For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
Mexico’s
Turning
Point
VOL. CCLXIX NO. 34
What’s
News
World-Wide
T rump said he was con-
sidering issuing a “brand
new order” on immigration,
though the president said he
was confident he would ulti-
mately win a legal battle
over his existing one. A1
 As Trump presses an im-
migration crackdown, a group
of influential Mexicans plans
to encourage undocumented
migrants to jam U.S. courts. A1
 Washington and China
carefully planned and
scripted Trump’s reversal of
his threat to overturn a cor-
nerstone of their relations. A6
 U.S. officials have given
assurances to the EU that
America is committed to the
Iranian nuclear deal, the EU’s
foreign-policy chief said. A7
 Flynn discussed U.S.
sanctions against Russia
with that country’s envoy to
the U.S. before Trump took
office, officials said. A4
 Talks between Greece’s
international creditors and the
country’s finance chief failed
to bring a breakthrough. A6
 France detained four on
suspicion of planning an at-
tack using the same explo-
sive seen in other assaults. A6
 Died: Mike Ilitch, 87,
Little Caesars founder and
Detroit sports owner. A2
Business & Finance
 Tarullo, the Fed’s regu-
latory point man, plans to
resign this spring, giving
Trump more freedom to re-
make the central bank. A1
 A muscular-dystrophy
drug will cost $89,000 a year
in the U.S. despite being avail-
able in Europe for far less. A1
 Vanguard has climbed to
$4 trillion in assets for the
first time, crossing the mark
at the end of January. B1
 Ex-AIG CEO Greenberg
struck a $9 million settle-
ment with New York state
over civil-fraud allegations. B1
 European firms are
posting their first rise in
earnings in four years, giv-
ing local stocks a boost. B1
 Ford acquired majority
ownership of Argo AI and
plans to invest $1 billion in the
artificial-intelligence firm. B3
 Reckitt Benckiser of
the U.K. agreed to buy U.S.
baby-food maker Mead
Johnson for $16.6 billion. B3
 Sears Holdings vowed
to cut $1 billion in costs
and pare its debts by at
least $1.5 billion this year. B3
 Major U.S. stock indexes
ended the week at fresh
records. The Dow rose
96.97 points to 20269.37. B11
Inside
NOONAN A13
What Comes
After Acheson’s
Creation?
CONTENTS
Books.................... C5-10
Business News.. B2-4
Food......................... D4-6
Heard on Street....B11
Obituaries................. A5
Opinion............... A11-13
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
REVIEW
* * * * * * * *
Trump Mulls New Order on Travel
After court defeat,
president weighs
options, says will
prevail in legal fight
WASHINGTON—President
Donald Trump said Friday he
was considering issuing a
“brand new order” on immigra-
tion, though he said he was
confident he would ultimately
win a legal fight over his exist-
ing executive order on visas
and refugees.
Japan’s Prime Minister Launches a Charm Offensive
ANDREW HARNIK/ASSOCIATED PRESS
GREETINGS: President Donald Trump welcomed Japanese Prime Minister Shinzo Abe outside the White House in Washington on Friday.
The two discussed trade and North Korea and plan to spend Saturday at Mr. Trump’s Mar-a-Lago home in Palm Beach, Fla. A6
Fed Departure Offers Path to Change
BY RYAN TRACY
WASHINGTON—The Federal
Reserve’s lead architect of
postcrisis financial regulations
plans to resign this spring, giv-
ing President Donald Trump
more freedom to remake the
central bank and to accelerate
a deregulatory agenda by put-
ting his own appointees in
charge of overseeing Wall
Street.
As One Might Imagine, the Letter
‘K’ Is a Big Deal in Kazakhstan
i i
Plan to scrap Cyrillic alphabet sparks
a linguistic tussle; ‘Q’ makes its move
BY JAMES MARSON
Almaty, KAZAKHSTAN—Or
should that be Almaty,
QAZAQSTAN?
This Central Asian nation
sandwiched between
Russia and China is ar-
guing over a surpris-
ingly elemental ques-
tion: how to spell its
name.
After decades of em-
ploying the Cyrillic let-
Sports....................... A10
Style & Fashion D2-3
Travel...................... D8-9
ters used in Russia, its
former Soviet master,
Kazakhstan is consider-
U.S. News............ A2-4 ing rendering its na-
Weather.................. A10 tional language with
Wknd Investor....... B7
World News....... A6-8
versions of the Latin
letters used in English.
The country’s long-
>
serving president sup-
ports the switch. But doing so
is no simple matter. For start-
ers, there is the nettlesome
question of how to represent
the two guttural “K” sounds in
the country’s name.
WEEKEND
SATURDAY/SUNDAY, FEBRUARY 11 - 12, 2017
“We will win that battle. The
unfortunate part is that it takes
time statutorily,” Mr. Trump
said. “We also have a lot of
other options, including just
filing a brand new order.”
The president’s statement
came on the heels of a major
setback Thursday night at the
hands of the Ninth U.S. Circuit
Court of Appeals in San Fran-
cisco. That ruling upheld a
lower-court decision suspend-
ing Mr. Trump’s executive or-
der, leaving the administration
with a series of less-than-ideal
Daniel Tarullo, a 64-year-
old Fed governor and the gov-
ernment’s most influential
overseer of the American
banking system, wrote to Mr.
Trump on Friday saying he
would resign “on or about”
April 5. The move had been ex-
pected, and will remove from
the policy-making debate one
of the strongest voices for im-
posing safeguards on big
banks and nonbanks to protect
i
“The sound is special in the
Kazakh language,” says Anar
Fazylzhanova, deputy director
of Kazakhstan’s Linguistics In-
stitute, a state body that is re-
searching the alphabet.
If the change hap-
pens, it could lead to
the third English-lan-
guage spelling since the
nation broke away from
Russia in 1991. “It
doesn’t look very good
when a country can’t
decide how to spell its
name,” observes Rasul
Jumaly, a former for-
eign-ministry official
who is now a political
scientist.
Ms. Fazylzhanova
and her colleagues are
puzzling over which
letters to use for which
sounds. There are 42 letters in
the Kazakh version of the Cy-
rillic alphabet. On local com-
puter keyboards, they spill
Please see LETTER page A9
By Rebecca Ballhaus,
Brent Kendall, and
Aruna Viswanatha
legal options.
Mr. Trump, a Republican,
said “it very well could be”
that he signs a new executive
order, adding, “We need speed
for reasons of security.” Any
action, he said, wouldn’t come
until next week—“perhaps
Monday or Tuesday”—to
“honor” the appeals court’s de-
cision, which he called “dis-
against another meltdown.
Mr. Trump and many of his
advisers have criticized those
rules as hampering economic
growth, and have suggested
they will fill vacancies with of-
ficials who will handle banking
policy with a lighter touch.
Mr. Tarullo’s resignation
will also give the Trump ad-
ministration broad discretion
to put its stamp on the central
bank at a time when critics—
Vanguard Group’s
assets under management,
in trillions of dollars
2000 ’05
Source: the company
Old Drug Gets Big New Price Tag
BY JOSEPH WALKER
A drug to treat muscular
dystrophy will hit the U.S. mar-
ket with a price tag of $89,000
a year despite being available
for decades in Europe at a frac-
tion of that cost.
Marathon Pharmaceuticals
LLC’s pricing of the drug, which
has been available in Europe, is
the latest example of a business
Pink
Outside
The Box
OFF DUTY
graceful” in a tweet earlier
Thursday.
The president’s comments
suggest a bifurcated strategy,
in which the administration
would continue to defend the
legality of his existing order
while also crafting another. The
new order could complement
the original or replace it, but it
is expected to be designed to
address some of the legal is-
sues that judges have raised.
Mr. Trump’s order and the
courts’ response have dealt the
largest setback yet to the new
including top Republicans in
Congress—have accused the
institution of lacking transpar-
ency and accountability. Fed
Chairwoman Janet Yellen has
disputed that characterization
while defending the central
bank’s independence.
Mr. Tarullo’s departure
could leave vacant three of the
seven slots on the Fed’s board
of governors. In addition, Ms.
Please see FED page A2
$4.048 trillion
as of January
’10 ’15
THE WALL STREET JOURNAL.
model that has drawn ire from
doctors, patients and legisla-
tors in recent years: cheaply ac-
quiring older drugs and then
drastically raising their prices.
The practice has prompted
congressional investigations
and hearings into companies
including Valeant Pharmaceuti-
cals International Inc. and Tu-
ring Pharmaceuticals LLC, the
firm formerly run by onetime
HHHH $4.00
WSJ.com
administration, which has al-
ready faced many protests and
a declining approval rating. Mr.
Trump’s next steps will serve
as a significant test of his ad-
ministration’s ability to push
through his top priorities—par-
ticularly as he has in recent
days harshly criticized mem-
bers of Congress in both par-
Please see TRAVEL page A4
 U.S., China coordinated policy
reversal.......................................... A6
 Trump’s governing style hits
hurdles........................................... A9
Mexicans
Aim to Jam
Courts for
Deportees
BY JOSÉ DE CÓRDOBA
AND SANTIAGO PÉREZ
MEXICO CITY—As Presi-
dent Donald Trump presses
ahead with an immigration
crackdown, a group of influen-
tial Mexicans is pushing a
strategy to fight a likely in-
crease in deportations of their
undocumented compatriots:
jam U.S. immigration courts in
hopes of causing the already
overburdened system to break
down.
The proposal calls for ad
campaigns advising migrants
in the U.S. to take their cases
to court and fight deportation
if detained. “The backlog in
the immigration system is tre-
mendous,” said former Foreign
Minister Jorge Castañeda. The
idea is to double or triple the
backlog, “until Trump desists
in this stupid idea,” he added.
Mr. Castañeda is part of a
group of Mexican officials, leg-
islators, governors and public
figures planning to meet with
migrant groups Saturday in
Phoenix to lay out plans to
confront the Trump adminis-
tration’s deportation policy
Ramped-up immigration en-
forcement in several cities this
week has resulted in the de-
tention of hundreds or more
people in the country unlaw-
fully, according to attorneys
and advocacy groups, who said
that they expected the major-
ity of them to be deported.
Illegal immigrants were
rounded up in the metropoli-
tan areas of Atlanta, Austin,
Please see COURTS page A4
$4
Vanguard
Hits a
3
$4 Trillion
Milestone
Indexing pioneer
2 Vanguard Group has
climbed above $4
trillion in assets as
investors increasingly
turn to money
1 managers who mimic
indexes. In 2016, the
firm’s funds pulled in
more money than all
its competitors
’17
0
combined, according
to researcher
Morningstar Inc. B1
hedge-fund manager Martin
Shkreli.
The U.S. Food and Drug Ad-
ministration on Thursday ap-
proved Marathon’s drug, called
deflazacort, to treat a rare type
of muscular dystrophy that af-
fects some 12,000 boys in the
U.S., most of whom die in their
20s and 30s. The drug isn’t a
cure, but it has been shown to
Please see DRUG page A5
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Saturday/Sunday, February 11 - 12, 2017
In Love, Formula Suggests Only Fools Rush In
M
athematicians can’t
help themselves.
They want to reduce
everything to a formula.
Even love.
So listen up, lonely hearts:
With Valentine’s Day ap-
proaching, if you are wonder-
ing how many relationships
must come and go in your
search for an
ideal mate,
there is a for-
mula for that.
The solu-
tion uses
THE probability
NUMBERS calculus to fig-
JO CRAVEN ure out how to
MCGINTY maximize the
odds of choos-
ing the best
option from a series of
prospects, which could in-
clude a string of dates, a
pool of job applicants or, in
one novel example, a field
of portable toilets.
First published in 1960 by
Scientific American, it has
become known as the secre-
tary problem or the marriage
problem.
In the classic version, the
prospects arrive one at a
time and in random order, so
each one’s rank can only be
judged relative to those who
have come before. Ties aren’t
allowed, and rejections are
final.
“If you dump someone,
that’s it,” said Kyle Siegrist, a
professor emeritus of mathe-
matics at the University of
Worker Missing After Louisiana Pipeline Station Fire
MATTHEW HINTON/ASSOCIATED PRESS
EXPLOSION: A Phillips 66 employee was unaccounted for Friday and two other workers were injured after an explosion and fire ripped through
a natural-gas pipeline station near New Orleans Thursday night. Phillips said Friday that investigators hadn’t yet been able to access the site.
FED
Continued from Page One
Yellen’s term as chairwoman
expires early next year.
Filling those vacancies
would give the new president
the chance to redirect the
course of monetary policy,
though it is unclear whether
he would seek officials who
would alter Ms. Yellen’s cur-
rent course of cautious rate in-
creases.
Mr. Tarullo’s announcement
came a week after Mr. Trump
signed an executive order in-
structing regulators to review
the rules implemented since
the 2010 Dodd-Frank financial
overhaul, and as Republican
lawmakers intensify their plans
to rewrite that landmark law.
But partisan gridlock on
Capitol Hill makes it unlikely
Congress can make big
changes, leaving it to the regu-
lators Mr. Trump nominates to
change the way rules are writ-
ten, implemented and en-
forced.
Mr. Tarullo’s term doesn’t
expire until 2022, but many
expected him to step down
sooner because Mr. Trump’s
team wants to appoint some-
one else to the currently va-
cant post of Federal Reserve
vice chairman in charge of
bank oversight. President Ba-
Alabama Huntsville.
The conundrum is
whether to stick with some-
one who looks great now at
the risk of missing out on
someone better, or to keep
playing the field and risk los-
ing a good thing.
In mathematics, this is
known as an optimal stop-
ping problem.
It’s all about timing. The
goal is to choose when to
take action to maximize re-
ward and minimize cost, a
theory that influences deci-
sions about when to intro-
duce products, exercise stock
options or make capital in-
vestments.
The question here is at
what point should the love-
lorn stop searching and set-
tle down?
“You could simply marry
the first person you date,
which, by the way, is almost
never a good idea in mathe-
matics or the real world,” Dr.
Siegrist said. “Or you could
let the first person go by.”
T
he best strategy, ac-
cording to the formula,
is to reject the first
37% of the prospects, then
select the next person who is
better than everyone in the
initial group.
“You’re using them to
learn what qualities matter
to you and what the range of
quality is like in the popula-
tion,” said Neil Bearden, a
professor of decision sci-
rack Obama never filled the
job that was created by Dodd-
Frank, and let Mr. Tarullo ef-
fectively fill it on an informal
basis. Mr. Trump’s appoint-
ment would have diminished
Mr. Tarullo’s influence.
Mr. Tarullo said in an inter-
view with The Wall Street
Journal Friday he had a “fairly
strong presumption”—even
before the November elec-
tion—that he would resign
early this year after eight in-
tense years on the job, and the
Trump administration didn't
Trump has ordered a
review of the rules
implemented since
Dodd-Frank.
ask him to leave.
He said it isn’t clear yet
whether his successor will
want to undo financial regula-
tions, and it is “hard to argue
with” the regulatory principles
Mr. Trump laid out in the exec-
utive order. Those principles
included analyzing the costs of
regulations.
“I am hopeful that the core
things [the Fed has accom-
plished]—capital, liquidity,
better risk management and
viable resolution strategies—
U.S. NEWS
ences at Insead, a graduate
business school in Singapore.
“They’re like a training set.”
A simplified example in-
cludes three prospects. No. 1
is ideal, No. 2 is OK and No.
3 is the worst. The three can
be ordered six different
ways. To maximize the odds
of choosing the ideal pros-
pect, the best strategy is to
dismiss the first option, no
matter what, then choose the
next one that is better. If
none are better, the final op-
tion must be selected.
Using that tactic, the best
of the three gets picked 50%
of the time. No other strat-
egy will produce better odds.
As the number of candi-
dates increases, the probabil-
ity of choosing the best one
decreases—up to a point.
W
ith 20 prospects, af-
ter rejecting the
requisite number,
the probability of choosing
the best is around 38%. With
50 prospects, after the rejec-
tions, the probability of
choosing the best is about
37%.
“The average person will
think that if you had 1,000
candidates, the chances of
choosing the best would be
practically zero, but that’s
not true,” Dr. Siegrist said.
“You can essentially get the
best person with 37% no
matter how large the number
of candidates.”
There are clearly flaws
are things that will end up and
do command a wide enough
consensus, particularly for the
largest institutions,” he said in
the interview. “There may be
some other changes that I
might not fully subscribe to,
but that wouldn’t cut to the
heart of what I think is impor-
tant for the stability of the
American financial system.”
Mr. Trump hasn’t said whom
he will appoint to the Fed
board. David Nason, an execu-
tive at General Electric Co.’s fi-
nancing arm who was an archi-
tect of the 2008 bank bailouts
during a stint at the Treasury
Department, has emerged as a
leading candidate for the vice
chairman job in recent weeks,
according to people familiar
with the matter.
But Mr. Trump’s team has
interviewed other candidates,
these people said. For instance,
Mr. Trump has met with for-
mer BB&T Corp. Chief Execu-
tive John Allison, who has been
critical of what he views as un-
dercapitalized big banks.
Gary Cohn, director of the
White House National Eco-
nomic Council, has said filling
the Fed’s banking post is a pri-
ority for the administration.
Mr. Cohn weeks ago left his job
as a top executive at Goldman
Sachs Group Inc. and said in a
Journal interview last week
the Fed has clamped down too
heavily on banks under Mr.
Love, Probably
This simplified version of the secretary problem, or marriage problem,
shows the best odds of picking the ideal mate. It assumes up to three
relationships, and one must be chosen. The options can be ordered six
different ways—represented here as rows.
If you always pick the first
person—or the second or the
third—you will land the ideal
person 33% of the time
Ideal person
Rejected
Source: Kyle Siegrist, mathematics professor emeritus, University of Alabama Huntsville
with the concept. The rules
prohibit recalling an earlier
prospect, even though old
flames sometimes are rekin-
dled. Your first love might be
the ideal mate. A carefully
selected person could refuse
Tarullo’s watch—indicating he
would favor replacing Mr. Tar-
ullo with somebody who would
implement different rules.
Mr. Tarullo has presided
over a significant expansion of
the Fed’s influence over Wall
Street. Some financiers called
him the “Wizard of Oz” for his
mysterious yet powerful role
enforcing bank rules. He came
to the Fed as Mr. Obama took
office with a mission to over-
haul a regulatory system that
had failed to prevent a massive
financial crisis.
Under Mr. Tarullo’s watch,
the Fed centralized regulatory
power in Washington and
charted an aggressive course,
adopting rules that effectively
taxed banks’ size—but avoid-
ing directly forcing them to
break up, as some industry
critics had demanded.
He successfully pushed for
tighter capital and liquidity re-
quirements on big banks, was
a force behind new rules for
foreign-owned banks operating
on U.S. soil, and helped design
and implement new annual
“stress tests” that big U.S.
banks must pass.
Some of those changes will
be hard to undo. There is
broad support for tough bank
capital rules, and rewriting
those would likely require
years of work.
—David Harrison
contributed to this article.
* ***** THE WALL STREET JOURNAL.
rotten,” Dr. Bearden said.
“The classical version misses
that.”
Bothered by the problem’s
shortcomings, Dr. Bearden
began testing variations. By
accident, he noticed that a
If you bypass the first person different threshold could
every time and pick the next maximize the probability of
person better than the first, choosing a very good if not
your success rate will be 50% perfect prospect.
Instead of rejecting the
first 37%, his formula sup-
ports rejecting the square
root of the number of pros-
pects before choosing the
next best person.
“Decide what your accept-
able number of dates is,” he
said. “Skip the square root of
that number, and then really
start looking seriously.”
With 100 prospects, the
first 10 would be rejected,
rather than the first 37.
“You end up with someone
who is quite high if you fol-
low that simple prescrip-
tion,” he said.
In the case of marriage,
second-best might not sound
appealing. But slowing down
OK person Worst person the process addresses the in-
Picked, missed best Picked best clination to rush into things.
“We did lots of experi-
ments using good behavioral
THE WALL STREET JOURNAL. protocols to get people to
take their decisions seri-
a proposal. Or someone ously,” Dr. Bearden said.
could be perfectly happy “Over and over and over
with a partner ranked lower again, they showed a ten-
than No. 1. dency to stop searching too
“If you end up marrying soon.”
the second best person, life As the Supremes noted in
is probably not going to be 1966, you can’t hurry love.
U.S. WATCH
ECONOMY the estimate of the state’s or-
ange production for the 2016-17
Data Show Sharp season to 70 million boxes, one
Decline in Strikes million less than the January
forecast. One box is equal to
Fewer major work stoppages about 90 pounds.
occurred in the past 10 years If the projection proves cor-
than happened annually each rect, it would mark a 14% decline
year from 1947 to 1981, accord- from last season’s production
ing to new data from the Labor and would keep the state’s cit-
Department. rus industry on track for the
From 2007 to 2016, there smallest harvest in more than
were 143 strikes or employer five decades.
lockouts involving more than For more than a decade, cit-
1,000 workers. That 10-year to- rus farmers in the state have
tal is below the 70-year annual been battling an incurable dis-
average of work stoppages, ease called citrus greening,
which is 164. which saps trees of their vitality
The last year there were and can produce bitter-tasting
more than 100 major work stop- fruit. In addition, consumers in-
pages was 1981, the same year creasingly are turning away from
President Ronald Reagan or- orange juice, reducing demand.
dered striking air-traffic control- —Arian Campo-Flores
lers back to work. That order
was viewed as a blow to the la- MICHIGAN
bor movement, and in some his-
torians’ minds marks beginning Owner of Pizza Chain,
of a sharp decline in union Sports Teams Dies
power.
Fewer strikes coincides with Mike Ilitch, the founder of Lit-
the share of American workers tle Caesars Pizza and the owner
in unions falling last year to the of two professional sports
lowest level on record. Last year, teams in Detroit died Friday af-
there were 15 stoppages. ternoon, according to state-
—Eric Morath ments released by Ilitch Hold-
ings Inc. He was 87.
FLORIDA Mr. Ilitch founded the pizza
chain in Garden City, Mich., in
Orange Production 1959 and went on to build sev-
Forecast Is Lowered eral businesses and hold sub-
stantial real estate in Detroit
Florida’s citrus industry, bat- over the following decades. He
tered by disease and declining also revived the Detroit Red
orange-juice consumption, con- Wings National Hockey League
tinues to suffer a steady decline team in the 1980s as owner and
in crop production.
The February forecast from
the U.S. Department of Agricul-
ture, released Thursday, lowered
the Detroit Tigers Major League
Baseball team, which he pur-
chased in the 1990s.
—John D. Stoll
CORRECTIONS  AMPLIFICATIONS
The upfront cost of insur- editions Friday, a graphic with
ing $10 million Sears Holdings a Business & Finance article
Corp. bonds against default for about lending by Chinese com-
five years rose to a record of panies incorrectly gave the
around $4.6 million last week, conversion as $1.45 billon.
according to IHS Markit. A
Business & Finance article and Mexico is part of North
graphic on Tuesday about America. A graphic with a
Sears incorrectly said the $4.6 Business News article Monday
million was an annual cost. about Wal-Mart Stores Inc.’s
efforts in Africa incorrectly in-
One trillion yuan is equiva- cluded Mexico with Central
lent to $145 billion. In some American countries.
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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 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, February 11 - 12, 2017 | A3

U.S. NEWS

Four Plead
Not Guilty
Schools Are Target of State Cuts
BY MELISSA KORN
AND CAMERON MCWHIRTER
To Attack Major public universities

In Chicago are bracing for deep funding

BY SHIBANI MAHTANI
CHICAGO—Four African-
American young adults
pleaded not guilty to charges
of kidnapping and hate crimes
in connection with an attack
on a disabled white teenager
that was streamed on Face-
book Live, according to a court
clerk on Friday.
Jordan Hill, Tesfaye Cooper
and Brittany Covington, all 18
years old, and Tanishia Cov-
ington, 24, are being held
without bail on charges re-
lated to their alleged torment
cuts as states scramble to
cover growing budget gaps,
with schools like the Univer-
sity of Iowa and Missouri
State University among the
biggest victims.
Facing declining revenue,
legislators in Missouri, Ne-
braska and Iowa recently have
reduced state appropriations
for public universities and
community colleges—more
than seven months into those
states’ fiscal years.
The University of Nebraska
is digesting a likely $13.3 mil-
lion funding cut for the re-
mainder of the current fiscal
year, and staring down a pro-

CHARLIE NEIBERGALL/ASSOCIATED PRESS

of the disabled teenager in a
residence for more than five
hours in January. Brittany and
Tanishia Covington are sis-
ters.
Part of the attack was
streamed in a 30-minute video
posted on Facebook Live, a
platform that has become in-
creasingly intertwined with
the world of violent crime.
Police said hate-crime
charges were brought against
the four because of antiwhite
slurs documented on the video
and because the victim they
allegedly attacked is mentally
impaired.
In the video, people are
heard screaming racial insults
and slurs against President
Donald Trump.
The alleged perpetrators
entered their pleas though
their attorneys, who couldn’t
be reached to comment.
The four young adults are
represented by the Cook
County public defender’s of-
fice.
Amy Campanelli, the Cook
County public defender, said in
an interview last month that
she worried media attention
and the viral nature of the
video posted to Facebook Live
could influence the perception
of the jury and judges in the
case.
Ms. Campanelli stressed the
need for a fair trial.
Their next court date is
scheduled for March 1.
posal to slash nearly $18 mil-
lion over the next two years.
“We want to do everything
we can to protect the aca-
demic enterprise, and we want
to continue to be as affordable
as possible,” said President
Hank Bounds, who oversees
campuses of 51,000 students.
“Unfortunately, we are going
to violate both of those funda-
mental principles.”
He said tuition increases, as
well as cuts to spending on
technology, travel and facili-
ties, are all on the table.
Republican Nebraska Gov.
Pete Ricketts continues to
work with the university to
identify budget priorities, his
spokesman Taylor Gage said.
Many states are facing a
tough budget season as weak
revenue and sluggish growth
are forcing cutbacks in ser-
vices across the board. Some
states dependent on agricul-
ture or natural-gas production
have seen their coffers shrink
as commodity prices fell,
while others have seen weak
consumer spending hurt their
tax revenues.
Governors and lawmakers
in at least another half-dozen
states, including Pennsylvania
and Connecticut, have pro-
posed fiscal 2018 cuts to
higher education, an easy tar-
get because shortfalls can be
made up through tuition and
fee increases.
A December report by
Iowa Gov. Terry Branstad signed a bill that cut at least $8 million each from the University of Iowa, above, and Iowa State University.
Moody’s Investors Service es-
timated aggregate state fund-
ing for higher education would
grow between 3% and 4% in
the current fiscal year, but
that pace is forecast to slow to
1.5% to 2.5% in the coming fis-
cal year, with wide variations
by state.
Many critics of high college
costs say it’s time administra-
tive bloat is brought in check.
But school leaders argue the
state funding cuts will force
them to raise prices too much,
scale back on course offerings
and ultimately hurt students’
return on investment.
According to the College
Board, average published tu-
ition and fees at four-year
public colleges jumped by
more than 40% in the past de-
cade, and net prices, which
take into account scholarships
and tax credits, increased by
nearly 30%.
States’ contributions to
higher education institutions
fell sharply after the 2008 re-
cession and while they have
nance, keep vacant jobs open
Rising Costs and potentially rethink finan-
Tuition and fees at public colleges have risen amid tight state cial-aid packages.
appropriations. In Missouri Gov. Eric Greit-
ens, a Republican, reduced fis-
Average in-state tuition and fees at 4-year public institutions cal 2017 core funding for four-
$10,000 year colleges by $68 million as
part of nearly $150 million in
8,000 cuts announced in mid-Janu-
Published (sticker) price ary. Last week, he proposed
6,000 slashing $116 million in gen-
eral revenue funds for univer-
4,000 sities for fiscal 2018.
Net price* Missouri State University is
2,000 dipping into its reserves to
cover a surprise $6.3 million
0 cut, or 7% of state funds for
2000 2010 the current fiscal year.
Note: Figures in 2016 dollars. Clif Smart, Missouri State
*Net price is the amount a family pays after grants, scholarships and tax benefits president, said he may shutter
Source: The College Board THE WALL STREET JOURNAL. some research centers, rethink
staffing and even cancel an en-
been increasing in many State University, and $2 mil- trepreneurship outreach pro-
states, funding levels haven’t lion from the University of gram with a local school dis-
fully recovered. Northern Iowa. trict. He is anticipating raising
In Iowa, Republican Gov. Ben Hammes, a spokesman tuition.
Terry Branstad signed a bill for the governor, said it is up “We’ve been very, very fru-
that cut almost $118 million to schools to determine how gal,” he said. “We now have to
from the budget, including at they fill the gap. School offi- cut things that are meaningful
least $8 million each from the cials have said they will fur- for our students and for the
University of Iowa and Iowa ther defer building mainte- community.”

Fraternity Crackdown After Death, Alleged Assaults

BY DOUGLAS BELKIN
A death at one fraternity
house and allegations of
three sexual assaults at an-
other have prompted a crack-
down on Greek life at two
prestigious universities.
Pennsylvania State Univer-
sity officials this past week in-
stituted a campuswide ban on
fraternity and sorority par-
ties where alcohol is avail-
able after a 19-year-old Tau
Kappa Epsilon member fell
down a flight of stairs at
about 11 p.m. on Feb. 2 during
a party in his fraternity house.
Medical assistance wasn’t
sought for the intoxicated
young man until about 11
a.m. the next day, according
to the Associated Press. Tim-
othy Piazza, of Lebanon, N.J.,
died on Saturday at the Her-
shey Medical Center.
The death may have been
related to hazing. The State
College Police said Friday
that Mr. Piazza may have
been one of 14 pledges at the
fraternity for a “bid accep-
tance ceremony.”
The fraternity’s national
headquarters didn’t return a
call seeking comment. The lo-
cal chapter couldn’t be
reached to comment.
The death follows other al-
legations, including hazing
and sexual assault, at the
school, Penn State offi-
cials said Wednesday.
The moratorium will re-
main in effect indefinitely
while the school generates a
new set of policies.
Northwestern University
officials said this past week
that they had received an
anonymous report that four
female students attending a
party at the Sigma Alpha Ep-
silon fraternity house on the
school’s Evanston, Ill., cam-
pus were given a date-rape
drug and two of the women
said they were sexually as-
saulted.
The national fraternity has
placed the Northwestern
chapter under a “cease-and-
desist order, which means all
chapter operations must halt
until further notice” while
the matter is being investi-
gated, the organization said.
No one at the local chapter
could be reached to com-
ment.
A fifth woman was alleg-
edly drugged and assaulted at
a different fraternity house at
Northwestern, the university
said. That fraternity hasn’t
been identified by authori-
ties.
The student government
association on Wednes-
day called for the suspension
of Sigma Alpha Epsilon while
the investigation into the al-
leged assaults continues.
Northwestern said the allega-
tions are under investigation.
Schools around the nation
have been wrestling with the
issues of sexual assault and
alcohol abuse on campus for
years.

Anti-Trump Crowds Fill Town Halls

BY BYRON TAU
COTTONWOOD HEIGHTS,
Utah — In an echo of the pro-
tests sparked by the Afford-
able Care Act seven years ago,
boisterous and angry crowds
are turning up at district
meetings held by Republican
lawmakers, calling this time to
retain the Democratic-backed
health law and to oppose other
parts of President Donald
Trump’s agenda.
Big crowds and tough ques-
tions have greeted GOP law-
RICK BOWMER/ASSOCIATED PRESS
makers at constituent meet-
ings in at least seven states,
including three on Thursday
night. The protests, reminis-
cent of the opposition to the
health law that sparked the tea
party movement, could be a
preview of what other lawmak-
ers will find at town hall meet-
ings this weekend and during a
congressional recess later this
month.
At a high school near Salt
Lake City, a rowdy audience of
about 1,000 turned out Thurs-
day to challenge Rep. Jason
Chaffetz, a Republican who
won his most recent congres-
sional race by nearly 50 points.
Members of the crowd waved
signs, booed and pressed the
five-term lawmaker on a vari-
ety of issues.
They heckled the fire mar-
shal, urging him to let people
into the event who had been
excluded because of capacity
and security issues. They in-
terrupted Mr. Chaffetz con-
stantly and peppered him
with questions about public
lands, education and Mr.
Trump’s agenda.
Mr. Chaffetz, who heads a
House committee charged with
investigating waste, fraud and
abuse in the executive branch,
also was repeatedly asked why
he wasn’t more aggressively
investigating Mr. Trump.
“Hold on, I’m trying to an-
swer the question,” Mr. Chaf-
fetz said repeatedly.
“It really is a movement
now,” said Randee Levine, who
was at the event. “Because of
Donald Trump in the presi-
dency, it has constellated and
motivated all the progressives
and the moderates to come out
and show their disappoint-
ment.”
Congressional leaders have
encouraged House members to
listen to constituents but also
to remember the mandate that
they say voters delivered to
the Republican majority last
November.
“Most of the people who are
coming out and protesting are CLASSIMA
people who didn’t vote for Starting at $990
them or aren’t going to vote
for them in the first place,”
said Sen. John Thune (R, S.D.),
a member of Senate GOP lead-
ership. “I don’t think that in

any way ought to influence our

members,’’ he said. “There’s a
center-right coalition of people
out there who want to see us
get results for the American
people.”
The town hall meetings are 1-800-MERCIER
one manifestation of an uptick www.baume-et-mercier.com
in liberal activism after Mr.
Rep. Jason Chaffetz’s town hall meting in Utah on Thursday attracted about 1,000 people. Trump’s election.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A4 | Saturday/Sunday, February 11 - 12, 2017
Flynn, Russian Envoy Discussed Sanctions
BY SHANE HARRIS
AND CAROL E. LEE
White House National Secu-
rity Adviser Mike Flynn dis-
cussed U.S. sanctions against
Russia with that country’s am-
bassador to the U.S. before
President Donald Trump took
office, current and former
American officials said, citing
transcripts of intercepted com-
munications that contradict
his repeated assurances that
the subject hadn’t come up in
a series of phone conversa-
TRAVEL
Continued from Page One
ties.
The appellate court’s deci-
sion Thursday to uphold the
stay on the order also under-
scored the limits to the desire
of some in Mr. Trump’s inner
circle, including chief strategist
Steve Bannon, to move quickly
to implement the president’s
campaign promises.
Meanwhile, Mr. Trump has
pressed ahead with his immi-
gration crackdown on other
fronts, launching deportation
raids that have resulted in the
detention of hundreds or more
undocumented immigrants, ac-
KAMIL KRZACZYNSKI/REUTERS
cording to attorneys and advo-
cacy groups. Most of these
people are expected to be de-
ported.
On Friday, a senior adminis-
tration official said the presi-
dent was still considering all
options related to the executive
order. It was unclear whether
the administration would press
ahead with an appeal of the
Ninth Circuit decision at the
Supreme Court.
Asked what aspects of the
existing order he might revise,
Mr. Trump replied, “New secu-
rity measures. We have very,
very strong vetting. I call it ex-
treme vetting.”
The Jan. 27 order suspended
U.S. entry for visitors from
seven predominantly Muslim
countries for at least 90 days,
froze the entire U.S. refugee
program for four months and
indefinitely banned refugees
from Syria. The White House
said it was needed to keep ter-
rorists from domestic soil.
Mr. Trump’s comments came
as his order faced another po-
tential setback when a federal
judge in Virginia expressed
concerns about it Friday, sig-
naling she might block the ad-
ministration’s efforts to restrict
entry to the U.S. from the
seven specified countries. She
is considering a longer-term
suspension than the one or-
dered by a judge in Seattle that
led to the current freeze.
U.S. District Judge Leonie
Brinkema, weighing a legal
challenge to the order by the
state of Virginia, repeatedly
said Mr. Trump’s administra-
tion had provided no evidence
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tions last December.
Mr. Flynn at that point had
no official government posi-
tion, and the conversations are
an issue because if he had
promised an easing of sanc-
tions once Mr. Trump took of-
fice, he could have violated a
law that prohibits private citi-
zens from engaging in foreign
policy, according to legal ex-
perts. There is no indication in
the transcripts of the inter-
cepts cited by the current and
former officials that he made
such promises, they said.
Syrian refugee Baraa Haj Khalaf, left, kissing her father Khaled after arriving in Chicago earlier this week.
Donald Trump’s
First 100 Days
The administration’s latest
actions and agenda at a glance
FRIDAY
u Asia policy: President Trump
met with Prime Minister Shinzo
Abe of Japan at the White
House. Mr. Trump said both na-
tions would work closely to-
gether to defend “against the
North Korean missile and nu-
clear threat.”
u Health: The Senate con-
firmed Rep. Tom Price (R., Ga.)
to support the president’s de-
termination that the suspen-
sion of travel from those coun-
tries was necessary to protect
national security.
“Courts have been begging
you” for such information,
Judge Brinkema said in court.
Mr. Trump’s administration
is facing a multi-front legal
battle on the order, with nu-
merous cases challenging it
across the country. In a twist,
late Friday a judge on the
Ninth Circuit asked colleagues
to consider rehearing the case
TM
P W L C 10 11 12
Mr. Flynn has previously de-
nied discussing the sanctions,
but a White House official said
Friday that while Mr. Flynn
doesn’t recall talking about the
issue, he can’t be 100% sure
the topic didn’t come up.
Mr. Trump, asked about Mr.
Flynn’s conversations while
flying to Florida on Friday af-
ternoon, said he wasn’t aware
of the allegations.
“I don’t know about that. I
haven’t seen it,” he said. “I’ll
look into that.”
The set of conversations
to lead the Department of
Health and Human Services,
placing him atop a sprawling
agency tasked with dismantling
the Affordable Care Act.
WHAT’S AHEAD
u Messrs. Trump and Abe plan
to continue their dialogue this
weekend at Mr. Trump’s estate
in Palm Beach, Fla.
QUOTES
“LAWFARE: ‘Remarkably, in the
entire opinion, the panel did not
bother even to cite this (the)
statute.’ A disgraceful decision!”
—Mr. Trump, writing on
Twitter about the appellate
before the full court, a step Mr.
Trump’s administration hasn't
requested.
A majority of the circuit
would need to agree to rehear
the case, an unlikely prospect.
Rewriting the order could
allow the administration to
step out of the current legal
battle over whether the order
should be suspended on an
emergency basis and refocus
on the trial courts, where
judges in the coming weeks
and months will be hearing
more detailed arguments on
COURTS
Continued from Page One
Texas; Charlotte, N.C.; and
across southern California,
among others, they said.
Mexico’s government hasn’t
endorsed the group’s Phoenix
mission or its strategy. But it
recently allocated some $50
million to assist undocu-
mented migrants facing depor-
tation, and President Enrique
Peña Nieto has instructed the
country’s 50 consulates in the
U.S. to defend migrants.
Mexico’s Foreign Ministry
said late Thursday it has in-
tensified efforts to protect
Mexican migrants, “foreseeing
the hardening of measures by
immigration authorities in the
U.S., as well as possible consti-
tutional violations during
raids or in due process.”
Several senators in the
newly engaged group—called
Monarca after the butterflies
that migrate across North
America—plan to meet with
Phoenix Mayor Greg Stanton
and Sen. Jeff Flake (R., Ariz.)
to highlight the risks they say
Mr. Trump’s proposed policies
pose to Mexican-U.S. rela-
tions.
The issue of stepped-up de-
portations is moving to the
forefront in bilateral relations
that have fractured since Don-
ald Trump’s inauguration.
Mr. Trump’s plans to deport
undocumented Mexicans, rene-
gotiate the countries’ free-
trade deal, and build a border
wall at Mexico’s expense have
sparked a nationalist backlash
H T G K B F A M 1 2 3 4 5 6
U.S. NEWS
that has drawn particular at-
tention of U.S. counterintelli-
gence investigators, the Ameri-
can officials say, occurred Dec.
29, the day the Obama admin-
istration announced sanctions
and the expulsion of Russian
diplomats in response to the
Kremlin’s alleged role in cyber-
attacks aimed at influencing
the 2016 elections.
The content of the conver-
sations with Sergey Kislyak,
the Russian ambassador to the
U.S., was more casual than
substantive and appear to con-
court’s decision to uphold the
freeze on his travel ban
“The Constitution won. @PO-
TUS lost. RT if you stand with
all Americans, no matter their
race or religion. #FightingforAll”
—Rep. Pramila Jayapal
(D., Wash.) on Twitter
700,000
Number of American jobs Mr.
Abe projects will be created
over the next decade as part of
his five-pronged program for
greater Japanese investment in
the U.S.
the order’s underlying merits
and constitutionality. No judge
so far has issued a final ruling
on whether the order is funda-
mentally lawful.
Mr. Trump would face long
odds if he were to make a push
at the Supreme Court to seek
an immediate restoration of
the travel ban. The current
eight-member court is split
evenly between liberal-leaning
and conservative-leaning jus-
tices, and a deadlock would
leave the Ninth Circuit’s ruling
in place.
Guadalupe García de Rayos in a van after being detained in Phoenix
by Immigration and Customs Enforcement officers on Wednesday.
south of the border.
Along with confronting the
Trump administration by
overwhelming tribunals,
Monarca is also exploring
making the U.S. responsible
for providing documentation
‘The backlog in the
immigration system is
tremendous,’ said a
former Mexican official.
that deportees are Mexicans,
Mr. Castañeda says, rather
than Mexico accepting them
without that documentation.
Meanwhile, a group of sen-
ators said they were working
on legislation to explicitly pro-
hibit the government from al-
locating funds to build a bor-
7 8 9 O I X X ******** THE WALL STREET JOURNAL.
sist of Mr. Flynn reassuring ing of Flynn’s conversations,
the ambassador that U.S.-Rus- on the day the sanctions were
sia relations would be more fa- announced, and then coupled
vorable to Moscow in the years with Putin’s lack of response,”
ahead, the current and formal one former U.S. official said.
officials said. “It painted a pretty clear pic-
After the White House an- ture that there was some sort
nounced the sanctions, Russian of discussion about sanctions.”
President Vladimir Putin didn’t Mr. Flynn’s conversations
respond in kind by instituting with Mr. Kislyak were recorded
his own measures against the as part of routine monitoring
U.S. In a Twitter message, Mr. that the U.S. conducts of Rus-
Trump praised that restraint. sian officials in the country.
“There was great suspicion Both the Kremlin and
on the part of many White Trump team have denied any
House officials, given the tim- election-related coordination.
Deporting
Of Illegal
Migrants
Escalates
BY MIRIAM JORDAN
Ramped-up immigration en-
forcement in several cities this
week resulted in the detention
of hundreds or more people in
the U.S. unlawfully, according
to attorneys and advocacy
groups, who said they expected
most of them to be deported.
Illegal immigrants were
rounded up in the metropolitan
areas of Atlanta; Austin, Texas;
Charlotte, N.C.; and across
southern California, among oth-
ers, they said.
President Donald Trump set
an ambitious course when he
took office through a series of
executive orders, promising to
If Mr. Trump’s administra- build a wall on the border with
tion files an appeal with the Mexico, deport millions of ille-
Supreme Court, it would be di- gal immigrants, suspend the
rected first to Justice Anthony refugee program and pause the
Kennedy, a moderate conserva- admittance of foreign nationals
tive who is assigned to handle from certain countries.
emergency matters from the Federal judges halted his
Ninth Circuit. He almost cer- travel ban on seven Muslim-ma-
tainly would refer the matter to jority nations considered a ter-
the full court for consideration. ror threat. But that didn’t pre-
The bar for emergency in- vent Mr. Trump from rolling
tervention by the Supreme out enforcement of a separate
Court is high even under the executive order targeting immi-
best of circumstances, with grants living in the U.S. illegally.
nine justices, but the road is The Immigration and Cus-
even tougher with the court toms Enforcement agency said
short-handed due to the death the five-day enforcement
of the late Justice Antonin Sca- “surge” began Monday and con-
lia. The current eight members cluded midday Friday. Officials
split 4-4 last year on an emer- confirmed action in Atlanta,
gency appeal by the state of Chicago, Los Angeles and New
North Carolina that sought to York, though they didn’t dis-
restore strict Republican- pute that the operation was
backed voting rules before also under way in other cities.
Election Day. The agency said 160 foreign-
In addition to his early Fri- ers were arrested in six Los An-
day morning tweet calling the geles-area counties this week,
Ninth Circuit ruling “a dis- and said about 150 of them had
graceful decision,” the presi- criminal histories. Of the 10
dent had previously called a others, five had been given final
lower court judge a “so-called orders of removal or had previ-
judge” for ruling against him ously been deported, ICE said.
and suggested judges would be Officials said the action was
responsible if a terrorist attack similar to regular operations
occurs on U.S. soil in the com- during the Obama administra-
ing months. tion but that their lists of tar-
—Carol E. Lee gets were based on criteria in
contributed to this article. Mr. Trump’s executive order.
sue, says pollster Ulises Bel-
trán.
Mr. Peña Nieto has begun
ROB SCHUMACHER/THE ARIZONA REPUBLIC/ASSOCIATED PRESS
meeting returning deportees
at the airport, and leftist pop-
ulist Andrés Manuel López Ob-
rador is to tour U.S. cities with
large Mexican populations,
starting with a Sunday rally in
Los Angeles to blast Mr.
Trump´s immigration policies.
Mr. Castañeda says it makes
better sense for Mexico to
work to keep migrants in the
U.S. rather than resettling
them in Mexico, where many
would lack jobs.
Going through the courts,
however, entails risks for un-
documented migrants, who
may be held in U.S. detention
centers for months while the
der wall. Other contemplated deportation process plays out
legislation could lay out retal- instead of being quickly sent
iatory measures if the U.S. back to Mexico, says Mr.
government seeks to tax or Castañeda.
block remittances to Mexico The Obama administration
from migrants in the U.S., or deported more illegal immi-
to levy a border tax on Mexi- grants than any before it. But
can exports, senators from the Mexico is concerned that the
three main parties said. new administration is widen-
“We want to be friends, but ing its range of targets, citing
in the face of continued hostil- Thursday´s deportation of
ity we don’t have to keep a Guadalupe García, a 36-year-
friendly attitude forever,” said old Mexican who lived in the
Arturo Zamora, a senator with U.S. for 22 years and has two
Mr. Peña Nieto’s ruling Institu- U.S.-born children.
tional Revolutionary Party. Ms. García was convicted of
The new U.S. administra- identity theft, a felony, after
tion’s plans have put Mr. Peña being arrested in 2009 with a
Nieto in an uncomfortable po- false Social Security card, but
sition of defending Mexico’s had been checking in with im-
interest while keeping commu- migration agents every six
nications channels open with months. This week, when she
his mercurial American coun- reported to their office in
terpart. Phoenix, she was detained and
The fate of undocumented deported to Mexico.
Mexicans in the U.S. is quickly —Juan Montes
becoming a major political is- contributed to this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, February 11 - 12, 2017 | A5

OBITUARIES
HAROLD ROSEN R O B E R T S C H AT T N E R
1926—2017 1925—2017

Engineer Launched Dentist Found Calling

At Cocktail Party
Commercial Satellite Era
A
cocktail-party conversa-
tion in 1952 changed Rob-
ert Schattner from dentist
BY JAMES R. HAGERTY would spin in space, making it eas- to medical entrepreneur.
ier to stabilize—similar to the way a Another guest at the Long Is-
marketed as a sore-throat remedy
by Prestige Brands Holdings Inc.
Dr. Schattner in 1971 bought a
major stake in the Virginia
Squires, a team in the now-de-

A
fter the Soviet Union
launched its Sputnik satellite
in 1957, American scientists
were under the gun to top that
feat. Harold Rosen, an electrical
engineer at Hughes Aircraft Co.,
proposed small, spinning satellites
that could relay telephone calls
and TV signals around the world.
Many of his colleagues dismissed
the idea as impractical. Dr. Rosen
struggled for years to win funding
for his project. “This was not the
most auspicious time to propose a
commercial space program,” he
later wrote. “The most vivid im-
pression most people then had of
space-related activities was of rock-
ets blowing up at Cape Canaveral.”
In 1963, after myriad delays and
technical problems, his Syncom sat-
ellite was finally launched into orbit.
President John F. Kennedy tried it
out by making a call to Nigerian
Prime Minister Abubakar Tafawa
Balewa. The next year the Syncom
satellite system relayed live TV cov-
erage of the Tokyo Summer Olym-
pics to the U.S.
Dr. Rosen went on to direct de-
tions and radar during World War
II. After his Navy service, he com-
pleted his degree at Tulane and was
unsure whether to continue his
studies at Harvard University or the
California Institute of Technology. A
Life magazine story about beach
parties in Southern California per-
suaded him to head for Caltech,
where he earned a doctorate in
quarterback throws a spiral to avoid
wobbles.
When Hughes hesitated to fund
the project, Dr. Rosen discussed it
with his former employers at Ray-
theon. To avoid losing Dr. Rosen and
his team, Hughes decided to back
Dr. Rosen’s concept. The National
Aeronautics and Space Administra-
tion contracted to buy three of the
satellites and launched them.
The first Syncom launch, in Feb-
ruary 1963, failed when a rocket
malfunctioned. Six months later, a
second launch succeeded. Hughes
was on its way to becoming a pow-
erhouse in the nascent commercial-
satellite industry, greatly expanding
the scope for international tele-
phone calls and data transmission.
Dr. Rosen later helped design
much larger, more complex satel-
lites, powerful enough to reach
small dishes on Earth, including
those bringing hundreds of TV
channels to individual homes.
After retiring from Hughes in
1993, Dr. Rosen went into business
with his brother, Ben Rosen, a ven-
ture capitalist. Their Rosen Motors
land, N.Y., party told him that the
extraction of several teeth had
left his mouth sore. Dr. Schattner,
then 27 years old, recommended
aspirin. “I began to think about it
on the way home,” he later told
the Washington Post.
After experimenting with
chemicals at his home, he created
a rinse called Chloraseptic that he
promised would kill germs and
relieve pain.
In the mid-1960s, he sold the
product to Norwich Pharmacal
Co. for $4 million of stock and a
share of future sales. It now is
L O R E N Z O S E R V I TJ E
1918—2017
His Global Bread Firm
Rose Out of Mexico
funct American Basketball Associ-
ation. In 1999, he joined an inves-
tor group that made an
unsuccessful bid for the Washing-
ton Redskins football team. He
also made other abortive at-
tempts to invest in sports teams.
He donated more than $20 mil-
lion to the University of Pennsyl-
vania’s dental school, where he
earned his degree in 1948. He
also made gifts to the Jewish Pri-
mary Day School in Washington.
Dr. Schattner died Jan. 29 of
kidney disease at a hospital in
Bethesda, Md. He was 91.

W
velopment of more than 150 satel- electrical engineering in 1951. developed a hybrid-electric power- hen Lorenzo Servitje and lion pesos ($12.3 billion), esti-
lites. In his late 80s, he was still fit train for cars, promising virtually four partners set up a mates J.P. Morgan Securities.

enough for gymnastics, including
swinging from one steel ring to the
next at Santa Monica Beach.
Dr. Rosen died Jan. 30 at his
home in Los Angeles. He was 90
years old and had suffered a minor
stroke in 2015.
Harold Alvin Rosen was born
March 20, 1926, in New Orleans.
His father was a dentist. When
Harold was a teenager, his parents
divorced, and his mother went to
work as a secretary to support her
three children. Young Harold grad-
uated from high school at 15.
He then studied electrical engi-
neering at Tulane University but
paused his studies to join the Navy
and work with radio communica-
D
uring and after his Caltech
studies he worked at Ray-
theon Co., gaining experience
in the electronics used to guide anti-
aircraft missiles. In 1956, he joined
Hughes Aircraft.
Competing against Bell Labs and
others for supremacy in satellites,
Dr. Rosen wanted a geostationary
system, in which satellites 22,300
miles above the Earth would move
in sync with the spinning planet.
That meant antennas on Earth
could always point in one direc-
tion, eliminating the need for com-
plex tracking systems.
Dr. Rosen came up with a cylin-
drical satellite weighing only about
55 pounds. The Syncom satellite
no emissions, but auto makers de-
clined to embrace the technology.
In recent years, Harold Rosen
consulted for Boeing Co. and con-
ducted research in areas including
spacecraft, gravitational waves,
synthetic fuels and climate engi-
neering. He enjoyed crossword
puzzles and Bloody Marys—some-
times at the same time.
Dr. Rosen is survived by his wife
of 32 years, Deborah Castleman, a
satellite-systems engineer, as well
his brother, two sons and three
grandchildren. His first wife, Ro-
setta Hirschfeld Rosen, died in 1969.
 Read a collection of in-depth
profiles at WSJ.com/Obituaries
tiny bread-baking busi-
ness in Mexico City in 1945, few
would have seen the potential for
a global food company. Mexico
wasn’t known for bread. And the
company’s name—Bimbo, a
mashup of the words “bingo” and
“Bambi”—didn’t sound very
wholesome north of the border.
Yet Grupo Bimbo now makes
sliced bread, salty snacks, cookies,
cakes and tortillas at 169 plants
across 22 countries in the Ameri-
cas, Europe and Asia. Bolstered by
a series of acquisitions, Bimbo
owns brands including Thomas’
English muffins, Sara Lee, Na-
ture’s Harvest and Entenmann’s.
Sales last year totaled 252.58 bil-
Mr. Servitje retired as chair-
man in 1994, and Bimbo is now
headed by his son Daniel, who
holds a master’s of business ad-
ministration from Stanford Uni-
versity. But the co-founder re-
mained on the board until 2001
and kept an office at the Mexico
City headquarters long after that.
When he granted an interview
to Dow Jones Newswires in 2005,
he wore a modest gray suit and a
Swatch watch. “I come every day
because I’d get bored in my
house,” Mr. Servitje said.
Mr. Servitje died Feb. 3 in Mex-
ico City. He was 98.
The company said he had just
one vice: buying books.

FROM PAGE ONE

DRUG
Continued from Page One
improve muscle strength, the
FDA said in a statement an-
nouncing the approval.
The drug wasn’t sold in the
U.S. mainly because no com-
pany thought it would be prof-
itable enough to warrant the ef-
fort of seeking FDA approval.
But U.S. patients have been im-
porting it from foreign coun-
tries since the 1990s after clini-
cal trials showed its potential
REUTERS

to reduce inflammation with

fewer side effects than another
steroid.
The price set by Marathon is
50 to 70 times what most U.S.
patients now pay to buy defla-
zacort from an online pharmacy
in the United Kingdom, accord-
ing to advocates for patients
with Duchenne muscular dys-
trophy.
Christine McSherry of Pem-
broke, Mass., pays about $1,600
annually to buy deflazacort
from the U.K. pharmacy for her
son, Jett, she said.
But the pharmacy, operated
by Masters Specialty Pharma,
recently told customers it
would stop shipping the drug to
the U.S. after Marathon, based
in Northbrook, Ill., received
FDA approval for its version.
A Masters spokeswoman
said in an email that the com-
pany is ending shipments to the
U.S. “in compliance with U.S.
FDA regulations,” which pro-
hibit drug importation except
under certain circumstances,
such as when a drug isn’t avail-
able in the U.S.
Ms. McSherry, who runs Jett
Foundation, a nonprofit aimed
at Duchenne, said she is “disap-
pointed that Marathon in-
creased my cost for the drug by
more than $87,000 a year.” She
has health insurance but said
she isn’t sure if her coverage
will pay for the new drug.
Marathon Chief Financial Of-
ficer Babar Ghias defended the
price in an interview. He said
the company will likely receive
much less in net revenue than
the $89,000-per-patient list
price, after providing discounts
to government insurers and fi-
nancial assistance to patients
who can’t afford the drug. Also,
more patients will have access
to the drug because their health
The FDA required Marathon to conduct some new studies.
insurers will begin covering its
cost now that it has FDA ap-
proval, he said.
The company will start sell-
ing the medicine in March un-
der the brand name Emflaza,
Mr. Ghias said.
Mr. Ghias, a former mergers-
and-acquisitions banker, said
the company showed restraint
in how it priced the drug. Other
new drugs for so-called orphan
diseases, which by definition
affect fewer than 200,000 peo-
‘It’s modestly priced
for an orphan drug,’
said the company’s
chief financial officer.
ple nationally, have carried
price tags of $300,000 annually
and higher, he said.
“It’s modestly priced for an
orphan drug,” Mr. Ghias said.
Pharmaceutical companies
are under mounting scrutiny
for their pricing of drugs, many
of which now approach or ex-
ceed $100,000 annually per pa-
tient. Many companies say the
prices are necessary to justify
their large investments.
Marathon gained clearance
to sell deflazacort in the U.S.
after licensing the rights to
clinical trial data from the
1990s that hadn’t been fully an-
alyzed. The FDA required the
company to complete an analy-
sis of the old trial data and con-
duct some new studies to gain
approval, Mr. Ghias said.
Mr. Ghias declined to say
how much Marathon spent to
acquire the trial data or con-
duct original research. He said
Marathon doesn’t expect to re-
coup its investment in the drug
for several years. Marathon
doesn’t have commitments yet
from insurers that they will pay
for the drug, Mr. Ghias said.
Privately held Marathon is
best known for a 2015 deal in
which it sold two older heart
drugs to Valeant Pharmaceuti-
cals International Inc., Nitrop-
ress and Isuprel, for $350 mil-
lion. Valeant raised the drugs’
prices dramatically, moves that
were later scrutinized by a con-
Santa Maria Blue
gressional committee. The in- Aquamarine Ring
vestigation prompted Valeant
to say it had been too aggres- Peerless hue. Exquisite gemstone. Classic setting.
sive in raising prices and that it Weighing an impressive 19.44 carats, this rare
would moderate its practices.
Mr. Shkreli has said raising aquamarineentranceswithitshighlycoveted“Santa
prices on old drugs funded re- Maria” deep blue hue. The richly saturated color is
search and development of new named for the now-extinct site in Brazil where these
medicines. stones were first discovered. A large aquamarine
Marathon Chief Executive
Jeffrey S. Aronin was an early with this most desirable color is a remarkable rarity.
pioneer of a pharmaceuticals- Set with 32 white diamonds in platinum. #30-5124
industry model in which com-
panies cheaply acquire older
drugs that have lost patent pro-
tection and that large pharma-
ceutical firms are no longer in-
terested in promoting.
The Federal Trade Commis-
sion in 2008 alleged that an-
other of Mr. Aronin’s compa-
nies, Ovation Pharmaceuticals
Inc., had illegally acquired a
drug to treat congenital heart
defects in babies so that it 630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com
could raise the price of its com-
peting treatment nearly 14-fold. Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry.
But the FTC’s complaint was Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
dismissed in 2010 by a court
that found the drugs operated
in separate product markets.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A6 | Saturday/Sunday, February 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

WORLD NEWS
U.S., China Coordinated Policy Reversal
Trump pledges to
honor longstanding ‘Level Playing Field’
policy not to recognize On Currency Is
Taiwan diplomatically Oval Office Priority

BY CAROL E. LEE WASHINGTON—President

AND TE-PING CHEN Donald Trump described his
phone call with Chinese Presi-
WASHINGTON—Washing- dent Xi Jinping as a “very, very
ton and China carefully planned good” conversation, but didn’t
and scripted President Donald address why he had acceded
Trump’s reversal of his threat to Mr. Xi’s request that the U.S.
to overturn a cornerstone of stick to the “One China” policy.
their relations, part of a White Mr. Trump, speaking at a
House decision to return to news conference Friday, also
continuity in the U.S. approach promised there would soon
to Asia. be “a level playing field” on
Mr. Trump and President Xi currency valuation when
Jinping weren’t five minutes asked whether he would con-
into their phone call Thursday tinue to press Chinese lead-
night when the issue of the new ers about their past practice
administration’s threat to tear of devaluing their currency.
up the longstanding U.S. agree- Thursday’s phone call be-
PANG XINGLEI/ZUMA PRESS

ment with China to withhold tween the two leaders was

diplomatic recognition of Tai- the first since Mr. Trump took
wan was put to rest, said a se- office last month. On Friday,
nior U.S. official. Mr. Trump said he expects
“I would like you to uphold the countries to get along
the ‘One China’ policy,” Mr. Xi “very well.”
said to Mr. Trump in a scripted —Carol E. Lee
exchange. Chinese President Xi Jinping had a lengthy telephone conversation with President Donald Trump on Thursday evening.
“At your request, I will do
that,” replied Mr. Trump, the ahead with negotiations on eco- tion with the president of Tai- said Mr. Xi took time to praise and suggested during his cam- the process of getting along
official said. nomic and security issues that wan, a call that broke with de- Mr. Trump for his election vic- paign that countries like Japan very well,” Mr. Trump said of
Mr. Trump had just come will be critical to his adminis- cades of protocol in which the tory, which the new president and South Korea may need to the phone call with Mr. Xi. “I
from dinner with Republican tration’s policy in the region. U.S. has agreed not to recog- appreciated. acquire nuclear weapons. believe that that will all work
donor Sheldon Adelson, Secre- The two leaders went on to nize Taiwan diplomatically. For Mr. Trump, it was part “We are committed to the out very well for everybody,
tary of State Rex Tillerson and have a 45-minute discussion For Mr. Xi, the moment re- of a broader message to the re- security of Japan and all areas China, Japan, the United States
Nicki Haley, the U.S. ambassa- about issues ranging from trade flected how China’s wait-and- gion this week and came a day under its administrative control and everybody in the region.”
dor to the United Nations. to personal lives, spouses and see approach to the new U.S. before his White House meeting and to further strengthening Chinese analysts said Mr.
White House officials de- families, the senior U.S. official president paid off. Beijing had with Japanese Prime Minister our very crucial alliance,” Mr. Trump’s change in rhetoric was
clined to specify what if any- said. “It really was an opportu- made clear to the Trump ad- Shinzo Abe on Friday. Trump said at a joint news con- inevitable.
thing Mr. Trump got out of re- nity to make sure relations with ministration that U.S. adher- After his Oval Office meeting ference with Mr. Abe. “The U.S.- “Some things you don’t need
lenting on the One China policy. China were reset,” the official ence to the “One China” policy with Mr. Abe, Mr. Trump at a Japan alliance is the corner- to be anxious to respond with
China’s Foreign Ministry said. was an inviolable precondition news conference reassured stone of peace and stability in tits-and-tats for,” said Zhang
spokesman Lu Kang didn’t di- It was also an opportunity for relations. Japan and other Asia-Pacific the Pacific region.” Ruizhuang, professor of inter-
rectly address a question about for Mr. Trump to speak in per- Beijing praised Mr. Trump’s nations that he wouldn’t un- He said his conversation national relations at Nankai
whether China had to make any son with Mr. Xi. The White shift on the One China policy. ravel decades of American for- with Mr. Xi and close U.S. rela- University in Tianjin
concessions in return. House team had worked for Mr. Xi expressed his apprecia- eign policy by scaling back the tions with China will benefit —Kersten Zhang,
For Mr. Trump, it marked a several days to arrange the call, tion during the call, according U.S. military presence in region. Japan. Josh Chin, Felicia Schwartz
significant retreat, but also pre- which came weeks after Mr. to the state-run Xinhua News Allies feared he would do so af- “It was a very, very warm and Damian Paletta
sented an opportunity to press Trump’s December conversa- Agency. A senior U.S. official ter he questioned the buildup conversation. I think we are on contributed to this article.

Japanese Leader Gives ‘Golf Diplomacy’ a Chance

Donald Trump has jarred president’s winter resort Fri- in the snowy, rural region of ing a list of pending Japanese
Japan by blasting its trade day night, and the Japanese Yamaguchi prefecture. corporate investments that
practices and hinting he might couple will stay through Sun- Both Messrs. Trump and would supposedly create
yank the American security day morning. Messrs. Trump Abe have called for a tougher 700,000 American jobs. They
umbrella protecting the coun- and Abe have rounds of golf line against Chinese activity in say they are also open to Mr.
try since World War II. Prime slated both before and after Asian waters, and favor stron- Trump’s desire to explore a bi-
Minister Shinzo Abe hopes to lunch Saturday. It’s rare for an ger ties with Taiwan. Mr. lateral free-trade agreement,
parry those threats not with American president to devote Trump’s demand that Japan even as they preferred the
confrontation, but through a that much time to one foreign spend more money on its own multilateral Trans-Pacific Part-
day bonding over golf and so- leader, and to fly with one on defense gives Mr. Abe conve- nership pact that Mr. Trump
cializing with the two leaders’ the same plane. nient political cover to con- sank upon taking office.
wives. “Unlike other world leaders front domestic opposition to On Friday, Mr. Abe said
who have chosen to criticize his signature policy of easing Japan’s deputy prime minister,
By Jacob M. the president in public by Japan’s postwar pacifism and Taro Aso, and U.S. Vice Presi-
Schlesinger name, Abe has had the atti- expanding its military. dent Mike Pence have begun to
in Washington and tude that he needs to explain Since the 2011 Fukushima di- “create a new framework for a
Alastair Gale in Tokyo how Japan’s agenda fits into saster shuttered most of Japan’s dialogue,” suggesting that To-
Trump’s agenda,” said Ken- nuclear-power plants, Tokyo kyo has agreed to follow U.S.
As heads of state around neth Weinstein, president of has sought more liquefied natu- Mr. Trump’s call for more bi-
the world struggle to figure the conservative Hudson Insti- ral gas from the U.S. Japanese lateral deals.
out how to handle the unpre- tute Washington think tank, officials hope that will speak Still, the Japanese are
dictable new American presi- who is close to the prime min- both to Mr. Trump’s desires to braced for the prospect of dif-
dent, Japan’s leader is honing ister. “Abe believes he needs boost domestic fossil-fuel pro- ficult discussions. Just last
KYODO/REUTERS

a strategy of building personal to develop a strong personal duction and to raise exports to week, Mr. Trump accused To-
ties first, fretting policy gaps relationship.” Japan. Japan’s global economic kyo of unfairly devaluing the
second. So when Japanese of- Mr. Abe’s strategy is driven strategy emphasizes infrastruc- yen to boost exports—a charge
ficials talk about Mr. Abe’s in part by necessity: Japanese ture development abroad, the Japanese dispute—and his
two-day summit with Mr. dependence on American mili- Mr. Abe played golf in Fujikawaguchiko in the summer of 2015. funded by subsidized low-rate aides say they want currency
Trump, they emphasize the tary support gives it little loans, and officials believe Japa- penalty provisions in any
weekend trip to his Mar-a- choice but to find a way to his ruling party commands long maintained much tighter nese projects—notably high- trade pact. That is a line
Lago home in Palm Beach, Fla. work with the American presi- large majorities in parliament, immigration limits, and has speed rail systems—could fit Japan has said it wouldn’t
more than the Friday meeting dent, whoever that is. and the political opposition is taken just 55 refugees in the into the new president’s big- cross. Mr. Trump has cited
at the White House. Japan’s prime minister also more fractured and weakened past two years. spending budget. Japan’s $60 billion trade sur-
“The highlight and crux of has more latitude to embrace than the U.S. Democratic Party. Mr. Trump’s favorable Japanese officials have been plus as a sign of unfair trade,
this trip is the match between the controversial new Ameri- There is also an unusual views of Vladimir Putin fol- preparing by reading books by but there is no silver bullet for
the two leaders over golf,” can president than his coun- convergence in priorities and lows Mr. Abe’s own bid to de- and about Mr. Trump, as well shrinking that figure. Japanese
said one person familiar with terparts in other countries, personal styles between the velop a close personal rela- as a 1990 Playboy magazine officials are aware that, what-
Mr. Abe’s planning. due to an unusual stability in two men. The Trump immigra- tionship with the Russian interview in which he savages ever reassurances Trump
In an unusual level of min- Japan’s domestic politics. His tion curbs stoking tensions president. Mr. Abe hosted Mr. Japan on trade. They are hop- aides may offer, the president
gling, the men and their wives, government’s support rate with other American allies are Putin in December at his ver- ing to soften Mr. Trump’s eco- can upend that harmony with
Melania and Akie, flew to the rests comfortably above 50%, a nonissue in Japan, which has sion of Mar-a-Lago, his estate nomic complaints by present- a harsh tweet.

France Detains 4 in Alleged Terror Plot Greece and Its Creditors

BY NOEMIE BISSERBE fenses.
France has been on high
Remain at an Impasse
PARIS—Police detained four alert after a spate of terrorist Talks between Greece’s in- The Brussels meeting was
people in southern France on attacks in the past 18 months ternational creditors and the called in an attempt to settle
Friday on suspicion of plan- that have left more than 200 country’s finance minister, Eu- the matter before the Dutch
ning an attack using the same people dead. clid Tsakalotos, failed to bring general elections on March 15,
explosive employed by suicide With presidential elections a breakthrough in bailout ne- followed by presidential elec-
bombers in Islamic State as- set for April 23, the country’s gotiations ahead of a series of tions in France and general
JEAN-PAUL PELISSIER/REUTERS

saults in Paris and Brussels. Socialist government is under elections in the eurozone’s elections in Germany, where
Three men—ages 20, 26 pressure to show it is doing all core countries. nationalist, anti-eurozone poli-
and 33—and a 16-year-old girl it can to prevent attacks. ticians are ranking high in the
were taken into police custody French security forces have By Nektaria Stamouli polls. Greece doesn’t urgently
in and around the city of been granted sweeping powers in Athens need bailout cash until large
Montpellier, according to peo- to hunt and apprehend poten- and Valentina Pop debt falls due in July. But all
ple familiar with the investiga- tial terrorists, and since the in Brussels sides would prefer to reach an
tion. At the home of one of the beginning of 2016 more than agreement before Europe’s
men, police found a liter each A building entrance after a police raid in southern France on Friday. 400 people with suspected But the host, Jeroen Dijssel- election season kicks off.
of acetone, hydrogen peroxide links to terrorist groups have bloem, representing eurozone Athens has been caught be-
and sulfuric acid, chemicals attacks across the French capi- Two men, one Algerian and been detained. finance ministers, struck an tween the International Mone-
used to make the explosive tal. the other Nigerian, were taken It was unclear whether the upbeat tone after the meeting tary Fund’s demands for more
material TATP. Months later, another group into custody in Germany on people detained Friday have Friday, speaking of “substan- austerity and Germany’s re-
Three of the detainees were of Islamic State militants us- suspicion of planning an immi- any links to the militant net- tial progress” and the pros- fusal to discuss major debt re-
suspected of direct involve- ing TATP bombed the airport nent attack. Belgian police tar- works that have carried out at- pect of the lenders’ experts lief. The IMF hasn’t signed
ment in an “imminent attack in Brussels and a nearby geting returnees from Syria tacks in Europe in recent years. potentially returning to Ath- Greece’s third bailout package,
on French soil,” Interior Min- metro station, leaving 32 peo- detained 11 people Wednesday Even as Islamic State loses ens next week. “There is a but Germany-led eurozone
ister Bruno Le Roux said. ple dead. and released them a day later territory in Syria and Iraq, the clear understanding that a lenders want the IMF to rejoin
In November 2015, Islamic Friday’s arrests in southern following questioning. group has claimed responsibil- timely finalization of the sec- the bailout as a lender.
State gunmen, all but one France cap a week of police In the U.K., police on Thurs- ity for attacks across Europe, ond review is in everybody’s
wearing suicide vests contain- action across Europe against day arrested a 44-year-old which has enabled it to keep interest,” Mr. Dijsselbloem  Trading in Greek bond has
ing TATP, killed 130 people in suspected Islamist radicals. man on suspicion of terror of- the public on edge. said. been volatile............................. B10
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
EU Official
Says U.S.
To Uphold
Iran Deal
BY FELICIA SCHWARTZ
WASHINGTON—Senior U.S.
officials have given assurances
to the European Union that the
Trump administration is com-
mitted to the Iranian nuclear
deal, the bloc’s foreign-policy
chief said Friday.
The EU’s high representa-
tive in charge of foreign policy,
Federica Mogherini, speaking
to reporters after meeting with
Secretary of State Rex Tiller-
son and other senior adminis-
tration officials on Thursday,
said the officials said they
would uphold the nuclear deal.
“I was reassured by what I
heard in the meetings on the
intention to stick to the full im-
plementation of the agreement
and all its parts,” she said.
President Donald Trump has
denounced the nuclear accord as
a “terrible deal” and threatened
during the election campaign to
pull out of the agreement.
While his national-security
cabinet picks suggested in their
hearings that they supported
strict enforcement of the deal,
the Trump administration has
signaled it will take additional
steps to confront Iran’s destabi-
lizing behavior. His national se-
curity adviser, Mike Flynn, last
week said he was putting Iran
“on notice” after it conducted a
missile test and the administra-
tion imposed new sanctions.
The deal, under which Iran
agreed with six world powers to
curb its nuclear program in ex-
change for sanctions relief, took
effect last year.
Ms. Mogherini, who also
met with Mr. Flynn and Jared
Kushner, Mr. Trump’s son-in-
law and senior adviser, said
the accord isn’t a bilateral or
multilateral agreement but
“belongs to the international
community as a whole.”
“For me it was extremely
important to stress the need to
stick to the full implementa-
tion of the nuclear deal as we
see is happening now,” she
said. “The deal is working.”
Ms. Mogherini said adminis-
tration officials also agreed on
the need to keep Ukraine-re-
lated sanctions in place against
Russia until a two-year-old
cease-fire agreement for the
conflict is fully implemented.
The State Department de-
clined to provide a readout of
the meeting between Mr. Til-
lerson and Ms. Mogherini.
U.S. officials have previously
said Ukraine sanctions against
Russia would remain in place,
although the White House has
said it may re-evaluate separate
sanctions imposed on Russia by
President Barack Obama after
intelligence findings that Mos-
cow was responsible for elec-
tion-related computer hacking.
Iranians Vilify Trump in Annual Rally
BY ASA FITCH
AND ARESU EQBALI
TEHRAN—Iran’s annual cel-
ebration of its 1979 Islamic
Revolution found a new villain
in President Donald Trump, as
the country marked the anni-
versary amid renewed friction
between the two countries.
Anti-Americanism has long
been a domestic political force
in Iran, routinely invoked by
Supreme Leader Ayatollah Ali
Khamenei. Such sentiments
were stoked by Mr. Trump’s
moves to impose new sanc-
tions in response to an Iranian
missile test and bar Iranians
Iranians marked the anniversary of the 1979 Islamic Revolution at a rally in Tehran on Friday.
* * * * * *
U.S. Favors Montenegro’s NATO Bid
BY JAY SOLOMON
AND JULIAN E. BARNES
The Trump administration
is moving to back Montene-
gro’s bid to join the North At-
lantic Treaty Organization, ac-
cording to senior U.S. officials,
a decision that could both bol-
ster the Western alliance and
antagonize Russia.
The likely move would take
place in a rapidly evolving po-
litical and diplomatic climate,
in which President Donald
Trump is steadfastly backing
improved ties with Moscow
but maintaining for now U.S.
strictures imposed in recent
years against the Kremlin.
The Russian government
has vehemently opposed Mon-
tenegro joining NATO, keeping
with its longstanding opposi-
tion to the alliance’s expan-
sion. Montenegrin officials
have publicly accused the
Kremlin of trying to deter its
membership by instigating an
attempted coup against the
government in October. Mos-
cow has denied the charge.
Formal U.S. backing for the
Balkan nation’s admission
could emerge as the first flash-
point between Washington and
Moscow since Mr. Trump took
office, current and former U.S.
officials said. At the same time,
they said, the Kremlin may be-
lieve that Mr. Trump can go
only so far in moderating U.S.
policies concerning Russia and
wouldn’t expect him to make a
sudden, sharp reversal on a de-
cision made by the Obama ad-
ministration in 2015.
“We would have been seen as
caving to Russia and reneging on
a commitment already made,”
Erdogan Sets Showdown on Executive Powers
BY NED LEVIN
ISTANBUL—President Recep
Tayyip Erdogan gave official
approval for a national vote on
changes to Turkey’s constitu-
tion that would concentrate
authority in his office.
His signing of a referendum
bill on Friday set the stage for
a public showdown between a
leader who has steadily sought
more power and detractors
who say to give it to him
would be dangerous. The ref-
erendum will likely be held on
April 16, officials said.
Mr. Erdogan’s supporters
say the changes would stream-
line the government and bet-
ter equip it to deal with secu-
rity challenges and a Around 40,000 people have
sputtering economy.
The government launched a
massive crackdown following a
failed coup attempt in July,
while the country has seen an
increase in attacks by the Is-
lamic State terror group and
by Kurdish separatists.
A video released by the rul-
ing Justice and Development
from entering the U.S.—and by
Mr. Khamenei’s response de-
nouncing the U.S. president.
Friday’s march in Tehran
featured the ritual burning of
American flags, augmented
this year with shows of hostil-
ity such as an effigy of the
American president hanging by
a noose and a poster of Mr.
Trump with rifle sights on his
face.
Such displays were also
routine during the Obama ad-
ministration, even as Presi-
dent Barack Obama sought to
ease tensions and helped bring
about the 2015 deal that lifted
sanctions on Iran in exchange
Saturday/Sunday, February 11 - 12, 2017 | A7
WORLD NEWS
DARKO VOJINOVIC/ASSOCIATED PRESS
Montenegro Prime Minister Dusko Markovic attending a welcoming ceremony in Belgrade, Serbia, on Feb. 3.
said Douglas Lute, an ambassa- nean country’s bid, but the full country’s NATO membership. “There were people who
dor to NATO under President U.S. Senate still needs to vote. Congressional officials hope wanted to help some parties
Barack Obama. “We would have Senior administration offi- that the Trump White House get the result they wanted,”
cracked the alliance.” cials said the National Security will signal its position on Mon- Montenegro’s ambassador to
Either way, Mr. Trump’s Council is deliberating the tenegro as early as next week, the U.S., Nebojsan Kaluderovic,
support for Montenegro is Montenegro issue, but that the when Vice President Mike said in an interview.
seen as critical to bolstering White House is “leaning” to- Pence addresses the annual Montenegro’s membership
NATO and countering Russian Munich Security Conference, a would ensure that the entire
aggression in Europe. gathering of high-level officials. northern Mediterranean coast
“Opponents of these pro- NATO officials believe the line is in alliance territory, in-
cesses, like Russia, tend to be
Formal backing for Western Balkan countries are cluding a key strategic port in
the most active in the times the country’s in a fragile state and have said the country that was once used
when decisions still have to be that Russia is attempting to by the Russians in recent years.
made,” said Lithuania’s ambas-
admission could destabilize the region. Russia Still, some U.S. conservatives
sador to NATO, Vytautas antagonize Moscow. has long opposed NATO ex- have questioned Montenegro’s
Leskevicius. “After all 28 allies pansion, saying the alliance is membership. Writing in No-
have ratified Montenegro’s ac- encircling its territory. vember in the National Inter-
cession protocol, we may ex- Montenegro has said the est, a conservative foreign-pol-
pect calmer times.” ward giving the green light. Kremlin was behind a series of icy journal, U.S. defense analyst
To date, 23 out of 28 NATO “I don’t think there’s a lot of attempts to intervene in the Charles Peña argued NATO
members have formally voted opposition to this,” said a senior country for more than a year should focus on getting current
to accept Montenegro. administration official briefed with protests, threats and dis- members to spend more, not
Last month, the Senate For- on the Montenegro debate. He information campaigns, as well on adding small countries.
eign Relations Committee unan- said the Senate is expected to as political pressure from the —Carol E. Lee
imously backed the Mediterra- vote unanimously to back the pro-Russia opposition party. contributed to this article.
party, or AKP, promised that a The changes would also dis-
yes vote would result in less- solve the office of the prime
ened bureaucracy, faster minister and change electoral
growth and lasting political methods. Under current Turk-
TURKISH PRESIDENT OFFICE/EUROPEAN PRESSPHOTO AGENCY
stability. “Terror will fall off ish law, the presidency is a
Turkey’s agenda,” the video’s largely ceremonial office.
narrator says. If voters approve the
Critics of the president say changes, Mr. Erdogan, who be-
the changes would weaken came prime minister in 2003
democratic checks and bal- and was elected to the presi-
ances, and object to the at- dency in 2014, would be able
tempt to introduce the to seek two more five-year
changes during a state of terms in office after his cur-
emergency introduced after rent term expires in 2019.
July’s coup attempt. While Mr. Erdogan has pre-
Since the failed coup, au- sided over a string of nine
thorities have purged more straight electoral victories,
than 140,000 civil servants polling on the referendum
and military personnel ac- shows a nearly even
cused of supporting the al- split among likely voters.
leged coup plotters. President Erdogan spoke at a meeting in Ankara on Wednesday. One pollster, Hakan Bay-
rakci, said his own recent sur-
been detained, including doz- Erdogan] that was never given referendum on Mr. Erdogan’s vey showed an unusual num-
ens of members of parliament, to Atatürk,” said Kemal Kilic- rule, would create a strong ex- ber of voters, 17%, who said
local political leaders and daroglu, leader of the opposi- ecutive presidency and give they had no opinion about the
mayors from the pro-Kurdish tion Republican People’s that leader greater control over referendum. He believes that
mainstream opposition party. Party, referring to the founder parliament and the judiciary. is due to a pervasive fear
More than 100 media out- of the modern Republic of That would fundamentally caused by Turkey’s political
lets, most of which were criti- Turkey. “This structure will change the power structures uncertainty. “This is not be-
cal of the government, have bring disaster to Turkey.” for this member of the North cause they don’t have an opin-
been closed since July. The proposed constitu- Atlantic Treaty Organization ion, it’s because they are
“We’re giving power to [Mr. tional changes, essentially a and U.S. counterterrorism ally. afraid,” said Mr. Bayrakci.
for the country’s shelving of the sword-rattling bravado
its nuclear ambitions. with which predecessor Mah-
“Iranian people are like moud Ahmadinejad rallied his
this,” said Ali Farhadi, a re- hard-line base.
tired member of Iran’s Revolu- Mr. Rouhani still has a grip
tionary Guard Corps, an elite on popular support—almost
military force. “When they get 70% of Iranians in a recent
threatened, they get motivated University of Maryland poll
and are enticed to come out said they saw him at least
and show resistance.” somewhat favorably. His
Any increase in anti-Ameri- chances of re-election are also
can sentiment could spell bolstered by the lack of a sig-
trouble for the country’s polit- nificant hard-line challenger,
ical moderates, currently led though Mr. Khamenei decides
by President Hassan Rouhani. who can run, and candidates
Mr. Rouhani, who faces re- seen as long shots have won
election in May, has sought before.
reconciliation with the West Some people at Friday’s
through dialogue—rather than rally said Mr. Rouhani de-
served credit for reaching the
nuclear deal with the U.S. and
five other world powers, and
the U.S. was to blame for any
threat to the agreement.
“If there were some short-
comings, it’s the other side
that’s to blame because they
broke their commitments,”
said Hossein Manafi, an agri-
culture ministry official. “It’s
not a weak point for Mr. Rou-
hani.”
As people marched, Mr.
Rouhani’s voice could be heard
EBRAHIM NOROOZI/ASSOCIATED PRESS
over loudspeakers, touting his
achievements while rejecting
Mr. Trump’s threats and call-
ing him a political amateur.
Mr. Rouhani referenced eco-
nomic growth, a dramatic fall
in inflation and a more even
trade balance. Many Iranians,
however, say the nuclear deal
hasn’t significantly lifted liv-
ing conditions.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A8 | Saturday/Sunday, February 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

WORLD NEWS WORLD WATCH

Villagers Resist India’s Toilet Drive

AFGHANISTAN
Vice President in
Duel Over Allegations
Prime minister’s push to get people into restrooms makes going outside an act of civil disobedience Afghanistan’s Vice President
Abdul Rashid Dostum is ob-
BY NIHARIKA MANDHANA structing attempts by officials to
investigate him over his role in
NIMORA, India—Long be- the alleged abduction and sexual
fore Prime Minister Narendra assault of a political rival, Af-
Modi vowed to build “smart ghan officials said.
cities” and mega ports, he Mr. Dostum is blocking police
mounted the ramparts of from arresting his bodyguards
New Delhi’s historic Red Fort and has seized checkpoints in
and announced his most central Kabul, the officials said.
high-profile project: toilets. Gen. Dostum has repeatedly
Hundreds of millions of denied accusations of an assault
Indians don’t have or use by him and his men.
them, an issue of such ur- —Jessica Donati
gency that Mr. Modi made
resolving it by 2019 central BRAZIL
to his plans to modernize his
country. New Graft Charges
Soon after, Manmohan Ko- Impede Overhauls
shle, the informal headman
of Nimora village, in the cen- Brazilian President Michel Te-
tral Indian state of Chhattis- mer’s efforts to rein in state
PARTHA SARKAR/XINHUA/ZUMA PRESS

garh, received a midnight spending faced new headwinds

phone call from a local offi- this week as some key allies of
cial, with an order: Make Ni- the administration were hit by
mora “open-defecation free,” accusations of corruption.
or “ODF” in the argot of In- In the past few days, several
dian bureaucracy. Since that top politicians backing Mr. Te-
day, Mr. Koshle said, “all I mer’s economic reform proposals
have thought about is toilets, became embroiled in scandals
toilets, toilets.” related to Operation Car Wash,
But some Nimora villag- the investigation centered on
ers—and at least 40% of In- Women took part in the International Toilet Festival in New Delhi in 2014, the year Narendra Modi launched his public-hygiene mission. state oil company Petróleo
dian households—still don’t Brasileiro SA, or Petrobras. A
use them. Mr. Modi’s cam- In houses unconnected to Mr. Koshle, in Nimora, spokesman for Mr. Temer said
paign illustrates the pro- sewage systems—the major- Going Places Toilet construction Houses with toilets sent his team door-to-door the administration is focused on
found challenges the country ity of village residences— India is behind in the Cumulative Percentage of total to try to persuade people to keeping the government moving.
faces in becoming a first- people worry about cleaning goal set by Prime want toilets. In October, he
120 million 60%
world economic power. Toi- latrine pits, a job associated Minister Narendra Target 110M sealed a gap in the walls of a HONG KONG
let nonuse lies at the core of with those formerly known Modi in 2014 for all school whose large, grass-
India’s most-pressing health as “untouchables.” Others Indians to use only 80 40 covered grounds had become China, Vatican Near
and development problems, don’t see the need to change. toilets by 2019 a bathroom of choice. Dozens Deal on Bishops
including the spread of bac- “I like to take a walk,” marched to his home in pro-
teria and viruses, diarrheal said Luv Nishad, 35, a la- 40 20 test, wielding water buckets The head of the Roman Cath-
deaths and childhood stunt- borer in Nagar village, “and Note: Fiscal year ends they carry for outside duty. olic Church in Hong Kong sig-
March 31 of the year shown
ing. It risks the safety of do my business away from 0
They demolished the wall. naled that the Vatican and Bei-
*Starting October 2014 0
women who must go outside where we sleep and pray.” †Year-to-date Saradhu Dhivar, 57, an un- jing are nearing an accord over
in the dark. Since the 1980s, thou- Source: Government of India FY’15* ’16 ’17† ’19 ’14 ’15 ’16 ’17† employed villager, said his how Chinese bishops are picked,
The program has added 33 sands of toilets built by suc- THE WALL STREET JOURNAL. food entitlements were with- a key step toward normalizing
million new household toilets cessive governments were held for a month until he built ties.
since 2014—a faster pace never used. Mr. Modi’s before 2019, the year Mr. The council threatened to a toilet. It took days “to get Cardinal John Tong expressed
than before—but is still fall- “Clean India” initiative, Modi would seek re-election. stop giving toiletless resi- used to this style,” he said. optimism that Rome wouldn’t
ing behind its goal of reaching launched in 2014, was meant Many of them, short-staffed dents the jobs and subsi- Recently, teams of women compromise on religious princi-
110 million in 2019. Villages to change that. and ill-equipped, are coerc- dized food guaranteed by the kept daily vigil around lakes ples in trying to resolve disputes
that are hurriedly declared But, officials and sanita- ing citizens. government. and grassy fields from 4:30 over China’s insistence on having
“ODF” aren’t always so. tion experts say, the rush to In drought-prone Anjora Mr. Modi’s top official for a.m., shouting pro-toilet slo- a state-controlled body appoint
The toilet-building frenzy show record-breaking prog- in central India, members of the initiative, Parameswaran gans and blowing whistles at local bishops. A continuing dia-
shrouds a bigger problem: ress is, in many places, lead- the village council tried to Iyer, said the government offenders. logue “implies” a shift in Beijing’s
many who get toilets don’t ing to old mistakes. persuade families to con- has made leaps in “changing “Going to the toilet has policy, he wrote.
use them. Some consider it In states controlled by Mr. struct toilets, promising a entrenched habits.” He said become very political,” said A Vatican spokesman said
impure. At times, fathers-in- Modi’s party, bureaucrats are $180 grant for completion. bureaucrats were working in Mr. Koshle. “You can’t imag- the talks with Beijing were “a
law refuse to share toilets under pressure to declare Most families wanted the “mission mode” with no ine the hostility we’ve en- work in progress.”
with their daughters-in-law. thousands of villages “ODF” money first. pressure from New Delhi. countered.” —Chun Han Wong
© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ4831

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THE WALL STREET JOURNAL.
Trump’s Governing Style Hits Hurdles
In his third week, the
president faced court
setbacks and tensions
with Congress
BY MICHAEL C. BENDER
AND REID J. EPSTEIN
WASHINGTON—President
Donald Trump had the televi-
sion on Thursday night when
an appeals court ruled his
travel ban would remain on hi-
atus. He first turned to Twitter
and vowed in all capital letters
to appeal. Then he headed to-
ward the press office just a
few steps from the Oval Office.
Dressed in a dark suit with
a blue and white tie pushed
tightly up to the top button,
Mr. Trump vowed to keep
fighting in court. Asked if he
had spoken to his attorney
general, the administration’s
top lawyer, Mr. Trump said:
“No, I haven’t.”
Well before last month’s
presidential inauguration, law-
yers working for Washington
state’s Democratic governor
and attorney general plotted
strategies to block policies
they expected from the new
Trump administration.
By the time Mr. Trump an-
nounced his travel ban, the
conversation included Demo-
cratic attorneys general from
around the country, who de-
cided to flood the courts with
challenges to the travel ban to
see which ones would stick.
Washington Gov. Jay Inslee,
a Democrat, celebrated when
the appeals-court ruling came
down Thursday. He said he
wasn’t surprised, given what
he heard in a live stream of
the deliberations. “It was
amazing to me that the presi-
dent didn’t lift a finger to offer
evidence because he thinks he
can win this thing with
tweets,” said Mr. Inslee.
Mr. Trump’s first week in
office was a storm of activity
aimed at shocking Washington,
including a ban on travelers
from seven Muslim-majority
nations entering the U.S.,
based on what the White
House says are security con-
cerns. The new president’s sec-
ond week represented some-
thing of a reset aimed at
bringing order to a chaotic
management style.
Week three showed the lim-
its of Mr. Trump’s governing
style, and it was filled with
signs that the unfettered ap-
proach that delivered him re-
peated victories on the cam-
paign trail could now be
matched by the hurdles that
are a common feature of the
U.S. political system.
On Friday, Mr. Trump told
reporters aboard Air Force One
while flying to his Mar-a-Lago
home in Palm Beach, Fla., that
the administration will wait
until “Monday or Tuesday” to
decide on a course of action in
response to the appeals-court
ruling. That means the Trump
administration won’t file an
immediate appeal to the Su-
preme Court.
Mr. Trump also said he is
considering issuing a “brand
new order” on immigration
LETTER
Continued from Page One
into the numbers area. Some
of them are rarely used be-
cause they don’t correspond
to Kazakh’s 26 sounds, she
says.
Latin letters aren’t ideal ei-
ther. Ms. Fazylzhanova has
suggested using diacritics,
marks to modify the pronunci-
ation of certain letters. Pro-
grammers prefer using several
letters for one sound to keep
the keyboard simple.
During a recent interview,
she sketched some of the op-
tions: a Q, a K with a squiggle
below it, and one with an in-
verted hat.
“Research shows that most
Kazakhs favor Q,” she says.
After declaring indepen-
dence from Russia, Kazakhstan
has promoted the use of the
national language over previ-
ously dominant Russian. Presi-
dent Nursultan Nazarbayev
says he wants to modernize
the predominantly Muslim
country of about 18 million, a
top-20 oil producer. Using the
alphabet of globalization, he
says, will help bring it into the
global mainstream.
Kazakhstan remains allied
with Russia, and Mr. Naz-
arbayev says the switch isn't a
political move. Some analysts
* * * * * *
‘It was amazing to me that the president didn’t lift a finger to offer
evidence because he thinks he can win this thing with tweets’
Washington Gov. Jay Inslee, who was among a group of Democratic officials planning opposition to the president.
but didn’t elaborate on what
the specifics might be.
The president also appeared
to backtrack on an early move
during a phone call with the
leader of China, committing to
a longstanding agreement that
the U.S. won’t recognize Tai-
wan diplomatically. Kellyanne
Conway, a senior adviser to
Mr. Trump, was counseled by
the White House for promoting
a clothing and jewelry line be-
longing to the president’s
daughter.
In Mr. Trump’s third week,
Republicans in Congress
started to show some distance
between themselves and the
White House, especially after
the president talked about po-
tential delays to revamping the
Affordable Care Act and intro-
ducing a tax overhaul. The
news took lawmakers by sur-
prise.
On Obamacare, “if it came
to the point that they want to
prolong this thing, I believe
there are enough House mem-
bers that we would send them
the legislation and he would
have to decide whether to sign
it into law or not,” said Rep.
Mark Walker (R., N.C.), chair-
man of the Republican Study
Committee, a large group of
contend Kazakhstan is looking
to temper Russia’s influence
and increase links with its eth-
nic brethren from southeast-
ern Europe to western China
who also speak Turkic lan-
guages. “It’s an effort to set a
course of development that
won’t tie its future to Russia,”
says Arkady Dubnov, a Central
Asia analyst.
When the Bolsheviks took
control of Kazakhstan in the
1920s, they replaced the Ara-
bic script with Latin letters.
Around the same time, Tur-
key’s founding father, Mustafa
Kemal Atatürk, introduced
Latin letters as part of his at-
tempt to orient his country
westward. The Bolsheviks
even considered switching the
Russian alphabet from Cyrillic
to Latin, but eventually
dropped the idea.
The Kremlin ordered Ka-
zakh and other languages of
Central Asia to be written in
Cyrillic, beginning in 1940, as
part of a campaign to tether
Soviet republics more tightly
to Moscow. After the Soviet
Union’s demise in 1991, those
ties unraveled. Uzbekistan,
Turkmenistan and Azerbaijan
switched from Cyrillic to Latin
letters.
The idea also was floated in
Kazakhstan, but dumping Cy-
rillic was a delicate matter for
a country that tilted closer to
Russia. In 2012, Mr. Naz-
IN DEPTH
conservative Republicans.
Mr. Trump’s travel ban hit a
roadblock on Feb. 3, when a
federal judge in Seattle issued
a temporary nationwide re-
straining order. The next
morning, the president took to
Twitter and attacked the
judge, James Robart, by ques-
tioning his credentials and
saying he was putting “our
country in peril.”
The president’s team feared
there was no legal strategy to
reverse the hold, and Mr.
Trump worked the court of
public opinion instead. “If
something happens blame him
and the court system,” he
tweeted on Sunday.
One senior Trump adminis-
tration official said new con-
trols have been put in place so
that executive orders receive
more vetting before they go
out.
“There was this near-death
experience,” the official said.
“People will think twice before
they act on their own.”
The freewheeling style that
has dominated the White
House under Mr. Trump stands
in contrast to the more-me-
thodical plotting by his Demo-
cratic opponents in some U.S.
states.
The use of ‘Q’ is spreading. The country’s sovereign-wealth fund launched Qazaq Air in 2015.
arbayev announced the goal of
switching, starting in 2025, as
part of a broad program to
modernize the country.
Last October, Kazkom-
mertsbank, one of the coun-
try’s largest banks, rebranded
as Qazkom with a new symbol:
a large letter Q. The bank said
the change reflected its efforts
to innovate—and its linguistic
smarts. “An alphabet based on
the Latin script is the optimal
one to reflect the phonetic
range of the Kazakh lan-
guage,” it said.
The use of Q is spreading.
Another bank changed its
After the election, Nick
Brown, the general counsel to
Mr. Inslee, the Washington
governor, put together a group
to plan the state’s defense if
the new president demanded
that Washington state turn
over personal information on
the state’s immigrants, con-
ducted raids of undocumented
people, or sought to criminal-
ize its legal marijuana market
‘There was this near-
death experience,’ one
official said. ‘People
will think twice.’
or affect the state health-care
exchange operated as part of
the Affordable Care Act.
The governor’s team in
Washington state didn’t antici-
pate Mr. Trump would forbid
entry to the U.S. from citizens
of specific countries, according
to Mr. Brown. Washington’s at-
torney general, Bob Ferguson,
however, had held internal dis-
cussions about how to respond
to a travel ban before Mr.
Trump’s inauguration.
name to Qazaq Banki in 2013.
The country’s sovereign-
wealth fund launched Qazaq
Air, an airline, in 2015.
The alphabetical upheaval
has plenty of opponents. Some
say the cost of changing signs,
updating documents and re-
training the workforce could
reach tens of millions of dol-
lars. Others complain that the
main body of Kazakh litera-
ture, written in Cyrillic, will
become indecipherable. Some
writers penned an open letter
to the president urging him to
reconsider.
“There are millions of
Saturday/Sunday, February 11 - 12, 2017 | A9
MARK WILSON/GETTY IMAGES
When Mr. Trump an- federal court in Brooklyn. Mas-
nounced the entry ban, Mr. sachusetts Attorney General
Ferguson was finishing a con- Maura Healey did the same
ference with other Democratic with an ACLU case in Boston.
attorneys general in Florida. It was Mr. Ferguson’s case—
One of the main topics they the only one against the fed-
discussed was the importance eral government on behalf of
of staying in close communica- an entire state—that won a na-
tion. tionwide stop to Mr. Trump’s
When Mr. Ferguson arrived executive order. When the ap-
back in Seattle at noon that peals court ruled in Washing-
Saturday, he prepared to ton’s favor, Mr. Inslee cele-
launch a lawsuit as quickly as brated by doing a victory lap
possible. Aides recruited local on cable news.
business giants Amazon.com Meanwhile, in scenes remi-
Inc. and Expedia Inc. to join niscent of tea-party opposition
the lawsuit. to President Barack Obama in
“It was a very intense 72 the summer of 2009, a crowd
hours in my office,” Mr. Fergu- of about 1,000 people packed a
son said. “We were literally town-hall event in Utah, boo-
working around the clock to ing five-term Republican Rep.
get that complaint filed.” Jason Chaffetz in his own dis-
Democratic attorneys gen- trict.
eral and their aides held a se- Republican House members
ries of conference calls. They were surprised by crowds at
agreed to mount separate law- home-district events in Ten-
suits across the country. The nessee, Michigan, Colorado,
goal: try lots of different argu- Florida, Virginia and Califor-
ments to block the ban in nia.
hopes that one of them would That was only the start of a
succeed. weekend expected to put more
Minnesota’s attorney gen- House Republicans in front of
eral, Lori Swanson, joined the potentially agitated crowds.
Washington lawsuit. New York —Louise Radnofsky, Rebecca
Attorney General Eric Schnei- Ballhaus and Kristina
derman joined the American Peterson contributed to this
Civil Liberties Union’s case in article.
bated topic is the spelling of
the country’s name. Kazakh-
stan is a transliteration of the
Russian version, used in offi-
cial documents and communi-
cations during the first years
of independence. In the
mid-1990s, the country offi-
cially switched to Kazakstan,
which was supposed to be
closer to the native version,
but several years later
switched back to Kazakhstan,
says Mr. Jumaly, the political
scientist.
SHAMIL ZHUMATOV/REUTERS
A new spelling of the coun-
try’s name in Kazakh doesn’t
necessarily mean the English
version will change. But some
hope to persuade foreign
countries to adopt a new ver-
sion. “In English, the version
‘Qazaqstan’ more correctly re-
flects the essence of our state
books written in Cyrillic,” says than ‘Kazakhstan,’” the chair-
Kanat Kabdrakhmanov, a man of the country’s parlia-
writer and editor. “A whole ment, Kassym-Jomart To-
people will become illiterate.” kayev, wrote on Twitter
Already some websites of- recently.
fer texts using the Latin al- Ms. Fazylzhanova from the
phabet. Kazinform, the na- Linguistics Institute is jubilant
tional news agency, has for that her cause is getting offi-
more than a decade offered cial backing. For decades, Rus-
Kazakh news in the Latin and sian words weren't adapted
Arabic alphabets so that the into Kazakh but incorporated
Kazakh diaspora can read unchanged, including their
news from their homeland, spelling and pronunciation,
says Rafael Gafarov, the she says. “Latin script will
agency’s technical director. help Kazakhs take their lan-
Ethnic Kazakhs in China, for guage back,” she says. “Ka-
example, use Arabic script. zakh pronunciation will be re-
Still, the most hotly de- born.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A10 | Saturday/Sunday, February 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

SPORTS
HEARD ON PREMIER LEAGUE
THE FIELD
The Soccer Star Who Loves
Getting Kicked
BY JOSHUA ROBINSON

London
CHELSEA PLAYMAKER Eden
Hazard likes to rate his play with
the simplest soccer metric he can
think of. It’s even more basic than
goals or assists, which depend too
much on other people. When he
wonders whether he’s making an
impact, he has only to ask himself
one question.
Am I getting kicked?
Tiger’s 2017 Comeback “When I get a lot of kicks, I feel
really in the game,” Hazard said
Goes Back on Hold after Chelsea’s 3-1 over Arsenal.
The news on Friday wasn’t a “When people don’t touch me, that
shock but it puts the competitive means I’m not doing well, I’m no
future of Tiger Woods in even good.”
greater doubt than before: His back Chelsea’s runaway lead in the
is not healthy. He will not be play- English Premier League is one in-
ing as scheduled. dicator that Hazard’s on-field mas-
Woods announced that he is ochism is being satisfied. Chelsea
withdrawing from next week’s Gen- is nine points ahead of second-
esis Open in Los Angeles and the place Tottenham in the standings
Honda Classic in Palm Beach Gar- and Hazard has sustained more
dens, Fla., the following week. The fouls than any player in England’s
move came one week after he top division.
withdrew from the Dubai Desert The reason is his mesmerizing
Classic with back pain. style on the ball: practically
With that, a stretch of four tour- crouching as he runs, Hazard at-
naments in five weeks that was to tacks defenders head-on before
be a barometer of his ability to play bamboozling them with a change
competitively again will go down as of pace or direction. When oppo-
follows: missed cut, withdrawal, nents trip him, bodycheck him and
withdrawal, withdrawal. plow through his ankles, he knows
The former world No. 1 spurred he’s doing something right.
measured optimism with his return “It’s the biggest compliment you
to play in December, coming off can get as a player if you’re creat-
three back surgeries in two years ing and people are kicking you,”
CLOCKWISE FROM TOP LEFT: LUDVIG THUNMAN/BILDBYRAN/ZUMA PRESS; CLIVE ROSS/GETTY IMAGES; JOE SARGENT/GETTY IMAGES

and a 15-month absence from com- former Chelsea defender and NBC
petition. But the devolution of this analyst Graeme Le Saux said. Eden Hazard of Chelsea gets fouled more than any other player—and thrives on the punishment.
latest stretch raises anew the ques- “They have to break the rules in
tion of whether his body will ever order to try and stop you.” Which is a good thing, because lead La Liga in goals or assists. On the field, he looked miserable.
allow him to play on a regular basis Since Hazard arrived at Chelsea he’d be otherwise easy to miss. In The two categories he does top the “You could just see that those
again. “My doctors have advised me in 2012, no player in the Premier a league packed full of hulking charts in are successful dribbles players weren’t enjoying their
not to play the next two weeks, to League has drawn more fouls than center backs and bruising mid- and fouls suffered. It turns out the game and weren’t being given the
continue my treatment and to let the Belgian. The 418 occasions he’s fielders, Hazard is roughly the size two go hand in hand. “I try to be license to go and express them-
my back calm down,” Woods said in been harassed off the ball illegally of a gymnast at just over 5-foot-6 this kind of player, the type who selves,” Le Saux said.
a statement on his website. “This is put him more than 100 fouls ahead and weighing 163 pounds. does something when he gets the The arrival of Antonio Conte on
not what I was hoping for or ex- of the player in second place, Man- But Hazard thrives on the pun- ball,” Hazard said. Chelsea’s bench injected some joy
pecting.” chester City’s Raheem Sterling, ishment. In fact, he is the Premier The peaks and valleys of Haz- back into Hazard’s game. The trick
According to his website, who emerged the same season. League’s most effective dribbler ard’s form can be traced by how was mixing up the team’s system.
Woods’s schedule beyond the next This year has been exceptionally because of it. As he executes his often he’s being sent flying. In By switching to a 3-4-3 formation
two weeks “will be determined at a murderous for Hazard. On average, close control and wicked changes 2014-15, when Chelsea most re- early in the campaign, Conte
later date after his back is reas- he is being trucked every 28.7 of direction, he relies on the con- cently won the title and Hazard moved Hazard to a freer role
sessed.” minutes he spends on the field— tact to figure out where he’s going, was voted player of the year by his where he could run directly at op-
Woods, 41, had hoped to use imagine if someone came to your like a bat using sound waves in the peers, he was fouled 113 times — ponents more often.
this stretch to get ready for the workplace and knocked you on the dark. The position of the defend- 19 more than anyone else. But last For opponents, containing that
Masters in April. In the first of the ground every half hour. And, in re- ers, whom he will even reach for season, as his performances passion with violent play may not
four scheduled tournaments, the ality, it’s even more violent than and feel with his hands, guides sagged and his influence waned, be the most sporting way to take
Farmers Insurance Open, he ap- that since an attacking player is him into space. the number of fouls he sustained care of business, but look at what
peared relatively healthy. But from physically in possession of the ball “He’s not someone that’s look- dipped dramatically. happens to teams when they don’t.
the moment Woods teed off in for only a handful of minutes per ing to buy free kicks. He’s the op- To most players, not being Last Saturday against Arsenal, Haz-
Dubai last week, he looked uncom- game. Every moment the ball is at posite,” Martinez said. “But he en- mauled by defenders would seem ard picked up the ball two yards in-
fortable. He walked gingerly. He his feet, Hazard lives with a giant courages the contact, because then like a luxury. To Hazard, it rang side his own half, started dribbling
moved slowly. He winced and target on his back. he knows that he can get away alarm bells. The worst of his and never looked back. He beat four
sighed often. “He’s a match-winner,” said Ro- from the opponent. He’s got that swoon came during final days of different players—some of them
Woods has talked of starting berto Martinez, who manages Haz- lower-body strength that allows manager Jose Mourinho’s tenure twice—on his way to scoring one of
“chapter two” in his professional ard with the Belgian national him to hold defenders off.” at Chelsea in 2015. One of the the goals of the season.
life. Chapter one is not officially team. “When you prepare a game In that respect, Hazard is simi- most micro-managed players in “Just his raw talent in one-v-one
over, but the end seems nearer and you’ve got Eden Hazard on the lar to Neymar, the attacking wiz- the game, Hazard was constantly situations and his positioning,”
with each setback. other side, you really pay atten- ard of Barcelona and Brazil. For all being harangued to work harder Martinez said, “make him impossi-
—Brian Costa tion.” of his brilliance, Neymar doesn’t on defense or adjust his position. ble to defend.”

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

CATCH, RELEASE, REPEAT

d t
Edmonton 0s -0s <0
0s 0s
V
Vancouver C l y
Calgary
10s
40s 40s ip
Winnipeg
ttl
Seattle 20s
10s
Portland
Por
P d 30s 20s 30s
l
Helena Montreal
Bismarckk Ottawa
40s David Rollins’s offseason
Billings A t
Augusta
Eugene
Boise 20s 50s ritual involved checking the
20s 40s p / . Paul
pls
Mpls./St. Boston
Toronto
60s
area code on incoming calls
A b nyy
Albany
oux FFalls
Pierre Sioux ll k
Milwaukee Detroit
t l
Buffalo artford
Hartford and then preparing for an un-
Ch g
Chicago 40s New 70s
Reno
40s Lake
Lake City
Salt La C es Moines
Des Cleveland ew York familiar voice delivering famil-
h
Cheyenne h
Omaha Ph
hil d lphhi
Philadelphia 80s
Sacramento
Pittsburgh
g iar news: He was headed to a
di p li
Indianapolis 90s
San
an Francisco Denver Colorado
C d Topeka p i fi ld
Springfield Ch l t
Charles
Charleston
hington
gton D.C.
Washington DC new team.
Springs 100+
50s La
Las
hit
Wichita Kansas St.. Louis
Lou Louisville
Lou ill
h d
Richmond Rollins is the most
Veg
Vegas City
Nashville
h ill
60s l igh
Raleighh wanted player in baseball. Or
Los A
Ange
Angeles Charlotte
Ch l tt
Santaa F
Fe Memphis
Memph maybe the least wanted.
70s b
Albuquerque Oklahoma City C b
Columbia
San Diego Phoenix
Ph i
LLittlee Rockk Atlanta
Atl t Warm Rain A lefty relief pitcher, Roll-
Tucson El Paso i h
Birmingham ins has changed teams five
th
Ft. Worth D ll
Dallas Jack
Jackson
80s Cold T-storms
90s 80s bil
Mobile
70s
Jacksonville
times on waivers this offsea-
A ti
Austin
Houston Stationary son—a record, according to
Snow
-0s w Orleans
New Orlando
l d Stats LLC. No player since at
80s an Antonio
San Tampa
80s
0s A h g
Anchorage l l 60s
Honolulu Showers Flurries least 1993-94 has bounced
90s Miami
10s 30s 70s around like that between the
40s end of the season and before have minded, but it lasted all
Ice
the start of spring training.
Ultimate of two days until the Cubs re-
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
“At first it was funny,” Journeyman claimed him.
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 49 30 c 46 25 pc Frankfurt 45 33 pc 46 32 pc
says Rollins, who is 27 years The transactions that relief pitcher Rollins’s historically peripa-
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice old. “It’s at the point where tetic offseason is just the lat-
Orlando 81 55 s 83 60 s Geneva 44 36 c 49 34 pc David Rollins has been involved in
Today Tomorrow Philadelphia 52 40 c 46 35 r Havana 83 57 s 83 58 s its getting a little ridiculous.” est sign of the mad science
City Hi Lo W Hi Lo W this offseason:
Phoenix 79 58 c 75 57 pc Hong Kong 64 54 s 66 58 s
Anchorage 12 1 pc 12 9 c Pittsburgh 53 43 c 52 29 r Istanbul 42 36 r 43 35 pc
Rollins’s major-league ca- DATE TRANSACTION
behind rosters in Major
Atlanta 70 58 pc 73 41 c Portland, Maine 26 18 sn 32 27 sn Jakarta 86 76 t 86 75 t reer has spanned 31 games League Baseball in which
Cubs claim him from
Austin 83 59 pc 75 53 c Portland, Ore. 46 31 pc 49 33 pc Jerusalem 56 42 s 51 42 sh over two seasons, compiling a 11/18 teams are making more
Baltimore 60 46 c 60 36 r Sacramento 63 39 pc 63 38 s Johannesburg 79 58 s 82 60 s
Mariners
Boise 43 24 s 42 24 s St. Louis 69 46 c 52 30 c London 39 34 c 42 38 c
7.60 ERA for the Seattle Mar- Rangers claim him from
moves than ever.
iners. They didn’t have room 11/22 What makes Rollins’s ex-
Boston 36 25 sn 38 29 r Salt Lake City 47 25 sn 41 25 s Madrid 48 42 sh 54 47 sh Cubs
Burlington 31 22 sn 34 26 sn San Francisco 59 45 pc 60 46 s Manila 83 70 pc 82 70 pc for him after the season, so Phillies claim him from perience even more unusual is
Charlotte 71 54 pc 79 41 c Santa Fe 68 39 c 51 31 sh Melbourne 78 57 s 64 55 sh he was put on waivers—a 12/2 that all of this has happened
Chicago 45 32 c 44 23 sf Seattle 47 35 c 49 35 pc Mexico City 77 48 s 77 48 s Rangers
Cleveland 48 35 c 42 29 sn Sioux Falls 44 27 r 43 27 s Milan 45 39 sh 49 39 r process where any team Rangers claim him from without a single game being
Dallas 83 60 pc 64 50 c Wash., D.C. 65 48 c 71 39 sh Moscow 31 18 sf 21 15 sn could claim him, and he 12/21 played. He never met his
Phillies
Denver 54 24 sh 45 27 pc Mumbai 84 69 pc 86 72 pc wouldn’t have a say. teammates, or the executives
Cubs claim him from
Detroit
Honolulu
45 35 sh 42 27 c
76 66 sh 81 71 sh
International Paris
Rio de Janeiro
38
93
30 c
76 pc
49 36 i
94 76 s First, the Cubs scooped 12/23 Rangers who cut him loose.
Houston 84 66 c 82 61 c Today Tomorrow Riyadh 73 57 c 78 58 s him up on Nov. 18. Then they Rollins thought he finally
City Hi Lo W Hi Lo W Cubs designate him for
Indianapolis 56 42 c 48 25 c Rome 60 45 pc 61 45 pc put him on waivers. By Nov. 2/8 would stick with the Cubs
Kansas City 62 35 c 48 25 c Amsterdam 36 29 sn 37 29 pc San Juan 85 75 pc 83 73 sh assignment
Las Vegas 65 51 pc 67 51 s Athens 50 39 c 48 39 pc Seoul 32 20 s 35 19 s 22, he was a Texas Ranger. when he got through January
Source: Stats, LLC
Little Rock 77 60 c 66 38 c Baghdad 67 44 s 65 44 pc Shanghai 44 29 s 50 33 s Less than two weeks after without getting moved. He
Los Angeles 68 52 pc 73 53 s Bangkok 91 69 s 89 70 s Singapore 87 76 sh 84 76 sh that, the Philadelphia Phillies packed up and headed to Ari-
Miami 79 65 pc 81 62 pc Beijing 47 21 s 51 26 s Sydney 102 74 s 86 65 pc
Milwaukee 41 32 c 42 26 sf Berlin 29 24 sn 33 25 pc Taipei 58 50 pc 62 54 pc snagged him. back. On Dec. 21, he was offi- zona for spring training. Then
Minneapolis 41 29 c 39 26 s Brussels 37 34 sn 45 33 pc Tokyo 48 36 s 49 37 s But when Rollins was cially a Ranger for the second on Wednesday, Chicago
Nashville 68 63 c 68 33 c Buenos Aires 79 67 pc 75 64 r Toronto 42 28 sf 36 27 sn placed on waivers once again, time in under a month. Which placed him on waivers. Again.
New Orleans 79 63 c 79 59 c Dubai 83 71 pc 80 70 sh Vancouver 44 32 pc 45 34 pc
New York City 43 38 c 40 35 r Dublin 41 37 sh 40 38 c Warsaw 24 16 sf 25 15 pc Texas decided it wanted him as a Texas native, he wouldn’t —Andrew Beaton
Oklahoma City 86 42 s 59 34 c Edinburgh 40 34 sn 39 35 c Zurich 42 31 pc 45 30 pc
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
The Method in Trump’s Tumult
By Christopher DeMuth
S
ay this for Donald Trump:
He does not shrink from
controversy. As the presi-
dent’s cabinet nominees
came under Senate ques-
tioning, several expressed clear
disagreements with their new
boss. Defense Secretary Jim Mat-
tis presented Russia as a threat;
Secretary of State Rex Tillerson
urged action on climate change;
budget nominee Mick Mulvaney
stood firm for entitlement reform.
Pundits have used these differ-
ences to portray a new administra-
tion born in disarray. Yet perhaps
we are witnessing something else.
Such frankness from cabinet nomi-
nees is a refreshing departure from
the customary spectacle of officials
robotically repeating their talking
points. President Trump has not
only picked extraordinarily capable
men and women, he has self-assur-
edly encouraged them to speak
their minds. “I want them to be
themselves,” he tweeted, “and ex-
press their own thoughts, not
mine!”
President Trump may be redis-
covering a venerable method of
leadership that has been forgotten
in our era of ideological messag-
ing. Rather than viewing disagree-
ment as a problem, previous
American leaders wielded it as a
tool. They surrounded themselves
with highly accomplished, strong-
minded advisers, and used vigor-
ous debate among them to gener-
ate fully considered options for
confronting the intractable prob-
lems of the day.
A raucous cabinet can be
an asset. Some of the best
presidents, including
Washington, wielded
disagreement as a tool.
The method was invented by
George Washington, as the histo-
rian David Hackett Fischer ex-
plains in his book “Washington’s
Crossing.” As a young man Wash-
ington had observed the hierar-
chal, autocratic leadership of the
British military in the French and
Indian War. But he realized early
in the Revolutionary War that
those methods were unsuited to
his task. The American forces
were fractious, culturally diverse
amateurs, and the war required
constant extemporizing.
This led Gen. Washington to de-
vise a new form of war council. In-
stead of handing down battlefield
assignments, it was devoted to
hearing out impassioned argu-
ments over strategy and tactics
among officers of distinct back-
grounds and inclinations. Wash-
ington listened and asked probing
questions. When he made his
eventual decision, everyone under-
stood why, and knew that it took
full account of the risks and un-
certainties that their deliberations
had revealed.
Prof. Fischer extended his anal-
ysis to the presidencies of Wash-
ington, Abraham Lincoln and
Franklin D. Roosevelt in a 2006
lecture at the American Enterprise
Institute (available at C-Span.org).
Washington’s first term had him
once again navigating uncharted
territory with everything at stake.
Vice President John Adams, Secre-
tary of State Thomas Jefferson,
Treasury Secretary Alexander
Hamilton, and congressional ally
These Minnesota Workers Want Nothing to Do With the SEIU
Patricia Johansen
says the union first
began badgering
her—and frightening
her—in 2014. Ms. Jo-
hansen is a personal-
care assistant who
CROSS
COUNTRY spends her days
tending to her dis-
By Matt
abled granddaughter.
Patterson
She lives in Minne-
sota, where a state-
run program, called PCA Choice, pays
qualified assistants a modest Medic-
aid subsidy to help ease the burden
of caring for loved ones.
In 2013 Gov. Mark Dayton signed a
law that declared personal-care as-
sistants—some of whom, like Ms. Jo-
hansen, care for their own family
members—to be public employees,
but only for purposes of collective
bargaining. For the Service Employ-
ees International Union this was an
opportunity to expand its reach. Mr.
Dayton essentially had given the
SEIU a green light to unionize these
assistants.
Then Ms. Johansen says the phone
calls started, encouraging her to vote
“yes” in a coming unionization elec-
tion. Organizers also showed up at
her door. She describes them as
* * * *
OPINION
James Madison were among the
greatest men of the age. They rep-
resented key constituents of
American society, politics and phi-
losophy. Washington made cre-
ative use of the conflicts among
them, notably in the debates over
whether the federal government
should assume state war debts
and establish a national bank—as
celebrated in Lin-Manuel
Miranda’s musical “Hamilton.”
Washington’s studied aloofness
permitted opinion to mature in
Congress and the states, allowed
new coalitions to form, and led to
serviceable compromises on what
had been impossibly divisive prob-
lems.
Lincoln and FDR adopted simi-
lar methods in similarly grave
and momentous times. Lincoln’s
cabinet included eminent political
opponents—the aggressively con-
niving “team of rivals” of Doris
Kearns Goodwin’s study—whom
the president encouraged to dis-
agree while he listened intently.
FDR fomented competition within
highly diverse cabinets and aca-
GETTY IMAGES
demic “kitchen cabinets” that in-
cluded prominent Republicans
such as Henry Stimson.
Both presidents eschewed ideol-
ogy for simple, overarching princi-
ples—for Lincoln, human equality
and preservation of the union; for
Roosevelt, fairness and freedom
from fear and want. This pre-
served tactical flexibility. Lincoln’s
motto was “my policy is to have
no policy,” while FDR shifted un-
predictably from left to right and
back again. Both were secretive
and manipulative, and kept friends
and foes guessing until the mo-
ment to act was nigh—sometimes
at their own instance (the Emanci-
pation), sometimes at the instance
of others (Pearl Harbor and Hit-
ler’s declaration of war).
The methods of Washington,
Lincoln and FDR have sometimes
been adopted by their successors.
Richard Nixon, in his early years,
orchestrated intense, often fruitful
debates over foreign, domestic
and fiscal policy among the bril-
liant professoriate he had assem-
bled: Henry Kissinger, Daniel Pat-
rick Moynihan, Arthur Burns,
George Shultz, Paul McCracken
and Herbert Stein.
Ronald Reagan, at once a liber-
tarian conservative and political
pragmatist, was thoroughly com-
fortable with the clash of ideas.
Early in his first term, he was con-
fronted by a reporter with pur-
portedly scandalous rumors: Sec-
retary of State Alexander Haig and
Secretary of Defense Caspar Wein-
berger had been arguing openly in
front of him. Reagan’s answer: Of
course—that’s their job! His pen-
chant for ending contentious
meetings with a well-rehearsed
joke or Hollywood story, to the
frequent exasperation of his inter-
locutors, was his way of standing
back and letting the disagreement
continue for a time.
Reagan was particularly adept
at maintaining independent chan-
nels of information and counsel,
so as not to become captive to
government groupthink. The clas-
sic ending for a White House deci-
sion memo is to present three op-
tions: 1) Abject Capitulation; 2)
Nuclear Annihilation; 3) the Staff
Recommendation. Not infre-
quently, Reagan would choose Op-
tion 7, an utterly different ap-
proach concocted on the side with
advice from California business
magnates or from Milton Fried-
man or Edward Teller at the Hoo-
ver Institution. The news reports
“pushy” people who tried to get into
her home to “persuade” her. This
scared Ms. Johansen, a senior citizen
who lives alone with her grand-
daughter. She says she told the union
many times that she had no interest
in joining.
In the summer of 2014 the ballots
for the union election went out to the
27,000 personal-care assistants the
SEIU claimed were in the bargaining
unit. When the results came back,
they showed a union victory: 3,543
workers voted “yes,” and 2,329 voted
“no.” Low turnout for sure, but under
state labor law the union needed only
a majority of the votes cast. Ms. Jo-
hansen doesn’t recall getting a ballot,
but she told me in December that if
she had received one, she certainly
would have voted against.
The SEIU and the state agreed on
a contract for the workers, which
went into effect the following sum-
mer. As “dues” the union would re-
ceive 3% of Medicaid payments, up to
$948 a year, from personal-care as-
sistants who opted to join.
Sometime in the fall of 2015, Patri-
cia’s son-in-law noticed that union
dues were being taken out of her
check, even though she had never
agreed to join. She was told that she
President Washington consults with Secretary of State Thomas Jefferson and
Treasury Secretary Alexander Hamilton, circa 1795.
that Reagan was “out of touch” of-
ten meant that his staff had
griped he was out of touch with
their preferences.
At the other end of the spec-
trum, the least successful modern
presidents were the insular Jimmy
Carter, who disdained disagree-
ment, and the rigid ideologue Ba-
rack Obama, who, in George Will’s
formulation, “never learned any-
thing from anyone with whom he
disagreed.” In contrast, Bill Clin-
ton enjoyed mixing it up with con-
servatives, who were often im-
pressed that the president knew
their arguments as thoroughly as
they did.
T
he two Bushes were inter-
mediate cases, both a bit too
attached to tidy lines of au-
thority. When George H.W. Bush
called off military operations
against Iraqi forces in 1991, imme-
diately after liberating Kuwait, he
was being shielded from strong
disagreement within his adminis-
tration among those who believed
Saddam Hussein’s invasion was a
strong casus belli for removing
him from power. The mistake be-
came horribly clear as soon as the
president urged Iraqis to over-
throw the dictator on their own:
Within weeks, Hussein’s troops
slaughtered tens of thousands of
civilians, displaced millions, and
committed unspeakable atrocities.
In contrast, George W. Bush’s
2007 Iraq “surge” was developed
entirely outside his administration
and strenuously opposed within it.
The outsourcing of military policy,
highly atypical of President Bush
and deep into his second term,
turned imminent defeat into a vic-
tory that advanced for the remain-
der of his administration.
Now President Trump’s leader-
ship style is unorthodox and often
unsettling. His methods, derived
from business and popular enter-
tainment rather than politics, are
in many respects unlike anything
that has come before. Yet they are
not entirely unprecedented.
He forgoes ideology for simple,
cross-partisan principles: America
First, safety from terrorism and
violent crime, better jobs and
schools for the poor and working
had supposedly signed a dues-deduc-
tion agreement, and that the union
had her card on file, with her signa-
ture. This was impossible, she in-
sisted, demanding that the SEIU send
her a copy.
When it arrived, the signature was
clearly a forgery—and a poor one at
that. Ms. Johansen is left-handed and
writes in an elegant and distinctive
Medicaid dollars as union
‘dues’? Sure, now that
home caregivers can
collectively bargain.
cursive. The card was filled out in
crude, block letters and the signature
was clumsy. She faxed the union of-
fice a notarized copy of her driver’s
license, and then demanded her
money be returned and the deduc-
tions stopped. The union wrote back:
“Although our investigation of this
matter was inconclusive we have de-
cided to refund all of your dues.”
How nice.
Another personal-care assistant,
who asked that her name be withheld
Saturday/Sunday, February 11 - 12, 2017 | A11
class, defiance of self-serving
elites. He has filled his cabinet
with people of proven talent, in-
cluding erstwhile opponents Ben
Carson and Rick Perry, and named
a diversified team of White House
advisers. Mr. Trump cultivates in-
dependent sources of information
and is unlikely ever to become
captive to his staff. He is unpre-
dictable and uses his talent for
drama to keep allies focused and
opponents distracted.
Most of all, President Trump is
comfortable with controversy and
dissent, indeed often incites them
to advantage. His tweets and pro-
nouncements can be outrageous
and overstated—Up to a point,
Lord Copper!—but they demon-
strate a healthy skepticism toward
ossified orthodoxy and, critically,
are designed to stimulate debate
rather than close it down.
For instance, global warming is
not a “hoax,” as Mr. Trump has
said. But the public and scientific
debates over climate change have
involved several hoaxes, one of
which is the deliberate conflation
of causation, degree, consequence
and policy response. Several of the
president’s officials are now pro-
pounding the more nuanced view
and disentangling the critical dis-
tinctions. Deliberation on an im-
portant, complicated problem is
opening up.
The result may be similar with
the fracas over Russian email
hacking during the election cam-
paign. Mr. Trump’s attacks on the
official intelligence report, and his
mischievous nod to WikiLeaks,
helped show how overcentralized
and fragile America’s intelligence
establishment has become. It is in-
deed “politicized,” in the sense of
being organized, at the top, by
consensus-seeking committees. It
employs bureaucratic verbiage to
mask conflicts of fact and inter-
pretation. It is increasingly vulner-
able to unfiltered information
from the outside, leaked or other-
wise. We shall see what President
Trump does with a system that
asks him to make decisions based
on distinctions between “proba-
ble” and “highly probable” intelli-
gence estimates, while Stephen
Bannon scours the internet for
for fear of retaliation, described sim-
ilar union harassment around 2013
and 2014. The 29-year-old single
mother characterized the frequent
visits and phone calls as “stalking,
absolutely.” Eventually, she told one
of the union representatives that she
would be voting no when her ballot
came. It never did.
Is she certain there was no ballot?
“Positive,” she tells me. “They scared
me. I didn’t want them anywhere
near my patient or my money. I
looked for that ballot every day in
the mail. It never came.”
Nevertheless, in August of 2015
she noticed that union dues were be-
ing taken out of her pay. Although
she complained repeatedly to union
leadership, for months the dues con-
tinued to be deducted. Like Ms. Jo-
hansen, she saved her pay stubs and
correspondence and allowed me to
review them. Unfortunately, she says
she was told that a refund wasn’t
possible.
Now a group of personal-care as-
sistants, including Ms. Johansen, are
waging a legal battle to decertify
the SEIU. Their coalition, called MN-
PCA, has already collected authori-
zation cards from over 4,500 work-
ers, according to Doug Seaton a
second opinions and counterfactu-
als.
Mr. Trump’s zest for debate and
willingness to defer to subordi-
nates (as he did to Mr. Mattis on
the question of rough military in-
terrogations) make him more
transparent than his predecessors.
He is not sphinxlike but garrulous
and opinionated, not a raconteur
but always smack in the argument.
So far, he has been adept at indi-
cating when the time for talk is
over, as when he shut down the
Republican debates over Obama-
Care “repeal and delay” and the
House’s overhaul of its ethics of-
fice. That suggests he will be deci-
sive in informing subordinates
when the moment has arrived to
stand together. Time will tell,
though, how he adjusts to rever-
sals and instances of “mistakes
were made,” such as the sloppy
immigration executive order,
which was a mistake, precisely, of
inadequate internal ventilation.
The focus, for now, should be
on the quality and diversity of
views that inform President
Trump’s decisions. For instance,
his intelligence reforms are off to
a good start but will encounter
fierce bureaucratic resistance. Suc-
cess will require pertinacious lead-
ership from the White House. A
key indicator will be whether the
hard, granular conflicts, coming
from agencies with radically dif-
ferent methods and assumptions,
make it into the Oval Office with-
out being homogenized by the di-
rector of national intelligence.
A complementary step would be
an official, proactive WikiLeaks
initiative. As Mary Graham shows
in her forthcoming book “Presi-
dents’ Secrets,” government classi-
fication is used routinely to con-
ceal blunders, protect careers and
buttress agency prerogatives. Over
the years, many official declassifi-
cation projects have come to
naught. Nota bene, Mr. Trump: the
president can declassify docu-
ments himself.
M
r. Trump should also bring
a top economist or two
into the White House, to
balance and challenge the views of
the financiers, business executives
and political activists he has al-
ready assembled. Economics can-
not do all the things practical men
would like it to, but it is a highly
developed discipline with many
useful insights. Such as: A tax on
imports is a tax on exports. And:
Markets compensate for policy
changes, always reducing and
sometimes repealing the effects
that had been hoped for. More-
over, the consequences of Presi-
dent Trump’s bold tax, trade and
regulatory initiatives will eventu-
ally be measurable. That will lead
to a new round of debates, more
empirical than the ones we are
having today. Economists will be
better equipped than anyone to
analyze and interpret the data for
the president and for the rest of
us.
Competition of ideas is a
strength of democracy, not a
weakness, not only in politics but
in government itself. Although
President Trump has his differ-
ences (of course!) with Lin-Manuel
Miranda, he should take heart
from the percussive arguments be-
tween Hamilton and Jefferson and
the tradition of creative disputa-
tion that President Washington in-
augurated.
Mr. DeMuth is a distinguished
fellow at Hudson Institute.
Minneapolis attorney representing
the group. Mr. Seaton hopes that the
state Bureau of Mediation Services
will accept the cards as sufficient
showing to trigger another secret
ballot election. Mr. Seaton began
submitting the cards in December,
and he hopes the state will quickly
render a decision.
If labor authorities “don’t fully ad-
dress these concerns,” Mr. Seaton
says he will take these stories—the
missing ballots, the forged signa-
ture—to district court in a lawsuit
against the SEIU. The union has de-
nied any wrongdoing.
This is a case that ought to inter-
est Washington. The same tactic of
unionizing home-health workers is
playing out in at least nine other
states. That’s something worthy of
concern from the Trump administra-
tion—and Congress. A law to pre-
vent Medicaid funds from being
used as union dues would be a
strong measure for assistants like
Ms. Johansen, from a president who
has promised to protect American
workers.
Mr. Patterson is executive director
of the Center for Worker Freedom at
Americans for Tax Reform.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A12 | Saturday/Sunday, February 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Trump’s Judicial Debacle Big Brother Is Back, But Who Is Big Brother?

P
resident Trump’s immigration executive But the reach of that 5-4 decision was at least Regarding Joseph Rago’s “Big- into hyperpanic mode over possible
order has been a fiasco from the start, cabined to habeas corpus, not a general license League Brother Is Watching, Say Or- abuse of state power. America’s con-
well’s Unlikely New Fans” (op-ed, Feb. servatives, if not President Trump,
but the damage is spreading as a federal to extend constitutional rights willy-nilly to
2): George Orwell’s criticism is of Sta- want a smaller and more contained
appeals court on Thursday de- noncitizens. With the Boume- linism, a dictatorship of the left. Pres- federal government, an agenda that is
clined to lift a legal blockade. The botched order has diene precedent as a weapon, ident Trump may have “alternative the best immunization against totali-
Now the White House order
has become an opening for
given judges a chance to the Ninth Circuit decision
jeopardizes core executive
facts,” but far more Orwellian has
been the left’s generation-long, very
tarianism.
BRIAN DOUGLAS
judges to restrict the power of restrict executive power powers over national security. successful attempt to define for oth- Norfolk, Va.
the political branches to con-
duct foreign policy.
over national security. Unelected judges are inviting
themselves to serve as policy
ers how to speak about subjects.
What you might want to say is irrele- The proletariat saw through the
The Ninth Circuit Court of makers who supervise foreign vant (more likely, sexist, racist, xeno- lies of newspeak in the fall of 2016
Appeals upheld a Seattle affairs, and where that im- phobic), unless you use PC language, and elected someone who speaks
judge’s nationwide temporary restraining order pulse stops nobody knows. but in so doing, you’ve handed the PC plainly and truthfully. The seminal
Stalinists not just a victory, but the scene in Orwell’s book pointing to-
against the refugee pause and travel suspension The panel notes repeatedly that the Justice
battlefield, the weapons—really ev- ward society’s salvation is the
from seven countries with heightened terrorism Department submitted “no evidence that any erything. If you can only discuss what woman hanging her wash. Long live
risks. The court ruled that the government wasn’t alien from any of the countries named in the or- they want, and in their terms, we the proletariat!
likely to prevail on the merits in a suit brought der has ever perpetrated a terrorist attack,” as have achieved the goals of newspeak: DOUG DAHL
by Washington state and Minnesota. if the job of judges is to second-guess the execu- to limit thought and expression. Hilton Head, S.C.
The liberals and never-Trump conservatives tive branch. Yet last year the Department of CHAD ROSS
who’ve spent months predicting the arrival of Homeland Security reported that some 60 indi- Greenville, N.C. What a subtle but grand whopper.
American fascism are suddenly breast-beating viduals born in the seven countries on Mr. Mr. Rago says: “Reading Mr. Trump
about U.S. checks and balances. Apparently they Trump’s list have been convicted of domestic George Orwell’s ‘1984’ was right on the “1984” spectrum is not a for-
lack confidence in American institutions unless terror-related crimes since 9/11. That’s partly about Big Brother but wrong about mula for understanding. His adminis-
its identity. It’s not government, as tration more than most will feature
they’re running them. But while we opposed Mr. why Congress and President Obama singled the
Orwell concluded, but big business, ambiguity, imprecision, exaggeration
Trump’s order on policy grounds, there is rea- countries out for increased visa scrutiny. enabled by the internet. and intellectual contradiction.”
son to worry now about judicial overreach. But Justice didn’t cite these figures at oral NATHAN I. SILVER Holy Socrates! What a fine, erudite
i i i arguments, probably because the Administra- Bethesda, Md. apologia for something better ex-
Remarkably, the three-judge panel’s 29-page tion’s appeal has been as rushed and slipshod plained through a dirty, four-letter
decision doesn’t discuss the Supreme Court’s as the order itself. The secret and ad hoc draft- Antitotalitarian forces on the left word: lies. Imprecision and intellec-
Youngstown doctrine, which teaches that the ing of the new policy by aides Stephen Bannon include many who for the last decade tual contradiction? Almost as mellif-
President’s actions are most legitimate under and Stephen Miller, with no public explanation insisted upon, drafted and adopted luous as “alternate facts.”
the Constitution when the executive works in and an incompetent rollout, has created an speech codes on college campuses Wow, I’m relieved. We can now ig-
concert with Congress. The plain text of the 1952 opening that willful judges can use to exceed that codified liberal values while sti- nore what history proves happens
Immigration and Nationality Act gives the exec- their powers. fling conservative viewpoints and val- when truth becomes a plaything of
ues. Conservatives are no longer wel- its leaders. The effects are toxic and
utive exclusive authority to suspend “the entry i i i
come on many campuses as evidenced corrosive. Things rot to the core, or
of any class of alien” that “would be detrimental The Trump Administration can now appeal by the recent uproar at the University they go the way of Big Brother. Both
to the interests of the United States.” to the Supreme Court, but the wiser course of California at Berkeley where hun- bad.
The Ninth Circuit also made a hash of the im- would be to withdraw the order, which would dreds of students rioted and clashed CHRIS LEMMOND
portant limit on the judicial power called stand- make the Seattle and other cases moot. Home- with police in a successful effort to Princeton Junction, N.J.
ing. The courts are only supposed to hear cases land Security Secretary John Kelly told Con- stop a right-wing Breitbart editor
with specific and concrete injuries that they can gress this week that he regrets the order didn’t from speaking. Indoctrination and For me, Big Brother doesn’t repre-
resolve. Washington and Minnesota asserted go through the normal channels. speech suppression are go-to tools of sent our president to me, it’s the
vague and speculative harms to their public uni- The best option for Mr. Trump is to scrap the totalitarian regimes around the world character Emmanuel Goldstein. Gold-
versity systems, like being deprived of hypo- order and trust Mr. Kelly to do refugee vetting, and of the left, not the right. Con- stein is the target of the Two Min-
thetical talented immigrant students in the fu- but if the President insists on a new order than sider too that an all-powerful state is utes Hate sessions in which all citi-
anathema to conservatives. This is zens are required to watch their two-
ture. That’s not good enough under traditional at least run it through extreme vetting. Consult
one of the reasons that many don't way TV sets and work up extreme
Supreme Court standing doctrine. with Congress and security experts, and make want government to have an exclusive hatred for Goldstein, the epitome of
Instead, the Ninth Circuit panel held that Mr. sure the attorneys lock down a legal and consti- right to guns. By contrast, the left evil and the archenemy of the state.
Trump’s order violated due process, such as am- tutional replacement. wants an expansive state that will be Not participating in these sessions
ple notice of the new policy and a hearing for The alternative is a possible bloodbath at the a benevolent force for good under the can lead to visits from the secret po-
those affected. That might be true for lawful per- High Court. The best Mr. Trump can hope for right left-wing leadership. lice, torture and brainwashing.
manent residents travelling abroad, who were is a 4-4 split that would uphold the Ninth Cir- Liberals who yearn for a classless FRANK BOARDMAN
first included in the order and then excised under cuit ruling. But Justice Anthony Kennedy’s opin- society administered by an enlight- Athens, Ga.
a memo from White House Counsel Don McGahn. ion and human-rights jurisprudence are impli- ened class of government elites were
(Then they, and not the states, should sue.) cated via Boumediene, and a 5-3 defeat is more caught completely off guard by the I am glad to see new legions of
uprising of “deplorables” in 2016. people reading “1984” but doubt they
But the Ninth Circuit’s due-process claims likely, perhaps worse if Mr. Trump keeps de-
Only when those ungrateful untouch- will recognize that politically correct
even apply to some categories of foreign nation- nouncing the judiciary. ables screamed, “I’m as mad as hell speech is the doublespeak they claim
als overseas who have yet to enter the country. Presidents who tee themselves up as the mad and I’m not going to take this any- to fear.
The opinion repeatedly cites the Boumediene v. Twitter king are rarely saved by judicial mod- more!” and rebelled against the com- JOHN MCLAUGHLIN
Bush decision of 2008, when the Supreme Court esty. The Ninth Circuit ruling could be a fresh mand-and-control state did liberals go Reston, Va.
held that the enemy combatants at Guantanamo start for Mr. Trump to correct a mistake and
Bay have a right to challenge their detention by then earn a national-security victory, if he’ll
the government. take it.
Washington Ice Breaks Up, Nothing Is Stable
How to Stop Betsy DeVos Regarding Peggy Noonan’s “In
Trump’s Washington, Nothing Feels
out an Electoral College victory over
a weak and unpopular Democratic

R
Stable” (Declarations, Feb. 4): Eight candidate. Nothing felt stable in Mr.
ight on cue, a visit Friday to a Washing- publicans would “ram this nomination down the years ago when President Obama was Obama’s first hundred days in the
ton, D.C., public school by new Educa- throats” of Americans, “no matter her inexperi- launching a fast and furious progres- White House, but that was perfectly
tion Secretary Betsy DeVos was met by ence, no matter her radical views.” sive-policy surge during his first fine in 2009.
protesters blocking her en- In truth, the GOP has as- weeks in office, Ms. Noonan’s “Brac- PHIL CAMPBELL
trance and shouting, “Shame, A Congressman suggests pired at times to dismantle ing Ourselves” (Declarations, Feb. 6, Columbia, Md.
shame!” At the least, it main- the nuclear option the department, created by 2009) noted that Mr. Obama’s stimu-
tains the current standard of Jimmy Carter, since Ronald lus plan was an overreach that would It doesn’t feel stable because after
tolerance and civility for the for Education. Reagan ran for president on remoralize Republicans and let them eight years of President Obama, it
new progressive Democratic the idea in 1980. In the years back into the game. She added that isn’t stable. We are coming off two
Party. since, this most quintessen- Mr. Obama had “a talent for reviving full terms of a radical presidency in-
his enemies.” Ms. Noonan was right tending to transform America into
Perhaps catching the new shut-it-down spirit tially local function has been pulled ever further
that GOP opposition would be back in something it wasn’t founded to be.
these days, Rep. Thomas Massie, a Kentucky Re- under the control of Education Department bu- the game, but not before the Demo- EDWARD M. PERICOLO
publican, this week introduced a bill to elimi- reaucracy and its satellite support groups, with crats passed Dodd-Frank and Obama- Wrentham, Mass.
nate the Education Department. His bill has one the teachers unions always first in the protec- Care, and not before he won re-elec-
sentence: “The Department of Education shall tion line. tion, and the “remoralized” Out here in flyover country things
terminate on December 31, 2018.” Well, that For now, the Education Department lives, Republicans barely managed to eke are still calm and normal, with a cer-
would be one way to stop Betsy DeVos. and Betsy DeVos will lead it. People, like the tain amount of schadenfreude tossed
Members of Congress introduce sweeping street-based progressives, who believe the de- in for good measure.
bills like this all the time, and they are often partment’s primary purpose is to keep pay- Berkeley Shows Its Contempt JAMES P. MORGAN
Sandy, Utah
statements of policy preferences that seldom checks flowing to the teachers unions, will re- For Rights and Diversity
end up as law. For all we know, Mr. Massie’s bill main inconsolable. Our view would be to put
In stunning displays of intoler- I am glad to see movement and ac-
is meant as a wry comment on the past two Rep. Massie’s close-down bill on hold for at ance, violent protesters succeeded in tion coming from the executive in
weeks of mass mobilization against Mrs. De- least four years, while the rest of us give Mrs. shutting down the Milo Yiannopoulos Washington. Our central government
Vos’s nomination. The increasingly ineloquent DeVos a chance at making good on reforms that appearances on Jan. 13 at University seemed to move like a boa constric-
Sen. Elizabeth Warren, for example, said Re- put the students at the front of the line. of California, Davis and Feb. 1 at UC tor, a slow, cold-blooded, heartless le-
Berkeley (“Trump Questions Funding viathan that couldn’t hear the
After Unrest,” U.S. News, Feb. 3). screams of the people it was squeez-
Scott Walker’s Tuition Markdown What we are teaching on campus is
the effectiveness of mob rule. We
ing. I still have my 2016 notice from
President Obama’s IRS telling me to

S
cott Walker’s 2011 budget reforms are increase. But compare that to the reception in should be clear about what is hap- pay a fine of $650 for the crime of
now paying out what he called a “reform Madison and other college towns. pening: the suppression of speech being too poor to afford health insur-
based on a political viewpoint. The ance. I enjoy watching the “over-
dividend” in his budget proposal this UW–Madison Chancellor Rebecca Blank of the
overt justification for the appalling loaded circuits” in Washington. It is
week. The Wisconsin Governor flagship campus said in a state- behavior of the protesters is Mr. Yi- as if President Trump put jumper ca-
wants to share some of the A tuition freeze ment she was “very apprecia- annopoulos’s language, which cer- bles on the snake.
windfall with college students. stirs a campus revolt tive” of the funding increases, tainly can be offensive. But this is ALAN CULTON
Strangely enough, but then but she told the faculty in Jan- absurd. We lionize offensive speakers Chapel Hill, N.C.
maybe not, his inspiration is but not by students. uary: “It will not surprise you and performers on our campuses. To
riling up the bureaucracy that to know that I think this isn’t verify this, one can peruse the
allegedly exists to serve col- the best way to use state dol- breathtakingly violent and misogynis- Pepper ...
lege students. lars. Saving everybody a hundred dollars or so tic lyrics of Chance the Rapper, who
was received with adulation on both
And Salt
Mr. Walker froze in-state tuition at the Uni- is peanuts compared to what’s needed, which is
versity of Wisconsin in 2013, and now he’s pro- affordability for low- and middle-income stu- campuses this past fall. Check out THE WALL STREET JOURNAL
the elegantly titled “F— you Tahm
moting a 5% cut for the 2018-19 school year—the dents. We have large numbers of families for
Bout.” Clearly the selective outrage
first year-over-year cost decrease in the history whom that hundred dollars is meaningless.” over Mr. Yiannopoulos is based on
of the public university system. The Governor The UW Board of Regents has been in open his views, not his various bigotries.
suggests a state budget surplus can be used in revolt against the tuition freeze for years, view- The fact that he was unable to pro-
part to increase UW’s $6.3 billion budget by ing Mr. Walker’s concession prices as beneath ceed with his talks is a shameful vio-
$105.2 million, plus a separate $35 million to the school’s reputation and dignity. “I don’t want lation of the First Amendment.
backfill the lost tuition. to diminish the importance of tuition, but let’s PROF. ABIGAIL THOMPSON
Including the tuition freeze and next year’s not get tuition tunnel vision,” UW-System Presi- UC Davis
cut, the class of 2019 will save about $9,000 each dent Ray Cross warned last October. By the way, Davis, Calif.
relative to the trend in the decade before the the new Walker budget brings need-based finan-
freeze, when UW tuition climbed 118%. cial aid to an all-time state high. Letters intended for publication should
Nearly everybody agrees college affordability Mr. Walker’s tuition cut is a useful exercise be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
is receding and claims to be worried about stu- in truth-in-advertising for academic priorities. or emailed to wsj.ltrs@wsj.com. Please
dent debt, though woe unto the Governors who Public universities want both higher costs for include your city and state. All letters
do more than talk. Mr. Walker’s tuition discount students and more taxpayer money, and anybody are subject to editing, and unpublished
is getting a cool reception in the Republican-con- who tries to challenge this status quo is merely letters can be neither acknowledged nor
returned.
trolled state legislature because it is a spending offering “peanuts.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
What Comes After Acheson’s Creation?
DECLARATIONS
By Peggy Noonan
L
et’s step back from the
daily chaos and look at a
big, pressing question. Last
fall at a defense forum a
significant military figure
was asked: If you could wave a magic
wand, what is the one big thing you’d
give the U.S. military right now?
We’d all been talking about the ef-
fects of the sequester and reform of
the procurement system and I ex-
pected an answer along those lines.
Instead he said: We need to know
what the U.S. government wants
from us. We need to know the over-
arching plan because if there’s no
higher plan we can’t make plans to
meet the plan.
He was present at the
outset of the old order. His
insights could help our
leaders develop a new one.
This was freshly, bluntly put, and
his answer came immediately, with-
out pause.
The world is in crisis. The old or-
der that more or less governed
things after World War II has been
swept away. The changed world that
followed the fall of the Berlin Wall is
also over.
We’ve been absorbing this for a
while, since at least 2014, when Rus-
sia invaded Crimea. But what plan
are we developing to approach the
world as it is now?
I always notice that a day after a
terrible tornado hits the Midwest the
television crews swarm in and film
the victims picking through what’s
left. People literally stand where
The Ninth Circuit Ignores Precedent and Threatens National Security
By David B. Rivkin Jr.
And Lee A. Casey
T
he Ninth U.S. Circuit Court of
Appeals violated both judicial
precedent and the Constitu-
tion’s separation of powers in its rul-
ing against President Trump’s execu-
tive order on immigration. If the
ruling stands, it will pose a danger to
national security.
Under normal rules of standing,
the states of Washington and Minne-
sota should never have been allowed
to bring this suit. All litigants, includ-
ing states, must meet fundamental
Under its ruling, a state
university could go
to court on behalf of
any alien, anywhere.
standing requirements: an injury to a
legally protected interest, caused by
the challenged action, that can be
remedied by a federal court acting
within its constitutional power. This
suit fails on every count.
The plaintiff states assert that
their public universities are injured
because the order affects travel by
certain foreign students and faculty.
But that claim involved no legally
protected interest. The granting of
visas and the decision to admit aliens
into the country are discretionary
powers of the federal government.
Unadmitted aliens have no constitu-
tional right to enter the U.S. In hiring
or admitting foreigners, universities
were essentially gambling that these
noncitizens could make it to America
and be admitted. Under the theory of
standing applied in this case, univer-
sities would be able to sponsor any
alien, anywhere in the world, then go
to court to challenge a decision to ex-
clude him.
It is also settled law that a state
can seek to vindicate only its own
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their house was, their neighborhood
was. In shock, they point at some
flattened debris and say, “That was
our living room.” They rummage
around, find a photo. “This was my
son’s wedding.”
That’s sort of what a lot of those
interested in foreign policy have
been doing in recent years—staring
in shock at the wreckage.
But something has to be rebuilt.
Everyone now has to be an architect,
GETTY IMAGES/BETTMAN
or a cement-pourer, or a master
craftsman carpenter.
It’s been instructive the past week
to reread a small classic of statecraft,
“Present at the Creation” by Dean
Acheson, published in 1969. As un-
dersecretary and then secretary of
state he was involved in the creation
of the postwar order.
After the war the world was in cri-
sis, much of it in collapse. “The pe-
riod was marked by the disappear-
ance of world powers and empires, or
their reduction to medium-sized
states, and from this wreckage
emerged a multiplicity of states . . .
all of them largely undeveloped polit-
ically and economically. Overshadow-
ing all loomed two dangers to all—
the Soviet Union’s new-found power
and expansive imperialism, and the
development of nuclear weapons.”
The Cold War had begun. China was
in civil war, about to fall to commu-
nism. Europe’s economy had been de-
stroyed. Europe and Asia were “in a
state of utter exhaustion and eco-
nomic dislocation.” The entire world
seemed to be “disintegrating.”
What came after the crisis was
the Marshall Plan, in which the U.S.,
itself exhausted by the war, helped
its allies, and enemies, survive and
resist communism. The objective, as
the Truman administration declared
it, was not relief but revival—spend-
ing American money to bring back
agriculture, industry and trade. New
financing was needed from Congress,
in amounts then thought impossi-
ble—hundreds of millions that be-
came billions.
rights, not those of third parties,
against the national government. The
U.S. Supreme Court held in Massa-
chusetts v. Mellon (1923) that it is not
within a state’s duty or power to pro-
tect its citizens’ “rights in respect of
their relations with the Federal Gov-
ernment.” Thus the plaintiffs’ claims
that the executive order violates vari-
ous constitutional rights, such as
equal protection, due process and re-
ligious freedom, are insufficient be-
cause these are individual and not
states’ rights.
Even if states could articulate a
concrete injury, this is not a case in
which the courts ultimately can offer
redress. The Constitution grants Con-
gress plenary power over immigra-
tion, and Congress has vested the
president by statute with broad, non-
reviewable discretionary authority to
“suspend the entry of all aliens or
any class of aliens . . . he may deem
to be appropriate” to protect “the in-
terest of the United States.” Numer-
ous presidents have used this author-
ity to suspend entry of aliens from
specific countries.
Further, as the Supreme Court ex-
plained in Knauff v. Shaughnessy
(1950), the authority to exclude aliens
“stems not alone from the legislative
power but is inherent in the executive
power to control the foreign affairs of
the nation.” In issuing the order, the
president was acting at the apex of his
authority. As Justice Robert Jackson
noted in Youngstown v. Sawyer (1952):
“When the President acts pursuant to
an express or implied authorization of
Congress, his authority is at its maxi-
mum, for it includes all that he pos-
sesses in his own right plus all that
Congress can delegate.” That point the
Ninth Circuit ignored entirely.
The order, frequently mischarac-
terized as a “Muslim ban,” is actu-
ally directed at seven countries that
the president believes present a par-
ticular threat to U.S. security—a
view with which Congress agreed in
2015. All are beset by terrorists and
so uncertain and chaotic that proper
Robert Thomson
Chief Executive Officer, News Corp
William Lewis
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Mark Musgrave, Chief People Officer;
Edward Roussel, Innovation & Communications;
Anna Sedgley, Chief Operating Officer & CFO;
Katie Vanneck-Smith, President
OPERATING EXECUTIVES:
Ramin Beheshti, Product & Technology;
Jason P. Conti, General Counsel;
Steve Grycuk, Customer Service;
Kristin Heitmann, Transformation;
Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International
DJ Media Group:
Almar Latour, Publisher; Kenneth Breen,
Commercial; Edwin A. Finn, Jr., Barron’s;
Professional Information Business:
Christopher Lloyd, Head;
Ingrid Verschuren, Deputy Head
OPINION
Harry Truman with Dean Acheson in an undated photo.
It was an effort appropriate to its
time. Apart from its essential good—
millions didn’t die of starvation, na-
tions such as Greece did not fall to
communism—it brought America
more than half a century of the
world’s sometimes grudging but
mostly enthusiastic admiration. They
now knew we were not only a power-
ful nation but a great people. This
was not unhelpful in times of crisis
down the road.
It is exciting at a time like this to
read of the development of a suc-
cessful foreign-policy effort from
conception to execution. And—how
to say it?—Acheson’s first-rate sec-
ond-rateness is inspiring. This was
not a deeply brilliant man, not a
grand strategist, but more a manager
who was a good judge of others’ con-
cepts. He could see facts—he had
sturdy sight—and spy implications.
He had the gift of natural confidence.
He could also be clueless: One of his
most respected aides was the Soviet
spy Alger Hiss.
But Acheson was gutsy, willing to
throw the long ball, and a first-rate
appreciator of the gifts of others. He
thought George Marshall, who pre-
ceded him as secretary of state, the
greatest American military figure
since George Washington. He is
vetting of potential refugees and im-
migrants is virtually impossible.
President Obama chose to toughen
vetting standards for these countries’
nationals rather than bar their entry
completely. But if Mr. Trump has a dif-
ferent view of the threat, it is not up
to the courts to decide who is right.
This is a classic example of a nonjusti-
ciable “political question,” involving
matters constitutionally vested in the
president and Congress.
Judges—were they adjudicating a
suit brought by a party with stand-
ing—could overturn the president’s
order if it entailed clear violations of
due process or equal protection. But
attempting to discern Mr. Trump’s
motivation in selecting these coun-
tries exceeds the judiciary’s proper
constitutional role. Judges scrutinize
Will Trump Tee Off on Japanese Cars?
Befitting a man
whose trade sensi-
tivities were fash-
ioned in the 1980s,
Donald Trump
thunders—as many
did around dinner
BUSINESS
tables back in the
WORLD
day—why doesn’t
By Holman W.
Japan buy our cars
Jenkins, Jr.
when we buy so
many of theirs? He
may even put this question to Japa-
nese Prime Minister Shinzo Abe on
the golf course this weekend.
Yet the answer is surprisingly
straightforward. Detroit car makers
haven’t made much effort to design
or produce cars for the Japanese
market, and for an excellent reason.
That reason is found in numbers.
The big three Japanese car makers
(Toyota, Honda and Nissan) produce
about 20.6 million cars a year; the
domestic Japanese market buys
about 4.9 million cars a year.
The big three German makers
(Daimler, BMW and Volkswagen) sell
about 14.8 million cars a year; the
domestic German market is worth
about 3.3 million. Hyundai and Kia
make about eight million cars; an-
nual car sales in South Korea are 1.6
million.
Now get ready for it. The U.S. Big
Three produce about 17 million cars
a year; the U.S. market is worth
about 17.6 million a year. The les-
son? U.S. car makers are the only
ones that can achieve efficient scale
while mostly focusing on their home
market. Though they certainly do
venture abroad, they’ve always had
less incentive to shoulder the costs
and risks of designing vehicles for
foreign tastes, whereas doing so
was indispensable for Japanese,
German and South Korean builders
to prosper in the long run.
That remained true even when,
with the explosion of American
prosperity and consequent diversi-
fying of American tastes, foreign
makers in the 1960s and ’70s
Saturday/Sunday, February 11 - 12, 2017 | A13
moving on the subject of Harry Tru-
man. You are lucky if you can love a
president you serve, and he did. Un-
like FDR, Truman was not devious
but plain in his dealings; also unlike
FDR, he was not cold at the core but
available. After Truman left office, a
friend of Acheson’s, visiting the new
White House, was told as a man
went into the Oval Office: “Oh, he’s
going in to cheer up the president.”
Acheson’s friend replied, “That’s
funny, in our day the president used
to cheer us up.”
Acheson: “Harry S. Truman was
two men. One was the public figure—
peppery, sometimes belligerent, of-
ten didactic, the ‘give-’em-hell’
Harry. The other was the patient,
modest, considerate and appreciative
boss, helpful and understanding in
all official matters, affectionate in
any private worry or sorrow.” Tru-
man “learned from mistakes (though
he seldom admitted them), and did
not waste time bemoaning them.”
What is inspiring about Acheson’s
first-rate second-rateness is that he’s
like a lot of those we have develop-
ing foreign policy right now.
Acheson, though he did not pres-
ent it this way, provides useful les-
sons for future diplomats in future
crises.
government motives in the domestic
context, if presented with allegations
that facially neutral governmental ac-
tion is motivated by invidious discrim-
ination. That inquiry is inappropriate
in the foreign-policy sphere.
Under the Constitution and the Su-
preme Court’s precedent, the judi-
ciary is institutionally incapable of
analyzing the complicated matrix for
foreign-policy determinations that
support such actions. Judges lack ac-
cess—or any right to demand access—
to the full range of information, clas-
sified and otherwise, available to the
president. They also lack the political
accountability that would support
taking risks with the security of the
American people.
The Ninth Circuit’s decision rep-
resents an unprecedented judicial
started challenging the U.S. makers
in their home market by building
econoboxes and entry-level family
sedans. It still made sense for the
Big Three to concentrate on their
strong suit, which to this day re-
mains their lucrative bigger vehicles
and pickups for domestic customers.
Even in our globalized economy, the
U.S. market still affords them most
of the scale they need to be profit-
able, successful auto makers with-
out investing in unpromising mar-
kets such as Japan.
Why don’t the Big
Three sell cars in Japan?
The reason is not
what you think.
But here’s where the antic med-
dlers of the U.S. Congress messed
everything up. With their fuel-econ-
omy mandates introduced in the
1970s, legislators forced the Detroit
auto makers to pit their weakness in
cheap, smaller vehicles directly
against Japanese strength. Instead
of letting the Big Three behave as
sensible businesses do and concen-
trate on product lines they can pro-
duce profitably, Congress mandated
that they build cars that made no
sense to build.
Then Congress intervened again
to make sure the Big Three couldn’t
at least shift small-car production
offshore, to take advantage of
cheaper nonunion labor to match
the cost advantage of the foreign
makers. The fuel-economy rules
were structured so that only small
cars made in domestic, high-cost
United Auto Workers factories count
as offsets to the fuel-hungry larger
vehicles and pickups that were the
Big Three’s bread and butter.
John Dingell, former congressman
from the UAW, er, Michigan, was the
longtime author and guardian of this
• Everyone’s in the dark looking
for the switch. When you’re in the
middle of history the meaning of
things is usually unclear. “We all had
far more than the familiar difficulty
of determining the capabilities and
intentions of those who inhabit the
planet with us.” In real time most
things are obscure. “We groped after
interpretations of [events], some-
times reversed lines of action based
on earlier views, and hesitated be-
fore grasping what now seems obvi-
ous.” “Only slowly did it dawn upon
us that the whole world structure
and order that we had inherited
from the nineteenth century was
gone.”
• Don’t mess things up at the be-
ginning. Acheson’s insight was that it
wouldn’t work to put forward the
Marshall Plan and then try to sell it
to the public. The way to go was to
explain to Congress and the public
the exact nature of the crisis. This,
he believed, would shock both into
facing facts. While they were doing
that, a plan to deal with the crisis
was being developed. “We could not
afford a false start.”
• Be able to see your work soberly.
Keep notes so history will know what
happened. “Our efforts for the most
part left conditions better than we
found them,” Acheson says. Espe-
cially in Europe, which was dying
and went on to live.
• Cheer up. Good things can come
of bad times, great things from
fiercely imperfect individuals.
• Even though you’ll wind up dis-
appointed. All diplomats in the end
feel frustrated over missed opportu-
nities and achievements that slipped
away. “Alas, that is life. We cannot
live our dreams.”
Still to be answered: What is
America’s strategy now—our over-
arching vision, our big theme and in-
tent? What are the priorities? How,
now, to navigate the world?
That soldier needs an answer to
his question: What do you need from
us? What’s the plan?
intrusion into the foreign-affairs au-
thority of Congress and the presi-
dent. The stakes transcend this par-
ticular executive order and even
immigration issues generally. By re-
moving restrictions on standing and
other limitations on the exercise of
judicial power, the Ninth Circuit
would make the courts the ultimate
arbiters of American foreign policy.
The ruling risks creating both a con-
stitutional and a security crisis. It
must be reversed.
Messrs. Rivkin and Casey practice
constitutional and appellate law in
Washington and served in the White
House Counsel’s Office and U.S. Jus-
tice Department during the Reagan
and George H.W. Bush administra-
tions.
provision. He knew exactly what he
was doing, though probably not five
other congressmen, out of 435, have
ever understood their role in foist-
ing a deranged, uneconomic busi-
ness model on the homegrown U.S.
auto makers.
We mention this because it is
impossible to exaggerate how
brainless and mostly unintended
are the consequences that Wash-
ington’s growing bureaucratization
inflicts on the U.S. economy. When
the crisis came in 2008, it is re-
markable how little it changed the
underlying dispensation. General
Motors and Chrysler were allowed
to dump their obligations to bond-
holders, but everything else re-
mained the same. They are still
subservient to a UAW labor mo-
nopoly, however temporarily chas-
tened by its flirtation with disas-
ter. Foreign transplants in the
southern U.S. states still enjoy a
free labor market that the Big
Three are denied. The fuel-econ-
omy rules have only grown more
perverse and Rube Goldbergesque,
though they do contain a few sly
advantages for Detroit’s pickup and
SUV business.
Only one substantial change has
come along to make this crazy ar-
rangement a mite more sustainable.
That’s the North American Free
Trade Agreement’s gradual authori-
zation of U.S. auto production in
Mexico without running afoul of
what was variously known as the
“two fleets” or “anti-backsliding”
rule—the Dingell mandate that forced
them to lose large amounts of money
building small cars in UAW-staffed
domestic factories.
Which brings us to an irony:
Judging by his tweets, Donald
Trump now means to yank this
Mexican life preserver away. He
wants to be the new John Dingell,
requiring the Big Three to build
their EPA-mandated, money-losing
small vehicles in U.S. plants. Plus ça
change, the French would say.
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BUSINESS AMAZON’S BRA BET B3
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DJIA 20269.37 À 96.97 0.5% NASDAQ 5734.13 À 0.3%
Vanguard’s New Mark: $4 Trillion Europe
Index-fund trailblazer
benefits from savers’
shift to low-cost
investment products
BY SARAH KROUSE
Indexing pioneer Vanguard
Group has climbed to $4 tril-
lion in assets for the first
time, accentuating a loss of
faith among investors in tradi-
tional money managers who
handpick stocks.
The record of $4.048 tril-
lion, reached at the end of
Faith, Trust
And a Bit
Of Healthy
Vigilance
Even if the government
stops pushing retirement ad-
visers to act in your best in-
terest, many have already
decided to do so—or con-
vince you that they are.
On Feb. 3, the White
House ordered the Labor De-
partment to
review its
rule on fidu-
ciary duty,
which would
require bro-
THE kers getting
INTELLIGENT paid to pro-
INVESTOR vide invest-
JASON ZWEIG ment advice
on a retire-
ment ac-
count to act solely in the
best interest of the client.
Five days later, a federal
judge in Texas rejected a le-
gal challenge to the Labor
Department’s rule.
The Labor Department’s
new rule is scheduled to take
effect in April, although nu-
merous private lawsuits and
the Trump administration’s
own directive might derail it.
But the word “fiduciary” is
already becoming a promo-
tional bonanza for brokers
and financial advisers. Inves-
tors have to be more vigi-
lant—not less—now that just
about everybody in the fi-
nancial industry is scamper-
ing to say “I’m a fiduciary.”
Calling oneself a fiduciary
is easier than living up to
the standard.
A fiduciary—rooted in the
Latin words “fides” (faith)
and “fiducia” (trust)—must
act prudently, disclose all
relevant information, elimi-
nate as many conflicts of in-
terest as possible and dis-
close any that remain.
Registered investment ad-
visers must function as fidu-
ciaries. Stockbrokers, insur-
ance agents and other
salespeople generally haven’t
had to. A broker could sell
you his own firm’s mutual
fund, for instance, without
belaboring the fact that it
would cost you a boatload
more than an index fund
from Vanguard Group. Or an
insurance agent could flog
an annuity without mention-
ing that if she sold three
more of them that month,
she would get a free trip to
Maui.
The business approach of
some registered investment
advisers suggests a strained
interpretation of the term
“fiduciary.”
The Financial Industry
Regulatory Authority, which
tracks financial designations,
already lists four that in-
clude the word “fiduciary.”
Such titles, which often are
industry-created and which
many financial advisers use
to impress clients, tend to
proliferate in response to
marketing demands.
The home page on the
website for one such desig-
Please see FAITH page B7
BIGGEST 1,000 STOCKS B5 | MARKETS DIGEST B6 | RETIREMENT REPORT B7
* * * * **
STOXX 600 367.39 À 0.2%
January, follows a year when
Vanguard’s funds pulled in
more new money than all of
its competitors combined, ac-
cording to one industry total.
Of the $533 billion of net
flows into all mutual funds
and exchange-traded funds
last year, 54%, or $289 billion,
went to funds managed by
Vanguard, according to re-
search firm Morningstar Inc.
The fund company’s own tally
for the year was even higher,
at $322.8 billion.
The rush to Vanguard is
largely the result of a push to
embrace funds that mimic
Peter Eastwood, at left, was hired by Berkshire Hathaway Chairman Warren Buffett to create a new property-casualty insurer.
Sure Hand Steers a Berkshire Bet
A former AIG executive is leading the conglomerate’s specialty-insurance foray
BY NICOLE FRIEDMAN
Peter Eastwood likes to
say that a new insurance
company he started is “not
entitled to anybody’s busi-
ness.” He also has an advan-
tage that most don't: the
backing of Warren Buffett.
The billionaire hired Mr.
Eastwood and three other
American International
Group Inc. executives in
2013 to create a new prop-
erty-casualty insurer. It
marked Berkshire Hatha-
way’s foray into some types
of commercial insurance and
put the conglomerate into
direct competition with gi-
Greenberg Settles Civil-Fraud Allegations in AIG Case
BY LESLIE SCISM
Maurice “Hank” Greenberg
struck a $9 million settlement
to resolve 12-year-old civil-fraud
allegations brought against him
by New York’s attorney general
tied to when he ran American
International Group Inc.
The government originally
had sought billions in damages.
The mediated settlement
enables the 91-year-old to end
litigation that capped a long
career at AIG in which he built
the company into a global
powerhouse. Mr. Greenberg
ran AIG for nearly 40 years
before being pushed out in
2005 as a probe by then-New
York Attorney General Eliot
Spitzer was under way.
Mr. Greenberg’s longtime
lawyer, David Boies, said in an
interview that, in settling, his
client “is not acknowledging
anything improper.”
New York’s current attorney
general, Eric Schneiderman, is-
sued a news release late Friday
with a headline saying Mr.
Greenberg “Admits to Initiating,
THE WALL STREET JOURNAL.
10-YR. TREAS. g 4/32 , yield 2.409%
broad indexes for a fraction of
the cost of traditional actively
managed mutual funds. Van-
guard, which started the first
index mutual fund for individ-
ual investors 40 years ago, is
No. 2 in the asset-management
world behind New York-based
BlackRock Inc., another
money-management giant ben-
efiting from shifting investor
tastes.
BlackRock topped $5 tril-
lion in assets late last year for
the first time. It has a larger
international business than
Vanguard.
Rival firms who have long
ants like AIG, shocking many
in the tightknit specialty-in-
surance industry.
It didn’t take long for the
50-year-old Mr. Eastwood to
win Mr. Buffett’s praise.
Berkshire Hathaway Spe-
cialty Insurance turned a
profit within 15 months and
wrote $1.3 billion in premi-
ums last year, making it a
notable but not massive
player in the industry. It has
805 employees in 10 coun-
tries.
“I would have expected us
to lose money for a couple of
years, but instead we’ve had
a very good underwriting
profit,” Mr. Buffett said.
Participating and Approving
Two Fraudulent Transactions.”
Mr. Greenberg admitted to his
involvement in the transactions,
Mr. Boies says, but not in fraud.
He has said he relied on advis-
ers in making the decisions.
In a statement Friday, Mr.
Greenberg said that as a result
of the transactions, AIG’s fi-
nancial statements “inaccu-
rately portrayed the account-
ing, and thus the financial
condition” of the company in
two areas. Reached by tele-
phone, he said he was glad the
case was finally resolved, say-
ing, “there was no wrongdo-
ing.” He said he had wanted
mediation for some time.
The state’s allegations per-
tain to a pair of financial trans-
actions that the state alleged
were designed to deceive
shareholders by making AIG’s
results appear rosier than they
were. One of them involved bol-
stering AIG’s claims reserves,
which some investors monitor
closely for signs of health of an
insurance company.
Mr. Greenberg and the attor-
OIL $53.86 À $0.86
been synonymous with their
star pickers of stocks and
bonds have been hurt by years
of subpar performance and
relatively high fees. Investors
pulled a net $340.1 billion
from U.S.-based actively man-
aged funds last year, according
to Morningstar, while pouring
a record $504.8 billion into
U.S.-based passively managed
funds.
Active management re-
mains a high-margin business.
And with many investors loath
to switch funds for reasons
from tax concerns to inertia,
firms can continue to earn
“You’ve got to give Peter ter-
rific credit for it.”
Mr. Eastwood’s jump to
Berkshire and subsequent
hiring of other AIG employ-
ees caused some tension.
AIG stopped buying new re-
insurance from Berkshire af-
ter BHSI opened, in line with
AIG’s effort to work with
fewer reinsurers and not do
business with competitors.
The two companies also
agreed that Berkshire
wouldn’t poach any AIG em-
ployees for a year.
Since then, relations be-
tween the two companies
have improved. Earlier this
year, AIG paid Berk-
Maurice “Hank” Greenberg built AIG into a global powerhouse.
ney general’s office agreed to
mediation late last year as the
long-delayed trial, in a state
court in lower Manhattan, was
in a middle stage. Testimony be-
gan in September, and the state
wasn’t through laying out its ev-
idence, after about 16 partial
and full days in court, when it
paused for the settlement talks.
MARKETS GREEK BOND SQUEEZE B10
Saturday/Sunday, February 11 - 12, 2017 | B1
GOLD $1,234.40 g $0.70 EURO $1.0642 YEN 113.20
hefty profits even as interest
in indexing picks up. At the
Sees Rare
Sight:
same time, signs of retrench-
ment are emerging in the
business.
Profits
Mutual-fund firms last year
started the fewest new U.S.-
based actively managed mu-
tual funds in 14 years, accord-
ing to Morningstar. The
amount of funds liquidated or BY MIKE BIRD AND ERIC SYLVERS
merged was the highest since
2009. European companies are
“It signifies how popular posting their first rise in earn-
passive investing has become, ings in four years, giving local
that investors are increasingly stocks a boost and promising
more comfortable paying less further gains for markets.
Please see FUNDS page B2 Analysts and investors, for
once, believe the rise in earn-
ings has solid foundations and
that equity valuations are
cheap compared with the U.S.
Among companies that
have reported results at firms
in the blue-chip Euro Stoxx in-
dex, about half so far, earnings
are up 5.05% in the fourth
quarter compared with the
same period 12 months earlier,
according to data from Fact-
Set. That is the first annual
rise since 2012, and the stron-
gest in five years.
5.05%
Rise in fourth-quarter earnings
for blue-chip European companies
Stagnant and shrinking
profits have dragged on Euro-
pean equity markets as far
back as the financial crisis.
The Euro Stoxx index has re-
turned around 17% in dollar
ROB TANNENBAUM
terms in the past four years, a
period during which the S&P
500 has returned 65%.
Earnings per share in the
eurozone are still about a fifth
below 2011 levels, and a third
below their early 2008 peak.
“In the last few years a lot
of people started with earn-
ings forecasts at 10% or 12%
[annual growth] and down-
graded them” as the quarterly
results trickled out, said Philip
Dicken, head of European eq-
shire roughly $10 billion to uities at Columbia Threadnee-
take responsibility for some dle Investments. This year, Co-
AIG insurance claims if they lumbia Threadneedle has
run unexpectedly high, the upgraded its expectations
biggest-ever deal of this type from 5% to 10% earnings
for either company. growth, he said.
The son of Rhode Island Investors had been pulling
public-school teachers, Mr. money out of the region.
Eastwood said he struggled Last year, European equity
in high school and spent funds recorded outflows of
more than two years after around $100 billion, according
graduation driving a forklift to information from data-pro-
in a paper-products ware- vider EPFR Global. Those out-
house. It was a formative ex- Please see EUROPE page B2
perience, he said.
INDEX Heard on the Street.............. B12
“I didn’t work as hard as I Bond Tables................................... B4 Markets Digest............................ B6
should have and needed to in Cash Prices..................................... B9 Money Rates................................. B9
high school,” Mr. Eastwood Currencies........................................ B6 Mutual Funds............................ B10
Dividend News............................ B8 New Highs & Lows................... B8
said. But 10-hour days in the Exchange-Traded Funds...... B9 Stock Listings............................... B5
Please see INSURE page B2 Futures.............................................. B4 Weekend Investor..................... B7
For much of the time, Mr.
Greenberg spoke softly and
calmly, frequently telling the
state’s lawyers that he
couldn’t recall the specifics of
meetings and conversations
from so long ago. He got testy
a few times when the lawyers
pushed hard for recollections.
Mr. Greenberg had phoned
the chief executive of Berk-
CHRIS GOODNEY/BLOOMBERG NEWS
shire Hathaway Inc.’s General
Re unit to initiate one of the
two transactions. That “rein-
surance” deal boosted AIG’s
reserves at a time some ana-
lysts and investors were con-
cerned about whether the lev-
els were sufficient, but the
state said they had no other
obvious economic purpose.
Berkshire wasn’t named as a
The mediation was over- defendant in the lawsuit.
seen by Kenneth Feinberg, an AIG itself faced allegations
attorney who specializes in al- of accounting improprieties. In
ternative dispute resolution. 2006, it agreed to a $1.6 billion
The elderly Mr. Greenberg pact with the Securities and
testified for six days last fall, in- Exchange Commission and
cluding long stretches of tough New York authorities. It earlier
questioning by the state as at- had restated prior earnings, in-
torneys walked through details cluding changing the account-
of the long-ago transactions. ing for the two transactions.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Saturday/Sunday, February 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Fidelity Investments..B2 P
Alphabet ................ B3,B4 Ford Motor..................B3 Polaris Industries.......B2
Amazon.com ............... B3 G PVH..............................B3
American International General Motors...........B3 R
Group.........................B1
H Raytheon.....................A5
Apple...........................B4
Argo AI........................B3 Harley-Davidson ......... B2 Reckitt Benckiser
Hartford Financial Group.......................B11
B Services Group ......... B4 S
Bayer...........................B3 H&R Block.................B10
BBK Electronics..........B4 Samsung Electronics..B4
Hughes Aircraft..........A5
Bell Labs.....................A5 Sears Holdings......A2,B3
I-L
Berkshire Hathaway...B1 T
BlackRock....................B1 Intuit ......................... B10
Kmart .......................... B3 Target..........................B3
Blucora ...................... B10 Tesla............................B3
Boeing.........................A5 L Brands......................B3
Turing
Bouygues...................B10 M Pharmaceuticals.....B11
C Marathon Twitter ........................ B4
PharmaceuticalsA1,B11
Carrefour...................B10
Mead Johnson
U
Credit Karma.............B10 Uber Technologies ...... B3
Nutrition...................B3
CSX..............................B3 Unilever.....................B10
Merck...........................B3
E Microsoft.....................B4 V
Exane BNP Paribas.....B3 Morningstar................B1
Valeant Pharmaceuticals
F N International...........B11
Federal Reserve...A1,B11 Nintendo....................B11 Vanguard Group..........B1

SCOTT OLSON/GETTY IMAGES

INDEX TO PEOPLE
A Harvey, Louis..............B7 Roper, Barbara............B7
Aronin, Jeffrey..........B11 Hilal, Paul....................B3 Rosenbluth, Todd........B2
K Rosen, Harold Alvin...A5 Workers put the finishing touches on a Victory Gunner motorcycle on the Polaris Industries assembly line in Iowa in 2014.
B

Motorcycle Maker Seeks to Shift

Kang, Tom...................B4 S
Buffett, Warren..........B1
Kapoor, Rakesh...........B3 Salesky, Bryan............B3
C
Katz, Deena.................B7 Schattner, Robert.......A5
Cohn, Gary .................. A2
Kuebler, Jacob.............B7 Servitje, Lorenzo........A5
D Shkreli, Martin..........B11
BY BOB TITA road prices. Its sales shrank pany’s off-road vehicles. Ana-
M after the Indian brand hit the Stuck in Low Gear lysts say pulling Victory’s
Daniel Tarullo......A1,B11 Stent, Jeff...................B3
Mangohig, Rosylen...B10 The race for young riders is market in 2013, but its youn- U.S. motorcycle sales have sales numbers into the Indian
Dowding, Mark..........B10 V posing a major test to Polaris ger customer base remains brand is critical for Polaris to
Mogherini, Federica....A7 lagged since the recession.
E Muehlbronner, Vamvakidis, Industries Inc.’s motorcycle key, especially as baby boom- keep up production volumes
business after years of rapid ers age. Polaris must now con- 1.0 million motorcycles and make up for the lower
Eastwood, Peter.........B1 Kathrin ...................B10 Athanasios..............B10
growth. vert Victory buyers into Indian margins on cheaper bikes like
G N W The Minnesota-based maker riders, or risk losing them to the Scout.
0.8
Garrett, Sheryl............B7 Nason, David...............A2 Ward, Michael.............B3 of snowmobiles and all-terrain Harley. Harley has lost some mar-
R Z vehicles emerged in 2014 as a “The gap left by Victory is ket share since Polaris began
H 2016
fierce competitor to industry an opportunity for both com- 0.6 selling Indian bikes. Polaris’s
Harrison, Hunter.........B3 Rander, Peter..............B3 Zaccardi, Mike...........B10 leader Harley-Davidson Inc. panies to gain share,” said 487,144 Victory and Indian motorcy-
for nostalgia-prone baby Trevor Young, an equity ana- cles make up about 6% of the
boomers who want to buy mo- lyst at investment firm Jeffer- 0.4 U.S. market today, compared

EUROPE There is plenty going on at

home, too. Between March and
October, France, Germany and
the Netherlands are scheduled
torcycles made in America. Po-
laris’s motorcycle revenue was
$708.5 million last year, up
from $146 million in 2011.
ies LLC.
From the early years of the
20th century, the Indian Mo-
torcycle Manufacturing Co.
0.2
with Harley’s 50% share. Mil-
waukee-based Harley is re-
nowned for big bikes that rid-
ers affectionately call “hogs,”
Continued from the prior page to hold elections in which But retail sales of motorcy- and Harley were intense rivals but demand is waning as baby
0
flows have slowed, with $735 euro-skeptic parties could win cles industrywide in the U.S. in a U.S. market popularized boomers age. The company
million in redemption from their biggest share of the vote fell 2.7% in 2016, forcing both by barnstorming racers and 2007 ’10 ’16 has also introduced more mid-
European equities in January. since the beginning of the eu- companies to work harder to daredevil exhibition riders. Source: Motorcycle Industry Council size models in recent years
“If earnings by October are rozone in 1999. entice new riders. Last month, But Springfield, Mass.-based THE WALL STREET JOURNAL. that can sell for less than
as good as they are today, and But the return of earnings Polaris abruptly discontinued Indian went bankrupt in 1953. $8,000.
Europe looks much more palat- growth chimes with the euro- its money-losing Victory brand In the decades that fol- lately is the smaller Scout. At “Harley knows it needs to
able politically, the flows will zone’s recent run of impres- to focus on its Indian line and a lowed, several companies tried $8,999, the low-frills bike at- go after younger riders,” said
go with it,” Mr. Dicken said. sive economic data. The euro- niche-market, three-wheel mo- to revive the Indian name. Po- tracts young, urban riders. Robin Farley, an analyst for
Behind the earnings growth zone grew faster than the U.S. torcycle known as the Sling- laris bought the brand from a “That hit right at the early UBS Securities. “Its core rider
has been a resurgence in com- for the first time since 2008 in shot. private-equity firm in 2011 and 30s-type customer who’s is aging.”
modity prices. The S&P GSCI 2016, and the European Com- Polaris’s 2016 motorcycles launched the line two years wanted to get into riding and A Harley spokeswoman de-
commodity index has risen mission’s economic sentiment sales were up 1% from 2015. later. It emphasized Indian’s had some disposable income,” clined to comment.
42.3% in the past 12 months, indicator, which measures con- But with the loss of Victory, heritage by developing a said Nick Schittone, general Polaris plans to introduce
with Brent crude oil alone up sumer and business confi- the company expects 2017 lineup of big, powerful bikes manager for an Indian dealer- more Indian models this year
87.6%. Financial-services firms dence, reached a near-six-year sales to be down at least 10%. that feature fender skirts, ship in Austin, Texas. aimed at Victory customers
have also found their footing high in January. Launched in the late 1990s, whitewall tires and an Indian- Motorcycles account for and younger riders. “We owe
as interest-rate expectations And the flip side to the po- Victory was Polaris’s first at- head-shaped running light. about 15% of Polaris’s revenue, it to Victory and its die-hard
have picked up, raising pros- litical rumbles is a weak euro tempt at building motorcycles. While the biggest Indian but the gross margin for the fans,” Polaris Chief Executive
pects for the sector’s basic is good for Europe’s big ex- The line mostly featured mid- models sell for close to motorcycle business is less Scott Wine said in a recent
lending businesses. porters. Italian fashion re- size bikes with middle-of-the- $30,000, the best-selling bike than half that of the com- conference call.
To be sure, many investors tailer Salvatore Ferragamo
remain cautious on Europe, SpA, for example, reported a
having jumped back into the
region in the past only to lose
small increase in revenue last
year. That would have been a
decline if not for the positive
currency effect. Daimler AG
INSURE FUNDS
Continued from the prior page

17.6
estimates it will get a €500 Continued from the prior page for average benchmark perfor-
million ($532 million) push warehouse motivated him to mance instead of trying to
from favorable exchange become more serious about beat the benchmark and, in
rates, mostly from the strong schoolwork and taught him many cases, fail,” said Todd
Price-to-earnings ratio for the dollar. the importance, he said, of Rosenbluth, director of ETF
blue-chip Euro Stoxx index Because investors have of- “showing up.” and mutual-fund research at
ten steered clear, European At Ohio Wesleyan Univer- CFRA, a research firm.
stocks are now considerably sity, Mr. Eastwood priori- Vanguard crossed the $4
cheaper than their U.S. peers tized schoolwork over extra- trillion mark in January after
money. Eurozone stocks rallied on several measures. S&P 500 curricular activities, hoping collecting an estimated $49
in early 2015, helped by a tum- stocks have a price-to-earn- to catch up with his younger billion in net new cash from
bling euro, and international ings ratio of 20.6, against 17.6 peers. “Ohio Wesleyan took a investors during the month. Of
money flooded back in. By the for the Euro Stoxx. chance on me,” he said. those January flows, about
end of 2015, returns were neg- “We are defensively posi- His first job after college $45 billion went into index
ative in dollar terms. tioned in both equities and was with AIG in New York, a funds while the balance went
Among the biggest con- credit,” said Colin Graham, city he had never seen be- to actively managed funds.
cerns this time around: Will chief investment officer of fore applying. But 17 years Vanguard crossed the $3
the double serving of political multiasset solutions at BNP into his tenure there he trillion threshold in August
uncertainty ushered in by Paribas Investment Partners. would play a critical role in 2014.
Brexit and U.S. President Don- “But European equities look AIG’s recovery from the In 2016, index funds ac-
ROB TANNENBAUM

ald Trump drag on earnings better valued. If you’ve got to greatest crisis in its history
through 2017? pick something, that would be when it nearly collapsed un-
“This year, we’ve been a lit- your choice.” der the weight of credit-de-
tle bit cautious…with all the Global growth also matters fault swaps and needed a
uncertainty with what hap- for earnings in Europe. The bailout of more than $180
pens in the U.S. and so forth,” continent’s largest listed com- billion to stay alive.
says Dominik Asam, chief fi- panies make a higher portion Three months after that
nancial officer at German of their earnings from outside September 2008 bailout, Mr.
semiconductor manufacturer their home region than their Eastwood became chief exec-
Infineon Technologies AG. U.S. peers. utive of AIG’s Lexington In-
surance Co., one of AIG’s
most profitable units. Many
expected Mr. Eastwood and
other top executives to leave
AIG, but Mr. Eastwood
stayed and spent a
year traveling the world, try-
ing to keep nervous custom-
ers and employees from flee-
ing.
At the time, Mr. Eastwood
worried that the departure
of an executive who had
turned the unit into a crown
jewel would lead to an exo-
dus, he told The Wall Street
Journal in 2009. “Will I be
the only one left in the
STEPHANIE LECOCQ/EUROPEAN PRESSPHOTO AGENCY
Peter Eastwood played a key role in AIG’s postcrisis recovery.
to seek out Berkshire, a com-
pany long interested in ex-
panding its commercial-in-
surance business. Mr. Buffett
said he hadn’t found the
right management team until
Mr. Eastwood and his col-
leagues approached Ajit Jain,
who runs Berkshire’s rein-
surance business.
Mr. Buffett likes insurance
businesses because they gen-
erate “float”—cash from pre-
miums that are paid upfront
and don’t have to be repaid
until much later—that he can
use to invest. Berkshire’s
float stood at $91 billion
on Sept. 30.
Berkshire’s investment in
commercial insurance coin-
tive of wholesale brokerage
AmWINS Group Inc.
BHSI “did not do that.”
Mr. Buffett said he isn’t
worried about launching a
company at a time when in-
surers are less lucrative than
they have been in the past.
Mr. Buffett called hiring Mr.
Eastwood a “home run” in
his 2015 annual letter to
shareholders and said the
2016 letter, which will be re-
leased Feb. 25, will include
similar praise.
“In 10 years I think we’ll
be regarded as the premier
commercial property-casu-
alty company in the world,
and we’re certainly on track
to getting there now,” he
counted for about 85% of the
total net new cash Vanguard
attracted. Slightly less than a
third of the global net inflows
went to the firm’s ETFs.
Across asset classes, about
half of the new money Van-
guard pulled in globally last
year went into stock funds and
nearly 40% went to bond
funds, with the balance in
money-market and balanced
funds.
Vanguard in recent years
has gained market share at the
expense of rivals including Fi-
delity Investments. Vanguard
is owned by its fund share-
holders, a structure that al-
lows it to keep expenses lower,
and it has been undercutting
many competitors on fees.
Other fund companies have
cut fees but haven’t attracted
as much new cash.
There are dangers for fund
companies that rely on passive
investments. Vanguard and

building?” he said at the
time.
He launched a campaign
to get people to stay. The ex-
perience, he said, taught him
the importance of humility
with his executive team. “It
was very clear to me, very
early on, that in the absence
of me getting people to stay
in the organization…I wasn’t
going to be successful as a
leader.”
Election races across Europe have added to investor uncertainty. But eventually he decided
cided with a retreat from re-
insurance, as new partici-
pants like hedge funds
entered the reinsurance mar-
ket and pushed prices down.
These new participants have
also entered the market for
commercial insurance,
weighing on prices.
“There’s a phrase called
‘burning your way into the
market,’” or cutting prices to
gain market share, said
Steve DeCarlo, chief execu-
said.
Humility with workers
and customers, Mr. East-
wood said, was key to the
unit’s progression. He sends
new employees handwritten
welcome notes and zip-up
company hoodies with their
employee numbers on the
sleeve.
“We are not entitled to
anybody’s business, [and]
nobody needs to work for
us,” Mr. Eastwood said.
other large passive fund man-
agers have benefited from ris-
ing markets. Index funds can’t
protect investors when in-
dexes decline, and a wide-
spread downturn could lead
investors to conclude they
would have a greater chance
of avoiding losses with stock
pickers.
A spokeswoman for the
firm said it is grateful to in-
vestors for the assets, but said
growth isn’t the firm’s goal.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Ford Takes the Wheel at Startup
Move for Argo AI is
latest to extend its
reach into developing
self-driving technology
BY TIM HIGGINS
SAN FRANCISCO—Ford
Motor Co. has acquired major-
ity ownership of an artificial-
intelligence startup called
Argo AI and plans to invest $1
billion in the company, the lat-
est move in an auto-industry
spending spree to develop
self-driving technology.
The investment, to be made
during the next five years, is
part of Ford’s efforts to de-
velop a self-driving car by
2021.
Reckitt
Agrees to
Mead Deal
BY SAABIRA CHAUDHURI
LONDON—Reckitt Benck-
iser Group PLC on Friday said
it agreed to buy baby-food
maker Mead Johnson Nutri-
tion Co. for $16.6 billion, a
deal that will almost double
the size of the British com-
pany’s consumer-health busi-
ness and push it deeper into
emerging markets.
Reckitt, whose lineup in-
cludes Durex condoms and
Scholl foot-care products, ear-
lier this month disclosed that
it was in talks with Mead after
The Wall Street Journal re-
ported on the potential deal. It
will pay $90 a share in cash
for the Glenview, Ill.-based
company, which makes a range
of nutritional products includ-
ing Enfamil infant formula and
the Sustagen milk supplement
for children.
Including debt, the deal is
valued at $17.9 billion.
The acquisition caps a
yearslong search by Chief Ex-
ecutive Rakesh Kapoor, who
lost out to Bayer AG in a bid-
ding war for Merck & Co.’s
consumer business in 2014
and has since been seeking a
major acquisition.
Reckitt’s growth has
slowed lately, leaving the
Slough, England-based com-
pany in need of a way to
jump-start sales. On Friday,
the company, which also has
household-cleaning, personal-
hygiene and food businesses,
reported organic revenue
growth of just 3% for 2016.
The measure, which excludes
currency effects and acquisi-
tions and divestments, was
the weakest in over a decade.
Sales have suffered from a
string of issues, including a
failed foot-care innovation, a
scandal in South Korea that
led to a Reckitt product being
withdrawn and the disruption
of consumer spending in India
after some high-value bills
were taken out of circulation.
Reckitt on Friday forecast
2017 organic revenue growth
of 3%, below analyst estimates.
Mr. Kapoor said Mead
Johnson meshes well with
Reckitt’s consumer-health
portfolio, as did its acquisition
of condom and foot-care
brands in the past. “Our strat-
egy is about healthier lives
and homes,” he said. “Their
mission is about enabling
healthier lives from the very
beginning.”
He identified child nutrition
as a solid opportunity, saying
the category’s sales are pro-
jected to grow by 3% to 5%
over the medium to long term.
Mead Johnson had net sales
of $3.7 billion in 2016, down
8%. Half the company’s sales
came from Asia, with 17%
coming from Latin America
and the rest from North Amer-
ica and Europe.
The deal will turn China
into Reckitt’s second-biggest
market, increasing its emerg-
ing-markets footprint by two-
thirds. The deal will also sig-
nificantly boost the company’s
exposure to the U.S., which re-
mains its No. 1 market.
Reckitt said the acquisition
would boost per-share earn-
ings by a double-digit percent-
age by the third year after
closing, a projection Mr. Stent
on Friday described as “very
conservative,” likely tied to
low savings and the high cost
of funding the deal.
Reckitt forecast cost sav-
ings of £200 million ($249.9
million).
* * * *
Argo is now a Ford subsid-
iary, but the auto maker said
founders Bryan Salesky, a for-
mer Alphabet Inc. executive,
and Peter Rander, formerly
with Uber Technologies Inc.,
will keep equity in the startup,
which they founded late last
year.
“We think automation is go-
ing to define the automobile in
the next decade,” Ford Chief
Executive Mark Fields told re-
porters.
Auto makers and tech com-
panies including Alphabet,
Uber and Tesla Inc. are racing
to develop autonomous tech-
nology.
General Motors Co. last
year spent $1 billion to acquire
Cruise Automation to expedite
its self-driving program. And
Victoria’s Secret, owned by L Brands, has built its business on bras that retail at about $40. Amazon plans to sell bras for $10.
Amazon Tries On a New Market
BY KHADEEJA SAFDAR
AND LAURA STEVENS
Amazon.com Inc. is moving
onto Victoria’s Secret’s turf.
The online retailer plans to
start selling its own line of
competitively priced women’s
intimate apparel on its U.S.
website, according to people fa-
miliar with the matter, some-
thing that could begin in the
next several weeks. It recently
started selling bras for under
$10 in Europe, where it uses the
label Iris & Lilly.
Amazon’s entrance into the
lingerie space presents a chal-
lenge for industry stalwarts
such as PVH Corp.’s Calvin
Klein and L Brands Inc.’s Victo-
ria’s Secret, which have built
their businesses on bras that
retail at around $40. Amazon,
which already sells intimate ap-
parel from several department-
store brands, has a history of
leveraging consumer data from
its online listings and offering
cut-rate prices to grab market
share.
Lingerie has been among the
last e-commerce holdouts be-
cause fit and comfort are often
hard to assess online. But a
shift in consumer preferences
toward garments with more
simple sizing—such as sports
bras and bralettes—makes it
easier for online sellers to at-
tract buyers. Several e-com-
merce-driven startups use fit
surveys and free returns to help
lingerie shoppers make the
leap.
At prices under $10 a bra,
Amazon is likely sacrificing
CSX Fends Off Fight With Activist Over Board
BY JACQUIE MCNISH
AND DAVID BENOIT
CSX Corp. on Friday pushed
off a board fight with an activ-
ist investor, buying more time
to reach an agreement to in-
stall railroad veteran Hunter
Harrison as its chief executive.
The company extended the
deadline for board nomina-
tions until Feb. 24, giving Mr.
Harrison and his partner, ac-
tivist investor Paul Hilal, until
that date to nominate direc-
tors as they negotiate a deal to
gain board seats and replace
CSX’s long-serving Chairman
and CEO Michael Ward.
BUSINESS NEWS
Toyota Motor Corp. has said it
would spend at least $1 billion
on a Silicon Valley research
center to study autonomous
driving and robotics.
Ford has signaled this is a
transition year for the 113-
year-old auto maker as it in-
vests heavily in new technolo-
gies and efforts to move
beyond making conventional
cars and trucks.
The company is working to
roll out a self-driving vehicle
in 2021 and has said autono-
mous cars could account for
20% of U.S. vehicle sales by
the end of the next decade.
Ford last year acquired San
Francisco-based Chariot, a pri-
vate shuttle service, with
plans to expand the commuter
service to additional metro ar-
Primark $3.50
Forever 21 $7.90
Iris & Lilly
(Amazon) $8.75
Gilligan & O'Malley
$14.99
(Target)
Calvin Klein
(Macy’s)
Victoria’s Secret
ThirdLove
La Perla
(Saks Fifth Avenue)
Source: the companies/retailers
profit margin to push into the
space. Depending on the size of
the order, it can cost a large
brand like Victoria’s Secret $10
just to produce and ship an un-
derwire bra from a factory in
Asia, said people familiar with
the matter.
Executives at Amazon and L
Brands declined to comment.
PVH didn’t respond to a request
for comment.
Victoria’s Secret, which
doesn’t sell its products on Am-
azon, has powered years of
growth selling padded bras on-
line and through its fleet of
more than 1,000 largely mall-
based stores. Its provocative ad
campaigns featuring busty
models have helped the retailer
maintain its grip on the
women’s underwear market.
Recently the lingerie jugger-
naut has been struggling as
many young consumers priori-
Mr. Harrison and CSX have
discussed a three-year con-
tract for the 72-year-old to run
the Jacksonville, Fla.-based
railroad, but Mr. Hilal’s request
for as many as six board seats
has become a sticking point in
the talks, according to people
familiar with the matter.
The director discussions are
still fluid, the people said. A
deal isn’t certain, as Messrs.
Harrison and Hilal are seen as
a package deal, they added.
Mr. Hilal told CSX directors
at meetings in Atlanta earlier
this month that his goal is to
avoid a board fight, the people
said. His fund, Mantle Ridge
eas. Mr. Salesky, Argo’s chief
executive, declined to say how
many employees his company
has but said he aims to hire
200 by year’s end.
According to his LinkedIn
biography, Mr. Salesky left Al-
phabet last year where he was
Google’s director of hardware
development for self-driving
cars.
Mr. Rander, according to his
LinkedIn bio, was an engineer-
ing lead for Uber, helping
launch the tech company’s
first generation of self-driving
prototypes.
The Ford deal was struc-
tured in a way that aims to
keep Argo as a nimble startup
while also allowing for the
technology to be integrated
into vehicle development.
Vying for Customers
Amazon is preparing to jump into
the U.S. lingerie market with
private-label bras after listing
some for under $10 in Europe.
Prices for T-shirt or
everyday bras
$30
$39.50
$68
$148
THE WALL STREET JOURNAL.
tize comfort and more authen-
tic marketing. Victoria’s Secret
was slow to respond to the pop-
ularity of bralettes, which don’t
have underwire and padding.
Sales at Victoria’s Secret stores
open at least a year fell in 2016,
the first decline in seven years.
Bra sales make up about a third
of L Brands’ revenue.
Amazon, which is looking to
grab a bigger chunk of the U.S.
apparel market, has given its
private-label team a broad man-
date, according to a person fa-
miliar with the matter. It sells
private-label apparel through
fashion lines such as Lark & Ro
and North Eleven.
But undergarments can be a
difficult market. “Because it’s
so close to your skin, women
want to be able to touch the
product to see if the material
feels good,” said Kimmay
Caldwell, a lingerie consultant
LP, raised more than $1 billion
for its CSX investment.
CSX is expected to announce
a succession plan for Mr. Ward
even if the company doesn’t
reach a deal with Mr. Harrison,
some of the people said.
Mr. Ward, who took over as
CEO in 2003, has spent nearly
four decades with CSX, and in-
vestors had previously ques-
tioned the company’s succes-
sion plan. His retirement was
delayed two years ago when
CSX lost its No. 2 executive,
Oscar Munoz, to United Conti-
nental Holdings Inc., where he
is now CEO.
CSX is under pressure to
Saturday/Sunday, February 11 - 12, 2017 | B3
Recovery Plan
Shares of Sears rose more than
25% Friday on news of the plan to
turn the company around
The company’s board con-
$12
sists of Messrs. Salesky and
Rander, two Ford executives
and one independent director.
10 Friday
While Ford will get exclu- $6.96
sive access to what is devel- ▲25.6%
oped, the company said Argo 8
could ultimately license the
technology to other auto mak-
ers. 6
The deal’s unique structure
underscores the challenges
companies such as Ford have 4
faced in attracting the neces-
Jan. Feb.
sary talent to develop AI sys-
tems. Source: WSJ Market Data Group
“There is a dearth of talent THE WALL STREET JOURNAL.
at a certain level; these are
very sought-after people,” said
Chris Jones, chief analyst for
Canalys.
Sears Vows
“It will really help them re-
cruit the talent.” Cost Cuts
As Stores
Struggle
BY SUZANNE KAPNER
AND IMANI MOISE
Sears Holdings Corp. vowed
to cut $1 billion in costs and
pare its debts by at least $1.5
billion this year, as its chief ex-
ecutive moved to reassure in-
vestors that he has a plan to
turn the retailer around.
As part of the restructuring,
Sears said Friday it would com-
bine the corporate functions of
its Sears and Kmart brands.
The company has been selling
assets and closing stores to
stem losses. But in a sign of its
struggles, Sears also reported
another quarter of slumping
PARKER ESHELMAN/THE WALL STREET JOURNAL
sales and is set to post its sev-
enth consecutive annual loss.
Sears’s shares, which earlier
this week had dropped to an
all-time low, rose 26% to $6.96
on Friday. The stock is still 25%
below where it started the year
and the company has a market
value of roughly $745 million.
“We believe the actions out-
lined today will reduce our
overall cash funding require-
ments and ensure that Sears
Holdings becomes a more agile
and competitive retailer with a
clear path toward profitability,”
said Edward Lampert, the
hedge-fund manager who is the
company’s CEO and largest
and bra fitter. “Repeat custom- shareholder.
ers might go to Amazon, but To consumers, the Sears and
not someone who wants to Kmart brands will remain dis-
make a purchase for the first tinct. But behind the scenes,
time.” functions such as purchasing,
Amazon’s down-market im- merchandising and product
age could be a disadvantage. sourcing will be combined, ac-
While pricing and functionality cording to a person familiar
are top of mind for electronics with the situation.
and commodity goods, brand Sears employees were told
executives insist that women of the changes Friday, this per-
want more from their under- son added. The company, which
garments. employed 178,000 full- and
“Customers want to under- part-time workers as of Janu-
stand why you are designing ary 2016, hasn’t yet determined
something, how it is better and how many jobs will be elimi-
what you are doing for society. nated.
Amazon doesn’t have that,” Some of the $1 billion in tar-
said Heidi Zak, co-founder at geted savings will come from
ThirdLove, an online lingerie the recently announced plans
startup. to close 150 unprofitable stores.
As more shopping moves on- Over the past decade, the com-
line, however, analysts say Am- pany has closed, sold or spun
azon has been making inroads off more than 2,000 stores.
in the apparel category at the Sears also reached an agree-
expense of department stores ment with creditors Friday that
and some specialty retailers. gives it an additional $140 mil-
Amazon was cited as the most lion in borrowing capacity. The
frequently shopped apparel re- company had $4.3 billion in
tailer in a September survey of debt and $2 billion in pension
2,000 people by Morgan Stan- obligations as of Oct. 29.
ley AlphaWise, with 58% of re- The moves didn’t change the
spondents saying they had pur- outlook of credit analysts, who
chased clothing on the site in had downgraded Sears’s debt
the previous six months. Kohl’s earlier this year. Nervous credit
Corp. came in second place, at investors pushed up the price
37%. of protection against a Sears
Kelsey Jane Page, a 25-year- default to an all-time high last
old in Benton, Ill., said she used week.
to buy undergarments from “There is really not a lot of
Victoria’s Secret but stopped af- new news,” said Monica Aggar-
ter she tried on a $15 bra at wal, a managing director with
Target Corp. about two years Fitch Ratings. “It doesn’t
ago. “I don’t mind trying it if change the fact that they need
it’s cheap,” she said. “I don’t to raise money to fund opera-
think it would be a big deal if I tions. They’ve been losing mar-
lost $10 or $20 on a bra.” ket share for years, and we
don’t see a turnaround in the
business.”
Retailers in general have
been struggling as shoppers
buy more online and make
settle in part because its stock fewer trips to physical stores.
has surged by roughly 30% But the problems at Sears ex-
since Mr. Harrison stepped ceed those of most other major
down from CP’s board and The chains. Since fiscal 2011, it has
Wall Street Journal reported lost $8.2 billion, while annual
that he and Mantle Ridge sales dropped nearly 40% to
would mount a campaign at $25 billion for fiscal 2016.
CSX. Mr. Harrison’s record of Sears said Friday that sales
improving efficiency at other at stores open at least 12
railroads helps explain inves- months fell 10% in the fourth
tor enthusiasm for the pros- quarter, which ended Jan. 28;
pect of a shake-up at CSX. last month, it had predicted a
The move put a spotlight on decline of as much as 13%.
the profitability of CSX, which The company said it likely
operates one of two major rail lost as much as $635 million
networks east of the Missis- during the quarter, including a
sippi. charge to write down the value
—Paul Ziobro of the Sears trade name by as
contributed to this article. much as $400 million.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B4 | Saturday/Sunday, February 11 - 12, 2017 * ****** THE WALL STREET JOURNAL.

BUSINESS NEWS

Samsung Looks for The Mother Ship Tightens Its Grip on Euro Disney

Reset for Its Phones

BY EUN-YOUNG JEONG
AND JONATHAN CHENG
SEOUL—Samsung Elec-
tronics Co. is hoping that a
streamlined design and a new
virtual assistant for its next
flagship smartphone will help
consumers forget last year’s
Smartphone Slip
Samsung lost its No. 1 position
in the global smartphone market
late last year to Apple for the
first time in two years.
Market share by shipments
440 million units
ordeal cost it about $5 billion
in losses and lost sales.
Samsung then lost its No. 1
position in the global smart-
phone market to Apple in the
last three months of 2016,
marking the first quarter in
two years in which Samsung
wasn’t the leader in ship-

ERTRAND GUAY/AFP/GETTY IMAGES

massive Galaxy Note 7 recall.
The South Korean technol-
ogy giant is likely to omit a
physical home button from the
front of its new Galaxy S8
smartphone and showcase a
new virtual assistant akin to
Apple Inc.’s Siri—to be called
Bixby—according to people fa-
miliar with the matter.
A fingerprint scanner for
unlocking the Galaxy S8 will
be moved from the home but-
ton to a new location on the
back of the device, these peo-
ple said, cautioning that fea-
tures could still change with
about two months remaining
before the phone is available
to consumers.
In a break from the past,
Samsung will release only a
curved-screen version of the
new phone, though it will be
available in two different
sizes, one of these people said.
Unlike Apple’s latest iPhone,
Samsung’s new handset will
have an earphone jack, this
person added.
One of the people familiar
with the matter said the new
phone is set to be unveiled at
an event in New York late next
month. It will be Samsung’s
most closely watched product
launch in years.
Samsung hopes the new
features will convince consum-
ers the S8 is worth buying,
given lingering concerns about
the safety of its smartphones.
Last month, Samsung said its
investigation concluded that
battery suppliers were to
blame for its Galaxy Note 7
phones catching fire.
The S8 might use batteries
17.8%
17.7%
10.2%
6.9%
4.8%
42.6%
4Q 2016
Source: Counterpoint Research
THE WALL STREET JOURNAL.
from Samsung SDI Co., the
battery-making affiliate that
was one of two suppliers
blamed by the smartphone
maker for the recall.
Cha Nam-hyun, Samsung
SDI’s vice president of market-
ing, told analysts last month
that the company signed up to
supply batteries for the S8,
which would help Samsung
SDI’s sales in the first three
months of 2017.
Since the Galaxy Note 7 re-
call, Samsung SDI says it has
spent 150 billion Korean won
($130 million) to strengthen
product safety, while launch-
ing an X-ray inspection pro-
cess for all of its batteries, a
change from its previous
method of conducting sample
inspections.
Samsung Electronics de-
clined to comment on the fea-
tures of the phone and on its
battery suppliers.
After the Galaxy Note 7 re-
call, which was triggered by
reports of some devices over-
heating, the company said the
ments, according to data from
Apple
Counterpoint Technology Mar-
ket Research.
Samsung In the Asia-Pacific region,
Samsung fell to fifth place
Huawei from first in the preceding
Oppo quarter, falling behind Apple
Vivo
and Huawei Technologies Co.
as well as China’s BBK Elec-
tronics Co., which owns the
Others Oppo and Vivo brands.
Samsung is hoping that
strong sales of the Galaxy S8
can turn the company’s for-
tunes around.
The Galaxy S8’s new artifi-
cial intelligence-powered as-
sistant, Bixby, is capable of an-
swering questions spoken by
users.
The Wall Street Journal re-
ported in November that Sam-
sung was devoting a new
physical button on the side of
the device to allow users to
quickly use the service. The
company is still planning on
adding the artificial-intelli-
gence button, the people fa-
miliar with the matter said.
Samsung has been looking
to beef up its capabilities in
AI, a hot new area of interest
for Samsung and its rivals. In
October, Samsung bought U.S.
startup Viv Labs Inc., whose
founders included Siri co-cre-
ators Dag Kittlaus and Adam
Cheyer.
In recent weeks, Samsung
has also posted more artifi-
cial-intelligence-related open-
ings on its internal jobs plat-
form to recruit employees
from the company’s other
business divisions, according
to a person familiar with the
matter.
Walt Disney Co. said it would The U.S. company said that Disney into Walt Disney stock.
support a cash injection of up to Kingdom Holding, the invest- Walt Disney said it was buying
€1.5 billion ($1.6 billion) to fund ment firm owned by billionaire the stake from Kingdom Holding
improvements and cut debt at Prince al-Waleed bin Talal, had at €2 a share, increasing its
the struggling French theme park. traded 90% of its shares in Euro stake to 85.7% from 76.7%.
Microsoft to Rate Cybersecurity
BY JAY GREENE Twitter Inc., for example, all Security scores can rise, for ex-
encourage users to enable ample, when customers enable
Microsoft Corp. will begin multifactor authentication, a multifactor authentication.
grading its commercial cus- common security step that re- Secure Score only considers
tomers’ Office 365 security set- quires people to provide more a business customer’s use of se-
tings in an effort to fortify its than just a username and curity features in Office 365.
software and services that are password to log in. That means it might register
frequent targets of hackers. Microsoft in recent years lower scores for customers who
One insurance company, has pushed to burnish its rep- choose to use rival security
Hartford Financial Services utation for security. The Win- products instead of enabling
Group Inc., plans to take the dows 10 operating system is security features included in
security score into account more secure than its predeces- their Office 365 subscription,
when setting cyberinsurance sors, in large part because it the company said.
rates for customers. includes free upgrades that In testing, Microsoft found
No money is changing are installed automatically in that customers who checked
hands, the companies said. Mi- the background, ensuring it their security settings boosted
crosoft declined to say has the latest protections. their scores on average by 18%
whether it approached other Microsoft is debuting the over those who didn’t visit the
insurance companies to use Secure Score ahead of the an- security dashboard.
the dashboard-like service. nual RSA digital-security con- Hartford plans to take Se-
Amid a continuing flood of ference in San Francisco, cure Score into account when
cyberattacks, tech companies which gets under way Monday. pricing its cyberinsurance cov-
frequently cajole customers The company will suggest erage. The company already
into beefing up their use of se- ways to improve security and looks at a variety of factors,
curity features. Alphabet Inc.’s include a tool to model how se- said Tom Kang, head of cyber-
Google, Facebook Inc. and curity changes affect scores. insurance for the company.

Global Government Bonds: Mapping Yields

Futures Contracts | WSJ.com/commodities
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Contract Open
Metal & Petroleum Futures Open High hilo Low Settle Chg interest
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Contract Open Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Open High hi lo Low Settle Chg interest Coffee (ICE-US)-37,500 lbs.; cents per lb.
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
March 145.05 146.85 144.80 145.75 .55 34,379
Copper-High (CMX)-25,000 lbs.; $ per lb. May 147.50 149.20 147.20 148.15 .55 79,901 1.125 U.S. 2 1.198 s l 1.181 1.190 0.690
Feb 2.6770 2.7700 s 2.6640 2.7620 0.1140 681
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. 2.250 10 2.408 s l 2.395 2.378 1.671
March 2.6565 2.7910 s 2.6365 2.7680 0.1145 112,301
March 20.66 20.74 20.31 20.42 –.23 207,042
Gold (CMX)-100 troy oz.; $ per troy oz. May 20.65 20.72 20.31 20.43 –.22 242,652
5.250 Australia 2 1.829 s l 1.791 1.870 1.773 63.2 61.0 108.3
Feb 1227.60 1234.30 1221.50 1234.40 –0.70 1,352
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. 4.750 10 2.704 s l 2.651 2.722 2.417 29.6 25.6 74.6
April 1229.60 1238.90 1222.60 1235.90 –0.90 280,301
May 30.40 30.40 30.40 30.40 .08 946
June 1233.00 1241.50 1226.00 1239.00 –1.00 65,137
July 30.10 30.10 30.10 30.10 –.30 1,772
0.000 France 2 -0.537 s l -0.564 -0.622 -0.426 -173.4 -174.5 -111.6
Aug 1231.20 1242.30 1229.00 1242.20 –0.90 18,222
Cotton (ICE-US)-50,000 lbs.; cents per lb. 0.250 10 1.040 s l 0.989 0.806 0.623 -136.9 -140.5 -104.8
Dec 1242.20 1251.00 1236.00 1248.30 –0.90 29,473
March 75.59 76.23 75.55 75.82 .24 92,092
Feb'18 1241.90 1253.20 1241.70 1251.50 –0.90 4,397
May 77.11 77.41 76.73 77.09 .44 108,272 0.000 Germany 2 -0.795 t l -0.776 -0.727 -0.505 -199.2 -195.7 -119.5
Palladium (NYM) - 50 troy oz.; $ per troy oz. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 0.250 10 0.319 s l 0.314 0.286 0.243 -208.9 -208.1 -142.7
Feb 732.85 732.85 732.85 783.15 10.55 1
March 174.40 175.00 167.05 169.95 –4.05 6,927
March 769.05 786.70 764.25 783.10 10.55 22,071
May 169.50 169.50 161.90 166.55 –2.20 3,627 0.300 Italy 2 -0.030 s l -0.049 -0.137 0.057 -122.8 -123.0 -63.3
April 785.00 785.00 s 785.00 783.80 10.55 n.a.
June 769.75 787.75 766.90 784.55 10.55 7,762
1.250 10 2.270 s l 2.183 1.910 1.645 -13.8 -21.2 -2.5
Sept 787.05 787.05 783.70 785.55 10.55 20 Interest Rate Futures 0.100 Japan 2 -0.213 t l -0.204 -0.241 -0.211 -138.5 -90.1
-141.0
Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Feb 978.80 979.10 978.80 1008.80 –10.40 42
0.100 10 0.083 t l 0.085 0.062 0.014 -232.5 -231.0 -165.7
March 152-090 152-120 151-080 151-290 –9.0 629,826
April 1017.40 1017.50 993.10 1011.70 –10.50 59,886 June 151-010 151-010 150-010 150-210 –9.0 3,171 0.250 Spain 2 -0.274 s l -0.302 -0.266 0.031 -147.2 -148.3 -65.9
Silver (CMX)-5,000 troy oz.; $ per troy oz. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Feb 17.580 17.965 s 17.580 17.912 0.192 285
1.300 10 1.691 s l 1.628 1.466 1.720 -71.7 -76.7 5.0
March 124-295 124-295 124-200 124-250 –4.5 3,218,872
March 17.640 18.020 s 17.545 17.933 0.192 106,030 June 124-110 124-110 124-020 124-075 –4.5 87,285 1.250 U.K. 2 0.101 t l 0.105 0.214 0.346 -109.7 -107.6 -34.4
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 53.15 54.13 52.90 53.86 0.86 320,938 March 118-027 118-030 117-295 117-317 –2.7 3,108,471
4.250 10 1.355 s l 1.348 1.456 1.416 -105.3 -104.7 -25.5
April 53.55 54.55 53.37 54.33 0.87 310,409 June 117-207 117-237 117-195 117-207 –2.7 152,371 Source: Tullett Prebon
May
June
54.00
54.32
54.97
55.34
53.80
54.19
54.78
55.18
0.90
0.93
204,256
259,584
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
March 108-147 108-150 108-135 108-137 –1.0 1,363,426
Corporate Debt
Dec 55.22 56.16 55.17 56.02 0.81 226,865 June 108-052 108-055 108-045 108-045 –1.0 8,852 Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
Dec'18 55.35 56.18 55.27 55.86 0.54 112,084 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. that same company’s share price. Here’s a look at both for two companies in the news.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Feb 99.343 99.343 99.343 99.342 –.001 100,211
March 1.6402 1.6758 1.6380 1.6659 .0244 107,494 April 99.305 99.310 99.300 99.305 –.005 388,711 Investment-grade spreads that tightened the most…
April 1.6500 1.6833 1.6468 1.6751 .0251 75,553 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Spread*, in basis points Stock Performance
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 94.250 94.344 94.094 94.219 –.219 32,061 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
March 1.5703 1.6134 1.5690 1.5896 .0194 97,541 1 Month Libor (CME)-$3,000,000; pts of 100%
April 1.7732 1.8100 1.7731 1.7934 .0193 88,964 March 99.1950 99.1950 s 99.1900 99.1950 .0025 187 Santander UK SANUK 2.500 March 14, ’19 90 –24 95 ... ...
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Eurodollar (CME)-$1,000,000; pts of 100% Lloyds Banking LLOYDS 7.500 June 27, ’49 357 –21 357 ... ...
March 3.105 3.121 t 3.005 3.034 –.107 169,572 Feb 98.9625 98.9625 98.9600 98.9600 –.0025 82,714
April 3.178 3.190 3.090 3.117 –.092 161,958 March 98.9300 98.9350 98.9200 98.9250 –.0100 1,452,977 Morgan Stanley MS 5.450 July 15, ’49 136 –21 155 44.70 –0.33
May 3.240 3.256 3.157 3.189 –.083 145,818 June 98.7800 98.7800 98.7600 98.7650 –.0150 1,419,573 JPMorgan Chase JPM 6.000 Aug. 1, ’49 218 –16 235 87.00 –0.23
June 3.308 3.308 3.222 3.254 –.076 75,987 Dec 98.5050 98.5050 98.4800 98.4900 –.0150 1,329,249
July 3.363 3.363 3.277 3.313 –.067 85,631
Comcast CMCSA 3.375 Aug. 15, ’25 83 –15 91 75.15 0.16
Oct 3.353 3.353 3.296 3.332 –.060 95,941 Currency Futures Citigroup C 5.950 May 15, ’49 248 –14 n.a. 57.63 0.65
Japanese Yen (CME)-¥12,500,000; $ per 100¥ Synchrony Financial SYF 2.700 Feb. 3, ’20 110 –13 n.a. 36.22 –0.74
Agriculture Futures March .8834 .8868 .8789 .8826 –.0008 190,611 Royal Bank of Scotland RBS 6.125 Dec. 15, ’22 310 –12 310 5.76 –2.21
Corn (CBT)-5,000 bu.; cents per bu. June .8873 .8906 .8828 .8865 –.0007 9,421
March 368.50 375.50 s 368.50 374.50 5.00 451,716 Canadian Dollar (CME)-CAD 100,000; $ per CAD …And spreads that widened the most
May 376.25 382.75 s 376.00 382.00 4.75 384,052 March .7612 .7658 .7602 .7642 .0028 116,243
Oats (CBT)-5,000 bu.; cents per bu. June .7617 .7688 .7610 .7649 .0028 2,674 Transcanada Pipelines TRPCN 6.350 May 15, ’67 3874 416 3713 ... ...
March 252.25 255.75 252.25 254.50 … 4,056 British Pound (CME)-£62,500; $ per £ Barclays BACR 4.375 Sept. 11, ’24 210 19 213 ... ...
March 1.2502 1.2528 1.2445 1.2489 –.0013 207,205
May 252.25 256.00 s 252.00 254.75 1.75 3,191 JPMorgan Chase JPM 7.900 April 30, ’49 184 17 175 87.00 –0.23
June 1.2551 1.2554 1.2475 1.2518 –.0013 1,665
Soybeans (CBT)-5,000 bu.; cents per bu. 3.000 Dec. 15, ’26 17 73 32.35
Swiss Franc (CME)-CHF 125,000; $ per CHF Pfizer PFE 78 –0.09
March 1050.00 1063.50 1047.50 1059.00 8.50 235,735
March .9998 1.0004 .9952 .9979 –.0020 48,065
May 1061.00 1074.50 1058.50 1070.00 8.50 226,635
June 1.0054 1.0061 1.0012 1.0038 –.0020 180
Teva Pharmaceutical Finance Netherlands Iii TEVA 3.150 Oct. 1, ’26 204 15 188 … …
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD Macy's Retail Holdings M 4.500 Dec. 15, ’34 263 13 220 … …
March 338.40 343.90 337.20 342.10 3.70 110,862
March .7618 .7684 .7612 .7669 .0047 116,722 Deutsche Bank AG DB 4.250 Oct. 14, ’21 221 7 216 18.94 –1.66
May 342.60 348.10 341.50 346.50 3.90 135,907 June .7601 .7666 .7597 .7653 .0048 1,218
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept .7595 .7636 .7595 .7640 .0047 688
NetApp NTAP 3.250 Dec. 15, ’22 156 7 n.a. 39.45 0.36
March 34.66 34.96 34.36 34.61 –.06 110,418 Mexican Peso (CME)-MXN 500,000; $ per MXN
May 34.94 35.23 34.62 34.89 –.06 123,588 March .04895 .04918 s .04880 .04896 .00017 143,409 High-yield issues with the biggest price increases…
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June .04816 .04844 s .04809 .04824 .00013 47,998 Bond Price as % of face value Stock Performance
March 943.50 960.00 943.50 956.50 9.00 8,934 Euro (CME)-€125,000; $ per € Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
May 968.50 985.00 968.50 980.00 7.50 2,926 March 1.0665 1.0679 1.0619 1.0643 –.0028 391,435
Wheat (CBT)-5,000 bu.; cents per bu. June 1.0716 1.0728 1.0668 1.0693 –.0027 10,673 Hexion HXN 7.875 Feb. 15, ’23 65.000 12.00 n.a. ... ...
March 442.50 450.75 s 441.00 449.00 5.50 165,812
Cliffs Natural Resources CLF 6.250 Oct. 1, ’40 89.500 4.94 n.a. 11.15 –1.93
May 454.00 463.75 s 453.00 463.00 7.75 151,465 Index Futures
Wheat (KC)-5,000 bu.; cents per bu. Gulfmark Offshore GLF 6.375 March 15, ’22 67.000 3.50 57.500 1.36 8.80
March 450.75 462.25 s 449.25 460.50 9.25 63,282 Mini DJ Industrial Average (CBT)-$5 x index Hornbeck Offshore Services HOS 5.000 March 1, ’21 71.250 2.50 70.000 6.89 2.23
May 462.75 474.75 s 462.25 473.25 9.75 70,561 March 20133 20248 s 20127 20223 87 129,412
Wheat (MPLS)-5,000 bu.; cents per bu. June 20075 20182 s 20072 20160 87 981 Graftech International GTI 6.375 Nov. 15, ’20 85.885 2.39 83.500 ... ...
March 567.50 574.25 567.00 572.50 4.00 24,959 S&P 500 Index (CME)-$250 x index Syniverse Holdings SVR 9.125 Jan. 15, ’19 91.000 2.25 89.500 ... ...
May 564.50 571.75 s 564.25 570.25 3.75 31,717 March 2304.00 2315.80 s 2304.00 2312.70 8.40 69,287
June 2303.30 2310.10 s 2303.10 2307.60 8.50 1,164 Freeport–McMoran FCX 3.550 March 1, ’22 95.000 2.19 93.438 15.80 2.66
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
March 123.775 124.725 121.525 122.075 –1.550 18,668
Mini S&P 500 (CME)-$50 x index Enable Midstream Partners ENBL 5.000 May 15, ’44 92.311 2.16 91.627 16.70 –0.60
March 2304.25 2315.75 s 2303.00 2312.75 8.50 2,888,499
April 124.050 124.850 121.975 122.450 –1.600 11,214
Cattle-Live (CME)-40,000 lbs.; cents per lb. June 2299.00 2310.50 s 2297.75 2307.50 8.50 40,466 …And with the biggest price decreases
Mini S&P Midcap 400 (CME)-$100 x index
Feb 117.775 118.075 116.200 116.400 –1.250 15,520
March 1710.30 1722.20 s 1709.40 1718.50 8.80 95,225 Avaya AVYA 9.000 April 1, ’19 80.500 –2.00 82.500 ... ...
April 114.925 115.725 112.775 113.150 –1.675 142,870
Mini Nasdaq 100 (CME)-$20 x index American Airlines AAL 5.500 Oct. 1, ’19 104.000 –1.49 n.a. 46.45 0.32
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March 5211.3 5232.5 s 5209.8 5226.8 14.5 233,830
Feb 74.775 74.975 s 74.000 74.550 .325 14,119 June 5209.5 5230.8 s 5209.3 5225.5 14.3 772 Frontier Communications FTR 10.500 Sept. 15, ’22 104.500 –1.31 105.500 3.31 0.91
April 71.000 71.650 70.675 71.075 .300 105,101 Mini Russell 2000 (ICE-US)-$100 x index Navios Maritime Holdings NM 7.375 Jan. 15, ’22 71.750 –1.25 71.250 1.90 ...
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 1376.40 1391.40 s 1375.30 1388.30 11.30 614,300
March 377.00 377.80 367.20 370.50 –4.90 2,490 June 1382.90 1384.50 s 1380.00 1385.60 11.30 554
W&T Offshore WTI 8.500 June 15, ’19 75.250 –1.25 76.000 2.83 2.54
May 378.40 379.10 371.00 373.10 –5.30 1,735 Mini Russell 1000 (ICE-US)-$100 x index Algeco Scotsman Global Finance ALGSCO 10.750 Oct. 15, ’19 86.000 –1.00 86.000 ... ...
Milk (CME)-200,000 lbs., cents per lb. March 1279.50 1286.50 s 1279.50 1285.00 4.40 7,895 Clear Channel Worldwide Holdings CCO 7.625 March 15, ’20 100.125 –1.00 101.000 … …
Feb 16.88 16.88 16.85 16.86 .01 4,233 U.S. Dollar Index (ICE-US)-$1,000 x index
March 16.98 17.15 16.85 16.91 –.06 4,423 March 100.69 101.02 100.56 100.79 .14 69,643 Cengage Learning CNGO 9.500 June 15, ’24 88.500 –1.00 84.750 ... ...
Cocoa (ICE-US)-10 metric tons; $ per ton. June 100.60 100.92 100.50 100.72 .16 2,850
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
March 1,971 1,979 t 1,928 1,939 –35 23,329
Note: Data are for the most active issue of bonds with maturities of two years or more
May 1,995 1,998 t 1,951 1,962 –34 115,946 Source: SIX Financial Information Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 11 - 12, 2017 | B5

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. Prices
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM 17.37 41.90 23.49 KB Fin KB ... 9 41.42 0.19 5.27 44.50 36.81 Sanofi SNY 3.9 24 42.57 -0.13 8.80 102.49 67.07 BioMarinPharm BMRN ... dd 90.13 -1.02
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. 18.06 18.40 11.17 KKR KKR 3.5 34 18.17 -0.07 1.36 33.31 24.85 Sasol SSL 4.6 20 28.98 0.26 7.11 8.46 6.23 BlackBerry BBRY ... dd 7.38 0.08
The list comprises the 1,000 largest companies based on market capitalization. 9.44 16.79 11.72 KT KT ... 17 15.42 0.36 -5.47 76.41 62.85 Scana SCG 3.3 17 69.27 0.12 16.26 208.75 115.73 Broadcom AVGO 2.0 dd 205.52 0.18
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading 1.12 100.69 77.50 KSCitySouthern KSU 1.5 19 85.80 -0.16 -2.13 87.84 68.77 Schlumberger SLB 2.4 dd 82.16 0.95 ... 34.99 27.16 CA CA 3.2 17 31.77 0.18
volume. 3.11 87.16 70.73 Kellogg K 2.7 39 76.00 -0.44 1.19 42.61 22.18 SchwabC SCHW 0.8 31 39.94 -0.14 5.12 80.10 61.22 CBOE Holdings CBOE 1.3 34 77.67 -0.46
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was -0.05 18.77 10.15 KeyCorp KEY 1.9 23 18.26 0.12 -3.20 98.82 64.55 ScottsMiracleGro SMG 2.2 31 92.49 1.17 9.21 65.54 41.55 CDK Global CDK 0.9 37 65.19 -0.13
$2 or higher. 2.90 38.28 21.55 KeysightTechs KEYS ... 19 37.63 0.64 5.49 52.83 42.01 SealedAir SEE 1.3 22 47.83 0.69 s 12.71 59.49 33.82 CDW CDW 1.1 23 58.71 0.41
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 1.42 77.54 47.65 KilroyRealty KRC 2.0 25 74.26 0.36 -4.20 7.74 3.84 SemicondctrMfg SMI ... 2 7.30 0.07 4.50 77.89 65.57 CH Robinson CHRW 2.4 21 76.56 0.94
s-New 52-week high. standards vj-In bankruptcy or receivership or 8.26 138.87 111.30 KimberlyClark KMB 3.1 21 123.55 -0.03 3.69 114.66 92.95 SempraEnergy SRE 2.9 20 104.35 0.70 3.15 124.01 89.00 CME Group CME 2.2 26 118.98 0.40
t-New 52-week low. lf-Late filing being reorganized under the -0.48 32.24 24.26 KimcoRealty KIM 4.3 52 25.04 0.25 7.27 43.68 30.28 SensataTech ST ... 27 41.78 0.17 32.95 49.13 23.26 CSX CSX 1.5 26 47.77 0.02
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 8.55 23.36 14.23 KinderMorgan KMI 2.2 90 22.48 0.10 s 3.73 29.60 21.51 ServiceCorp SCI 1.8 32 29.46 0.21 s 17.09 29.75 20.08 CadenceDesign CDNS ... 42 29.53 -0.02
four quarters. requirements. assumed by such companies. 31.51 5.82 2.66 KinrossGold KGC 3.9 dd 4.09 -0.01 24.37 92.98 48.11 ServiceNow NOW ... dd 92.46 0.16 -0.12 127.00 94.39 Celgene CELG ... 47 115.61 -1.13
FD-First day of trading. t-NYSE bankruptcy -14.86 59.67 33.87 Kohl's KSS 4.8 13 42.04 -0.06 6.73 21.73 16.20 ShawComm B SJR 4.2 22 21.41 0.06 8.72 67.50 47.01 Cerner CERN ... 27 51.50 -2.38
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and -5.17 30.79 23.00 KoninklijkePhil PHG 3.0 17 28.99 -0.03 14.04 312.48 239.48 SherwinWilliams SHW 1.1 26 306.47 -0.02 12.73 341.50 177.10 CharterComms CHTR ... 25 324.56 -0.51
changes in the closing prices from 4 p.m. the previous day. -2.60 28.37 17.36 KoreaElcPwr KEP ... 3 18.00 0.47 s 9.01 41.22 30.57 ShinhanFin SHG ... 9 41.03 0.22 s 19.81 101.63 74.34 CheckPointSftw CHKP ... 24 101.19 0.74
YTD 52-Week Yld Net -2.98 40.91 28.71 Kroger KR 1.4 16 33.48 -0.01 s 28.81 56.25 18.58 Shopify SHOP ... dd 55.22 0.61 -6.19 79.60 61.00 CincinnatiFin CINF 2.8 18 71.06 0.81
Friday, February 10, 2017 s 10.08 55.02 41.23 Kyocera KYO ... 18 54.80 0.38 1.00 122.21 80.22 Cintas CTAS 1.1 25 116.72 1.36
% Chg Hi Lo Stock Sym % PE Last Chg 15.37 31.35 14.36 SilverWheaton SLW 1.14549 22.29 0.27
YTD 52-Week Yld Net s 22.00 10.00 5.65 LATAMAirlines LFL ... dd 9.98 0.38 2.49 229.10 173.11 SimonProperty SPG 3.8 32 182.10 1.86 4.27 31.95 24.52 CiscoSystems CSCO 3.3 15 31.51 0.01
% Chg Hi Lo Stock Sym % PE Last Chg 8.71 43.71 33.62 Coach COH 3.5 21 38.07 0.54 -10.51 88.77 57.48 L Brands LB 4.1 15 58.92 ... 0.90 62.69 47.00 SixFlags SIX 4.2 49 60.50 0.02 10.45 79.38 49.73 CitrixSystems CTXS ... 23 78.55 0.13
-2.12 47.13 39.88 Coca-Cola KO 3.4 27 40.58 -0.67 -0.62 14.36 8.72 LGDisplay LPL ...106 12.77 0.06 5.24 51.49 32.64 SmithAO AOS 1.1 27 49.83 -0.06 9.93 70.63 32.27 Cognex CGNX 0.4 74 69.94 -0.35
NYSE 11.56 54.54 30.55 Coca-Cola Euro CCE ... 18 35.03 -0.13 -6.47 51.48 31.21 LINE LN ... 97 31.81 0.19 0.37 35.38 26.96 Smith&Nephew SNN 1.6 18 30.19 -0.39 2.45 63.23 45.44 CognizantTech CTSH ... 23 57.40 -0.60
0.80 87.58 59.44 Coca-Cola Femsa KOF 2.7 24 64.05 1.03 s 7.23 163.46 113.98 L3 Tech LLL ... 18 163.11 1.61 7.78 157.31 121.79 Smucker SJM 2.2 23 138.02 0.32 8.83 76.87 55.59 Comcast A CMCSA 0.8 21 75.15 0.12
8.59 23.90 16.71 ABB ABB 3.3 25 22.88 0.11 3.48 75.38 63.43 Colgate-Palmolive CL 2.3 25 67.72 1.12
5.61 40.72 23.27 AECOM ACM ... 37 38.40 0.31 5.16 141.32 101.54 LabCpAm LH ... 21 135.01 1.18 -0.81 181.73 138.68 SnapOn SNA 1.7 18 169.89 1.19 -2.14 59.22 38.10 CommerceBcshrs CBSH 1.6 22 56.57 0.47
-2.82 16.09 9.17 ColonyNorthStar CLNS ... 38 14.50 0.02 3.75 39.80 28.75 LambWeston LW ... 18 39.27 0.19 15.01 34.84 15.32 SOQUIMICH SQM 5.0 36 32.95 0.21 3.33 38.78 19.78 CommScope COMM ... 82 38.44 0.01
-0.09 13.32 8.88 AES AES 4.1 dd 11.61 0.14 1.29 71.20 31.74 Comerica CMA 1.3 26 68.99 0.08 -1.25 63.38 41.25 LasVegasSands LVS 5.5 25 52.74 -0.19 ... 55.58 40.39 SonocoProducts SON 2.8 23 52.70 -0.15 s 4.98 58.22 33.65 Copart CPRT ... 18 58.17 0.35
0.55 74.50 56.26 Aflac AFL 2.5 11 69.98 0.08 s 21.08 10.63 5.19 SABESP SBS 0.6 10 10.51 0.21
-2.70 43.89 36.05 AT&T T 4.7 20 41.38 0.07 5.16 44.35 26.21 Lazard LAZ 3.5 15 43.21 0.23 13.34 34.17 20.18 Sony SNE ... dd 31.77 -0.03 8.31 224.79 154.21 CoStarGroup CSGP ... 84 204.16 0.35
19.19 71.79 26.91 CSC CSC 0.8 dd 70.82 -0.18 6.78 148.49 96.64 Lear LEA 0.8 11 141.35 0.90 -0.28 54.64 46.20 Southern SO 4.6 19 49.05 0.19 s 7.43 172.27 138.57 Costco COST 1.0 31 172.00 1.04
3.57 70.00 51.01 AXIS Capital AXS 2.2 13 67.60 0.03 0.73 40.00 31.97 ConagraBrands CAG 2.0 28 39.84 0.11 0.08 54.62 41.33 Leggett&Platt LEG 2.8 18 48.92 -0.04 s 18.85 39.50 23.54 SoCopper SCCO 0.8 38 37.96 0.62 11.22 49.62 36.62 Ctrip.com CTRP ... dd 44.49 1.10
11.27 45.79 36.40 AbbottLabs ABT 2.5 46 42.74 0.20 7.93 147.55 84.45 ConchoRscs CXO ... dd 143.11 3.25 -0.59 52.92 37.79 Leidos LDOS 2.5 14 50.84 0.02 s 9.77 54.87 35.09 SouthwestAirlines LUV 0.7 15 54.71 0.19 5.56 63.99 41.32 DISH Network DISH ... 29 61.15 0.08
-3.51 68.12 51.60 AbbVie ABBV 4.2 17 60.42 -0.42 ... 53.17 31.82 ConocoPhillips COP 2.1 dd 50.14 0.59 9.04 49.60 38.36 Lennar A LEN 0.3 12 46.81 1.62 2.51 44.00 27.67 SpectraEnergy SE 4.2 94 42.12 0.28 1.14 65.83 53.43 DentsplySirona XRAY 0.5 30 58.39 -0.22
0.40 125.72 93.99 Accenture ACN 2.1 17 117.60 0.62 1.45 81.88 68.44 ConEd ED 3.7 19 74.75 0.36 10.00 39.93 30.72 Lennar B LEN/B 0.4 10 37.95 1.46 -1.13 50.48 40.19 SpectraEnerPtrs SEP 6.1 15 45.32 -0.24 34.00 96.38 54.50 DexCom DXCM ... dd 80.00 0.62
-8.10 280.89 175.25 AcuityBrands AYI 0.2 31 212.16 -0.01 1.40 173.55 135.81 ConstBrands A STZ 1.0 26 155.45 -0.28 s 6.57 164.93 118.77 LennoxIntl LII 1.1 26 163.24 -0.71 9.47 138.95 89.53 SpectrumBrands SPB 1.3 24 133.92 1.43 3.69 113.23 66.23 DiamondbackEner FANG ... dd 104.79 0.86
4.52 67.43 39.66 Adient ADNT ... ... 61.25 0.06 -9.74 60.30 16.92 ContinentalRscs CLR ... dd 46.52 0.74 3.27 24.60 14.27 LeucadiaNatl LUK 1.0246 24.01 0.11 -2.59 61.55 41.27 SpiritAeroSys SPR 0.7 15 56.84 0.93 3.90 29.75 23.66 DiscoveryComm A DISCA ... 16 28.48 0.52
-3.00 177.83 132.98 AdvanceAuto AAP 0.1 27 164.05 -0.78 s 9.19 192.26 133.25 Cooper COO 0.0 34 191.00 0.50 3.25 28.91 22.43 DiscoveryComm C DISCK ... 16 27.65 0.43
20.24 6.23 4.39 AdvSemiEngg ASX 4.2 16 6.06 0.04 2.45 60.12 44.01 Level3Comm LVLT ... 31 57.74 0.11 6.41 9.65 2.56 Sprint S ... dd 8.96 0.19
10.01 26.99 17.69 Corning GLW 2.3 8 26.70 -0.10 -1.57 42.26 27.25 LibertyProperty LPT 4.9 16 38.88 0.49 7.88 128.77 90.94 StanleyBlackDck SWK 1.9 19 123.73 0.65 1.09 99.93 72.55 DollarTree DLTR ... 23 78.02 -1.37
0.18 6.09 3.36 Aegon AEG 5.3 23 5.54 ... -0.16 31.60 17.94 Coty COTY 2.7 dd 18.28 -0.04 6.64 56.13 41.15 Dunkin'
s 11.27 46.41 26.55 AerCap AER ... 10 46.30 0.36 5.76 83.78 64.18 EliLilly LLY 2.7 30 77.79 0.09 3.78 23.46 16.97 StarwoodProp STWD 8.4 16 22.78 0.05 DNKN 2.3 26 55.92 1.79
s 9.03 172.48 107.25 Credicorp BAP 1.3 ... 172.11 2.12 s 6.19 70.87 31.50 LincolnNational LNC 1.6 14 70.37 0.32 0.50 83.49 50.59 StateStreet STT 1.9 16 78.11 0.17 2.63 38.61 20.30 E*TRADE ETFC ... 18 35.56 -0.24
-1.87 136.50 97.15 Aetna AET 0.8 18 121.69 0.48 1.89 16.17 10.01 CreditSuisse CS ... dd 14.58 -0.16 3.58 54.04 27.80 EastWestBancorp EWBC 1.5 19 52.65 0.01
15.36 179.85 119.12 AffiliatedMgrs AMG 0.5 20 167.62 3.76 6.02 29.03 26.09 LionsGate A LGF/A ... ... 28.52 0.36 -1.86 19.27 13.12 Statoil STO 4.9 dd 17.90 0.04
-15.08 18.95 10.15 CrescentPoint CPG 2.4 dd 11.54 0.51 8.57 29.04 19.33 LiveNationEnt LYV ... dd 28.88 0.01 -0.34 74.63 61.38 Steris STE 1.7 41 67.16 0.02 s 13.27 33.84 22.23 eBay EBAY ... 5 33.63 0.51
10.54 50.80 34.75 AgilentTechs A 1.0 36 50.36 -0.11 6.46 28.30 7.90 CrestwoodEquity CEQP 8.8 dd 27.20 -0.25 s 9.41 86.66 57.32 ElectronicArts EA ... 21 86.17 2.91
7.74 4.42 2.47 LloydsBanking LYG 2.6 39 3.34 -0.03 20.18 14.45 5.11 STMicroelec STM 1.8156 13.64 -0.02
21.02 60.10 32.87 AgnicoEagle AEM 0.8107 50.83 0.63 0.91 102.82 79.38 CrownCastle CCI 4.3 93 87.56 -0.22 8.13 391.07 276.56 Equinix EQIX 1.8380 386.45 0.65
4.25 269.90 205.55 LockheedMartin LMT 2.8 20 260.55 2.35 2.92 127.23 95.76 Stryker SYK 1.4 28 123.31 -0.01
5.12 111.88 80.45 Agrium AGU 3.3 15 105.70 1.68 0.97 57.49 44.59 CrownHoldings CCK ... 15 53.08 -0.01 -2.06 10.20 4.83 Ericsson ERIC 8.0 83 5.71 -0.06
-0.75 48.05 35.41 Loews L 0.5 93 46.48 0.24 3.80 8.30 5.11 SumitomoMits SMFG ... 10 7.93 -0.03
-2.57 150.45 116.84 AirProducts APD 2.7 21 140.13 1.59 2.26 94.32 46.21 Cullen/Frost CFR 2.4 19 90.22 0.63 0.76 116.21 88.69 ErieIndemnity A ERIE 2.8 31 113.30 -0.23
4.01 83.65 63.41 Lowe's LOW 1.9 27 73.97 0.44 4.78 85.98 64.02 SunCommunities SUI 3.2 44 80.27 0.67
9.71 98.89 54.51 AlaskaAir ALK 1.2 15 97.35 -1.06 10.16 153.44 93.27 Cummins CMI 2.7 18 150.56 0.42 s 48.09 23.02 3.55 Exelixis EXEL ... dd 22.08 -0.42
-1.10 59.58 44.85 Luxottica LUX 1.9 ... 53.11 -0.20 2.73 40.57 26.83 SunLifeFinancial SLF 3.2 11 39.46 0.56
8.85 95.89 50.04 Albemarle ALB 1.3 22 93.70 -0.21 1.18 19.92 14.67 DDR DDR 4.9 dd 15.45 0.12 8.27 133.55 96.58 Expedia
7.09 97.64 69.82 LyondellBasell LYB 3.7 10 91.86 -0.38 -3.00 33.79 21.45 SuncorEnergy SU 3.1 dd 31.71 0.15 EXPE 0.8 71 122.65 -0.60
36.40 38.94 20.00 Alcoa AA ... dd 38.30 0.88 -1.17 100.45 81.75 DTE Energy DTE 3.4 21 97.36 0.15 3.34 56.37 43.61 ExpeditorsIntl EXPD 1.5 23 54.73 0.64
5.68 166.34 101.95 M&T Bank MTB 1.7 21 165.31 0.83 6.70 31.49 17.57 SunocoLogistics SXL 8.1 51 25.63 -0.30
2.92 115.46 70.69 AlexandriaRealEst ARE 2.9 dd 114.37 -0.61 7.89 84.74 63.49 Danaher DHR 0.6 23 83.98 0.22 -0.55 80.02 64.46 ExpressScripts ESRX ... 16 68.41 0.93
-1.04 30.62 17.33 MGM Resorts MGM ... 57 28.53 -0.09 5.31 58.72 32.14 SunTrustBanks STI 1.8 16 57.76 0.03
16.57 109.87 60.28 Alibaba BABA ... 46 102.36 -0.98 4.90 79.43 57.19 Darden DRI 2.9 22 76.28 1.21 s 11.50 39.22 16.34 MPLX -3.48 148.34 86.90 F5Networks FFIV ... 25 139.69 -0.04
s 1.81 622.75 448.20 Alleghany Y ... 18 619.12 1.20
MPLX 5.4 dd 38.60 -0.14 -0.14 38.05 23.25 SynchronyFin SYF 1.4 13 36.22 -0.27
0.86 78.77 54.50 DaVita DVA ... 19 64.75 0.09 15.79 94.80 65.54 MSCI MSCI 1.2 34 91.22 0.89 9.11 89.13 74.52 Syngenta SYT 2.6 34 86.25 0.05 16.64 135.49 100.24 Facebook FB ... 41 134.19 0.05
12.38 73.49 56.88 Allegion ALLE 0.9 30 71.92 0.19 s 6.99 110.39 74.91 Deere DE 2.2 23 110.24 1.12 s 13.05 104.78 65.61 MSC Industrial MSM 1.7 27 104.45 0.38 7.15 51.56 37.70 Fastenal FAST 2.5 29 50.34 0.09
17.31 301.32 184.50 Allergan AGN ... 7 246.36 0.68 -4.97 57.07 42.05 Sysco SYY 2.5 29 52.62 0.37
10.35 78.00 58.04 DelphiAutomotive DLPH 1.6 18 74.32 0.56 -3.49 94.51 66.00 Macerich MAC 4.2109 68.37 -0.05 s 24.16 87.98 43.58 TAL Education TAL ... 84 87.10 1.80 -1.71 27.88 14.21 FifthThirdBncp FITB 2.1 14 26.51 0.36
-0.64 241.69 181.33 AllianceData ADS 0.9 31 227.03 -1.61 0.14 52.76 32.60 DeltaAir DAL 1.6 9 49.26 -0.07 -1.98 85.45 53.06 MacquarieInfr MIC 6.4 56 80.08 0.63 2.63 111.51 92.41 Fiserv FISV ... 26 109.07 -0.40
-0.21 25.00 16.11 AllianceBernstein AB 7.7 12 23.40 0.15 8.42 76.49 53.90 TE Connectivity TEL 2.0 13 75.11 -0.20
4.64 20.94 11.19 DeutscheBank DB ... dd 18.94 -0.32 -10.67 45.50 28.55 Macy's M 4.7 15 31.99 -0.38 3.42 34.12 27.75 Telus TU 4.5 16 32.94 0.14 11.34 16.16 10.03 Flex FLEX ... 30 16.00 0.30
-0.08 40.99 33.08 AlliantEnergy LNT 3.3 25 37.86 0.21 -0.57 50.69 18.07 DevonEnergy DVN 0.5 dd 45.41 0.66 4.92 81.70 57.50 MagellanMid MMP 4.3 23 79.35 0.41 25.10 38.33 23.51 Fortinet FTNT ...251 37.68 -0.31
11.84 37.82 21.58 AllisonTransm ALSN 1.6 30 37.68 0.60 -1.74 27.00 11.46 Ternium TX 3.8 16 23.73 0.71
9.52 117.84 99.46 Diageo DEO 2.1 23 113.83 -0.38 2.33 47.21 31.84 MagnaIntl MGA 2.3 7 44.41 1.21 30.85 15.54 7.17 TIM Part TSU 1.8 33 15.44 0.14 3.17 35.98 24.69 Gaming&Leisure GLPI 7.9 20 31.59 0.13
s 6.42 79.31 62.78 Allstate ALL 1.7 17 78.88 0.53 -0.75 62.88 36.06 Dick's DKS 1.1 18 52.70 -0.47 2.66 56.19 33.49 Garmin GRMN 4.1 19 49.78 0.65
8.55 98.99 57.26 Manpower MAN 1.8 15 96.47 -0.47 2.56 83.64 67.81 TJX TJX 1.3 23 77.05 0.94
s 19.82 22.88 14.84 AllyFinancial ALLY 1.4 11 22.79 0.05 9.10 113.21 76.93 DigitalRealty DLR 3.3 75 107.20 -0.57 4.06 21.89 13.64 Gentex GNTX 1.8 17 20.49 0.09
4.66 19.52 11.42 ManulifeFin MFC 3.4 12 18.65 0.03 6.82 31.61 21.92 TaiwanSemi TSM 3.1 17 30.71 0.50
7.10 72.59 59.48 Altria MO 3.4 10 72.42 -0.07 -4.54 74.33 43.48 DiscoverFinSvcs DFS 1.7 12 68.82 -0.13 -6.47 19.28 6.52 MarathonOil MRO 1.2 dd 16.19 0.14 -7.33 103.10 65.38 GileadSciences GILD 3.1 7 66.36 0.77
29.48 13.44 7.22 AlumofChina ACH ... 39 13.22 0.25 5.83 61.83 14.85 TargaResources TRGP 6.1 dd 59.34 0.03
4.84 111.99 89.61 Disney DIS 1.4 20 109.26 -0.23 -0.42 54.59 30.59 MarathonPetrol MPC 2.9 23 50.14 0.21 -9.00 84.14 62.94 Target TGT 3.7 12 65.73 -0.68 9.23 33.99 24.31 Goodyear GT 1.2 7 33.72 0.48
11.20 6.34 4.33 Ambev ABEV 1.6 26 5.46 0.12 3.67 96.88 66.50 DollarGeneral DG 1.3 18 76.79 -0.92 -0.28 18.75 13.25 MarineHarvest MHG 6.0 18 18.08 -0.34 7.59 17.43 14.27 Grifols GRFS 2.2 20 17.29 0.13
0.90 54.08 44.84 Ameren AEE 3.3 20 52.93 0.03 10.76 44.79 21.36 TataMotors TTM 0.0 15 38.09 0.05
-4.20 78.97 67.58 DominionRscs D 4.1 21 73.37 1.22 4.31 989.18 811.05 Markel MKL ... 30 943.51 0.59 -10.61 37.09 22.98 TechnipFMC FTI ... ... 31.76 0.51 s 4.07 44.48 22.01 HDSupply HDS ... 9 44.24 0.79
3.90 15.95 11.02 AmericaMovil AMX 2.1 85 13.06 0.32 s 17.04 187.94 107.31 Domino's DPZ 0.8 46 186.37 0.47 s 5.16 71.29 55.53 Marsh&McLennan MMC 1.9 21 71.08 0.50 25.50 98.26 68.60 Hasbro HAS 2.3 22 97.63 -0.11
6.34 15.93 10.83 AmericaMovil A AMOV 2.1 85 13.08 0.36 24.31 33.76 3.87 TeckRscsB TECK 0.3 dd 24.90 1.45
0.12 46.29 27.65 Donaldson DCI 1.7 27 42.13 0.39 3.97 243.98 129.31 MartinMarietta MLM 0.7 36 230.32 5.00 -2.81 11.79 6.95 TelecomItalia TI 3.0 16 8.64 -0.16 8.81 183.00 146.23 HenrySchein HSIC ... 27 165.07 0.22
-1.04 54.56 42.11 AmCampus ACC 3.4 60 49.25 0.32 6.51 39.25 24.73 DouglasEmmett DEI 2.4 70 38.94 0.20 6.74 37.38 25.23 Masco MAS 1.2 24 33.75 0.69 -0.47 41.24 31.84 Hologic HOLX ... 34 39.93 -0.19
1.57 71.32 57.89 AEP AEP 3.7 69 63.95 0.53 -3.02 9.69 5.61 TelecomItalia A TI/A 4.4 13 7.07 -0.10
5.81 82.32 57.39 Dover DOV 2.2 24 79.28 0.43 3.89 111.07 83.31 Mastercard MA 0.8 29 107.27 -0.03 7.29 188.79 130.84 Teleflex TFX 0.8 30 172.90 0.01 3.40 102.38 73.77 JBHunt JBHT 0.9 26 100.37 1.55
s 5.94 78.69 51.64 AmericanExpress AXP 1.6 14 78.48 0.30 6.94 61.73 44.89 DowChemical DOW 3.0 18 61.19 0.93 4.20 107.84 88.64 McCormick MKC 1.9 26 97.25 0.20 3.03 14.17 8.04 HuntingtonBcshs HBAN 2.3 20 13.62 0.07
3.89 92.38 65.38 AmericanFin AFG 1.4 13 91.55 0.36 14.28 15.69 8.48 TelefonicaBras VIV ... 24 15.29 0.07
3.19 98.80 81.05 DrPepperSnap DPS 2.5 20 93.56 0.38 4.57 108.26 89.14 McCormickVtg MKC/V 1.9 26 97.36 0.51 4.13 11.43 8.15 Telefonica TEF 7.5129 9.58 -0.11 17.13 77.46 40.83 IAC/InterActive IAC ... dd 75.89 -0.93
s 9.15 23.01 13.22 AmerHomes4Rent AMH 0.9 dd 22.90 0.06 -1.30 54.73 41.39 DrReddy'sLab RDY 0.7 49 44.69 -0.40 3.37 131.96 110.33 McDonalds MCD 3.0 23 125.82 1.34 20.94 143.47 66.82 IdexxLab IDXX ... 58 141.83 -0.28
0.46 67.47 48.41 AIG AIG 2.0149 65.61 0.29 0.82 34.65 23.55 TelekmIndonesia TLK 0.5 16 29.40 0.16
5.19 78.36 56.45 DuPont DD 2.0 27 77.21 0.84 -0.63 199.43 114.53 McKesson MCK 0.8 16 139.57 -0.14 -4.51 37.21 19.44 Tenaris TS 1.5 dd 34.10 -0.06 12.03 39.98 26.37 IHSMarkit INFO ... 61 39.67 -0.07
-0.18 118.26 83.75 AmerTowerREIT AMT 2.2 53 105.49 -0.29 0.62 87.31 72.34 DukeEnergy DUK 4.4 19 78.10 0.35 23.97 94.40 69.25 MeadJohnson MJN 1.9 30 87.72 s 17.90 117.31 73.55 IPG Photonics IPGP ... 25 116.38 0.32
4.67 13.78 29.03 17.45 Teradyne TER 1.0 dd 28.90 0.16
1.52 85.24 63.63 AmerWaterWorks AWK 2.0 28 73.46 0.61 -4.89 28.99 18.72 DukeRealty DRE 3.0 29 25.26 0.15 2.01 76.96 59.36 Mednax MD ... 19 68.00 0.39 -4.74 67.63 44.20 IcahnEnterprises IEP ... dd 57.08 -0.15
0.13 50.11 37.17 Amerigas APU 7.8 43 47.98 -0.12 -0.14 93.50 67.80 Tesoro TSO 2.5 14 87.33 -0.25
-4.87 33.40 25.59 ENI E 5.8 dd 30.67 -0.06 6.91 89.27 69.35 Medtronic MDT 2.3 25 76.15 0.44 15.02 59.01 36.45 TesoroLogistics TLLP 6.2 31 58.44 0.13 27.34 186.88 119.37 Illumina ILMN ... 52 163.04 -0.10
s 12.05 124.85 76.16 Ameriprise AMP 2.4 16 124.31 0.58 0.34 109.37 62.53 EOG Rscs EOG 0.7 dd 101.44 1.63 8.97 65.46 48.28 Merck MRK 2.9 32 64.15 -0.24 21.37 124.87 60.30 Incyte INCY ...156 121.70 -1.26
16.60 92.48 68.38 AmerisourceBrgn ABC 1.6 15 91.17 -0.48 -11.20 59.34 31.90 TevaPharm TEVA 4.2 19 32.19 -0.06
-1.61 80.61 54.22 EQT EQT 0.2 dd 64.35 0.60 -1.82 58.09 35.81 MetLife MET 3.0 87 52.91 0.33 0.70 50.93 31.04 Textron TXT 0.2 14 48.90 0.24 -2.56 38.45 28.14 Intel INTC 2.9 17 35.34 -0.12
s 10.12 53.65 43.28 Ametek AME 0.7 24 53.52 0.39 s 5.49 82.66 64.08 EQT Midstream EQM 4.2 16 80.89 0.15 11.19 468.60 299.53 MettlerToledo MTD ... 33 465.40 -0.03 2.55 120.55 91.50 Intuit INTU 1.2 38 117.53 1.44
2.34 69.25 48.87 Amphenol APH 0.9 26 68.77 0.48 9.77 160.68 123.96 ThermoFisherSci TMO 0.4 30 154.89 0.15
5.52 80.48 58.00 EastmanChem EMN 2.6 14 79.36 0.88 -10.70 59.49 34.92 MichaelKors KORS ... 9 38.38 0.11 1.10 45.68 34.43 ThomsonReuters TRI 3.1 8 44.26 1.02 11.25 727.25 517.21 IntuitiveSurgical ISRG ... 38 705.52 0.14
-0.56 73.33 33.85 AnadarkoPetrol APC 0.3 dd 69.34 0.92 5.83 72.00 53.05 Eaton ETN 2.1 17 71.00 0.21 0.60 110.01 84.41 MidAmApt MAA 3.5 36 98.51 0.61 -5.04 57.00 19.59 IonisPharma IONS ... dd 45.42 -0.66
27.40 22.91 9.28 AngloGoldAsh AU ... ... 13.39 0.25 s 9.04 111.40 48.48 ThorIndustries THO 1.2 20 109.09 -1.56
3.40 124.60 98.62 Ecolab ECL 1.2 34 121.20 0.59 9.42 7.01 3.98 MitsubishiUFJ MTU ... 11 6.74 0.08 0.24 182.27 150.91 3M MMM 2.6 22 179.00 0.82 15.49 30.01 19.51 JD.com JD ... dd 29.38 0.37
0.42 136.08 98.28 AB InBev BUD 3.2 45 105.88 -0.48 6.30 10.29 5.98 Ecopetrol EC ... dd 9.62 0.19 3.90 3.87 2.69 MizuhoFin MFG ... 8 3.73 0.01 2.05 91.48 77.05 JackHenry JKHY 1.2 28 90.60 -0.22
5.52 11.29 9.60 AnnalyCap NLY 11.4 96 10.52 0.06 5.09 85.44 56.98 Tiffany TIF 2.2 23 81.37 0.94
4.47 78.72 61.50 EdisonInt EIX 2.9 28 75.21 0.45 14.71 10.78 6.79 MobileTeleSys MBT 3.6 16 10.45 0.09 0.05 97.35 60.95 TimeWarner TWX 1.7 17 96.58 0.21 20.08 160.00 95.80 JazzPharma JAZZ ... 23 130.92 2.12
s 14.93 35.74 18.77 AnteroMidstream AM 3.2 31 35.49 0.14 -3.59 121.75 78.60 EdwardsLife EW ... 34 90.34 -0.48 13.64 51.15 24.75 Mobileye MBLY ...111 43.32 0.47 -11.69 23.67 14.76 JetBlue JBLU ... 9 19.80 -0.17
5.12 30.66 21.45 AnteroResources AR ... dd 24.86 -0.21 1.57 75.24 48.70 Torchmark TMK 0.7 17 74.92 0.47
13.47 63.50 45.36 EmersonElectric EMR 3.0 26 63.26 0.55 s 11.54 224.16 152.85 MohawkIndustries MHK ... 18 222.72 7.95 6.79 59.91 36.29 Toro TTC 1.2 29 59.75 0.72 10.12 88.12 62.89 KLA Tencor KLAC 2.5 16 86.64 -0.10
12.90 162.49 114.85 Anthem ANTM 1.6 18 162.32 0.64 -28.41 26.36 14.51 EnbridgeEnPtrs EEP 12.8 dd 18.24 0.03 -1.87 110.17 86.00 MolsonCoors A TAP/A 1.7 36 96.11 0.42 3.30 90.54 71.02 KraftHeinz KHC 2.7 40 90.20 0.42
s 3.64 117.76 92.88 Aon AON 1.1 21 115.59 0.42 5.74 52.32 35.58 TorontoDomBk TD 3.1 11 52.17 0.26
2.47 45.77 29.63 Enbridge ENB ... 21 43.16 0.27 -1.40 112.19 83.30 MolsonCoors B TAP 1.7 36 95.95 -0.72 -0.14 52.04 41.50 Total TOT 5.1 30 50.90 0.39 1.79 36.35 24.43 LKQ LKQ ... 21 31.20 -0.04
-9.60 69.00 34.66 Apache APA 1.7 dd 57.38 0.46 9.03 13.85 3.00 Encana ECA 0.5 dd 12.80 0.20 2.24 114.26 83.73 Monsanto MON 2.0 29 107.57 0.04 9.70 119.14 64.25 LamResearch LRCX 1.6 21 115.99 -0.01
0.59 47.91 35.43 ApartmtInv AIV 3.1 40 45.72 0.60 9.30 56.54 38.73 TotalSystem TSS 0.7 31 53.59 -0.10
0.36 93.10 60.40 Endurance ENH 1.6 15 92.73 ... 14.56 110.83 79.26 Moody's MCO 1.4 23 108.00 0.42 -3.68 123.18 97.80 ToyotaMotor TM ... 10 112.89 0.97 13.65 77.43 50.89 LamarAdvertising LAMR 4.0 25 76.42 0.72
1.07 35.83 28.03 AquaAmerica WTR 2.5 26 30.36 0.26 s 17.54 9.67 6.37 EnelAmericas ENIA 1.5 13 9.65 0.01 s 5.80 45.15 21.86 MorganStanley MS 1.8 15 44.70 -0.15 17.07 87.47 43.95 LibertyBroadbandA LBRDA ... 15 84.83 0.01
-0.59 38.30 29.82 Aramark ARMK 1.2 28 35.51 0.10 4.89 49.77 34.50 TransCanada TRP 3.6 dd 47.36 0.16
1.03 29.52 18.35 EnelGenChile EOCC 3.4 ... 19.64 0.21 12.04 33.99 22.20 Mosaic MOS 3.3 39 32.86 1.03 1.67 294.38 190.55 TransDigm TDG ... 31 253.12 1.51 16.23 88.12 43.30 LibertyBroadbandC LBRDK ... 15 86.09 -0.36
s 20.00 8.84 2.41 ArcelorMittal MT 2.3 dd 8.76 0.52 -2.43 20.05 5.42 EnergyTrfrEquity ETE 6.1 18 18.84 -0.31 -5.45 87.55 60.68 MotorolaSolutions MSI 2.4 24 78.37 0.56 15.59 36.78 26.16 LibertyGlobal A LBTYA ... dd 35.36 0.17
-3.99 47.88 31.30 ArcherDaniels ADM 2.9 20 43.83 0.29 10.77 35.79 21.02 TransUnion TRU ... 71 34.26 0.34
6.34 43.50 22.22 EnergyTrfrPtrs ETP 11.1 dd 38.08 -0.31 s 12.28 46.95 19.24 NCR NCR ... 31 45.54 1.36 -2.20 123.09 103.45 Travelers TRV 2.2 12 119.73 0.95 12.08 44.39 27.34 LibertyGlobal B LBTYB ... dd 35.25 -4.16
s 59.76 29.85 16.59 Arconic ARNC 0.8 ... 29.62 1.66 -0.74 10.33 2.43 Enerplus ERF 1.0 dd 9.41 0.60 5.98 28.43 21.96 NTTDoCoMo DCM ... 15 24.11 0.18 15.32 35.44 25.86 LibertyGlobal C LBTYK ... dd 34.25 0.18
2.08 103.00 54.67 AristaNetworks ANET ... 43 98.78 0.97 11.45 10.87 6.35 TurkcellIletism TKC 22.3 12 7.69 -0.02
2.50 19.89 6.32 EnLinkMidPtrs ENLK 8.3 dd 18.88 -0.15 14.04 1920.52 1478.04 NVR NVR ... 18 1903.41 18.26 10.22 3.80 1.90 TurquoiseHill TRQ ... 19 3.56 0.03 5.65 42.63 19.10 LibertyLiLAC A LILA ... dd 23.20 0.54
1.18 74.67 51.96 ArrowElec ARW ... 13 72.14 -0.75 -2.50 82.08 66.71 Entergy ETR 4.9 10 71.63 0.63 2.66 74.97 56.50 NationalGrid NGG 5.3 15 59.88 0.01 6.09 44.95 19.33 LibertyLiLAC C LILAK ... dd 22.46 0.46
8.59 125.00 89.58 AshlandGlobal ASH 1.3 dd 118.68 0.78 -4.42 25.25 13.72 Twitter TWTR ... dd 15.58 -0.83
6.10 30.25 19.76 EnterpriseProd EPD 5.7 24 28.69 0.22 5.29 43.63 26.55 NatlOilwell NOV 0.5 dd 39.42 0.43 10.49 175.77 118.16 TylerTech TYL ... 68 157.74 -2.92 -3.30 27.25 17.88 LibertyQVC A QVCA ... 10 19.32 0.22
s 8.00 40.86 22.29 AssuredGuaranty AGO 1.3 5 40.79 0.30 8.14 83.27 57.32 EnvisionHlthcr EVHC ... 20 68.44 -2.43 0.77 53.59 39.86 NatlRetailProp NNN 4.1 41 44.54 0.47 20.72 45.17 34.26 LibertyVenturesA LVNTA ... 14 44.51 0.44
8.09 35.04 25.55 AstraZeneca AZN 6.4 23 29.53 0.23 5.48 77.05 55.72 TysonFoods TSN 1.4 13 65.06 -0.33
10.43 136.97 95.30 Equifax EFX 1.2 32 130.56 2.43 20.67 53.38 28.83 NewOrientalEduc EDU ... 34 50.80 2.05 1.47 17.44 11.93 UBS Group UBS 3.8 18 15.90 -0.08 8.70 85.13 53.20 LincolnElectric LECO 1.7 30 83.34 0.49
s 8.09 52.07 43.25 Athene ATH ... 6 51.87 0.60 4.90 83.19 65.31 EquityLife ELS 2.2 39 75.63 0.19 -6.10 17.68 13.74 NY CmntyBcp NYCB 4.6 15 14.94 0.13 1.83 64.42 40.70 LinearTech LLTC 2.1 31 63.49 -0.04
1.75 81.97 68.15 AtmosEnergy ATO 2.4 22 75.45 0.30 -2.14 38.61 32.79 UDR UDR 3.3 34 35.70 0.30
-3.78 75.49 58.28 EquityResdntl EQR 3.3 41 61.93 0.52 5.24 55.45 33.42 NewellBrands NWL 1.6 40 46.99 0.66 3.86 48.13 35.25 UGI UGI 2.0 18 47.86 0.53 5.39 110.10 35.00 LogMeIn LOGM ...377 101.75 -2.00
-6.65 126.31 93.31 Autoliv ALV 2.2 16 105.62 0.60 -1.77 237.50 192.40 EssexProp ESS 2.8 36 228.38 1.83 3.14 50.00 20.84 NewfieldExpln NFX ... dd 41.77 0.86 4.05 81.81 54.00 lululemon LULU ... 33 67.62 0.62
-6.22 819.54 713.09 AutoZone AZO ... 18 740.65 -5.29 -0.04 27.86 22.19 US Foods USFD ... 51 27.47 0.23
7.97 97.48 75.30 EsteeLauder EL 1.6 28 82.59 -0.07 10.51 46.07 23.12 NewmontMining NEM 0.5740 37.65 0.45 4.10 24.50 14.33 UltraparPart UGP 2.3 26 21.59 0.22 27.16 194.12 106.28 MarketAxess MKTX 0.7 56 186.82 -1.51
1.54 192.29 158.32 Avalonbay AVB 3.2 24 179.87 1.62 s 6.61 231.01 169.19 EverestRe RE 2.2 10 230.71 0.92 5.03 131.98 109.34 NextEraEnergy NEE 2.8 20 125.47 0.82 s 4.56 86.99 60.87 Marriott MAR 1.4 30 86.45 -0.34
6.68 46.74 35.42 Avangrid AGR 4.3 25 40.41 0.35 -25.65 47.95 20.44 UnderArmour A UAA ... 49 21.60 -0.11
2.15 60.44 50.56 EversourceEner ES 3.4 20 56.42 0.37 5.63 55.94 40.28 NielsenHoldings NLSN 2.8 32 44.31 1.13 11.61 15.89 8.42 MarvellTech MRVL 1.6 74 15.48 -0.18
12.89 80.84 62.57 AveryDennison AVY 2.1 22 79.27 0.37 -24.35 46.20 17.77 UnderArmour C UA ... 43 19.04 -0.26
-1.32 37.70 29.82 Exelon EXC 3.7 28 35.02 0.17 10.60 65.44 49.01 Nike NKE 1.3 25 56.22 0.91 -6.61 34.76 25.17 Mattel MAT 5.9 28 25.73 -0.10
-2.00 51.50 38.16 Avnet AVT 1.5 16 46.66 -0.04 0.44 48.00 38.41 Unilever UN 3.3 21 41.24 -0.32
-2.90 94.81 68.09 ExtraSpaceSt EXR 4.2 32 75.00 0.49 3.68 49.67 38.45 NipponTelegraph NTT ... 12 43.62 0.32 16.85 45.58 31.56 MaximIntProducts MXIM 2.9 26 45.07 0.19
7.46 30.45 22.99 AxaltaCoating AXTA ...225 29.23 -0.20 2.63 48.97 38.58 Unilever UL 3.3 21 41.77 -0.31
-8.58 95.55 79.67 ExxonMobil XOM 3.6 44 82.52 0.68 1.22 26.94 20.88 NiSource NI 3.1 24 22.41 0.18 6.16 20.00 11.90 MelcoCrownEnt MPEL 0.9 74 16.88 0.08
-0.83 47.85 30.75 BB&T BBT 2.6 17 46.63 0.22 4.04 111.38 76.25 UnionPacific UNP 2.2 21 107.87 0.45 s 25.07 195.47 89.16 MercadoLibre MELI 0.3 70 195.28 3.57
2.26 62.84 32.92 FMC FMC 1.1 37 57.84 0.55 2.13 42.03 27.85 NobleEnergy NBL 1.0 dd 38.87 0.48 -0.38 76.80 37.41 UnitedContinental UAL ... 10 72.60 -0.38
2.96 49.03 41.06 BCE BCE 4.9 13 44.52 0.21 8.88 183.17 136.70 FactSet FDS 1.1 21 177.94 2.01 1.46 6.31 4.04 Nokia NOK 5.9 dd 4.88 -0.01 10.52 76.50 39.37 MicrochipTech MCHP 2.0187 70.90 -0.03
12.05 41.79 21.88 BHPBilliton BHP 1.4 dd 40.09 0.88 -6.37 120.44 95.33 UPS B UPS 3.1 28 107.34 0.88 9.72 25.31 9.35 MicronTech MU ... dd 24.05 -0.40
0.60 171.08 134.39 FederalRealty FRT 2.7 48 142.96 0.94 13.56 6.77 3.33 NomuraHoldings NMR ... 16 6.70 0.02 20.40 131.19 43.53 UnitedRentals URI ... 20 127.12 1.68
9.57 37.44 19.06 BHPBilliton BBL 1.6 dd 34.47 0.57 2.50 201.57 125.39 FedEx FDX 0.8 28 190.86 2.29 -6.11 62.82 35.01 Nordstrom JWN 3.3 24 45.00 -0.55 -0.96 57.97 29.68 Microsemi MSCC ... dd 53.45 -0.23
-7.62 38.68 28.01 BP BP 7.028775 34.53 0.09 4.36 54.04 37.48 US Bancorp USB 2.1 16 53.61 0.07 2.99 65.91 48.03 Microsoft MSFT 2.4 30 64.00 -0.06
17.87 11.32 5.45 FiatChrysler FCAU ... 8 10.75 -0.06 12.08 122.50 71.06 NorfolkSouthern NSC 2.0 22 121.12 0.47 13.90 39.14 6.94 US Steel X 0.5 dd 37.60 0.22
-5.96 18.12 12.36 BRF BRFS ... 29 13.88 0.30 9.16 38.50 30.62 FidelityNatlFin FNF 2.7 18 37.07 0.01 1.58 253.80 180.15 NorthropGrumman NOC 1.5 19 236.25 1.41 6.46 143.60 80.78 Middleby MIDD ... 31 137.13 -0.80
-16.11 35.00 19.14 BT Group BT 3.1 12 19.32 -0.09 1.30 112.83 84.90 UnitedTech UTX 2.4 18 111.05 0.96 1.49 46.40 37.63 Mondelez MDLZ 1.7 44 44.99 0.29
-11.31 14.50 8.56 FNFV Group FNFV ... 8 12.15 -0.50 3.25 83.58 66.93 Novartis NVS 3.7 27 75.21 0.09 0.44 164.00 110.21 UnitedHealth UNH 1.6 22 160.75 0.31
-5.88 68.59 38.16 BakerHughes BHI 1.1 dd 61.15 0.09 6.37 81.67 56.83 FidelityNtlInfo FIS 1.4 47 80.46 -0.29 -3.79 57.81 30.89 NovoNordisk NVO 1.9 16 34.50 0.02 -0.74 55.50 39.72 MonsterBeverage MNST ... 39 44.01 0.23
-0.99 82.24 64.30 Ball BLL 0.7 49 74.33 0.25 9.47 139.77 99.72 UniversalHealthB UHS 0.3 16 116.45 0.18 3.04 50.40 33.60 Mylan MYL ... 77 39.31 0.01
11.49 16.11 8.82 FirstData FDC ... dd 15.82 0.29 2.47 68.00 37.77 Nucor NUE 2.5 27 60.99 0.02 s 7.88 47.75 24.55 UnumGroup UNM 1.7 12 47.39 -0.03
-5.47 7.67 5.14 BancoBilbaoViz BBVA ... 23 6.40 -0.10 2.93 95.95 56.41 FirstRepBank FRC 0.7 24 94.84 -0.14 9.74 55.64 27.26 NuSTAREnergy NS 8.0 43 54.65 0.42 4.06 107.54 64.75 NXP Semi NXPI ... dd 101.99 0.39
3.19 73.40 58.40 BancodeChile BCH 4.0 14 72.70 0.38 3.43 11.09 7.21 VEREIT VER 6.3 dd 8.75 0.09 3.95 71.92 60.08 Nasdaq NDAQ 1.8113 69.77 0.67
-1.68 36.60 29.33 FirstEnergy FE 4.7 dd 30.45 0.57 s 2.45 34.45 24.39 OGE Energy OGE 3.5 22 34.27 0.21 -5.68 67.10 48.05 VF VFC 3.3 17 50.32 0.85
0.82 23.50 16.50 BcoSantChile BSAC 4.9 16 22.05 0.25 19.35 176.42 112.63 FleetCorTech FLT ... 36 168.91 1.05 -3.66 59.47 19.30 ONEOK OKE 4.4 41 55.31 0.19 s 11.85 39.72 20.89 NetApp NTAP 1.9 36 39.45 0.14
3.09 5.74 3.60 BancoSantander SAN 4.4 12 5.34 -0.11 10.10 86.82 69.12 Visa V 0.8 35 85.90 0.32 19.54 272.58 130.82 Netease NTES 1.2 22 257.42 -0.14
6.06 52.50 39.13 Flowserve FLS 1.5 44 50.96 0.28 24.78 57.41 22.62 ONEOK Partners OKS 5.9 41 53.67 0.34 s 10.29 179.03 117.34 VailResorts MTN 1.8 46 177.91 -0.53
3.79 42.58 28.56 BanColombia CIB 3.1 12 38.07 0.14 6.70 57.77 41.90 Fluor FLR 1.5 50 56.04 0.67 -3.87 78.48 64.37 OccidentalPetrol OXY 4.4 dd 68.47 0.28 s 16.98 145.30 84.50 Netflix NFLX ...345 144.82 0.68
4.43 23.55 11.40 BankofAmerica BAC 1.3 17 23.08 -0.04 37.27 10.96 2.54 Vale VALE ... dd 10.46 0.50 15.97 14.68 10.47 NewsCorp A NWSA 1.5 dd 13.29 0.90
5.50 100.57 73.45 FomentoEconMex FMX 1.6 26 80.40 0.60 9.06 4.78 2.65 Och-Ziff OZM ... dd 3.61 0.02 3.58 96.62 13.00 ValeantPharm VRX ... dd 15.04 0.12
6.40 77.09 50.39 BankofMontreal BMO 3.4 11 76.52 0.76 0.47 79.43 50.90 FootLocker FL 1.5 15 71.22 -0.07 9.32 21.19 16.51 OldRepublic ORI 3.6 13 20.77 0.02 15.25 15.22 10.90 NewsCorp B NWS 1.5 dd 13.60 0.85
-3.84 49.54 33.00 BankNY Mellon BK 1.7 14 45.56 0.06 -1.24 71.40 46.88 ValeroEnergy VLO 4.1 14 67.47 -0.15 s 3.94 116.59 60.11 Nordson NDSN 0.9 25 116.47 1.55
3.13 14.22 11.07 FordMotor F 4.8 6 12.51 0.13 0.13 38.09 28.06 OmegaHealthcare OHI 7.9 21 31.30 0.54 6.64 111.06 75.19 Valspar VAL 1.3 25 110.49 -0.15
s 10.20 61.54 37.54 BkNovaScotia BNS 3.6 11 61.36 0.63 10.56 24.22 16.88 ForestCIty A FCE/A 1.0120 23.04 0.11 0.26 89.66 71.25 Omnicom OMC 2.6 18 85.33 0.68 -4.13 91.14 54.77 NorthernTrust NTRS 1.8 20 85.37 -0.14
3.73 12.05 6.76 Barclays BCS 1.9 dd 11.41 -0.05 6.09 64.48 45.65 Vantiv VNTV ... 48 63.25 -0.49 12.39 55.59 34.16 NorwegianCruise NCLH ... 18 47.80 -0.26
s 10.58 29.78 17.11 ForestCity B FCE/B 0.8155 29.78 0.56 6.09 42.00 34.91 Oracle ORCL 1.5 20 40.79 0.56
s 6.96 241.50 180.43 Bard CR BCR 0.4 34 240.29 0.44 1.13 94.48 66.44 VarianMed VAR ... 23 80.40 0.32 6.45 120.92 24.75 NVIDIA NVDA 0.5 59 113.62 -2.76
5.18 34.66 25.89 Fortis FTS 3.7 17 32.48 0.10 1.72 18.32 13.98 Orange ORAN 2.8 16 15.40 -0.04 21.01 15.44 3.70 Vedanta VEDL 1.4 dd 15.03 0.16
21.96 23.47 11.49 BarrickGold ABX 0.4 dd 19.49 0.34 s 6.56 57.42 43.00 Fortive FTV 0.5 23 57.15 0.13 -1.31 82.58 57.00 Orix IX ... 8 76.81 0.10 -2.37 292.84 248.02 OReillyAuto ORLY ... 25 271.80 -2.98
10.51 50.16 35.79 BaxterIntl BAX 1.1 5 49.00 0.07 8.21 47.95 20.41 VeevaSystems VEEV ... 97 44.04 -0.15 s 7.59 92.50 56.74 OldDomFreight ODFL 0.4 26 92.30 1.68
6.75 64.47 45.40 FortBrandsHome FBHS 1.3 22 57.07 0.79 10.92 58.69 39.98 OwensCorning OC 1.4 17 57.19 0.45 -1.20 76.80 46.87 Ventas VTR 5.0 40 61.77 -0.03
7.54 181.75 136.39 BectonDickinson BDX 1.6 30 178.03 0.22 14.71 81.16 52.06 Franco-Nevada FNV 1.3101 68.55 0.67 4.25 65.43 54.45 PG&E PCG 3.1 38 63.35 0.46 10.82 14.29 6.99 ON Semi ON ... 47 14.14 0.18
s 2.66 68.56 50.67 Berkley WRB 0.8 15 68.28 ... -8.24 56.95 46.01 Verizon VZ 4.7 15 48.98 0.17 8.56 35.07 23.46 OpenText OTEX 1.4 7 33.55 0.42
3.28 42.18 30.56 FranklinRscs BEN 2.0 14 40.88 0.40 7.99 50.48 25.50 PLDT PHI 7.0 24 29.75 -0.12 -3.58 44.95 23.35 VermilionEnergy VET 4.8 dd 40.66 1.00
0.77 250786 190300 BerkHathwy A BRK/A ... 17 246000 ... 19.79 17.06 5.08 Freeport-McMoRan FCX ... dd 15.80 0.41 s 5.25 123.54 77.40 PNC Fin PNC 1.8 17 123.10 0.71 17.10 55.07 28.18 PTC PTC ... dd 54.18 -0.61
0.63 167.25 126.05 BerkHathwy B BRK/B ... 17 164.01 -0.03 13.35 17.41 10.21 Vipshop VIPS ... 28 12.48 0.38 7.56 69.80 48.17 Paccar PCAR 1.4 46 68.73 0.78
-2.68 47.52 38.05 FreseniusMed FMS 1.1 21 41.08 0.17 13.63 60.52 36.78 POSCO PKX ... 16 59.71 0.21
0.62 52.97 28.22 BerryPlastics BERY ... 22 49.03 0.07 14.21 90.81 44.13 VMware VMW ... 32 89.92 -0.07 1.75 57.07 29.52 PacWestBancorp PACW 3.6 19 55.39 0.14
2.00 32.10 23.77 GGP GGP 3.5 19 25.48 0.10 6.10 117.00 89.62 PPG Ind PPG 1.6 31 100.54 0.41
4.71 49.40 26.10 BestBuy BBY 2.5 13 44.68 -0.05 s 6.18 55.30 37.97 Gallagher 1.99 108.69 80.48 VornadoRealty VNO 2.7 58 106.45 1.06 13.71 236.25 185.69 PaneraBread PNRA ... 38 233.21 2.03
AJG 2.8 24 55.17 0.46 4.26 39.92 32.08 PPL PPL 4.5 13 35.50 0.08 2.17 41.58 22.75 VoyaFinancial VOYA 0.1 dd 40.07 0.18
4.41 194.20 123.68 Bio-RadLab A BIO ... 57 190.31 -0.57 8.56 30.74 17.00 Gap GPS 3.8 15 24.36 0.39 -0.13 115.40 70.57 PVH PVH 0.2 13 90.12 2.93 -3.98 62.18 47.92 Paychex PAYX 3.1 27 58.46 -0.03
0.62 399.46 297.04 BlackRock BLK 2.6 20 382.89 4.32 -2.04 138.18 89.50 VulcanMaterials VMC 0.7 42 122.60 2.10 2.81 44.52 33.81 PayPal PYPL ... 35 40.58 -0.25
-0.05 105.45 79.18 Gartner IT ... 46 101.02 0.75 10.93 96.87 44.32 PackagingCpAm PKG 2.7 20 94.09 0.34 s 10.22 117.38 84.48 WABCO
12.28 31.69 22.45 BlackstoneGroup BX 6.2 20 30.35 0.18 16.44 10.97 7.15 Gazit-Globe GZT ... 3 10.06 -0.01
WBC ... 34 117.00 0.99 -3.20 20.13 13.80 People'sUtdFin PBCT 3.6 20 18.74 0.01
24.18 165.69 114.64 PaloAltoNtwks PANW ... dd 155.29 -0.20 -1.89 66.10 53.66 EWEC Energy WEC 3.6 20 57.54 0.11
7.20 18.95 10.72 BoardwalkPipe BWP 2.1 17 18.61 -0.08 6.80 187.37 127.68 GeneralDynamics GD 1.6 19 184.40 1.81 -8.56 33.40 25.77 ParkHotels PK ... ... 27.34 -0.19 s 12.31 1649.65 1050.56 Priceline PCLN ... 42 1646.51 34.68
6.78 170.00 105.00 Boeing BA 3.4 22 166.23 1.95 7.84 72.89 52.11 W.P.Carey WPC 6.2 34 63.72 0.71 0.08 30.09 20.71 Qiagen QGEN ... 85 29.12 0.16
-5.95 33.00 27.36 GeneralElec GE 3.2 29 29.72 0.13 7.32 152.87 96.85 ParkerHannifin PH 1.8 23 150.25 0.88
5.55 41.98 27.52 BorgWarner BWA 1.3 82 41.63 0.98 -5.97 16.17 3.51 WPX Energy WPX ... dd 13.70 0.34 s 25.68 66.42 34.82 Qorvo QRVO ... dd 66.27 -0.01
1.60 72.95 56.02 GeneralMills GIS 3.1 23 62.76 -0.30 -8.31 39.82 15.69 ParsleyEnergy PE ... dd 32.31 1.11
6.54 144.02 107.28 BostonProperties BXP 2.2 41 134.00 2.02 5.16 89.18 64.23 Wabtec WAB 0.5 22 87.30 1.10 -17.18 71.62 43.08 Qualcomm QCOM 3.9 16 54.00 1.12
0.95 38.38 27.05 GeneralMotors GM 4.3 6 35.17 0.09 -18.42 13.20 7.04 Pearson PSO 5.8 dd 8.15 -0.05
16.50 25.45 16.40 BostonScientific BSX ... 97 25.20 -0.14 -1.59 75.19 62.35 Wal-Mart WMT 2.9 15 68.02 -1.06 22.40 126.55 67.54 RandgoldRscs GOLD 0.7 39 93.44 0.56
4.44 105.97 85.26 GenuineParts GPC 2.6 22 99.78 0.11 0.35 32.72 21.17 PembinaPipeline PBA 4.7 30 31.43 0.39
2.50 23.15 10.82 Braskem BAK 3.6 13 21.74 0.26 31.21 4.30 0.87 Gerdau GGB 0.6 dd 4.12 1.83 81.98 57.32 WasteConnections WCN 0.9 40 80.03 -0.11 -1.97 452.96 325.35 RegenPharm REGN ... 47 359.87 -0.13
0.14 4.73 66.99 43.34 Pentair PNR 2.4 21 58.72 0.42 -0.52 71.78 53.05 WasteMgt WM 2.3 28 70.54 0.29
-11.62 77.12 46.01 Bristol-Myers BMY 3.0 19 51.65 0.14 -1.26 32.20 22.63 Gildan GIL 1.2 11 25.05 0.38 1.40 110.94 96.15 PepsiCo PEP 2.8 23 106.10 0.13 4.86 69.81 52.00 RossStores ROST 0.8 25 68.79 0.62
-0.08 29.14 22.33 BrixmorProp BRX 4.3 31 24.40 0.07 4.60 45.58 37.20 GlaxoSmithKline GSK 5.7 86 40.28 11.02 162.53 116.58 Waters WAT ... 23 149.20 0.53 -1.32 89.67 66.09 Ryanair RYAAY ... 14 82.16 0.04
0.26 3.49 57.28 43.59 PerkinElmer PKI 0.5 25 53.97 0.24 5.29 159.55 122.30 Watsco WSO 2.7 31 155.96 1.44
1.54 71.74 53.58 BroadridgeFinl BR 2.0 27 67.32 0.14 13.05 80.88 54.86 GlobalPayments GPN 0.1 47 78.47 -0.15 -4.60 146.16 71.84 Perrigo PRGO 0.7 dd 79.40 -0.04 0.54 107.99 102.29 SBA Comm SBAC ...132 106.96 -0.67
s 10.63 37.23 27.23 BrookfieldMgt BAM 1.4 18 36.52 -0.20 25.00 20.38 11.91 Goldcorp GG 0.5 dd 17.00 21.44 8.49 3.73 WeatherfordIntl WFT ... dd 6.06 0.10 0.53 52.54 34.51 SEI Investments SEIC 1.1 25 49.62 0.46
0.17 7.99 81.80 57.79 PetroChina PTR 0.8136 79.59 2.20 3.99 151.93 80.58 WellCareHealth WCG ... 26 142.55 -0.42
s 7.74 37.38 22.69 BrookfieldInfr BIP 4.8 32 36.06 -0.45 1.37 247.77 138.20 GoldmanSachs GS 1.1 15 242.72 1.17 3.07 12.55 3.00 PetroleoBrasil PBR ... dd 10.42 0.28 22.90 80.63 37.72 Sina SINA ... 26 74.71 0.41
-4.19 45.77 31.16 Brown&Brown BRO 1.3 24 42.98 0.84 9.82 262.71 201.94 Grainger GWW 1.9 26 255.06 3.18 58.02 43.55 WellsFargo WFC 2.7 14 56.86 0.13 s 12.79 12.57 5.41 SLM SLM 1.7 23 12.43 0.03
2.06 12.26 11.77 2.14 PetroleoBrasilA PBR/A ... dd 9.89 0.36
4.00 56.49 45.17 Brown-Forman A BF/A 1.5 18 48.10 0.63 2.41 32.74 25.85 GreatPlainsEner GXP 3.9 20 28.01 -1.58 80.19 53.50 Welltower HCN 5.3 38 65.87 0.48 14.72 34.19 23.61 SS&C Tech SSNC 0.8 77 32.81 0.16
0.43 -0.40 37.39 28.74 Pfizer PFE 4.0 28 32.35 -0.03
4.54 51.71 43.72 Brown-Forman B BF/B 1.6 18 46.96 0.30 6.55 9.04 6.15 GpoAvalAcciones AVAL 4.7 12 8.46 1.27 88.30 54.56 WestPharmSvcs WST 0.6 46 85.91 -0.09 s 3.38 181.25 80.03 SVB Fin SIVB ... 24 177.47 -1.97
... 12.18 104.20 86.78 PhilipMorris PM 4.1 23 102.63 -0.14
10.34 61.07 38.93 Brunswick BC 1.1 20 60.18 0.29 2.23 10.13 6.73 GpFinSantandMex BSMX 6.6 12 7.35 -4.92 57.50 41.89 WestarEnergy WR 2.8 23 53.58 -0.03 -8.74 29.76 21.42 Sabre SABR 2.5 27 22.77 0.30
0.03 -7.58 90.87 73.67 Phillips66 PSX 3.2 27 79.86 0.61 s 10.18 47.08 19.91 WesternGasEquity WGP 4.0 46 46.66
8.99 75.10 51.57 BuckeyePtrs BPL 6.8 17 72.11 -0.17 11.82 29.34 19.69 GrupoTelevisa TV 0.4 44 23.36 0.49 s 2.39 55.36 40.01 PinnacleFoods PF 2.1 32 54.73 0.06 s 9.05 78.05 52.62 ScrippsNetworks SNI 1.3 13 77.83 0.60
0.01 s 10.18 65.00 26.88 WesternGasPtrs WES 5.3 dd 64.74
-5.11 74.00 48.36 Bunge BG 2.5 16 68.55 -0.02 0.49 33.18 20.65 GuangshenRail GSH 2.0 22 30.46 0.27 21.72 46.68 18.42 Seagate STX 5.4 27 46.46 0.09
0.08 0.82 82.78 66.22 PinnacleWest PNW 3.3 20 78.67 0.54
2.19 91.67 49.79 BurlingtonStores BURL ... 33 86.61 0.10 12.98 84.26 63.87 HCAHoldings HCA ... 11 83.63 -9.12 22.70 17.06 WesternUnion WU 3.5 39 19.74 -0.64 14.00 75.36 26.98 SeattleGenetics SGEN ... dd 60.16 -2.65
-0.01 7.99 195.00 111.86 PioneerNatRscs PXD 0.0 dd 194.46 2.87
12.45 19.50 10.07 CBD Pao CBD 0.1 dd 18.61 0.16 3.30 36.81 23.70 HCP HCP 4.8 dd 30.70 13.56 65.02 39.48 WestlakeChem WLK 1.2 20 63.58 0.35 0.73 209.22 150.06 Shire SHPG 0.2113 171.63 -0.19
0.02 -3.16 33.95 15.66 PlainsAllAmPipe PAA 7.0 76 31.27 0.01
s 7.97 34.94 23.80 CBRE Group CBG ... 24 34.00 2.43 17.49 74.04 51.11 HDFC Bank HDB 0.6 ... 71.29 7.33 25.32 19.83 WestpacBanking WBK 5.4 16 25.20 0.32 4.40 164.23 113.53 SignatureBank SBNY ... 21 156.81 -0.12
0.21 6.86 104.25 70.14 PolarisIndustries PII 2.6 27 88.04 0.32
1.52 67.59 48.93 CBS A CBS/A 1.1 18 65.80 0.13 5.93 16.25 9.03 HP HPQ 3.4 11 15.72 0.08 6.36 89.00 65.51 PostHoldings POST ...130 85.50 -1.28 3.37 56.12 27.17 WestRock WRK 3.0 99 52.48 0.17 6.29 4.82 3.38 SiriusXM SIRI 0.8 34 4.73 0.03
1.23 66.88 42.52 CBS B CBS 1.1 18 64.40 0.02 6.94 43.19 28.62 HSBCHoldings HSBC 4.7 34 42.97 s 10.20 33.32 22.35 Weyerhaeuser WY 3.7 26 33.16 -0.01 23.51 94.49 56.01 Skyworks SWKS 1.2 19 92.21 -0.26
-0.09 5.36 20.27 15.21 Potash POT 2.1 36 19.06 0.31
13.85 37.72 20.77 CF Industries CF 3.3124 35.84 1.35 3.77 58.78 28.72 Halliburton HAL 1.3 dd 56.13 -0.55 -0.82 125.00 100.80 Praxair PX 2.7 22 116.23 0.47 -4.01 194.10 130.28 Whirlpool WHR 2.3 15 174.48 0.41 22.48 65.75 30.62 Splunk SPLK ... dd 62.65 -0.16
1.19 50.58 39.90 CGI Group GIB ... 14 48.60 0.31 -3.34 30.42 18.91 Hanesbrands HBI 2.9 15 20.85 0.76 5.18 61.34 34.60 PrincipalFin PFG 3.0 14 60.86 0.28 -1.38 56.82 34.10 WhiteWaveFoods WWAV ... 49 54.83 -0.01 1.10 11.37 7.24 Staples SPLS 5.2 dd 9.15 0.12
-1.38 43.99 25.99 CIT Group CIT 1.4 dd 42.09 0.21 -1.71 62.35 36.97 HarleyDavidson HOG 2.5 15 57.34 0.58 4.63 90.33 79.10 Procter&Gamble PG 3.0 26 87.97 -0.70 -8.67 32.69 13.00 Williams WMB 2.8 dd 28.44 -0.23 1.26 61.64 50.84 Starbucks SBUX 1.8 29 56.22 0.41
3.15 46.25 38.32 CMS Energy CMS 3.1 12 42.93 0.19 -0.14 111.40 64.93 HarmanIntlInds HAR 1.3 22 111.00 -0.15 6.08 38.17 30.54 Progressive PGR 1.8 23 37.66 0.34 7.13 42.32 13.73 WilliamsPartners WPZ 8.3 dd 40.74 -0.10 2.78 40.17 16.89 SteelDynamics STLD 1.5 23 36.57 0.09
2.46 42.98 27.99 CNA Fin CNA 2.4 13 42.52 0.14 3.19 107.54 71.22 Harris HRS 2.0 20 105.74 1.25 -5.08 54.87 35.57 Prologis PLD 3.4 22 50.11 0.69 -3.51 13.08 9.00 Wipro WIT 0.6 18 9.34 -0.01 -0.35 128.94 71.52 Stericycle SRCL ... 28 76.77 0.59
1.30 138.36 97.04 CNOOC CEO 2.5 dd 125.57 2.07 0.44 49.68 38.92 HartfordFinl HIG 1.9 21 47.86 0.32 s 4.51 109.15 58.54 PrudentialFin PRU 2.8 10 108.75 0.36 11.59 36.58 21.21 WooriBank WF 3.6 8 35.71 -0.68 s 21.47 29.26 16.14 Symantec SYMC 1.0 9 29.02 0.03
6.10 16.41 7.65 CPFLEnergia CPL 1.7 28 16.34 0.12 -10.56 85.78 46.37 Helmerich&Payne HP 4.0 dd 69.23 0.73 1.68 42.20 29.14 Prudential PUK 1.7 19 40.46 0.32 29.40 93.35 48.57 Workday WDAY ... dd 85.52 -0.48 s 10.92 65.62 40.42 Synopsys SNPS ... 38 65.29 -0.15
0.47 36.83 24.17 CRH CRH 1.2 27 34.54 0.32 24.62 72.22 42.26 Herbalife HLF 2.0 21 59.99 0.95 -1.12 47.41 39.28 PublicServiceEnt PEG 3.8 17 43.39 0.20 s 7.07 82.05 62.60 Wyndham WYN 2.4 16 81.77 0.12 -2.89 47.41 25.55 TD Ameritrade AMTD 1.7 27 42.34 -0.27
-0.48 106.67 69.30 CVS Health CVS 2.5 16 78.53 1.22 4.05 117.79 87.92 Hershey HSY 2.3 32 107.62 -0.49 -1.66 277.60 200.65 PublicStorage PSA 3.6 34 219.79 1.32 3.05 45.42 38.00 XcelEnergy XEL 3.2 19 41.94 0.18 35.35 192.00 33.90 TESARO TSRO ... dd 182.02 -4.89
3.04 26.74 18.48 CabotOil COG 0.3 dd 24.07 -0.16 -15.70 65.56 38.50 Hess HES 1.9 dd 52.51 0.19 17.63 22.40 15.55 PulteGroup PHM 1.7 12 21.62 0.22 26.96 7.50 5.69 Xerox XRX 2.8 14 7.30 0.04 8.49 63.68 34.01 T-MobileUS TMUS ... 40 62.39 0.14
-2.32 90.91 70.66 CamdenProperty CPT 3.7 17 82.12 -0.09 3.67 24.79 12.18 HewlettPackard HPE 1.1 13 23.99 -0.09 6.05 38.08 17.29 QuantaServices PWR ... 54 36.96 0.04 -3.31 54.99 36.42 Xylem XYL 1.5 33 47.88 0.26 -7.79 79.00 62.97 TRowePrice TROW 3.1 15 69.40 0.95
6.30 13.59 7.41 Cameco CCJ 2.8 62 11.13 0.29 5.17 59.76 36.92 HiltonWorldwide HLT ... 13 58.69 0.05 1.81 95.14 61.55 QuestDiag DGX 1.9 21 93.56 -0.21 30.48 22.79 15.00 YPF YPF 1.4 dd 21.53 0.34 s 17.43 58.34 33.06 TakeTwoSoftware TTWO ...724 57.88 1.86
4.63 67.89 52.59 CampbellSoup CPB 2.2 30 63.27 -0.57 -7.97 39.17 22.07 HollyFrontier HFC 4.4 dd 30.15 -0.03 4.62 81.45 60.06 QuintilesIMS Q ... 24 79.56 0.71 12.57 8.09 3.79 YanzhouCoal YZC 0.2 51 7.52 0.12 25.99 271.18 143.70 Tesla TSLA ... dd 269.23 0.03
s 7.75 88.13 60.62 CIBC CM 4.2 8 87.92 0.71 s 4.30 140.57 113.52 HomeDepot HD 2.0 23 139.85 1.14 3.52 18.34 14.92 RELX RENX 1.6 23 17.35 0.01 s 7.37 68.27 47.24 YumBrands YUM 1.8 17 68.00 0.61 3.00 79.47 49.99 TexasInstruments TXN 2.7 22 75.16 -0.14
4.66 71.57 54.60 CanNtlRlwy CNI 1.8 15 70.54 0.84 8.15 31.75 24.03 HondaMotor HMC ... 14 31.57 0.24 3.67 19.84 16.19 RELX RELX 1.4 24 18.63 -0.02 1.68 30.37 23.79 YumChina YUMC ... ... 26.56 -0.40 -2.06 97.25 61.50 TractorSupply TSCO 1.3 23 74.25 0.71
-5.40 35.28 18.79 CanNaturalRes CNQ 2.5 dd 30.16 0.46 s 5.18 122.00 100.67 Honeywell HON 2.2 20 121.85 1.19 -2.60 55.92 37.51 RPM RPM 2.3 34 52.43 0.53 2.82 18.45 12.01 ZTO Express ZTO ... 30 12.41 0.15 3.95 32.19 20.96 Trimble TRMB ... 60 31.34 -0.36
3.58 157.34 117.21 CanPacRlwy CP 1.0 14 147.88 0.93 6.66 45.72 33.18 HormelFoods HRL 1.8 23 37.13 0.21 -6.50 46.92 18.93 RSP Permian RSPP ... dd 41.72 0.43 -4.60 35.65 19.59 ZayoGroup ZAYO ... dd 31.35 0.56 12.14 71.69 45.63 TripAdvisor TRIP ... 65 52.00 -0.51
2.74 30.93 26.68 Canon CAJ 4.9 23 28.91 -0.05 12.77 34.56 23.33 DR Horton DHI 1.3 12 30.82 0.70 -11.86 114.00 75.62 RalphLauren RL 2.5 46 79.61 1.63 13.69 133.21 88.27 ZimmerBiomet ZBH 0.8 80 117.33 -0.27 6.67 31.75 23.33 21stCenturyFoxA FOXA 1.2 18 29.91 -0.21
1.33 91.64 58.02 CapitalOne COF 1.8 13 88.40 -0.14 -2.55 19.51 13.98 HostHotels HST 4.4 17 18.36 0.01 -3.55 46.96 21.69 RangeResources RRC 0.2 dd 33.14 -0.67 4.11 56.50 39.21 Zoetis ZTS 0.8 40 55.73 -0.23 8.81 31.30 23.88 21stCenturyFoxB FOX 1.2 18 29.65 -0.06
7.54 87.85 62.70 CardinalHealth CAH 2.3 19 77.40 -0.05 1.00 37.79 22.84 HuanengPower HNP 11.0 7 26.30 0.35 s 11.01 78.00 40.33 RaymondJames RJF 1.1 20 76.90 -0.65 -7.56 64.62 30.82 UbiquitiNetworks UBNT ... 20 53.43 -10.70
-4.65 116.40 83.63 Carlisle CSL 1.3 27 105.16 -3.41 5.27 125.93 88.13 Hubbell HUBB 2.3 23 122.85 -0.02 5.65 152.58 119.38 Raytheon RTN 2.0 20 150.03 0.79
NASDAQ 5.84 278.63 146.77 UltaBeauty ULTA ... 45 269.84 -3.03
4.89 68.86 42.09 CarMax KMX ... 21 67.54 0.10 0.69 217.80 150.00 Humana HUM 0.6 28 205.43 -1.60 6.61 72.30 52.72 RealtyIncome O 4.1 56 61.28 0.70 5.74 20.43 17.27 AGNC Invt AGNC 11.3 11 19.17 0.07 7.27 224.07 155.86 UltimateSoftware ULTI ...272 195.61 2.03
8.05 57.79 42.84 Carnival CCL 2.5 15 56.25 -0.06 8.77 201.10 128.50 HuntingtonIngalls HII 1.2 22 200.35 1.48 13.70 82.73 62.85 RedHat RHT ... 60 79.25 -0.06 4.72 98.99 81.41 Ansys ANSS ... 33 96.86 0.54 14.40 166.68 97.52 UnitedTherap UTHR ... 11 164.08 -0.50
7.58 56.33 43.45 Carnival CUK 2.5 15 55.07 -0.07 1.61 58.05 38.37 HyattHotels H ... 38 56.15 0.06 3.41 85.35 65.16 RegencyCtrs REG 2.9 60 71.30 0.39 -3.42 31.52 20.05 ARRIS Intl ARRS ... dd 29.10 0.34 32.10 91.58 48.20 VCA WOOF ... 35 90.69 -0.09
3.85 99.46 61.82 Caterpillar CAT 3.2 dd 96.31 2.35 13.48 8.80 5.15 ICICI Bank IBN 1.7 20 8.50 -0.07 s 4.39 15.17 7.21 RegionsFin RF 1.7 17 14.99 ... 11.27 125.88 80.24 ASML ASML 1.0 ... 124.85 0.33 9.29 91.99 73.80 VeriSign VRSN ... 24 83.14 0.62
12.09 88.92 55.67 Celanese A CE 1.6 14 88.26 0.40 1.42 15.02 9.26 ING Groep ING 6.3 ... 14.30 -0.27 1.40 132.31 82.89 ReinsuranceGrp RGA 1.3 12 127.59 0.60 s 30.79 47.64 26.49 ActivisionBliz ATVI 0.6107 47.23 7.50 4.13 86.00 66.97 VeriskAnalytics VRSK ... 24 84.52 0.45
12.58 9.51 4.08 Cemex CX ... 19 9.04 0.10 4.94 33.34 23.02 Invesco IVZ 3.5 16 31.84 0.34 4.90 87.58 56.81 RelianceSteel RS 2.0 20 83.44 -0.16 s 13.50 116.94 75.40 AdobeSystems ADBE ... 50 116.85 0.41 19.66 103.73 71.46 VertxPharm VRTX ... dd 88.15 -1.12
8.81 10.13 5.92 Cencosud CNCO 2.0 14 9.14 0.45 0.97 95.76 71.14 IDEX IEX 1.5 26 90.93 0.79 s 5.13 143.56 107.27 RenaissanceRe RNR 0.9 13 143.21 0.56 -4.09 71.64 47.80 AkamaiTech AKAM ... 36 63.95 0.10 21.04 50.81 35.24 Viacom A VIA 1.7 13 46.60 0.15
-10.38 16.82 10.02 CenovusEnergy CVE 1.1 dd 13.56 0.18 4.52 130.16 90.06 IllinoisToolWks ITW 2.0 22 128.00 0.74 s 1.60 58.35 43.30 RepublicServices RSG 2.2 34 57.96 0.10 3.40 162.00 109.12 AlexionPharm ALXN ... 78 126.51 -0.57 24.36 46.69 31.06 Viacom B VIAB 1.8 13 43.65 -0.24
22.81 75.57 50.00 Centene CNC ... 22 69.40 0.06 -2.23 20.47 13.42 Infosys INFY 2.3 16 14.50 -0.07 13.18 70.90 55.13 ResMed RMD 1.9 31 70.23 0.43 0.87 102.10 58.00 AlignTech ALGN ... 41 96.97 0.99 10.13 4.51 3.12 VimpelCom VIP 0.8 10 4.24 0.10
s 7.51 26.59 17.55 CenterPointEner CNP 4.0 dd 26.49 0.02 s 8.20 81.99 49.08 Ingersoll-Rand IR 2.0 14 81.19 0.37 s 7.89 51.58 30.69 RestaurantBrands QSR 1.3 33 51.42 0.56 -0.85 60.74 27.14 Alkermes ALKS ... dd 55.11 0.64 2.33 34.70 24.17 Vodafone VOD 4.1 dd 25.00 -0.29
3.64 7.70 1.36 CentraisElBras EBR ... 33 7.11 0.34 -3.34 140.00 96.01 Ingredion INGR 1.7 19 120.79 2.05 8.08 60.91 43.38 ReynoldsAmer RAI 3.0 14 60.57 0.03 5.35 867.00 672.66 Alphabet A GOOGL ... 30 834.85 4.79 5.81 121.55 96.94 WPP WPPGY 2.0 24 117.09 0.90
2.99 33.45 22.86 CenturyLink CTL 8.8 21 24.49 0.07 2.18 60.54 45.44 ICE ICE 1.4 24 57.65 0.07 18.07 46.04 25.06 RioTinto RIO 5.5 19 45.41 2.27 5.42 841.95 663.28 Alphabet C GOOG ... 29 813.67 4.11 0.66 102.82 75.73 WalgreensBoots WBA 1.8 22 83.31 0.93
-9.12 8.20 1.56 ChesapeakeEner CHK ... dd 6.38 0.07 6.97 50.51 34.63 InterContinentl IHG 1.3 9 47.42 0.20 -31.92 8.77 5.20 RiteAid RAD ... 74 5.61 0.13 10.35 847.21 501.49 Amazon.com AMZN ...169 827.46 6.10 30.79 55.93 12.09 Weibo WB ...143 53.10 -0.80
-3.95 119.00 82.90 Chevron CVX 3.8 dd 113.05 0.79 7.65 179.25 118.35 IBM IBM 3.1 14 178.68 1.47 -3.22 50.98 34.34 RobertHalf RHI 2.0 18 47.21 0.01 2.83 61.33 53.01 Amdocs DOX 1.5 22 59.90 0.80 13.85 81.67 34.99 WesternDigital WDC 2.6 dd 77.36 -0.69
20.67 31.59 21.20 ChinaEastrnAir CEA ... 9 26.97 0.34 0.07 143.64 101.00 IntlFlavors IFF 2.2 24 117.91 0.17 12.69 155.44 93.98 Rockwell ROK 2.0 26 151.45 1.10 1.11 399.16 307.80 Amerco UHAL ... 17 373.69 3.20 -1.37 35.58 27.67 WholeFoods WFM 1.8 22 30.34 -0.01
s 18.49 15.29 10.07 ChinaLifeIns LFC 2.1 40 15.25 0.08 5.64 32.07 12.74 IntlGameTech IGT 3.0104 26.96 0.37 -1.71 96.55 78.54 RockwellCollins COL 1.4 16 91.17 0.65 -0.51 50.64 24.85 AmericanAirlines AAL 0.9 10 46.45 0.15 1.46 133.40 107.01 WillisTwrsWatson WLTW 1.7 74 124.07 1.53
8.74 63.89 51.73 ChinaMobile CHL 3.4 14 57.01 0.19 -0.32 58.86 33.43 IntlPaper IP 3.5 24 52.89 0.73 11.77 45.50 34.04 RogersComm B RCI 3.3 26 43.12 -0.11 14.83 176.85 133.64 Amgen AMGN 2.7 16 167.89 0.42 14.32 109.50 62.30 WynnResorts WYNN 2.0 42 98.90 0.52
12.73 81.64 53.21 ChinaPetrol SNP 3.0 18 80.06 1.14 s 3.50 25.33 19.93 Interpublic IPG 3.0 18 24.23 0.96 s 8.58 36.73 25.11 Rollins ROL 1.3 48 36.68 0.44 5.38 77.77 48.68 AnalogDevices ADI 2.2 28 76.53 0.02 -3.91 62.24 41.53 Xilinx XLNX 2.3 25 58.01 0.07
16.73 36.29 25.60 ChinaSoAirlines ZNH 2.0 7 30.01 0.48 s 5.10 21.87 19.80 InvitationHomes INVH ... ... 21.02 0.14 s 11.73 205.78 157.75 RoperTech ROP 0.7 32 204.56 2.36 s 14.07 132.94 89.47 Apple AAPL 1.7 16 132.12 -0.30 16.45 45.24 26.71 Yahoo YHOO ... dd 45.03 -0.05
6.18 55.85 42.29 ChinaTelecom CHA 2.5 12 48.98 0.18 15.12 41.50 26.73 IronMountain IRM 5.9128 37.39 0.36 s 9.26 74.25 47.39 RoyalBkCanada RY 3.3 11 73.98 0.78 9.45 35.85 15.50 AppliedMaterials AMAT 1.1 23 35.32 -0.09 14.85 23.87 12.45 Yandex YNDX ... 59 23.12 0.16
6.32 13.26 9.89 ChinaUnicom CHU 2.1 38 12.28 0.08 13.38 5.02 3.52 IsraelChemicals ICL ... dd 4.66 0.09 4.16 7.60 3.91 RoyalBkScotland RBS ... dd 5.76 -0.13 7.76 93.78 65.15 ArchCapital ACGL ... 18 92.99 0.13 -6.47 39.99 17.30 Zillow A ZG ... dd 34.09 0.31
9.55 542.50 352.96 Chipotle CMG ...510 413.36 -1.95 25.39 12.94 5.28 ItauUnibanco ITUB 0.4 14 12.89 0.19 s 16.82 96.22 64.95 RoyalCaribbean RCL 2.0 16 95.84 0.47 18.94 35.16 19.69 Atlassian TEAM ... dd 28.64 0.38 -5.62 39.88 16.61 Zillow C Z ... dd 34.42 0.41
0.48 133.89 111.70 Chubb CB 2.1 15 132.76 0.88 0.82 88.17 54.33 JPMorganChase JPM 2.2 14 87.00 -0.20 -0.35 56.39 42.85 RoyalDutchA RDS/A 6.9 50 54.19 0.48 12.46 85.11 43.01 Autodesk ADSK ... dd 83.23 -0.65 1.23 44.33 20.08 ZionsBancorp ZION 0.7 22 43.57 0.42
2.85 38.47 30.85 ChunghwaTelecom CHT 5.3 20 32.45 0.44 0.70 63.42 34.95 JacobsEngineering JEC 1.0 31 57.40 0.92 -0.72 59.56 42.84 RoyalDutchB RDS/B 6.5 53 57.55 0.58 -4.83 104.09 80.57 ADP ADP 2.3 26 97.82 0.17 NYSE MKT
9.16 53.68 42.55 Church&Dwight CHD 1.6 28 48.24 0.17 -6.92 17.30 11.33 JamesHardie JHX 1.4 26 14.80 0.21 6.13 92.76 71.39 SAP SAP 1.4 28 91.73 0.02 2.67 62.04 39.71 B/EAerospace BEAV 1.4 19 61.80 -0.02
9.12 150.69 115.03 Cigna CI 0.0 20 145.55 -2.59 0.03 126.07 100.72 J&J JNJ 2.8 20 115.24 1.16 17.44 128.49 82.89 S&P Global SPGI 1.3 16 126.29 0.08 -1.22 85.00 47.00 BOK Fin BOKF 2.1 23 82.03 0.24 11.17 131.34 105.42 BritishAmTob BTI 2.1 19 125.25 -0.58
-3.11 146.96 75.01 CimarexEnergy XEC 0.2 dd 131.68 2.04 1.60 46.17 30.92 JohnsonControls JCI 2.4 dd 41.85 0.54 14.65 63.75 37.59 SINOPECShanghai SHI 2.5 9 62.06 -0.09 11.91 201.00 147.49 Baidu BIDU ... 13 183.99 2.49 18.10 50.53 24.49 CheniereEnergy LNG ... dd 48.93 -0.26
-3.03 61.63 35.98 Citigroup C 1.1 12 57.63 0.37 0.50 28.55 10.36 JoyGlobal JOY 0.1 dd 28.14 ... 6.22 23.17 18.93 SK Telecom SKM ... 11 22.20 0.25 5.65 56.49 33.51 BankofOzarks OZRK 1.2 22 55.56 0.60 s 9.99 32.38 19.50 CheniereEnerPtrs CQP 5.4 dd 31.70 0.61
2.22 37.95 18.32 CitizensFin CFG 1.5 18 36.42 0.18 -2.19 29.21 21.18 JuniperNetworks JNPR 1.4 18 27.64 0.24 2.08 120.63 80.55 SLGreenRealty SLG 2.8 47 109.79 0.80 -0.96 52.71 38.60 BedBath BBBY 1.2 9 40.25 -0.08 6.44 24.19 12.35 CheniereEnHldgs CQH 0.3298 23.81 0.15
5.84 140.47 111.24 Clorox CLX 2.5 26 127.03 -0.37 7.84 46.13 31.73 KAR Auction KAR 2.8 28 45.96 0.34 17.79 84.48 58.46 Salesforce.com CRM ...269 80.64 -0.39 5.19 307.33 205.43 Biogen BIIB ... 16 274.76 4.32 -6.16 36.85 29.19 ImperialOil IMO 1.4 13 32.62 0.31
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B6 | Saturday/Sunday, February 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
20269.37 s 96.97, or 0.48% Trailing P/E ratio * 20.58 16.78 2316.10 s 8.23, or 0.36% Trailing P/E ratio * 24.48 20.58 5734.13 s 18.95, or 0.33% Trailing P/E ratio * 25.15 19.81
High, low, open and close for each P/E estimate * 17.38 14.59 High, low, open and close for each P/E estimate * 17.75 15.25 High, low, open and close for each P/E estimate * 19.65 16.38
trading day of the past three months. Dividend yield 2.41 2.79 trading day of the past three months. Dividend yield 2.04 2.39 trading day of the past three months. Dividend yield 1.15 1.30
All-time high 20269.37, 02/10/17 All-time high: 2316.10, 02/10/17 All-time high: 5734.13, 02/10/17

Current divisor 0.14602128057775

20600 2310 5760

20100 2270 5650

19600 2230 5540

65-day moving average

19100 2190 5430
Session high 65-day moving average
DOWN UP
18600 2150 5320
t

Session open Close

Close Open
t

18100 2110 65-day moving average 5210

Session low
Bars measure the point change from session's open
17600 2070 5100
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
* P/E data based on as-reported earnings from Birinyi Associates Inc.

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 788,468,526 14,060,765
Industrial Average 20298.21 20204.76 20269.37 96.97 0.48 20269.37 15973.84 26.9 2.6 8.7 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 540,556,727 10,633,047
Transportation Avg 9411.18 9349.65 9393.79 62.62 0.67 9468.77 7048.69 33.3 3.9 9.4 Most-active issues in late trading Decl. volume* 234,698,116 3,152,828
Utility Average 670.05 662.77 669.68 4.96 0.75 723.51 610.87 9.6 1.5 9.7 Volume After Hours Issues traded 3,112 337
Company Symbol (000) Last Net chg % chg High Low Advances 2,150 214
Total Stock Market 24139.73 24048.42 24107.53 94.20 0.39 24107.53 19029.42 26.7 3.6 8.4
SPDR S&P 500 SPY 12,301.2 231.50 -0.01 -0.004 231.60 230.62 Declines 858 104
Barron's 400 621.17 617.45 620.30 4.05 0.66 620.30 455.95 36.0 3.1 8.1
VanEck Vectors Gold Miner GDX 10,604.2 25.35 0.06 0.24 25.35 25.17 Unchanged 104 19
Nasdaq Stock Market Kinder Morgan KMI 8,050.3 22.45 -0.03 -0.14 22.53 22.35 New highs 219 13
Nasdaq Composite 5743.43 5717.42 5734.13 18.95 0.33 5734.13 4337.51 32.2 6.5 11.4 VanEck Vectors Jr Gold GDXJ 6,256.6 41.86 0.05 0.12 41.93 41.67 New lows 3 2
Nasdaq 100 5234.27 5212.83 14.53 5226.69 4019.19 7.5 Closing tick 234 71
5226.69 0.28 30.0 13.4 Bank of America BAC 3,324.6 23.08 … unch. 23.12 23.01
Closing Arms† 1.18 0.65
iShares Russell 2000 ETF IWM 3,078.5 138.04 0.10 0.07 138.10 137.00
Standard & Poor's Block trades* 6,174 178
KKR KKR 2,029.4 18.17 … unch. 18.17 18.17
500 Index 2319.23 2311.10 2316.10 8.23 0.36 2316.10 1864.78 24.2 3.5 8.8 Nasdaq NYSE Arca
Cooper Tire CTB 2,010.4 35.81 -0.10 -0.26 36.00 35.81
MidCap 400 1723.42 1713.62 1720.84 9.42 0.55 1720.84 1261.89 36.4 3.6 9.5 Total volume*1,837,435,613 246,400,720
SmallCap 600 850.74 843.94 849.64 6.87 0.82 857.50 598.52 42.0 1.4 10.4 Percentage gainers… Adv. volume*1,137,380,121 207,334,682
Decl. volume* 674,639,583 37,555,409
Other Indexes Fossil Group FOSL 11.9 24.60 1.72 7.52 24.60 22.88
Issues traded 3,012 1,340
Russell 2000 1391.18 1380.07 1388.84 10.32 0.75 1388.84 971.99 42.9 2.3 7.5 Myriad Genetics MYGN 42.1 17.15 1.16 7.25 17.43 15.99
Advances 1,884 1,017
NYSE Composite 11390.89 11345.78 11377.72 50.04 0.44 11377.72 9229.68 23.3 2.9 4.2 Hortonworks HDP 19.5 11.01 0.36 3.36 11.01 10.65 Declines 921 291
Value Line 522.27 518.00 521.84 3.84 0.74 521.84 392.00 33.1 3.1 3.4 Manning Napier MN 19.1 6.50 0.15 2.36 6.50 6.35 Unchanged 207 32
NYSE Arca Biotech 3357.75 3322.49 3337.03 -4.89 -0.15 3477.87 2750.71 21.3 8.5 8.9
Sunoco Logistics Partners SXL 898.5 26.19 0.56 2.18 26.19 25.48 New highs 219 281
New lows 22 39
NYSE Arca Pharma 493.44 490.16 491.91 0.97 0.20 554.66 463.78 1.9 2.2 0.8 ...And losers
Closing tick 550 72
KBW Bank 93.49 92.80 93.14 0.21 0.23 93.71 59.54 56.4 1.5 11.1 Carrizo Oil Gas CRZO 22.7 32.81 -1.33 -3.88 34.13 32.81 Closing Arms† 1.21 0.81
PHLX§ Gold/Silver 95.81 92.85 95.42 1.40 1.49 112.86 57.24 57.3 21.0 0.1 BlkRk MuniVest MVF 15.6 9.63 -0.38 -3.80 9.63 9.63 Block trades* 7,409 1,297
PHLX§ Oil Service 181.94 179.84 180.22 2.02 1.13 192.66 133.63 34.9 -1.9 -11.9 Select Comfort SCSS 10.8 21.03 -0.71 -3.28 21.74 21.03 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 969.99 953.91 963.05 -0.75 -0.08 972.14 571.90 68.4 6.2 21.4 Vera Bradley VRA 10.2 10.50 -0.31 -2.87 10.81 10.50 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 10.95 10.55 -0.03 25.76 10.58 -57.3 -22.7 -10.7 issues with the volume of shares rising and falling. An
10.85 -0.28 Ciena CIEN 5.9 24.29 -0.69 -2.76 24.98 24.29 Arms of less than 1 indicates buying demand; above 1

Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2622.53 14.89 0.57 3.6 KBS Fashion Group KBSF 10.87 7.06 185.59 13.18 2.16 20.8 ChannelAdvisor ECOM 10.85 -3.40 -23.86 15.91 10.28 -4.6
The Global Dow Euro 2324.44 22.08 0.96 2.9 Sierra Wireless SWIR 24.45 5.80 31.10 25.25 9.74 136.2 Wins Finance Holdings WINS 297.00 -87.90 -22.84 465.00 9.00 2302.9
DJ Global Index 339.70 1.46 0.43 4.2 Infinera INFN 11.96 2.56 27.23 17.04 7.23 -19.3 Ubiquiti Networks UBNT 53.43 -10.70 -16.68 64.62 30.82 68.7
World DJ Global ex U.S. 224.08 1.10 0.49 4.7 Sears Holdings SHLD 6.96 1.42 25.63 19.12 5.50 -55.0 Organovo Holdings ONVO 3.19 -0.58 -15.38 4.99 1.80 68.8
Americas DJ Americas 561.78 2.53 0.45 4.0 Pulse Biosciences PLSE 9.35 1.80 23.84 10.10 4.03 ... Eagle Bulk Shipping EGLE 5.50 -0.96 -14.86 70.00 4.06 -41.5
Brazil Sao Paulo Bovespa 66124.53 1159.64 1.79 9.8 Immunomedics IMMU 5.23 0.93 21.63 5.89 1.90 153.9 Apptio Cl A APTI 14.54 -2.50 -14.67 24.60 13.04 ...
Canada S&P/TSX Comp 15729.12 111.82 0.72 2.9 Quotient Technology QUOT 13.20 2.30 21.10 14.36 6.33 78.9 TRACON Pharmaceuticals TCON 4.15 -0.70 -14.43 7.90 3.60 -35.7
Mexico IPC All-Share 47797.04 564.87 1.20 4.7 Control4 CTRL 13.93 2.36 20.40 14.22 7.01 91.3 Concordia International CXRX 2.45 -0.39 -13.73 35.23 1.69 -90.7
Chile Santiago IPSA 3337.53 12.45 0.37 3.5 Skechers USA Cl A SKX 27.78 4.50 19.33 34.27 18.81 -8.6 Yelp YELP 35.83 -5.66 -13.64 43.41 15.27 130.3
0.16 Activision Blizzard ATVI 47.23 7.50 18.88 47.64 26.49 68.0 AquaBounty Technologies AQB 15.21 -2.34 -13.33 30.50 0.01 ...
Europe Stoxx Europe 600 367.39 0.60 1.7
Euro zone Euro Stoxx 351.27 –0.07 –0.02 0.3 Ocular Therapeutix OCUL 8.45 1.27 17.69 14.50 4.04 51.2 Noodles Co. Cl A NDLS 3.90 -0.55 -12.36 13.65 3.51 -67.5
Belgium Bel-20 3590.95 –20.72 –0.57 –0.4 Determine DTRM 2.49 0.37 17.45 2.58 0.82 26.1 NTN Buzztime NTN 6.55 -0.78 -10.64 12.00 4.00 -18.1
France CAC 40 4828.32 2.08 0.04 –0.7 Talend ADR TLND 26.90 3.81 16.50 34.49 21.02 ... Alliance MMA AMMA 2.94 -0.35 -10.64 5.47 2.82 ...
Germany DAX 11666.97 24.11 0.21 1.6 Magal Security Systems MAGS 7.41 0.96 14.88 7.61 3.93 79.4 Cardtronics Cl A CATM 45.49 -5.40 -10.61 56.00 28.79 52.1
Closed –3.6 Ra Pharmaceuticals RARX 22.15 2.84 14.71 22.48 12.05 ... Liberty Global Cl B LBTYB 35.25 -4.16 -10.56 44.39 27.34 29.1
Israel Tel Aviv 1418.08 …
Italy FTSE MIB 18862.11 –85.33 –0.45 –1.9
Netherlands AEX 489.56 1.06 0.22 1.3 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 9378.10 –60.30 –0.64 0.3
0.27 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 552.68 1.49 3.4 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 8456.22 18.68 0.22 2.9
Cliffs Natural Resources CLF 115,645 640.5 11.15 -1.93 11.70 1.72 Mead Johnson Nutrition MJN 50,254 2055 87.72 5.62 94.40 69.25
U.K. FTSE 100 7258.75 29.25 0.40 1.6
Bank of America BAC 87,174 -26.6 23.08 -0.17 23.55 11.40 Pulse Biosciences PLSE 438 2029 9.35 23.84 10.10 4.03
Asia-Pacific DJ Asia-Pacific TSM 1513.70 13.70 0.91 6.4 Twitter TWTR 72,619 305.8 15.58 -5.06 25.25 13.73 Sierra Wireless SWIR 3,872 1627 24.45 31.10 25.25 9.74
Australia S&P/ASX 200 5720.60 56.00 0.99 1.0 Finl Select Sector SPDR XLF 54,960 -31.2 23.78 0.30 23.87 16.27 Ubiquiti Networks UBNT 6,062 1613 53.43 -16.68 64.62 30.82
China Shanghai Composite 3196.70 13.52 0.42 3.0 VanEck Vectors Gold Miner GDX 54,758 -30.2 25.29 1.53 31.79 17.20 Control4 CTRL 2,176 1347 13.93 20.40 14.22 7.01
Hong Kong Hang Seng 23574.98 49.84 0.21 7.2 Direxion Jr Gold Bull 3X JNUG 54,595 20.7 11.94 6.70 33.29 3.77 Cooper Tire CTB 8,071 1203 35.90 1.70 40.75 29.29
India S&P BSE Sensex 28334.25 4.55 0.02 6.4 Immunomedics IMMU 54,299 2831.2 5.23 21.63 5.89 1.90 ChannelAdvisor ECOM 1,108 1158 10.85 -23.86 15.91 10.28
Japan Nikkei Stock Avg 19378.93 471.26 2.49 1.4 Advanced Micro Devices AMD 54,236 -3.1 13.58 1.19 14.27 1.82 Hersha Hospitality Cl A HT 4,137 922 21.03 -2.00 22.15 15.36
Singapore Straits Times 3100.39 20.43 0.66 7.6 SPDR S&P 500 SPY 53,658 -34.3 231.51 0.39 231.77 183.96 Infinera INFN 16,612 904 11.96 27.23 17.04 7.23
South Korea Kospi 2075.08 9.20 0.45 2.4 Activision Blizzard ATVI 51,537 514.0 47.23 18.88 47.64 26.49 Hartford Mult Dev xUS RODM 101 858 24.92 0.16 25.20 21.10
Taiwan Weighted 9665.59 75.41 0.79 4.5 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days

CREDIT MARKETS Currencies CURRENCIES

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency in US$
Fri YTDchg
per US$ (%) Country/currency in US$
Fri YTDchg
per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Thailand baht .02851 35.070 –2.1
A consumer rate against its Five-year ARM, Rate Vietnam dong .00004404 22705 –0.3
5.00% Argentina peso .0644 15.5255 –2.2
benchmark over the past year 18% Brazil real .3209 3.1160 –4.3 Europe
Bankrate.com avg†: 3.44%
4.00 Canada dollar .7644 1.3083 –2.7 Czech Rep. koruna .03938 25.395 –1.1
5-year adjustable- AmericanAirlinesFederalCreditUnion 2.63% 12
Chile peso .001563 639.60 Denmark krone .1431 6.9878
–4.5 –1.2
rate mortgage 4.00% Ft Worth, TX 800-533-0035 3.00 6 s Colombia peso .0003505 2853.17 –5.0 Euro area euro 1.0642 .9397 –1.1
(ARM)
t EmpireAmerica 2.75% Euro Yen Ecuador US dollar 1 1 unch Hungary forint .003453 289.64 –1.6
3.00 Friday 2.00
s
.0492 20.3373 .008833 113.21
t

Woodland Hills, CA 866-411-3621 0 Mexico peso –1.9 Iceland krona 0.2

Peru new sol .3073 3.254 –3.0 Norway krone .1195 8.3688 –3.2
5-year Treasury 2.00 Third Federal Savings and Loan 2.79% 1.00 –6 s Uruguay peso .03508 28.5100 –2.9 Poland zloty .2477 4.0369 –3.6
note yield One year ago
t

Cleveland, OH 844-245-1150 WSJ Dollar index Venezuela b. fuerte .100150 9.9851 –0.1 Russia ruble .01717 58.233 –5.0
t 0.00
1.00 Aurora Financial 2.88% –12 Asia-Pacific Sweden krona .1121 8.9199 –2.1
1 3 6 1 2 3 5 710 30 2016 2017 Switzerland franc .9975 1.0025 –1.6
Vienna, VA 877-887-1117 Australian dollar .7675 1.3029 –6.2
0.00 month(s) years Turkey lira .2705 3.6964 4.9
First National Financing 2.88% China yuan .1454 6.8776 –1.0
MAM J J A S ON D J F maturity Ukraine hryvnia .0367 27.2300 0.5
Hong Kong dollar .1289 7.7581 0.03
2016 2017 Denver, CO 800-910-4439 UK pound 1.2486 .8009 –1.1
India rupee .01496 66.844 –1.6
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Middle East/Africa
Indonesia rupiah .0000751 13320 –1.5
Yield/Rate (%) 52-Week Range (%) 3-yr chg Japan yen .008834 113.20 –3.2 Bahrain dinar 2.6532 .3769 –0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Kazakhstan tenge .003099 322.64 –3.3 Egypt pound .0559 17.8965 –1.3
Federal-funds rate target 0.50-.75 0.50-.75 0.25 l 0.75 0.50 Corporate Borrowing Rates and Yields Macau pataca .1249 8.0089 1.2 Israel shekel .2666 3.7508 –2.5
Malaysia ringgit .2253 4.4388 –1.1 Kuwait dinar 3.2773 .3051 –0.2
Prime rate* 3.75 3.75 3.50 l 3.75 0.50 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr New Zealand dollar .7202 1.3885 –3.8 Oman sul rial 2.5982 .3849 –0.02
Libor, 3-month 1.04 1.03 0.62 l 1.04 0.80 Pakistan rupee .00954 104.850 0.5 Qatar rial .2746 3.641 0.03
Money market, annual yield 0.31 0.31 0.22 l 0.32 -0.10 Treasury, Ryan ALM 1430.754 2.032 2.087 2.186 1.141 –2.220 2.808 Philippines peso .0200 49.915 0.6 Saudi Arabia riyal .2666 3.7505 –0.01
Five-year CD, annual yield 1.24 1.22 1.17 l 1.32 -0.08 10-yr Treasury, Ryan ALM 1696.007 2.409 2.496 2.600 1.366 –0.300 3.029 Singapore dollar .7039 1.4206 –1.8 South Africa rand .0749 13.3564 –2.5
30-year mortgage, fixed† 4.06 4.19 3.43 l 4.29 -0.27 South Korea won .0008723 1146.40 –5.1
DJ Corporate 362.430 3.224 3.266 3.410 2.460 5.695 3.862 Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0066375 150.66 1.5
15-year mortgage, fixed† 3.26 3.38 2.70 l 3.50 -0.13 Aggregate, Barclays Capital 1885.370 2.600 2.650 2.770 1.820 0.976 2.632 Taiwan dollar .03229 30.967 –4.6 WSJ Dollar Index 90.94 –0.04–0.04 –2.15
Jumbo mortgages, $424,100-plus† 4.36 4.62 4.02 l 4.88 -0.09 High Yield 100, Merrill Lynch 2735.618 5.332 5.418 8.500 5.248 20.399 3.524 Sources: Tullett Prebon, WSJ Market Data Group
Five-year adj mortgage (ARM)† 3.44 3.66 2.97 l 4.03 -0.11
Fixed-Rate MBS, Barclays 1943.070 2.860 2.930 3.070 1.930 0.219 2.536
New-car loan, 48-month 3.16 3.15 2.87 l 3.38 0.25
HELOC, $30,000 4.69 4.69 4.29 l 4.84 -0.41
Muni Master, Merrill 503.221 2.135 2.180 2.516 1.297 –0.872 3.043 COMMODITIES
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 5.821 n.a. n.a. n.a. n.a. Commodities Friday 52-Week YTD
banks.† Excludes closing costs. Pricing trends on someClose
raw materials, or commodities
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Net chg % Chg High Low % Chg % chg

DJ Commodity 589.81 8.10 1.39 589.81 441.11 32.58 3.98

ONLINE 194.04 0.67 195.82 21.00

WSJ
TR/CC CRB Index 1.28 158.87 0.79
Crude oil, $ per barrel 53.86 0.86 1.62 54.06 29.04 82.95 0.26
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and ETFs. Natural gas, $/MMBtu 3.034 -0.107 -3.41 3.93 1.64 54.32 -18.53
.COM
Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at WSJMarkets.com Gold, $ per troy oz. 1234.40 -0.70 -0.06 1364.90 1127.80 -0.38 7.34
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
How to Receive Conflict-Free Advice
When President Donald
Trump ordered a review of
the Labor Department’s fidu-
ciary rule for possible revi-
sion or repeal, he put into
doubt the
govern-
ment’s com-
mitment to
ensuring
that all re-
THE tirement
RETIREMENT savers get
REPORT advice that
ANNE is in their
TERGESEN best interest.
The Labor
Department
on Thursday filed a formal
notice seeking delay of the
regulation beyond April 10,
when it was to go into effect.
But you may still want a fi-
duciary level of oversight for
your individual retirement
accounts and other invest-
ments. After all, a fiduciary
is required to act in clients’
best interest rather than un-
der the lower standard of
suitability that has governed
certain financial profession-
als for decades.
Here’s what you can do to
make sure you are getting
the most beneficial advice.
Understand the Sector
While most financial pro-
fessionals call themselves
“advisers,” there are differ-
ent types of advisers that
are regulated under different
laws and held to different
standards. As a result, the
degree to which any given
professional advice giver
must put a client’s interests
before his or her own varies.
“It remains extraordinarily
difficult for investors to fig-
ure out who is acting in their
best interests and who isn’t,”
said Barbara Roper, director
of investor protection at the
advocacy group Consumer
Federation of America.
Advisers come in two basic
flavors: registered investment
advisers, or RIAs, and bro-
kers, who are also known as
registered representatives.
RIAs are legally bound to
serve as fiduciaries. To mini-
mize conflicts, they are typi-
cally paid a fee by clients and
avoid mutual funds, annuities
and other products that of-
fer them sales in-
centives.
IMPORTANT: The projections or other information generated by the Fidelity Retirement Score regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual
investment results, and are not guarantees of future results. Results may vary with each use and over time.
Guidance provided by Fidelity through the Fidelity Retirement Score is educational in nature, is not individualized, and is not intended to serve as the primary basis for your investment or tax-planning decisions.
The Fidelity Retirement Score is a hypothetical illustration and does not represent your individual situation or the investment results of any particular investment or investment strategy, and is not a guarantee of
future results. Your score does not consider the composition of current savings and other factors.
Investing involves risk, including the risk of loss.
The trademarks and/or service marks appearing above are the property of FMR LLC and may be registered.
Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2016 FMR LLC. All rights reserved. 773777.1.0
* * * *
WEEKEND INVESTOR: RETIREMENT
Finding Fiduciaries
The ranks of advisers who adhere
to a standard of acting in clients'
best interest have steadily risen.
National Association of Personal
Financial Advisors members
3,000
2,000
1,000
0 investments,” said Jacob Kue-
2002 ’05 ’10 ’15 ’17
Sources: Napfa
THE WALL STREET JOURNAL.
Brokers, on the other
hand, are allowed to recom-
mend products that pay
them the most in commis-
sions and other incentives as
long as the product suits the
client’s needs, a practice the
fiduciary rule would restrict.
To ascertain whether an
adviser is a fiduciary, simply
ask, said Deena Katz, a pro-
fessor of personal financial
planning at Texas Tech Uni-
versity. If you get an unclear
response, ask the name of the
adviser’s regulator. The Secu-
rities and Exchange Commis-
sion and state securities regu-
lators oversee RIAs, while the
Financial Industry Regulatory
Authority regulates brokers.
Check for Conflicts
Just because an adviser is
a fiduciary doesn’t mean he
or she has no conflicts.
To ferret out conflicts, it
is important to ask the ad-
visers how they are compen-
sated and how they manage
the ethical dilemmas that
arise as a result of their fee
arrangement.
For example, most RIAs
charge clients a percentage
of their account balance for
financial planning and in-
vestment management that
typically amounts to 1% a
year. Clients need to be
aware that such advisers
stand to make
NINETY FOUR
The Fidelity Retirement Score.℠
Another way we’re making retirement planning clearer.
We introduced the Fidelity Retirement Score to make it easy to know where you stand. But getting
your score is just the beginning. When you save for retirement at Fidelity, you’ll get much more:
• Clear, transparent language to help you understand your options
• Help creating a plan for cash flow through retirement
• Suggestions for how to get the most out of Social Security and Medicare benefits
It’s your retirement. Know where you stand.
more money by, say, recom-
mending that clients refrain
from paying down mortgages
or giving money to their
children, said Ms. Roper. Ad-
visers are required to dis-
close such conflicts to the
client and should also pres-
ent both a recommendation
and alternatives.
More fiduciaries try to re-
duce the potential for con-
flicts of interest by charging
an hourly rate or flat monthly
or annual retainer fees. Ad-
visers who charge such fees
are “indifferent as to whether
the client puts money into
their business, real estate, or
bler, an adviser in Cham-
paign, Ill., who charges an an-
nual retainer fee.
But such fee arrangements
create conflicts of their own.
For example, the hourly rate
creates an incentive for ad-
visers to “work as slowly as
possible,” said Sheryl Gar-
rett, founder of Garrett Plan-
ning Network, which has 250
members who charge an
hourly fee for financial plan-
ning. Ms. Garrett recom-
mends asking for a written
estimate of the total cost
and setting a deadline.
Also be aware that advis-
ers at brokerage firms may
be “dually registered,” which
allows them to serve as both
a broker and an RIA. To avoid
situations in which a dually
registered adviser may work
for you as a fiduciary when
preparing a financial plan but
as a broker when recom-
mending investments, ask
whether he or she will serve
as a fiduciary for you at all
times, said Ms. Katz.
Know What You Want
If you’re looking for a fi-
duciary, the good news is the
number of such advisers is
increasing.
Those who want a lot of
hand-holding should hire an
adviser on a continuing ba-
sis. Traditionally, this has
meant paying an adviser 1%
or so of your account bal-
ance annually for financial
planning and investment
management, with invest-
ment-related fees on top.
The 355 advisers in the
XY Planning Network spe-
cialize in clients in genera-
tions X and Y, who typically
have incomes of $60,000 or
more. The advisers charge a
monthly subscription fee
that often ranges from $100
to $200 for financial-plan-
ning advice.
The Alliance of Compre-
hensive Planners has about
150 members who charge a
flat annual retainer fee for
financial planning and tax-
related advice based on a cli-
ent’s annual income or net
wealth, said Mr. Kuebler, a
former board member.
Those who want a more
limited engagement may
benefit from hiring a planner
on an hourly basis.
Garrett Planning Net-
work’s members charge an
hourly fee for financial plan-
ning—$180 to $300 is typi-
cal. Many clients pay a few
thousand dollars for a finan-
cial plan and then schedule
periodic updates as needed,
said Ms. Garrett, who said
clients can choose to pay the
planner an asset-based fee to
manage their investments or
simply manage the portfolio
themselves.
The advantage, she added,
is that clients pay for no
more than they need.
Before hiring any adviser,
make sure his or her exper-
tise matches your needs. At
a minimum, most advisers
provide financial planning
and investment manage-
ment. But some firms spe-
cialize in a particular type of
client, for example, technol-
ogy executives with pre-IPO
stock or small-business own-
ers with estate, tax and suc-
cession planning needs.
Check the adviser’s disci-
plinary history on Form ADV
filed with the SEC and look
for professional credentials
that require extensive train-
ing and experience, such as
the certified financial plan-
ner designation.
Saturday/Sunday, February 11 - 12, 2017 | B7
FAITH
Continued from page B1
nation, the Registered Fidu-
ciary, features two bullet
points telling advisers that
the credential will assure
them of “profit-based pric-
ing: making every client a
profit center” and “no re-
strictions on forms of com-
pensation used.”
Louis Harvey, chief execu-
tive of Dalbar, the Boston-
based financial-research firm
that created the Registered
Fiduciary designation, says
the training for the program
encourages advisers to look
at clients “in terms of what
services you provide relative
to your costs, rather than in
terms of how much money
they have.” Advisers, he
says, learn that even small
clients can be profitable
when the business is seen in
that light.
Mr. Harvey says about
500 advisers have earned the
credential, which requires a
background check, special-
ized expertise and “a mini-
mum of about five years” of
relevant experience. The fi-
nal hurdle is a passing grade
of at least 70 on a proctored
online test.
I recently looked up doz-
ens of Form ADVs, a disclo-
sure filed by registered in-
vestment advisers, on the
Securities and Exchange
Commission’s website. Again
and again, advisers disclosed
that they spend 10% to 20%
of their working hours sell-
ing insurance and that the
resulting com-
800.FIDELITY | Fidelity.com/score
CHRISTOPHE VORLET
missions are a conflict of in-
terest. Nevertheless, they ar-
gued, that conflict was
minimal. Why? Because they
are fiduciaries, advisers ar-
gue, they won’t sell you that
insurance—no matter what
commissions they might
earn—unless it is in your
best interest. Maybe so. But
brokers and insurance agents
are only human. An 8% com-
mission might well make
them feel that annuity is in
your best interest, too.
And clients are only hu-
man, too. When your finan-
cial adviser or insurance
agent says, “I’m a fiduciary,”
some of your skepticism will
melt away.
Psychologists have docu-
mented what they call
“moral licensing,” the ten-
dency of advisers to feel
they have a freer hand once
they disclose a conflict. And
once you hear, “I earn a
commission on this, but I’m
recommending it only be-
cause it is in your best inter-
est,” you’ll get a warm glow,
the research suggests.
So the best time to be
skeptical and understand
your adviser’s obligations
(see article on page B7) is
when you’re hiring the per-
son in the first place.
Ask whether the adviser
gets compensated by anyone
but you, and why. Request a
written commitment to act
as a fiduciary. Ask him to tell
you about three conflicts of
interest that might arise; if
he says he doesn’t have any,
put your hand on your wallet
and leave immediately.
Whether he’s called a fidu-
ciary or not, that’s someone
who’s either fooling himself
or trying to fool you.
B8 | Saturday/Sunday, February 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

NEW HIGH AND LOWS

WSJ.com/newhighs
52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session.
% CHG-Daily percentage change from the previous trading session. ElemntsRogrMtls RJZ 8.28 2.3 iShRussell1000ETF IWB 129.28 0.4 SchwUS LrgCap SCHX 55.34 0.4 ProShUltProShS&P SPXU 18.31 -1.3 FT CapStrength FTCS 42.45 0.3 Pool POOL 110.00 0.5
ElemntsRogrTr RJI 5.35 1.1 iShRussell1000Val IWD 114.50 0.4 SchwUSLrgCpGrwth SCHG 59.13 0.4 ProShrUSCnsmrGd SZK 17.06 -1.7 FT CloudComp SKYY 37.43 0.4 Popeyes PLKI 66.06 1.2
FidelityLowVol FDLO 26.52 0.3 iShRussell2000Gwth IWO 160.62 0.7 SchwabUSLgCpValue SCHV 49.13 0.3 PrShrsUSDow30 DXD 13.40 -0.9 FTDevelopedMkts FDT 50.48 0.4 Potlatch PCH 45.50 -0.9
Friday, February 10, 2017 FidelityMSCICnDisc FDIS 33.81 0.6 iShRussell3000ETF IWV 137.99 0.4 SchwabUSMidCap SCHM 47.07 0.5 ProShXinhuaChina25 FXP 28.20 -0.9 FTDorseyWrightIntl IFV 18.97 1.3 PSDWAMomentum PDP 44.42 0.4
FidelityMSCIIT FTEC 39.68 0.2 iShRussellMid-Cap IWR 186.76 0.4 SPDR DJIA Tr DIA 203.00 0.5 ProShrUSFnl SKF 28.87 -0.8 FT NasdTechDiv TDIV 30.99 0.4 PowerShDWANASDAQ DWAQ 84.06 0.7
52-Wk % 52-Wk % 52-Wk % FidelityMomFactor FDMO 26.84 0.3 iShRussellMCValue IWS 83.16 0.6 SPDR MSCI exUS CWI 33.14 0.3 ProShrUltraBrazil BZQ 13.52 -4.7 FT EM Alphadex FEM 22.83 0.9 PwrShsDynIndSec PRN 52.20 0.3
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FidelityQualFactor FQAL 27.40 0.3 iShRussellTop200Gr IWY 59.42 0.4 SPDREmMktSmlCp EWX 43.99 0.7 PrShrsMidCp MZZ MZZ 23.82 -1.3 FT EM SC Alpha FEMS 34.57 0.5 PwrShrWtrRes PHO 25.74 0.9
FidelityValFactor FVAL 28.29 0.3 iShRussellTop200 IWL 52.81 0.2 SPDR S&P IntInd IPN 31.17 0.6 ProShrUS MSCI EM EEV 13.71 -1.7 FT LC CoreAlpha FEX 50.93 0.5 PowerSharesIntlBuy IPKW 30.48 0.7
EverestRe RE 231.01 0.4 RaymondJames RJF 78.00 -0.8
FstTrFnlAlpDx FXO 27.92 0.5 iShS&P100 OEF 102.55 0.4 SPDR S&PMdCpTr MDY 313.42 0.5 PrShrsUShrQQQ QID 20.63 -0.7 FTA 48.71 0.5 PowerShsKBWHiDiv KBWD 24.28 1.0
NYSE highs - 219 ExtendedStayAmer STAY
Exterran EXTN
17.47
33.07
0.3
2.1
RedwoodTrust
RegionsFin
RWT
RF
16.54
15.17
2.3
...
FstTrMngstrDiv FDL 28.35 0.2 iShS&PMC400Growth IJK 190.20 0.5 SPDR S&P 500 SPY 231.77 0.4 ProShrUlShtRus TWM 22.39 -1.6
FT LC Value
FT LatAmer Alpha FLN 21.37 2.5 PwrShsNdqInt PNQI 91.78 0.4
AGCO AGCO 64.79 0.7 FirstTrUSEquityOpp FPX 56.51 0.1 iShS&P500Growth IVW 127.91 0.4 SPDR SP EmMkt GMM 62.69 0.8 ProShrsUShrt S&P SDS 14.05 -0.8 FT MegaCap FMK 29.00 0.1 PwrShrs QQQ QQQ 127.56 0.3
FB Financial FBK 30.26 14.3 RenaissanceRe RNR 143.56 0.4
AberdeenSingapore SGF 9.67 0.3 FlexSharesIntlQual IQDF 23.49 0.5 iShGlobalTechETF IXN 118.18 0.1 SPDR S&P MtlMng XME 34.48 0.6 ProShsVIXMTFut VIXM 36.26 -0.1 FT MC CoreAlpha FNX 58.68 0.6 PSRuss1000LowBeta USLB 28.00 0.5
FS Investment FSIC 10.80 -0.9 RepublicServices RSG 58.35 0.2
AdamsDivEquityFd ADX 13.38 0.5 FlexSharesEmMktsFa TLTE 50.01 0.2 iShS&P500ValueETF IVE 103.65 0.4 TechSelectSector XLK 51.40 0.3 ProShsVIXSTFut VIXY 15.07 -1.7 FTMidCapGrowth FNY 33.09 0.5 PwrShSP InfTech PSCT 73.57 0.4
FlowersFoods FLO 20.91 ... ResoluteEnergy REN 48.86 2.9
AdvntClymrFd AVK 16.38 1.5 FlexMrnUSMktFtrTlt TILT 99.56 0.5 iSharesGlobal100 IOO 79.00 0.2 UBSAGFIEnhGlbHiYd FIHD 131.37 0.5 FstTrMCGrAlpDX FAD 55.28 0.4 Priceline PCLN 1649.65 2.2
ForestCity B FCE/B 29.78 1.9 ResourceCapPfdC RSOpC 23.85 0.1
AdvntClymrSecII AGC 6.45 -0.2 Fortive FTV 57.42 0.2 RestaurantBrands QSR 51.58 1.1
GaveKalLdrDevWorld KLDW
GlblXChnConsmr CHIQ
27.84
12.64
0.5
0.6
iShS&PSC600Growth IJT
iSharesNATech-Mult IGN
153.34 0.8 UBSAGFIEnhLCGrw FBGX
45.86 0.7 VanEckBDCIncome BIZD
153.86
18.87
0.5
0.7
NYSE MKT highs - 13 FT NasdCybersec CIBR
FT Nasd100xTech QQXT
21.42
43.52
-0.3
0.5
PrincipalPriceSet PSET
PrincipalShrhldrYd PY
27.16
28.81
2.5
1.9
AdvntClEnhGrth LCM 8.76 0.5 FortressTransport FTAI 15.33 1.4 Rollins ROL 36.73 1.2
GlbXCopperMiners COPX 25.79 4.0 iShNorthAmerTech IGM 133.29 0.3 VanEckBrazilSC BRF 19.46 2.2 BancorpNJ BKJ 14.15 2.6 FT Nasd100 EW QQEW 49.95 0.3 PrivateBancorp PVTB 56.44 0.7
AerCap AER 46.41 0.8 ForumEnergyTech FET 26.25 -9.7 RoperTech ROP 205.78 1.2
GlblXGuruIndexETF GURU 25.44 0.3 iShNATech-Software IGV 121.65 1.4 VanEckGlblSpinoff SPUN 22.19 0.6 CRH Medical CRHM 6.68 3.9 FT RisingDivAch RDVY 25.93 0.3 PrShrUltPrQQQ TQQQ 78.90 1.0
AirLease AL 38.44 1.3 GEO Group GEO 43.57 0.9 RoyalBkCanada RY 74.25 1.1
GlbXJPMEfficiente EFFE 24.93 0.3 iSharesDowJonesUS IYY 116.54 0.4 VanEckMornIntlMoat MOTI 29.96 0.5 CentralSecs CET 23.10 0.5 FTRiverFrontDynAP RFAP 54.14 0.9 ProspectCapital PSEC 9.10 2.0
Aircastle AYR 23.28 2.1 GabelliGlbSmall&MC GGZ 11.19 0.6 RoyalCaribbean RCL 96.22 0.5
GlbXMSCIArgentina ARGT 26.93 1.1 iShRussellMCGrowth IWP 102.94 0.2 VanEckMornWideMoat MOAT 36.74 0.6 CheniereEnerPtrs CQP 32.38 2.0 FUSB 13.25 1.9 PulseBiosciences PLSE 10.10 23.8
Alleghany Y 622.75 0.2 Gallagher AJG 55.31 0.8 RoyceGlbValueTr RGT 8.69 0.8 FirstUS Bcshs
GlbXSciBetaUS SCIU 27.37 0.4 iShUSBrokerDealers IAI 52.47 ... VanEckPoland PLND 15.59 1.2 CloughGlblDiv GLV 12.86 0.2 FSV 56.37 6.9 Qorvo QRVO 66.42 ...
AllianzGIDivIncm ACV 20.53 -0.8 GettyRealty GTY 26.33 0.6 RoyceMicroCap RMT 8.48 0.5 FirstService
GoldmanSachsUSLC GSLC 46.02 0.4 JPMorgAlerian AMJ 34.20 0.2 VangdExtMkt VXF 100.01 0.6 CloughGlbEqFd GLQ 12.04 0.8 FlexSTOXXUSESGImp ESG 54.51 0.2 RBC Bearings ROLL 96.54 1.3
Allstate ALL 79.31 0.7 GoldmanSachsBDC GSBD 24.82 1.2 RoyceValue RVT 14.27 0.9
GSHedgeIndVIP GVIP 45.07 0.1 JanusVelTailRIskLC TRSK 28.82 1.0 VangdSC Grwth VBK 140.07 0.5 EnviroStar EVI 18.45 12.7 FoundationMed FMI 27.55 2.0 RCI Hospitality RICK 18.00 -1.2
AllyFinancial ALLY 22.88 0.2 GSMLPEnergyRen GER 8.80 1.5 SalientMidstream SMM 14.32 0.3
GuggenheimBRIC EEB 31.82 1.0 JanusVelocityVolLC SPXH 32.29 0.1 VangdInfoTech VGT 130.76 0.2 NewbrgrBrmHY NHS 12.05 0.7 GTYHU 10.76 4.1 ROBOGlblRobotics ROBO 31.11 0.5
AlpineGlblDyn AGD 9.55 0.8 GoldmanSachsMLPInc GMZ 11.56 0.9 SaratogaInvt SAR 22.67 2.5 GTYTechUn
GuggenheimSP500EqW RSP 89.97 0.6 JohnHancockMultFin JHMF 31.66 0.4 VangdCnsmrDiscr VCR 135.12 0.5 NeubrgBermMLPIncm NML 10.65 0.2 GlbXConsciousCos KRMA 16.60 0.3 RPX RPXC 11.81 4.1
AlpineTotDynDiv AOD 8.17 0.9 Graco GGG 91.23 0.6 ScrippsEW SSP 20.84 0.2
Guggenheim S&P 500 RYF 37.90 0.5 JohnHancockMultiLC JHML 30.26 0.4 VangdDivApp VIG 88.16 0.5 PrtlxBioThera PLX 1.11 8.2 GlbXFinTechThem FINX 15.70 0.7 RaPharm RARX 22.48 14.7
AltisourceResid RESI 13.23 2.7 Greif B GEF/B 74.35 5.4 ServiceCorp SCI 29.60 0.7
GuggS&P500EWIndl RGI 104.39 0.8 JohnHancockMultTch JHMT 33.04 0.4 VanguardFTSEDevMk VEA 38.28 0.4 RadiantLogistics RLGT 4.79 10.2 GlbXMillThematic MILN 16.40 0.1 SB Financial PfA SBFGP 17.72 ...
AmericanExpress AXP 78.69 0.4 HalyardHealth HYH 40.40 0.6 ShinhanFin SHG 41.22 0.5
GuggS&P500EWTech RYT 116.30 0.4 JPMorganDivRetUS JPUS 61.64 0.5 VanguardFTSEEmgMk VWO 38.92 0.9 ReavesUtilFd UTG 34.35 0.2 GlbXS&P500Catholic CATH 28.17 0.4 SLM SLM 12.58 0.2
AmerHomes4Rent AMH 23.01 0.3 HerculesCapital HTGC 14.76 1.2 Shopify SHOP 56.25 1.1
GuggenheimS&P500Gr RPG 87.64 0.4 JPMorganDivRetUSMC JPME 56.49 0.6 VanguardFTSEPac VPL 62.05 0.8 TasekoMines TGB 1.53 8.4 GLNG 28.57 4.9 SVB Fin SIVB 181.25 -1.1
AmRltyInv ARL 9.17 7.0 HiltonGrandVac HGV 30.76 -0.8 SoCopper SCCO 39.50 1.7 GolarLNG
GuggenheimS&PM400 RFG 134.36 0.8 MadronaIntl FWDI 25.60 1.2 VanguardFinls VFH 60.81 0.3 GGAL 35.77 1.0 SalisburyBancorp SAL 39.90 1.3
Ameriprise AMP 124.85 0.5 HD 140.57 0.8 SouthwestAirlines LUV 54.87 0.3 GpoFinGalicia
Ametek AME 53.65 0.7
HomeDepot
Honeywell HON 122.00 1.0 SouthwestGas SWX 82.94 1.3
GuggenheimS&P Scp RZG
GuggInsider NFO
99.37
51.84
0.8
0.4
NatixisSeeyondIntl MVIN
OShFTSEAsiaPacQlty OAPH
40.20 0.4 VanguardAWxUS VEU
27.43 1.3 VangdGrowth VUG
46.58
118.22
0.4
0.3
NYSE MKT lows - 2 HDSupply HDS 44.48 1.8 ScientificGames SGMS
ScrippsNetworks SNI
20.33
78.05
-0.2
0.8
AnteroMidstream AM 35.74 0.4 HudbayMinerals HBM 8.90 8.0 Stantec STN 28.00 2.4 Enservco ENSV 0.26 1.9 HowardBancorp HBMD 18.70 -2.7
GuggIntlMltAst HGI 15.87 0.7 OppESGRevenue ESGL 27.54 0.4 VangdMdCpGr VOT 112.14 0.3 19.34 -0.3 SeacoastBkgFL SBCF 23.09 0.5
AnthemUn ANTX 49.89 ... IRSA IRS 23.72 -2.7 TAL Education TAL 87.98 2.1 MastechDigital MHH 6.24 -3.5 ILG ILG
GuggMC Core CZA 57.39 0.7 OppenheimFclsSect RWW 59.11 0.4 VanguardLC VV 106.33 0.4 ShilohIndustries SHLO 13.69 2.6
Aon AON 117.76 0.4 Ingersoll-Rand IR 81.99 0.5 TRC Cos TRR 11.55 5.1 IPG Photonics IPGP 117.31 0.3
GuggMltiAstIncm CVY 20.78 0.5 OppenheimerLgCpRev RWL 44.87 0.3 VangdMegaCap MGC 79.12 0.4 ShoreBancshares SHBI 17.48 0.2
MT 8.84 6.3 TallgrassEnPtrs TEP 52.15 0.8 ICHR 17.80 2.0
ArcelorMittal
Archrock AROC 16.35 ...
Interpublic IPG
IntrawestResorts SNOW
25.33
24.27
4.1
1.9 TemplMktFd EMF 13.25 0.4
GuggRayJamesSB1 RYJ
GuggS&P500Top50 XLG
39.80
162.51
0.6
0.3
PwShCEF IncCmp PCEF
PwrShsDBBaseMtls DBB
23.31 0.3 VangdMegaGrwth MGK
16.66 2.7 VanguardMC
92.53 0.4 Nasdaq highs - 219 Ichor
Icon ICLR 86.62 0.2 SierraWireless SWIR 25.25 31.1
VO 138.36 0.5 Immunomedics IMMU 5.89 21.6 SinclairBroadcast SBGI 36.15 2.7
ArconicPfdB ARNCpB 45.40 4.2 InvescoSeniorIncm VVR 4.70 0.6 TemplIncoFd TEI 11.54 1.0 Achaogen AKAO 21.45 2.3
GuggenS&PMC400EW EWMC 59.59 0.5 PwrshsDynSftw PSJ 50.51 1.5 VanguardMCVal VOE 101.34 0.7 Snyders-Lance LNCE 39.74 -0.7
Arconic ARNC 29.85 5.9 InvitationHomes INVH 21.87 0.7 ThorIndustries THO 111.40 -1.4 ActivisionBliz ATVI 47.64 18.9 InsightEnt NSIT 45.76 2.3
GuggenheimS&PSO CSD 45.50 0.3 PwrShrEmrgInfra PXR 35.14 1.2 VanguardS&P500 VOO 212.80 0.4 SodaStream SODA 46.49 1.9
AresDynamicCredit ARDC 15.84 0.1 JELD-WEN JELD 30.26 1.1 Timken TKR 45.85 1.9 AdobeSystems ADBE 116.94 0.4 iShCoreMSCITotInt IXUS 53.30 0.3
GuggenUSLCOptVol OVLC 27.12 1.2 PwrShsDynMkt PWC 83.30 0.4 Vanguard 500Grow VOOG 114.71 0.4 SolarSeniorCap SUNS 17.18 -0.2
ArmstrongFlooring AFI 22.06 2.1 JabilCircuit JBL 25.45 2.0 Tri-Continental TY 23.07 0.3 AdvEmissions ADES 12.25 -2.1 iShMSCIACWIETF ACWI 61.82 0.4
HartfordMultiGlbSC ROGS 27.15 0.7 PwrShsLgCpGro PWB 33.42 0.5 Vanguard 500ValETF VOOV 99.84 0.4 SonomaPharmWt SNOAW 0.66 23.6
AssuredGuaranty AGO 40.86 0.7 Kemet KEM 8.25 2.6 Trinseo TSE 70.30 0.9 AltraIndlMotion AIMC 40.05 2.7 iShMSCIACWIexUSETF ACWX 42.36 0.4
HartfordMultiUSEqu ROUS 26.85 0.3 PwrShsLgCpVal PWV 34.70 0.2 VanguardS&PMC400 IVOO 115.82 0.5 SonomaPharm SNOA 7.35 10.3
Athene ATH 52.07 1.2 KeyCorpPfdE KEYpI 27.98 1.7 Tronox TROX 14.10 1.1 AmplifyOnlineRet IBUY 28.87 0.5 iShMSCIBrazilSC EWZS 13.83 2.1
HrznsS&P500CovCall HSPX 46.90 0.2 PwrShrETFEmgMk PXH 19.96 1.7 Vanguard MC400Gr IVOG 117.07 0.5 SotherlyHotels SOHO 7.44 1.4
Autohome ATHM 34.86 0.3 Koppers KOP 43.75 1.8 USG USG 32.38 0.6 AnaptysBio ANAB 22.60 11.8 iShMSCIEAFEESGOpt ESGD 58.05 0.3
IQAgribusSmall CROP 33.03 0.3 PwrShrAPac ex-Jap PAF 52.07 0.9 VanguardSC VB 133.80 0.7 SprottFocus FUND 7.51 0.8
BancoMacro BMA 85.67 2.6 Kyocera KYO 55.02 0.7 US PhysTherapy USPH 73.15 2.2 Apple AAPL 132.94 -0.2 iShMSCIEMESGOpt ESGE 59.24 1.2
iPathBloomAlumTR JJU 17.06 4.2 PwrShsPrvtEqty PSP 11.77 0.2 VanguardTotStk VTI 119.70 0.4 Stamps.com STMP 128.99 -0.3
BancSanBrasil BSBR 11.15 6.9 LATAMAirlines LFL 10.00 4.0 UnumGroup UNM 47.75 -0.1 AppliedOptoelec AAOI 32.88 2.9 iShMSCIUSAESGOpt ESGU 50.89 0.5
iPathBloomCopperTR JJC 32.15 4.8 PSRussellMidcapEW EQWM 43.57 0.8 VangdTotlWrld VT 63.86 0.5 SummitStateBk SSBI 16.50 0.4
BkNovaScotia BNS 61.54 1.0 L3 Tech LLL 163.46 1.0 VailResorts MTN 179.04 -0.3 AquaMetals AQMS 17.22 0.5 j2Global JCOM 90.88 1.1
iPathPBBroadCmod BCM 28.17 1.3 PwrShRuss1000EqWt EQAL 28.09 0.6 VelocityShVIXVarLS LSVX 30.01 1.5 Symantec SYMC 29.26 0.1
Bard CR BCR 241.50 0.2 LennoxIntl LII 164.93 -0.4 Vectren VVC 55.64 0.6 AresCapital ARCC 17.54 0.5 JounceTherap JNCE 21.21 5.9
iShAggrAllocation AOA 48.86 0.5 PSRussellTop200EW EQWL 45.14 0.3 WBITacticalHiIncm WBIH 24.07 0.1 Synopsys SNPS 65.62 -0.2
BenchmarkElec BHE 33.45 -2.3 LexingtonRealty LXP 11.20 1.6 VoceraComm VCRA 22.48 -4.3 ArrayBioPharma ARRY 13.40 -4.5 KLX KLXI 51.13 0.6
iShCoreDivGrowth DGRO 29.83 0.4 PSRussTop200PureG PXLG 35.68 0.3 WBITacticalLCS WBIL 23.94 0.6 TICC Capital TICC 7.50 2.9
Berkley WRB 68.56 ... LibertyAllStar USA 5.48 0.2 WABCO WBC 117.38 0.9 AscendisPharma ASND 24.20 2.6 Kamada KMDA 7.00 0.7
iShGrwthAllocation AOR 41.62 0.1 PSRussTop200PureV PXLV 35.50 0.5 WBITacticalLCV WBIF 25.24 0.6 TTM Tech TTMI 17.27 -1.8
BlkRkDebtStratFd DSU 11.63 0.3 LibertyASGFd ASG 4.46 1.1 WEX WEX 119.85 0.6 AstecIndustries ASTE 72.29 1.3 Landcadia LCA 10.05 0.5
iShCoreMSCIPacific IPAC 51.78 0.6 PwrShS&P500BW PBP 21.90 -0.1 WisdTrAustrDiv AUSE 55.77 1.3 TakeTwoSoftware TTWO 58.34 3.3
BlkRkCapEnIncoFd CII 14.19 0.7 LincolnNational LNC 70.87 0.5 WesternGasEquity WGP 47.08 0.1 BCB Bancorp BCBP 13.95 0.7 LawsonProducts LAWS 27.20 3.8
iShCoreS&P500ETF IVV 233.19 0.4 PwrShS&P500xRate XRLV 28.78 0.5 WisdTrEM HiDiv DEM 40.18 1.2 TowerSemi TSEM 22.25 0.1
BlckRkEnDivTr BDJ 8.40 0.7 LouisianaPacific LPX 23.44 2.1 WesternGasPtrs WES 65.00 0.4 BankofCommerce BOCH 10.70 1.9 LeggMasonLowVol LVHD 29.29 0.3
iShCoreS&PMdCp IJH 171.84 0.5 PowerShS&P500Qual SPHQ 26.78 0.3 WisdTrGlbHiDiv DEW 44.48 0.4 TriStateCapital TSC 23.55 1.3
BlackRockFRIncm FRA 14.83 0.7 M&TBankWt MTB/WS 91.50 1.2 Weyerhaeuser WY 33.32 ... BMOElkhornDWAMLP BMLP 56.83 0.8 LiveOakBcshs LOB 23.35 -0.4
iShS&PTotlUSStkMkt ITOT 53.30 0.5 S&P400LowVol XMLV 41.83 0.6 WisdTrIntlHdgQual IHDG 27.28 0.2 trivago TRVG 12.66 7.6
BlkRkGlOpEqTr BOE 12.43 0.3 MGIC Investment MTG 11.24 0.7 WW Ent WWE 22.11 4.8 BayBancorp BYBK 8.25 5.3 MAM Software MAMS 7.77 8.2
iShCoreS&PUSGrowth IUSG 45.13 0.4 ProSharesHdgRep HDG 43.60 0.3 WisdTrIntHdgSCDiv HDLS 25.30 0.5 US Ecology ECOL 53.80 0.9
BlkRkDurInco Tr BLW 15.94 -0.1 MPLX MPLX 39.22 -0.4 Wyndham WYN 82.05 0.1 BeasleyBroadcast BBGI 9.95 5.9 MaidenHoldings MHLD 18.65 1.9
iShCoreS&PUSValue IUSV 50.28 0.5 ProSharesShtVIXST SVXY 126.25 1.6 WisdTrIntlMC Div DIM 58.37 0.4 VanguardRuss1000 VONE 106.58 0.4
BlackRockMultiSect BIT 17.50 -0.5 MSC Industrial MSM 104.78 0.4 XL Group XL 39.90 1.0 BioShBiotechPrd BBP 37.55 -0.7 MalibuBoats MBUU 22.95 -4.7
iShCurHdgMSCIUS HAWX 23.85 0.5 ProShrUlCnsmr UCC 62.37 0.6 WisdTrIntlSC DLS 63.75 0.5 VangdRuss1000Grw VONG 113.52 0.3
BlackstoneLSCrInco BGX 16.45 0.9 Marsh&McLennan MMC 71.29 0.7 YumBrands YUM 68.27 0.9 CDW CDW 59.49 0.7 MarlinBusSvcs MRLN 24.25 0.6
iShCurHdgMSCIEAFE HSCZ 26.33 0.2 ProShrUltraDow30 DDM 88.13 1.0 WisdTrJapanSC DFJ 65.67 0.6 VanguardRuss3000 VTHR 106.90 0.3
BlckstnGSOStratCrd BGB 16.27 0.1 MaxLinear MXL 27.38 2.9 iShCurHdgMSCISwitz HEWL 24.36 0.5 ProShrUltraFnl UYG 97.21 0.8 WisdTrLC Val CU Bancorp CUNB 38.50 1.6 Marriott MAR 86.99 -0.4
EZY 69.41 0.3 VangdRuss2000Grw VTWG 116.49 0.7
BlackstoneMtg BXMT
BoulderGrowth BIF
31.47
9.21
0.1
0.7
Medifast MED 44.53 2.7 NYSE lows - 3 iShUSConsumerSvcs IYC 157.74 0.3 ProShrUMdCp400 MVV 101.32 1.0 WisdtrEarn500 EPS 79.97 0.3
CadenceDesign CDNS
CalamsGlblDynInc CHW
29.75
7.63
-0.1
0.5
Materialise MTLS
MDCO
9.36
51.03
3.2
4.0
VanguardTtlIntlStk VXUS 48.42 0.5
Meredith MDP 62.85 -0.3 iShUSFinlServices IYG 109.89 0.2 ProShrUltraQQQ QLD 99.50 0.6 WisdTrLC Div DLN 81.45 0.2
Medicines
VSInverseVIXSTerm XIV 65.18 1.4
AquaVenture WAAS 18.35 -2.0 MedidataSolutions MDSO 58.77 4.7
Brink's BCO 52.85 3.7 Meritor MTOR 16.09 1.5 iShUSAerospace&Def ITA 147.70 1.3 ProShrUltraS&P SSO 81.62 0.8 WisdTrMC Div CarrolsRestr TAST 16.05 -0.6
DHI Group DHX 4.80 -6.7 DON 97.50 0.7 VicShUSEQIncmEnh CDC 42.04 0.3
BrookfieldMgt BAM 37.23 -0.5 MohawkIndustries MHK 224.17 3.7 IYF 104.19 0.4 ROM 113.18 0.4 WisdTrTotDiv CavcoIndustries CVCO 111.20 1.1 MercadoLibre MELI 195.47 1.9
ReneSola SOL 2.80 0.8 iShUS Finls ProShrUlTech DTD 82.93 0.3 VicShUS500EnhVol CFO 42.00 0.3
BrookfieldDTLAPf DTLAp 23.15 3.4 MorganStanleyPfdK MSpK 25.53 0.2 iShU.S.Insurance IAK 60.66 0.5 ProShrsDow30 UDOW 102.75 1.5 WisdTrTotEarn EXT CntlValCmntyBk CVCY 21.20 1.1 MercerIntl MERC 12.98 1.2
82.31 0.5 VicShUS500Vol CFA 41.97 0.4
BrookfieldInfr BIP 37.38 -1.2 MorganStanley MS 45.15 -0.3 iShU.S.Technology IYW 129.89 0.1 ProShrsMidCap400 UMDD 87.14 1.4 WorkplaceEquality EQLT CenturyBancorpA CNBKA 62.80 0.3 MercurySystems MRCY 35.58 0.7
CBRE Group CBG 34.94 7.7 MuellerIndustries MLI 43.20 1.1 NYSE Arca highs - 281 iShEdgeMSCIMultInt INTF 24.32 0.7 ProShUltPro S&P UPRO 90.66 1.2
32.00 0.6
CheckPointSftw CHKP 101.63 0.7 MeritMedical MMSI 28.18 0.9
WayneSavings WAYN
Web.com WEB
18.75
22.50
1.4
6.1
CNO Financial CNO 20.69 2.0 NCR 46.95 3.1 CitizensFirst CZFC 20.57 8.0 MidPennBancorp MPB 26.45 -1.9
CIBC CM 88.13 0.8
NCR
NatlStorage NSA 23.36 1.2
ARKIndlInnovation ARKQ
ARKInnovationETF ARKK
24.51 0.3
23.02 0.2
iShEdgeMSCIMlIntSC ISCF
iShEdgeMSCIMultUSA LRGF
26.16
27.72
1.2
0.3
PureFundsISECyber HACK
PureFISEMobilePymt IPAY
29.37 -0.1
27.22 ...
NYSE Arca lows - 39 CivistaBcshrs CIVB 23.35 0.7 NabrivaTherap NBRV 10.01 -2.9
Wendy's WEN
WisdTrUSQltyDiv DGRW
14.46
34.52
0.8
0.5
CapitalOnePfdH COFpH 25.81 0.4 NewAmFd HYB 9.66 -0.1 ARKWebx.0ETF ARKW 28.50 0.3 iShEdgeMSCIUSAMom MTUM 79.81 0.3 RealityDIVS DIVY 26.35 0.6 iPathS&P500VIXST VXX 18.08 -1.7 ClearSignWt CLIRW 1.55 5.6 Net1UEPS UEPS 13.20 -1.2
ZELTIQAesthetics ZLTQ 51.97 4.9
CenterPointEner CNP 26.59 0.1 NewMountainFin NMFC 14.85 0.3 AlphaCloneAltAlpha ALFA 37.52 0.1 iShEdgeMSCIUSAQual QUAL 71.14 0.5 RivFrDynUSDiv RFDA 27.77 0.4 DrxEmMktBear 3x EDZ 19.27 -2.6 Coherent COHR 200.53 2.0 NetApp NTAP 39.72 0.4
Chemed CHE 169.99 0.9 NYT 15.50 4.7 74.47 0.5 28.44 0.4 DirexionChBear3X YANG 12.73 -1.5 CommunityBkrs ESXB 8.10 3.8 Netflix NFLX 145.30 0.5
ChimeraInvt CIM 18.26 0.6
NYTimes A
NexPointResidentl NXRT 23.84 0.6
BarcETN+FIEnhGlHY FIGY
Barrons400ETF BFOR
136.15 0.1
36.20 0.7
iShEdgeMSCIUSASize SIZE
iShEdgeMSCIUSAVal VLUE 72.62 0.3
RivFrDynUSFlex RFFC
SPDRMFSSysCore SYE 65.24 0.9 DrxFinancBear 3x FAZ 19.77 -1.0 Control4 CTRL 14.22 20.4 NetScout NTCT 36.90 0.2 Nasdaq lows - 22
ChinaLifeIns LFC 15.29 0.5 Norbord OSB 28.80 3.5 CambriaGlbValue GVAL 21.83 0.9 iShEmgMktDividend DVYE 38.25 1.0 SPDRMFSSysGrowth SYG 67.08 0.6 DirexnHmbldrBear3X CLAW 24.05 -7.5 Copart CPRT 58.22 0.6 NeuroDerm NDRM 25.20 0.4 AllianceMMA AMMA 2.82 -10.6
ClearBridgeAmEn CBA 10.50 0.3 NuvFR OppFd JRO 12.93 1.4 CambriaShareholder SYLD 33.90 0.5 iShExponentialTech XT 28.59 0.3 SPDRACWILowCarbon LOWC 77.98 0.3 DrxMidCapBear 3x MIDZ 19.50 -1.6 Costco COST 172.27 0.6 Nordson NDSN 116.59 1.3 AppliedDNASci APDN 1.45 -13.9
ClearBridgeEnMLPFd CEM 17.75 0.6 OGE Energy OGE 34.45 0.6 CitigrCTracksETN DIVC 30.79 1.6 iShMtgRealEstCap REM 44.02 0.6 SPDRMSCIAUStrat QAUS 50.99 1.2 DirexionSP500Bear SPXS 9.68 -1.2 Cresud CRESY 19.00 5.5 Novanta NOVT 24.40 1.7 Apptio APTI 13.04 -14.7
ClearbridgeEnMLPTR CTR 14.15 -0.1 OnAssignment ASGN 47.45 0.5 ColumbiaSustGlb ESGW 27.80 0.8 iShMSCIAllPeruCap EPU 36.39 1.6 SPDRMSCICAStrat QCAN 55.77 0.9 DirexionS&PBiotech LABD 12.10 1.3 Cutera CUTR 19.75 0.8 Nuvasive NUVA 73.50 0.2 Atlanticus ATLC 2.37 -3.2
C&SMLPIncm&EngyOpp MIE 11.96 0.6 Ooma OOMA 10.20 1.0 CnsmrDiscSelSector XLY 85.76 0.6 iShMSCIAustralia EWA 21.91 1.3 SPDRMSCIUSAStrat QUS 66.84 0.4 DirexionS&P500Br1X SPDN 17.88 -0.3 DataIO DAIO 4.75 -0.2 NuvNasd100Dyn QQQX 20.38 1.3 Biostage BSTG 0.29 -40.7
CLSelPrTechGrFd STK 20.50 2.3 OrchidIslandCap ORC 12.38 1.3 CreditSuisseFILCGr FLGE 154.28 0.4 iShMSCIBRICETF BKF 35.56 0.7 SPDRMSTech MTK 66.12 0.4 DirexionSilvMinBr2 DULL 23.72 -2.1 DavisFinl DFNL 20.59 0.2 NxstageMed NXTM 28.71 0.5 DifferentialBrds DFBG 2.15 -6.3
SABESP SBS 10.63 2.0 OrionEngCarbons OEC 21.45 0.9 CSX-LinksL/SEquity CSLS 27.90 0.6 iShMSCICanadaETF EWC 27.64 1.1 SPDRRussell1000ETF ONEK 109.10 0.2 DrxSmlCapBear 3x TZA 18.13 -2.4 eBay EBAY 33.84 1.5 OakValleyBncp OVLY 15.28 1.1 Fossil FOSL 22.46 -1.8
Cooper COO 192.27 0.3 OrmatTech ORA 55.23 1.2 DeutscheXNikkei400 JPN 25.22 1.2 iShMSCIChileCapped ECH 41.05 2.2 SPDR S&P500MidGr MDYG 138.70 0.5 DrxTechMktBear 3x TECS 14.59 -0.7 ElectronicArts EA 86.66 3.5 OldDomFreight ODFL 92.50 1.9 GalenaBiopharma GALE 0.72 -9.5
CorpOfficeProp OFC 33.00 2.1 PJT Partners PJT 35.77 7.2 DeutscheXACAPxJ DBAP 24.36 1.4 iShMSCIKLD400Soc DSI 85.45 0.2 SPDRS&P500Growth SPYG 110.65 0.4 iPathBloomCocoaTR NIB 24.02 -2.4 ElkhornS&P500Cap CAPX 26.82 1.1 OldPointFinl OPOF 28.50 0.4 Gevo GEVO 2.55 -1.9
Credicorp BAP 172.48 1.2 PNC Fin PNC 123.54 0.6 DeutscheXMSCIAWxUS DBAW 24.87 0.3 iShMSCIKokusaiETF TOK 56.59 0.2 SPDRS&P500Value SPYV 112.16 0.3 iPathPBCocoa CHOC 29.43 -2.2 EncoreCapital ECPG 33.78 -0.6 PB Bancorp PBBI 10.45 2.5 HimaxTechs HIMX 4.88 2.2
Cubic CUB 52.40 9.8 ParkElectrochem PKE 19.57 2.8 DeutscheXAllxUSHiD HDAW 25.53 0.5 iShMSCIPacificxJp EPP 43.16 1.0 SPDR S&P600SCpGr SLYG 212.75 0.8 ProShrShrtDow30 DOG 18.49 -0.6 Entegris ENTG 21.20 3.7 PCM PCMI 27.20 2.1 NetSolTech NTWK 4.75 -2.9
CushingTotRetFd SRV 15.08 0.1 PinnacleFoods PF 55.36 ... DiamondHillVal DHVW 26.90 0.4 iShMSCIPolandCap EPOL 21.08 1.5 SPDR Aero & Dfns XAR 67.19 1.3 ProShShXinhuaCh25 YXI 24.52 -0.3 EsperionTherap ESPR 21.65 3.5 ParkCity PCYG 16.80 -0.3 ProShUltraProShQQQ SQQQ 41.75 -1.0
CushingRenaissance SZC 19.10 1.5 PiperJaffray PJC 79.50 3.5 DirexnCyberBull2X HAKK 47.11 0.1 iShMSCITaiwanCap EWT 32.29 1.6 SPDRS&P500Fossil SPYX 55.83 0.3 ProShrShrtFinc SEF 13.53 -0.4 Exelixis EXEL 23.02 -1.9 ParkeBancorp PKBK 21.55 0.5 RamacoRscs METC 11.41 ...
DCP Midstream DCP 40.95 -0.5 PlatformSpecialty PAH 12.87 0.5 DrxFinancBull 3x FAS 44.26 1.0 iShMSCIUSAESGSelct KLD 95.70 0.3 SPDRS&PHlthCareEqp XHE 53.25 0.2 ProShrS MSCI EM EUM 22.82 -0.9 ExtremeNetworks EXTR 5.75 0.9 PathfinderBncp PBHC 14.96 4.4 RealGoodsSolar RGSE 2.03 -8.4
Deere DE 110.39 1.0 Primerica PRI 80.95 2.7 DrxMidCapBull 3x MIDU 36.17 1.7 iShMSCIUSAEqWeight EUSA 49.42 0.3 SPDRS&PInsurance KIE 85.70 0.6 ProShShtMC400 MYY 12.60 -0.6 Fauquier FBSS 17.10 1.2 PatrickIndustries PATK 86.10 -2.0 RealIndustry RELY 5.20 -2.8
DeutscheHiIncmOpps DHG 14.74 0.3 ProspectCapNt PBB 26.10 0.6 DirexionS&P500Bull SPXL 119.37 1.2 iShMSCIWorldETF URTH 76.12 0.3 SPDRS&P1000ETF SMD 91.73 0.7 ProShrShortQQQ PSQ 43.93 -0.3 FdltyNasCompFd ONEQ 226.33 0.5 Pegasystems PEGA 40.30 -1.0 SeanergyMarWt SHIPW 0.21 2.1
Dividend&IncomeFd DNI 12.36 1.0 PrudentialFin PRU 109.15 0.3 DirexionS&P500Bull LLSP 29.87 0.2 iShMorningstarLC JKD 137.83 0.4 SPDRS&PSft&Svs XSW 58.14 0.6 ProShrShrtRus RWM 47.59 -0.8 FinancialEngines FNGN 39.99 0.3 PennantPark PNNT 8.48 2.1 SeanergyMaritime SHIP 1.05 -4.5
Domino's DPZ 187.94 0.3 PutnmHiInco PCF 8.73 0.9 DrxTechMktBull 3x TECL 59.68 0.6 iShMornLCGrowth JKE 128.09 0.4 SPDRS&PTechHardwr XTH 68.05 0.6 ProShShrtS&P500 SH 35.25 -0.3 FirstBank FRBA 13.45 2.7 Perceptron PRCP 8.13 7.9 SierraOncology SRRA 1.31 0.7
DupontFabros DFT 49.64 1.3 RAIT Fin PfdC RASpC 24.25 0.4 DirexniBillionaire IBLN 27.31 1.2 iShMorningstarMC JKG 164.90 0.8 SchwabFundEmgLrg FNDE 26.21 1.2 ProSharesUltVIXST UVXY 21.61 -3.3 FirstCommFinl FCFP 12.95 0.8 PhibroAnimal PAHC 30.85 0.8 TraconPharm TCON 3.60 -14.4
EQT Midstream EQM 82.66 0.2 RE/MAX RMAX 59.05 1.3 ETRACS2xLevxEn LMLP 13.85 1.2 iShMornMCGrowth JKH 172.20 0.1 SchwabFundIntlSmCo FNDC 29.92 0.6 ProShrsShrtDow30 SDOW 37.53 -1.5 FirstFoundation FFWM 16.16 2.5 PinnacleEnt PNK 16.50 0.5 VS2xVIXShortTerm TVIX 4.69 -3.3
EnelAmericas ENIA 9.67 0.1 REV REVG 28.50 1.7 ETRACSMnthly2xLev SPLX 40.20 -1.6 iShMornSCGrowth JKK 152.48 0.7 SchwabFundUSBrd FNDB 33.38 0.5 ProShrShtMidCap400 SMDD 14.85 -1.8 FirstTrustBICK BICK 24.21 2.0 Pixelworks PXLW 4.03 4.2 VSVIXShortTerm VIIX 6.11 -1.8
EssentGroup ESNT 38.10 0.7 RadianGroup RDN 19.75 0.8 E-TRACS CMCI UCI 14.86 1.3 iShRussell1000Gwth IWF 110.74 0.3 SchwUS BrdMkt SCHB 56.27 0.5 ProShrShrtRusl2000 SRTY 47.89 -2.4 FT BrazilAlpha FBZ 16.30 2.9 Plexus PLXS 56.53 0.4 XOMA XOMA 3.96 -1.7

Dividend Changes Company Symbol

Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Dividend announcements from February 10. Western Union WU 3.5 .175 /.16 Q Mar31 /Mar17 Deutsche Gl Hi Incm Fd LBF 4.2 .03 M Feb28 /Feb21 Foreign
Amount Reduced Deutsche Hi Incm Opps Fd DHG 5.5 .0675 M Feb28 /Feb21 FirstService FSV 0.9 .1225 Q Apr07 /Mar31
Payable /
Company Symbol Yld % New/Old Frq Record Alon USA Partners ALDW 4.5 .11 /.15 Q Feb28 /Feb21 Deutsche MultiMkt Income KMM 4.8 .035 M Feb28 /Feb21 Franco-Nevada FNV 1.3 .22 Q Mar30 /Mar16
Columbia Property Trust CXP 3.5 .20 /.30 Q Mar15 /Mar01 Deutsche Mun Income Tr KTF 6.1 .07 M Feb28 /Feb21 Mercer International MERC 3.7 .115 Q Apr04 /Mar28
Increased
Deutsche Strat Income Tr KST 3.9 .04 M Feb28 /Feb21 Rio Tinto ADR RIO 5.5 1.25821 SA Apr06 /Feb24
Activision Blizzard ATVI 0.6 .30 /.26 A May10 /Mar30 Funds and investment companies Deutsche Strat Mun Incm KSM 5.5 .0575 M Feb28 /Feb21 TELUS Corp. TU 4.5 .36682 Q Apr03 /Mar10
Barrett Business Svcs BBSI 1.6 .25 /.22 Q Mar14 /Feb27 Abeerden Asia-Pacific FAX 8.6 .035 M Feb28 /Feb21
Fst Tr Splty Fin FGB 8.9 .175 Q Feb28 /Feb24 Validus Hldgs Dep. Pfd. A VRpA 6.0 .36719 Q Mar15 /Mar01
Computer Programs & Sys CPSI 3.7 .25 /.24 Q Mar10 /Feb23 Aberdeen Global FCO 9.8 .07 M Feb28 /Feb21
Dr Pepper Snapple Gp DPS 2.5 .58 /.53 Q Apr05 /Mar14 BlackRock Taxable Mun Bd BBN 7.0 .1318 M Feb28 /Feb15 Macq First Tr Global Fund MFD 9.8 .30 Q Feb28 /Feb24
Tekla Healthcare Opps Fd THQ 7.9 .1125 M Feb28 /Feb21 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
j2 Global JCOM 1.7 .365 /.355 Q Mar09 /Feb22 BlackRockDurInco Tr BLW 6.6 .087 M Feb28 /Feb15
Tekla World Hlthcr Fd THW 9.8 .1167 M Feb28 /Feb21 S2:1: stock split and ratio; SO: spin-off.
Sanchez Production Ptrs SPP 12.5 .431 /.4246 Q Feb28 /Feb20 BlkRk Credit Alloc Incm BTZ 6.4 .0705 M Feb28 /Feb15

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in the Beast
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MART Call now to take advantage of this extremely limited offer.
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(800) 366-3975
1-800-333-2045

   
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   Place an ad using
Please mention this code when you call.
Gated, Gulf access lots with docks,
the self-service option at:

 
  
   

 
 
    


 !"#$
No fixed bridges, $750,000 to $875,000
Call Terry Keller – Moecker Realty Inc.
wsj.com/classifieds Stauer ® 14101 Southcross Drive W., Dept. HEL875-04,
Burnsville, Minnesota 55337 www.stauer.com
Rating of A+
© 2017 Dow Jones & Company, Inc.
Smart Luxuries—Surprising Prices™
%&&%'()** 954-562-1659 All Rights Reserved.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 11 - 12, 2017 | B9

MARKETS

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)

Closing Chg YTD SPDR GldTr GLD 117.60 0.26 7.3

Friday, February 10, 2017
ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 312.80 0.53 3.7
Closing Chg YTD
ETF Symbol Price (%) (%) SPDR S&P 500 SPY 231.51 0.39 3.6
iSharesGold IAU 11.89 0.25 7.3
SPDR S&P Div SDY 87.05 0.50 1.7
AlerianMLPETF AMLP 13.04 0.46 3.5 iShiBoxx$InvGrCpBd LQD 117.53 –0.03 0.3
TechSelectSector XLK 51.32 0.29 6.1
CnsmrDiscSelSector XLY 85.73 0.61 5.3 iShiBoxx$HYCpBd HYG 87.53 0.07 1.1
UtilitiesSelSector XLU 49.29 0.63 1.5
CnsStapleSelSector XLP 53.62 0.07 3.7 iSharesJPMUSDEmgBd EMB 113.01 0.15 2.5
VanEckBiotech BBH 116.64 –0.12 8.4
DBGoldDoubleLgETN DGP 23.00 0.39 14.3 iShMBSETF MBB 106.57 0.08 0.2
VanEckGoldMiner GDX 25.29 1.53 20.9
DBGoldDoubleShrt DZZ 5.92 –0.50 –13.6 iShMSCIACWIETF ACWI 61.73 0.41 4.3
VanEckOilSvcs OIH 33.07 1.10 –0.8
DeutscheXMSCIEAFE DBEF 28.73 0.42 2.4 iSharesMSCIEAFESC SCZ 52.52 0.36 5.4
VanEckPharm PPH 53.38 –0.02 1.7
EnSelectSectorSPDR XLE 73.28 0.76 –2.7 iSharesMSCIEAFEETF EFA 60.14 0.23 4.2
VanEckRetail RTH 77.99 0.39 2.9
FinSelSectorSPDR XLF 23.78 0.30 2.3 iShMSCIEmgMarkets EEM 38.22 0.92 9.2
VanEckSemiconduc SMH 75.34 0.11 5.2
GuggenheimSP500EqW RSP 89.87 0.56 3.7 iShMSCIEurozoneETF EZU 35.23 –0.20 1.8
VangdInfoTech VGT 130.53 0.24 7.4
HealthCareSelSect XLV 71.86 0.20 4.2 iShMSCIJapanETF EWJ 51.38 0.71 5.2
VangdSC Val VBR 123.95 0.69 2.4
IndSelSectorSPDR XLI 64.73 0.79 4.0 iShNasdaqBiotech IBB 284.37 –0.07 7.2
VangdDivApp VIG 88.06 0.51 3.4
iShIntermCredBd CIU 108.68 –0.09 0.5 iShNatlAMTFrMuniBd MUB 108.45 0.02 0.2
VanguardFTSEDevMk VEA 38.26 0.37 4.7
iSh1-3YCreditBond CSJ 105.09 –0.02 0.1 iShRussell1000Gwth IWF 110.58 0.30 5.4
VanguardFTSEEmgMk VWO 38.91 0.91 8.7
iSharesTIPSBondETF TIP 114.20 0.08 0.9 iShRussell1000ETF IWB 129.12 0.38 3.7
VanguardFTSEEurope VGK 49.47 0.02 3.2
iSh3-7YTreasuryBd IEI 122.94 –0.05 0.4 iShRussell1000Val IWD 114.34 0.44 2.1
VanguardAWxUS VEU 46.53 0.43 5.3
82.55 0.24 0.4 iShRussell2000Gwth IWO 160.08 0.70 4.0
iShCoreHiDividend HDV VangdGrowth VUG 118.07 0.33 5.9
55.96 0.29 4.3 iShRussell2000ETF IWM 137.94 0.76 2.3
iShCoreMSCIEAFEETF IEFA VanguardHiDiv VYM 76.60 0.31 1.1
iShCoreMSCIEmgMk IEMG 46.33 0.74 9.1 iShRussell2000Val IWN 119.99 0.86 0.9 VanguardIntrm BIV 83.42 –0.05 0.4
iShCoreS&P500ETF IVV 232.91 0.39 3.5 iShRussell3000ETF IWV 137.79 0.42 3.6 VangIntrCorpBd VCIT 86.08 ... 0.4
iShCoreS&PMdCp IJH 171.50 0.52 3.7 iShRussellMid-Cap IWR 186.56 0.43 4.3 VanguardLC VV 106.21 0.40 3.8
iShCoreS&PSmCpETF IJR 69.71 0.81 1.4 iShRussellMCValue IWS 83.08 0.57 3.3 VanguardMC VO 138.21 0.47 5.0
iShS&PTotlUSStkMkt ITOT 53.24 0.45 3.8 iShS&P500Growth IVW 127.77 0.37 4.9 VanguardMCVal VOE 101.24 0.68 4.2
iShCoreUSAggBd AGG 108.46 –0.02 0.4 iShS&P500ValueETF IVE 103.50 0.40 2.1 VangdREIT VNQ 83.81 0.71 1.6
iShSelectDividend DVY 90.44 0.60 2.1 iShUSPfdStk PFF 38.46 0.08 3.4 VanguardS&P500 VOO 212.57 0.40 3.5
46.51 2.9 iSh1-3YTreasuryBd SHY 84.53 –0.01 0.1 79.67 –0.06 0.3
iShEdgeMSCIMinUSA USMV 0.37 VangdST Bond BSV
iSh7-10YTreasuryBd IEF 105.23 –0.07 0.4 VanguardSTCpBd VCSH 79.63 –0.03 0.3
iShRussellMCGrowth IWP 102.80 0.23 5.6 VanguardSC VB 133.54 0.66 3.6
PwrShrs QQQ QQQ 127.38 0.33 7.5 VanguardTotBd BND 81.06 –0.02 0.3
Cash Prices PS SP500LoVoltlPrt SPLV 42.36
23.29
0.52
... –0.3
1.9 VanguardTotIntlBd BNDX 53.81 –0.13 –0.9
PwrShSrLoanPtf BKLN VanguardTtlIntlStk VXUS 48.40 0.54 5.5
WSJ.com/commodities SPDRBloomBarcHYBd JNK 36.90 0.08 1.2 VanguardTotStk VTI 119.54 0.42 3.7
SchwIntlEqty SCHF 28.95 0.31 4.6 VangdTotlWrld VT 63.82 0.50 4.6
Friday, February 10, 2017 SchwUS BrdMkt SCHB 56.20 0.46 3.7 VangdValue VTV 94.66 0.39 1.8
These prices reflect buying and SchwUS LrgCap SCHX 55.29 0.38 3.8 WisdTrEuropeHdg HEDJ 58.28 0.09 1.5
SPDR DJIA Tr DIA 202.74 0.51 2.6 WisdTrJapanHdg DXJ 51.09 0.81 3.1
selling of a variety of actual or
“physical” commodities in the
marketplace—separate from the
futures price on an exchange, Borrowing Benchmarks | WSJ.com/bonds
which reflects what the Money Rates February 10, 2017
commodity might be worth in
future months. Key annual interest rates paid to borrow or lend money in U.S. and
Friday
international markets. Rates below are a guide to general levels but
Energy don’t always represent actual transactions.

BEAUTIFUL IS
Propane,tet,Mont Belvieu-g 0.8083 Inflation Week —52-WEEK—
Butane,normal,Mont Belvieu-g 1.2540 Latest ago High Low
Dec. index Chg From (%)
NaturalGas,HenryHub-i 2.930 level Nov. '16 Dec. '15 Britain 0.25 0.25 0.50 0.25
NaturalGas,TranscoZone3-i 2.830 Australia 1.50 1.50 2.00 1.50
NaturalGas,TranscoZone6NY-i 2.850 U.S. consumer price index
0.03 2.1
Secondary market
NaturalGas,PanhandleEast-i 2.660 All items 241.432
NaturalGas,Opal-i 2.700 Core 249.134 –0.04 2.2 Fannie Mae
NaturalGas,MarcellusNE PA-i 2.410 30-year mortgage yields
International rates
NaturalGas,HaynesvilleN.LA-i 2.830 30 days 3.644 3.695 3.828 2.806
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 50.050 Week 52-Week 60 days 3.674 3.728 3.862 2.832
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.800
Latest ago High Low Notes on data:
U.S. prime rate is effective December 15, 2016.
Overcoming a setback.
Metals Prime rates U.S. prime rate is the base rate on corporate
U.S. 3.75 3.75 3.75 3.50 loans posted by at least 70% of the 10 largest
U.S. banks;
Inspiring the comeback.
Gold, per troy oz Canada 2.70 2.70 2.70 2.70 Other prime rates aren’t directly comparable;
Engelhard industrial 1229.24 Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location.
Engelhard fabricated 1321.43 Complete Money Rates table appears Monday
Policy Rates through Friday.
Handy & Harman base 1228.30
Euro zone 0.00 0.00 0.05 0.00
Bringing the trophy back.
Sources: Bureau of Labor Statistics; SIX Financial
Handy & Harman fabricated 1363.41 Switzerland 0.50 0.50 0.50 0.50 Information
LBMA Gold Price AM *1241.75
LBMA Gold Price PM *1236.80
Krugerrand,wholesale-e 1284.30
Maple Leaf-e 1296.65
ADVERTISEMENT
American Eagle-e 1296.65
Mexican peso-e
Austria crown-e
1496.92
1213.45
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
Austria phil-e 1296.65
Silver, troy oz.
Engelhard industrial 17.7000 LEASE
Engelhard fabricated 21.2400
Handy & Harman base 17.9850
Handy & Harman fabricated 22.4810
LBMA spot price
(U.S.$ equivalent)
£14.1515
17.6200
 
; 4
!9 , ; =
 
Coins,wholesale $1,000 face-a 13952
; < !
9  ! 4. ; (

Other metals
1
7 #/ 87  ,
9!7 *
'
LBMA Platinum Price PM *1019.0
! : ((+ 
 ! 
Platinum,Engelhard industrial 995.0
Platinum,Engelhard fabricated 1095.0
  
     
Palladium,Engelhard industrial 785.0
Palladium,Engelhard fabricated 885.0




Aluminum, LME, $ per metric ton *1839.0
  
*& ./
! + )
& *+1 #/
 &'
Copper,Comex spot 2.7620
   

 0 * 
/ + )1
& *+ "

Iron Ore, 62% Fe CFR China-s 87.0   

0 !  11
& *+1 #%
 &'
Shredded Scrap, US Midwest-s,w 282  
 
+2 *3) ""
4! '6! '! "-

Steel, HRC USA, FOB Midwest Mill-s 625    ! "#

+2 +3" #-
'
 &! 

Fibers and Textiles 

 $ %
 &' +!
! 45
 
'
 !! 

 (
 )
& *1 #%
 &' !5 
 

Burlap,10-oz,40-inch NY yd-n,w 0.5825 *&
 + )

& *+ )
!5 
 
 

Cotton,1 1/16 std lw-mdMphs-u 0.7507 *& ,! -

& *+1" "
(

 +!   
%

Cotlook 'A' Index-t *84.90
Hides,hvy native steers piece fob-u 75.000 AVIATION
Wool,64s,staple,Terr del-u,w n.a.
Grains and Feeds
Barley,top-quality Mnpls-u n.a.
SHOWROOM SELLING/BUYING GULFSTREAM
Bran,wheat middlings, KC-u 85 (800) 366-3975 G650 or G550?
Corn,No. 2 yellow,Cent IL-bp,u 3.5600 sales.showroom@wsj.com Please contact the
Corn gluten feed,Midwest-u,w 93.6 Place an ad with the self-service tool at: Gulfstream specialists
Corn gluten meal,Midwest-u,w 517.6 wsj.com/classifieds AVIATRADE INC since 1988
Cottonseed meal-u,w 225 1-908-696-1174
85 © 2017 Dow Jones & Company, Inc.
Hominy feed,Cent IL-u,w philiprushton@aviatrade.aero

TOM BRADY
All Rights Reserved.
Meat-bonemeal,50% pro Mnpls-u,w 288
Oats,No.2 milling,Mnpls-u 2.9450
Rice, 5% Broken White, Thailand-l,w 344.00 ADVERTISEMENT
Rice, Long Grain Milled, No. 2 AR-u,w 21.00
Sorghum,(Milo) No.2 Gulf-u 7.2225
SoybeanMeal,Cent IL,rail,ton48%-u 339.10
Soybeans,No.1 yllw IL-bp,u 10.2750
Legal Notices
Wheat,Spring14%-pro Mnpls-u 6.7275
To advertise: 800-366-3975 or WSJ.com/classifieds
F I V E -T I M E C H A M P I O N .
Wheat,No.2 soft red,St.Louis-bp,u 4.4900
Wheat - Hard - KC (USDA) $ per bu-u 4.1050 NOTICE OF SALE F O U R - T I M E M V P.
Wheat,No.1soft white,Portld,OR-u
Food
4.8450
ASTON MARTIN DRIVER.
Beef,carcass equiv. index
  
  
  


    
  
       
choice 1-3,600-900 lbs.-u 175.76   !" #$%  $$$   &'
 (        
select 1-3,600-900 lbs.-u 172.61 -.
 !  " #!!$"" "
) *+ ,  ,/
"! $$" !  !   ! "
Broilers,dressed 'A'-u n.a.  
 &0(  $ $"% !!  $" $
Broilers, National comp wghtd-u,w 0.8468 . 0-.7?:##9 @# -00?6.+  #. :+00000 %    !&   !
-  !"#$<% @# -00?67.  .#: :+00000
'
 
 



 
Butter,AA Chicago 2.1025 9 9-0+-/#A? /B#
-00?6/#? .#+ :+00000  ! "  $ ! !"! 
Cheddar cheese,bbl,Chicago 165.00 7 7??-8, 5 -00?6
- 9#.. :+00000 $(! )!!  "" "% 
+ :?...,#/9 &#
 -00?6#8 -#. :+00000
Cheddar cheese,blk,Chicago 161.00 ? --+7:0?0 @ -00?6. -#. .0000000
   ! " !$   
)$ !  "     "
Milk,Nonfat dry,Chicago lb. 92.00
  #     
 !$    ""  "
Cocoa,Ivory Coast-w n.a.   !" #$%  $$$   &'
 (   !*! !!!!" "$ "% " 
-.
, """  "% $"$   
Coffee,Brazilian,Comp 1.4554 ) *+ ,    
 &0( '   
  
 
Coffee,Colombian, NY 1.6342 . .+.9+##C+ A CD -00?6.-# C +000000 !! "    +,, )"% #( 
- 9+-+0#C0 / D ?# C -+00000 -.! /     .00--&
Eggs,large white,Chicago-u 0.7550
  1  2    
 
 !  ("!
Flour,hard winter KC 14.30   !" #$%  $$   &'
 (   !   !$ ""! "!  (
-.
      ! "  "!
Hams,17-20 lbs,Mid-US fob-u n.a. ,/
 1 '



 

 
2 
) *+ , 
Hogs,Iowa-So. Minnesota-u 71.64   !( (& / "" ""
&0(  
    1 '




Pork bellies,12-14 lb MidUS-u n.a. . 0077-.&+ # A -00+6BA+ , 9+00000 ! !    " $"!   3(!
Pork loins,13-19 lb MidUS-u 0.9111 - 09:09/#E7 #B& -00?6B9# / :000000 4  
'
 
9 07+77#&0 #
BA -00?6BA+ .. +000000 #% $$ 5!   
Steers,Tex.-Okla. Choice-u 119.53 7 0+,+0@#E- #  -00?67 5 9+00000   -.- -0.6789:   6"
Steers,feeder,Okla. City-u,w 148.35 + .-+.9F#&9 C -00?6 C- B 9+00000  2
;    <  

? .-???#G8 @ -00?6--  -:00000   -.- 8-960-97   "
Fats and Oils : .-???H#? @ -00?6.:  -+00000      ; 
   
8 .-??:0F7- @ -00+6.7  9+00000  -.- 87+6:,,0   " !!
Corn oil,crude wet/dry mill-u,w 37.7500 , 9-0-8#G8 // -00?6//.. , :+00000  +,, )"% #(  -.! / 
.0 7??-?B5- 5# -00?6/&A- 8 .:+0000    .00--& 
 
Grease,choice white,Chicago-u 0.2750 .. ?.:7+.A0 
# -00?6 - - 7+00000  ! "!  "=  ! $ !! " 
Lard,Chicago-u n.a. .- ?.:7+./C? 
# -00?6BA- - ?000000
 ! ! " ("!   "!  "
.9 ?.:+0#, 
# -00?6BA: + 7000000
Soybean oil,crude;Centl IL-u 0.3296 .7 ?+.0?+#B: A@ # -00+6:# 7/F ?000000
 "$     !> "  !"$ 
.+ ?898,/5&? DD -00+67 , .09.000 !$"( "!    $!!  
Tallow,bleach;Chicago-u 0.3125 .? :99.?#. D& -00?6 . 9,.:000
 
'
   
Tallow,edible,Chicago-u 0.3450 .: 8.9:: #8
#& -00?6 9 7 --9+000   !  !  " ! 
.8 8.9::F#/,
#& -00?6@7 . +000000 %     $!"%  " 
., 89?..E?
HBA -00?6D9 .0 +000000 $$   "(!   "  ("
-0 8?9+,#G9
#
-00?6 9 - +000000   "!" "  !    ! $
        ' 
KEY TO CODES: A=ask; B=bid; BP=country elevator -. 8?9+,F#9
#
-00?6#. 8 :9,-000
  !$ "   ! !  %
bids to producers; C=corrected; E=Manfra,Tordella & -- 8?9?0#.
#
-00?6@/-  9000000
-9 ,99?7A#G: @BA -00:6BA9 , 9000000 ! !"   $  ! $ !$ "
Brooks; G=ICE; I=Natural Gas Intelligence; !   %"!  
$ ""!
L=livericeindex.com; M=midday; N=nominal; n.a.=not #$  .,99 !    
quoted or not available; R=SNL Energy; S=The Steel  "!!  " (""   ("!"!  !" #$ """  "!$"    !  %"( 
Index; T=Cotlook Limited; U=USDA; W=weekly, Z=not    !  "  "(  "! ! $  """!  $""! " $$"
quoted. *Data as of 2/9 "  ! $ ! !   ! ! $!!  ("! &
Source: WSJ Market Data Group
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B10 | Saturday/Sunday, February 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

MARKETS & FINANCE

Free and Online Is the Latest Tax Buzz

LOUISA GOULIAMAKI/AGENCE FRANCE-PRESSE/GETTY IMAGES

Credit Karma has at- firms pay a fee while others gram can’t yet import data,
tracted 60 million users over Do It Yourself don’t, but users attracted by so it must be entered manu-
the past decade by offering People who do their own taxes free offers can wind up pay- ally.
free credit information. Now, online represent a fast-growing ing fees if they opt for add- Recent Credit Karma filers
the financial-technology up- share of all individual returns. on services or upgrades. Mike Zaccardi and Rosylen
start hopes Percentage change since 2010 Both Intuit and H&R Block Mangohig say they didn’t re-
to attract 90% said that can happen, but alize they could deny the
millions 80 Individual returns their products provide more company the use of their re-
more using online services benefits. “A large percentage turn data and still file their
70
via free tax- from the top of TurboTax Online custom- taxes using it. A company
return prep- 60 three providers* ers pay nothing,” said a spokeswoman says this in-
TAX REPORT aration. 50 spokeswoman for In- formation is clearly stated
LAURA U.S. tax- 40 tuit. “And we never share on the site.
SAUNDERS payers this 30
customer data with a third Ms. Mangohig, who is 41
year can use party without the customer’s years old and works as an Firefighters protested hiring conditions outside the Greek
a new Credit 20 consent.” administrator at a medical Parliament building in Athens on Wednesday.
Karma unit to complete re- 10 All tax returns A spokesman for H&R clinic in Oakland, Calif., says

Greek Bond’s Due

turns online for no cost, 0 Block said, the company she was pleased with how
even if they don’t give the “gives support for complex Credit Karma Tax functioned
2010 ’11 ’12 ’13 ’14 ’15 ’16
company permission to use issues that many taxpayers and found that it gave her
*Intuit (TurboTax), H&R Block,
their data for other pur- and Blucora (TaxAct) need, whether one is filing the same tax totals as an
poses. The company says the
service can handle more
than eight dozen federal
forms and be used to pre-
Sources: the companies; Internal Revenue Service
THE WALL STREET JOURNAL.

cal year.
on a desktop, tablet or
smartphone.”
There are other ways
Credit Karma’s approach dif-
H&R Block tax program.
But she wasn’t pleased
when she soon received a
notice from her credit-card
Date Makes Waves
pare most state returns as Online tax-prep products fers from that of rivals. It company asking her to up- BY CHRISTOPHER WHITTALL sue of all: debt relief.
well. offered by H&R Block and seeks to collect income and date her income. “I don’t Mr. Vamvakidis said pres-
Credit Karma, which is TaxAct had about five mil- other data from its tax-prep want financial companies to Greece made a triumphant sures on the Greek govern-
based in San Francisco, is lion users each last year. users to make recommenda- know my income and try to return to bond markets in ment’s finances will be needed
the latest entrant in a field Meanwhile, sales of once- tions for credit cards and sell me products based on 2014, proclaiming it had for an agreement to be con-
of tax-preparation services popular desktop software other financial products to it,” she said. She deactivated turned the corner two years af- cluded. That will likely begin in
that already includes Intuit have declined. Last year, them. her Credit Karma account. ter its near-exit from the euro. May or June as Greece starts
Inc.’s TurboTax, H&R Block TurboTax sold about five Credit Karma doesn’t The spokeswoman for Fast forward to 2017, and one to run out of money, he says.
Inc. and Blucora Inc.’s Tax- million desktop units, com- charge for these solicitations Credit Karma says the re- of those bonds has come back “July is the real deadline be-
Act. pared with nearly seven mil- and says it doesn’t share quest Ms. Mangohig received to haunt it, acting as a hard cause this is when, if you don’t
It hopes to attract users lion a decade ago. personal information or sell had nothing to do with her deadline for when Greece must repay bonds, you’re going to
in the fastest-expanding cat- Credit Karma declined to it to third parties. Instead, Credit Karma membership. get money from its creditors. have to default,” he said.
egory of tax filers: people say how many people have the third-party firms pay Mr. Zaccardi, a 29-year- Trading in the €2 billion Kathrin Muehlbronner, se-
who prepare their own re- already used its new offer- Credit Karma if the member old energy trader in Jackson- ($2.13 billion) bond in question, nior vice president at Moody’s
turns using the internet in- ing, called Credit Karma Tax, applies for and receives a ville, Fla., says he is happy which matures in July, has Investors Service, said she ex-
stead of desktop software or although it says 1.7 million product through its site. to have Credit Karma have been volatile. In recent days, pects Greece to implement
a paid preparer. people joined a waiting list To use Credit Karma Tax his tax information: “I’m the yield has shot above 15% measures required by its cred-
The industry giant is In- to try the service after its this year, people will need careful with my credit, and from as low as 5% in late Janu- itors such as labor-market re-
tuit’s TurboTax Online, initial announcement in first to become members of I’m happy with their prod- ary, according to Tradeweb. forms. But the risk of early
which had more than 28 mil- early December. To enter the Credit Karma. That means ucts. I want to get those of- Rising yields mean falling elections is rising, she said.
lion users last year, or nearly tax-prep field, the company providing certain informa- fers.” He said he recently prices. The yield declined to That could bring in a more
five times the number of us- bought a tax-software firm tion, including address, date completed his aunt’s “fairly 10.4% Friday from 13.6% at the reform-minded government.
ers a decade ago. Online tax for an undisclosed sum. of birth, mobile-phone num- simple” tax return using previous day’s close following But meanwhile: “Greece’s
prep provided 89% of Intuit’s Credit Karma says its tax ber and the last four digits Credit Karma Tax. Last year, reports the International Mon- economy would be hit again
$1.97 billion operating reve- service doesn’t charge online of a Social Security number. tax prep cost her $64.99, he etary Fund and Greece’s Euro- by prolonged uncertainty after
nue from consumer-tax prod- customers any fees at all. Prospective users should says, but “this year it was pean creditors had agreed on a having just started to record
ucts for its most recent fis- Some customers of other also be aware that the pro- very smooth, and free.” common stance on negotiations positive growth,” she said.
with the country. Despite the gyrations in
But as ever with Greece, an- Greece’s short-term debt,

French Debt Jitters Show a Disconnect alysts see a bumpy road ahead.
Greece needs to secure a
deal to pay private investors
holding the debt coming due
many investors still think a
last-ditch agreement before
the 2017 bond matures is the
most likely outcome.
BY RIVA GOLD eign-debt crisis, when bonds in July, along with a chunk of Greek bonds also weakened
AND MIKE BIRD issued by large energy and money owed to its public cred- ahead of a similar bailout re-
utilities firms yielded less than itors, including the European view last year, before rallying
French government bonds their governments. Central Bank and the IMF. later in the year. The 2017 bond
are selling off on worries that a “The disconnect between Clouding the picture are a still yields far below the
possible win by candidate Ma- [government bonds] and credit series of elections in the rest roughly 56% level it spiked to
rine Le Pen in national elections means there is room for of the eurozone, including the during the summer of 2015.
could lead France to pull out of French credit to widen, even Netherlands in March, France Back then, Greece flirted with
the euro, but investors in other before allowing for the likely in the spring and Germany in an exit from the euro area amid
ALAIN JOCARD/AGENCE FRANCE-PRESSE/GETTY IMAGES

markets seem less concerned.
The gap between German
and French government-bond
yields climbed to a four-year
high this past week, but
French corporate credit and
equity markets have mainly
stayed calm this year, while
the euro has appreciated
against the dollar.
The disconnect suggests ei-
ther fears in the government-
bond market are overblown, or
that credit and equity inves-
tors have a long way to catch
up if investors start to sense
Ms. Le Pen—leader of France’s
far-right National Front
party—could pull off another
populist upset in one of the
world’s biggest economies.
Most analysts, investors
and polls predict Ms. Le Pen
won’t win in spring elections.
“There’s clearly political
risk ahead in France, and the
French [equity] market doesn’t
necessarily look priced for it,”
said Karen Olney, European
equity strategist at UBS. Ital-
ian equities were cheap ahead
of the country’s December ref-
erendum on constitutional re-
form, but the French market
still trades in line with the rest
of Europe, she said.
The VStoxx index of euro-
zone equity volatility, known
as Europe’s “fear gauge,”
picked up slightly this past
week to a level of around 18,
but remains well below its high
of 35.5 last June at the time of
In France, Marine Le Pen’s candidacy has hurt government bonds.
the British referendum to leave
the European Union. France’s
benchmark CAC-40 stock index
is up 1.7% so far this month,
better than the 1.2% gain in the
Euro Stoxx 50 index of blue-
chip European stocks.
Corporate-bonds prices are
steady, too, with yields for do-
mestically focused firms moving
largely in sync with their inter-
national peers. French compa-
nies most exposed to a local
economic shock such as France
leaving the euro are those reli-
ant on the domestic market for
much of their revenue.
Bouygues SA, a French con-
glomerate whose activities
span construction and tele-
coms, and supermarket opera-
tor Carrefour SA make 62%
and 47% of their revenue in
France, respectively, according
to FactSet. Yields on bonds
maturing in 2020 issued by
each company have risen by
pre-election nervousness,”
HSBC said in a research note.
Some investors believe the
corporate credit market may
have some catching up to with
the government-bond market.
“If you’re a foreign owner
and you just want to avoid the
blowups this year, what’s the
point of running political
risk?” said Chris Telfer, a
credit portfolio manager at
ECM Asset Management.
“Everyone you speak to is
certain that Le Pen won’t actu-
ally get there, but people are
0.24 and 0.2 of a percentage once bitten twice shy,” he said,
point, respectively, in the past referring to Britain’s surprise
six months. vote to leave the EU and the
That is little different than election of Donald Trump as
similar bonds from interna- U.S. president last November.
tional French companies such In currency markets, the euro
as liquor supplier Pernod Ri- is up 1.2% against the dollar so
card SA and health-care com- far this year, suggesting the
pany Sanofi SA, which make common currency isn't priced
less than 10% of their revenue for a major political upset.
in France. “People aren’t really wor-
Sentiment in corporate-credit ried by a short or even me-
markets across Europe appears dium-run risk of a euro
relaxed, unlike during the 2010 breakup, that is definitely not
to 2012 eurozone sovereign-debt on the agenda,” said Bastien
crisis, when concerns that Drut, strategist at Amundi, Eu-
Greece’s troubles would under- rope’s largest asset manager.
mine the single currency There are some signs of un-
sparked a steep selloff in credit. certainty, however. Three-
Anglo-Dutch consumer gi- month risk reversal skews—a
ant Unilever sold a euro-de- trading strategy used to hedge
nominated bond Wednesday currency risk—for the euro-
that was priced with a yield dollar pair fell to minus-2.2%
lower than French government Wednesday, suggesting some
debt of a similar duration. investors are protecting them-
Corporate bonds were simi- selves against a fall in the
larly priced during the sover- common currency.
September. Leaders in Ger-
many, in particular, won’t
want to appear to voters to be
letting Greece off the hook.
Greek politicians are facing
domestic political pressures as
well to stand their ground.
The left-wing Syriza govern-
ment is behind in the polls,
and some analysts say the
chance of early elections has
increased in coming months.
The political situation in-
side and outside Greece
“makes concluding the review
very difficult,” said Athanasios
Vamvakidis, head of G-10 for-
eign-exchange strategy at Bank
of America Merrill Lynch.
The main points of conten-
tion revolve around Greece’s
budgetary finances, structural
overhauls and the thorniest is-
Counting Down
The yield on a €2 billion Greek bond maturing in July has been
volatile ahead of the latest bailout talks.
60%
50
40
30
20
10
0
2014 ’15
Note: €1 = $1.0657
Source: Tradeweb
fractious talks with its creditors
that were eventually resolved.
Some investors think Greece
will again muddle through.
Mark Dowding, co-head of
investment-grade debt at
BlueBay Asset Management,
said he plans to keep the small
amount of Greek long-dated
government bonds he holds as
part of some of the firm’s
hedge-fund strategies.
“I don’t see Greece leaving
the euro for the time being. I
don’t see them defaulting on
their debt. Therefore, it’s an
attractive yield,” he said.
Analysts say this shouldn’t
be the last time Greek bailout
talks dominate news headlines
though, predicting the conten-
tious issue of debt relief is un-
likely to be resolved.
July 8, 2015
Greece requests emergency loans
’16 ’17
THE WALL STREET JOURNAL.

Mutual Funds | WSJ.com/fundresearch Fund

Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
DoubleLine Funds InvGB 7.83 +0.01 0.8 LSBalncd 14.68 +0.03 3.1 Oppenheimer Y R2035 16.97 +0.05 4.2 PrmcpAdml r 114.54 +0.36 5.2 TgtRe2045 19.63 +0.07 3.9
Explanatory Notes Data provided by TotRetBdI 10.65 ... 0.6 InvGrBd 11.15 ... 0.8 LSGwth 15.27 +0.04 3.9 DevMktY 34.22 +0.17 7.0 R2040 24.23 +0.07 4.4 REITAdml r 118.78 +0.86 1.6 TgtRe2050 31.58 +0.11 3.9
TotRetBdN 10.64 ... 0.5 LowP r 50.88 +0.18 2.8 John Hancock Instl IntGrowY 35.71 +0.06 3.0 SmCapStk 46.53 +0.37 3.6 SmCapAdml 63.99 +0.40 3.6 TgtRetInc 12.99 +0.01 1.4
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of LowPriStkK r 50.84 +0.19 2.9 DispValMCI 22.38 +0.20 4.2 Parnassus Fds SmCapVal 45.69 +0.34 1.2 STBondAdml 10.45 ... 0.4 TotIntBdIxInv 10.76 -0.01 -0.7
Federated Instl
at least $500 million each. NAV is net asset value. Percentage performance figures JPMorgan Funds WellsI 25.69 +0.03 0.9
are total returns, assuming reinvestment of all distributions and after subtracting StraValDivIS 5.99 +0.01 1.5 MagIn 95.83 +0.30 4.9 ParnEqFd 40.18 +0.16 2.3 Value 34.64 +0.12 2.9 STIGradeAdml 10.66 -0.01 0.5
Fidelity OTC 91.43 +0.90 9.7 MdCpVal L 37.64 +0.20 3.4 PIMCO Fds Instl Prudential Cl Z & I TotBdAdml 10.68 ... 0.6 Welltn 39.79 +0.09 1.9
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees. Puritn 21.41 +0.06 4.0 TotIntBdIdxAdm 21.51 WndsrII 35.99 +0.12 2.4
500IdxInst 81.21 +0.29 3.7 JPMorgan R Class AllAsset NA ... NA TRBdZ 14.17 -0.01 1.0 -0.02 -0.7
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date
return. 3-YR%RET is trailing three-year return annualized. 500IdxInstPrem 81.21 +0.29 3.7
SrsEmrgMktF 17.20 +0.10 9.3 CoreBond 11.54 -0.01 0.5 HiYld 8.90 ... 1.6 Schwab Funds TotIntlAdmIdx r 25.93 +0.09 5.3 VANGUARD INDEX FDS
500IdxPrem SrsInvGrdF 11.15 ... 0.8 JPMorgan Select Cls TotRt 10.12 ... 1.2 S&P Sel 35.68 +0.13 3.7 TotStAdml 58.18 +0.23 3.7 500 214.11 +0.78 3.7
81.21 +0.29 3.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e TotalBond 10.58 ... 0.9 TxMIn r 12.27 +0.03 4.5 ExtndIstPl 186.92 +1.03 4.2
ExtMktIdxPrem r57.84 +0.32 4.1 CoreBond 11.53 ... 0.6 PIMCO Funds A TIAA/CREF Funds
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
+0.08 4.0 Fidelity Selects
IntlIdxPrem r USLgCpCorPls 29.54 +0.09 5.0 IncomeFd EqIdxInst 17.20 +0.06 3.7 ValAdml 36.92 +0.13 1.9 SmValAdml 53.24 +0.35 2.4
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r 36.72 NA ... NA
WdsrllAdml 63.86 +0.21 2.4 TotBd2 10.64 ... 0.5
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not TMktIdxF r 66.95 +0.26 3.8 Biotech r 192.86
-0.2510.8 Lazard Instl PIMCO Funds D Tweedy Browne Fds
66.95 +0.27 3.8 First Eagle Funds EmgMktEq NA ... NA IncomeFd WellsIAdml 62.25 +0.09 0.9 TotIntl 15.50 +0.06 5.2
available due to incomplete price, performance or cost data. NE-Not released by Lipper; TMktIdxPrem NA ... NA GblValue 25.70 +0.07 2.6
GlbA 56.45 +0.33 4.0 Loomis Sayles Fds WelltnAdml 68.72 +0.16 1.9 TotSt 58.15 +0.23 3.7
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. USBdIdxPrem 11.52 -0.01 0.5 PIMCO Funds Instl VANGUARD ADMIRAL
USBdIdxInstPrem11.52 -0.01 0.5 FPA Funds LSBondI 13.87 +0.02 2.6 IncomeFd
WndsrAdml 71.80 +0.32 3.7 VANGUARD INSTL FDS
NA ... NA 500Adml 214.12 +0.77 3.7
VANGUARD FDS BalInst
FPACres 33.67 +0.17 3.3 Lord Abbett A 31.88 +0.07 2.4
Friday, February 10, 2017 Fidelity Advisor I PIMCO Funds P BalAdml 31.88 +0.07 2.5
DivdGro 24.11 +0.14 2.9 DevMktsIndInst 12.29 +0.04 4.6
NwInsghtI 28.33 -0.06 6.1 FrankTemp/Frank Adv ShtDurIncmA p 4.31 ... 0.4 IncomeP NA ... NA CAITAdml 11.60 -0.01 0.9
Net YTD Net YTD Net YTD IncomeAdv 2.32 +0.01 2.2 GNMA 10.54 ... 0.2 ExtndInst 75.74 +0.41 4.2
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fidelity Freedom Lord Abbett F Price Funds CapOpAdml r 131.60 +0.16 5.9
HlthCare r 196.10 +0.09 6.1 GrwthInst 60.79 +0.21 6.1
FF2020 15.47 +0.04 3.2 FrankTemp/Franklin A ShtDurIncm 4.31 ... 0.7 BlChip 77.64 +0.19 6.9 EMAdmr 32.17 +0.18 8.0
INSTTRF2020 20.65 InPrSeIn 10.49 +0.01 1.1
American Funds Cl A WshA p 41.95 +0.16 2.4 Dimensional Fds +0.05 2.5
FF2025 13.28 +0.04 3.3 CA TF A p 7.33 ... 0.7 Metropolitan West CapApp 26.98 +0.04 3.0 EqIncAdml 69.66 +0.25 1.9
INSTTRF2025 20.68 +0.05 2.8 InstIdx 211.29 +0.77 3.7
AmcpA p 28.57 +0.12 4.9 AMG Managers Funds 5GlbFxdInc 10.92 ... 0.5
FF2030 16.41 +0.05 3.9 Fed TF A p 12.02 ... 0.7 TotRetBd 10.57 ... 0.5 EqInc 31.94 +0.14 1.5 ExtndAdml 75.74 +0.41 4.2
INSTTRF2030 20.69 +0.06 3.2 InstPlus 211.30 +0.76 3.7
AMutlA p 37.81 +0.13 2.7 YacktmanFd I 22.11 -0.03 3.4 EmgMktVa 26.32 +0.19 9.9 IncomeA p 2.33 ... 1.7 TotRetBdI 10.56 -0.01 0.5 EqIndex
BalA p 25.46 +0.06 2.6 Baird Funds EmMktCorEq 18.99 +0.09 9.4
FreedomK2020 14.40 +0.04 3.2 62.28 +0.22 3.6 GNMAAdml 10.54 ... 0.2 INSTTRF2035
20.70 +0.07 3.5 InstTStPlus 52.22 +0.21 3.7
FreedomK2025 15.09 +0.05 3.4 RisDv A p 53.65 +0.27 1.9 TRBdPlan 9.94 ... 0.5 Growth GrwthAdml 60.79 +0.21 6.1 INSTTRF2040
BondA p 12.78 -0.01 0.7 AggBdInst IntlCoreEq 12.24 +0.06 5.0 57.16 +0.12 7.3 20.70 +0.07 3.8 MidCpInst 37.81 +0.17 5.1
10.75 -0.01 0.6 FreedomK2030 15.47 +0.05 4.0 FrankTemp/Franklin C MFS Funds Class A HelSci 63.68 -0.12 7.8 HlthCareAdml r 82.71 +0.04 6.1 LifeCon 18.78 +0.02 1.8 MidCpIstPl 186.48 +0.86 5.1
CapIBA p 58.87 +0.09 2.1 CorBdInst 11.08 -0.01 0.6 IntSmCo 18.26 +0.10 5.7 Income C t 2.36 ... 2.1 ValueA p 37.03 +0.16 2.7 InstlCapG
CapWGrA 45.64 +0.14 4.1 BlackRock Funds A IntSmVa 20.15 +0.14 5.9
FreedomK2035 16.09 +0.07 4.3 31.46 +0.06 7.6 HYCorAdml r 5.88 ... 1.5 LifeGro 29.88 +0.09 3.5 SmCapInst 63.99 +0.41 3.6
FreedomK2040 16.11 +0.06 4.3 FrankTemp/Temp A MFS Funds Class I IntlValEq 13.28 +0.02 3.7 InfProAd 25.76 +0.03 1.1 LifeMod 24.80 +0.06 2.7 STIGradeInst 10.66 -0.01 0.5
EupacA p 47.39 +0.19 5.1 GlblAlloc p 18.69 +0.04 2.8 US CoreEq1 19.96 +0.09 3.6 Fidelity Invest GlBond A p 12.19 +0.04 1.8 ValueI 37.24 +0.16 2.8 IntlStk 16.10 +0.02 5.3 IntlGrAdml 73.09 +0.10 8.6 PrmcpCor
FdInvA p 56.73 +0.20 4.2 US CoreEq2 19.21 +0.09 3.2 23.33 +0.09 5.2 TotBdInst 10.68 ... 0.6
BlackRock Funds C 22.83 +0.06 3.7 Growth A p 24.35 +0.05 3.4 Mutual Series +0.22 5.7 ITBondAdml 11.29 -0.01 0.7 SelValu r
GwthA p 44.60 +0.21 6.1 US Small 34.40 +0.25 1.7 Balanc MCapGro 79.69 30.09 +0.19 4.6 TotBdInst2 10.64 ... 0.5
HI TrA p 10.39 +0.01 1.8
GlblAlloc t 17.00 +0.03 2.7
US SmCpVal 37.77 +0.33 1.0 BluCh 72.71 +0.39 7.9 FrankTemp/Temp Adv GlbDiscA 31.32 +0.08 2.5 MCapVal 29.70 +0.20 2.2 ITIGradeAdml 9.69 ... 0.8 STAR 24.47 +0.05 3.3 TotBdInstPl 10.68 ... 0.6
ICAA p 37.62 +0.14 3.8
BlackRock Funds Inst US TgdVal 24.42 +0.19 1.7 Contra 104.60 ... 6.9 GlBondAdv p 12.15 +0.05 1.8 GlbDiscz 31.90 +0.08 2.5 N Horiz 46.44 +0.12 7.2 LTGradeAdml 10.11 ... 1.0 STIGrade 10.66 -0.01 0.5 TotIntBdIdxInst 32.27 -0.04 -0.7
IncoA p 22.16 +0.06 2.3 EqtyDivd 22.93 +0.09 1.7 USLgVa 36.08 +0.13 2.8 ContraK 104.53 ... 6.9 Harbor Funds Oakmark Funds Cl I N Inc 9.40 ... 0.6 MidCpAdml 171.16 +0.78 5.0 TgtRe2015 14.81 +0.02 2.1 TotIntlInstIdx r103.68 +0.36 5.3
N PerA p 37.28 +0.16 5.5 GlblAlloc 18.80 +0.04 2.8 Dodge & Cox CpInc r 10.00 +0.02 3.4 CapApInst 60.74 +0.07 7.2 EqtyInc r 31.26 +0.09 2.8 OverS SF r 9.48 +0.01 4.5 MuHYAdml 11.05 -0.01 0.8 TgtRe2020 28.97 +0.06 2.5 TotItlInstPlId r103.70 +0.36 5.3
NEcoA p 38.35 +0.06 6.7 HiYldBd 7.73 ... 1.8 Balanced 106.13 +0.16 2.7 DivIntl 34.68 +0.07 4.1 IntlInst r 60.79 ... 4.1 Oakmark 74.36 +0.30 2.6 R2015 14.56 +0.03 2.7 MuIntAdml 13.96 -0.01 0.8 TgtRe2025 16.81 +0.04 2.8 TotStInst 58.19 +0.23 3.7
NwWrldA 54.80 +0.25 6.5 StratIncOpptyIns 9.88 ... 0.8 Income 13.67 ... 0.6 DivIntlK r 34.61 +0.07 4.2 Invesco Funds A OakmrkInt 23.69 +0.08 4.4 R2020 21.05 +0.04 3.1 MuLTAdml 11.41 ... 0.7 TgtRe2030 30.13 +0.08 3.2 ValueInst 36.92 +0.13 1.9
SmCpA p 48.87 +0.29 6.3 Del Invest Instl Intl Stk 40.36 +0.20 5.9 GroCo 146.83 +0.54 7.3 EqIncA 10.75 +0.04 1.8 Old Westbury Fds R2025 16.05 +0.04 3.5 MuLtdAdml 10.92 ... 0.9 TgtRe2035 18.36 +0.06 3.5 Western Asset
TxExA p 12.78 ... 0.7 Value 19.94 +0.10 1.3 Stock 190.94 +0.45 3.6 GrowCoK 146.69 +0.54 7.4 John Hancock Class 1 LrgCpStr 13.30 +0.04 3.7 R2030 23.40 +0.06 3.9 MuShtAdml 15.77 +0.01 0.4 TgtRe2040 31.36 +0.11 3.8 CorePlusBdI NA ... NA
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THE WALL STREET JOURNAL.
Stock Indexes Advance to New Records
Corporate earnings
are on track to grow
5% from a year earlier;
‘larger role’ of politics
BY RIVA GOLD
AND CORRIE DRIEBUSCH
Major U.S. stock indexes
ended the week at fresh re-
cords, buoyed by corporate
earnings and the prospect of
tax cuts.
Stocks have been rising
since President Donald Trump’s
election, partly on expectations
that such cuts would energize
the U.S. economy and lift prof-
its at companies. Gains picked
up Thursday after Mr. Trump
said his goal of lowering taxes
for businesses was moving
“ahead of schedule.” He plans
to send Congress an outline for
a tax-code overhaul for individ-
uals and businesses by the end
of the month.
The Dow Jones Industrial Av-
erage rose 96.97 points, or 0.5%,
Friday to 20269.37 and notched
a weekly gain of 1%. The S&P
500 climbed 8.23 points, or
0.4%, to 2316.10 for a rise of
0.8% for the week. The Nasdaq
Composite added 18.95 points,
or 0.3%, to 5734.13—adding
1.2% during the week. All three
closed at records Friday.
“Politics is playing a much
larger role in the day-to-day
and week-to-week market than
it ever has before,” said Brian
Nick, chief investment strate-
gist at TIAA Investments, an
affiliate of Nuveen. “It’s not
the euphoria we’ve had since
the election, but until we have
something happen to throw a
wrench in the market in terms
of fiscal policy, investors are
optimistic about the future.”
The rally in stocks pushed
Apple within a dollar of its re-
cord close of $133 this week.
Apple shares slipped 30 cents,
or 0.2%, to $132.12 Friday but
posted a weekly gain of 2.4%.
Bank stocks got a lift early
Friday afternoon as the Fed-
eral Reserve announced that
Email: heard@wsj.com
Drug Industry Goes Boldly Into Minefield
Last month, the pharma-
ceutical industry, under pres-
sure from the president,
among others, for persistent
price increases, launched an
ad campaign to highlight its
drug research. Called “Go
Boldly,” an allusion to poet Dy-
lan Thomas, the campaign was
intended to bolster the indus-
try’s reputation after pricing
scandals involving companies
such as Valeant Pharmaceu-
ticals International and Tu-
ring Pharmaceuticals.
It took just a few weeks for
another pharma company to
ignite a controversy and set
off the requisite tales of pa-
tients unable to afford the
treatment. President Donald
Trump, who has said the in-
dustry was getting away with
murder, hasn’t weighed in yet.
Privately held Marathon
Pharmaceuticals said Thurs-
day that it won Food and
Drug Administration approval
for Emflaza, a steroid to treat
a rare, fatal disease known as
Duchenne muscular dystrophy.
The drug has been available in
Trump Gets Freer Hand as Tarullo Exits Reckitt-Mead Deal Dependent on China
The resignation of Daniel
Tarullo, the Federal Re-
serve’s de facto head of bank
regulation, is another step
forward for the Trump ad-
ministration’s plan to ease
rules for Wall Street. It will
also give the new adminis-
tration a chance to quickly
influence U.S. monetary pol-
icy.
Mr. Tarullo’s departure,
effective early April, brings
the number of vacant seats
on the Federal Reserve
Board to three out of seven.
Donald Trump’s views on
monetary policy are unclear.
But he is clearly of the view
that excessive bank regula-
tion has held back lending,
harming the economy.
Mr. Tarullo, on the other
hand, has been a leading ad-
vocate of forcing banks to
* * * *
Rallying Again
Stocks, bond yields and the
dollar rose toward the end
of the week, partly on signs
that President Trump was
advancing his tax-cut plans.
Monday
Apple approached its record close
amid an upswing in tech shares.
$133
132
131
130
129
128
Mon. Tues.
Sources: SIX Financial (indexes); FactSet (stock); Thomson Reuters (yield); WSJ Market Data Group (WSJ Dollar Index)
Daniel Tarullo, its regulatory
point man who was appointed
by President Barack Obama in
2009, will resign this spring.
The KBW Nasdaq Bank in-
dex of large U.S. commercial
lenders gained 0.2% Friday.
The U.S. dollar wavered
against the yen after a news
conference with Mr. Trump
and Japanese Prime Minister
HEARD ON THE STREET
other countries for decades.
Emflaza treats the disease’s
symptoms but isn’t a cure.
Marathon has set the list
price at $89,000 a year, 50 to
70 times higher than patients
were paying to import the
drug from the U.K.
Previously, Marathon
raised prices on the heart
drugs Nitropress and Isuprel
before selling them to
Valeant in 2015. Valeant then
sharply increased the price
on both drugs. Nitropress
and Isuprel were the subjects
of congressional hearings.
Marathon’s founder and
CEO, Jeffrey Aronin, also
generated media attention
for price increases at an
older company he founded,
Ovation Pharmaceuticals.
The Federal Trade Commis-
sion sued Ovation in 2008,
alleging anticompetitive ac-
tivity, though the complaint
was dismissed in 2010.
If the strategy of charging
a high price for an old drug to
fund future research sounds
familiar, it should. “I observed
The Fed’s Daniel Tarullo
hold more capital.
Mr. Tarullo pushed for the
“gold-plating” of U.S. capital
requirements, exceeding in-
ternationally agreed mini-
mums, hoping other coun-
tries would follow suit. Gary
Cohn, the former Goldman
Sachs Group No. 2 and cur-
rent director of the White
MARKETS
Tuesday
Record
Wed. Thu. Fri.
Shinzo Abe on Friday, where
Mr. Trump said the U.S. gov-
ernment was “committed to
the security of Japan.” Ten-
sions between the U.S. and
Japan had risen recently over
currency and trade issues.
The U.S. currency fell less
than 0.1% against the Japanese
yen to ¥113.20, coming off
gains of around 0.5% earlier in
FINANCIAL ANALYSIS & COMMENTARY
Higher Highs
Pharmaceuticals producer-price
index, change from a year earlier
10%
8 Marathon for Emflaza comes
6 thon spokeswoman said FDA
4 since insurers wouldn’t pay
2 approved. Marathon also
0 proceeds to fund additional
2012 ’13 ’14 ’15
Source: Federal Reserve Bank of St. Louis
the success of Ovation’s pric-
ing actions and their success
inspired me to take a similar
approach coupled with seri-
ous, ground-up and novel
drug discovery,” pharmaceuti-
cal entrepreneur Martin
Shkreli said in an interview.
Mr. Shkreli, founder and
former CEO of Turing Phar-
maceuticals, is now an indus-
try outcast. The Pharmaceu-
House National Economic
PAUL MORSE FOR THE WALL STREET JOURNAL
Council, seemed to object to
this view last week, when he
griped that U.S. banks are
“way, way, way” ahead of
European rivals in terms of
capital levels.
Mr. Tarullo has insisted
that big capital cushions
alone aren’t sufficient. He re-
cently objected to a proposal
by Republican Congressman
Jeb Hensarling that would
exempt banks from broad
swaths of regulation in re-
turn for higher capital ratios.
With Mr. Tarullo gone, the
likes of Messrs. Cohn and
Hensarling have freer reign
to put in place their own
regulatory framework. It will
be far more pleasing to
bankers than the one Mr.
Tarullo leaves as his legacy.
—Aaron Back
Wednesday
Yields fell to a three-week low before Mr. Trump’s
tax comments helped them recover slightly.
2.50%
YIELD ON 10-YEAR TREASURY NOTE
2.45
2.40
2.35
2.30
Mon. Tues. Wed. Thu.
the day. The WSJ Dollar Index,
which measures the U.S. cur-
rency against 16 others, was
little changed.
Corporate earnings have
also supported stocks lately.
With about 360 companies
in the S&P 500 having re-
ported so far, fourth-quarter
earnings are on track to grow
5% from the year-earlier pe-
ASSOCIATED PRESS
’16
A Duchenne muscular
dystrophy patient
tical Research and
Manufacturers of America,
the group behind “Go
Boldly,” denounced Turing
for its sharp price increase
on the drug daraprim.
In contrast, PhRMA said
Wednesday night via its Twit-
ter account that followers
“should give @marathon-
pharma a follow and learn
more about the important
Investors should expect
teething problems from
Reckitt Benckiser’s $16.6
billion adoption of U.S. baby-
food specialist Mead Johnson.
U.K.-based Reckitt, best
known for Durex condoms
and Lysol disinfectant, an-
nounced details of its latest
acquisition Friday, having
previously confirmed The
Wall Street Journal report
that it was in talks to buy
Mead for $90 a share.
Reckitt Chief Executive
Rakesh Kapoor insisted that
long-term growth was at the
heart of the deal, which in-
creases his company’s expo-
sure to emerging markets,
particularly China, and takes
it into a new category—in-
fant formula.
The problem is that the
shorter-term outlook is chal-
Saturday/Sunday, February 11 - 12, 2017 | B11
Nasdaq Composite
Index
s1.19%
S&P 500
s0.81%
Thursday Friday
The U.S. dollar rose after six straight
weeks of declines.
91.4
WSJ DOLLAR INDEX
91.2
91.0
90.8
90.6
90.4
90.2
Fri. Mon. Tues.
riod, according to FactSet,
more than the 3.2% growth
rate analysts had expected at
the end of 2016.
Sears Holdings shares
surged 1.42, or 26%, to 6.96 af-
ter the struggling retailer laid
out a plan to turn its business
around by cutting costs.
Activision Blizzard rose
7.50, or 19%, to 47.23, leading
work they do.” The evident
difference in attitudes for
similar strategies is important
because the drug industry has
long argued that price regula-
tion would stifle innovation.
The high price charged by
with some caveats. A Mara-
approval benefits patients,
for a drug that hasn’t been
said it plans to use the drug’s
research and development.
The company stressed that
most patients with insurance
will benefit from rebates and
discounts, and patient assis-
tance programs.
But it is unclear whether
insurers will reimburse for
the drug. “Go Boldly” was
unlikely to spare the drug in-
dustry from President
Trump’s scrutiny. Now, Mara-
thon has given the president
another reason to take aim
at drug-company profits.
—Charley Grant
lenging. Having grown rap-
idly in the booming Chinese
baby-food market, Mead
Johnson lost its footing in
2015. One reason was a rapid
shift in Chinese demand
away from Western-style su-
permarkets toward e-com-
merce and specialty shops. A
further issue was intense
price competition from local
firms. Like its European
peers Nestlé and Danone,
Mead found itself in the
wrong sales channels at the
wrong prices.
Mead’s net sales fell 3% at
constant currencies year
over year in the final quar-
ter, and management is ex-
pecting growth somewhere
between minus 1% and 2%
this year. The risk is, there-
fore, that Reckitt has bought
a falling knife.
1.25%
1.00
0.75
Dow Jones 0.50
Industrial
Average
0.25
s0.99%
0
–0.25
–0.50
Wed. Thu. Fri.
THE WALL STREET JOURNAL.
gains in the S&P 500, after the
videogame publisher said reve-
nue rose to a quarterly record.
As investors favored riskier
assets like stocks Friday, U.S.
government bonds came under
modest pressure.
As bond prices fell, the
yield on the 10-year U.S. Trea-
sury note rose to 2.409%, from
2.397% on Thursday.
WSJ.com/Heard
OVERHEARD
Who thinks an inconsol-
able baby is fun?
Nintendo, apparently. Its
coming Switch console will
offer gamers a chance to play
“Baby,” whose object is to
soothe a crying virtual infant.
It is simplicity itself, a video
on the Japanese game giant’s
official YouTube channel sug-
gests: Pick up the crying con-
sole and rock it gently until
the baby shown on its screen
calms down.
The problem: Put down
the console, and the baby
starts crying again.
Just like real life, as any
parent can tell you, but surely
more torture than pastime.
“Baby” is one of the bite-
size games included in the
console’s launch package.
With a high price tag and lit-
tle support from third-party
developers, Switch will face
an uphill battle.
But with “Baby,” Nintendo
may have found a way to ap-
peal to an untapped gaming
market: masochists.
Prospective cost savings
offer little reassurance.
Reckitt has no existing for-
mula business, so it will ini-
tially integrate Mead as a
separate division. Reckitt is
therefore targeting only
£200 million ($249.9 million)
of savings three years after
completion. Taxed and capi-
talized, that could be worth
about $3 billion—less than
the premium Reckitt is pay-
ing over Mead’s undisturbed
market value.
This deal will succeed or
fail on Mead’s position in
China’s fast-changing baby-
food market. If profits re-
bound, Mead will prove a
useful addition to the Reckitt
stable. Otherwise, Reckitt
may lose its reputation as a
clever corporate parent.
—Stephen Wilmot
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Great new Child victim,

love stories? poetic power:
The movies are a life of Elizabeth
getting romance Bishop packed
all wrong with revelations
C3 C5

BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, February 11 - 12, 2017 | C1

Mexico’s
Turning Point
The Mexican economists who negotiated
Nafta in the 1980s are now worried more about
their own country’s protectionist tendencies
than about Donald Trump.

BY DAVID LUHNOW self, with its long history of

nationalism and Mexico-first
AS A HIGH-SCHOOL stu- economics.
dent in northern Mexico “What worries many of us
in the 1970s, Ildefonso is not what Trump will do, but
Guajardo marked the what Mexico will do in re-
start of each new aca- sponse,” says Jaime Serra, who
demic year with a ritual. as Mexico’s commerce minister
His family would drive in the early 1990s oversaw the
three hours to a J.C. negotiation for Mexico. “We
Penney store in Texas, can’t go eye for an eye. We
and his father would give need to stay open and stay
him $300 to spend on a committed to our economic
new wardrobe—clothing that path,” he says.
was far cheaper and of better While many Mexicans feel
quality than what he could find hurt and betrayed by a coun-
in Mexico’s closed economy. try they had begun to view as
“Four shirts, four pants, under- a friend and ally, a trade war is
wear and socks for the whole going to take a far bigger toll on
school term, all in a day of shopping Mexico’s export-driven economy
in Laredo,” recalls Mr. Guajardo, who than it will on a far larger U.S.
is now Mexico’s economy minister. economy. “It would be shooting our-
Shopping in Mexico was a lousy selves in the foot,” says Jaime Zablu-
experience in those days. The country dovsky, a former deputy trade minister
was emerging from four decades as on Mexico’s Nafta negotiating team.
an economy closed to imports, and Before Nafta, developing countries
most items were still proudly—if were told by most economists that they
poorly—Made in Mexico. A running needed to protect their local industry
joke was that Mexican TVs made for against advanced economies by keeping
great radios—because the image was tariffs higher than in rich countries.
so terrible. Even today, the World Trade Organiza-
Partly because of that experience, tion allows poorer countries higher tar-
Mr. Guajardo went on to study eco- iffs (which is why, if Mr. Trump tears up
nomics at the University of Pennsyl- Nafta, the U.S. is likely to face higher
vania and eventually joined the team tariffs going into Mexico than vice
of highflying economists who negoti- versa).
ated the North American Free Trade After more than two decades under
Agreement—the first time in modern Nafta, it hasn’t all been easy for Mexico.
history that a poor country and a rich Confronted by efficient American firms,
one did away with all trade barriers thousands of Mexican companies closed
to compete on even terms. their doors, and millions of farmers
Nowadays, Mr. Guajardo and the abandoned their small plots to head to
other members of Mexico’s Nafta gen- cities or to migrate to the U.S.
eration find themselves defending the But the pact has helped to transform
legacy of the pact at a time when its the Mexican economy, lifting millions
future is uncertain under the new U.S. into higher-paying factory jobs. It has
administration of Donald Trump. Mr. also forced Mexican firms to raise their
Trump has assailed the treaty as the quality. Mexico is now the world’s larg-
“worst trade deal ever” and blames it est exporter of flat-screen TVs. Mr. Gua-
for enticing some American firms to jardo now buys his wardrobe almost en-
move factories south of the border. tirely in Mexico.
He has vowed to renegotiate it or “I buy it not because of a nationalis-
tear it up. tic pride, but because it’s a good prod-
Despite the threats from the new uct and it’s price competitive,” he said.
U.S. president, Mexico’s Nafta team The backlash against globalization in
all agree on a somewhat surprising parts of the developed world and Mr.
ILLUSTRATION BY EDEL RODRIGUEZ

idea: Mr. Trump is not the most seri- Trump’s rise to the U.S. presidency have
ous threat to Mexico’s economic well stunned the generation of economists
being. The bigger threat is Mexico it- Please turn to the next page

INSIDE

EXHIBIT

Polearm,
long sword,
armor,
headgear—
check.
Decking
out the
well-
BOOKS ESSAY dressed WEEKEND CONFIDENTIAL EVERYDAY MATH
George Saunders’s new novel At some point jihadists will samurai. Fifty scholars, 400 acres and a Why flying does a number
meditates on mortality, strike again in the U.S. What C12 big prize: A financier is put- on mathematician Eugenia
Buddhism and Lincoln. should President Trump do? ting his money on philosophy. Cheng. A new column.
C6 C3 C11 C4
EVERETT COLLECTION (ELIZABETH BISHOP); GETTY IMAGES (ESSAY)
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C2 | Saturday/Sunday, February 11 - 12, 2017
MIND & MATTER:
SUSAN PINKER
Teenagers, the Web
And the Long
Reach of Trauma
SEVERAL WEEKS into the Gulf
War in 1990, when I was work-
ing as a clinical psychologist in
Montreal, pediatricians started
referring children with mysteri-
ous behavior problems. A few 8-
to 10-year-olds had started to wet their beds for
the first time since they were toddlers. Others
were refusing to go to school. Their first inter-
views revealed a common thread: Though
strangers to each other, the children and their
families were all visitors or immigrants from Is-
rael, and they had been watching Scud missile
attacks against Israel on the news every day.
These children were living more than 5,000
miles from the bombing, but observing the
devastation from afar—and their parents’ reac-
tions to it—had elicited an emotional response
that skewed their habits. New research is now
helping us to understand how second-hand ex-
posure to disasters can change our brains and
behavior, and who is most at risk.
“We used to think of it as a bull’s-eye. The
closer you were to the trauma, the more likely
you were to show symptoms,” said Jonathan
Comer, a professor of psychology at Florida In-
ternational University who investigates the im-
pact of terrorist attacks on children and fami-
lies. “But a summary of post-9/11 reactions
really challenged that idea.” Those closest to
the event didn’t necessarily show the most
trauma, said Prof. Comer.
Prof. Comer’s own research upends our as-
sumptions about who is most prone to feel
psychological fallout after a terrorist attack. In
a 2016 study of the Boston Marathon bombing
published last summer in Evidence-Based Prac-
tice in Child and Adolescent Mental Health, the
research team surveyed nearly 500 parents of
4-to-19-year-olds about their children’s internet
exposure during the bombing and the manhunt
that followed. The surveyed families all lived
within 25 miles of either the bombing site it-
self or Watertown, Mass., where the police had
ordered the local population to shelter in place
during a search for suspects.
The findings? As one would expect, exposure
to graphic online content rose with age. Over
23% of children saw internet images of the
bombing, and 68% viewed footage of police
with military-grade weapons searching their
neighborhoods. The average was two to three
hours of daily online activity per child. While
those under age 8 were less exposed, three-
quarters of children over 12 spent up to 6
hours daily viewing online news and social me-
dia coverage of the
crisis.
Second-hand Teenagers were
exposure to the most prone of
all age groups to
disasters experience psycho-
can hurt us logical trauma af-
deeply. ter the bombing.
The researchers
found that the
more internet
news and social
media contact they had about the bombing and
manhunt, the more severe were their PTSD
symptoms, which ranged from intrusive flash-
backs to emotional numbing. What’s more,
even if 87% of parents believed that online ex-
posure to the crisis could be damaging, very
few restricted their children’s access to it. And
what parents thought was private—their own
fear—turned out to be contagious, too, as
shown in a 2014 study of parents’ reactions to
the marathon bombing by Prof. Comer’s team.
To understand how observational distress
works, a team led by Alexei Morozov at Virginia
Tech Carilion Research Institute looked at what
happens when mice watch a sibling experience
fear. He first learned that vicarious fear leaves
a neural trace that predisposes animals to expe-
rience trauma later on. A Morozov-team study
published last month in Neuropsychopharma-
cology found that vicarious trauma changes the
connections between the amygdala (roughly,
our emotion and survival center) and the pre-
frontal cortex (the planning and decision-mak-
ing area). “After the animal has the experience
of the other’s pain, it allows excitation to be
more robust...it reduces the ability of the pre-
FROM TOP: REUTERS; EPA
frontal cortex to act rationally,” he told me.
That’s one reason why “watching around-
the-clock breaking news is not in our best in-
TOMASZ WALENTA
terest—either for adults or children,” said Jon-
athan Comer. Because it’s not how much
danger we’re in that matters. It’s how much
threat we perceive in others.
* *** THE WALL STREET JOURNAL.
REVIEW
Will Mexico Remain Open?
Continued from the prior page Politically, however, not engaging in a tit-for-tat with Mr.
who convinced Mexico to become one of the most open econo- Trump might be difficult. The rise of the U.S. president—who
mies in the world, with duty-free access for 46 countries regularly railed against Mexico during the campaign—is fan-
around the world. ning the flames of Mexico’s nationalism, which has long been
Even now, the Mexican team that negotiated the Nafta deal a feature of domestic politics, first in opposition to Spain in
stands out for its economic credentials. It included more than a the struggle for independence and then in opposition to the
dozen Ph.D.s from top U.S. schools such as the University of Chi- U.S. after it took about half of Mexico’s land during the
cago, Yale, the Massachusetts Institute of Technology and Stan- 1846-48 Mexican-American War.
ford—the cathedrals of free-market thought. Their boss was the That nationalistic impulse had waned during the Nafta
country’s Harvard-trained president, Carlos Salinas. years, but is staging a comeback. In recent weeks, several con-
For them, the challenge to the pact from the U.S. has up- sumer groups have launched boycotts of American products.
ended the world as they knew it and threatens to undo their The Twitter hashtag #NoCompresUSA (Don’tBuyUSA) reached
life’s work. “It never crossed my mind we’d be arguing with more than three million users in the past week. Tens of thou-
the U.S. government about free trade,” says Mr. Serra, who got sands of Mexicans have heeded a call to put the Mexican flag
his Ph.D. in economics from Yale. Alarmed, many of those in on their profile pictures on apps like Twitter and WhatsApp.
the team who negotiated Nafta now find themselves back in This Sunday, several hundred thousand demonstrators are
the trenches, advising either President Enrique Peña Nieto or expected to take to the streets to “defend Mexico’s honor”
Mexican industry on how to respond. against Mr. Trump (and also to call for a crackdown on corrup-
So far, the Mexican government looks to be sticking with its tion at home). They are planning to end the march by singing
free-trade principles. The country’s leaders hope to finalize an Mexico’s national anthem. Even Corona, owned by AB InBev,
expanded trade deal with the European Union this year, and they is jumping on the bandwagon, running a new ad campaign that
are seeking to lower trade barriers with markets like Argentina criticizes Mr. Trump’s proposed wall.
to buy grains that are normally sourced in the U.S., in case of a “If the U.S. raises tariffs on Mexico, I don’t see how Mexico
trade war with their northern neighbor. can’t respond. It would be seen as weakness by the U.S. adminis-
Mexico is eyeing free trade talks with Australia, New Zea- tration,” says Enrique Cardenas, a Mexican economic historian.
land, Malaysia and Singapore—all countries that were in the The rise of Mr. Trump has lifted the fortunes of Mexico’s own
now defunct Trans-Pacific Partnership trade deal killed off by firebrand outsider, the leftist Andres Manuel Lopez Obrador. The
the new U.S. administration, a senior Mexican official said. former Mexico City mayor, who leads the polls ahead of next
Mexico is also considering asking its fellow members of the year’s presidential election, is seen by supporters as an outsider
Pacific Alliance—a free-trade pact that includes Colombia, Peru crusading against a corrupt political establishment and by critics
and Chile—to expand the group to Asian nations. as a dangerous populist. He is most famous for having refused
If Nafta is scrapped, tariffs would revert to WTO levels, with to accept a narrow defeat in the 2006 election and declaring
U.S. industrial products paying higher levies to enter Mexico himself president, complete with a mock swearing-in ceremony.
than vice versa—about 5% versus 2.5%. A far bigger hit would Mr. Lopez Obrador hasn't attacked Nafta per se, but he has
come for pickup trucks assembled in Mexico and for U.S. agri- built his career on attacking the “neo-liberal” opening engi-
cultural products entering Mexico, both of which would face neered by the Nafta generation. He vows to focus more on do-
tariffs of about 25%. And those are not small flows of goods: mestic projects and was staunchly opposed to Mexico’s opening
Mexico sent $18.5 billion worth of pickups north last year and of its oil industry to foreign investment in 2013.
bought some $18 billion in U.S. agricultural products (Mexico The rise of Mr. Trump also has emboldened voices in Mexico
is the U.S.’s top buyer of corn and pork). calling for the country to shift its economic focus from exports
Even without the agreement, the architects of Nafta say that to the domestic economy—to promote Made in Mexico again.
Mexico should consider keeping Just last week, Mr. Peña Nieto re-
its tariffs with the U.S. at zero to launched the “Made in Mexico”
keep import costs down and re- brand for high-quality Mexican
main globally competitive. They products, complete with an Aztec
argue that Mexico’s export com- eagle logo that was first launched
petitiveness is explained less by in 1978, during the closed econ-
the decline in U.S. tariffs than by omy. “Today we have to consume
the decrease in Mexican tariffs, what is Mexican,” he said. “Not
which made imports more af- only because we are [Mexican]
fordable as key inputs and in- but because they are quality
creased the competition faced by products,” he said.
Mexican companies. A group of Mexican economists
“Imagine a world where Mex- recently penned a draft of an ac-
ico—the poor country—is the tion plan called “In the National
one staying open and teaching Interest.” It calls for a greater
the world a lesson even as the role for the state in pushing do-
U.S. closes,” says Luis de la mestic investment, including
Calle, who helped to negotiate rules that would force foreign
the pact and got his Ph.D. from U.S. PRESIDENT George H.W. Bush and Mexican companies to transfer technology
the University of Virginia. President Carlos Salinas in San Antonio, Feb. 28, 1992. and use local suppliers and a big-
Even if Mr. Trump passes ger role for development banks.
some kind of 25% border tax on “We forgot about the role of
Mexican products, much of that has already been offset by a the state and fell into the historical naiveté that growing com-
20% decline in the peso since last May, when Mr. Trump petition would lead to greater productivity and growth,” says
surged in the polls. A new tax would likely cause the peso to Rolando Cordera, an economist at UNAM, Mexico’s largest pub-
fall further, making Mexico’s exports more affordable and mak- lic university. “Under the threat of Trump, we must begin a
ing U.S. imports to Mexico more expensive. new path of development that emphasizes investment in the
Herminio Blanco, who led the negotiating team and got his domestic market.”
Ph.D. from the University of Chicago, tells a story about going Such arguments worry the trade pact’s architects. “This is
to an event at Stanford University to celebrate the passage of perhaps the greatest challenge of a world without Nafta,” says
Nafta in 1993. He got a standing ovation from all the assem- Mr. Zabludovsky, the former deputy trade minister. “All the
bled economists except one: the Nobel Laureate and staunch phantoms of the past will come crawling back: for intervention,
free-market advocate Milton Friedman. Mr. Friedman told Mr. deficit spending, protectionism, import substitution and all the
Blanco that he didn’t stand because Mexico should have low- things we thought were behind us. Scary, indeed.”
ered its tariffs without waiting for a reciprocal deal from the Mexico has done such an economic about-face before. In the
U.S. “His point was that we shouldn’t lower tariffs only be- late 19th century, dictator Porfirio Díaz opened the country to
cause others are doing it. We should do it because it’s the best foreign investment. By the turn of the century, there was more
idea to enhance competitiveness,” says Mr. Blanco. U.S. investment in Mexico than in the rest of the world put to-
gether, according to Enrique
Krauze, a prominent Mexican his-
torian. But after the Mexican Revo-
lution of 1910-1917, the country be-
gan closing its doors, culminating
in the nationalization of the oil in-
dustry in 1938. The U.S. helped to
create the General Agreement on
Tariffs and Trade in 1946 to set
rules for postwar global trade, but
it took Mexico 40 years to join
GATT, the precursor to the WTO.
Mexico’s closed economy ush-
ered in a period of remarkable
growth called the Mexican Miracle,
bringing millions from the farms
to the cities. But economists say
that Mexico stayed closed for too
long, helping to create a bloated
state that eventually ran into re-
peated financial crises, including
the 1982 debt default that eventu-
ally forced Mexico to open up.
“Nafta was a great step for-
ward. It went against the grain of
Mexico’s history and the historic
instinct of nationalism, protection-
ism, jealousy of the outside world
and anti-Americanism,” says Mr.
Krauze. He also, however, criticizes
the Nafta generation—and Mex-
ico’s recent governments more
broadly—for relying on manufac-
turing exports as a cure-all, ne-
glecting the country’s deeper chal-
lenges, from a weak judicial
system to a backward-looking,
largely forgotten rural south.
“A little bit of economic nation-
alism is fine, without renouncing
Nafta or an open economy. Let’s
find ways to develop the other
Mexico,” he says. “But if we use
this to return to an era of eco-
nomic populism, then it will be a
disaster for Mexico.”
—José de Córdoba and Robbie
Whelan contributed to this article.
MEXICO’S Enrique Peña Nieto at the relaunch of the ‘Made in Mexico’ campaign, Feb. 1.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
PRESIDENT George W. Bush
stood next to retired firefighter
Bob Beckwith, right, at Ground
Zero on Sept. 14, 2001.
WIN MCNAMEE/REUTERS
After the Next
Terrorist Attack
Advice to President Trump
for a day that’s sure to come
BY DANIEL BENJAMIN
SOMETIME SOON jihadists will likely carry
out a terrorist attack against the U.S. How
the Trump administration reacts will have a
profound effect not just on national security
but on the national psyche.
Much will depend on the nature of the at-
tack. It may occur in the U.S. and involve one
or two operators inspired by Islamic State but
not directly controlled by it, as in the Orlando
and San Bernardino attacks, or it may be car-
ried out abroad by a cell from that group or
by al Qaeda. A major attack along the lines of
9/11 is unlikely, thanks to 15 years of aggres-
sive counterterrorism work by the U.S. and its
allies, but it can’t be ruled out.
It would be wise, however, to prepare for
some sort of dramatic attack. The incentives for
Islamic State in particular are growing fast, as
it continues to lose ground in Iraq and needs to
reaffirm its status by showing that it can strike
at President Donald Trump’s America.
The early actions of the new president and
his team suggest that they will opt for a forceful
response. This would be in keeping with Mr.
Trump’s campaign rhetoric and inaugural ad-
dress, in which he promised to “unite the civi-
WHAT ‘LA LA LAND’ AND ‘FIFTY SHADES’ GET WRONG ABOUT LOVE
BY JEANNE SAFER
ROMANTIC LOVE is getting a reboot at the
movies. Two big current pictures—“La La
Land,” which has been nominated for 14 Os-
cars, and “Fifty Shades Darker,” a sequel to
“Fifty Shades of Grey,” which has grossed
more than a half-billion dollars world-wide
since its 2015 release—offer radically different
takes on intimate relationships and the role of
sexual passion in contemporary life.
Both movies depict tumultuous liaisons of
heterosexual couples, but there the similarity
ends (warning: plot spoilers ahead). “La La
Land,” the candy-colored throwback musical
about an actress and a jazz pianist struggling to
make it in Los Angeles, begins as a standard
love story: The lovers start out disliking each
other, only to become each other’s fans and
cheerleaders. But their success ultimately
pushes them apart. Though both fulfill their ar-
tistic dreams, their union is undone by an inabil-
ity to commit and to deal with obstacles.
Just in time for Valentine’s Day, the mono-
chromatic “Fifty Shades Darker” returns to
the first movie’s sadomasochistic themes.
Though it presents itself as a soft-core porn
fantasy, the movie is conventional at its core.
Whips, chains, leather straps and riding crops
may have become the aphrodisiacs du jour in
some circles, but this time around the plot—
heavier on melodrama than the first—leads
inexorably to the oldest trope in movies, a
marriage proposal. It’s “Pride and Prejudice”
redux, without the wit or the wisdom.
“La La Land” is more radical in its way. It’s a
genuine departure from the typical romantic
formula because ambition, in the end, trumps
love. The seemingly ill-assorted hero and hero-
* * * *
REVIEW
lized world against radical Islamic terrorism,
which we will eradicate completely from the
face of the Earth.” With that marker on the ta-
ble, no one should expect his national-security
team to opt for restraint.
But terrorists thrive on their opponents’
overreaction, which helps them to advance their
narrative and to win over recruits. Cabinet offi-
cials, national-security staff and members of
Congress should start think-
ing now about how, when
the time comes, they will Islamic State
counsel Mr. Trump.
They should take into ac-
would like
count how invaluable Amer- nothing more
ica’s Muslim communities
have been to law enforce-
than to draw an
ment. Officials report that overreaction.
roughly 40% of the tips that
they receive on extremist ac-
tivity come from these com-
munities. FBI Director James Comey has under-
scored the value of such ties, saying last
summer that American Muslims “do not want
people committing violence, either in their com-
munity or in the name of their faith, and so
some of our most productive relationships are
with people who see things and tell us things
who happen to be Muslim.”
In the wake of a new attack, it is essential to
avoid a replay of the post-9/11 roundup of large
numbers of Muslims—American citizens and
LIONSGATE
TRUE LOVE? Ryan Gosling and Emma Stone in ‘La La Land.’
ine encourage and applaud each other—he tem-
pering her insecurity and she his grandiosity—
but they can’t figure out how to stay together
through a temporary separation. When lovers
are too immature to deal with conflicts, love
does not conquer all. It is a darker but perhaps
more realistic view of the two-career relation-
ship than we usually get at the movies.
Despite their self-consciously naughty accou-
terments, the “Fifty Shades” movies are actually
a steamy variant of a very old fantasy: the idea
that the love of a good woman—and in this case,
her submission to degrading sexual practices to
save her beloved from his tortured past—can
transform a cold man into a warm one.
But it never does. It’s a pernicious fantasy of
relentless hope, whose harmful effects I see ev-
Saturday/Sunday, February 11 - 12, 2017 | C3
aliens—as suspects or material witnesses. At the
time, more than 1,000 people were held, some
for months, and the intelligence produced by
this exercise was close to nil.
Repairing the damage from that crackdown
took years. Similarly, talk of a total cutoff of
Muslims coming into the country or a national
registry of Muslims should be shelved. Such
rhetoric, especially after Mr. Trump’s ill-advised
executive order restricting travel from the Mid-
dle East in the name of fighting terrorism, alien-
ates those who genuinely are our first line of de-
fense. It plays into our enemies’ hands.
Rhetoric matters. The aftermath of an attack
provides an unparalleled opportunity for leader-
ship, a moment when Americans want to set
aside biases and antipathies that seem trivial
next to the devastation and loss. Consider
George W. Bush’s uplifting
remarks to the rescuers at
Ground Zero and his visit to
a Washington mosque in the
immediate wake of 9/11.
Military action will almost
certainly be a part of Mr.
Trump’s response after an
attack, especially given Is-
lamic State’s recent emphasis
on radicalizing “lone
wolves.” The question be-
comes when to act. There will inevitably be a
desire to move swiftly against the enemy while
the attack is fresh in the national memory.
But effective military action usually takes
time. Solid targets are seldom sitting on the
shelf in large numbers. The imperative is to en-
sure that there are sufficient “validated” tar-
gets—places where real terrorists are living,
training and plotting—instead of simply un-
leashing massive firepower to make a point.
Moving too quickly is a recipe for large numbers
ery day in my psychotherapy practice (and expe-
rienced, fortunately long ago, in my own life).
Like most fiction that moves us, both of these
movies speak to our fears and longings, combin-
ing elements of reality and fantasy. Even though
the relationship between the struggling artists
in “La La Land” has the ring of truth—their dia-
logue could have been lifted verbatim from the
conversations an actress patient of mine reports
having daily with her actor boyfriend—its de-
nouement depends on an utterly improbable
plot twist. It’s hard to imagine that a famous
casting director would really show up at the
one-woman show of an unknown actress and
then build a movie around her.
As for the tormented billionaire hero of the
“Fifty Shades” saga, he may stop whipping the
of civilian deaths, which
could undermine public and
foreign support at a sensi-
tive juncture.
There’s a good reason
that presidents are in the
habit of saying that the U.S.
will respond “at a time and
place of our choosing.” It al-
lows them to take advantage
of the laborious intelligence
work necessary to find the
most valuable targets. A po-
tent, focused response also
sends our foes a clear mes-
sage about our capabilities.
Friends of the administra-
tion might also underscore
that a president should
never let a national-security
crisis go to waste. That
would mean, in this case,
harnessing the energy and
focus of the moment to solve
serious problems in our
counterterrorism efforts,
even if the connection to a
new attack is tenuous.
High on the list of con-
cerns today is the phenome-
non of terrorists networks’
“going dark.” The fast-
spreading use of sophisti-
cated encryption has made it
increasingly difficult to pen-
etrate the communications
of jihadist networks. The last
big go-round on this issue
involved gaining access to
the information on the
iPhone of one of the San
Bernardino shooters. Apple
refused to assist in decrypt-
ing the contents for the FBI, arguing that it
would undermine its promise of privacy to its
customers and sabotage its business.
There is no easy answer to the problem,
but there is a need, at the very least, to de-
toxify the atmosphere and improve the dia-
logue between the public and private sectors.
In the end, the best solution may be more
funding for the intelligence community to de-
vise its own solutions. That outcome, too, is
more likely to be in reach if the White House
uses the period after an incident deftly.
President Trump also might use the moment
after an attack to back an effort supported by
many counterterrorism experts: local programs
that give Muslim communities better resources
to deal with individuals who appear to be radi-
calizing but haven’t committed a crime. Fami-
lies, friends and teachers who are worried about
troubled young people need options that don’t
involve law enforcement (unless they think an
attack is being planned).
If law enforcement is their only choice from
the start, they won’t want to risk sending a non-
threatening individual to jail. Pilot programs of
this sort are currently being developed in such
places as Boston, Los Angeles and Minneapolis,
and have been welcomed by Muslim communi-
ties eager to counsel and steer their youth away
from dangerous thinking and bad company.
All of this may be far too therapeutic for
a president determined to eliminate all Is-
lamic terrorism. But perhaps in a crisis, Don-
ald Trump, who prides himself on his unpre-
dictability, will surprise us.
Mr. Benjamin, a former coordinator for coun-
terterrorism at the State Department, is direc-
tor of the John Sloan Dickey Center for Inter-
national Understanding at Dartmouth College.
heroine in Part II (now he just spanks her and
only when she asks for it), but it doesn’t change
his insanely controlling personality. It’s a trans-
formation of sorts—but not exactly a recipe for
a good marriage.
I have been troubled to discover how many
young women, including patients of mine and
their contemporaries, accept the premises of
movies like “Fifty Shades of Grey” and consider
behavior that is perverse and degrading as liber-
ated, and not just in fantasy. Though very few of
them, fortunately, include physical masochism in
their repertoires, many tolerate casual hookups
with would-be partners and endure sex without
pleasure. They hope to please the difficult men in
their lives and win their love, like junior varsity
versions of the “Fifty Shades” heroine Anastasia
Steele. In these relationships, both sexes suffer,
and genuine intimacy becomes much harder.
I very much believe that modern life offers
valuable new perspectives on the old story of
romantic love, but I also wonder what have we
lost. To my mind, both of these blockbuster
movies miss an essential point: that change has
to come first from within before anyone can be
truly receptive to someone else’s love.
In “La La Land” and “Fifty Shades Darker,”
we see no evidence of characters learning any-
thing new about themselves. What strikes me
most about both films is the utter absence of
self-reflection, no moment suggesting that the
key to profound and lasting love is the inner de-
velopment of the lover.
That’s an insight that no classic love story
lacks. As they used to say in the movies, hap-
piness must be earned.
Dr. Safer is a psychotherapist and the author
of “The Golden Condom and Other Essays on
Love Lost and Found” (Picador).
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C4 | Saturday/Sunday, February 11 - 12, 2017
WORD ON
THE STREET:
BEN ZIMMER
When
Computers
Were People
THE OSCAR-NOMINATED film
“Hidden Figures” tells the sto-
ries of three remarkable Afri-
can-American women employed
by NASA’s Langley Research
Center in Hampton, Va., in the
early 1960s. One of their job ti-
tles might sound unusual to a
modern audience: “computer.”
Margot Lee Shetterly, who
wrote the book on which the
movie is based, grew up hear-
ing that word from her father,
an atmospheric scientist at
Langley. Intrigued by mentions
of these women tasked with
the number-crunching of the
early space program, Ms. Shet-
terly set about learning all she
could about the pioneering
“computers” portrayed in the
film: Katherine Johnson, Doro-
thy Vaughan and Mary Jackson.
Before the electronic era, the
word “computer” simply meant
a human who makes calcula-
tions. It comes from the Latin
verb “computare,” comprising
“com” (meaning “with”) and
“putare” (meaning “reckon”),
so the word literally means
“reckon together.”
The first known appearance
in English is in a 1613 book by a
writer who used the name
“R.B. Gent.” (short for “gentle-
man”). He had this to say about
how mortality ensures that the
number of our days is limited:
“I have read the truest com-
puter of Times, and the best
Arithmetician that ever
breathed, and he reduceth thy
days into a short number.”
By the late 19th century,
“computer” had been extended
to math aids like slide rules.
But for many decades to come,
the label would mostly apply to
people. Women, notably, took
on the role of computers start-
ing in the late 1880s at the
Harvard Observatory, under the
guidance of the astronomer Ed-
ward Charles Pickering. As
Dava Sobel tells in her new
book “The Glass Universe,”
these “lady computers” were
sometimes derided as “Picker-
ing’s Harem,” but they could
process vast troves of data.
After World War II, NASA’s
precursor, the National Advi-
sory Committee for Aeronau-
tics, took on mathematically in-
clined women to work as
“computers,” aided by mechani-
cal calculators. At Langley, Afri-
can-American women like those
depicted in “Hidden Figures”
originally worked in the West
Area Computing Unit, sepa-
rated from their white counter-
parts. In 1958, when NASA was
A job title in
‘Hidden
Figures.’
formed to compete with the
Soviets in the space race, Lang-
ley’s segregated facilities were
abolished. (The film, however,
shows the women still working
in the West Area, under a “Col-
ored Computers” sign, in 1961.)
But as high-speed IBM main-
frames began to take over the
bulk of the calculating work,
Ms. Shetterly writes that the
women found themselves at
“an inflection point in the his-
tory of computing, a dividing
line between the time when
computers were human and
when they were inanimate.”
Ms. Shetterly told me that,
based on her research, the two
meanings of “computer” ex-
isted side by side at Langley in
the early 1960s. For a time, the
mathematical women laid more
of a claim to the term, as the
first mainframes were not al-
ways called “computers” but
rather “electronic data process-
ing machines.”
Eventually, though, those
hulking machines overtook the
default meaning of “computer.”
The human computers had to
adapt to the times. Dorothy
Vaughan, for instance, taught
herself a new skill: No longer a
computer, she learned FOR-
TRAN to program one.
REVIEW
EVERYDAY MATH: EUGENIA CHENG
The Logic of My Fear of Flying
I’M AFRAID OF FLYING, especially takeoff.
I hear the plane revving up, and as the
pitch of the engine rises so does my panic.
Rational people insist that this makes no
sense because the probability of dying in a
plane crash is much less than the probabil-
ity of dying in a car crash. The statistics
seem to back them up. In 2016 just 271
people died in commercial plane crashes
world-wide, compared with around 1.3 mil-
lion in road crashes.
These statistics are just a crude mea-
sure—there is much more car travel, of
course, in terms of overall passenger
miles—but that’s still a big difference in ap-
parent safety. Am I just being irrational? As
a professional mathematician, I don’t like
the idea that I’m being illogi-
cal, so I decided to find a
mathematical explanation for Afraid of
my fear. I’ve found three main takeoff? A
components.
The first is conditional mathematical
probability. This is the proba- explanation.
bility of something happening
given that something else has
happened. The probability of
my dying in a plane crash is rather small,
but the probability of my dying, given that
I’m caught in a plane crash, is high.
This is different from car crashes, be-
cause there is a whole range of nonfatal car
crashes from which one might escape. In
fact, there are more nonfatal plane crashes
than we might guess, but we tend to hear
only about the fatal ones in the news.
The scary thing to me is the idea that
the fatal ones basically kill everyone: If
someone dies, it is pretty much the case,
with rare exceptions, that everyone dies.
So given that a fatal plane crash occurs,
the conditional probability of dying seems
close to 1. For car crashes, exact figures
are hard to find, but there certainly are
car crashes in which some people die and
some survive.
The next component of my fear involves
expected values. In mathematics, the ex-
pected win in a situation is the amount
that you stand to win multiplied by the
probability of winning it. The Powerball
jackpot might be $300 million, but the
odds of winning are about 1 in 292 million,
so your mathematically defined expected
PHOTO OF THE WEEK
JAPARIDZE MIKHAIL/ZUMA PRESS
* ***
ROBERT NEUBECKER
win is around $1.
Expected loss happens similarly. The
idea of dying in a plane crash is so horrific
to me that I would rate it somewhere
around infinity as a “loss.” If I multiply
that infinite loss by the probability that it
will happen, which is small but not zero,
the answer is still infinity. So my expected
loss is infinite. No wonder I’m afraid.
The final component is rate of change.
This explains why I’m most afraid during
takeoff: It’s a very short period in which
the conditional probability of dying rap-
idly increases from 0 to 1. That dramatic
change makes me anxious. Landing is also
very dangerous, statistically, but the prob-
ability is decreasing from 1 to 0, and I am
able to be calm.
By helping me to find a
rational explanation for my
fear of flying, mathematics
helped me to overcome that
fear. I realized that I
needed to focus on absolute
probability and learn to ig-
nore rate of change. The ab-
solute probability of dying
in a plane crash is lower than that of dy-
ing while going about my normal earth-
bound life.
I also have figured out a way to train
myself to be afraid of takeoff only as much
as I’m afraid of death in my normal life.
Sitting calmly and safely on my couch at
home, I listened repeatedly to a recording
of a jumbo jet engine revving up for take-
off—until I associated the sound more with
my couch than with planes.
There are many cases where our fears
directly contradict what we know to be the
statistical truth about an event or activity.
If the fear still feels real, this can lead us to
believe that science fails somehow to de-
scribe real life. I find it more productive to
look harder for a logical basis for the fear,
instead of pitting emotions against logic in
a battle that logic can’t win.
Dr. Cheng is the Scientist in Residence at
the School of the Art Institute of Chicago.
Her latest book, “Beyond Infinity: An Expe-
dition to the Outer Limits of Mathematics,”
will be published in March by Basic Books.
THE WALL STREET JOURNAL.
R&D: DANIEL AKST
Algorithm Turns
Cancer Sleuth
WHEN IT COMES to melanoma, early detection
is a matter of life and death. But it takes a
trained eye to distinguish a harmless blemish
from cancer, and many people around the world
lack ready access to a dermatologist.
Scientists have been seeking a solution for
some time. In the latest sign that they’re suc-
ceeding, researchers at Stanford University
have found a way to get a computer to identify
skin cancer as reliably as board-certified der-
matologists can. The hope is that, eventually,
scientists can get this to happen on a smart-
phone anywhere in the world.
The challenge is to
get a phone app to
recognize skin cancer
when it sees it. The
Will your
Stanford researchers phone be
started out with a able to
Google-supplied algo-
rithm—a set of in- recognize
structions that a melanoma?
computer must fol-
low in a particular
order—that is espe-
cially designed to
learn from experience. This algorithm, an exam-
ple of artificial intelligence, had already been
fed 1.28 million images, learning along the way
to distinguish, say, dogs from cats.
Equipped with this technological autodidact,
the scientists collected 127,463 images of skin
lesions, from 2,032 different diseases. These
photos had been taken from a variety of angles
and distances, and in many lighting conditions.
The scientists fed the photos, with labels, to the
algorithm, which learned which patterns were
associated with which disorders as it digested
the images.
The scientists then fed the algorithm 1,942
biopsy-proven images showing lesions. The
task: to distinguish harmless moles and the like
from keratinocyte carcinomas—the most com-
mon cancer in the U.S., with a very high cure
rate—and malignant melanomas, the deadliest
skin cancer. The researchers also took about
two dozen board-certified dermatologists, di-
vided them into groups and asked them to ana-
lyze various sets of hundreds of the same im-
ages. The algorithm did at least as well as the
humans, outperforming most of them.
The Stanford scientists aren’t the only ones
using AI to identify potential skin cancer
through pattern recognition. The International
Skin Imaging Collaboration: Melanoma Project
has brought together academia and industry to
harness digital imaging for reducing melanoma
deaths. Researchers at IBM have produced re-
sults similar to those of the Stanford scientists.
Brown University researchers have trained an
algorithm to use images to detect the transfor-
mation of regular skin cells into a type associ-
ated with more aggressive tumors.
In a new journal article, the Stanford scien-
tists report that their skin cancer study entailed
a much larger set of training images than those
used in prior studies, involved no special han-
dling to outline lesions or otherwise help the
computer along and produced an algorithm that
works not just on images from a dermatoscope
(an illuminated magnifier used by dermatolo-
gists) but on regular photos as well.
A global problem, skin cancer will likely af-
flict one in five Americans during their life-
times; melanoma is projected to claim the lives
of 9,730 Americans this year. At the same time,
smartphone adoption, already widespread in
wealthier nations, is soaring in the developing
world.
“Everyone will have a supercomputer in their
pockets with a number of sensors in it, includ-
ing a camera,” said Andre Esteva, co-lead au-
thor of the study. “What if we could use it to
visually screen for skin cancer?”
“Dermatologist-level classification of skin
cancer with deep neural networks,” Andre Es-
teva, Brett Kuprel, Roberto A. Novoa, Justin Ko,
Susan M. Swetter, Helen M. Blau and Sebastian
Thrun, Nature (Jan. 25)
Earthbound
Cosmonaut
A statue of
Yuri Gagarin,
the first
man in space,
kept vigil
Tuesday over
steam clouds
rising from
the chimneys
of a Moscow
power
station.
Answers
to the News Quiz
on page C13:
1.D, 2.B, 3.D, 4.B, 5.A,
6.A, 7.D, 8.C, 9.C
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BOOKS THE WALL STREET JOURNAL. Saturday/Sunday, February 11 - 12, 2017 | C5

Dark, Deep and Absolutely Clear

Observation is the spine of Bishop’s poems, swiftly moving from a thing or place to the visionary
mother’s absence as she was shuttled
Elizabeth Bishop back and forth between Canada and
By Megan Marshall Massachusetts. Her psychiatrist later
Houghton Mifflin Harcourt, 365 pages, $30 told her, Ms. Marshall writes, that
“she was lucky to have survived her
BY DAVID MASON childhood.”
But “Elizabeth Bishop: A Miracle
for Breakfast” has more to recom-
NEARLY 40 YEARS after her death, mend it than these shocking revela-
Elizabeth Bishop (1911-79) is one of tions. It is a shapely experiment, mix-
the most admired of all modern ing memoir with biography. Ms.
American poets, a writer who turned Marshall was Bishop’s student at Har-
damaged reticence into high art. To vard in the 1970s and felt her own
use her own definition of poetry, she shame and losses occluding their rela-
caught “mind in action,” fashioning tionship. Her experience as a young
luminous experiences in poems and a woman and aspiring writer casts
handful of short stories. As Megan Bishop’s struggles in fresh light. Not-
Marshall writes in her elegant, mov- ing that “Elizabeth became the first
ing biography, Bishop was fascinated woman to teach an advanced writing
by the “surrealism of everyday life.” class at Harvard and the first woman
Meticulous observation was the spine poet to have her name published in a
of her writing, which often begins course catalogue,” Ms. Marshall con-
with description, moving through it veys the writing world’s damaging so-
to the visionary: cial hierarchies, its systems of patron-
age and approval, the entrenched
I have seen it over and over, the sexism of the time and the precari-
same sea, the same ousness of creative lives. The book
slightly, indifferently swinging begins with a memorial for Bishop at
above the stones, which the poet John Ashbery read her
icily free above the stones, early sestina “A Miracle for Break-
above the stones and then the fast,” an uncanny response to the
world. Great Depression:
If you should dip your hand in,
your wrist would ache immedi- At six o’clock we were waiting for
ately, coffee,
your bones would begin to ache waiting for coffee and the chari-
and your hand would burn table crumb
as if the water were a transmuta- that was going to be served from
tion of fire. . . . a certain balcony,
—like kings of old, or like a miracle.
These lines from “At the Fish- It was still dark. One foot of the sun
houses” suggest a psychic break- steadied itself on a long ripple in
through few poets ever achieve, a the river.
rush of rhythm and piercing insight.
Yet Bishop was heroic in her recti- Mr. Ashbery had discovered the
tude, publishing only 100 poems in her poem when he was an undergradu-
lifetime. She infused her poems with ate, Ms. Marshall writes, and was in-
intelligence and surprise, her personal fluenced by it. “He’d felt ‘close’ to
griefs, visible in a poem like “One her ever since, though like many of
Art,” often subsumed by attention to her admirers, he scarcely knew Eliz-
the world’s “vaster” absurdities, ter- abeth Bishop.”
rors and sorrows. Her stubborn imper- The difficulty of knowing another
GETTY IMAGES

viousness to categories frustrated person becomes a theme of Ms. Mar-

more political writers, like Adrienne shall’s book. Each of her six major
Rich, who wanted to include her work chapters takes for its title one of the
in an anthology of “women poets”— WATER’S EDGE A harbor in Nova Scotia. Bishop evoked her childhood years there in poems such as ‘At the Fishhouses.’ six end words used in each stanza of
Bishop’s poems are accessible to any- “A Miracle for Breakfast,” and in turn
one. “Pink Dog,” for example, is a Her compassion is fierce and ex- volume of her letters, appeared in lyst, Elizabeth described in alarming each chapter is followed by a briefer
heartbreaking portrait of an animal in acting, sometimes wryly funny. One 1994, followed by “Words in Air,” her detail her harrowing childhood . . . ; memoir of Ms. Marshall’s life, her
a Brazilian slum at carnival time, re- poem imagines an armadillo clenched correspondence with Lowell, in 2008. letters to and from Lota de Macedo own family wreckage and conflicted
flecting Bishop’s own vulnerability and like a fist, another a nervous sand- A controversial collection of her early Soares recorded the crises of the last relationship with her subject. The
desire to carry on. Another expressive piper searching every grain of sand and uncollected writings, “Edgar Al- years in Brazil. Hundreds of pages of structure shouldn’t work, but it does,
dog appears in “Five Flights Up”: on a beach: “The world is a mist. And lan Poe and the Jukebox,” appeared in letters exchanged with Alice Methfes- by involving us in recognition—like
then the world is / minute and vast 2006, a Library of America volume of the epiphany Bishop so dramatically
The little black dog runs in his yard. and clear.” By contrast, the enormous her work in 2008. Bishop is so ubiqui- evoked in her late poem “In the Wait-
His owner’s voice arises, stern, output of her more famous friend, the tous that she could disappear in a Bishop’s sense of privacy ing Room”:
“You ought to be ashamed!” so-called confessional poet Robert landslide of commentary.
What has he done? Lowell, seems at times like brilliant We’ve long known about her same- arose from shame at the I said to myself: three days
He bounces cheerfully up and down: journaling. Bishop believed poetry sex orientation, the death of her fa- violence and sexual abuse and you’ll be seven years old.
he rushes in circles in the fallen should do more than just “say what ther when she was an infant, the I was saying it to stop
leaves. happened,” as Lowell had once writ- madness and institutionalization of she suffered from an uncle. the sensation of falling off
ten. It should make a new experience. her mother when Elizabeth was only the round, turning world
Obviously he has no sense of Her life has been the subject of 3, her lifelong battles with alcoholism. into cold, blue-black space.
shame. studies like Lorrie Goldensohn’s “Eliz- Taking up this biography, I sometimes sel showed what the couple had never But I felt: you are an I,
He and the bird know everything abeth Bishop: The Biography of a Po- felt that I could not possibly learn revealed in public or even to close you are an Elizabeth,
is answered, etry” (1991) and Brett C. Millier’s anything new. I was wrong. To begin friends: a passionate and abiding you are one of them.
all taken care of, “Elizabeth Bishop: Life and the Mem- with, Ms. Marshall was privy to let- love.” Bishop’s highly developed sense
no need to ask again. ory of It” (1992) and even a movie, ters kept by Bishop’s last lover, Alice of privacy arose from early shame. Though ashamed by some of her
—Yesterday brought to today so “Reaching for the Moon” (2013), Methfessel, and only made available Now we know the particular violent relatives and wounded by childhood
lightly! about her tumultuous relationship on Alice’s death in 2009. “What I read and sexual abuse she suffered at the trials, Bishop had been left a small
(A yesterday I find almost impos- with the Brazilian landscape architect brought tears,” Ms. Marshall writes: hands of an uncle—one of a network legacy that allowed her to live and
sible to lift.) Lota de Macedo Soares. “One Art,” a “In letters written to her psychoana- of relatives she lived with in her Please turn to page C7

Introducing The Pen, by AJOTO THE JOURNAL COLLECTION

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BOOKS
‘A novel is just a story that hasn’t yet discovered a way to be brief.’ —George Saunders

FICTION CHRONICLE: SAM SACKS

A Gospel of Compassion
PLENTY of writers cial divisions that have guided her life
receive applause, re- have all been nullified. Mr. Saunders’s
spect and envious novel is both more evanescent and
admiration, but only more didactic than anything O’Connor
a few inspire rever- would have written, but it’s guided by
ence. The novelist a similar conviction in the equalizing
Marilynne Robinson is one such writer power of death. Awestruck by that
at work today. Her books are sancti- power, the novel’s two interlocutors,
fied by an expansive love for human- Bevins and Vollman, give voice to a
kind. We don’t just read her novels, gospel of compassion: “Though on the
we make pilgrimages to them. surface it seemed every person was
George Saunders’s short stories different, this was not true.”
provoke similar genuflection, though “At the core of each lay suffering;
you wouldn’t have predicted this from our eventual end, the many losses
his early books. He emerged 20 years we must experience on the way to
ago as a peerless satirist of bureau- that end.”
cracy and economic Darwinism, imag- “We must try to see one another in
ining nightmarish workplaces and this way.”
dystopian technologies. In the title In Vivek Shanbhag’s novella “Gha-
story of “Pastoralia” (2000), a guy char Ghochar” (Penguin, 119 pages,
who impersonates a caveman at a fail- $15), greed, deception, balked desire
ing theme park divides his days be- and fear rumble beneath the placid
tween skinning goats and faxing in surface of an Indian family’s comfort-
performance evaluations to a faceless able routine. This tight-knit Bangalore
HR team that is threatening layoffs. In clan once subsisted in honorable pov-
“Jon,” from “In Persuasion Nation” erty on the small earnings of its patri-
(2006), an advertising firm makes arch, a salesman. But when his posi-
guinea pigs of the residents of a group tion was downsized, he sank his
GETTY IMAGES

home, programming them to relate savings into a business scheme pro-

every experience to TV commercials
(the narrator’s understanding of sex
comes from a Honey Grahams com-
mercial where streams of milk and
honey are poured together). The acid-
tipped comedy in these stories derives
from their characters’ speech, a tor-
tured tangle of corporate jargon and
motivational slogans. It’s a distinc-
tively American idiom at once earnest
and ridiculous.
But there was always a leavening
vulnerability in Mr. Saunders’s stories.
His archetypal hero is an underdog
struggling to maintain a moral com-
pass. By his 2013 collection, “Tenth of
December,” the tenderness that lurked
in the background of his writing was
louder and less embarrassed. The title
story, about a geeky kid who saves the
life of a cancer patient attempting sui-
cide, ends with an impassioned affir-
mation of selfless love. Simultane-
ously, Mr. Saunders’s public stature
enlarged. He began to speak candidly
about his religious beliefs—he grew
up Catholic and is now a practicing
Buddhist—and in a Syracuse com-
mencement address that went viral
online, he amplified on the need to be
kind. He has become literature’s pa-
tron saint of goodness.
“Lincoln in the Bardo” (Random
House, 341 pages, $28), his first
novel, will not damage that reputa-
tion. The premise comes from the ma-
cabre bit of folklore that after Abra-
ham Lincoln’s son Willie died of
typhoid fever in 1862, the president
made midnight visitations to his crypt
in Oak Hill Cemetery to hold the
child’s body. Mr. Saunders furnishes a
TALES FROM THE CRYPT Oak Hill Cemetery, in Washington, D.C., where Willie Lincoln was interred in 1862.
bit of historical context with inter-
spersed chapters assembled from ex-
cerpts of primary sources, some real,
some invented. But most of the novel
is Willie and a host of other dead
characters in the cemetery reflecting
on the lives they left behind and the
unknown before them. Late at night
they’re joined by Lincoln, whose body
they can inhabit and whose thoughts
they can read.
They have entered the bardo, the
transitional stage between each incar-
nated existence in Tibetan Buddhism.
Mr. Saunders’s imagining of this su-
pernatural state is bizarre and seem-
ingly improvised. For most of the
dead, it is a brief way station in their
natural passage to whatever lies be-
yond, but some linger indefinitely in
limbo. The book’s central figures are
two ordinary men whose lives were
characterized by denial—Roger Bevins
III, a closeted homosexual, and Hans
Vollman, who died before he could
consummate his marriage—and who,
having persuaded themselves that
they are not actually dead, have spent
decades in this in-between. Willie’s ar-
rival undermines their delusion. The
boy, too, is holding on, convinced that
he must wait for his father’s visits,
and as the men observe the agony he
endures in his lonesome “resistance”
they are moved to help him. This en-
tails a confusing horror-movie escape
from demonic beings that supplies the
novel its small dose of action.
Into the phantasmagoria, Mr.
Saunders introduces a chorus of dead
souls representing all strata of Amer-
ican society, from soldiers to slave-
holders to poor farmers. Each is
granted a turn to speak, and their
monologues contain despairing recol-
lections of the persecutions they suf-
fered as well as hopeless rationaliza-
tions for the crimes they committed.
“Was I born with just those predispo-
sitions and desires that would lead
me, after my whole preceding life
(during which I had killed exactly no
one) to do just that thing?” be-
seeches a woman who murdered her
husband. “I was. Was that my doing?
Was that fair? Did I ask to be born li-
centious, greedy, slightly misan-
thropic, and to find Elmer so irritat-
ing? I did not. But there I was.”
The voices Mr. Saunders develops
are appealingly homespun, often un-
lettered but always eloquent—“What
is it that keeps me in this abismal Sad
place?” asks a slain Union captain—
but the novel’s difficulty is integrating
the real with the allegorical. The
weakest parts of “Lincoln in the
Bardo” are those that seek to evoke
this signal era in American history.
Some of the shades speak about racist
oppression or the carnage of the Civil
War, but such details feel patched in.
The novel is too dreamy and philo-
sophical to capture the passions and
hatreds that animated these years.
This disconnect comes to the fore
in the depiction of Lincoln. Historians
have worked hard to cut through the
mythologizing in recent years and to
reveal the great man’s complicated
nature. Mr. Saunders’s Lincoln is made
purely from the fluff of hagiography.
In his sorrowing visits to Willie’s
Saunders’s first novel
arises from the folk tale
that Lincoln repeatedly
visited his dead son’s crypt.
tomb, he appears as a cross between
a Pater Dolorosus bearing the nation’s
sorrows and a bodhisattva articulat-
ing an enlightened sense of mortality.
“He was never fixed, nor stable, but
always just a passing, temporary en-
ergy-burst,” Lincoln thinks about his
son. “He came out of nothingness,
took form, was loved, was always
bound to return to nothingness.”
Yet if readers can imagine away the
novel’s historical ballast, “Lincoln in
the Bardo” is a moving and heartfelt
treatise about grief. The chaotic
clamor of the massed dead reminded
me of the climactic moment from
Flannery O’Connor’s story “Revela-
tion,” in which the stuck-up main
character Mrs. Turpin has a terrifying
vision of souls marching, willy-nilly,
into purgatory. In death the rigid so-
posed by his brother. The new com-
pany is hugely lucrative, and the fam-
ily comes to a pass in which their only
job is to ensure that nothing disturbs
the flow of money.
It sounds like a good problem to
have, but for the eldest son of one of
the company’s founders, it’s the root
of a domestic crisis. He’s married to a
headstrong woman named Anita who
had been misled about the scope of
her arranged groom’s idleness. (He
has an office at the company, where
he reads the newspaper and takes
naps.) “The well-being of any house-
hold rests on selective acts of blind-
ness and deafness,” he reports, but
under Anita’s reproachful gaze the
family’s unhappiness is magnified:
The father is bored and listless; the
narrator’s sister has transformed into
an ill-tempered clothes horse; the un-
cle’s dealings with gangsters are
growing dangerous.
What’s most impressive about
“Ghachar Ghochar”—the title is a
slang phrase Anita uses when things
get all tangled up—is how much intri-
cacy and turmoil gets distilled into its
few pages. Mr. Shanbhag, who writes
in the South Indian language Kannada
and is translated here by Srinath Perur
into clean, conversational English, is a
master of inference and omission. The
dimensions of the gilded cage that trap
the family appear gradually, and then
suddenly. “They say the newly rich
carry umbrellas to keep moonlight at
bay,” the sister’s mother-in-law jeal-
ously muses. But there’s a deeper lone-
liness in this wise and skillful book
that no covering can conceal.

How He Got to Baker Street

Arthur and Sherlock
By Michael Sims
Bloomsbury, 245 pages, $27
BY JON LELLENBERG
SHERLOCK HOLMES first appeared on
the printed page 130 years ago. But he
is everywhere today—and not always
in forms his creator, Sir Arthur Conan
Doyle, would recognize. Fans of Robert
Downey Jr.’s roughneck Holmes impa-
tiently await his third Holmes movie,
still in the works. The new batch of
Holmes was based on a
doctor Conan Doyle knew
who diagnosed patients
before they spoke a word.
“Sherlock” episodes featuring Benedict
Cumberbatch as a too-hip-for-words
Holmes have been setting tongues
wagging on Twitter. On CBS, “Elemen-
tary” featuring an edgy Holmes and a
man who created him can learn a a yen for adventure that prompted imagination working throughout the in 1892, would “diagnose the people as
good deal from “Arthur and Sherlock” him to put aside his medical studies decade he spent there. His literary they came in, before even they had
by Michael Sims, author of “The for six months at age 20 when he got successes that decade were few and opened their mouths. He would tell
Story of Charlotte’s Web” (2011) and the chance to go off as ship’s surgeon incomplete, but he kept hope alive for them their symptoms, he would give
many other books. Mr. Sims has cast on an Arctic whaler, an adventure that a future breakthrough. them details of their lives and he
a broad net over existing sources to once or twice came close to killing The doctor was 27 years old when would hardly ever make a mistake.”
tell the story of Conan Doyle’s early him. The young man fell into the frigid he wrote his first Sherlock Holmes “Arthur and Sherlock” captures both
life, how he came to create Holmes sea so many times the captain dubbed tale. It did not set the world on fire. Bell’s central role in the making of
and the hurdles the young doctor him “The Great Northern Diver,” after Indeed, it took him a long time just to Sherlock and Conan Doyle’s unstinting
surmounted to become one of find a publisher willing to gratitude to him.
the English-speaking world’s bring out “A Study in Scarlet,” Conan Doyle felt less gratitude to
best known authors. and then only as part of a pulp Holmes himself. He realized what the
Conan Doyle was born into magazine for the Christmas character meant financially, but he re-
a poor family, Irish in origin, season of 1887. It was some- sented the incessant demand for
in Edinburgh, Scotland, in thing of a fluke when, in 1888, Holmes stories, which he felt obscured
1859. His father’s relations in a different publisher asked Co- his more important literary work. He
London were rich in artistic nan Doyle to write a second tried to bring the Holmes stories to an
talent, but Charles Altamont Holmes tale, “The Sign of end more than once, and wrote his fi-
Doyle was the family failure. Four.” Not until Sherlock nal volume of them, “The Case-Book of
He succumbed to acute alco- Holmes got yet another Sherlock Holmes,” in the 1920s pri-
holism and was institutional- chance in short-story form did marily to help finance his work as the
ized for it and epilepsy from people take notice—with such world’s principal spokesman for Spiri-
1881 to the end of his life in burning enthusiasm this time, tualism, the belief that the living can
1893—a secret unknown to that Conan Doyle decided to communicate with the dead.
the world at large until long give up medicine to write for a There are some additional stories I
after Conan Doyle’s death. His living. Conan Doyle’s first two wish Mr. Sims had told, for example of
mother, better educated than Sherlock Holmes short stories, two distinguished men—Lawson Tait,
women tended to be in Victo- “A Scandal in Bohemia” and one of the era’s leading physicians, and
rian Britain and intensely am- “The Red-Headed League,” Lord Coleridge, the poet’s grand-
bitious for her oldest son, submitted to England’s new nephew and Lord Chief Justice of Eng-
raised Conan Doyle and he felt Strand Magazine in 1891 were land—writing to the obscure author
PBS

female Watson in today’s New York is
in its fifth season. Next year, Will Fer-
rell will star in a big screen farce. All
this is to say nothing of the original
tales themselves, which still sell briskly.
As well known as Sherlock is, how-
ever, Conan Doyle’s situation is differ-
ent. Though there have been many bi-
ographies written about the man since
his death in 1930, many Holmes fans
might not be able to pick his creator
out of a line-up.
Fans of Sherlock Holmes who want
to know about the equally remarkable
he owed her an unrepayable so perfect in form, character- jointly in late 1890, after “The Sign of
debt for her sacrifices. CASE ACES Martin Freeman and Benedict ization and narration that its Four” had appeared to say how much
After Jesuit boarding Cumberbatch in the TV adaptation ‘Sherlock.’ editor-in-chief, H. Greenhough they enjoyed it and hoped to read more
school, Conan Doyle started at Smith, recalled decades later about the remarkable Sherlock Holmes.
Edinburgh University at 17 years old an arctic seabird. He finally started a that he had “at once realised that Conan Doyle was struck by their letter,
because its medical school was fa- medical practice of his own in 1882. here was the greatest short story and six months later did give his un-
mous, and medicine seemed a likely Conan Doyle had started writing writer since Edgar Allan Poe.” The successful character Sherlock Holmes
way of helping to support not only stories while in medical school and public enthusiastically agreed. one more chance. The world should be
himself but his family. But his mind continued as a young and far from The scientific detective was not very glad he listened to them.
was often elsewhere. He was a vora- thriving doctor in the Southsea suburb only the ratiocination of Poe’s Dupin,
cious reader, devoted to the chivalric of Portsmouth. It was England’s prin- but the deductive genius of a profes- Mr. Lellenberg is co-editor of
historical fiction of Sir Walter Scott cipal naval base, and Portsmouth pro- sor under whom Conan Doyle had “Arthur Conan Doyle: A Life in
and the outré stories of Edgar Allan vided a window onto the British Em- worked in Edinburgh, Dr. Joseph Bell. Letters” and has written other
Poe. He was also an eager athlete with pire that kept Conan Doyle’s Bell, Conan Doyle told an interviewer books about Conan Doyle.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
‘Think’st thou that duty shall have dread to speak when power to flattery bows? To plainness honor’s bound when majesty falls to folly.’ —William Shakespeare
How Shakespeare Put
Politics on the Stage
By Peter Lake
Yale, 666 pages, $37.50
BY PAUL A. CANTOR
THE BEAUTIFUL POETRY and
powerful drama of Shakespeare’s
plays are what first enchant us, but
we should not neglect their intellec-
tual substance, especially their pol-
itical themes. With “How Shake-
speare Put Politics on the Stage,”
Peter Lake takes up the history plays
in particular, offering subtle and in-
sightful readings and showing us
that politics was indeed a central
concern of Shakespeare’s. He also
shows the ways in which Shake-
speare used his plays to respond to
the continuing changes in the Eliza-
bethan political scene.
A professor of history at Vanderbilt
University, Mr. Lake focuses on kings,
queens and princes rather than on
peasants, workers, apprentices, vaga-
bonds, fugitives and the other “mar-
ginalized” groups that are the darlings
of the so-called New Historicists, who
have dominated Shakespeare criticism
for decades. After so many studies by
amateur historians in literature de-
GETTY IMAGES
partments, it is a relief to see a trained
historian at work on Shakespeare.
For example, drawing upon histori-
cal studies of the Wars of the Roses,
Mr. Lake takes the three parts of
“Henry VI”—early works that are
among the neglected stepchildren of
Shakespeare criticism—and gives
them the attention they deserve, un-
covering all sorts of political wisdom.
He is particularly acute in his analysis
of “the Christian prince as oxymo-
ron,” showing how Henry VI’s Chris-
tian mercifulness makes him weak as
a king, unable to deal sternly with
challengers to his throne. Mr. Lake
writes: “Henry’s spectacular failures
in his public role as king are a direct
function of his private virtues as an
individual professor of Christianity.”
So unsuited is Henry to be king that
Queen Margaret wishes he were made
pope instead, and the usurper York
says that Henry would make a better
pilgrim than a king: “That head of
thine doth not become a crown: / Thy
hand is made to grasp a palmer’s
staff.” Even in these early works, be-
fore Shakespeare’s poetic and dra-
matic powers had matured, the play-
wright reveals himself to be as
insightful as Machiavelli on the sub-
ject of religion and politics.
The high point of Mr. Lake’s book is
his masterly analysis of “Henry V.”
Critics have long been divided into two
camps: those who view Henry V as a
good king and those who view him as
a Machiavellian schemer. Mr. Lake un-
derstands the true complexity of
Shakespeare’s portrayal of Henry V—a
good king precisely by virtue of being
a Machiavellian schemer. Henry com-
mits morally ambiguous and even du-
bious deeds, but he manages to use his
Machiavellianism for the public good
and thus avoids becoming a tyrant.
In Mr. Lake’s attempts to relate the
plays to Elizabethan politics, he often
convincingly demonstrates that
Shakespeare was reacting to particu-
lar incidents or to the developing con-
troversies of his day. His analysis of
the Puritan elements to be found in
the character of Falstaff is genuinely
eye-opening. He shows that Falstaff
appropriates “distinctively puritan
modes of discourse for his own cor-
The Many Arts of Elizabeth Bishop
Continued from page C5
write. She was a contradiction,
writes Ms. Marshall: “an orphan heir-
ess who’d spent her happiest child-
hood years among tradespeople, a
Vassar girl whose home address was
a dingy working-class suburb.” When
she graduated from Vassar in 1934
she was already meeting her more
renowned elders, including Marianne
Moore, who “served as her sponsor,
describing Elizabeth’s work as ‘ar-
chaically new’ and praising its ‘ratio-
nal considering quality’ as well as
her ‘flicker of impudence.’ ” Once
Bishop had met Lowell, with his pa-
trician knack for winning fellowships
and prizes, she gained the protection
of powerful literary figures from her
own generation. Her poetry was
taken up by the New Yorker, where
she would publish many of her best
poems until her death by cerebral
aneurysm at age 68.
While Bishop never achieved the
financial success she hoped for from
her prose, she was in her lifetime
seen as a “poet’s poet” whose impec-
cable craftsmanship merited esteem.
The fact that she was not prolific,
that her “perfect” poems appeared
so rarely, only increased their value
in literary circles. A dual volume,
* * * *
‘HENRY V’
Alex Hassell in a 2015
production by the Royal
Shakespeare Company.
rupt purposes.” Trying to get Prince
Hal to join him in a highway robbery,
Falstaff sounds just like a Puritan
preacher as he enlists the help of a
friend to persuade the heir apparent:
“God give thee the spirit of persua-
sion and him the ears of profiting,
that what thou speakest may move
and what he hears may be believed.”
More generally, Falstaff’s efforts to
invert the values of the conventional
political world—to have “thieves” re-
named “men of good government”—
call to mind precisely the tendencies
Shakespeare’s contemporaries criti-
cized in the Puritans. Mr. Lake writes:
“A central strand in contemporary
anti-puritan polemic held that the pu-
ritan platform for further reformation
in church and state would, if imple-
mented, in fact, turn the world upside
down,” much as Falstaff wants to do.
Here Mr. Lake is able to draw upon
solid historical evidence. But be fore-
warned: If you don’t already know
what a Lollard was or who John Wyc-
liffe was, you’re going to have a hard
time following the argument.
On one major point Mr. Lake is cer-
tainly right: Of all Shakespeare’s con-
temporaries, the Earl of Essex loomed
largest in his imagination, and the
ups and downs of Essex’s career are
registered in the histories and other
plays. An ambitious, charismatic mili-
tary leader, Essex enjoyed Elizabeth’s
favor for much of his storied career
but fell afoul of her more than once
and ended his life on the scaffold,
convicted of treason. Mr. Lake traces
the impact of Essex’s spectacular fall
from grace on plays such as “Troilus
and Cressida,” in which the corrupt
politics that Shakespeare portrays in
the Greek camp seems to mirror that
of Elizabeth’s court.
But Mr. Lake often goes too far, as
if Shakespeare were a partisan
pamphleteer who tried to write “agit-
prop” plays on behalf of Essex. For
Mr. Lake, plays like “Henry V” and
“Hamlet” are really about the famous
earl, and in other plays, he says,
Shakespeare uses figures out of Eng-
“Poems: North & South; A Cold
Spring,” won the Pulitzer Prize in
1956. “Questions of Travel” appeared
a decade later, followed in 1969 by
“The Complete Poems,” which won
the National Book Award, and in 1976
by “Geography III,” a volume con-
taining only nine marvelous poems
and one translation.
Fifteen years of living in Brazil
with Lota de Macedo Soares pro-
vided her longest period of stability
and happiness. The sharp divide be-
tween rich and poor in that country
“both disturbed Elizabeth and fired
her imagination,” Ms. Marshall
writes. “As always for Elizabeth,
Lota—whether changing a tire on the
roadside, firing her .22 to kill a
snake or dancing a samba—was
‘wonderful in action.’ ” Lota’s mod-
ernist home in the Brazilian country-
side and apartment in Rio made
Bishop part of a privileged class. It
gave her autonomy to develop as an
artist far from American literary pol-
itics. One of her best love poems,
“The Shampoo,” was written early in
their time together.
But Lota sought patronage in a
politically unstable nation. Becoming
obsessed with her work designing
Rio’s vast Flamengo Park, she
BOOKS
lish and Roman history to make points
about Essex—to celebrate his tri-
umphs, exhort him to great achieve-
ments or modify his overly aggressive
political stance. In short, Shakespeare
used historical personages to gain in-
sight into the most controversial po-
litical figure of his day.
I would reverse this and argue that
Shakespeare, in effect, used Essex to
gain insight into a panoply of histori-
For Shakespeare, the Earl of Essex embodied a
perennial type—the noble soldier who succeeds in war
but is ruined by the machinations of peacetime politics.
cal figures who independently fasci-
nated him, starting with Julius Caesar
(to whom Shakespeare compares Essex
in “Henry V”). For Shakespeare, Essex
was the living embodiment of a peren-
nial type—the heroic and ambitious
military leader who may succeed in
wartime but who is destroyed when
caught in the machinations of peace-
time politics. This kind of figure
repeatedly appears in plays that Mr.
Lake does not discuss, such as
“Othello,” “Macbeth,” “Coriolanus” and
“Antony and Cleopatra.” The tragic
soldier is a theme Shakespeare came
back to again and again, and Essex
seems to have been his inspiration.
More generally, Essex became
Shakespeare’s model of a tragic
hero—a noble man of extraordinary
abilities who is brought low by the
very qualities that made him great, a
man destroyed by lesser men who
lack his greatness but for that very
reason are more suited to the
mediocrity of ordinary politics.
Shakespeare was able to draw upon
the life of Essex—and probably his
personal acquaintance with him—to
gain insight into human nature and
thus create the extraordinary range of
tragic heroes he portrays in his plays.
Mr. Lake’s focus on the purely con-
temporary meanings of Shakespeare’s
“worked eighteen-hour days and was
hardly ever at home, except to sleep
and shout into the phone,” while
Bishop’s drinking and an affair with
another woman also soured the rela-
tionship. By the end Lota was de-
scending into self-doubt and mad-
ness. The couple separated. Bishop
taught writing briefly at the Univer-
sity of Washington, starting another
affair, and eventually moved back to
New York. On a visit there in 1967,
Lota succumbed to an overdose of
pills, whether accidental or deliber-
ate. As Bishop had written years be-
fore in a letter: “Nobody’s heart is
really good for much until it has
been smashed to little bits.”
The poet Randall Jarrell, who
wrote enthusiastic praise of Bishop’s
poems, had died in 1965, struck by a
car, but was it an accident or suicide?
Sylvia Plath had killed herself in 1963,
and Anne Sexton and John Berryman
would follow in the 1970s. Bishop,
who had a tenuous hold on her own
life and was often hospitalized for de-
pression and alcoholism, saw herself
as a survivor. At a time when she
feared she was losing her decades-
younger lover, Alice Methfessel, she
produced her best-known poem, “One
Art,” declaring with faux bravery:
Saturday/Sunday, February 11 - 12, 2017 | C7
Tragedy
vs.
Tyranny
plays—and not on the universal politi-
cal truths the playwright develops—
leads him in the wrong direction. He
comes to question Shakespeare’s
worth as a political thinker. Given Es-
sex’s eventual fall and disgrace, Mr.
Lake’s book builds up to a claim that
Shakespeare simply backed the wrong
horse in the Elizabethan political
sweepstakes. Shakespeare “placed vir-
tually all his eggs in the [Essexian]
basket”—and thus ended up getting
“things spectacularly wrong.”
Here Mr. Lake is thinking like a
historian, assuming that history is the
ultimate arbiter of greatness and that
if a man loses—well, then, he’s a
loser. But Shakespeare operated with
the idea of the tragic hero, and a
tragic hero is someone who loses no-
bly and is all the nobler for doing so.
In that respect, Essex provided Shake-
speare with a prototype for many of
his greatest heroes, who refuse to
compromise with the mediocrity of
the conventional political world and
thus, like Essex, fail, but fail tragically.
In the grim world of Shakespear-
ean tragedy, failure is not necessarily
an argument against greatness. But
then again Mr. Lake’s grasp of tragedy
is apparently not strong: Despite the
corpses that litter the stage as the
curtain comes down, he says that
“Hamlet” is “a play with a positively
happy ending.” The only character for
whom the ending is happy is Fortin-
bras, and that seems to be enough for
the historian in Mr. Lake, who evi-
dently sides with Fortinbras since or-
der is restored in Denmark at the end.
But Fortinbras’s triumph amounts to
a Norwegian takeover of Denmark,
precisely what Hamlet’s father and all
the Danes had been trying to avoid
“The art of losing isn’t hard to mas-
ter.” Ultimately, she did not lose Alice
and was sustained by her love
through the last years teaching at
Harvard, drinking too much, trying to
finish a few more poems.
Her very privacy,
her guardianship of the
imagination, made her
the poet she was.
Lowell died of a heart attack in a
taxi in 1977. He was only 60, worn out
by repeated bouts of manic depres-
sion as well as booze and tobacco.
Though they had spent very little
time together, he and Bishop main-
tained an intense friendship, measur-
ing themselves and the world in each
other’s words. Ms. Marshall writes
that Lowell’s “brashness, his sloppi-
ness when it came to others’ feelings,
had won him an audience in the age
of poetic self-revelation he’d ushered
in with ‘Life Studies’ ” (his break-
through collection published in 1959).
For Bishop, on the other hand, “keep-
ing secrets made her poems tell
for years. Even in political terms,
“Hamlet” ends tragically for Denmark.
At 650 densely packed pages, “How
Shakespeare Put Politics on the
Stage” can be a daunting read. It is
extremely repetitious and could have
been reduced by about a third of its
length without much loss of content.
Mr. Lake writes a clear, jargon-free
prose, but his style is not exactly
graceful, and he plunges readers into
all sorts of historical controversies
without offering sufficient back-
ground or instruction, neglecting to
explain, for example, the fine points
of Christian theological disputes or
the complexities of the Lancaster,
York and Tudor dynasties. And as
with all studies of Shakespeare’s his-
tories, Mr. Lake’s could have used a
genealogical chart or two, to help a
novice reader tell all the Richards,
Henrys, Edwards and Marys apart.
Nevertheless, anyone interested in
Shakespeare should make the effort
to read this book. Even someone inti-
mately familiar with the plays will
discover much that is new, from de-
tails of historical background to inter-
pretations of specific passages.
Still, Mr. Lake’s last sentence and
summary judgment on Shakespeare
troubles me: “If along the way—at
least at the level of practical political
prognostication or commentary—he
got a great deal, indeed virtually ev-
erything wrong, all that proves is
that it is not necessary to be politi-
cally correct, or at least correct
about politics, to write plays that
last.” This is a mean-spirited judg-
ment, especially as a way to end a
major work on a major literary fig-
ure. If anything, Mr. Lake has shown
how profound Shakespeare’s insights
into politics were—especially con-
cerning the complex relation be-
tween politics and human tragedy.
Mr. Cantor’s “Shakespeare’s
Roman Trilogy: The Twilight of
the Ancient World,” will be pub-
lished by the University of Chicago
Press in the spring.
more.” Her very privacy, her guard-
ianship of the imagination and re-
spect for the actual world of other
creatures, other people, made her the
remarkable poet she was.
Writing to the poet Anne Steven-
son, an early biographer, Bishop suc-
cinctly stated her poetics: “What one
seems to want in art . . . is the same
thing that is necessary for its cre-
ation, a self-forgetful, perfectly use-
less concentration. (In this sense it is
always ‘escape,’ don’t you think?)”
Now Ms. Marshall rises to her elusive
subject: “Characteristically, she had
rendered her most important state-
ment as a parenthetical aside, fol-
lowed by a question. But she knew
the answer. Poetry had been her ref-
uge, her escape—had ‘freed’ her. Eliz-
abeth was the rainbow-bird, as she
had been the sandpiper, only now it
was time to stop ‘looking for some-
thing, something something’ and run
away to wherever she felt like. She
too was gone.” This new biography
fuses sympathy with intelligence,
sending us back to Bishop’s marvel-
ous poems.
Mr. Mason’s books include “Sea
Salt: Poems of a Decade.” He
teaches at Colorado College.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C8 | Saturday/Sunday, February 11 - 12, 2017
‘If a politician found he had cannibals among his constituents, he would promise them missionaries for dinner.’ —H.L. Mencken
Birds Do It, Bees Do It
Cannibalism
By Bill Schutt
Algonquin, 332 pages, $26.95
BY FELIPE FERNANDEZ-ARMESTO
AS LONG AS I am decently dead
when they start, cannibals can have
my carcass. After a lifetime of use-
lessness to almost everybody except
myself, my body may do some good,
rotted in compost, recycled in trans-
plants or served to the otherwise
undernourished. If an omnipotent
deity wants to reconstitute it, I am
sure neither dispersal, however
wide, nor digestion, however thor-
ough, will deter Him. Resurrection
by regurgitation? So be it. My tastes
and taboos reflect the culture to
which I belong, so I could never eat
a fellow human. But people in other
cultures can and do.
To understand human cannibal-
ism, one must appreciate two rarely
acknowledged facts: It has been
commonplace and, in most cultures
that licensed it, revered. We all have
cannibal ancestors. The evidence is
overwhelming: Under the stones of
civilizations lie bones of cannibal
feasts. Although there are plenty of
anthropophagous psychopaths and
innumerable instances of survival
cannibalism, most cannibals are can-
nibals for the same sort of reasons
that many vegetarians are vegetari-
ans. They hope to improve them-
selves, morally, by edible magic.
For the Orokaiva people of Papua,
for instance, consuming the de-
ceased was formerly a way of “cap-
turing spirits,” as they said, in com-
pensation for lost warriors. The Hua
of New Guinea ate their dead to con-
serve nu—the vital fluid they believe
to be non-renewable in nature. The
GETTY IMAGES
Gimi women of the same highlands
swallowed their dead menfolk to
guarantee fertility, encompass mas-
culinity and bear male babies. “We
would not leave a man to rot!” is
their traditional cry. “We take pity
on him! Let your body dissolve in-
side me!” Such cases have parallels
all over the world. Human meat is
the gods’ food and cannibalism a
form of divine communion. Or, com-
monly, cannibalism occurs in war, as
an act symbolizing dominance of the
defeated or one expressive of na-
kedly irrational hatred—like the ha-
tred of the villagers of Hautefaye, al-
legedly sated by eating the innocent
fellow-countryman they mistook for
a Prussian spy in 1870.
It seems odd that someone who
presumes to write a book about can-
nibals should know none of this.
What Bill Schutt does know is that
cannibalism makes “perfect evolu-
tionary sense” for many insects and
reptiles while in some mammals, in-
cluding us, cannibalized brain tissue
can kill the eater, transmitting dis-
CHILDREN’S BOOKS: MEGHAN COX GURDON
Alchemy and Other Unlikely Transformations
WHEN ISAAC New-
ton was a student at
Cambridge in the
early 1660s, some-
thing impelled him
to reflect on his boy-
hood sins and to commit them, in
code, to a tiny notebook. His crimes
against the Almighty, deciphered only
relatively recently, included “making
a mousetrap on Thy day,” “squirting
water on Thy day,” and “denying a
crossbow to my mother and grand-
mother though I knew of it.”
A striking picture-book
version of Robert Louis
Stevenson’s meditation on
the nature of dreamland.
Mary Losure dilates on these pri-
vate quirks of the future mathemati-
cian and physicist in “Isaac the
Alchemist” (Candlewick, 176 pages,
$19.99), a highly enjoyable work of
narrative nonfiction for 9- to 15-year-
olds. In pages lively with period en-
gravings and illustrations and filled
with fascinating detail, readers will
meet no figure of alabaster remote-
ness but a distinctive, prickly, devour-
ingly curious man. Ms. Losure traces
Newton’s life and astonishing discov-
eries—that prisms bend light, that
objects in motion obey physical laws—
while at the same time evoking his
INDONESIA A boat’s prow carved into a mantis, a symbol of cannibalism.
ease and turning the brain into a per-
forated sponge. The 200 or so pages
he devotes to these topics are well-
informed and—if one likes contriv-
edly chatty prose—amusing. Fanciers
of gastro-erotica can enjoy his de-
scription of redback spiders’ consum-
ing passion (“The real heavy petting
begins once the male locates the fe-
male’s epigynal opening”). They may
enjoy Mr. Schutt’s account of how, by
decapitating her partner, a female
praying mantis can boost ejaculation,
so that “even if the males are left
feeling a bit light headed after
sex . . . cannibalism can benefit
the . . . cannibalized.” The book also
relates abundant examples of how
cannibalism inspires ribald evasions
in popular culture: Collectors of
movie trivia will be pleased to hear
that a proprietary kind of chocolate
syrup provided the “blood” that
pre-Enlightenment era, “when no one
knew where magic ended and science
began” and a man of genius might
spend a good part of his life trying to
transmute base metal into gold.
A rumbustious treat awaits young
children who adore the rumble and
crash of big machines with “Mighty,
Mighty Construction Site” (Chroni-
cle, 32 pages, $16.99), a sunny
sequel by Sherri Duskey
Rinker and illustrator Tom
Lichtenheld to their popular
2011 collaboration, “Good-
night, Goodnight, Construc-
tion Site.” With a new day
dawning, a colossal project
awaits the site’s doughty five-
truck crew: “A massive build-
ing, so immense—this giant
job will be intense!” Thinking
quickly, the cement mixer
blasts out a call for
FLYING EYE
reinforcements. Soon in Mr.
Lichtenheld’s exuberant, ex-
pressive oil-pastel pictures, a
platoon of powerful trucks, diggers
and loaders roars in to help: “Rough
and rugged all day long, / rolling,
lifting, digging strong, / each truck
has had a part to play / to help the
work get done today.” Teamwork is
the watchword in this picture book
that celebrates the loud noises of
machinery and the satisfactions of
ambition achieved.
Robert Louis Stevenson’s short
meditation on the nature of dream-
land, from his 1885 collection “A
Child’s Garden of Verses,” returns in
BOOKS
seeped under the shower-curtain in
“Psycho,” the Hitchcock film inspired
by the case of Wisconsin killer Ed
Gein, who was suspected of cannibal-
ism. Meanwhile, in a long digression
about eaters of human placentas, we
hear that researchers at UNLV found
no examples of this as a practice in
preindustrial cultures; placentophagi
seem to be overwhelmingly rich
white Americans. The section on
spongiform encephalopathies (those
cannibal-killing diseases) includes
some jovial chiliasm. “Discounting a
zombie apocalypse for now . . . ,” the
author reassures us, “there may be
little to prevent famine-related canni-
balism” in the future.
A few passable pages—rather nar-
rowly focused on Chinese exam-
ples—dish up entertaining tidbits on
medical uses of human tissue. Simi-
larly the section on survival canni-
a striking stand-alone picture book:
“The Land of Nod” (Flying Eye, 32
pages, $16.95). Here the lines of Ste-
venson’s poem are set amid dra-
matic, color-saturated illustrations
by Robert Frank Hunter (see below).
“From breakfast on through all the
day / At home among my friends I
stay,” the verse begins, as a boy in
pajamas looks wistfully across the
breakfast table out a window, where
other kids are playing ball. His own
“friends” are the things in his room:
a decoy duck, a stuffed crocodile and
pig, a drum and trumpet. As night
falls, these objects transform into
companions on the boy’s travels
through a fantastical dreamscape:
“The strangest things are there for
me, / Both things to eat and things to
see, / And many frightening sights
abroad, / Till morning in the land of
Nod.” At dawn the boy seems to
glide from a great height back into
* ***
balism, though disappointingly se-
lective and innocent of most of the
relevant scholarship, is accurate as
far as it goes. Readers can also learn
what the woman in New Guinea al-
legedly did with her necrophiliac
husband’s penis after accidentally
slicing it off while preparing a hu-
man corpse for the pot.
Four chapters on cultural cannibal-
ism interrupt the jolly jottings, and
here the lip-smacking, thigh-slapping
zeal the author displays discussing
zoological and medical matters con-
trasts with his carelessness. The idea
for what one might call a multi-spe-
cies ethnography of cannibalism—if
that is what the author had in mind—
is promising and intriguing, because
Under the stones of
civilizations lie the
bones of human feasts.
ours is the only cultural species in
which cannibalism is routine and the
only mammal species in which, short
of extremities of hunger or overpopu-
lation, evolutionary disadvantage fails
to act as a deterrent.
But Mr. Schutt has done too little
preparatory work—too little reading,
too little thinking—to undertake the
task. He does not understand how
cannibalism can be pious as a funerary
practice, or socially binding in some
systems of exchange, or functional in
war. Anthropophagy is a common—al-
most a characteristic—feature of hu-
man societies, but he affects a kind of
politically correct squeamishness, reit-
erating his suspicion that cultural can-
nibalism is a mere construct of men-
dacious imperialists.
Readers can have no confidence in
the reliability of a writer who thinks,
for instance, that “Pope Innocent IV
decreed” anything in 1510; or that be-
fore “On the Origin of Species” scien-
tists generally “had yet to reject the
concept that organisms had not
changed”; or that there were “be-
tween 60 and 80 million indigenous
people” for Spaniards to exterminate
“in the Caribbean, Mexico, and Central
America” in the 16th century. Mr.
Schutt is unaware that debate about
the real presence in the Eucharist pre-
dated the Fourth Lateran Council. It is
hard to respect a self-styled expert on
cannibalism who does not know the
derivation of the word: Columbus, in
an excess of wishful thinking, mis-
wrote “caniba” for “cariba” because he
was expecting news of subjects of the
Chinese ruler he called “Gran Can.”
Even in evocations of reptile sex and
medical dermatophagy, Mr. Schutt’s
humor is often unintentional, but the
book is always good for a laugh.
Mr. Fernández-Armesto is a pro-
fessor at Notre Dame.
his bed, revealing that he’s stuck
indoors on account of a broken leg.
In a charming touch, the very last
thing we see is a crumpled handwrit-
ten note that reads, “Get well soon.”
Yes, getting well soon is the need-
ful thing at this time of year (cough,
cough), especially for Little Louie, the
congested hero of the comic picture
book “Bob, Not Bob!” (Disney Hy-
perion, 40 pages, $17.99). Audrey
Vernick and Liz Garton Scanlon’s
jaunty narrative is meant to be read
“as though you have the worst cold
ever,” which poor Louie does. He’s
sick and miserable, and he wants his
mother. “Bob!” he calls plaintively, in
his “weird, all-wrong stuffed-up
voice.” Does his mother come run-
ning? No, she does not. Instead, Bob
comes running: Bob, the family’s big,
slobbery dog. Over and over this hap-
pens, with Louie growing ever more
desperate, until finally his Mom un-
THE WALL STREET JOURNAL.
SCI-FI: TOM SHIPPEY
Voodoo
Dystopia
THE BIG event in
our near future,
warns Norman Spin-
rad in “The Peo-
ple’s Police” (Tor,
284 pages, $27.99),
will be the Great Deflation. The dol-
lar will surge, prices and wages will
fall. Who suffers in that scenario?
Everyone with a mortgage. Ameri-
cans end up like Icelanders not so
long ago, saddled with debts they
can’t pay with now-deflated in-
comes. The next stage is foreclo-
sures and evictions.
In sadly shrunken New Orleans, Of-
ficer Martin Luther Martin is given an
eviction notice to enforce—with his
own name on it. He goes to Big Joe,
his union rep, and they pass a resolu-
tion saying no cop will evict any
other. But why stop there?
So far the sci-fi content of Mr.
Spinrad’s story has been low, but this
is New Orleans, and voodoo takes a
hand. The catalyst is MaryLou Bou-
dreau, a street dancer who finds her-
self possessed by the loa, or spirit, of
the voodoo deity Erzuli. It does won-
ders for her dancing, but it also draws
the loas into human politics.
They want to see the good times
roll, which they enjoy by possessing
human “horses.” So they lobby for a
wilder Mardi Gras, and with it the
idea of the “People’s Police of New
Mardi Gras–loving
spirits are drawn into
the municipal politics
of New Orleans.
Orleans”: cops looking the other way
on minor crime, especially vice. In ex-
change the loas agree to steer the
storms of Hurricane Season away
from the city.
Up in Louisiana’s Bible Belt, it
looks like the Big Easy not only be-
came the Big Sleazy but actually
made a pact with Satan. How will that
play in state politics? Mr. Spinrad
keeps the unintended consequences
rolling, often hilariously.
Maybe someone should tell him,
though, that reneging on your debts
is not a victimless crime. Mr. Spinrad
would reply—in a voice of thunder—
that seducing people into debt isn’t a
crime at all, but it sure creates vic-
tims. Especially in a place like New
Orleans, which, as he puts it with
characteristic slangy delicacy, is
barely holding on to the edge of the
toilet bowl as is.
No one could ever call Mr. Spinrad
moderate, but over the decades he has
shown himself a hard guy to argue
with. And devastatingly funny as well.
derstands. With hasty squiggled lines
and dashes of watercolor, Matthew
Cordell captures the moment of deep
consolation when Louis can finally
snuggle close to his “Bob” under the
covers. It is a scene that parents will
recognize with tenderness and cha-
grin, for there’s no lovelier way to
comfort a small child—nor faster
means of catching what’s ailing him.
In honor of Valentine’s
Day, let us savor the love bal-
lad of a bad dog in “I Will
Love You Anyway” (Aladdin,
32 pages, $17.99), a picture
book by popular British chil-
dren’s writer Mick Inkpen and
illustrated by his daughter,
Chloe Inkpen. “I lick your
face. / I bite your leg. / I nip
your finger. / Paw your head,”
chants the goggle-eyed ani-
mal as he torments his small,
carrot-headed boy; “I steal
your glove. / I steal your shoe.
/ I steal your socks. / They
smell of you.” The animal’s escalating
misbehavior repeatedly culminates in
his running away, something he
seems especially well equipped to do,
given that Ms. Inkpen has drawn him
wearing little striped sweatbands
above his paws. Distressingly, one
stormy night unseen grown-ups dis-
cuss getting rid of the incorrigible
creature. The dog (of course) runs
away, becomes lost, gets found—and
is forgiven. Is he a reformed charac-
ter? No. But he will love you anyway,
in this sly and funny tale.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
‘Going up that river was like traveling back to the earliest beginnings of the world, when vegetation rioted on the earth and the big trees were kings.’ —Joseph Conrad
Rumbling Through the Jungle
Crossing the Congo
By Chloe Baker, Mike Martin
& Charlie Hatch-Barnwell
Hurst, 221 pages, $29.95
BY ANTHONY SATTIN
MOST OF US WILL never set foot in
the Democratic Republic of the Congo.
The second-largest country in Africa
inspires wariness and wonder in equal
measure. About a quarter the size of
the U.S., it is immensely rich in natu-
ral resources, its inhabitants are
mostly extremely poor, and vast
swaths of the country have very little
infrastructure, which might mean no
roads, no communication, no running
water, no electricity. Between 1885
and 1908, it was called the Congo
Free State, although as the personal
property of the Belgian king it was
anything but free. Whatever we call
it—it has also been known as Zaire
and the Belgian Congo—its vast min-
eral wealth has condemned it to war,
intervention and corruption. No won-
der Joseph Conrad used it as the set-
ting for “Heart of Darkness.” So why
CHARLIE HATCH-BARNWELL
would anyone want to cross the coun-
try, unarmed, on a tight budget and in
an aged Land Rover?
Chloe Baker is an anesthesiologist
who works in critical care and emer-
gency-room situations. Mike Martin is
a former British soldier who set up
the British army’s Cultural Advisor
program. He has a degree in biological
sciences from Oxford University and
in war studies from King’s College,
London. In February 2013, the couple
left the U.K. in a 27-year-old Land
Rover intending to drive around West
Africa. “We hoped to improve our
French,” Dr. Baker explains, “as well
as scoping out possible cities where
we would be happy to work together
in the future.” Mauritania, Burkina
Faso, Liberia and Nigeria would, in
themselves, have made credible desti-
nations for a rugged adventure story,
but this book focuses on their journey
across the Democratic Republic of the
Congo (DRC), from its border with the
Republic of the Congo in the west to
South Sudan in the northeast.
They had not intended to cross the
DRC when they left London, because
they thought it would be impossible
or, at the very least, extremely hazard-
ous. But they did not want to return to
Europe the way they had come and,
when conflicts broke out in Algeria,
A Dose of the Great Outdoors
The Nature Fix
By Florence Williams
Norton, 280 pages, $26.95
BY DANNY HEITMAN
LUDWIG VAN BEETHOVEN was a
tree-hugger. “The woods, the trees
and the rocks give man the resonance
he needs,” wrote the composer, who
was known to embrace his backyard
linden. Walt Whitman warned that in
the absence of nature, the “pestifer-
ous little gratifications” of the city
wouldn’t be enough to sustain us. And
John Muir worried that his fellow cit-
izens, if not regularly exposed to open
land and sky, would become “tired,
nerve-shaken, over-civilized people.”
All three men sensed what science is
increasingly proving: Being in nature
nourishes our minds and bodies, and
its absence makes us unwell.
Florence Williams, a writer for
Outside magazine, takes up this sub-
ject in “The Nature Fix,” her lively ex-
ploration of what modern research
has to say about the myriad health
benefits of the great outdoors. Ms.
Williams’s premise isn’t new. Richard
Louv made a similar case in “Last
Child in the Woods,” his 2005 book
about what a “nature-deficit disor-
der” was doing to youngsters, as well
as “The Nature Principle,” his 2011
follow-up that explored how recon-
necting with nature might help people
of all ages. Ms. Williams mentions Mr.
Louv’s work, then elaborates on it
with a wealth of recent findings from
the fields of psychology, neurology
and internal medicine. We all know
that exercise improves cognitive func-
tion. Within the next decade, cogni-
tive psychologist David Strayer tells
Ms. Williams, the power of nature ex-
periences to advance brain health
could become equally apparent.
One big reason such research has
lagged is the technical challenge of
gathering data from the field. “Until
recently, it’s been hard to see inside
* * * *
PIT STOP Mike Martin and Chloe Baker on National Road 1 in the Democratic Republic of the Congo.
Mali and the Central African Republic,
there ahead of them was the DRC. For
this leg of the trip they were joined by
the photojournalist Charlie Hatch-
Barnwell, an old friend of Mr. Martin’s.
What can we expect from an ac-
count of this sort of journey? Others
who have been here before have given
a clear idea, none clearer perhaps
than the one by British journalist Tim
Butcher, who called his 2007 best
seller “Blood River: A Journey to Af-
rica’s Broken Heart.” There will be
grandeur in nature and pettiness in
the people, exacerbated by poverty
and mistrust, fueled by corrupt offi-
cials. There will also be acts of hum-
bling generosity. There will be per-
sonal challenges, as well as moments
of boredom brought on by traveling
long distances very slowly and others
of heroism when confronting danger.
In short, it will be an adventure. And
over 2,500 miles and 60 days that’s
exactly what it was.
The physical journey was colored
the brain in real-world settings or un-
der more sophisticated lab condi-
tions,” Ms. Williams points out. Even
so, as readers of “The Nature Fix”
learn, researchers are working to bet-
ter understand how human response
to nature shapes who we are. Ms. Wil-
liams chronicles that field research
around the world, sometimes using
herself as a guinea pig.
In Japan, for example, she ex-
plores the phenomenon of “forest
bathing,” in which stressed-out ur-
banites immerse themselves in the
sights, sounds and scents of wooded
preserves. The practice is supported
by biophilia, the theory that because
we evolved in nature, we still feel
most at home there.
Being outdoors not only
eases anxiety but digestion
—one reason campfire
cooking tastes so good.
Being outside, it turns out, can not
only ease anxiety but digestion. As the
body relaxes, the “rest and digest”
part of our nervous system goes to
work, one possible reason campfire
cooking tastes so good. And the aroma
of certain trees, such as the hinoki cy-
press, seems to lower blood pressure.
In the desert reaches of Utah, Ms.
Williams considers why looking at
natural landscapes might make peo-
ple feel better. Here she draws on
GETTY IMAGES
the research of University of Michi-
gan psychologists Stephen and Ra-
chel Kaplan, whose work suggests
that nature scenes “hit the sweet
spot of being interesting but not too
interesting” and stimulate the brain
without taxing it. Urban landscapes,
whatever their pleasures, appear to
engage the brain in exhaustive prob-
lem-solving, not peaceful reflection.
“Studies show that when people
walk in nature, they obsess over
negative thoughts much less than
BOOKS
by the fact that the three were travel-
ing in an older model of Land Rover’s
all-terrain vehicle, which was built
without any electronic components,
which meant that many parts could
be improvised, as they often had to
be. Even if the Land Rover could be
kept running—and 9Bob, as it was
called (a British-slang reference to the
shady nature of the person they
bought it from), becomes the neediest
member of the team but does make it
through to the end—they were driv-
ing through some of the most remote
and challenging terrain on earth,
much of it equatorial rain forest. They
had to clear fallen trees from tracks
through jungle and build a raft to
cross a swollen river. There was no
shortage of natural threats from huge
animals and tiny parasites. But the
greatest challenge came from the peo-
ple, for they were driving through a
country that is not so much undevel-
oped as undeveloping.
When it won independence from
when they walk in a city,” Ms. Wil-
liams writes.
She would know: The author was in-
spired to consider the link between na-
ture and health after she moved from
Colorado to Washington, D.C. “The
trails near our house were ribbons of
RUNNING CURE A trail on Flagstaff Mountain in Boulder, Colo.
delight, filled with surprises like the
baby scorpion who skittered across to
say goodbye,” she recalls of Boulder,
while in Washington she has “had cry-
ing jags in traffic jams, and at times
I’ve been so tired I’ve had to pull over
and nap on MacArthur Boulevard.”
A woman who finds charm in a
Saturday/Sunday, February 11 - 12, 2017 | C9
Belgium in 1960, the DRC had some
70,000 miles of maintained roads. To-
day there are thought to be less than
700. Not that this would deter local
At independence in 1960,
the Congo had 70,000
miles of maintained roads.
Today it has less than 700.
officials from trying to levy tolls from
the foreigners as they passed along
mud tracks. In places they knew they
were on a “highway” only because
they spotted pre-independence road
signs amid the overgrowth. At other
times they followed the chassis-
wrecking, car-swallowing furrows cre-
ated by huge trucks moving cobalt
and other minerals toward the mighty
Congo River and, inevitably, on to the
West and increasingly to China. Per-
scorpion might seem convinced that
Mother Nature is a perfect parent.
But Ms. Williams resists the tendency
of so much nature writing towards
easy epiphanies, adopting a tone that
is, instead, pleasingly puckish. After a
day of discerning the desert wonders
outside Moab, she mentions with a
wink that the science team she’s
chronicling retreats not to a cave but
a hotel, “albeit with a fire pit on a
roof deck.” When a Japanese anthro-
pologist discusses how nature can
calm the brain, Ms. Williams notes
that “he’s talking about the nice parts
haps the greatest surprise to the trav-
elers was the threat posed by mining
interests and by themselves to those
interests: When they insisted that
they were mere innocent bystanders,
describing themselves as “tourists,”
they roused further suspicion in vil-
lagers and officials, who then as-
sumed they were environmentalists.
“Crossing the Congo” carries the
names of three authors and is a com-
munal effort. Dr. Baker, who kept
them healthy and patched up their
wounds, wrote the informative intro-
duction and afterword; Mr. Hatch-
Barnwell contributed the many stun-
ning photographs; and Mr. Martin
wrote the bulk of the book. It is a
straightforward piece of peripatetic
writing, one day’s journey following
the next, although not all days are
equal. The narrative moves along eas-
ily from nervous excitement at the
beginning of each day to exhausted
relief at the end. Moments of sus-
pense, surprise, joy, anger and danger
keep the daily round interesting.
What it lacks is overview or context,
and this reader, at least, was longing
for information beyond what the
travelers’ saw—for some background
on the extraction of minerals, or
tribal culture, or even what the coun-
try looked like 50 or 100 years ago. I
was longing for more knowingness
and also for more literary endeavor,
for verbal portraits that would bring
both the people and the landscape to
life, although some of that is cap-
tured in the striking photographs.
If these reservations have left you
wondering why you should read
“Crossing the Congo,” there is none-
theless good reason to, because, as
well as becoming undeveloped, the
Democratic Republic of the Congo is
becoming unknown, at least to outsid-
ers, and not even Google or YouTube
can help you here. So if you would
like to know what is involved in cross-
ing the vastness at the heart of the
African continent with a couple of en-
terprising friends—bumping along
tracks, facing down the daily demands
for “official” bribes and the persistent
curiosity of villagers who have forgot-
ten that curious visitors still exist,
hacking your way through not jungle
but hundreds of trees felled to block
your route by people who are afraid
of being exposed—you will find it
here in all its mud-splattered glory.
Mr. Sattin’s most recent book is
“The Young T.E. Lawrence.”
of nature found in the hillsides of
Japan, not the pestilential scum
ponds or barren terrains of the globe
that also constitute nature.” And she
gives voice to those who don’t see na-
ture as a marquee attraction. Ms. Wil-
liams cites Oscar Wilde’s definition of
nature as “a place where birds fly
around uncooked.” She also quotes
Woody Allen: “I love nature, I just
don’t want to get any of it on me.”
Those skeptical commentators
compel Ms. Williams to weigh the evi-
dence of her case carefully. Is a trip to
the woods any better than listening to
music or going to a museum? Does
nature itself soothe people, or are
they simply more relaxed because
they’re out of the office? In other
words, is “the nature fix” actually
about nature, or is it more broadly
about our general hunger to escape
from the monotony of our daily lives?
Ms. Williams puzzles out the pros
and cons, concluding, on balance, that
there’s a good case for connecting
with nature to extend both the quan-
tity and quality of life. But she cau-
tions against false choices. “Don’t
worry,” she assures readers. “I’m not
going to tell you to pitch your smart-
phone over a waterfall.” The good
news, the author finds in Finland, is
that even small doses of nature, such
as 15 to 45 minutes in a city park, are
“enough to improve mood, vitality
and feelings of restoration.”
In 2008, according to the World
Health Organization, humanity made
a historic transition, with more
people living in urban areas than ru-
ral ones. Even so, the call of the wild
continues to ring in our evolutionary
ears. “Our nervous systems are built
to resonate with . . . the natural
world,” Ms. Williams writes. “Science
is now bearing out what the Roman-
tics knew to be true.”
Mr. Heitman, a columnist for the
Advocate newspaper in Louisiana,
is the author of “A Summer of
Birds: John James Audubon at
Oakley House.”
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C10 | Saturday/Sunday, February 11 - 12, 2017
‘How much easier life would be if people were all black or all white and how much simpler it would be to act in regard to them!’ —W. Somerset Maugham
MYSTERIES: TOM NOLAN
GETTY IMAGES
Rapid City Redux
FOR APRIL SMITH’S
heroine Jo Kusek,
“Home Sweet
Home” (Knopf, 351
pages, $26.95) has
been anything but
that for Jo Kusek. In 1985, the 39-
year-old landscape designer returns
to the place she grew up—Rapid City,
S.D.—in the wake of her sister-in-
law’s Christmas Eve murder and the
simultaneous near-fatal attacks on
her brother and nephew.
The Kusek family is well-known in
Rapid City. Twenty-five years earlier,
Jo’s father, a lawyer, a rancher and a
native New Yorker, ran for the U.S
Senate in a race that smeared him
and his wife as Communist sympa-
thizers. Perhaps, Jo thinks, these vio-
lent crimes may have their roots in
those vicious times.
Most of the absorbing and sus-
penseful “Home Sweet Home” unfolds
in flashbacks spanning the Kuseks’ ar-
rival in South Dakota from New York
in the 1950s, their determined accli-
mation (“They’ll get used to us,” Jo’s
father Cal insists, and “we’ll get used
to them”), and Cal’s career and its
consequent impact on his family. The
narrative’s point of view switches
with ease between Cal, his wife Betsy,
young Jo and several other charac-
ters. Historical events—Eisenhower’s
election, the McCarthy hearings, John
F. Kennedy’s assassination and more—
provide the larger backdrop against
which the Kuseks’ lives unfold.
April Smith, author of six previous
novels and several Emmy-nominated
TV scripts, knows well how to tell a
multi-faceted story rich in detail and
plot. Here she has composed an in-
volving saga that’s at once a murder
mystery, a political thriller, a court-
room chronicle and a Western adven-
ture. Near its surprising conclusion,
when a reader may fear the book’s de-
nouement will prove perfunctory, the
author delivers a gritty, contemporary
ending that is linked inextricably to
the events and passions of the past.
When Dallas police detective Betty
Rhyzyk—the tall, redheaded Brooklyn
transplant who narrates Kathleen
Kent’s often exciting and sometimes
moving police thriller “The Dime”
(Mulholland, 341 pages, $26)—is
Best-Selling Books | Week Ended Feb. 5
With data from NPD BookScan
Hardcover Nonfiction
TITLE THIS
AUTHOR / PUBLISHER WEEK
Hillbilly Elegy 1 1
J.D. Vance/Harper
Killing the Rising Sun 2 3
Bill O’Reilly & Martin Dugard/Henry Holt & Company
Tools of Titans 3 2
Timothy Ferriss/Houghton Mifflin
Jesus Always 4 5
Sarah Young/Thomas Nelson
Three Days in January 5 4
Bret Baier with Catherine Whitney/William Morrow
Nonfiction E-Books
TITLE THIS
AUTHOR / PUBLISHER WEEK
Hillbilly Elegy 1 2
J.D. Vance/HarperCollins Publishers
I Am Hutterite 2 –
Mary-Ann Kirkby/Thomas Nelson, Inc.
The Big Picture 3 –
Sean Carroll/Penguin Publishing Group
Hidden Figures 4 4
Margot Lee Shetterly/HarperCollins Publishers
Gut 5 –
Giulia Enders/Greystone Books
Killing the Rising Sun 6 9
Bill O’Reilly & Martin Dugard/Henry Holt & Company, Inc.
Influence 7 –
Robert B Cialdini, PhD./HarperCollins Publishers
An Invisible Thread 8 7
Laura Schroff and Alex Tresniowski/Howard Books
The Dressmaker of Khair Khana 9 –
Gayle Tzemach Lemmon/HarperCollins Publishers
The Imam’s Daughter 10
Hannah Shah/Zondervan
asked by a male colleague whether it’s
harder being a female cop in New
York or in Texas, she answers: “Much,
much harder up north.” Her Brooklyn
mates, she says, “were old school.
Three generations of pounding con-
crete, fighting slum wars, and resist-
ing bribes from gangs and the Cosa
Nostra. . . . All you guys had to fight
were some cattle rustlers and a few
Native Americans on horseback.”
But that’s before Det. Rhyzyk (a
self-described “blazing harpy with
legs like steel-belted radials”) takes
part in a drug bust with a body count
that keeps mounting due to the vio-
lent retributions of its survivors.
(Severed ears and a decapitation are
involved.) Rhyzyk herself becomes a
person of obsessive interest to a
drug-dealing cult with apocalyptic re-
ligious beliefs: It’s “Bronze Age, patri-
archal, split-your-skull-open threats”
sort of stuff.
A family saga that’s also a
murder mystery, political
thriller, courtroom drama
and Western adventure.
Rhyzyk takes a fair share of flak
from some of her police cohorts, too:
those whose “male copitude” is exac-
erbated by her lesbianism. The New
Yorker often feels like a fish out of
water in this state where “the Wal-
marts . . . have parking lots with their
own zip codes.”
But her boss and her current work
partner are supportive; and she takes
further advice and comfort from re-
membered conversations with her
late Uncle Benny, a Brooklyn cop as
wise as he was tough. One of his mot-
tos: “Don’t get stuck in the abyss of
your own morass.”
Benny appears in flashback-memo-
ries spaced throughout “The Dime,”
the most effective of which turns into
a surreal surprise revealing the mean-
ing of this grisly but likable novel’s ti-
tle. Betty’s uncle also gives some ad-
vice for a crime-fighting job which
never ends: “All we can do is add our
light to the sum of light.”
LAST TITLE THIS LAST
WEEK AUTHOR / PUBLISHER WEEK WEEK
Strengths Finder 2.0 6 6
Tom Rath/Gallup Press
The Magnolia Story 7 7
Chip & Joanna Gaines/Thomas Nelson
The Whole30: The 30-Day Guide ... 8 – Right Behind You
Melissa & Dallas Hartwig/Houghton Mifflin
Jesus Calling 9 –
Sarah Young/Thomas Nelson Publishers
Nothing to Prove 10 New
Jennie Allen/Waterbrook Press
Nonfiction Combined
LAST TITLE THIS LAST
WEEK AUTHOR / PUBLISHER WEEK WEEK
Hidden Figures 1 1
Margot Lee Shetterly/William Morrow & Company
Hillbilly Elegy 2 2
J.D. Vance/Harper
Killing the Rising Sun 3 3
Bill O’Reilly & Martin Dugard/Henry Holt & Company
Milk And Honey 4 5
Rupi Kaur/Andrews McMeel Publishing
Tools of Titans 5 4
Timothy Ferriss/Houghton Mifflin
Three Days in January 6 7
Bret Baier with Catherine Whitney/William Morrow&Co.
Uninvited 7 8
Lysa TerKeurst/Thomas Nelson
You Are a Badass 8 –
Jen Sincero/Running Press Book Publishers
The 5 Love Languages 9 –
Gary Chapman/Northfield Publishing
– Jesus Always 10 – A Man Called Ove
Sarah Young/Thomas Nelson
BOOKS
FIVE BEST: A PERSONAL CHOICE
James Naughtie
The Untouchable
By John Banville (1997)
1
JOHN BANVILLE’S imagined
account of the life of the Rus-
sian agent Anthony Blunt exem-
plifies spy fiction at its most en-
thralling—that is, the kind focused
on the quiet, relentless unfolding of
character. Embraced by the British
establishment, the art historian
Blunt led a many-layered life of de-
ception—the Surveyor of the
Queen’s Pictures who was controlled
by Stalin’s operatives, the gay man
who patrolled the streets of London
in search of rough trade at a time
when it could have led him to jail,
and the secret servant in World War
II who told Moscow all the secrets
he knew. In Mr. Banville’s wistful,
masterly novel, Blunt is Victor
Maskell, whose espionage activities
have shaped his life. But for the So-
viet masters who recruited him
from a gang of rebellious student
aesthetes at Cambridge, the ques-
tion was: Could he be trusted? As
with Kim Philby, they could proba-
bly never be sure. Mr. Banville said
that he got the idea for his novel
from TV footage of Blunt at a press
conference after his unmasking by
the Thatcher government in 1979. It
was a telling moment. Mr. Banville
saw the old spy smile to himself—as
if to say that, after a life led in the
dangerous shadows, he had nothing
left to fear.
Ashenden
By W. Somerset Maugham (1928)
2
SOMERSET MAUGHAM is
little read today, but his
prose still sings. Linked to-
gether by the adventures of the
BOER WAR Erskine Childers, ca. 1899.
Hardcover Fiction
TITLE THIS
AUTHOR / PUBLISHER WEEK
Double Down (DWK #11)
Jeff Kinney/Amulet Books
Never Never
James Patterson&Candice Fox/Little, Brown and Company
Lisa Gardner/Dutton Books
Love from The Very Hungry...
Eric Carle/Grosset & Dunlap
Beauty and the Beast
Jennifer Donnelly/Disney Press
Fiction E-Books
TITLE THIS
AUTHOR / PUBLISHER WEEK
Right Behind You
Lisa Gardner/Penguin Publishing Group
Picture Perfect
Jodi Picoult/Penguin Publishing Group
Billionaire Unknown
J. S. Scott/J. S. Scott
What She Knew
Gilly Macmillan/HarperCollins Publishers
Seven Minutes in Heaven
Eloisa James/HarperCollins Publishers
Never Never
James Patterson&Candice Fox/Little, Brown and Company
Major Pettigrew’s Last Stand 7 –
Helen Simonson/Random House Publishing Group
The Hypnotist’s Love Story
Liane Moriarty/Penguin Publishing Group
1984
George Orwell/Houghton Mifflin Harcourt
Fredrik Backman/Atria Books
* ***
on spy novels
eponymous spy, the stories in this
volume are assumed to be based
on Maugham’s own activities after
he was prevailed upon—when he
was already a famous writer—to
spy for the British in Europe dur-
ing World War I. The recurring
theme is persuasion. Ashenden has
to find ways of convincing his tar-
gets that they have misunderstood
their own interests and should fol-
low him—across a border, perhaps,
or into danger, and always through
a web of deceit. The tales crackle
with melodrama and fun—“The
Hairless Mexican” and “Mr. Har-
rington’s Washing” are little mas-
terpieces of the storyteller’s craft—
and they reveal, above all, the
truth about the best fictional spies.
They may serve a cause with dedi-
cation and say, “My country right
or wrong,” but still their greatest
pleasure is finding a chink in the
human armor that suggests a game
can be won. Not always a kill, but
victory all the same.
The Riddle of the Sands
By Erskine Childers (1903)
3
BEFORE THE WAR in which
Ashenden flitted across Eu-
rope, and with spy fever ram-
pant in Britain, Erskine Childers
produced a novel that became a
lodestar for writers from John
Buchan to John le Carré. The explo-
ration of the foggy sandbanks of the
Baltic Sea by two young Englishmen
in their ramshackle yacht, and the
uncovering of a German masterplan
for invasion, is a triumph of atmo-
sphere and detail. You never forget
the creeping mists, the shadows of
warships, the eyes of the plotters.
The young men’s patient observa-
tion makes a taut story in which lit-
tle seems to happen, but everything
is on the move. It’s easy to under-
stand why Buchan—whose “Green-
mantle” (1916) remains a classic
novel of espionage—was moved by
this work portraying the way in
which the penetration of great se-
crets can be at hand but remain,
nevertheless, beyond reach.
The Kaiser’s Last Kiss
By Alan Judd (2003)
4
THIS NOVEL, which deserves
to be much better known (it
was filmed last year and re-
titled “The Exception”), is set in
1940, with Kaiser Wilhelm II of Ger-
many still in exile while his country
GETTY IMAGES
embarks on another disastrous war.
One of his SS guards, Krebbs, falls
in love with a maid—in fact, a Brit-
ish spy put in place to explore the
LAST TITLE
WEEK AUTHOR / PUBLISHER
1 2 The Whistler
John Grisham/Doubleday Books
2 1 The Girl Before
J.P. Delaney/Ballantine Books
3 New Dog Man Unleashed (Dog Man #2)
Dav Pilkey/Graphix
4 – Carve the Mark 9 3
Veronica Roth/Katherine Tegen Books
5 New Fantastic Beasts
J. K. Rowling /Arthur A. Levine Books
Fiction Combined
LAST TITLE
WEEK AUTHOR / PUBLISHER
1 New A Dog’s Purpose
W. Bruce Cameron/Forge
2 – 1984
George Orwell/Signet Book
3 New Right Behind You
Lisa Gardner/Dutton Books
4 3 A Man Called Ove 4 5
Fredrik Backman/Washington Square Press
5 New Never Never
James Patterson&Candice Fox/Little, Brown and Company
6 7 The Girl on the Train
Paula Hawkins/Riverhead Books
Seven Minutes in Heaven
Eloisa James/Avon Books
8 – Picture Perfect
Jodi Picoult/Berkley Books
9 2 The Apartment
Danielle Steel/Dell
10 – Billionaire Unknown
J. S. Scott/J. S. Scott
THE WALL STREET JOURNAL.
MR. NAUGHTIE is a special
correspondent for BBC News and the
author, most recently, of ‘Paris Spring.’
possibility that the Kaiser might de-
fect and turn against the country he
once ruled. The ensuing struggle
between duty and love torments
Krebbs. Alan Judd brilliantly illumi-
nates the tension that can rack
those who must choose between
conflicting loyalties, not to mention
the anguish that comes with the
burden of guarding the most vital
of secrets. All of it is a special kind
of pain, his characters suggest—a
pain that gives a satisfaction that
is, so often, the making of a spy.
Fever and Spear
By Javier Marías (2002)
5
WHO COULD BE more aware
of the power of duplicity than
a translator? This novel, the
first of a trilogy, answers the ques-
tion with Deza, who moves easily
across every language barrier but
whose real genius—in the view of
the British spies who have recruited
him—lies in recognizing how much
can be learned from outward ap-
pearances. Introduced to the myste-
rious figure who recruits him as an
agent, he constructs a perfect char-
acter sketch from the expressions
on the man’s face. I have a copy of
a memorial address for a celebrated
spy, given in London a few years
ago, in which one of her col-
leagues—once a senior figure in
MI6—praised her for understanding
that you learn more about people
by watching them than by listening.
That insight, the MI6 veteran said,
was the clue to their trade. The
same perception lies at the heart of
Javier Marías’s novel, distinctive
not only for Deza but also for its
touches of lyricism: “Rare is the
trust or confidence that is not
sooner or later betrayed, rare is the
close bond that does not grow
twisted or knotted.” It’s a work that
exemplifies the way in which a calm
and deliberative unfolding of a
story can create a sense of terror.
The best spy novels nearly always
take their time.
Methodology
THIS LAST
WEEK WEEK NPD BookScan gathers point-of-sale book data from
more than 16,000 locations across the U.S.,
6 4 representing about 85% of the nation’s book sales.
Print-book data providers include all major
booksellers (now inclusive of Wal-Mart) and Web
7 New 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 8 fiction and nonfiction lists in all
formats include adult, young adult, and
juvenile titles; the business list
includes only adult titles. The combined
lists track sales by title across all print
and e-book formats; audio books are excluded. Refer
10 7 questions to Peter.Saenger@wsj.com.
Hardcover Business
THIS LAST TITLE THIS LAST
WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK
1 1 Strengths Finder 2.0 1 1
Tom Rath/Gallup Press
2 2 The Five Dysfunctions of a Team 2 2
Patrick M. Lencioni/Jossey-Bass
3 New Total Money Makeover 3 3
Dave Ramsey/Thomas Nelson
Extreme Ownership 4 5
Jocko Willink & Leif Babin/St. Martin’s Press
5 3 Emotional Intelligence 2.0 5 4
Travis Bradberry & Jean Greaves/Talentsmart
6 6 The Energy Bus 6 6
Jon Gordon /John Wiley & Sons
7 New The Ideal Team Player 7 7
Patrick M. Lencioni/Jossey-Bass
8 – Who Moved My Cheese? 8 –
Spencer Johnson /Penguin Putnam
9 8 Good to Great 9 8
Jim Collins/HarperBusiness
10 New The 4-Hour Workweek 10 9
Timothy Ferriss/Crown Publishing Group (NY)
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
SHAYAN ASGHARNIA FOR THE WALL STREET JOURNAL
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
Nicolas Berggruen
The philanthropist is
putting his money on
philosophy
WHAT THE WORLD needs now,
says Nicolas Berggruen, is more
philosophy. He thinks that the
great thinkers of human history
just might provide some solutions
in our time of political and eco-
nomic upheaval. “I always felt phi-
losophy…doesn’t get enough atten-
tion,” says Mr. Berggruen, a
philanthropist and financier who
seven years ago launched the Berg-
gruen Institute, an unusual think
tank with an endowment of $1 bil-
MOVING TARGETS: JOE QUEENAN
We’re Long Overdue for Tasty Frankenveggies
SCIENTISTS have at last figured
out a way to make tomatoes juicy
and scrumptious and edible again.
In a recent issue of the journal
Science, Harry J. Klee, a professor
of horticultural science at the Uni-
versity of Florida, and colleagues
explain the many factors that have
gone into making tomatoes so
bland and drab and just plain hor-
rible over the past few decades.
Without getting too technical,
today’s taste-free tomatoes result
from years of tampering by grow-
ers. In the words of Joe Man-
tegna in the vastly underrated
film “¡Three Amigos!”: “We
strayed from the formula, and we
paid the price.” Now Dr. Klee and
his associates have gone back to
the original formula.
The researchers have been care-
ful to use old-fashioned breeding
methods, not bioengineering, to
create delicious tomatoes from
available commercial and heirloom
varieties. They didn’t want the
* * * *
lion. “We’re still shaped by ideas
and by the people that created
them thousands of years ago.” He
hopes to encourage scholars and
intellectuals to engage with the
great traditions founded by such
figures as Socrates and Confucius.
His institute, which aims to de-
velop ideas in politics, economics
and social organization, has just
given out its first $1 million Berg-
gruen Prize for philosophy (to the
Canadian scholar Charles Taylor).
Mr. Berggruen, 55, is now starting
work on a physical space for the
institute. The “secular monastery,”
as he calls it, will house around 50
thinkers on 400 acres of land in
usual suspects to raise the alarm
about deadly Frankenmatoes.
Here I believe that the scientists
have erred on the side of caution.
Frankenveggies and fruits might be
just what the doctor ordered for a
society too long deprived of vegetal
variety and nuance. Celery hasn’t
excited anyone in 400 years. Store-
bought carrots are vile.
And what about lima beans?
Lima beans never had pizazz,
much less panache. They fall
into that broad class of uncom-
promisingly punitive vegetables
that mom forced you to eat
when you flunked your trig
exam—an odious, demoralizing
foodstuff with unexplained nutri-
tional value, elusive allure and
mysterious origin. Did lima
beans come from Peru? Southern
Ohio? Were they a Thanksgiving
gift from the Pequot tribe?
Lima beans aren’t alone in this
category. Did broccoli ever taste
good? Cauliflower? Were turnips
REVIEW
the hills of Los Angeles. Architects
Herzog & de Meuron are working
on the plans.
Mr. Berggruen, who has an esti-
mated net worth of some $2 billion,
has been fond of philosophy since
his days as a teenager reading
about existentialism. He grew up in
Paris, the son of art dealer and col-
lector Heinz Berggruen. After at-
tending boarding school in Switzer-
land, he graduated from New York
University and went into finance. In
1988, he started a hedge fund with
Colombian businessman Julio Mario
Santo Domingo Jr. called Alpha In-
vestment Management, which they
sold in 2004 to Safra Bank.
There’s hope for
better tomatoes.
Now, tackle those
lima beans.
Saturday/Sunday, February 11 - 12, 2017 | C11
He earned the nickname “the
homeless billionaire” when he gave
up his residences and other grand
possessions (except for his private
plane) in the early 2000s and
started living an itinerant life in
luxury hotels. “Everything is tran-
sitory anyway,” he says, “and the
one thing that lasts are the experi-
ences more than the possessions.”
The financial crisis that began in
2007 convinced him to seek
greater meaning in his life.
Mr. Berggruen settled down in
Los Angeles permanently last year.
He thinks that the city is more
open to new ideas than the Euro-
pean capitals or New York. “It’s not
ever as tasty as their duplicitous
adherents claim? Scientists need to
get cracking on all the other bland,
depressing, soul-destroying vegeta-
bles that are the stock and trade of
our slothful, unimaginative super-
markets.
My guess is that we can make
some improvements by mixing veg-
etable varieties as the University of
Florida folks did. But to make big-
ger changes—and let’s face it,
vegetables need all the help they
can get—we need to haul out the
really big genetic guns. Some
risks are worth taking.
If a few modified genes would
breed us Brussels sprouts that
taste like Doritos—especially the
Cool Ranch flavor—who’s going to
complain? Who will sound the
alarm if iceberg lettuce stops tast-
ing like an iceberg and starts tast-
ing like ice tea? Or ice cream? Is
there any earthly reason why a
hybrid artichoke with a fragrant
bouquet of Stoli cannot be
His think tank
looks to Socrates
and Confucius
for help with
today’s crises.
weighted down by the baggage of
tradition like some other places,
and therefore you can look toward
the future,” he says. In addition to
being chairman of the Berggruen
Institute, he is chairman of Berg-
gruen Holdings, an investment
company that owns real estate and
businesses around the world, but
he isn’t involved in day-to-day op-
erations.
In September the sociologist
Craig Calhoun, who last served as
director of the London School of
Economics, became the institute’s
first president. Advisers on various
committees include SpaceX CEO
Elon Musk, former British Prime
Minister Tony Blair, Stanford pro-
fessor Francis Fukuyama and for-
mer Secretary of State Condo-
leezza Rice.
The institute has two divisions,
one focused on governance and the
other on philosophy and culture.
On the governance side, the organi-
zation has researched ways to help
balance the California state budget
and to promote economic growth
in the EU. The culture and philoso-
phy arm tackles big-think projects
such as how to maintain healthy
democracies and what the West
and China might learn from each
other.
Mr. Berggruen links today’s po-
litical upheaval to the rise of tech-
nology, globalization and multicul-
turalism. “I think that change of
pace was so fast that we as indi-
viduals are still analog creatures
now [living] in a digital world…and
that’s a real challenge,” he says.
To cope, he adds, “I think we’ll
need new paradigms, and those ha-
ven’t been invented yet. I’m not
sure they’ll come from the world of
politics. They may even come from
the world of writers, or come from
philosophers or scientists.” The in-
stitute is planning to launch a new
publication, mostly online but with
a few print issues, dedicated to
such big ideas within the next year.
At home, Mr. Berggruen is a sin-
gle father to two 1-year-olds, born
from one egg donor and two surro-
gate mothers. “When you’re a bit
older, you can afford to be more
dedicated, and I’ve basically
stopped traveling,” he says. He
only recently decided that he
wanted to have children. “Nature, I
think, has wired in us the desire to
renew ourselves, and [having] chil-
dren is really the only true physical
way that we can renew ourselves
in a very intimate way,” he says. “If
you don’t have somebody you’re
with today, thanks to…technology
you can have your own children
with your own genetics.”
An avid reader, he is currently
reading “Homo Deus” by Yuval
Noah Harari. One of his favorite
books is Hermann Hesse’s “Sid-
dhartha,” about a man’s journey of
self-discovery during the time of
the Buddha. The novel influenced
his shift to philanthropy.
It also gave him a few practical
lessons. “One is that life itself is a
series of chapters, that you have to
go through different phases of life
and that’s very healthy,” he says.
“In a way, you have to evolve.”
brought to market? Or Pinot Noir
sweet potatoes? We already have
craft beers. Why not craft gherkins?
And it’s not just taste that
needs to be altered. Children
would beg for that plate of yams if
they were pink and purple instead
of hideous orange. Potatoes need
to ditch the eyes, apples the repul-
sive seeds, which are full of a cya-
nide compound anyway.
Scientists should not let horti-
cultural naysayers and nutritional
Luddites prevent them from breed-
ing chunky-monkey aubergines,
chocolate-flavored watermelons
and white macadamia-nut yams.
Americans have long won raves for
boldly going where no man has
gone before. That means sweet-
and-sour peppers, Swiss chard that
tastes like Swiss cheese. Fruits and
vegetables need to be freed from
NISHANT CHOKSI
the agronomic straitjacket. They
need to up the ante and raise their
game. Fruits and vegetables need
to step up to the plate.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C12 | Saturday/Sunday, February 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

REVIEW
Helmet
EXHIBIT After the introduction of guns
in the 1500s, helmet decorations
grew larger so that troops could
identify their commander and
each other amid the smoke from
the gunpowder.
Arm protectors
The shoulder guards
on this 17th-century Face protector
suit are made from The mask is designed
gilded metal. to make the warrior
 Pistols appear aggressive and
Because of their straight intimidating.
grip, heavy weight and long
length, these 18th- and 19th-
century matchlock pistols
were hard to hold and aim.
Chest protector
Embossed in the center
is an ‘oni,’ or mountain-
dwelling demon. It was
considered unusually
strong and invincible.

 Sword
The cutting edge
of the blade still
shows the nicks
incurred in battle.
Sword-polishers
preserved these
marks because
they added to the
weapon’s history
and value.

 Sword
An inscription says this
was a retirement gift
for a samurai, with the
hope that he would
spend his time drinking
wine and writing poetry.
THE SAMURAI WAY
The shorter dagger fits JAPANESE SAMURAI were known for their self-discipline and devotion—and
into the top of the
they were also “Dressed to Kill,” the name of a new exhibit at the Cincinnati
sword sheath.
Art Museum. The show, running from Feb. 11 to May 7, showcases more than
130 objects from samurai culture from the 16th to the 19th centuries. Some, in-
cluding 10 full suits of armor, have never been displayed in public. Samurai,
 Long polearm
the middle and upper ranks of the Japanese warrior class from 1185 to 1868,
Frontline foot soldiers held
long spears like this; they defended the imperial court. They were also known for their moral code, or
used the weapons to flick bushido, a term that means “the way of the warrior” and includes virtues like  Child’s suit of armor
at the legs of approaching goodness, respect and honesty. “My goal is not to just show the arms and ar- This was made for a 13-year-
horses carrying enemy mor but also…how the samurai culture played an integral part in Japanese phi- old boy. Boys began learning
samurai. losophy and society in general,” says curator Hou-mei Sung. —Alexandra Wolfe martial arts around age 6 or 7.

CINCINNATI ART MUSEUM

PLAYLIST: BETTY BUCKLEY HISTORICALLY SPEAKING: AMANDA FOREMAN

To Big Sur With Love

A Jefferson Airplane song evokes imagined
coastal beauty—and the real thing
Betty Buckley, 69, is a Tony-winning
stage, film and TV actress and cur-
rently stars in the movie “Split,” a
psychological thriller. She spoke with
Marc Myers.
When I graduated from high school in
1964, I wanted to attend UC Berkeley.
Everything was happening then in the
San Francisco Bay Area. But my father
wouldn’t let me go, so I wound up at
Texas Christian University. At least I
had Jefferson Airplane’s “COMIN’
BACK TO ME.”
I’ve always loved exotic music. My
dad was in the Air Force, and I had
grown up in Morocco and started
sung by the band’s Marty Balin. The
song is about the singer imagining that
a former lover is returning.
It created this beautiful dream-
scape, which I realized later was how
I imagined Big Sur, that rocky stretch
of coast south of San Francisco:
“Strolling the hills overlooking the
shore / I realize I’ve been here before
/ The shadow in the mist could have
been anyone / I saw you, I saw you /
Comin’ back to me.”
In the late 1970s, when I first went
out to Los Angeles to work as an ac-
tress, I drove up to Big Sur in my pale
yellow BMW that I named Vanilla. On
the way, I listened to a cassette of
Bitter Sweets
‘IF SACK [wine] and sugar be a fault,
God help the wicked,” says the rollick-
ing Sir John Falstaff in Shakespeare’s
“Henry IV, Part 1.” That was a more
innocent time. Nowadays, books such
as Gary Taubes’s “The Case Against
Sugar” have linked it to many of the
world’s health crises, including diabe-
tes, obesity and high blood pressure.
For the first few thousand years,
man and sugar lived peaceably to-
gether. Sugar-cane cultivation
started in Papua New Guinea
around 8000 B.C., reaching India by
6000 B.C. Then, in 326 B.C., Alexan-
der the Great led his armies into In-
dia and introduced sugar cane to
the West. After that, vast riches
TTHOMAS FUCHS

school there. My family eventually set- “Surrealistic Pillow” and other albums. awaited those who could control
tled in Fort Worth When I arrived and saw sugar’s means of production.
when I was in fifth
grade. I worked to fit
A song the cliffs and Pfeiffer Beach,
the song made complete
By A.D. 750 or so, the Arabs were
the undisputed kings of sugar. Despite
in, but I was a wan- treasured by sense. Now, before I take on the Crusades and other bloody con-
nabe wild child.
My mother was a
a ‘wannabe any project, I spend time in
Big Sur. It’s my soul’s emo-
frontations, the Arabs found a whole
new market in Europe. The Latin
A cure-all, a Until its abolition in the
early 19th century, the slave
stage mom. She had wild child.’ tional home. translation of Arab medical texts— creator of trade brought four million
been a singer and
dancer and took me
particularly the 11th-century “Tacui-
num Sanitatis,” which claimed that
vast riches slaves to the Caribbean, and
almost all worked on the
for dance lessons and sugar was “good for the blood”—in- and a danger. sugar plantations—so that
talent shows. This fluenced European attitudes. For cen- Europeans could gorge them-
was all too out-there turies, sugar was more of a cure-all selves on treats. Elizabeth I
for my father. At col- than a condiment; medieval apothe- was so addicted to sweets
lege, I studied journal- caries prescribed it for coughs, colds, melancholy that her teeth became rotten, giving her foul
ism. My father and intestinal ailments. breath that could be smelled several feet away.
thought it was a legit- The Venetians were among the first to chal- Sugar’s greater availability as an ingredient
imate occupation for a lenge the Arab sugar monopoly. But it was the and a condiment coincided with the rising popu-
woman who was Spanish and Portuguese who ushered in the Age larity of tea, chocolate and coffee—and a network
meant to be a wife. of Slavery after they began growing sugar on de- of cafes, clubs and salons to consume them. In the
In college in early serted islands off Africa. The Portuguese popu- 18th century, patrons were trading the ideas of
’67, I bought a copy of lated them with convicts, African slaves and even the Enlightenment even as they helped them-
Airplane’s “Surrealis- Jewish children stolen from their parents. selves to spoonfuls of sugar grown by slaves.
tic Pillow.” When I Christopher Columbus had worked on the is- By the mid-19th century, sugar cane’s mighty
put on the album in lands of Madeira, a Portuguese sugar colony, as a sway had begun to fade as Europe and America
my dorm, I connected young man—which was why, when he landed on found that beets grown in fields in their own
with the music imme- Hispaniola in 1492, he knew that the Caribbean countries could provide refined sugar as well. But
diately. The album would have the perfect environment for sugar sugar-cane imports continued, and for decades the
EVERETT COLLECTION

had this intensity, production. His son, Diego, was among the first to U.S. used sugar tariffs—raising or cutting them—
with exotic musical build sugar plantations on the islands and the to further its political interests around the world.
influences. first to face a major slave rebellion. The uprising, More than 400 years ago, the royal French
At the end of the on Christmas Day in 1522 on the island of Santo physician, Joseph Duchesne, called sugar toxic,
first side was a gentle Domingo, was crushed with extreme ferocity, set- saying: “Under its whiteness, sugar hides a great
ballad written and JEFFERSON AIRPLANE in San Francisco around 1966. ting a brutal precedent other islands adopted. blackness.” He was right.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 11 - 12, 2017 | C13

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

1. Vogue magazine is celebrating
B. Delia Ephron Coach Newton explains: “If you see
its 125th anniversary. Anna
C. Meryl Streep something like 354 in base eight, how do you
Wintour is its second-longest
D. Edith Bouvier Beale figure out what number it is? You use the
serving editor. powers of eight (1, 8, 64, 512, ...) just the way
Who served you would ordinarily use 1, 10, 100, 1,000, and
longest? 6. Tom Brady led the New so on, for the place values of a numeral. So
England Patriots to an you would get 3x64 + 5x8 + 4x1. The same

A. Diana unprecedented Super Bowl sort of thing works to interpret 354 in any
Vreeland comeback win. But what went base b greater than 5: the value would be 3xb2

B. Grace missing? + 5xb + 4x1. Here are some puzzles about
Mirabella different number bases.”

C. Liz Tilberis
A. His jersey

D. Edna Woolman Chase
B. His voice

C. His wife Gisele’s excuses
for a loss
2. A federal appeals court upheld
D. His lucky rabbit’s foot
a stay of President Donald
Trump’s controversial executive
order on immigration and 7. American farmers are hurting.
refugees. How many visa holders Why?
were affected?

A. A strong dollar

A. 6,000
B. A global grain glut

B. 60,000
C. Higher seed costs

C. 600,000
D. All of the above

D. Six million
ILLUSTRATION BY LUCI GUTIÉRREZ

8. In the railroad business, what’s Doubled Digit

3. Who wants to lease space in the “spaghetti bowl?” If you raise seven to the 11th power, you get a number nine number.) Since it has 10 digits in all, exactly one of
Trump Tower to be near the new that, when written in base nine, has 10 digits. All of the the digits repeats somewhere in the number.
president?
A. The continental nine possible digits from zero to eight occur in that 10- Which digit appears twice in the base nine
convergence of lines in Chicago digit number. (The digit “9” cannot appear in a base- representation of seven to the 11th power?

A. The Russian consulate
B. The traditional free lunch

B. Goldman Sachs provided to workers on the Rock
For previous weeks’ puzzles, and to discuss strategies

C. Elizabeth Warren Island Line with other solvers, go to WSJ.com/puzzle.

D. The Pentagon
C. The tangle of tracks in the
eastern U.S. Frequent Figures

D. The many wires Given a positive whole number n, say that a base b < n is of n, and (b) that digit occurs exactly d times.
4. Which auto maker, once crisscrossing the underside of a a ”copycat” base for n if the following two conditions hold: What is the smallest number with two different
struggling, has roared back to life locomotive (a) only one digit, d, occurs in the base b representation copycat bases?
under Chinese ownership?

A. Vauxhall

B. Volvo
9. Florida growers are being
driven out of citrus by a one-two
+ Learn more about the National Museum of Mathematics (MoMath) at momath.org

C. Studebaker punch. There’s a tree disease and

D. Citroën what else? SOLUTIONS TO Missing the Big Game Loop-the-Loop
LAST WEEK’S
FROM TOP: REUTERS; GETTY IMAGES

A SO T R L E
F T B E B A S S I S T
R E T I R E E C I N E M A X
PUZZLES
S CF I I O N
E I O T A A T L A N T A

A. Imports S OF D O U N D
A T I O N S H O T F O R S T A I R S C O L T R A N E
E RS A S E A
R N A I L S I R T
5. Grey Gardens, the Hamptons
B. Soaring land prices T EE L P O R T
S D O U B L E H E X E S C A T E R E R R O M A N C E

C. Plummeting orange-juice
A E S O D O U L S T E X H E A V E C A T P E O P L E
home made famous in a Varsity Math A R E S O E MM E T T M E D U L L A
A I R E D S P E E D R E A D
documentary about its eccentric consumption For last week’s Puny B E Y O
B E E N
N D
U
B E E F
R N E
E S
U D O
T E
R A
S
A
R E O S
B A S H B R A T S L O O K S O V E R
occupants, hit the market for $20
D. Invasive pongamia plants Pegs, the smallest A D S B R O S N A N R U N G P A R T Y
L E T S E A T B A T C A V E
B E E WA T C H E S R E N
million. Name the seller. square solitaire puzzle C OM I C R E E F L A S T L E G WO N H O S T C I T Y D A N Z I G
as described is 4 by 4; it E B O O
R I O T
K
S
MA T T
T R AW
E S
B O
S A
I N P
G
G
T R I O
O I N T G Y R O S C O P E S P I C A
also takes at least four A S S E R T S A I R I N G L A T K E R A F T E R R O C K S T A R

A. Sally Quinn clues to create a C A R S E N T O N C U D
P O S H S A U S A G E T V C AM E R A S M O R A L E D E T E N T E S
uniquely solvable 4-by-4 A H H H Y P E R M O R E G A L A P O S E U R B U F F O O N S
To see answers, please Small Sudoku.
S A I D
T R E A
I D
D O
O
N
T H
H A
E P E
V A N
C A N B
A N V
R I E F
E N U E G R A N T E D W O O L I T E
turn to page C4. Y A R D A G E M E T T L E D E N T S E N T I C E L A T E R A L S

THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 36 Insignificant bit 1 A2 F3 B 4 L5 S 6 Y7 K8 O 9 J 10 P 11 W 12 U 13 C 14 R 15 L 16 H 17 E 18 G 19 A 20 I
of prestige?
18 19 20 21 22 21 T 22 K 23 B 24 M 25 X 26 S 27 N 28 F 29 Q 30 V 31 J 32 E 33 W 34 R 35 O 36 C 37 A 38 Y
38 Home of eight
23 24 25 26 runways 39 Q 40 K 41 L 42 I 43 M 44 D 45 G 46 F 47 W 48 Y 49 H 50 R 51 P 52 J 53 C 54 N 55 U 56 A 57 P

27 28 29 30 39 Boxers
58 O 59 V 60 T 61 E 62 S 63 F 64 C 65 D 66 E 67 I 68 X 69 Q 70 B 71 M 72 S 73 J 74 Y 75 A 76 W 77 F 78 T
Mayweather and
31 32 33 Patterson 79 O 80 G 81 R 82 D 83 C 84 M 85 U 86 L 87 S 88 P 89 I 90 F 91 E 92 A 93 B 94 Y 95 Q 96 R 97 H 98 J
34 35 36 37 38 39 40 41 42 43 44 45 40 Effusive
99 N 100 T 101 O 102 P 103 U 104 G 105 C 106 W 107 F 108 K 109 H 110 O 111 D 112 S 113 X 114 T 115 E 116 Y 117 I
46 47 48 49 41 Subsidize
43 Alight in an Asian 118 V 119 R 120 J 121 L 122 A 123 C 124 F 125 O 126 M 127 D 128 P 129 W 130 B 131 V 132 G 133 Y 134 I 135 H 136 A
50 51 52 53 54
island capital?
137 J 138 B 139 Q 140 O 141 X 142 R 143 G 144 Y 145 K 146 P 147 A 148 S 149 J 150 F 151 E 152 D 153 C 154 N 155 H
55 56 57 58 59 44 Golda’s defense
minister 156 M 157 R 158 S 159 Y 160 Q 161 V 162 U 163 J 164 I 165 L 166 O 167 F 168 P 169 Y 170 C 171 M 172 K 173 B 174 W 175 E
60 61 62 63
45 Arrogant sort
64 65 66 67 176 X 177 A 178 T 179 Q 180 R 181 H 182 J 183 W 184 I 185 G 186 D 187 F 188 U 189 V 190 P 191 O 192 L 193 B 194 J 195 S 196 Y
51 Lipton rival
68 69 70 71 72 73 74 52 Dunkin’ Donuts 197 N 198 T 199 X 200 O 201 I 202 A 203 U 204 D 205 P 206 M 207 R 208 C 209 E 210 L 211 Y 212 N 213 K 214 F 215 J 216 S

75 76 77 buy

78 79 80 81 82 83
53 “Enough already!” Acrostic | by Mike Shenk
56 “Eat up!”
84 85 86 87 88
To solve, write the answers to the clues on the M. Thoroughbred that ____ ____ ____ ____ ____ ____ ____ ____
57 Positions 43 171 24 156 206 71 84 126
numbered dashes. Then transfer each letter to the won racing’s Triple
89 90 91 92 93 58 Smoothie correspondingly numbered square in the grid to spell Crown in 1978
94 95 96 97 98
ingredient a quotation reading from left to right. Black squares N. Arya Stark’s sword ____ ____ ____ ____ ____ ____
59 They fall in fall separate words in the quotation. Work back and on “Game of 54 27 197 99 154 212
99 100 101 102 103 104 105 106 107 forth between the word list and the grid to complete
61 Language family Thrones”
108 109 110 111 including Arabic the puzzle. When you’re finished, the initial letters of
and Hebrew the answers in the word list will spell the author’s O. Means of getting ____ ____ ____ ____ ____ ____ ____ ____
112 113 114 115 8 200 191 140 58 125 166 110
name and the source of the quotation. out of a difficult
62 Blushes, e.g. situation (2 wds.) ____ ____ ____
116 117 118 119 35 101 79
63 Revue segments A. West Virginia ____ ____ ____ ____ ____ ____ ____ ____
136 1 19 92 147 37 75 202
66 City east of San University player
A+ | by Dan Fisher Diego ____ ____ ____ P. Prejudiced ____ ____ ____ ____ ____ ____ ____ ____
57 102 168 205 88 10 146 51
56 122 177 against strangers
Across 49 Animated 86 Union Elevator Down 68 Tribe in some or foreigners ____ ____

1 Lauren Bacall’s character Works founder 1 Silent bids logic puzzles B. King who evades ____ ____ ____ ____ ____ ____ ____ ____
190 128

69 Result 23 138 70 193 130 3 173 93

“Key Largo” role 50 “I’m up for it!” 87 Yo-Yo’s strings 2 Twistable treat the Lotus-Eaters
and the Sirens Q. Brand named for a ____ ____ ____ ____ ____ ____ ____
5 Cheek 52 Comes into 88 Anaphylaxis 3 Diverse 70 Persona non ___ doctor who ran the 160 139 69 95 39 179 29

9 Took on existence treatment, for ecosystem 72 “...she loves ___” spa at which it was
C. Unbalanced; ____ ____ ____ ____ ____ ____ ____ ____
53 They’re easy to short 105 53 123 208 13 170 36 153 bottled
14 No-win situation 4 Andean grazer 73 Brownish gray not functioning
catch 89 Allen Telescope correctly (3 wds.) ____ ____
18 Pitcher Array org. 5 Munch subject 74 Send a Dear John 64 83 R. Bodily organs that ____ ____ ____ ____ ____ ____ ____ ____
Hershiser 54 GI morale booster letter 142 50 207 14 81 157 119 180
6 Bad for growing store infection-
55 Top trump in 90 Cup before the fighting white blood ____ ____
19 Stevedore’s barista fills it? 79 Christie, e.g. D. Graduates of the ____ ____ ____ ____ ____ ____ ____ ____
skat 7 Pathetic 44 82 152 111 65 186 127 204 cells (2 wds.) 96 34
burden 80 Creed makeup Marine Corps
57 Authorization 93 Reduced-fare 8 Colt, later School of Infantry
21 Tapenade program 81 Going by S. Free of ____ ____ ____ ____ ____ ____ ____ ____
ingredient 58 Hardly wimpy 9 Island with a 87 216 5 158 148 62 26 72
94 TV “Science Guy” 82 Adenauer epithet E. Concubine in an ____ ____ ____ ____ ____ ____ ____ ____ ____ responsibility;
population of 91 175 17 32 61 151 115 209 66
22 Testimony 60 Depicts in Bill Ottoman harem outstanding ____ ____
about 100 million 85 Holes in the head 195 112
preceder hieroglyphics, e.g. (3 wds.)
96 Bellyache 10 Gloucester 87 Kennedy and F. Representative ____ ____ ____ ____ ____ ____ ____ ____
23 Crusoe’s 62 Perfumed pouch 2 167 107 28 77 90 63 46
97 Neckline shape glassful Lincoln: Abbr. chosen as Time’s T. News agency based ____ ____ ____ ____ ____ ____ ____
profound for counteracting 60 21 100 78 178 114 198
11 High- 1995 Man of the ____ ____ ____ ____ in London’s Canary
companion? odors from 99 Queen Anne’s 91 Most common 150 214 187 124
maintenance sort Year (2 wds.) Wharf district
25 Proscription outside? line Vietnamese
from a chef who 64 Canary confines 103 Wields 12 State to be the family name G. 1982 film directed ____ ____ ____ ____ ____ ____ ____ U. Stuck ____ ____ ____ ____ ____ ____ ____
case 143 185 132 104 18 45 80 162 103 188 203 85 12 55
can’t stand eel? 65 Arrogant attitude 92 Alec Waugh’s by Sydney Pollack,
104 Capital on the
27 Spot for a guest 13 They live in a little brother who also played the
67 Sheepshank, e.g. River Lagan V. Staple ingredient in
hole in the wall 93 Warp main character’s ____ ____ ____ ____ ____ ____
28 Sustained 68 Masterwork by a 108 Authorization agent Jiangxi cuisine 118 59 30 189 131 161
popularity French painter? for the 14 Submissive sort 95 Rockets great (2 wds.)
30 Like tanks exterminator 15 Hard to get Ming H. Site of the ____ ____ ____ ____ ____ ____ ____
71 Join an exodus to employ 97 181 135 109 16 155 49 W. Nissan’s luxury car
16 Slightly 98 Rivendell resident International UFO ____ ____ ____ ____ ____ ____ ____ ____
31 “Homeland” org. 75 From Machu rodenticide? Museum division 47 174 183 129 76 11 106 33
32 Hajji’s deity Picchu 17 Philosophical 99 Diner order
110 Attack that question
33 Co. in the Dow 76 “Can’t Fight the 100 Shade I. Ambitious upstart ____ ____ ____ ____ ____ ____ ____ ____ ____ X. Recently (2 wds.) ____ ____ ____ ____ ____ ____
brings the war 201 20 184 117 67 134 42 89 164 113 176 141 199 25 68
since 1979 Moonlight” to a close? 20 Places for laces 101 Writer Morrison
34 Haydn nickname singer 24 “The Blacklist”
112 Ancient letter 102 Pass over J. Treat popularized ____ ____ ____ ____ ____ ____ ____ ____ Y. NBA Hall of Famer ____ ____ ____ ____ ____ ____ ____ ____
77 Prince Harry, in org. 31 163 149 194 73 215 137 182 133 94 6 169 38 144 116 211
37 Craft services 113 Kept in reserve 104 Swelter at the 1904 whose number was
spread? 2000 26 Rowdy bunch St. Louis World’s ____ ____ ____ ____ retired by both the ____ ____ ____ ____
114 Sinuous 105 Province Fair (3 wds.) 9 52 120 98
Warriors and 196 159 74 48
42 They’ll help you 78 Fire proof 29 Yammers
115 Bit attachment 106 Mayflower mover Cavaliers (2 wds.)
get your balance 79 Slalom course 32 Confess openly K. African nation ruled ____ ____ ____ ____ ____ ____ ____
features 116 Makes a choice 107 Sharon’s TV by King Letsie III 213 145 22 108 40 7 172
Get the solutions to this week’s Journal Weekend
s

46 Japan’s prime 34 Chiromancers

minister 80 They make the 117 Go from green co-star
study them Puzzles in next Saturday’s Wall Street Journal.
coffee to red, perhaps 108 Debate side L. Day on which the ____ ____ ____ ____ ____ ____ ____ ____
47 Owl utterances 35 Without sun is directly over 86 4 15 210 165 41 121 192 Solve crosswords and acrostics online, get pointers
48 Geometric 83 Tater 118 Singer Stefani missing ___ 109 Valuable trump the Tropic of Cancer on solving cryptic puzzles and discuss all of the
crescent 84 Bemoans 119 Gander gender (confidently) 111 “Huh-uh” or Capricorn puzzles online at WSJ.com/Puzzles.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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C14 | Saturday/Sunday, February 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

REVIEW

The Deep Waters

Of Turner’s Ports

J.M.W. TURNER’S ‘Harbor of Dieppe’ (1825) offers a nostalgic view of the city. Although steamboats were in use at the time, his harbor is filled with sailboats.

In New York, three paintings
making their debut together
offer a rare look at technique
BY ALEXANDRA WOLFE
BY NOW we should know just about everything
about the work of Joseph Mallord William
Turner, the famed painter of light-filled scenes
whose abrasive, rumpled figure trudged across
the movie screen a few years ago in the biopic
“Mr. Turner.” But New York’s Frick Collection
has some discoveries to share. A new exhibit
unites three major, linked paintings, almost two
centuries old and never before seen together,
that give insight into the British artist’s meth-
ods near the height of his fame.
In “Modern and Ancient Ports: Passages
Through Time,” the Frick will join two sweeping
port scenes by Turner (1775-1851), part of its
own collection, with a third that languished
rolled-up at London’s National Gallery until the
mid-1940s. Like a chorus backing up this trio of
detailed panoramas of buzzing cities, more than
30 other Turner works—smaller oil paintings,
watercolors, sketchbooks and prints—will com-
plete the Frick’s exhibition, which opens Feb. 23.
How did the three port paintings get sepa-
rated? Tate painting conservator Rebecca Hellen
has shown through technical analysis that the
trio, painted in the mid-1820s, likely were in-
tended to be part of a series for a little-known
collector, John Broadhurst, who also owned the
Turner port scenes now held by the Frick. While
Turner was working on the third one, of the
port of Brest in the French region of Brittany,
Broadhurst sold his collection for unknown rea-
sons, says exhibition co-curator Susan Galassi.
The Brest picture remained unfin-
ished and was never sold; Turner Focusing on
bequeathed many of his works to
the National Gallery in the nostalgia,
mid-1800s. ignoring
In the exhibit, Turner’s Brest
painting will hang between the innovation.
Frick’s two other grand-scale port
scenes of Cologne, a German city
on the Rhine, and Dieppe, on France’s Normandy
coast. All three harbor views, as well as Turner’s
watercolors, showcase the artist’s innovations,
mostly in his use of light and color.
In 1997, Ms. Galassi’s co-curator at the Frick,
Ian Warrell, identified the city in the discov-
ered painting as Brest. In advance of the Frick
exhibition, Ms. Hellen analyzed the picture and
found that Turner’s process and choice of oil
paints echoed those in the Dieppe and Cologne
scenes.
For experts, the unfinished state of the Brest
work offers a glimpse into the other paintings’
early stages. Turner had started with large
masses of yellow, blue, orange and brown. Light
and dark shadows signified where crowds of
people and boats were supposed to go. The
Brest painting “gives you an unparalleled view
into Turner’s painting technique,” says Ms.
Galassi. On top of those underpinnings of blurry,
abstract forms, colors and shapes, Turner built
up his picture through thin, almost
transparent layers of paint.
An avid traveler, Turner had
visited Dieppe and Cologne by
boat and made sketches of the
sites. But when he painted them,
critics of the time found his bright
colors unnatural. Technical inno-
vations helped the artist achieve
more luminosity than people were accustomed
to: In the 1810s newly invented shades such as
chrome yellow and chrome orange became avail-
able, allowing him to create bright, sun-soaked
depictions of places that (like Dieppe) were of-
ten overcast. Turner gave Dieppe’s St. Jacques
Church at the center of the canvas an ethereal
glow.
He used a white ground—the undercoating
applied to the canvas before paint—rather than
traditional grounds with darker earth tones,
thus making his paintings unusually bright. He
often made light the focal point of his canvases.
Turner also filled his port scenes with a fa-
vorite theme: tradition versus modernity. In his
Dieppe depiction, “the harbor is filled with sail-
boats although steamboats were then in use,”
says Ms. Galassi. “But Turner was focusing on a
nostalgic view of Dieppe, on the harbor filled
with sailboats, so he’s emphasizing the past
rather than the present.” In the Cologne paint-
ing, he includes the city’s medieval walls and
towers, when in fact some of them were being
demolished to make way for modernization. “In
each, he’s slightly emphasizing the period just
before,” she says.
The exhibition includes “Regulus” (1828), an-
other harbor scene. It appeared at a time when
Turner’s critics had grumbled that his work,
with its bright colors, was “blinding” and “al-
most [puts] your eyes out.” Scholars think “Reg-
ulus”—a picture of a third-century Roman
whose captors cut out his eyelids, forcing him
to stare at the sun until he went blind—could
have been a response to the artist’s detractors.
In the picture, Turner played up the light, so the
viewer’s eye goes directly to the bright swath of
sun in the center of the work. Turner, Ms.
Galassi says, had painted a literal version of his
critics’ complaints. It may be evidence that he
had a sense of humor.
THE FRICK COLLECTION, NEW YORK

MASTERPIECE: ‘FREEDOM OF SPEECH’ (1943), BY NORMAN ROCKWELL

ODE TO CIVIL DISCOURSE ternet, there were no social media,

BY BOB GREENE
BENEATH the gray roof of an unassuming white
building on Route 183 in Stockbridge, Mass., re-
sides a certain painting. Its artist created it 75
years ago. Yet amid the strident shouts, random
rudeness and ceaseless cacophony of our cur-
rent-day United States, that painting, in the
quiet within those walls, offers a lesson that can
television sets had not yet taken
over the country’s homes. He took it
him to make it look the way it does. on faith that when men and women
If you’ve ever seen the painting, you rose to speak, they would of neces-
know what I mean. The setting is a town sity greet each others’ gazes.
meeting. One man, in work clothes, has If you ever pass through Stock-
risen from the audience to speak. There bridge, you can see the original
is nervousness, and courage, in his eyes; Four Freedoms paintings in the
Rockwell makes it evident that the man is Norman Rockwell Museum, the
likely not accustomed to talking in public. white building on Route 183. (The
Other citizens of the town, the men in museum has just announced a trav-
coats and ties, are in the seats around eling exhibition of the works
FREEDOM OF SPEECH ILLUSTRATION™ 1943 SEPS LICENSED BY CURTIS LICENSING INDIANAPOLIS, IN. ALL RIGHTS RESERVED.

seem as urgent as a breaking-news bulletin.
The name of the painting is “Freedom of
Speech.” The artist, Norman Rockwell, got the
idea for it after listening to Presi-
dent Franklin D. Roosevelt’s State Honoring
of the Union address in 1941. In
that speech Roosevelt spoke of respect for
“four essential human freedoms”: speakers of
freedom of speech, freedom of
religion, freedom from want, all stripes.
freedom from fear.
Rockwell poured his heart into
creating his Four Freedoms paintings. He of-
fered them to the U.S. government, in the
hopes they would be helpful in raising spirits
during World War II. The government turned
him down flat. But when, early in 1943, the
Saturday Evening Post—at the time America’s
largest-circulation magazine—published repro-
ductions of the paintings in four consecutive
issues, the nation’s response was so emotional
and so overwhelming that the government did
an about-face, asked permission to put the
originals on tour, and used them to sell more
than $132 million in war bonds.
Of the four paintings, “Freedom of Speech”
has long been my favorite. And there is a good
chance that if Rockwell, who died in 1978,
were alive today, it would not even occur to
him. Their eyes are focused upward, to- scheduled to begin in 2018.) That
ward him. They are hearing him out; they man standing up in “Freedom of
are patiently letting him have his say. Speech”—what would be his fate
His eyes, their eyes…that today, in a world where the town
is the power of the paint- meeting is not limited to any single
ing. We, of course, have no
idea what is on the man’s
town, where the meeting never
stops, never sleeps, where the at-
mind, or whether the other tendees are routinely invisible and
townspeople agree with
him or adamantly oppose
full of casual rage? Would the man
be granted a courteous hearing?
him. But as he talks they Or, depending on the point he was
are listening, giving him a hoping to make, would he be
chance. They know that their own turn, if hooted down, hounded and laughed
they want it, will come. For now, they at by an audience he couldn’t see?
owe him their full and polite attention. Would he be silenced by strangers?
Such a simple concept. And it’s one In the painting there is reverence
that sometimes seems to be disappear- THE TOWNSPEOPLE give him their full and polite attention. in all those eyes. Not because of
ing in this era when angry words hurtle what the man is saying, but because
past each other like poison-tipped arrows. To- electronic versions of group colloquy. of the sanctity of the act of saying it. It is rev-
day, when so much public discourse is not just You contemplate the tableau in “Freedom of erence for an ideal that feels endangered today
brutal but also faceless, when the back-and- Speech,” and the meaning of those eyes hits when, too often, the only eyes people see dur-
forth is increasingly digitally driven, with invec- you. Rockwell understood: Only when we look ing their public debates are the ones reflecting
tive and mockery flying from screen to screen, each other in the eye can we begin to solve our off their computer screens as they type: their
dispatched by people with made-up names, problems. It is easy to eviscerate someone own two eyes, staring back.
there is a constant impulse to shout down, to whose eyes yours have never met; it is easy to
belittle, to gang up on. A gentle voice has scant harangue someone, to make him feel insignifi-
chance in the rising din. You look at the Rock- cant, if you don’t have to see him. When Rock- Mr. Greene is completing a new novel, “Yes-
well painting, and you ask yourself if that man well was distilling America’s aspirations into terday Came Suddenly,” about a United
could expect to find a respectful hearing in our his Four Freedoms paintings, there was no in- States with no internet.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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Hotel designer The Kia Cadenza:

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© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, February 11 - 12, 2017 | D1

Making
Peace With

PINK
It can be suffocatingly girlie. Aggressively silly. But
spring’s tougher takes on the color of the moment
might just overcome your objections

O
BY NANCY MACDONELL

RDINARILY,
when designers
rally around a
color, there’s
little to report
beyond the
news that ceru-
lean blue or
dove gray or
what-have-you is the new black. When
that color is pink, a hue with more bag-
gage than the arrivals terminals at JFK
airport, things get more complicated.
For some women, pink is simply pretty,
a flattering shade that brings color to
the cheeks, but for others, pink is for-
ever mired in saccharine depictions of
stereotypical girliness. For still others,
it’s a postmodern feminist statement, a
color whose inescapable gender associ-
ations can be radicalized. Whatever
your feelings about the shade, prepare
to see a lot of it this spring: On this ANDRES OYUELA FOR THE WALL STREET JOURNAL, HAIR BY TAKUYA SUGAWARA/WALTER SCHUPFER MANAGEMENT, MAKEUP BY VICTOR NOBLE/JED ROOT, MODEL: KAILAH NG/MAJOR MODEL MANAGEMENT

season’s runways, pink predominated.

As befits a hue with mille-feuille
layers of meaning, designers’ interpre-
tations varied considerably. At Michael
Kors Collection, where the models
strode out to Rufus Wainwright sing-
ing “Get Happy,” it had a brisk, All-
American feel, exemplified by a cheery
azalea trench coat. Things were
equally upbeat at J. Crew, where a
sheer, pale pink top was layered over a
similarly hued gingham shirt. At Val-
entino, pink was lush and romantic,
with intricate appliqués and historical
references. At Bottega Veneta, a gera-
nium-hued leather dress had a don’t
mess-with-me mien. And at Marc Ja-
cobs, a bubblegum-and-silver ruffled
minidress was ready for a rave.
The thread that connected these
various takes on the supposedly ten-
der hue was a lack of pink’s tradi-
tional sweetness. That’s because in
the 21st century, the color is most of-
ten employed ironically, said Dr. Val-
erie Steele, the director of the Mu-
seum at the Fashion Institute of
Technology in New York, which is
planning an exhibition on pink next
year: “It plays with the idea of femi-
ninity and prettiness. It’s not straight-
on pink.”
According to Mr. Kors, pink this
season is about power, specifically,
“the idea that women today want to
feel feminine but also powerful,
strong and independent.” In the wake
Please turn to page D2

ROSE RISING The most dominant

shade on the spring runways was
surprisingly pink. Dress $1,895, and
Pantashoes, $2,850, Balenciaga, 212-
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Nolita in New York City. Fashion
editor: Rebecca Malinsky
[ INSIDE ]

THE MERITS OF EMPTINESS

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D2 | Saturday/Sunday, February 11 - 12, 2017
BLUSHES WITH GREATNESS
PINK DIFFERENT Made of luxe—but also slightly tough—leather and cut in a clean-lined, shirt-dress silhouette, this
richly hued dress circumvents the color’s cliches. Dress, $5,300, Bottega Veneta, 800-845-6790; Ring, price upon
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Continued from page D1
of the recent women’s marches in
Washington, D.C., New York and
other cities where pink cat-eared
“pussy hats” were a must-have ac-
cessory, this view of pink is gain-
ing traction. Karla Welch, a stylist
whose clients include Olivia Wilde,
Amy Poehler and Lorde, calls it
“the color of a feminine political
awakening.”
That sentiment is on subtle dis-
play at the Wing, a women’s work
space and social club in Manhat-
tan that opened last year. Its
founders, Audrey Gelman and Lau-
ren Kassan, purposely chose a
nude pink as one of the anchor
colors for the space’s interior. “We
wanted it to feel unapologetically
feminine,” said Ms. Gelman. The
Wing’s millennial membership has
had no issue with the choice, but
it’s been questioned by some older
women observers.
“Women who came before us,
they had to claw their way up,”
Ms. Gelman said. “To be taken se-
riously they had to shed the sym-
bols used to make women seem
less capable. Younger women
don’t have that reaction. They’re
more interested in subverting and
reclaiming those symbols.”
Strong as our conviction that
pink is indisputably feminine may
be, Dr. Steele said, the association
didn’t take root until the 1950s.
Exhibit A: The singing fashion edi-
tors in the 1957 Audrey Hepburn
movie “Funny Face” who adopted
“Think Pink” as their zeitgeist-de-
fining manifesto. In the 18th cen-
AG ADRIANO GOLDSCHMIED
STYLE & FASHION
tury, added Dr. Steele, the color
“was elite and aristocratic but not
at all effeminate. It was perfectly
fine for a man to wear a pink silk
suit.”
Three hundred years later, men,
too, are reclaiming pink. Pietro
Quaglia, owner of Pietro Nolita,
an Italian restaurant in Manhat-
tan, opted for full-on pink décor,
including napkins and T-shirts
that promote the color with a
NSFW slogan. When people ask
why he chose such a feminine
color, Mr. Quaglia said, his reply
is a variation on Canadian Prime
‘Younger women don’t
have a visceral reaction
to pink. They’re more
interested in subverting
and reclaiming it.’
Minister Justin Trudeau’s ratio-
nale for appointing a gender-
equal cabinet: “Because it’s 2017!
Pink is cool.”
Of course, some women have
been happily sporting pink for
years. Laura Vinroot Poole,
founder of boutique Capitol in
Charlotte, N.C., is known for both
stocking and wearing pink. In the
fashion world, where one is al-
most legally obligated to wear all
black, she and her buying team
stand out for their pink attire.
“Every time we walk in to an ap-
type. This dreamy cloud of a dress
proves you can indulge in romance
pointment in Milan or Paris, peo-
ple say, ‘Oh, you Southern girls,’ ”
she said. “Historically, I think
women in the South have been
more willing to wear pink. It’s the
first thing that sells out.”
Somsack Sikhounmuong, the
head of women’s design at J.
Crew, a company whose archive
includes exactly 226 shades of
pink, said the hue is less daunting
to wear than it might appear, es-
pecially in its paler iterations. “It’s
an easy way to do color,” he said.
“It’s softer than a red, for exam-
ple.” Pink makes people smile, he
added, a reaction he credits to the
color’s ties to childhood: If you’re
a woman, “then one of the first
things you were put in was proba-
bly pink.”
But for many women, the
color’s association with girlish-
ness is a thorny issue. Amy Rog-
off-Dunn, 38, executive director of
brand strategy agency the Gild,
doesn’t wear pink and resists put-
ting her 7-month-old daughter in
it. “I associate pink with dolls and
fairy tales, Britney Spears and
‘Mean Girls,’ ” she said. Still, she’s
not overly militant, knowing that
when her child grows up and her
character gels, she may want to
wear pink—and that will be OK.
To Ms. Vinroot Poole, who you
are is precisely what allows you to
carry off the genteel subversion of
wearing pink. “To wear pink, you
have to be an interesting and
smart person,” she said. “You have
to have things to say. In pink, you
can’t hide.”
AGJE ANS.COM
* ***
be more frivolous? And yet when this
tempered with the polish of a checked
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You don’t have to go against
without seeming like a Disney
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The subtle sci-fi twist imparted
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Dress, $2,800, Céline,
212-535-3703; Shoes, $725,
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THE WALL STREET JOURNAL.
FROTH AND
FUNCTION
Pink feathers. Could anything
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ANDRES OYUELA FOR THE WALL STREET JOURNAL, HAIR BY TAKUYA SUGAWARA/WALTER SCHUPFER MANAGEMENT, MAKEUP BY VICTOR NOBLE/JED ROOT, MODEL: KAILAH NG/MAJOR MODEL MANAGEMENT
ESSENTIAL AND EASY
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The Row, 212-755-2017; Sandals,
$595, Gabriela Hearst,
212-966-2484; Bag, $4,200,
Céline, 212-535-3703.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 11 - 12, 2017 | D3

STYLE & FASHION

THAT’S DEBATABLE

Can I Button My Shirt All the Way Without a

Tie—and Not Look Pretentious?
When a tie seems too Unless you’re Ryan
YES fussy, but an open
collar looks unkempt,
NO Gosling stepping out on
the Croisette at Cannes,
go full button. Fastening a shirt leave this one to the flashbulb
all the way up with a suit “makes baiters. “It’s definitely trying too
me feel a little bit more complete hard,” said Brian Trunzo, 32,
and less dressed down,” said Jo- a retail strategist in New York.
seph Bergdoll, 26, the principal at “It says, ‘I care about fashion—
Extended Play, a New York City look at me.’”
design firm. When trussed in a tie, Mr. Trunzo also noted that,
he sees himself as a pitiful Don with men’s style continuing to
Draper wannabe, he added, while move toward a looser, more casual
unsecured collars remind him of look, a styling tactic as fastidious
slovenly undergrads. as an air tie seems out of sync—
You might have spotted this even silly. To see someone button
look, playfully dubbed the “air tie,” his shirt all the way up to the
on fashion-savvy celebrities like top without the need to function-
“Mr. Robot” actor Rami Malek ally support a tie is “nonsensical,”
and rapper A$AP Rocky, but don’t he said.
let that daunt you. “When guys Brett Carron, the owner of
like A$AP wear it, it looks so menswear store Indigo & Cotton
cool, but I also think it’s a trend in Charleston, S.C., said he has
that’s approachable for [any] seen many of his customers re-
guy,” said Vincent Balducci, 27, treat from wearing a tie in the six
social-media manager at mobile years since he opened his shop.
shopping app Spring. None, however, still leave their top
It’s certainly easier to fasten button fastened. “They think that’s
that top button and stride out the a hipster move or that it’s some
door than wrestle with the infinite trendy thing,” said Mr. Carron.
pattern permutations of a shirt- Instead, his customers relish the
tie combo. What’s more, said Mr. breezier look and feel that comes
Balducci, it distinguishes him from from leaving one or two buttons
his by-the-book peers. “Dressing undone when wearing a suit. Bo-
in a suit and tie has been cut-and- nus: If you steer clear of the severe
dried for the longest time,” he said. buttoned-up look, it’s less likely
A crisp white shirt buttoned to the judgmental peers will label you a
hilt, he said, “looks modern.” fashion victim should you experi-
The air tie works in situations ment with shirt patterns more dar-
like a first date, where actual neck- ing than a mousy pinstripe.
wear would be overkill. “It’s really If you want to take a ballsier
versatile,” said Avo Yermagyan, style risk with your suit, or just
a stylist who has dressed clients wear it in a more casual way,
from the Jonas Brothers to Sir Ben ditch the button-up altogether.
Kingsley in air-tie ensembles with Try a turtleneck, which has a
leather jackets and velvet blazers. faintly retro—but not too dustily
The trick, he said, is to keep the throwback—sophistication. Mr.
rest of your outfit as polished as Trunzo also likes the look of band-
possible. “You should tuck your collar shirts, which do away with
shirt in, and you should absolutely the issue of messy or errant col-
deploy a pocket square,” advised lars. But of course, he advised,

PAUL TULLER
Mr. Yermagyan. “It shows that you by all means don’t fasten them all
know the rules but are breaking the way up: “Loosen it up. Relax.”
them intentionally.” —Jacob Gallagher

FÊTE ACCOMPLI: A GOOD

D LOOKS GUIDE TO RECENT
RE EVENTS

Nick Wooster
in a Visvim
jacket and
Dries Van
Noten vest


Karen
Elson
Impromptu jazz band, Billy and the Rock
Bottoms performed at the post-show party.

Dale Moss
in a Billy Reid
jacket and
turtleneck
Eric Rutherford 

Svetlana
Mukhina

Jake Lacy Tom Colicchio &

Billy Reid

A DIXIE SHINDIG COMES TO TRIBECA

ON THE OPENING night of
the recent men’s fashion week
in New York City, designer
Billy Reid airlifted a good
old southern bash into the
swanky confines of the Beek-
man hotel. “We have this fes-
tival called the Shindig that
we host in Alabama,” said Mr.
Reid of his Florence, Ala. stu-
dio. “It’s friends, musicians,
chefs, artists. We wanted to
bring that vibe here.”
Mission accomplished.
Following the designer’s fall
runway show at the Beek-
GETTY IMAGES
filtered into a “speakeasy”
in the hotel’s cozy brick-
walled basement. As bour-
bon cocktails flowed, guests
two-stepped to a DJ set by
Winston Marshall of British
folk band Mumford & Sons
and a live set by Nashville
singer-songwriter Russ Pol-
lard. “Billy’s the unofficial
mayor of the south,” said
British model and singer
Karen Elson, now based in
Nashville, who performed
during the fashion show.
“He really builds a commu-
yond microscopic canapés, the
southern tradition of feeding
guests well held sway. Chef
Tom Colicchio, a friend of Mr.
Reid’s who also owns the
Beekman’s restaurant Fowler
& Wells, orchestrated the
menu, which included shrimp
and grits, citrus-cured salmon
and oysters Rockefeller.
The Colicchio-made nib-
bles lent substance to the ge-
nial, stylish affair. “I’m here
for the fashion,” said “Mindy
Project” actor B.J. Novak, at-
tending his first ever fashion-

man, which included a per- nity with his brand.” week event, “but if there’s
formance by blues musician While fashion parties food around, why not?”
Cedric Burnside, attendees rarely provide sustenance be- —J.G.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D4 | Saturday/Sunday, February 11 - 12, 2017
Where the Bars Are
Whether Hawaiian or Venezuelan, 60% or 70%, the next-level buy among cocoa cognoscenti is
origin-made chocolate, crafted in the same place the beans are grown. Here’s your global guide to the very best
BY SIMRAN SETHI
P
REDICTABLY sweet, re-
assuringly familiar, the
chocolate most of us
grew up with was engi-
neered to deliver a con-
sistent experience, bite after bite,
bar after bar. Yet chocolate, like
wine, has the potential to present
wildly varied flavors that reflect
both genetics and terroir, the singu-
lar taste of place owing to environ-
mental conditions such as soil qual-
ity and climate.
In short, where the cocoa beans
grow matters. And, increasingly,
where the chocolate is made is
gaining equal billing on the labels
of some of the best bars.
Most commercially available
chocolate contains a blend of bulk,
or commodity, cocoa from any num-
ber of unnamed places. Chocolate
labeled “single-origin” contains co-
coa sourced from only one country
or region. And every producing
country—from Colombia to Papua
New Guinea—has something unique
to offer. Beans vary from harvest to
harvest, and you’ll find diversity
within a country as well as in the
methods specific chocolate makers
use. But generally speaking, cocoa
from Venezuela is known for notes
of caramel, honey and nuts, while
beans from Trinidad reveal deep
flavors of dried fruit. Much of the
Madagascan cocoa used in specialty
chocolate comes from a farm known
for the tart, fruity acidity of its
beans, while the touchstone for
makers big and small is the rich, ar-
omatic cocoa grown in Ghana.
Zeroing in on these different fla-
vors to reveal the diversity of the
cocoa behind the chocolate can
open up a deeper appreciation for
chocolate overall. “Single-origin
isn’t inherently superior to blends,”
said Brigitte Laliberté, coordinator
of the Global Network for Cacao Ge-
netic Resources. “It’s a link to the
farmers and the country. It provides
a new adventure.”
Single-origin labeling started in
1983 with a box of chocolates com-
memorating the 100th anniversary
of Bonnat Chocolatier in Voiron,
France. Today, single-origin bars can
be found in outlets ranging from
gourmet chocolate shops to Wal-
mart; the chocolate might be made
halfway across the world from
where the beans were grown, by an
independent or a big industrial out-
fit. “Obviously there’s a huge differ-
ence between a craft maker doing
small batches and large-scale pro-
cessing,” said Emily Stone, CEO of
cocoa sourcing company Uncommon
Cacao. But identifying origin [of the
beans] is a first step.”
The next step: understanding
how making chocolate in the place
where the cocoa is grown impacts
the whole process, from bean to
Champagne Cocktail
Moisten a sugar cube with bitters until saturated.
Place sugar cube in the bottom of a Champagne flute.
Fill flute with Champagne.
Champagne
Aromatic bitters
1 sugar cube
F. MARTIN RAMIN/THE WALL STREET JOURNAL
EATING & DRINKING
Marou, Faiseurs de
Chocolat Ben Tre
Momotombo Chocolate Factory
Milk Chocolate Covered Beans
bar. “Chocolate made in the country
of origin retains more money in the
local economy by creating a value-
added product,” said Aubrey Lind-
ley, co-owner of Cacao, one of the
oldest specialty chocolate shops in
the U.S. “It also allows farmers to
have an opportunity to taste the
chocolate and develop a better un-
derstanding of the critical effect
that post-harvest processing has.”
Quality chocolates only come from
quality beans, handled with care.
With this in mind, chocolate
maker Suzanne Kabbani founded
her shop, La Maison du Chocolat
Grenada Chocolate
Company Salty-Licious
Madre Chocolate
Kona 70%
Ivoirien, in Abidjan, Ivory Coast, the
country that produces more of the
world’s cocoa than any other. Close
to home, marketing her locally
made chocolate has proven at least
as great a challenge as production.
“Having Ivoirians accept the idea
that the world’s leading cocoa [pro-
ducing nation] could also produce a
quality chocolate has been an uphill
battle,” Ms. Kabbani said.
It’s paid off, both at the source
and at the far end of the supply
chain. Now, among chocolate aficio-
nados, “origin-made” is becoming
as important as “single-origin.” “It’s
* ***
Lonohana Estate Chocolate
Café au Lait
El Rey Icoa
White Chocolate
the way it should be,” said Maricel
Presilla, food historian and author
of “The New Taste of Chocolate.”
“Origin makers are becoming
standard bearers in their own
countries.” An internationally
recognized chocolate expert and
competition judge, Ms. Presilla
travels the world visiting makers
where they live and work.
Those of us remaining closer to
home can travel vicariously, via ori-
gin-made chocolates offering tastes
of the places they come from. The
mail-order bars recommended here
make great points of departure.
DRINKEASY
POP, POUR, PARTY TIME
Requiring just three ingredients, the classic Champagne cocktail
takes you from uncork to unwind in under a minute
IF EVER A MONTH called for a
dose of effervescence, it’s February.
A shot of whiskey can sand down
the sharp corners, a Martini might
mute the clamor in your head. But a
Champagne cocktail? Think of it as
rose-colored glasses in a coupe.
The basic formula couldn’t be
more elemental—toss a bitters-
soaked sugar cube into a glass and
bathe it in bubbly—yet the effect is
alchemical. The bitters emit a pink
glow and a herbal edge; the sugar
sends up a trickle of sweetness and
a stream of bubbles as rollicking as
a Roman candle. Requiring no spe-
cialized gear, no esoteric drams, it’s
a drink that offers drama without
being a diva. In the words of pio-
neering barman and author of “The
Craft of the Cocktail,” Dale DeGroff:
“Just saying ‘Champagne cocktail’
can make you feel civilized.”
Our forebears soothed them-
selves with Champagne cocktails as
far back as the mid-19th century,
and the concoction is one of the few
in Jerry Thomas’s seminal 1862 bar-
tending manual, “How To Mix
THE WALL STREET JOURNAL.
TASTE THE WORLD
Origin-made chocolates worth
going out of your way for
Hawaii
Hawaiians take
pride in the fact
that theirs is the
only U.S. state
with the right cli-
mate for growing
cocoa. “Over half
of what we sell
stays in Hawaii,”
said Nat Bletter,
co-founder of
Madre Chocolate. Try the Kona
70% bar made with heirloom
cacao from Likao Kula farm. $11,
madrechocolate.com
Seneca Klassen of Lonohana
Estate Chocolate on Oahu is
both a farmer and a chocolate
maker. His Café au Lait bar fea-
tures the estate’s cocoa plus
coffee and vanilla from the Big
Island and cane sugar from
Maui. $14, lonohana.com
Vietnam
The spicy notes in
the Ben Tre bar by
Marou, Faiseurs
de Chocolat will
have you checking
the label for added
ingredients, but the
complexity comes entirely from
the cocoa, grown in the Mekong
Delta. $12, marouchocolate.com
Grenada
Among the first
origin chocolate
makers to gain in-
ternational recog-
nition, the Gre-
nada Chocolate
Company works
with small cocoa
farmers to create its bars, includ-
ing the mouthwatering Salty-Li-
cious. $8, grenadachocolate.com
Venezuela
El Rey produces chocolate from
sun-dried Venezuelan beans. The
company’s Icoa white chocolate
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS
has taken the top prize at the In-
ternational Chocolate Awards the
last two years running. $10, choc-
olates-elrey.com
Nicaragua
“Our cultural tradi-
tions are steeped
in cacao,” said Car-
los Mann of Mo-
motombo Choco-
late Factory in
Managua, Nicaragua. Try his com-
pany’s addictive beans drenched in
milk chocolate, available in the
U.S. through the Chocolate Ga-
rage. $35, thechocolategarage.com
Drinks,” to survive the centuries
more or less intact. Sure, there have
been detours: Before the invention
of the commercial sugar cube, a
scant spoonful of sugar sufficed
(and still will). On the Continent,
it’s not uncommon to amp the drink
up with a float of Cognac, or to add
a flourish of lemon peel to the flute.
While purists might object, many
people use another sparkling wine,
such as Cava or crémant, in place of
Champagne—but bear in mind that
anything too sweet can upset the
drink’s delicate balance. When in
doubt, choose brut.
If you want to get a little play-
ful while keeping it classic, the
best place to start is with the bit-
ters. Angostura are standard, but
we’re living through a renaissance
of specialty cocktail potions. Yuzu
bitters will lend the drink a citrus
zing, and cardamom, the subtlest
scent of the souk. Want a novel
way to woo your Valentine? Give
her drink a dash of lavender bit-
ters and bestow it like a fizzy
nosegay. —Sarah Karnasiewicz
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 11 - 12, 2017 | D5
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D6 | Saturday/Sunday, February 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

ON WINE LETTIE TEAGUE

Dolcetto: Overshadowed and Underestimated

SOME GRAPES, through no fault After visiting a few more shops,
of their own, are the perennial I eventually acquired 15 bottles for
plus-one, the second banana, the my tasting. They cost $10 to $25,
vinous add-on. That’s the sad story with most priced at $20. Almost all
of Dolcetto today. This red grape were from Alba, a top subregion for
from Piedmont, Italy, is cultivated Dolcetto—and, more famously, for
much in the shadow of the more the Barbera and Nebbiolo grapes.
famous Nebbiolo grape, used in The tasting ran the flavor gamut:
the region’s most sought-after Some wines were simple and a bit
wines, Barolo and Barbaresco. rustic, while others had spiky tan-
And yet top Dolcettos can be nins or simply lacked fruit. The

KOTRYNA ZUKAUSKAITE; F. MARTIN RAMIN/THE WALL STREET JOURNAL

great bargains; even the best rarely
cost more than $20—a tenth of the
price of a great Barolo. In fact, the
early maturing, easy-drinking Dolc-
etto is a fast-cash grape for its
producers. Unlike Barolo and Bar-
baresco, Dolcetto takes months
rather than years to mature, mov-
ing quickly from fermentation tank
to bottle to stores—and the tables
of producers themselves.
“Dolcetto is the wine that Pied-
montese people drink every day,”
said Bruna Giacosa, winemaker at
Bruno Giacosa estate, in an email.
The Giacosa name is synonymous
with great Barolo and Barbaresco.
Thanks to Ms. Giacosa’s father,
Bruno, the family’s wines are some
of the most coveted, not to mention
expensive, in all of Piedmont. Even
so, Ms. Giacosa noted that every
wine is “important in some way.”
I knew what Ms. Giacosa meant.
Dolcetto may be their table wine,
but it generates money the Giacosas
can spend cultivating their flagship
wines and gives loyal fans some-
thing to drink while waiting for the
Barolos to mature.
Silvia Altare, daughter of an-
other famed Barolo producer, Elio
Altare, echoed Ms. Giacosa’s words
when she referenced an old Pied-
montese joke in an email: “The
winemakers of Piedmont don’t
drink water but Dolcetto,” she
wrote. Ms. Altare likewise said the
wine matters a lot to her family,
even if it isn’t their most presti-
gious. “It doesn’t mean we don’t
put attention into it,” she said.
Indeed, it wasn’t so long ago that
Dolcetto was more desirable than
Nebbiolo. Marco de Grazia, a Tus-
can-based wine producer, importer
and consultant, recalled that in the
late 1970s “the price of Dolcetto
was much higher than Nebbiolo”
because no one could afford to hold
onto their wines for the length of
time required for Nebbiolo to ma-
ture, “and nobody [in Piedmont]
sold bottled wine back then.” In-
stead, producers sold their grapes
to cooperatives. By the late ’80s,
that started to change as producers
began aging and bottling their own
Nebbiolo-based wines, and prices
started to climb accordingly.
Top Dolcettos can be great
bargains; even the best
rarely cost more than $20.
Meanwhile the winemaking regi-
men for most Dolcettos remained
fairly simple: A short maceration
(skin contact) time in stainless-
steel tanks, where it remains for a
few months until being bottled.
Short skin-contact time can be vital
for Dolcetto, as it helps minimize
the grape’s often tough tannins.
Never mind that Dolcetto means
“little sweet one”: the wine can be
tannic, astringent and low in acid-
ity. Good producers are able to
manage these characteristics—har-
vesting early to preserve grapes’
acidity but not too early so that
they’re unripe—but lesser talents
turn out less-than-charming wines.
And Dolcetto definitely has its
charms, with delightful aromas of
spice and red fruit and even some
floral notes. Bright and lively on the
palate, often with a pleasing slightly
bitter note, it pairs well with food.
Erica O’Neal, wine director at
New York restaurant Italienne, is a
self-professed Dolcetto fan—“even
though my colleagues prefer Bar-
bera,” she said, referring to another
of the region’s popular grapes. Ms.
O’Neal, who put three Dolcettos on
her wine list, likes the grape’s ver-
satility: “Dolcetto is a great wine
with braised and roasted meats, but
also pork loin and goat curries.”
Dolcetto’s affordable price also
means wine lovers who aren’t able,
or willing, to spend three figures
on a Barolo from a famous pro-
ducer can get a taste of their
winemaking prowess for a fraction
of the price. And for drinkers look-
ing for an “authentic” grape—one
that’s particular to a place—Dolc-
etto is a good choice; it’s rarely
cheapest bottles weren’t the kind of
wines likely to convert a Dolcetto
skeptic, but wines at the higher end
were, as expected, markedly better.
The 2015 Elio Altare Dolcetto
d’Alba ($17) was lively with lovely
cherry aromas. It was as easy to
drink as the aptly named 2015 Ba-
rale Fratelli Le Rose Dolcetto d’Alba
($15), which had decidedly floral
aromas. Other notable wines in-
cluded the 2015 Sottimano Bric del
Salto Dolcetto d’Alba ($12), a gener-
ously proportioned—and attrac-
tively priced—wine from a top
Barolo and Barbaresco estate. The
2015 Dei Grassi Dolcetto d’Alba,
from the highly-regarded Elio
grown outside of Piedmont. Grasso ($19), was a bigger wine
The grape does have its down- with fairly pronounced tannins that
sides, alas. In addition to sometimes needed time to unwind. The same
raspy tannins, Dolcetto can vary was true of the 2015 Bruno Giacosa
greatly in style—perplexingly so. Dolcetto d’Alba ($25), which was
Some wines are soft and approach- more approachable after decanting.
able, others are austere with spiky The 2013 Giacosa Dolcetto ($25) I
tannins that may or may not found forgotten on a shelf was
smooth out. This flavor roulette much more accessible, with com-
may be one reason why the sales- plex flavors of spice and fruit.
man at Union Square Wines & Spir- One of my favorite Dolcettos was
its in New York told me some cus- the 2014 Vignavillej ($18), from
tomers shy away from Dolcetto. Brovia, a top Barolo producer.
I’d stopped by the store looking Brovia makes a “regular” Dolcetto
for bottles for a tasting and found (Vignavillej) as well as a special cu-
a grand total of three Dolcettos. vée (Solatio) in exceptional vin-
The salesman, who preferred to re- tages. But 2009 was the last time a
main nameless, said customers Solatio was produced, and there are
looking for a reasonably priced no plans for another anytime soon.
wine from Piedmont generally There is, however, good news. Ac-
chose the better-known Barbera. cording to Brovia’s Alex Sanchez,
I found a few more Dolcettos— the 2015 Vignavillej, to be released
but not much more enthusiasm for this spring, will contain grapes that
the wine—at Gary’s Wine & Market- were otherwise destined for Solatio.
place in Wayne, N.J. The store had My dive into Dolcetto may not
nine different Dolcettos and vin- have returned many overlooked or
tages ranging from 2012 to 2015 underpriced gems, but it did deliver
(the current vintage for most pro- a discreet number of truly delicious,
ducers). The older wines, however, affordable reds that definitely de-
weren’t later releases, assistant serve a higher status than also-rans.
general manager Chris Salamone
said. “Dolcetto doesn’t really sell.”  Email Lettie at wine@wsj.com

OENOFILE // FIVE DOLCETTOS THAT DESERVE FIRST PLACE ON YOUR TO-DRINK LIST

2015 Elio Altare
Dolcetto d’Alba $17
This charming light- to
medium-bodied red truly
tastes like “the Beaujolais
of Italy,” as wine consultant
Marco de Grazia labeled
Dolcetto. It’s briefly macer-
ated and fermented in stain-
less-steel tanks for maxi-
mum freshness.
2014 Brovia Vig-
navillej Dolcetto
d’Alba $18
One of two Dolcettos
produced by Brovia,
Vignavillej is bright and
lively. With notes of red
cherry and spice and a
decidedly exuberant nose,
it was one of my favorite
wines in the tasting.
2015 Barale Fratelli 2015 Sottimano Bric 2015 Bruno Giacosa
Le Rose Dolcetto del Salto Dolcetto Dolcetto d’Alba $25
d’Alba $15 d’Alba $12 One of the most struc-
The Barale family turned Crisp cherry fruit and a tured wines of the tast-
out a delicious, easy- dark red, almost purple, ing, this could benefit
drinking example of Dol- hue are the hallmarks of from a few more years in
cetto with this bottling. this polished Dolcetto the bottle, as it’s still tan-
Le Rose, with its beguil- from Rino and Andrea nic and tight. But decant-
ing floral aromas, is Sottimano, who also ing revealed a dense, tex-
aptly named—not to make several notable tured wine that will truly
mention well-priced. Barolos. blossom with time.

SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

Red Salad With Blue Cheese and Candied Walnuts

JAMES RANSOM FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY NIDIA CUEVA; ILLUSTRATION BY MICHAEL HOEWELER

HOUSTON MAY HAVE no greater booster ally. “We have a nut tree right in our
than Hugo Ortega, who arrived from Mex- backyard at Backstreet Cafe, and they’re
ico in 1982 and gained legal status in ’86 making great blue cheese an hour away,”
thanks to immigration reform passed un- he said. Sliced apples, pomegranate
der Ronald Reagan. “This city has always seeds and an orange-lime vinaigrette—
been good to me,” said the chef. Of the along with candied walnuts and crum-
five restaurants he now owns in Houston, bled cheese—balance the bitter red
the latest, Xochi, is the most ambitious leaves with sweet, tart and salty notes.
yet. Open two weeks now, it focuses on “At Xochi, I might serve this with a
the regional cuisine of Oaxaca, but that mole vinaigrette instead, which is more
The Chef doesn’t stop Mr. Ortega from sourcing in- complicated,” Mr. Ortega said. Streamlined
Hugo Ortega gredients locally. “You can get anything though this version may be, the dressing’s
here if you look for it,” he said. acidity cuts through the richer elements
His Restaurants This recipe, called ensalada roja, or elegantly. Consider the salad Mr. Ortega’s
Backstreet Cafe, red salad, for its striking crimson endive love letter to his adopted home: Valentine-
Hugo’s, Caracol, and radicchio, was inspired by the red and, with its bright and bitter flavors,
Hugo’s Cocina and bounty on Mr. Ortega’s doorstep—liter- just a little bit racy. —Kitty Greenwald
Xochi, all in Hous-
ton; Origen, in TOTAL TIME: 15 minutes SERVES: 4
Oaxaca, Mexico
½ cup sugar 3 tablespoons fresh lime 1 red apple, such as Gala or
What He’s ¼ cup water juice Red Delicious, cored and
Known For 1 cup walnuts or pecans 1/
3 cup olive oil cut into matchsticks
Nuanced, personal Sea salt and freshly 6 cups roughly torn radicchio 2/
3 cup crumbled blue

takes on traditional ground black pepper 1 head red endive, leaves cheese
Mexican cooking ¾ cup fresh orange juice separated 2/
3 cup pomegranate seeds

1. Make candied walnuts: Heat sugar and
water in a medium sauté pan over medium
heat until sugar dissolves. Continue cook-
ing syrup until it begins to caramelize and
turn golden, about 2 minutes. Pour nuts
into pan and toss to coat. Continue to
cook nuts, stirring, until caramel evenly
coats nuts and darkens slightly, about
3 minutes more.
2. Pour nuts onto a wax-paper-lined sur-
face. Lightly season with salt. Once cool
enough to handle, roughly chop nuts.
3. Make dressing: Whisk orange and lime
juices together. Season with salt and pep-
per to taste. Drizzle in oil, whisking until
emulsified.
4. Assemble salad: In a large bowl, toss
radicchio, endive, apples, blue cheese,
pomegranate seeds and nuts together. Toss
in enough dressing to coat well. Season
with salt and pepper to taste. To serve, di- SCARLET LARDER This salad combines ingredients in multiple shades of red
vide evenly among plates. —radicchio, endive, apple, pomegranate—with striking and delicious results.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 11 - 12, 2017 | D7
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D8 | Saturday/Sunday, February 11 - 12, 2017
A Beach Without an Ego
On Brazil’s northeast coast, a string of unpretentious beaches are a nesting ground for sea turtles and
a favorite refuge for the country’s city-dwellers. But the rest of the world hasn’t shown up—just yet
BY CHANEY KWAK
G
IVEN THAT BRAZIL
is a nation of more
than 200 million peo-
ple, odds are that
some of its citizens
do not care for the beach. I have yet
to meet those people. On my half
dozen trips to the country, with
its nearly 5,000-mile coastline and
scores of islands, I’ve been told—
emphatically—by friends and ac-
quaintances which beach I’d be a
fool to miss. The recommendations
tend to be all over the map—the
famed strands in the heart of Rio de
Janeiro; hike-in coves, backed by
rain forest, in the far south; sugary
crescents in the north where the
Beautiful People roam.
My friends Rafael and Salvatore
have long made a compelling case
for their most beloved beaches, a
string of them, in their home state
of Bahia, in the country’s northeast.
There, they assured me, was the
cartoon image of a tropical para-
dise—a shoreline dotted with coco-
nut palms that few non-Brazilians
knew about. When they offered to
take me on a road trip in the area,
it seemed only polite to agree.
After a week in Rio, I jumped on
a two-hour flight to Salvador, Ba-
hia’s capital and the country’s cen-
ter of Afro-Brazilian culture. Rafael
and Salvatore picked me up at the
airport and off we went. Recently
American travel magazines have
touted the Bahian coast south of
Salvador as the next “undiscovered”
frontier. The village of Morro de São
Paulo has seen a boom in mass tour-
ism, while glamorous Trancoso, a
longtime favorite getaway for deep-
pocketed Brazilians, now draws
American jet-setters, too. North
of Salvador, on the other hand, re-
mains unpretentious and not-at-all-
trendy. The upscale tour operators
I’d queried earlier insisted that
there wasn’t much to do in northern
ADVENTURE & TRAVEL
Bahia. That seemed just my speed.
And so we drove north on BA-099,
a 200-mile highway dubbed the
“Coconut Line” or sometimes the
“Green Line,” for its dense greenery.
After a 40-mile drive north of
the Salvador airport, we arrived at
The moon was so bright
that our outlines cast
shadows on the sand.
Praia do Forte, a waterfront town
with cobblestone streets, a crum-
bling 16th-century Portuguese cas-
tle and touristy boutiques hawking
sarongs and flip flops. The town is
also home to TAMAR, a sea turtle
conservation center with an aquar-
ium. There, one of the staff biolo-
WARMING
THE BENCH
A barraca on
Mangue Seco.
gists showed us baby turtles and
told us that we were visiting during
nesting season (October through
March), when newborns hatch
along Bahia’s coastline at night.
But she warned us, tempted as we
might be, not to seek them out with
flashlights, which could disorient
them. Outside TAMAR, fishermen,
nets slung over their shoulders,
were dragging wooden boats onto
Praia do Forte’s sandy crescent.
Ten miles up the coast, we
stopped at the town of Imbassaí,
which, like Praia do Forte, is start-
ing to draw more tourists from Bra-
zil’s urban centers but still main-
tains a low-key charm. Modest
hotels and kayak rental shops front
a latte-colored stretch of sand.
A shallow river empties into the
Atlantic after meandering through
coconut palms. We checked into
the Vilangelim Eco-Pousada, a small
inn set just back from the beach,
and headed down to the water for
a late-afternoon swim. It was a
Thursday, the day before a three-
day holiday weekend, and we had
the beach all to ourselves. We lin-
gered long after the sun dropped,
the air and crystalline sea still
pleasantly warm. The moon was
only half-full, but it was so bright
in the unpolluted skies that our out-
lines cast shadows on the sand.
Turtles were nowhere to be found.
Our road trip continued the
next day with a one-hour drive to
Mangue Seco, on a car-free spit of
land sticking out into the Atlantic.
You can reach it by careening a
4WD over migrating sand dunes,
which half-bury the lower trunks
of towering palms, or do what we
did—the more sensible option—and
take a small boat across the green
Rio Real. On the other side, we
hired a dune buggy with a driver to
take us from the sleepy pier to the
even sleepier beach. Thanks to a
popular Brazilian telenovela filmed
partly in Mangue Seco in the 1990s,
the beach remains somewhat re-
nowned around Brazil, but its wan-
ing fame hadn’t drawn anything
resembling a crowd, even on a holi-
day weekend. We noticed just three
couples. A handful of barracas, or
* ***
SOFT SERVE A drinks kiosk on the
beach just south of Conde. Below, from
left: Ferrying visitors to Mangue Seco;
snack bars, were scattered along
the shoreline, each with a few
empty tables and hammocks. We
saw wooden posts along the sand
set up by the TAMAR conservancy,
but alas, still no sign of baby tur-
tles. At one of the barracas I or-
dered a caipirinha made with fresh
passion fruit then parked myself
in a hammock.
The next morning, we drove to
Conde, a one-church fishing village
30 miles south, where a Saturday
market takes over the town square.
Fishermen gathered to sell essential
ingredients for Bahian cuisine like
SACRE BLEU A church in Mangue Seco village.
THE LOWDOWN // BEACH-HOPPING IN NORTHERN BAHIA
Getting There LATAM Airlines offers
connecting flights to Salvador from
New York via São Paulo. The well-
maintained state highway BA-099
connects the state capital to the beach
destinations in northern Bahia. Rent
a car at the airport or hire a car and
guide with a tour operator such as Rio-
based Dehouche (tailor-made trips from
$6,000 for two weeks, dehouche.com).
Staying There In the town of Praia
do Forte, Tivoli Eco Resort is a 287-
room property with a private beach,
four pools and 75 acres of gardens
(from about $350 a night, tivoliho-
tels.com). In neighboring Imbas-
saí, Vilangelim Eco-Pousada
is basic but tastefully deco-
THE WALL STREET JOURNAL.
RAFAEL PINHO FOR THE WALL STREET JOURNAL; MAP BY JASON LEE
moqueca at Sombre da Mangueira.
blue mud crabs, strung together
with palm fronds, and tropical fruits
of all hues. Also on sale were hunks
of carne-de-sol, salted beef cured
under the sun—which is, I later dis-
covered, even tastier when grilled
and topped with the local coalho
cheese. A young man was selling
baskets and lampshades that he
and his fiancée’s father wove out of
vines. I asked him what has changed
in this area since he was a child.
“Não muito,” he said: not much.
On our way back to Salvador,
we stopped for lunch at Sombra da
Mangueira, an outdoor restaurant
that has put its otherwise unre-
markable locale, the beachside town
of Diogo, on the map. The dish to
get here is the moqueca, a fragrant
fish stew and Bahia’s signature
meal. Like many of local recipes, it
marries the region’s African, Portu-
guese and maritime influences and
packs in plenty of spices. Hundreds
of miles south from here, the jet-
setters may have been lounging at
bossa nova–blasting beach bars, but
here, under the canopy of a mango
tree, I was content to slurp my
spicy stew and listen to the quiet
chatter of the other patrons—not a
single word of English to be heard.
rated (from about $100 a night,
vilangelim.com.br)
Eating There Sombra da Mangueira,
in Diogo, serves typical northeastern
Brazilian fare like moqueca seafood
stew until 5 p.m. daily (Rua de Diogo,
Vilarejo de Diogo; 55-71-3667-3810).
Finding Turtles There TAMAR,
a nonprofit rescue and conservation
center, has a large visitors center in
Praia do Forte with several resident
turtles (tamar.org.br).
Avoiding Mosquitoes There Zika, the
mosquito-borne virus, hit north-
eastern Brazil particularly hard
last year. According
to Bahia’s Secretary
of Health, Fábio Vilas-
Boas, the mosquitoes carrying
the virus are found mostly inland,
not at the beach. “But elsewhere you
should wear long pants,” he said, when
I spoke to him last week. He also noted
that due to a lack of rain in Bahia over
the past few months, far fewer Zika
cases overall were anticipated (though
he still advises pregnant women and
women planning to get pregnant soon
to avoid visiting Bahia for now.) Check
CDC.gov/zika for updates.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 11 - 12, 2017 | D9

ADVENTURE & TRAVEL

Philippe
Starck
The prolific designer and tireless traveler
on why gimmicky hotels are passé and
how to live like a sybaritic monk

H
E’S CONFOUNDING, by design. For over five de-
cades, Philippe Starck has gleefully played limbo
with the markers of genre and good taste. A
prolific design talent, he has consistently turned
out everything from provocatively silly and
memorable mass-produced household items (gun-shaped
lamps, garden-gnome stools, stackable plastic Louis XV chairs)
to newfangled windmills and even plans for the world’s first
spaceport, in his capacity as creative director of Richard Bran-
son’s Virgin Galactic project.
To discerning nomads though, the French-born Mr. Starck is
best known for popularizing the designer hotel, having con-
ceived the interiors for such pioneering properties in the
1990s as the Royalton in New York City, the Mondrian in Los
Angeles and the Delano in Miami Beach. Now 68, he remains
as busy as a one-armed paper hanger, dividing his time be-
tween homes in Cap Ferret, the Venetian island of Burano and
Spain’s Formentera, and working on more gigs than he cares ITINERANT INNOVATOR
to remember. We recently caught up with him at the SLS Clockwise from left: Philippe
Brickell hotel in downtown Miami, his latest collaboration with Starck at the SLS Brickell
developer Sam Nazarian. As ever, Mr. Starck was in divinely in Miami, his latest hotel-
contradictory form. design project; a Sealegs
amphibious vehicle; director
Stanley Kubrick; Parrot Zik 3
First rule of design is: don’t they will love the new one in headphones; France’s La
be stupidly luxurious. Never Miami because they are practi- Co(o)rniche hotel, designed by
make things fancy for the sake cally the same. You don’t have Mr. Starck; the Pity Starck
of it. I want people to come to to throw in a pineapple or an cocktail; recommended reading.
a hotel because they feel that art deco detail for the same
they are at home. The era of concept to work in Miami.
gimmicky hotels is over. When The difference comes from waves and the sunset. My sec-
you read in a magazine about a the tribe, not from location. ond favorite would be the Post

new boutique hotel you want to
immediately remember the ad-
dress so that you can avoid it.
A great hotel combines: intelli-
gence, culture, efficiency, comfort
and always a touch of poetry.
Every hotel has its own:
tribe. The same tribes travel to
New York, Paris, Milan and To-
kyo. You just have to comfort
people and assure them that if
they love, let’s say, SLS in L.A.,
My ideal customer is: young-
minded and creative. Those are
the people I design for.
The object I wish I had de-
signed is: none. We can’t rea-
sonably wish for more materi-
ality. If I really have to answer,
though, I would say one of the
design icons that have changed
the world such as the artificial
heart or the pacemaker.
I’m not a big fan of: trends.
Buying something because it is
“trendy” is a stupid behavior.
When it comes to creation, it is
crucial to think of something
timeless with a real techno-
logical or ecological benefit.
My favorite hotel in
the world is: La
Co(o)rniche on the
Pyla Dune in the
southwest of France.
Not because I designed
it but because of the
surrounding dune, the
CLEAR THINKING
Mr. Starck designed
the Louis Ghost
chair in 2000.
Ranch Inn in Big Sur, Califor-
nia. An American version of La
Co(o)rniche, it is on a cliff, sur-
rounded by sea spray and
freezing Northern Californian
winds. It is easy to lose one-
self contemplating the many
shades of gray of the sea and
the whales below.
The thing people might be
surprised to learn about me
is: that I think of myself more
as a movie director than a
designer. The directors I feel
closest in spirit to are Ale-
jandro Iñárritu, David Lynch,
Stanley Kubrick, Wim Wenders
and the Darjeeling tea guy
[Wes Anderson].
The last book I read was:
“A Fraction of the Whole”
[a Booker-Prize-shortlisted
novel about an Australian
father and son] by Steve
Toltz—amazing personal
view and sense of humor.
The ideal travel companion
is: my wife, Jasmine. We live
in a total symbiosis and don’t
even need to talk to under-
stand each other. Sometimes
we go two weeks almost with-
out speaking.
My lifestyle is: mo-
nastic. We are not ur-
ban or “society” people
who go to dinners, cocktails
or exhibitions. We call our-
selves “luxurious monks.” We
live like monks but in a more
costly way. When we need
things we have to get them
fast as we are always traveling.
We need high-tech equipment
like an amphibious car-boat be-
cause we live in remote ca-
banas near the sea.
My ideal office is: in front of
the sea. The sound of the
waves, the wind from the sea-
side, the salt in the air, this is
what I need to work. A proper
working place like an office pre-
vents me from working. How
can you work with a feeling of
obligation, with no pleasure?
I can work 24
hours a day but
without any
bad feelings.
At the end of the day: we
have a Champagne or I [create]
a cocktail. My latest one was the
“Pity Starck,” made with low al-
cohol and low sugar: zero-sugar-
added Champagne, 1 drop of
Campari, 1 spoon of Scotch from
Islay, 1 squeeze of lime, 1 ice
cube in a frozen copper mug.
I can’t fly without: my iPad
Mini full of thousands of care-
fully selected pieces of music
and my Parrot Zik 3 [head-
phones] to listen to it. I also
need my pencil and tracing-pa-
per pad, which is specially pro-
duced for me to resist all kinds
of weather and humidity.
ROSE CROMWELL FOR THE WALL STREET JOURNAL (PORTRAIT); F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOOK, DRINK); GETTY IMAGES (KUBRICK)
The secret to working on a
flight is: music. It is an essen-
tial tool of my life. But I hardly
ever work on an airplane. I sleep.
On my next trip I am going
to: several countries on the
same day, as usual.
The one thing I enjoy most
about traveling: is when I
can be the pilot. I fly a Pilatus
PC-12 ”Swiss Army-knife”
plane. It’s convenient because
it has two large cargo doors
to transport motorbikes.
The one thing I never spend
money on when I travel is:
souvenirs, because I prefer
my memory.
—Edited from an interview
by Horacio Silva

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 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D10 | Saturday/Sunday, February 11 - 12, 2017 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

THE MEDIATOR

Lavatory Rivalry
The conflict A minimalist vanity must share space in a loo with an
elaborately wrought étagère. Three designers try to bridge the style chasm

1960s Italian
Norm Architects Floral Étagère
Frame Console by from Carol Master
Ex.t, about $4,785, Antiques, $1,375,
shop.ex-t.com 1stdibs.com

SOLUTION 1 SOLUTION 2 SOLUTION 3

Hang wallpaper that’s Add a contemporary take Combine whimsy
graphic but painterly. on a fussy form. A distilla- and boldness in a
The black sink console tion of the Queen Anne tile. Brooklyn de-
by Norm Architects is style, this mirror is stream- signer Rachel New-
minimal and mascu- lined enough to make nice ton sought an intri-
F. MARTIN RAMIN/THE WALL STREET JOURNAL (WALLPAPER)

line, pointed out with the modern console, cate geometric

San Francisco de- but able to speak “to the pattern to help the
signer Lauren Gere- undulating lines of the right-angled vanity
mia, while the étagère as well,” said San and the ornate
étagère, though iron, is Francisco designer Kendall étagère get along,
floral and feminine. She Wilkinson. The looking glass “but I didn’t want
suggests reconciling lightens up the dark vanity, anything too famil-
their stylistic dispute and its brassy finish con- iar,” she said. “The
with a wall covering nects with the gold paint of gilded piece is so whimsical, I wanted to add some playful-
that’s strongly graphic but softly blurred. “The two pieces are the étagère, “creating a flu- ness.” More cheeky than a checkerboard, this pattern provides
very considered in design, not generic at all,” she added. This idity among the three gaiety, while both the subtle veining in the Italian marble and
paper—unusually tactile thanks to a base of compressed mar- pieces,” said Ms. Wilkinson. the blossoming vine entwining the shelves are rooted in the
ble-dust plaster—“also has that.” Permia Caviar Bone Wallpaper, Queen Anne-Style Mirror, natural world. New Ravenna Lancaster Large Tile, $77 a
$341 per yard, Callidus Guild, 718-783-0329 $1,183, horchow.com square foot, Ann Sacks, 800-278-8453

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ABOVE AND BEYOND THE FOLD

As two new books show, origami can be delightful craft or mind-boggling sculpture

IF YOU’VE SEEN a 3-D

printer in action or strapped
on a virtual-reality headset,
you might assume mere ori-
Toro Verde Nature Adventure Park, Orocovis gami couldn’t impress you.
But what if we told you the
Asian technique associated
with mundane paper cranes
and childish cootie catchers
can also transform a single
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These are just some of the
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guide to 15 unique but less-
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amateurs looking to earn
friends’ approval with ori-
gami décor, “Paper Home:
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Projects” (Pavilion, Febru-
ary), by Esther Thorpe, offers
doable steps to more modest
but still unpredictable cre-
ations, like lampshades or
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for the truly jaded, noted Dr.
Lang, people are generally
surprised by what one unpre-
possessing piece of paper can
yield, whether it’s a wee bas-
ket or a hyper-detailed arach-
nid of his own creation.
—Tim Gavan
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
DECENT PROPOSAL The 2017 Kia Cadenza
Limited premium sedan comes to $45,290, all in.
RUMBLE SEAT DAN NEIL
Kia Cadenza: If Costco Sold a Luxury Sedan
IMAGINE YOU own a suc-
cessful flower-delivery busi-
ness in Seoul, South Korea.
Not big, maybe 25 employees
or so, but steady, prosperous
work. Koreans love flowers.
Every morning you drive
from your home in Seong-
buk-dong to the distribution
center near the Yangjae
Flower Market. More likely
you are driven. Seoul’s traf-
fic jams are spectacular, and
the 6-mile commute across
the river could be two hours
by car, each way. Hired driv-
ers are common.
You could avail yourself
of Seoul’s sprawling under-
ground and arrive in 35 min-
utes. But that’s not how they
roll in Seoul. The private-use
automobile remains a potent
status symbol in a culture
deeply invested in prestige,
face. You don’t leave them
in the garage. No, affluent
Koreans like their cars big,
glitzy and preferably driven
by somebody else.
Out of this pinkie-ring
milieu comes the 2017 Kia
Cadenza, the Korean brand’s
full-size premium-content
sedan, redesigned for 2017
and arriving now in U.S.
dealerships in exquisite ob-
scurity. The Cadenza is a
conservatively styled five-
seat four-door, with a gener-
ous back seat and a proper
trunk; majority-steel unibody
construction; transverse-
oriented, 3.3-liter, 290-hp
direct-injection V6; eight-
speed automatic; and front-
wheel drive. Weight: a tidy
3,799 pounds, and most of
that is shiny.
The Cadenza lands firmly
in the personal land-yacht
segment: full-size, front-
drive, near-luxury, under
$50,000. Your choices in-
2017 KIA CADENZA LIMITED
Price, as tested: $45,290
Powertrain: Front-transverse
mounted, 3.3-liter direct-
injection V6 with variable
cam phasing; eight-speed
automatic transmission;
front-wheel drive.
Power/torque: 290 hp
at 6,400 rpm/253 lb-ft at
* * * *
GEAR & GADGETS
clude the Buick LaCrosse,
Lincoln MKZ, Lexus ES 350
and Volvo S90.
In South Korea, large
sedans are aspirational, the
acme of good taste. In Amer-
ica, currently, the whole cat-
egory is box-office poison.
Kia sold 647,598 vehicles in
the U.S. last year, of which
only 4,738 were Cadenzas.
Life has been even lonelier
for Kia’s dreadnought flag-
ship, the K900, which I’m
guessing you’ve never heard
of, based on January sales
figures (34).
Kia has always been
so budget-conscious
and value-forward,
it’s hard to take the
Cadenza seriously.
Why would Kia send these
courtiers to die upon the
battlements in America?
Management’s objective is
to build the brand, to reach
into higher price points and
be taken seriously against
premium competitors. To
that end, in January, the
company also took the wraps
off the Stinger, a fairly gor-
geous fastback sedan with
available twin-turbo, 365-hp
V6, adaptive suspension and
rear-wheel drive (or AWD).
On paper the Stinger
matches up nicely against
the new Alfa-Romeo Giulia
and any number of Ger-
many’s favorite sons.
But there are strong
cognitive headwinds. In its
quarter-century history in
the U.S.—including Stateside
manufacturing, in Georgia—
5,300 rpm
Length/weight: 195.7
inches/3,799 pounds
Wheelbase: 112.4 inches
0-60 mph: 7.0 seconds (est.)
EPA fuel economy:
20/28/23 mpg, city/highway/
combined
Cargo volume: 16 cubic feet
NY Saturday/Sunday, February 11 - 12, 2017 | D11
FROM TOP: DAN NEIL/THE WALL STREET JOURNAL; KIA
Kia’s conversation with con- mess, with high-rate body sedan probity and grandeur. In my experience, its vehicle
sumers has always been so roll getting past the suspen- But it also betrays a still- integration that separates
budget-conscious and value- sion (MacPherson strut, evolving grasp of what makes global car makers from re-
forward, so grounded in the multi-link rear, adaptive a premium vehicle on the gional players.
reality of monthly payments, damping), a general lack world stage. In too many It’s a shame. The Cadenza
it’s hard to take a premium of centeredness under cor- ways the Cadenza drives like looks the part: Deep skirted,
Kia sedan seriously. Imagine nering loads. The car feels a collection of parts that have soft shouldered, relaxed of
buying a $100 Pinot Noir nose-heavy. It cannot be hus- only recently met. Vehicle line, sparked with ample
with Costco’s Kirkland Signa- tled. The electric-assist integration is the art of car chrome trim and lightning-
ture label. steering is numb as an building: making the power- bolt LED headlamp accents,
And in the case of import- empty glove. Hello…? train, the chassis, the electri- the Cadenza’s premium
ing the Cadenza, I see a lot The Cadenza’s lustless cal and hydraulic architec- styling inarguably translates
of downside. To be sure, driving character reflects the tures all come together to this side of the globe.
the value proposition is home market’s notions of seamlessly, even beautifully. Mostly Florida, I’m thinking.
strong: $45,290 for the Lim-
ited, all in, with voice-com-
mand navigation and info-
tainment with smartphone
integration (Android Auto/
Apple CarPlay); 630-watt,
12-speaker Harman Kardon
audio; quilted Nappa leather
seat trim; heated/ventilated
front seats, with heated back
seats and steering wheel;
full-length sunroof; power
trunk with proximity-sensing
opening; heads-up display;
wireless charging; power
rear-window shades!
And yet under the Ca-
denza’s quilt-leather and
brightwork finery, there lives
a fairly mediocre mass-mar-
ket automobile, designed and
engineered to meet the more
lenient expectations of Ko-
rea’s domestic market (more
lenient because the auto
industry is sheltered from
import competition).
A Kia insider told me the
Cadenza development team
benchmarked the Lexus ES
350 sedan, and on paper that
is plausible. But in person—in
overall refinement, ride and
handling, fit and furnishings—
Kia’s answer to Lexus still
has distinct hamster breath.
The priorities are clear
enough, based on what the
team chose to spend money
on. The Cadenza’s double-
pane acoustic windshield
and front windows deflect
the sounds of the city nicely.
But if you make a sudden
demand of the powertrain—
a passing maneuver with an
automatic downshift—the
laboring of the V6 fills the
cabin from the underside.
The premium evidently was
on the urban driving cycle. Experience a California Closets system custom designed
Stamp the Cadenza’s
specifically for you and the way you live.
throttle and it can touch
60 mph in about 7 seconds, Visit us online or in our showroom today to arrange for
but the V6’s mask of refine- a complimentary in-home design consultation.
ment slips as it does. The
eight-speed transmission,
an in-house design, was
reluctant to downshift for
overtaking when plainly
my foot was telling it to. It
sometimes dithered between
212.517.7877
U PPE R EAST SI DE
gear changes at part-throttle
and on inclines. 646.486.3905
TR I B ECA & B ROOKLYN
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sofa-like, especially agree- WESTCH ESTE R & H U DSON VALLEY 914.592.1001
able in the back seat. But ROCKLAN D 845.570.9922
from the driver’s seat, driven
with any kind of pace, the californiaclosets.com
Cadenza is kind of a limp
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