hikes. To see a film at
the Regal Cinemas in Manhattan’s
Union Square, for example, adults
must now pay $17.40; children and
seniors, $14.40. There are no cut-
rate matinees, no student prices,
though the theater is just blocks
from New York University.
But now a suspiciously cheap so-
lution has arrived. For less than $10
a month, the MoviePass app lets
you see a film a day, eliminating
any anxiety about catching a subpar
n-
and (my favorite of 2018) “Thor-
oughbreds,” which I might not have
dared to lay out for otherwise. My
cost was $10 (plus concessions).
MoviePass shelled out $111.80.
“MoviePass allows filmgoers to
take chances again and venture be-
yond critics’ choices and box office
bonanza toward the artistic, the ob-
scure and maybe the experimental,”
said Craig Detweiler, a filmmaker
and author of “Into the Dark: See-
ing the Sacred in the Top Films of
iePass helps make the case.
It’s shockingly simple to use the
app: Once you’re within a football
field’s distance of the theater, you
log in, click on your location and
film of choice, and money is imme-
diately loaded on a MoviePass debit
card that’s been shipped to you in
the mail. As of March, the company
eclipsed 2 million subscribers and
sells roughly 7% of all U.S. tickets.
Of course, for the app’s users,
there’s a catch: MoviePass collects
just don’t like movies enough to see
at least one a month, at which point
you’re losing money on the deal.
But for those who prefer the
darkened cathedral of a movie pal-
ace to couches and TVs, those who
want to avoid distractions or take
part in cultural conversations sur-
rounding films like “Black Panther”
without paying $17, those who want
to spontaneously disappear from
view for a while or who get a kick
out of schlocky films, MoviePass is

In its place: We endlessly debate flick and opening the doors to unex- the 21st Century.” “The film indus- relevant information—age, location, propping open the theater’s back
Rotten Tomatoes scores to deter- pectedly great content you might try is predicated on taking your the types of films you frequent—to door. Welcome in, film nerds.
no

45
PITCH PERFECTLY
We’d all be more likely to go camping—the gloriously parsimoni-
ous way to vacation—if setting up the tent didn’t require an
advanced engineering degree. Wenzel’s new Shenanigan se-
ries of teepee-style tents are designed with style, price,
and ease in mind. Rather than requiring you to thread a
thicket of collapsible poles through a maze of loops
and grommets, you simply stake the base into the
ground, pop the central pole into place at the cen-
ter of the floor, and promptly turn your atten-
tion to cold beer, warm s’mores and obses-
sively calculating what you saved on hotels.
ILLUSTRATION BY DIETER BRAUN; F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (CARDS)

The tents come in 5- and 8-person

sizes with mesh windows and
three shielded vents so fresh air
gets in, rain and bugs stay out.
From $120, wenzelco.com
—Matthew Kronsberg

46
MEET A NEW MATCH
Remember “Memory,” the image-
matching card game from your
childhood? These affordably chic
versions show that regressing
doesn’t mean leaving sophistication
44 behind. The Owen Jones-designed

Channel Your Inner Cheapskate

“Fancy Letters” ($14, pomegran-
ate.com) takes inspiration from the
illuminated manuscripts of the
Just to catch you up: Insanely crisp TV needn’t come at an insanely cruel price. While you might ex- Middle Ages, while Sigrid Calon’s
pect to pay a kingly sum for an outsize, ultra high-definition television, Samsung’s latest 4K sets can deck ($19, papress.com) riffs on the
be had for a peasant’s price—likely less than you ponied up for your current screen. These Smart TVs Risograph prints of the 1980s. The
offer four times the resolution of today’s HD televisions and easily connect to your home’s WiFi net- bright colors and elegant lines of
work, letting you stream content from Netflix, Amazon Prime and YouTube without introducing con- “Memo” evoke vintage travel post-
sole blight with another blinking black box. It’s the best thing to happen to TV since “Stranger ers of the early 20th century ($19,
Things” (which—good news—is now available in 4K). From $450, samsung.com —Joshua Fruhlinger kidcrave.com). —Andrew McAlpine
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
It may not be the high-seas life, but continuously cruising the U.K.’s waterways in a slender houseboat is a crafty way to live
BY DAN NEIL
WITH A drink in
one hand and a
garden hose in
the other, Bruce
was living the
dream.
I think it was
Bruce. The one detail of this whole
weird encounter I can’t seem to re-
member is this cat’s name. Anyway,
the native South African was giving
his boat a bit o’ polish one after-
noon in July 2015 when I met him
near the town of Chester in north-
west England. The snake-bellied
McLaren I was driving couldn’t
quite negotiate an old stone bridge
leading to town. Hoping to find a
footbridge, I parked and walked
down to the bank of what I later
learned was the Shropshire Union
Canal main line, from Wolverhamp-
ton in the south to Ellesmere Port
on the Mersey.
There was Bruce, standing on the
quay in glo-yellow Crocs, next to
Lee Marie: 57 feet long, not quite 7
feet wide, its boxy superstructure
as shiny-black as a mobster’s coffin.
Lee Marie was a fairly typical
British narrowboat, or canal boat,
designed to navigate the 2,200
miles of insanely picturesque canals
left over from the Industrial Revo-
lution, when most freight moved by
horse-drawn boats. Almost aban-
doned after World War II, the canal
system was rescued first through
the efforts of recreational boaters
and then by Her Majesty’s govern-
ment, who recognized the economic
potential of what is now a £1.3 bil-
lion-a-year leisure boating industry.
The U.K. Canal & River Trust (CRT)
estimates there are more than
33,000 vessels licensed to operate
in these waters and as many as
15,000 live-aboards.
I’m from boat people in North
Carolina but the closest we had
back home was the ironclad USS
Merrimack. So naturally I was curi-
ous. Bruce, in his early 60s and re-
cently divorced, told me that six
months before, he had sold every-
thing he owned in Johannesburg,
moved to the U.K. and took posses-
sion of this, his first boat, which he
bought online and sight unseen.
That must have been some divorce.
I was dubious of my new friend’s
life decisions. Many Americans fan-
tasize about chucking it all, buying
a boat and sailing off the grid. But
why do it in a floating flower box
with a top speed of 4 mph?
It turns out the straight and nar-
48
MAKE EACH
SHOT WORTH IT
no
Polaroid’s Impossible I-1 camera re-
minds the snap-happy that physical
pictures once existed, letting them ex-
plore analog and digital photography
with one versatile device. Though in
one sense it’s a traditional Polaroid,
when it’s connected to an integrated
app, you can use your smartphone to
“paint” your shots with light and color
effects, stage double exposures, set
timers and scan images to a photo li-
brary. Its unique ring flash doubles as
an assistant, cluing you in to your Blu-
etooth connection status, battery life
BARRY TEUTENBERG (CANAL); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (SHOES, LIGHT)
and the number of shots left. It’s an
instant camera for an Instagram world.
$140, polaroidoriginals.com
Am I too fat to fit on
one of those skinny
houseboats?
50
Charge More, Pay Less
Calling all myopic campers: BioLite’s sleek SunLight lamp illuminates the wil-
derness without costly batteries. Nearly flat and 3-inch square, with a solar
panel back and 100 lumen dimmable light panel on front, it’s more versatile
than bulky flashlights and won’t compromise your dignity like a strap-on
headlamp. A micro USB port allows for indoor charges. For a deep-forest
campsite—or just an evening dogwalk in the suburbs—this cheery little light
has you covered. $25, bioliteenergy.com —Brigid Mander
* * * * Saturday/Sunday, March 31 - April 1, 2018 | D15
THE SPRING OFF DUTY 50: GEAR & GADGETS
47
Live Abroad, Narrowly
the waterways, creating ghettos of
derelict boats along the Thames.
Much to the dismay of weekend
yachtsmen, continuous cruisers
also tend to hog the best public
moorings in London and Bath,
and that has drawn the attention
of the CRT. A proposed fee in-
crease for boats without home
moorings was shot down in March
pending further review, but it’s
clear some sort of increase is in-
evitable, as the CRT said, “to
fairly reflect the benefit experi-
enced by these boaters.”
Europe is full of rivers and river
boats of vernacular design. Captains
looking to explore the upper reaches
of France’s canal system, for exam-
ple, must observe the Freycinet
gauge, limiting boats to a beam of
less than 17 feet. British narrow-
boats fit in a hole half that size. The
maximum beam is 6-feet-10 inches,
as determined by the width of the
canal locks. Most locks can accom-
modate boats up to 72 feet LOA
(length overall). Also, due to the in-
numerable ancient bridges like the
one that stopped my car, the over-
head on many canals is less than 10
feet. So not a lot of head room.
.
After some polite boat talk and
ly
broad hinting, Bruce invited me
aboard. His was a traditional design
with a circular fantail just large
on enough for two to stand on. Cruiser
styles afford more open deck aft of
the cabin. Lee Marie had been
painted like an Edwardian steam
us l,
engine: glossy black, with the name
on the superstructure hand-lettered
in gold-leaf and red piping, and
al a
e
doors and hatch festooned with
blushing chrysanthemums and vin-
ci on
ing, the riverine folk art known as
Roses and Castles.
If Bruce’s boat was nutty Old
English on the outside, it was full-
press Danish modern on the inside.
er rs
A previous owner had gutted the in-
terior and rebuilt with sleek Ikea-
style cabinetry and lightwood pan-
eling on the walls and ceiling. The
m e
galley in the stern (reverse layout)
included a boat-typical propane
m rp
range and fridge, microwave, no
SLIM PICKINGS More than 33,000 narrowboats line U.K. canals like this one in Little Venice, London. As with dishwasher, no dryer. Following
trendy tiny homes, living in these humble houseboats is surprisingly easy if your shoulders aren’t too broad. Bruce forward through the hobbit-
ish space, I wiggled around the
row is also cheap. Bruce was ish Waterways Act, boaters who Swanley Bridge Marina. Cruisers folding dinette and past the tiny
co Fo
pleased to tell me he paid $50,000 keep moving (“continuously cruise”) typically don’t incur “council” taxes wood-burning space heater in the
for his 24-year-old boat, in turnkey pay no more in licensing than own- from cities or other jurisdictions. corner of the lounge area. Then,
condition, with an up-to-date in- ers of moored boats—just about These incentives have spawned a stepping through the shower room
spection, recent hull blacking, and $850 annually, on average—even meandering armada of live-aboard with cassette-style toilet, we ar-
fresh cushions, curtains and a new though they use more of the canal’s cabin cruisers, barges, narrowboats, rived in Bruce’s stateroom and his
fridge. A used saltwater cabin services. Continuous cruisers also and other gaily painted scows now small, unmade bunk.
cruiser with anything like the living avoid moorage costs, which for a afloat on Britain’s inland water- Lee Marie was a dream boat just
space would cost twice as much. boat the length of Lee Marie would ways, some just barely. In London, big enough for one, and only if he
And, by a quirk of the 1995 Brit- be about $3,500 annually at nearby the housing crisis has spilled into slept lengthwise.
49
n-
RUN DOWN A
GOOD DEAL
Running coaches can cost upward of
$300 per hour, but even the most ea-
gle-eyed are sometimes too preoccu-
pied with shouting at you enthusiasti-
cally to spot all the subtleties of an
injurious foot strike. A smarter invest-
ment for runners looking to safely
shrivel their marathon times? Altra’s
Torin IQ sneakers. When the shoes
are sync’d to your smartphone, em-
bedded sensors in the midsole calcu-
late each foot’s metrics—including im-
pact rate, landing zone, cadence and
more. They then relay that data to an
app that offers realtime feedback to
fix your stride via a virtual running
coach. $220, altrarunning.com
MY UNAPOLOGETIC
SPLURGE
Stop fishing for
compliments. “Anything I can use to build stuff. I
splurge on quality tools because I’m
running them pretty hard. I recently
got a new set with every imaginable
drill size. You open it and there’s just
this grid of drill bits that makes me
feel like I’m in control of life.”
Simone Giertz
inventor,
YouTube host,
and self-
proclaimed
“Queen of
Sh*tty Robots”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D16 | Saturday/Sunday, March 31 - April 1, 2018 * *** THE WALL STREET JOURNAL.

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