The Wall Street Journal - 22 March 2022

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What’s Russia Presses Grinding Attack
News
Forces bomb civilian
Business & Finance areas as Kyiv rebuffs
Moscow’s demand
to surrender port city

P owell said the Fed was A rescue worker Monday at the site of a shopping center in Kyiv that was shelled by Russian forces.SERHII NUZHNENKO/REUTERS BY MATTHEW LUXMOORE
prepared to raise inter- SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
est rates in half-percent- AND ALAN CULLISON
age-point steps and high
enough to slow the econ- KYIV, Ukraine—Russian at-
omy if it concluded such tacks struck Kyiv, Odessa and
steps were warranted to other locations across Ukraine
bring inflation down. A1 as Moscow appears to be
 The S&P 500 edged shifting its battle plan to com-
down 1.94 points after pel Ukraine to relinquish
Powell’s remarks, while the claims to its southern and
Dow and Nasdaq shed 0.6% eastern territory.
and 0.4%, respectively.
Treasury yields rose. B10 Ukraine on Monday re-
buffed Russia’s demand to sur-
 The SEC proposed strin- render the embattled port city
gent requirements for publicly of Mariupol, where intense
traded companies to report fighting continued.
information on greenhouse-
gas emissions and risks re- As its military offensive
lated to climate change. B1 against Ukraine has stalled,
Russia is increasingly bombing
 Alphabet’s Google should civilian areas in what some
be forced to turn over inter- U.S. officials believe is evolv-
nal emails that it has withheld ing into a war of attrition
or redacted in the antitrust aimed at pressuring the gov-
case filed against it by state ernment in Kyiv into granting
and federal governments, the concessions and acquiescing
Justice Department said. A3 to Moscow’s demands.

 American frackers are The seeming tactical shift
raising the number of drill- comes as President Biden is
ing rigs by more than 20% heading to Europe this week
after depleting their inven- for meetings with allies and
tory of previously drilled partners in the North Atlantic
but untapped wells. B1
Please turn to page A8
 Warren Buffett’s Berk-
shire Hathaway said it U.S. Sends Soviet Air Defenses to Ukraine
agreed to buy insurer Allegh-
any for about $11.6 billion. B1 BY NANCY A. YOUSSEF which Moscow has exported has acquired a small number involving a Pentagon contrac- Some of the Soviet weapons
AND MICHAEL R. GORDON around the world. of Soviet missile defense sys- tor that cost $100 million, ac- have been kept at the Red-
 Foxconn said its factories in tems so that they could be ex- cording to a former official in- stone Arsenal in Alabama,
Shenzhen, China, were again WASHINGTON—The U.S. is The weapons are familiar to amined by U.S. intelligence ex- volved in the mission. which its website notes serves
running at full capacity after sending some of the Soviet- Ukraine’s military, which in- perts and help with training as “the Army’s center for mis-
the city wrapped up Covid-19 made air defense equipment it herited this type of equipment U.S. forces. The S-300—called the SA-10 sile and rocket programs.” At
tests on all its residents. B4 secretly acquired decades ago following the breakup of the by NATO—is a long-range, ad-
to bolster the Ukrainian mili- Soviet Union. The secretive efforts re- vanced air defense system in- Please turn to page A6
 Nike’s quarterly sales tary as it seeks to fend off ceived public attention in 1994 tended to protect large areas
grew 5% as the sneaker gi- Russian air and missile at- The Pentagon declined to when a Soviet-made transport over a much wider radius. The The Ukraine Crisis
ant benefited from gains in tacks, U.S. officials said. comment on the U.S. decision plane was observed at the SA-8 is a short-range, tactical
its digital business. B3 to reach into its little-known Huntsville, Ala., airport within air defense system designed to  War complicates U.S.
The systems, which one U.S. arsenal of Soviet weapons, sight of a major highway. It move with ground forces and military pivot to Asia.... A6
 Apple services were back official said include the SA-8, which comes as the Biden ad- was later disclosed that the provide cover from aircraft
online after an outage earlier are decades old and were ob- ministration is mounting a plane was carrying an S-300 and helicopters. While the  Oligarchs’ yachts hit the
Monday disrupted access for tained by the U.S. so it could major push to ex- air defense system that the SA-8 has a shorter range, it is high seas............................ A7
users and businesses. B4 examine the technology used pand Ukraine’s air defense ca- U.S. had acquired in Belarus as highly mobile and potentially
by the Russian military and pabilities. part of a clandestine project easier to hide.  Support for Russian oil
World-Wide ban grows in EU.............. A8
The U.S. over the decades

 Russian attacks struck Powell Says Fed Ready Hearing Begins Boeing 737 Crashes
Kyiv, Odessa and other loca- To Be More Aggressive For Nominee In Southern China
tions across Ukraine as
Moscow appears to be shift- BY NICK TIMIRAOS quarter point and he signaled With 132 on Board
ing its battle plan to compel a stronger bias toward lifting
Ukraine to relinquish claims Federal Reserve Chairman rates until the central bank Supreme Court nominee BEIJING—A Boeing Co. 737 Video footage circulated by
to its southern and eastern Jerome Powell said the central sees clear evidence that infla- Judge Ketanji Brown Jackson carrying 132 people dropped Chinese state media showed a
territory. A1, A6-9 bank was prepared to raise in- tion is falling to its 2% target. appeared before the Senate from the sky and slammed plume of gray smoke emerging
 The U.S. is sending terest rates in half-percentage- Judiciary Committee. A4 into a mountain range in from the crash site and what
some of the Soviet-made point steps and high enough The Fed lifted the rate from southern China. appeared to be a wing frag-
air defense equipment it to slow the economy if it con- near zero to a range between ment lying along the side of a
secretly acquired decades cluded such steps were war- 0.25% and 0.5% last week, and By Yoko Kubota, mountain trail with the Chi-
ago to bolster the Ukrai- ranted to bring down inflation. officials penciled in a series of Benjamin Katz nese characters for “China
nian military. A1 increases raising it to slightly and Wenxin Fan Eastern” partly visible.
 The U.S. plans to boost “If we think it’s appropriate below 2% at the end of this year
military spending and in- to raise [by a half point] at a and to about 2.75% next year. The relatively new aircraft, On board were nine crew
crease its military pres- meeting or meetings, we will operated by China Eastern Air- members and 123 passengers,
ence near Russia in re- do so,” Mr. Powell said during Stocks and bonds fell as Mr. lines, was at cruising altitude the Civil Aviation Administra-
sponse to Moscow’s a discussion after a speech on Powell spoke. The Dow Jones on Monday when it suddenly tion of China said. If all are
invasion of Ukraine. A6 Monday before the National Industrial Average closed went into a nosedive, and confirmed dead, it would mark
Association for Business Eco- down 0.58% on Monday. The plummeted more than 25,000 China’s deadliest aircraft crash
 A Boeing 737 operated nomics in Washington. yield on the 10-year Treasury feet in less than two minutes,
by China Eastern carrying note rose to 2.298% in after- according to aircraft tracking Please turn to page A11
132 passengers and crew Mr. Powell’s remarks struck noon trading, as yields rise service Flightradar24.
dropped from the sky and a tougher tone than he used  FAA staffer testifies former
slammed into a mountain days earlier in a news confer- Please turn to page A2 Boeing pilot lied........................ B1
range in southern China. A1 ence after the Fed voted to
raise its benchmark rate by a  Stocks move lower on Powell
 The ex-wife of former comments.................................. B10
Missouri Gov. Eric Greitens
alleged in a court filing un- Want to See Ranchers Take Aim
der oath that he physically ‘Scream’
abused her and their chil- Or ‘Scream’? At Meatpackers’ Turf
dren before their divorce. A4
iii Nebraska cattlemen plan their own butchering
 Supreme Court nomi- plant to bypass beef-processing giants
nee Ketanji Brown Jackson Hollywood loves
spoke about adherence to BY PATRICK THOMAS The average price for live
legal precedent on the sequels so much cattle was up 5% in 2021
first day of her Senate For years, many ranchers from 2019, according to fig-
confirmation hearings. A4 titles don’t change have blamed meatpacking gi- ures from the Livestock Mar-
ants for low cattle prices. keting Information Center
 Lawmakers across the BY CHRIS KORNELIS Now, some cattlemen say and Agriculture Department,
U.S. are pushing to pause the they have a solution: Process while the average price of
collection of gas taxes to give Ryan Showers says when the beef themselves. boxed beef—cuts that pack-
drivers a temporary break at the name of the latest install- aging plants box to ship to
the pump as fuel costs hover ment in the horror franchise On 80 acres in western retailers—was up 26%.
near record highs. A3 “Scream” was announced, it Nebraska, a group of cattle
created a wave of controversy ranchers and feedlot owners “The whole industry was
 The Biden administra- in the movies’ fanbase. Unlike this spring plans to break motivated to do something,”
tion concluded that the previous sequels that had been ground on a $325 million said Rusty Kemp, a Sustain-
Myanmar military’s vio- named “Scream 2” and processing plant they say able Beef co-founder, refer-
lence against the largely “Scream 3,” and “Scream 4,” will boost competition—and ring to the ranching industry.
Muslim Rohingya minority the new film, released in Janu- livestock prices—in one of “It’s been a tough 36 months
amounts to genocide. A11 ary, was called “Scream.” the country’s top beef-pro- for a lot of cattle feeders.”
That’s the same title as the ducing regions.
CONTENTS Opinion.............. A17-19 1996 original. Some cattlemen have
Arts in Review... A15 Personal Journal A13-14 The venture, Sustainable pushed Washington to
Business News...... B3 Sports........................ A16 “Scream fans have a very Beef LLC, comes as ranchers tighten antitrust rules for the
Capital Journal...... A4 Technology.......... B4-5 set mindset in terms of what say they have struggled four biggest meatpackers,
Crossword.............. A15 U.S. News............. A2-4 to expect,” says Mr. Showers, against years of low cattle JBS USA Holdings Inc., Tyson
Heard on Street.. B11 Weather................... A15 a law student at Penn State, prices, most recently despite Foods Inc., Cargill Inc. and
Markets................... B10 World News...... A6-11 who hosts a podcast dedicated the rise of wholesale beef National Beef Packing Co. The
to the franchise. prices over the pandemic.
> Please turn to page A12
Please turn to page A12
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A2 | Tuesday, March 22, 2022 ***** THE WALL STREET JOURNAL.

U.S. NEWS

Median hourly wages, Women’s wage gains outpace 4.0% Women’s Pay Gains
change from a year earlier men’s gains by the widest 3.5 Now Outpace Men’s
margin going back to 1997
Men

Women

RECESSION BY SARAH CHANEY CAMBON narily, unusually tight. But workers in February, the Labor
that is typically the pattern.” Department said. Those jobs
12-month moving averages 3.0 AND ANA RIVAS are also often lower-paying
Women who switch jobs are roles in sectors such as retail,
Women’s annual All women Median hourly Cumulative change Wage growth for American also reaping big pay increases. a report from Labor Depart-
average weekly pay as Men’s pay wages, change in jobs since women is increasing at a About 31% of women who ment researchers showed.
percentage of men’s from a year earlier Dec. 2019 faster rate than for men, a changed jobs during the pan-
stark shift from earlier in the demic got a compensation Mothers often take time out
4% 0 Covid-19 pandemic. package—including salary and of the workforce, which can
bonus—that was more than also lead to pay setbacks. Many
Note: Percentages are Pay gap 83.1% Overall Up 593,000 Female wages were up 4.4% 30% higher than in their previ- women left the labor force
calculated from annual 76.9% 81.5% jobs in February in February from a year ear- ous role. That slightly exceeds when the pandemic hit to care
averages of median usual 2 –5 lier, compared with a 4.1% rise the 28% of men who reported for children as schools and
weekly earnings for full-time Finance and Professional* and in male wages, according to such a pay increase, according day-care centers shut down.
wage and salary workers. the Atlanta Federal Reserve’s to the Conference Board, a pri-
business services business services wage tracker. That marks the vate-research group. Several factors are converg-
Black sixth straight month that ing to draw women back, in-
2000 ‘19 ’21 0 ’22 –10 million ‘22 women’s wage growth out- The gender pay gap has cluding higher wages, an eas-
94.1% 2020 ’21 ’20 ‘21 paced men’s. shrunk slightly over the past ing pandemic and fewer child-
two decades as more women care disruptions. The labor-
Hispanic Leisure and hospitality Female wage gains exceeded have entered higher-paying force participation rate for
4% 0 male gains by 0.5 percentage white-collar professions. But prime-age women—or the
point in December, matching there remains a wide pay gap share of women ages 25 to 54
87.6% 2 the widest margin for records working or seeking a job—
tracing back to 1997. The gender pay gap climbed to 75.8% in February,
0 –5 up from 74.9% a year earlier.
2020 ’21 These pay gains are helping has shrunk slightly
1.3 million women regain ground in the Despite steady gains in fe-
below labor market after they en- over the past two male workforce participation,
dured big setbacks at the start there are still fewer women
2000 ’19 ’21 2000 ’19 ’21 –10 million ’22 of the pandemic. Women ac- decades. ages 16 and up in the labor
White Asian ’22 ‘20 ’21 count for a disproportionate force than before the pan-
share of lower-wage service- between men and women. Last demic. Meanwhile, male labor-
Education and health sector jobs in personal care, year, median weekly earnings force participation levels have
4% 0 food preparation and health- for full-time female workers fully recovered.
care support, which saw steep amounted to 83.1% of men’s
82.2% 353,000 cuts when the pandemic earnings. The majority of women who
2 –5 below struck. Businesses in these in- are considering a return to the
dustries widely reopened last One factor behind the gen- workforce say they strongly
78.5% 0 –10 million year. Since then, many have der pay gap: Women tend to desire good pay, health insur-
’22 ’20 ’21 struggled to find employees, occupy jobs that pay less, on ance and job security, accord-
2000 ’19 ’21 2000 ’19 ’21 2020 ’21 ’22 lifting pay for workers who average. Women account for ing to a survey from the Insti-
typically face greater barriers more than 75% of workers in tute for Women’s Policy
Civilian labor force level, change from Feb. 2020 to employment. eight of the 20 occupations Research. However, many fe-
with the lowest median weekly male employees say they lack
–2 Men “This group of workers who earnings, according to a March these types of benefits. In
experienced the worst disrup- Labor Department report. other words, there is a big gap
–4 Women tion during the pandemic is That includes occupations between what women say they
RECESSION now also experiencing the such as hostess, housekeeper need and what employers pro-
Seasonally adjusted fastest recovery in earnings and hairdresser. vide, said Nicole Mason, presi-
–6% and employment,” said Julia dent of IWPR.
Pollak, chief economist at jobs Women are more likely
2020 2021 '22 site ZipRecruiter. “It’s sort of than men to work part-time, “Being able to close that
sad that we only see these re- making up 62% of part-time gap, I think, is going to be
*includes jobs in legal services, accounting and management versals and any kind of nar- critical in terms of women’s
Sources: Federal Reserve Bank of Atlanta calculations of Current Population Survey, Bureau of Labor Statistics data (median hourly wages); rowing in the gaps when the labor-force participation,” she
Bureau of Labor Statistics, Current Population Survey (demographics); Atlanta Fed's Wage Growth Tracker (12-month moving average change in wages); labor market is extraordi- said.
Current Employment Statistics (payroll, seasonally adjusted); Bureau of Labor Statistics data via Federal Reserve Bank of St. Louis (civilian labor)

U.S. WATCH Fed Ready Annual inflation rose to “not a happy one” for the Fed, will be straightforward in the
6.1% in January, using the as it led to double-digit infla- current context.”
FLORIDA 12:45 a.m. Monday and were try- To Step Up Fed’s preferred gauge, accord- tion, Mr. Powell said.
ing to take the man into custody ing to the latest data available. Mr. Powell’s comments
Curfew to Be Imposed and walk him back to their vehi- Rate Rises Core inflation, which excludes The question is whether about the difficulties the Fed
In Miami Beach Area cle when another vehicle travel- food and energy, climbed to 2022 will be more like the faces underscore the growing
ing at a high rate of speed struck Continued from Page One 5.2%. Most Fed officials now shocks of the 1970s or the risks of a recession from rais-
Officials in Miami Beach, Fla., all three, Capt. Kemm said. when bond prices fall. see core inflation ending the more recent episodes. The ing rates aggressively to slow
said they would declare a state year at 4.1% if they raise rates shock in Ukraine is “more like inflation. Raising borrowing
of emergency and impose a cur- “The impact was so great Mr. Powell stressed the un- to about 2% this year, accord- a classic supply shock [that] costs tends to curb borrowing
few in the South Beach neigh- that it threw the troopers over certainty facing Fed officials as ing to projections last week. you would tend to want to and spending by consumers
borhood after two shootings into the northbound lanes of In- they navigate the aftereffects look through,” Mr. Powell said. and businesses, and in many
over the weekend left five people terstate 95,” Capt. Kemm said. of the pandemic and the war Mr. Powell said the inflation But he said the Fed was less past instances caused unem-
injured there. The driver remained at the scene. in Ukraine, and he said they outlook deteriorated signifi- inclined to ignore the shock ployment to rise and economic
are ready to shift their policy cantly before Russia’s invasion than it might otherwise have output to fall.
The city has grappled in re- “Right now, we are conducting in a more disruptive direction. of Ukraine, and he warned that been because high inflation
cent years with raucous crowds an active investigation that is the effects of the war in Eu- risks leading consumers’ and The Fed is counting on sig-
during the weekslong spring- DUI-related,” Capt. Kemm said. “If we determine that we rope and the West’s response businesses’ inflation expecta- nificant help from healing sup-
break period that have on occa- need to tighten beyond com- to heavily sanction Russia’s tions to rise to levels that ply chains and a return of
sion descended into violence. Trooper Mack, 33, enlisted in mon measures of neutral and economy could further aggra- could create a much more de- workers to the job market to
November 2014 and has been into a more restrictive stance, vate supply-chain disruptions stabilizing psychology of bring inflation down this year
“We can’t endure this any- assigned to the Philadelphia bar- we will do that as well,” he while sending up prices of key higher prices. and next. But, Mr. Powell said,
more, we just can’t,” said Miami racks since 2015. Trooper Sisca, said. Most Fed officials believe commodities used to make a in contrast with the Fed’s
Beach Mayor Dan Gelber at a 29, enlisted in February 2021 and a neutral rate is near 2.5%, as- range of goods. “I wouldn’t say we’re com- stance through much of 2021,
news conference Monday after- graduated in August. suming annual inflation is 2%. fortable at all with the typical it could no longer set policy
noon. “This isn’t your father’s, In January, the Fed ex- we’ll-just-look-through-that by forecasting that such relief
mother’s spring break. This is —Associated Press “Powell really stepped out pected inflation to diminish approach,” Mr. Powell said. would materialize.
something wholly different.” here and detailed a lot of seri- this year as supply-chain bot-
CHESAPEAKE BAY ous concerns about inflation tlenecks improved. “That story The Fed’s task now is to “As we set policy, we will
He said police officers had in the context of a job market has already fallen apart,” Mr. guide inflation down by rais- be looking to actual progress
been injured during spring break, Dredging Starts in Bid that is arguably overheating,” Powell said Monday. “To the ing rates to moderate demand on these issues,” he said.
and authorities had seized 100 said Tim Duy, chief economist extent it continues to fall but not so aggressively that
guns in the last four weeks. To Move Stuck Ship at research firm SGH Macro apart, my colleagues and I may the economy slides into reces- Mr. Powell for the first time
Advisors. Compared with Mr. well reach the conclusion we’ll sion. Engineering such a so- allowed for the possibility that
Alina Hudak, the Miami Beach Dredging has begun to free a Powell’s news conference last need to move more quickly.” called soft landing is possible, the economy was undergoing a
city manager, said she intended to cargo ship stranded in the Ches- week, “this was even more ex- said Mr. Powell, and he major shift in which many of
declare a public emergency effec- apeake Bay for more than a plicit, and probably more re- He contrasted the potential pointed to three instances the forces that contributed to
tive Thursday and to implement a week, the U.S. Coast Guard said flective of his own views.” shock to inflation from a surge over the past 60 years in lower inflation over the past 25
curfew that would take effect at Monday. in a range of commodities due which he thought the Fed had years, including globalization,
12:01 a.m. that day and last Some critics said the Fed is to the Ukraine war with the achieved such an outcome. might be fraying. Globalization
through next Monday at 6 a.m. A salvage company began being forced to aggressively oil-price shocks from geopolit- made it far more difficult for
dredging around the 1,095-foot raise rates because officials ical events in the Middle East But he added several cave- companies to raise prices, he
—Arian Campo-Flores Ever Forward on Sunday and the waited too long last year to in the 1970s. That history was ats: “No one expects that said, and a more segmented
work is expected to continue withdraw stimulus. At last bringing about a soft landing global economy might reverse
PHILADELPHIA throughout the week, Coast week’s Fed meeting, St. Louis some forces that kept prices
Guard Petty Officer Third Class Fed President James Bullard VALERIE PLESCH/BLOOMBERG NEWS down in recent decades.
State Troopers Among Breanna Centeno said in an dissented from the policy deci-
Three Killed on I-95 email. The grounded vessel is sion in favor of a half-point in- Mr. Powell before the National Association for Business Economics. Mr. Powell said he had
stable, poses no pollution threat crease and pointed to the po- never found these arguments
Two Pennsylvania troopers and isn’t affecting Port of Balti- tential for higher inflation to in favor of higher future infla-
and a civilian were fatally struck more operations, she said. lead inflation-adjusted interest tion particularly persuasive
by a vehicle on an interstate in rates to fall, even as the Fed before the pandemic, but he
Philadelphia early Monday, state The Ever Forward was headed raises nominal interest rates. said it was harder to tell how
police said. from the Port of Baltimore to the pandemic, the unusually
Norfolk, Va., on March 13 when it “The committee will have to strong policy response and the
Trooper Martin F. Mack III and ran aground north of the Chesa- move quickly to address this war in Ukraine would change
Trooper Branden T. Sisca were peake Bay Bridge, the Coast situation or risk losing credi- the nature of the economy.
dispatched after a man was re- Guard said. The ship, operated by bility on its inflation target,”
ported walking in the south- Taiwan-based Evergreen Marine he said last week. “No one is sitting around at
bound lanes of I-95 near the Corp., became stranded outside the Fed…just waiting for the
sports stadiums in South Phila- the shipping channel. Officials old regime to come back. I
delphia, Capt. James Kemm said. have said there were no reports think people fully appreciate
of injuries or damage. the situation that we’re in,”
The troopers arrived around Mr. Powell said.
—Associated Press

CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL

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THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | A3

U.S. NEWS

States Weigh Pause Total state taxes and fees on gasoline, includes D.C.
In Gasoline Taxes
Alaska Lowest: Cents per gallon Maine
14.98 cents 10 20 30 40 50 60 70 Vt. Mass.

BY JOSEPH DE AVILA gency legislation Friday that the impact on your wallet.” Wash. Idaho Mont. N.D. Minn. Wis. Mich. N.Y. Conn. N.H.
suspends the state’s 36.1-cent- Critics of a suspension say
Lawmakers across the U.S. per-gallon tax on gasoline for Ore. Utah Wyo. S.D. Iowa Ill. Ind. Ohio Pa. N.J. R.I.
are pushing to pause the col- 30 days. It also pauses the oil companies might further
lection of gasoline taxes to state’s 36.85-cent-per-gallon raise the price of fuel if the Calif. Nev. Colo. Neb. Mo. Ky. W.Va. Va. Md. Del.
give drivers a temporary break tax for diesel fuel. federal tax is paused. Others
at the pump as fuel costs point out that the gasoline tax Ariz. N.M. Kan. Ark. Tenn. N.C. S.C. D.C. Maryland governor signed
hover near record highs. “This bipartisan action will makes up only a small part of emergency legislation Friday
provide some relief from the the overall cost of gasoline. Highest: Okla. La. Miss. Ala. Ga. that suspends the state’s
Maryland and Georgia are pain at the pump,” Mr. Hogan 66.98 cents 36.1-cent-per-gallon tax on
temporarily cutting state gaso- said Friday. “This is, of course, “The savings are going to be gasoline for 30 days.
line taxes as fuel prices have not a cure-all, and market in- so minimal for everyday Amer- Hawaii Texas Fla.
surged world-wide amid Rus- stability will continue to lead icans,” said Lucy Dadayan, a Georgia governor signed
sia’s invasion of Ukraine. Cali- to fluctuations in prices, but senior research associate at legislation Friday suspending
fornia is considering giving we will continue to use every the Urban Institute, a think the state’s 29.1-cent-per-
drivers a $400 rebate to help tool at our disposal to provide tank based in Washington. gallon tax on gasoline.
cushion the blow of high gaso- relief for Marylanders.”
line prices. Ms. Dadayan said rebates Note: As of July 1, 2021, except Georgia, Florida and Maryland which are as of March 21, 2022. Doesn’t include the 18.4 cent/gallon federal excise
Georgia Gov. Brian Kemp, a for low-income households tax on gas. Rates may include the following: excise taxes, environmental fees, storage tank taxes, general sales taxes, and other fees or taxes.
Lawmakers in Illinois, Mas- Republican, also signed legis- would provide a more targeted
sachusetts, Maine, Michigan, lation Friday suspending the approach that would help Source: American Petroleum Institute
Minnesota, New York and Ten- state’s 29.1-cent-per-gallon tax those who need it most.
nessee are also weighing on gasoline and the 32.6-cent- Suspending gasoline taxes at the few tools they can use to comes after the end of the
whether to suspend their state per-gallon tax on diesel fuel Gas prices were inching up the state level also means offi- give drivers some relief. state’s busiest tourist season.
taxes on gasoline. And at the through the end of May. at the beginning of the year cials would have less money at
federal level, some members but hit record highs after Rus- their disposal to spend on road State lawmakers in Florida Connecticut Gov. Ned La-
of Congress are calling on the The suspension of the gaso- sia invaded Ukraine. The aver- and highway maintenance un- approved a measure earlier mont, a Democrat, and legisla-
Biden administration to sus- line taxes will “ease the burden age national price of a gallon less it is offset in some way. this month that suspends the tive leaders have also reached
pend federal taxes on fuel. consumers are feeling at the of unleaded gasoline peaked at State officials that back gas-tax state’s 25-cent-per-gallon tax an agreement to pause state
pump,” Mr. Kemp said in a video $4.33 on March 11, according suspensions say this is one of of gasoline for the entire collections on gasoline taxes
Maryland Gov. Larry Hogan, statement posted to Twitter. to AAA. The average price has month of October, which through the end of June.
a Republican, signed emer- “We are doing our part to lessen fallen to $4.25, which is still a
48% increase over a year ago.

Colorado, Nebraska Fight Over Water Rights U.S. Faults

BY JOE BARRETT JOE BARRETT/THE WALL STREET JOURNAL (3) loophole: If Nebraska built a Google on
then-planned canal starting
JULESBURG, Colo.—The Access to water in the South Platte River, which flows into Nebraska from Colorado, is being near, Ovid, Colo., it would be Shielding
South Platte River is the eco- contested by the two states. Tasha Harris, owner of D&J Cafe in Julesburg, Colo., worries about a entitled to up to 500 cubic feet
nomic heart of this small town hit to her business if Nebraska follows through on its plan to build a canal to secure water from the of water per second from mid- Of Emails
in the northeast corner of the river. Steve Seitler, owner of Scuba Steve’s Outdoor Toys, in Ogallala, Neb., backs Nebraska’s canal October to April 1 for irriga-
Rocky Mountain state, feeding plan, provided it doesn’t end up taking more water from nearby Lake McConaughy. tion. BY JOHN D. MCKINNON
farmers’ crops and drawing
hunters who shoot deer, snow approve the project, with fund- WYOMING North Platte River NEBRASKA North The canal was never built WASHINGTON—Alphabet
geese and other waterfowl. ing expected to come from Cheyenne McConaughy Platte despite several tries, but now Inc.’s Google should be forced
state reserves and $100 million Nebraska is reviving it amid to turn over internal emails
Soon it could run dry for in Covid-19 recovery aid ear- Lake claims that Colorado is intent that it has withheld or re-
nearly half the year because of marked for water quality. 80 Julesburg Ogallala on using all the water it isn’t dacted in the antitrust case
a fight over a 99-year-old wa- obligated to send to Nebraska. filed against it by state and
ter-sharing compact between Western states have been Fort Collins South Ovid federal governments, the Jus-
Colorado and Nebraska that fighting over water since at Platte River Sterling Nebraska officials frame the tice Department said Monday.
could end up in court. least the start of the 20th cen- debate as a desire to protect
tury, and those fights are only 25 its water from rapid growth in In a filing in U.S. District
Nebraska Gov. Pete Ricketts intensifying amid rising popu- the Denver area, but the com- Court, the Justice Department
announced plans in January to lations and as climate change Boulder 76 pact allows Colorado to use all said Google improperly in-
build a canal into Colorado to reduces snow and rainfall, said the water it wants from that voked legal privilege to shield
drain water from the South Reed D. Benson, director of the Denver Aurora COLORADO KANSAS part of the river, known as the sensitive internal communica-
Platte several miles upstream Natural Resources & Environ- upper basin, Mr. Schutz said. tions, a practice it said has
from Julesburg, which is al- mental Law Program at the 70 gone on for years.
lowed under a 1923 agreement University of New Mexico Still, Nebraska says there
between the states. The $500 School of Law. Colorado 50 miles are other threats to the flow of “For almost a decade,
million project, consisting of Springs water across the state line that Google has trained its employ-
some 60 miles of canals and Because of its abundance of can only be protected if the ees to use the attorney-client
several reservoirs, would be snowmelt from the Rocky will send Nebraska 120 cubic Colorado—typically about 250 state builds the canal. privilege to hide ordinary
one of the biggest nonfederal Mountains, Colorado is a prime feet of water per second from to 300 cubic feet per second, business communications
interstate water infrastructure source of water in the West. It April to mid-October. In the said Anthony Schutz, who Tom Riley, head of the Ne- from discovery in litigation
projects in decades. has signed nine compacts with other 5½ months of the year, teaches water and environ- braska Department of Natural and government investiga-
other states over the years to Nebraska isn’t guaranteed any mental law at the University of Resources, estimates the canal tions,” the Justice Department
Mr. Ricketts said Nebraska define how much water it can water, but continues to get Nebraska’s law school. would protect water due to said.
wanted to get ahead of a host use and how much it must let whatever water isn’t used by Nebraska with an estimated
of projects he believes Colo- flow downstream to neighbors. The compact included a value of $1 billion over the It further claimed that
rado is planning to build next half-century, helping the “Google teaches its employees
mostly to serve the Denver The 1923 South Platte Com- state meet environmental, hy- to add an attorney, a privilege
area that would use up water pact guarantees that Colorado dropower, drinking water and label, and a generic `request’
from the South Platte before it agricultural goals across the for counsel’s advice to any
gets to the state line. “Our es- state. sensitive business communi-
timate is that if they were to cations the employees or
complete all of these, they Many people who live in the Google might wish to shield
would reduce the amount of affected areas worry what a from discovery.”
water coming to Nebraska in change in the water flow
the South Platte by 90%,” the would mean for them. Tasha Google said its practices
Republican said. He called the Harris, owner of D&J Cafe, one are aboveboard and compara-
canal a “historic opportunity” of the few restaurants in Jules- ble to other big corporations.
for his state. burg, said she gets at least
$7,200 in revenue from about a “Just like other American
Colorado Gov. Jared Polis dozen hunting guides who eat companies, we educate our
said he was stunned by Ne- two meals a day, six days a employees about legal privi-
braska’s proposal, which Mr. week at the restaurant for lege and when to seek legal
Ricketts told him about hours about six weeks each winter. advice,“ a Google spokesman
before announcing it publicly. said in a statement. ”We have
The Democrat said Nebraska’s “I have a hard time thinking produced over four million
move is misguided because it about them building a canal to documents to the [Depart-
is based on a list of projects get the same water they are al- ment of Justice] in this case
that have been proposed by lo- ready getting,” said Cameron alone—including many that
cal governments and agencies Britton, a former town man-
but haven’t been approved or ager of Julesburg. DOJ wants internal
funded by the state. “It seems
to be based on this misunder- On the Nebraska side, many emails turned over in
standing of Colorado’s inten- people support the canal as a
tions,” he said, calling the plan way to keep water flowing into the antitrust case
“this really bizarre boondoggle the state. However, residents
of a project that wouldn’t ben- are concerned that the plan against the company.
efit Nebraska or Colorado.” could result in more water be-
ing drawn from nearby Lake employees had considered po-
Mr. Polis said Nebraska’s McConaughy, a huge reservoir tentially privileged.”
plan isn’t clear enough to re- on the North Platte River that
quire an urgent response, but supports the area’s recreation The Justice Department fil-
predicted it would face court and tourism industry. ing came in the government’s
battles from landowners and antitrust lawsuit against
environmental groups. He said “Any water we can get out Google, in a federal-district
Colorado would also defend its of Colorado helps tremen- court in Washington, D.C. The
water rights. dously,” as long as it doesn’t Justice Department and state
affect the lake, said Steve attorneys general contend
On March 9, Nebraska’s leg- Seitler, owner of Scuba Steve’s that Google maintained un-
islature took the first votes to Outdoor Toys, which sells lawful monopolies in the
boats and four-wheelers in search and search advertising
Ogallala, Neb. markets.

FBI Informant Testifies of Threats Against Governor The government now is
asking the judge at a mini-
BY JOE BARRETT made by members of the not guilty to charges of con- saying that? I think you said tioning, Mr. Chappel confirmed mum to order Google to turn
group in a private online fo- spiracy to commit kidnapping. that they’re wasting your time.” being part of a chat group in over all requested emails and
Violent threats, beer- and rum, so he called a friend who which the alleged ringleader of other communications where
marijuana-fueled encounters, is a police officer. Mr. Chappel testified that Mr. Chappel said he did. the plot rallied others to take a company lawyer was copied
training with high-powered by June 2020, he had won the That testimony gets to the action against the governor. and didn’t respond.
weaponry and clandestine sur- Within a week, Mr. Chappel trust of the Wolverine Watch- heart of defense allegations
veillance all figured into testi- was contacted by the Federal men and turned down the idea that Mr. Chappel, who they “When’s the lynching?” “The court should sanction
mony from a key government Bureau of Investigation, which of becoming its leader. In- portrayed as a dynamic figure asked Adam Fox in a message Google and order the full pro-
informant Monday in the trial asked him to monitor the stead, he took on the role of with extensive training, had written to Mr. Chappel and oth- duction of withheld and re-
of four men accused of plot- group and launched an investi- second-in-command, helping goaded the group into a plan ers after Michigan’s Supreme dacted emails where in-house
ting to kidnap Michigan Gov. gation. with training, organizational that none of them would have Court struck down a law used counsel was included in a
Gretchen Whitmer. and tactical operations. pushed to the point of execu- by Ms. Whitmer to impose re- communication between non-
Two of the six men origi- tion without him. strictions during the Covid-19 attorneys and did not re-
Dan Chappel, a 35-year-old nally arrested on Oct. 8, 2020, Around this time, though, Government lawyers have pandemic. “She should be ar- spond,” the government
combat veteran turned gov- pleaded guilty and are ex- he and his two FBI handlers argued that they only need to rested now, immediately. Who wrote.
ernment informant, testified pected to testify in the trial of grew frustrated with the show that the accused were wants to roll out?”
that he joined a group called the other four—Adam Fox, group’s lack of direction. predisposed to the crime and “Alternatively, the Court
the Wolverine Watchmen in Daniel Harris and Brandon Ca- that any inducements pro- Mr. Chappel testified that he should hold these silent-attor-
March 2020 as a way to keep serta, all of Michigan, and “The agreement between the vided by agents or informants was told not to participate in ney emails are not privileged
up his military training. But he Barry Croft, of Delaware. Their three of you was that these were fair game. tactical planning, but he admit- and immediately order their
said he quickly grew alarmed trial began March 8 and is ex- guys don’t have a plan,” said Earlier in the day, in re- ted at times making sugges- production.”
by threats to law enforcement pected to take four to six Julia Kelly, lawyer for defen- sponse to government ques- tions that would de-escalate
weeks. The four have pleaded dant Mr. Harris, during cross- what others were discussing.
examination. “You remember

A4 | Tuesday, March 22, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

War Revives Possibility of Realpolitik Return

CAPITAL JOURNAL in Ukraine and his possible MIGUEL GUTIERREZ/EPA/SHUTTERSTOCK autocratic tendencies of
By Gerald F. Seib ambitions to go even further Hungary’s Prime Minister
will produce long-term shifts The U.S. is moving to ease tensions with Venezuela’s Nicolás Maduro to boost its stand against Russia. Viktor Orban?
Thanks to Vladimir Putin’s in global relationships, those
assault on Ukraine, Cold War questions are going to come Pakistan. Early on in the friending leaders who ruth- Russian oil is blocked. Does A lready there are signs
echoes can be heard all increasingly to the fore. The Cold War, the need to con- lessly suppressed internal that justify swallowing mis- that the new world or-
around: escalating tensions world faces a period of front the Soviet threat debate and dissent. The de- givings about the totalitarian der that began taking
with Moscow, a newly unified choosing—with Mr. Putin or prompted the U.S. to look bate culminated in the late nature of Venezuelan strong- shape when Russian tanks
Western military alliance, ris- against him?—as well as a past the World War II trans- 1970s, when the administra- man Nicolás Maduro, or the moved into Ukraine has al-
ing defense spending, even a need to realign existing pat- gressions of Japan and Ger- tion of President Jimmy assassination of a journalist tered American calculations.
whiff of fear over potential terns of energy, food and many to create a more favor- Carter decided support for by the rulers of Saudi Ara- U.S. officials made a surprise
nuclear conflict. technology production. able balance of global power. human rights deserved a bia? visit to Caracas to renew
place as prominent as pur- talks about lifting sanctions
There also is this echo: In such a shifting land- But that didn’t make all suit of geopolitical advan- Does that same need for on Venezuela’s oil industry,
The U.S. now scape, the U.S. requires those decisions easy or non- tage in America’s foreign- more oil on the world mar- after which Mr. Maduro re-
has to decide friends, both old and new. controversial. Debates raged policy calculations. ket, as well as a desire to leased two detained Ameri-
whether to re- And the price it is willing to over whether the U.S. was clear the decks of other in- cans and said his government
turn to the pay to secure and retain making unwise or even im- Fast forward to today and ternational distractions, would resume negotiations
days of real- those friendships is up for re- moral choices in pursuit of a new set of such agonizing compel the U.S. to move with his internal opposition.
politik, when consideration. anti-Soviet friendships, and choices faces the Biden ad- more rapidly toward a nu-
it held its whether it was sowing the ministration. The U.S. needs clear deal with Iran’s hostile The Journal is reporting
T hat’s where realpolitik seeds for long-term unrest more oil on the international theocratic regime? And does that the Biden administration
nose to foster good relations comes into play. Real- and alienation from swaths market to ease the economic the need for a unified Eu- has just met longstanding
with unsavory regimes to politik is the practice of world citizens by be- shock that will result if more rope mean looking past the Saudi requests by transferring
better confront a larger dan- of engaging in international a significant number of Patriot
ger emanating from Russia. relations based on practical antimissile interceptors to
needs rather than moral or help the kingdom in its fight
Increasingly, the Biden ad- ideological considerations. It with Houthi rebels in neigh-
ministration faces that choice implies a certain coldblooded boring Yemen. Meantime, the
when it comes to relations willingness to look the other U.S. is weighing whether to
with Venezuela, Saudi Arabia, way when it comes to a re- make a controversial conces-
Iran and some of the more gime’s fealty to democratic sion to Iran by removing the
autocratic governments in values or even respect for country’s Revolutionary
Europe. And now, as in the human rights, or to at least Guards from its list of terror-
Cold War, overhanging it all play down those concerns, to ism organizations in order to
is the mega question of focus on a larger threat. close a new nuclear deal.
whether the U.S. can foster
better relations with China to The need to confront what The largest question of all
offset a Russian menace, de- appeared to be an existential is whether the U.S. is pre-
spite misgivings about Bei- challenge from a hostile, nu- pared to hedge some of its
jing’s policies. clear-armed, Soviet, Commu- concerns about Chinese be-
nist behemoth justified such havior to prevent the emer-
As it becomes clear that decisions half a century ago. gence of a new Moscow-Bei-
Mr. Putin’s ruthless onslaught That need led the U.S. to fos- jing axis. Is it willing to mute
ter good relations with mili- its complaints about China’s
tary dictators in Latin Amer- treatment of Uyghur Muslims
ica, undemocratic or some of China’s trade
monarchies in the Middle practices? Such questions
East, strongman leaders in were tough ones during the
the Philippines and military- Cold War—and are no easier
dominated governments in or simpler now.

Senate Candidate’s
Ex-Wife Alleges Abuse

ANNA MONEYMAKER/GETTY IMAGES BY LINDSAY WISE phone, wallet and keys “so
that I was unable to call for
U.S. Supreme Court nominee Judge Ketanji Brown Jackson is sworn in during her confirmation hearing before a Senate panel Monday. The ex-wife of former Mis- help to extricate myself and
souri Gov. Eric Greitens alleges our children” from the family’s
Jackson Stresses Court Continuity in a court filing under oath lake house in Innsbrook, Mo.
that he physically abused her
BY JESS BRAVIN trict of Columbia Circuit, rep- court’s conservative majority. If than at any point in our his- and their children before their She said she became afraid
resents a step toward restoring confirmed, Judge Jackson tory and it faces a crisis of le- divorce, knocking her down, for her safety and that of the
WASHINGTON—Judge Ket- the Supreme Court’s legitimacy would maintain the three- gitimacy as a result,” he said. striking one of their sons couple’s children at the iso-
anji Brown Jackson ended the by making its composition member liberal minority on a across the face and yanking lated house “due to Eric’s un-
first day of her Senate confir- more closely resemble the na- court with six conservatives. Democrats, for the first the boy around by his hair. stable and coercive behavior.”
mation hearings by saying she tion whose laws it administers. time since 2010 considering a
hoped to embody the “skill On the first of four days of nominee from a president of The filing sheds new light This alleged behavior in-
and integrity, civility and “Today is a proud day for hearings, each committee their own party, emphasized on Mr. Greitens’s past contro- cluded physical violence toward
grace” of Supreme Court Jus- America,” Senate Judiciary member made a 10-minute Judge Jackson’s credentials versies as the Republican tries their two young boys, including
tice Stephen Breyer, whom she Committee Chairman Dick opening statement followed by and career. They point to to make a political comeback Mr. Greitens cuffing their
clerked for and now seeks to Durbin (D., Ill.) said at the Judge Jackson’s brief state- Judge Jackson as proof of Mr. by running for an open Senate then-3-year-old at the dinner
succeed. hearing’s outset. ment. The sessions Tuesday Biden’s commitment to diver- seat in Missouri. table and yanking him around
and Wednesday will likely be sify the federal bench. Judge by his hair, Ms. Greitens said.
“I know that my role as a For Republicans—who held the liveliest of the week, with Jackson’s confirmation would Mr. Greitens resigned as
judge is a limited one,” Judge the majority in the Senate for members of the committee put four women on the bench governor in May 2018 follow- She also said Mr. Greitens
Jackson said on Monday after the last three nominations—the questioning Judge Jackson for the first time. ing allegations that he had co- concealed a gun purchase from
each member of the Senate hearings are an occasion to about her judicial philosophy erced his hairdresser into a her and repeatedly threatened
Judiciary Committee had stress conservative approaches and past opinions. Thursday’s Many Democrats remain sexual act while she wept, to kill himself, several times
made an opening statement. to judicial interpretation and to sore over the timing and con- struck her repeatedly and pho- threatening suicide unless she
“That the Constitution em- criticize liberals’ treatment of Judge Jackson cited text of the three Trump nomi- tographed her nude without “provided specific public polit-
powers me only to decide GOP nominees since the Senate nations: Justice Neil Gorsuch her consent to prevent her ical support to him.”
cases and controversies that rejected Reagan nominee Rob- the Constitution took a seat in 2017 after Senate from disclosing their affair. Mr.
are properly presented. And I ert Bork in 1987. Republicans denied a hearing Greitens admitted in January Ms. Greitens said he
know my judicial role is fur- and adherence to to President Barack Obama’s 2018 that he had an affair with wouldn’t tell her where the gun
ther constrained by careful ad- “We will conduct a thor- nominee, Merrick Garland; Jus- the hairdresser, but he denied was but that other people
herence to precedent.” ough, exhaustive examination precedent. tice Brett Kavanaugh was con- the allegations of abuse and around him “were worried
of Judge Jackson’s record and firmed in 2018 after denying al- the existence of the photo. enough to intervene to limit
Democratic senators praised views,” said Chuck Grassley agenda will include testimony legations from Christine Blasey Eric’s access to firearms on at
President Biden’s nomination (R., Iowa), the committees’ from outside experts on Judge Ford that he assaulted her in In a sworn court filing this least three separate occasions.”
of Judge Jackson—the first ranking Republican member. Jackson’s record. high school; and Justice Amy month discussing child-cus-
Black woman to be considered “We won’t try to turn this into Coney Barrett was confirmed tody issues, former Missouri Several days later, Ms. Greit-
for the Supreme Court—as his- a spectacle based on alleged Barring unforeseen revela- days before the 2020 election. first lady Sheena Greitens said ens said, she became so fearful
toric. They said Judge Jackson, process fouls.” tions, little stands in the way Mr. Greitens had admitted to of him that she tried to leave.
currently sitting on the U.S. of Judge Jackson’s confirma- While GOP senators said her that he had taken the Her plan was to take the two
Court of Appeals for the Dis- Judge Jackson, 51, spoke in tion. The Senate’s breakdown they would press Judge Jack- photo, but “he threatened that boys to her parents’ house. She
the late afternoon after an en- is unchanged since last year, son on legal ideology, hoping I would be exposed to legal said Mr. Greitens threatened to
Crafted in gold & platinum dorsement from Judge Thomas when three Republicans joined to paint her as a liberal activ- jeopardy if I ever disclosed have her arrested for kidnap-
Griffith, a Republican-nomi- all 50 Democrats and indepen- ist, some Republicans are that fact to anyone, even fam- ping and child abuse, arguing
Rush! nated former colleague on the dents to confirm her to the wary of any attacks on the ily members or a therapist.” that because he was a former
D.C. federal appeals court. D.C. Circuit. first Black woman Supreme She said she believed him be- governor “who had supported
Service Alongside Justice Breyer she Court nominee that might mo- cause of “the reach of his in- law enforcement, the police
cited Judge Constance Baker Sen. Richard Blumenthal tivate Democratic voters. fluence in Missouri.” would support him and not be-
Available Motley, the first Black woman (D., Conn.) said that record lieve me, and I would lose our
appointed to the federal bench, suggested Judge Jackson Sen. Marsha Blackburn (R., Mr. Greitens denied his ex- children.”
Your Anniversary Immortalized as a judicial role model. could help bring liberal and Tenn.) sought to link Judge wife’s allegations, saying in a
In Roman Numerals conservative justices together. Jackson with critical race statement that his sons were By the time Mr. Greitens an-
Judge Jackson’s clerkship “The court needs a bridge theory, an academic concept the joy of his life and that he nounced his resignation as gov-
JOHN-CHRISTIAN.COM 888.646.6466 for Justice Breyer underscores builder now more than ever. It that argues the legacy of white is seeking full custody. He said ernor in May 2018, he was on
a continuity that lowers the has become more polarized, supremacy remains embedded Ms. Greitens’s accusations the verge of being impeached
temperature for this week’s more politicized, more divided in modern-day society. She ac- were “completely fabricated, by the Republican-led Missouri
proceedings—compared with cused Judge Jackson of en- baseless.” House. He stepped down as
those arising from the last dorsing the “progressive in- part of a deal with the St. Louis
three vacancies, which allowed doctrination of our children.” Mr. Greitens’s attorney has prosecutor’s office to dismiss a
President Trump to solidify the moved to seal records and pro- felony computer-tampering
ceedings related to the allega- charge against him.
tions, which he said were “in-
flammatory and scurrilous” and That charge had been filed
would irreparably harm Mr. after Sen. Josh Hawley (R.,
Greitens’s Senate campaign. Mo.), then serving as Missouri’s
attorney general, accused Mr.
An attorney for Ms. Greitens Greitens of committing “poten-
declined to comment Monday. tially criminal acts” by using
the donor list for his veterans’
A grand jury indicted Mr. charity to raise money for his
Greitens in February 2018 for gubernatorial run. The agree-
felony invasion of privacy in ment didn’t require Mr. Greit-
connection with the photograph ens to admit guilt.
of the hairdresser. But proof of
the photo never materialized, In March last year, Mr. Greit-
and St. Louis Circuit Attorney ens said he would launch a
Kimberly M. Gardner subse- campaign for the Senate seat
quently dropped the charge af- left open by retiring Republican
ter Mr. Greitens’s defense attor- Sen. Roy Blunt of Missouri, an
neys, who had criticized her ally of Senate Minority Leader
handling of the case, said they Mitch McConnell (R., Ky.). Mr.
planned to call her as a witness. Greitens has said he opposes
Mr. McConnell as leader, align-
In the new sworn affidavit, ing himself with former Presi-
signed March 15 and filed in dent Donald Trump, who has
Boone County Circuit Court, called for Republicans to re-
Ms. Greitens said that in late place Mr. McConnell.
April 2018, Mr. Greitens, a for-
mer Navy SEAL, knocked her Mr. Trump has yet to en-
down and confiscated her cell- dorse anyone in the state’s
competitive GOP primary field.

THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | A5

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A6 | Tuesday, March 22, 2022 ** THE WALL STREET JOURNAL.

THE UKRAINE CRISIS

War Complicates U.S. Military Pivot to Asia

Pentagon seeks to FROM TOP: SAM WOLFE/REUTERS; OMAR MARQUES/GETTY IMAGES The U.S. has already rushed
more than 15,000 troops to
counter Moscow, vasion, officials said. But they were going already, which was been delayed. U.S. soldiers, above, board a Europe amid the crisis in
didn’t do a wholesale rewrite that China was the priority, in- While it is unclear how transport plane to Europe at a Ukraine, raising American
while keeping its long- of the document, and when it cluding over Russia.” Savannah, Ga., airfield, earlier force levels in Europe to more
is released in the coming much additional money would this month. At left, U.S. forces than 100,000 personnel for the
term focus on Beijing months, the strategy will still Even so, Moscow’s invasion be available to the Pentagon to take part in an exercise in first time in decades. NATO
assign Russia a secondary pri- of Ukraine is forcing U.S. offi- help ease these trade-offs, Poland in early March. members have also deployed
WASHINGTON—The U.S. ority behind China, according cials to grapple anew with coun- both Republicans and Demo- reinforcements to the Baltics,
plans to boost military spend- to the Pentagon official. tering two major adversaries at crats on Capitol Hill say that for fiscal year 2022. And some Poland, Hungary and Romania.
ing and increase its military once, a problem that has re- Russia’s invasion has trans- Democrats have signaled they,
presence near Russia in re- “China remains in our as- vived long-dormant Cold War formed the debate over mili- too, would support a substan- U.S. Defense Secretary Lloyd
sponse to Moscow’s invasion sessment the only country that debates about quantity versus tary priorities, making a sharp tial spending boost. Austin met at NATO headquar-
of Ukraine, while trying to can systematically challenge quality in apportioning scarce increase in military spending a ters last week with his counter-
maintain a long-term focus on the United States for now and forces between Europe and Asia. virtual certainty. Rep. Elaine Luria (D., Va.), parts from other alliance mem-
countering China, current and for the rest of this century, vice chairwoman of the House bers to discuss beefing up
former officials said. that means diplomatically, The White House declined Republican aides say GOP Armed Services Committee and forces even further. They di-
technologically, economically, to comment on changes to its leaders’ target is more than a former Navy commander, rected military planners from
By Gordon Lubold, militarily, geopolitically,” the military strategy, or on a sepa- $800 billion for the Pentagon’s says the U.S. needs to spend 5% all of the NATO members to
David S. Cloud official said. “And Russia is not rate, overarching strategy base budget in fiscal year of its GDP on defense, up from draft plans that are likely to be
in that camp, they weren’t a plan, called the national secu- 2023—far above the approxi- its current rate of less than 4%. discussed when President Biden
and Lindsay Wise year ago, they’re not today.” rity strategy, which has also mately $740 billion authorized “I think people are sort of wak- meets with other alliance heads
ing up out of the snooze that of government in Europe this
The Feb. 24 invasion has The invasion of Ukraine has we were living somewhere in a week.
triggered calls from Republi- sparked concerns among top secure world,” she said.
cans and Democrats in Con- policy, diplomatic and military There, Mr. Biden will meet
gress for tens of billions more officials about losing sight of Even with additional fund- with leaders of the eastern
in military spending, while al- the strategic threat from ing, the Pentagon isn’t likely to NATO members who are eager
lies in Europe have described China, however. return to the massive force for additional American com-
the war as a wake-up call re- posture it had permanently de- mitments to the region. “We
quiring military steps unthink- “There is strong pressure in ployed in Europe decades ago. need some defenses, rocket ar-
able only months ago. The Bi- the building not to overdo But Moscow’s invasion has tillery, this is what we need
den administration, however, Russia’s importance over the prompted the alliance to set and of course, we would like
is seeking to balance what it long term because of Ukraine,” aside for now restrictions it to have American soldiers here
sees as a pivotal moment for said Mackenzie Eaglen, a se- has observed since the 1990s permanently based,” Artis
Europe with a desire to keep nior fellow at the right-leaning on basing large numbers of Pabriks, the Latvian defense
the U.S. focused on Asia. American Enterprise Institute, combat troops on the territory minister, told reporters in Eu-
referring to the Pentagon. “I of North Atlantic Treaty Or- rope earlier this month.
“I think it’s a 9/11 event for think that what will ultimately ganization members in Eastern
Europe,” said a senior Penta- come out will be a watered- Europe, the officials said. But until the immediate cri-
gon official, who added that down version of where they sis is over, Pentagon officials
while the Pentagon will re- are loath to make those kinds
spond accordingly to what of long-term commitments,
those countries need, the main said a U.S. military official fa-
focus remains on countering miliar with the planning.
Beijing. “I think there is room “We’re just starting to wrestle
to enhance our posture along- with these issues.”
side our allies in Europe with-
out it being this huge sucking The question that NATO and
sound that prevents us from the U.S. face is how quickly they
being able to focus on China.” can shift from a posture that re-
lied largely on deterring Russia
Since 2018, the Pentagon’s through political engagement to
strategy has defined China and a more robust military ap-
Russia as primary concerns proach, said Michal Baranowski,
and North Korea, Iran and vio- a senior fellow in Warsaw for
lent extremism as secondary the German Marshall Fund, a
threats. That “two-plus-three” European think tank.
approach—two chief adversar-
ies with three secondary U.S. forces, he added, are
ones—was expected to be sup- still key, because NATO allies in
planted by a “one-plus-four” the east see them as far more
strategy, which put China first of a deterrent to Moscow than
and placed Russia among the troops from other European
lesser threats. countries and because Russia
itself would see any move
Despite the heightened fo- against NATO as more risky.
cus on Moscow, a new U.S. de-
fense strategy, which was due “In some ways, it goes back
to be released earlier this year, to a much more Cold War
had been held up as the Russia force posture,” Mr. Baranowski
crisis brewed. Policy makers said. “For Russia, it’s really
all but finished the document the American component
late last year and tweaked the that’s key.”
language slightly after the in-
—Eliza Collins
contributed to this article.

U.S. Sends to avoid. Chernobyl Staff Relieved to Be Free
Mr. Biden is traveling to
Soviet Arms BY JOE PARKINSON
Brussels this week for a NATO AND DREW HINSHAW
To Ukraine summit to discuss “ongoing
deterrence and defense ef- The confirmation reached MAXAR TECHNOLOGIES/EPA/SHUTTERSTOCK
Continued from Page One forts” for Ukraine, White the hostages in Chernobyl be-
least some of what the U.S. House spokeswoman Jen Psaki fore midnight: After more than Russian forces seized the defunct Chernobyl power plant last month, trapping 210 staff at the site.
sent was from that base, said said. Vice President Kamala three weeks working at gun-
officials, who added that C-17s Harris, Secretary of State Ant- point on the site of the world’s The shift change was nego- or couldn’t get medicine, plant Rafael Grossi, director general
recently flew to a nearby air- ony Blinken and Defense Sec- worst nuclear disaster, some tiated by a four-man team managers said. Others, includ- of the International Atomic
field at Huntsville. retary Lloyd Austin also have of them would finally be al- from Energoatom, Ukraine’s ing medical staff and the most Energy Agency.
visited the eastern bloc to dis- lowed to go home. state nuclear company, which senior managers, couldn’t be
The S-300 from Belarus cuss ways to bolster Ukraine’s traveled across Russian lines to replaced. Only one of the doz- Chernobyl’s reactor No. 4
wasn’t among the systems defensive weapons. Late Sunday and early Mon- reach Chernobyl, an official at ens of guards held hostage—a exploded in 1986, killing at
that are being sent to Ukraine, day, 64 technicians and support Ukraine’s energy ministry said. cancer patient—was released. least 31 people and sending ra-
one U.S. official said. “We are continuing to work staff were evacuated across The Russian delegation—led by dioactive material drifting
with our allies and key part- Russian lines and replaced by soldiers occupying the plant— The skeleton crew of nuclear over Europe and North Amer-
The annual government ners to surge new assistance, co-workers who had volun- agreed to allow shift changes technicians was working under ica. The remaining reactors
spending bill recently passed including Soviet- or Russian- teered to relieve them, said every three days. “They al- duress for more than three were gradually shut by 2000.
by Congress and signed into origin antiaircraft systems and freed Chernobyl employees and lowed this because they real- weeks. One had a thyroid prob- Yet, the plant still employs
law by President Biden in- the necessary ammunition to their families, Ukraine’s energy ized the situation was danger- lem and needed medicine, as did thousands of staff to keep cool
cludes language that autho- employ them, every day to ministry and the United Na- ous to them,” the official said. several with high blood pres- water circulating over thou-
rizes the administration to Ukraine,” a U.S. official said. tions’ atomic energy watchdog. sure. In the one-minute calls sands of spent fuel rods.
transfer to the Ukrainian mili- The hostages were among 210 The Russian delegation Russian soldiers allowed work-
tary and to North Atlantic Mr. Austin visited Slovakia technicians and other support couldn’t be reached to com- ers to place to relatives, they The colleagues who re-
Treaty Organization partners last week to explore if the staff trapped at the defunct ment. told of extreme fatigue, dizzi- placed them traveled from the
aircraft, ammunition, vehicles, country would send an S-300 power plant since Russian ness, nausea and headaches. atomic city of Slavutych, built
and other equipment that is from its arsenal. Slovakia has forces seized control of it on Not all imprisoned workers by the Soviet Union to house
either already overseas or in said that it would do so if the Feb. 24, the first day of the war. were able to leave: Priority was “It is a positive—albeit long Chernobyl workers after the
existing stockpiles. given to those who were sick overdue—development,“ said 1986 disaster.
Ukraine already has “We came to work one 12
Staffers with Sen. Joni hour shift and instead we had
Ernst (R., Iowa), who advo- some Russian air- to work 50 shifts in a row,”
cated for the language, said said one technician who de-
Soviet-era air defense systems defense systems, clined to be named citing se-
would be covered by the new curity concerns.
legislation. Congress was noti- including the S-300.
fied about the U.S. decision, Chernobyl’s exhausted
officials said. U.S. would provide it with a workers—responsible for safe-
replacement, but such an ar- guarding the nuclear waste at
Ukraine already possesses rangement has yet to be the now-defunct facility—left
some Russian air defense sys- agreed. in two convoys, traveling by
tems, including the S-300. It bus and then by boat to cross
needs more such systems, U.S.-made weapons such as the Dnieper River. One of the
however, that can operate at the Patriot air defense system buses almost crashed because
medium and long range to are in short supply and re- it was traveling with no head-
blunt Russia’s aircraft and quire U.S. military personnel lamps, to reduce the risk of
missile attacks. The shoulder- or months of U.S. training to being caught in crossfire.
fired Stinger missiles that the operate. German and Dutch
U.S. and NATO nations are Patriot units are being sent to Kremlin Is Behind Hoax Calls, U.K. Says
providing to Ukraine are effec- Slovakia as a stopgap, those
tive only against helicopters governments have said. BY MAX COLCHESTER Secretary Nadine Dorries also and used by the Kremlin as a caller got through to senior
and low-flying aircraft. was targeted but didn’t re- propaganda tool to justify ministers.
“We’ve been in discussion” The U.K. government is ac- spond to the call. their actions in Ukraine.
The U.S. is hoping that the with the U.S., Slovakia Minis- cusing Russia of orchestrating British Prime Minister Boris
provision of additional air de- ter of Defense Jaroslav Nad’ a series of hoax calls to senior “This is standard practice Last week, Mr. Wallace Johnson hadn’t been targeted,
fenses will enable Ukraine to said during a joint news con- British government ministers. for Russian information opera- tweeted that he received a call a government spokesman said.
create a de facto no-fly zone, ference with Mr. Austin on tions, and disinformation is a from a person claiming to be
since the U.S. and its NATO al- Thursday. “Should there be a U.K. Defense Secretary Ben tactic straight from the Krem- Ukraine’s prime minister, Denys In 2018, Mr. Johnson, who
lies have rebuffed Ukraine’s situation that we have a Wallace and Home Secretary lin playbook,” said a U.K. gov- Shmyhal. Mr. Wallace said he was the foreign secretary at
appeals that the alliance es- proper replacement or that we Priti Patel said they had been ernment spokesman. ended the call after being asked the time, was targeted by a
tablish one. Such a step, Biden have a capability guaranteed targeted by callers claiming to “several misleading questions.” Russian prank caller pretend-
administration officials have for a certain period of time, be senior Ukrainian officials. It is unclear what the two ing to be the new prime minis-
said, could lead to a direct then we would be willing to ministers said during the hoax The government has ter of Armenia. Mr. Johnson
confrontation between the discuss the future of [the] A spokesman for the British calls. Officials said they fear launched an investigation to held an 18-minute discussion
U.S.-led alliance and Russian S-300 system.” government said U.K. Culture the clips could be doctored better understand how the with the caller.
forces, which it is determined
—Gordon Lubold, Lindsay
Wise and Courtney McBride

contributed to this article.

THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | A7

THE UKRAINE CRISIS

Russian Oligarchs’ Yachts Hit the High Seas

Currency BARCELONA—Just a few
weeks ago, the Galactica Super
Bond Nova, a 230-foot yacht, was up
for sale here.
Market
Potential buyers from the
Reopens U.S. and the United Arab Emir-
ates had recently been aboard
BY CAITLIN OSTROFF the vessel, which comes with a
waterfall and an infinity pool
Investors sold Russian local- on one of its upper decks—and
currency government bonds as a price tag of about $83 million.
trading reopened Monday af-
ter being shut for three weeks. By Benoit Faucon,
Eric Sylvers, Xavier
Russia is starting to thaw
trading freezes enacted after Fontdegloria and
its invasion of Ukraine Perry Cleveland-Peck
prompted Western sanctions
targeting its central bank’s But on Feb. 25, a day after RISTO BOZOVIC/ASSOCIATED PRESS
foreign-currency reserves and Russia invaded Ukraine, the
the access of some of its banks ship’s captain returned early Roman Abramovich’s superyacht Solaris anchored in Tivat, Montenegro, this month after hastily departing from Barcelona.
to the Swift financial network. from vacation, showing up pier-
side. He gave the crew 48 hours will sell it fuel. Another yacht, Tied Up Other vessels owned by
Closing markets forestalled to get ready to sail. “We are owned by a sanctioned Rus- Russian oligarchs haven’t
an expected fire sale of Rus- leaving Sunday,” he ordered, a sian businessman, was partly Spanish, French and Italian authorities have seized a number of made it to open water. Several
sian assets, investors say. person aboard at the time said. scuttled by its chief mechanic, yachts from sanctioned Russian oligarchs. days after the start of the in-
The ship got under way a full a Ukrainian, on the island of vasion, Spain’s General Direc-
Russia’s central-bank gover- day ahead of that schedule. Majorca. The vessel was later 200 miles SWITZ. torate of the Merchant Marine
nor, Elvira Nabiullina, said last seized by Spanish authorities. 200 km I TA LY circulated a message to harbor
week that the Moscow Ex- Galactica is owned by Vagit authorities asking them to re-
change would reopen gradually, Alekperov, president, chief ex- President Biden, addressing FRANCE 4 port Russian-owned or -man-
but provided no details beyond ecutive and the largest share- Russia’s politically connected aged megayachts, without giv-
the bond buying. Russia’s stock holder of Russian oil company elite, promised in his State of 75 23 Rome ing any explanation.
market remains closed. Lukoil, according to SuperYacht the Union address in late Feb- 6 1
Fan, which maintains a data- ruary to “find and seize your SPAIN Spanish officials boarded
Ms. Nabiullina, recently base of owners of the world’s yachts, your luxury apart- Mediterranean the Valerie, a 280-foot yacht,
nominated for a third term, biggest yachts, and according ments, your private jets.” Sea while it was in Barcelona.
said the central bank would to a former crew member. Mr. They said they are investigat-
purchase Russian government Alekperov also owns the ship- A few days after setting sail 1 Amore Vero (owned by Igor Sechin): Seized in La Ciotat, France ing the ship’s ownership. Su-
bonds to prevent excessive yard that built the yacht. from Barcelona, the Galactica perYacht Fan lists the ship as
volatility and ensure smooth arrived in Tivat, Montenegro. 2 Lena (Gennady Timchenko): Sanremo, Italy being owned by Russian oli-
trading. Mr. Alekperov isn’t under Montenegro isn’t a Euro- garch Sergei Chemezov, head
sanctions, but he is on a Trea- pean Union member, so isn’t 3 Lady M (Alexey Mordashov): Imperia, Italy of state defense contractor
A Russian local-currency sury list of political figures beholden to EU sanctions. The 4 SYA (Andrey Melnichenko): Trieste, Italy Rostec. Rostec didn’t respond
bond maturing in March 2033 and oligarchs the U.S. says day the yacht pulled in, how- to a request to comment.
fell to 67.9% of its face value, have close ties to Russian ever, the country’s govern- 5 Valerie (Sergei Chemezov): Barcelona
also known as par, from about President Vladimir Putin. That ment said it would join in en- 6 Lady Anastasia (Alexander Mikheyev): Majorca, Spain In the Norwegian fiord town
87% ahead of Russia’s invasion makes his yacht a potential forcing EU sanctions. The 7 Crescent (unknown): Tarragona, Spain of Narvik, Rob Lancaster is the
of Ukraine, according to FactSet. target in any subsequent sanc- Galactica was on its way be- captain of Ragnar, whose cor-
tions. Lukoil didn’t respond to fore dawn the next day, ac- Sources: Spanish, Italian French governments; SuperYacht Fan porate record indicates it is
Russia’s central bank dou- a request to comment on be- cording to ship-tracking sites. owned by a company with at
bled interest rates at the out- half of Mr. Alekperov. check the passports and paper- the coast of Turkey, according least one Russian director. Su-
set of the war to 20%. When On March 8, another yacht work of the 50-odd crew, an ex- to ship-tracking websites. perYacht Fan cites the owner
interest rates rise, the value of The Ukraine invasion and pulled out of Barcelona: the ecutive at the port said. as Vladimir Strzhalkovsky, a
existing bonds, which pay a the raft of sanctions the West 460-foot Solaris, owned by The radio-positioning bea- former KGB intelligence officer,
lower rate of interest, drop in has unleashed in response have Russian oil tycoon Roman Solaris’s captain had con of the Galactica Super who isn’t under sanctions. Rep-
value. Passive funds that track triggered a scramble among Abramovich. The ship had planned to take on fuel, this ex- Nova was switched off shortly resentatives of Mr. Strzhalk-
benchmark indexes to deter- Russia’s richest people to move been undergoing repairs when ecutive said, but he scrapped after leaving Tivat, making it ovsky couldn’t be reached.
mine what they hold will be their biggest assets out from it made preparations to depart the idea and departed hastily, impossible to track. A yacht
among those forced to sell. under the threat of the widen- Barcelona. “It was clear that instead. Representatives for Mr. fan spotted it in Turkey, how- That association has drawn
ing restrictions. Western capi- they wanted to leave the port Abramovich haven’t responded ever, and sent a photo to a unwanted local notice. Police
JPMorgan Chase Co. has tals have imposed sanctions on as soon as possible,” said a to requests to comment. YouTube channel popular with boarded the ship on March 2,
said it would exclude Russian Russia’s central bank, other worker at the port. yacht watchers. checked the vessel’s docu-
sovereign and corporate debt banks and companies and indi- The yacht is currently off ments, and then left, Capt.
from all of its widely tracked viduals they hope will exert Solaris eventually arrived in Lancaster said. Since the inva-
fixed-income indexes, effective pressure on Mr. Putin. Tivat, too, where it anchored. sion started, he said the vessel
March 31. Nobody left the ship, according has been refused refueling by
Governments can freeze as- to dockworkers, whose view of local suppliers.
Russia averted defaulting on sets of individuals under sanc- a small village across the bay
a dollar-denominated bond last tion indefinitely, without prov- was completely obscured by the “We did not realize why
week, but could default on a lo- ing criminality. Sanctions can towering vessel. An employee of there was so much fuss with
cal-currency bond that was due be challenged, but the legal ef- a yacht agency in Tivat boarded us,” the captain said. “It hap-
for payment earlier this month fort can take years. the Solaris just long enough to pened so quickly.”
but that foreign investors ha-
ven’t received. Ratings com- Amid this broader dragnet,
pany Fitch said if the Russian the superyachts of Russia’s su-
state doesn’t pay holders of its per rich have taken on outsize
local-currency bonds in the 30 symbolism. France and Italy,
days after it didn’t forward in sometimes dramatic opera-
payments to foreign bondhold- tions, have seized a handful of
ers on March 2, it would de- vessels they say belong to
clare the country in default. sanctioned individuals. In Nor-
way, a Russian-linked yacht is
stuck there because no one

Egypt Sets Threat of Stagflation Rattles Central Banks

Rates Higher BY TOM FAIRLESS CHRIS RATCLIFFE/BLOOMBERG NEWS tions by BlackRock. bated recent errors in the
In February, eurozone infla- bank’s staff economic fore-
In Reaction The war in Ukraine is cast- The BOE raised its key rate for the third time of late on Thursday. casts and whether to put more
ing a stagflationary shadow tion was 5.9% in February, al- weight on their own judg-
To Inflation over the world economy and ciled in six more increases by increased interest rates in the most three times the ECB’s ment and surveys, according
posing a dilemma for central year’s end—its most aggressive U.S., the U.K. and the euro- target rate of 2%. to the minutes of the meeting.
BY JARED MALSIN banks: Should they support pace in more than 15 years— zone, 13 ended in recession,
flagging growth or fight sky- after U.S. inflation hit a 40- said Neil Shearing, chief econ- The recent economic shocks “Given the current extreme
AND AMIRA EL-FEKKI rocketing inflation? year high of 7.9% in February. omist at Capital Economics. have raised the risk that com- uncertainty, it is wise to have
panies and consumers expect an open mind and see how
Russia’s invasion of Ukraine is Central bankers—who were Fed Chair Jerome Powell told The Bank of England raised inflation to stay high, Mr. Knot things unfold,” said Robert
putting Egypt’s economy under struggling to predict when U.S. senators this month that he its key interest rate for the said, potentially feeding a self- Holzmann, an ECB policy
stress, raising concerns about surging inflation would come is ready to do what it takes to third time in as many policy reinforcing price spiral, as maker and governor of Aus-
citizen discontent in the Mid- under control—say the war bring inflation down, and to fol- meetings on Thursday, saying businesses set higher prices tria’s central bank. He said he
east’s most populous country. has deepened the uncertainty low the example of his prede- inflation could rise above 8% by and workers demand in- considered it important to re-
as they seek to rein in price cessor Paul Volcker, who in- year’s end, but it also softened creased wages to compensate. turn to a more neutral mone-
The Egyptian pound fell by increases without killing the creased interest rates to 20% in its language on future rate in- tary-policy stance and higher
more than 11% on Monday, recovery from the pandemic. 1981, triggering a recession and creases. This month, the “Especially in these circum- interest rates, but said the bank
while the country’s central They face the risk of having to double-digit unemployment. ECB unexpectedly said it could stances, it is important as a must proceed “step by step.”
bank raised key interest rates squeeze their economies hard end its longstanding bond-buy- central bank to not add to the
by a percentage point each, the and drive up unemployment to Still, at a press conference ing program by September, existing uncertainty, but to be Central banks in South Ko-
first rate increase since 2017. get inflation in check. on Wednesday, Mr. Powell said opening the way for the first in- a predictable actor and to be rea, New Zealand and Singa-
he hoped to lower inflation by crease in its key rate since 2011, clear about our commitment” pore have already begun raising
The central bank said it is For now, many of the world’s taking the heat out of wage and roiling financial markets. to returning inflation to tar- interest rates to stem inflation
acting in response to “global major central banks have moved growth while also keeping un- get, Mr. Knot said. and have signaled more tight-
inflationary pressures,” along decisively against inflation with employment low. Policy makers in Europe are ening lies ahead. Australia’s
with supply-chain disruptions a series of recent decisions to facing an especially difficult Other central bankers are central bank held fire in March,
and rising commodity prices. tighten monetary policy. But Some investors doubt that choice, given the rapid deteri- more worried about the slow- but investors expect it to also
Yearly headline inflation hit with past economic models of the Fed will be prepared to act oration of the European eco- down of a eurozone economy begin raising borrowing costs
8.8% in Egypt in February, the little use in the current environ- aggressively to slash inflation. nomic situation, the conti- that had yet to recover from within months. Hong Kong’s
highest rate in more than ment, they are navigating with- nent’s proximity to the war the Covid-19 pandemic. Monetary Authority raised its
three years, according to the out a clear road map. “We think once inflation and its heavy reliance on ever- benchmark interest rate Thurs-
central bank. “These pressures starts to come off the boil…the more-expensive energy—much Yannis Stournaras, an ECB day to maintain its currency
became amplified with the re- “We’re definitely facing a Fed eventually will opt to live of it from Russia. policy maker and governor of peg to the U.S. dollar. Taiwan’s
cent Russia-Ukraine conflict,” very complex and uncertain with somewhat higher infla- Greece’s central bank, said the central bank raised its bench-
the bank said. environment,” said Klaas Knot, tion than the 2% objective The recent surge in Euro- war in Ukraine would push up mark interest rate last week.
a policy maker at the Euro- rather than forcing inflation pean energy prices has pushed inflation in the short term, but
Egypt is the world’s largest pean Central Bank and gover- down to 2% potentially at high the region’s energy burden as also reduce economic activity Other central banks in Asia
importer of wheat, making it nor of the Dutch central bank. cost in terms of activity and a percentage of gross domestic and thereby weigh on inflation might be nudged into tightening
especially vulnerable to the the labor market,” said Elga product above levels reached in the medium term. “These policy even as their economies
shock of the war in Ukraine. The war in Ukraine is likely Bartsch, head of economic and in the early 1970s, whereas the competing forces create a weaken. The Philippines and In-
Tens of millions of Egyptians to shave more than 1 percent- markets research at BlackRock. U.S. is still well below that wider range of risks than dia are struggling with accel-
rely on subsidized bread, with age point from global eco- point, according to calcula- usual about our inflation pro- erating inflation and a gloomier
Egypt getting as much as 85% nomic growth this year, while Out of 16 episodes since the jections,” Mr. Stournaras said. prognosis for growth. Thailand
of its wheat from Ukraine and also pushing up inflation by a late 1970s when central banks is facing rising inflation just as
Russia. further 2.5 percentage points “There is no playbook for the tourism revenue that might
across the world, according to central banks,” said Katharine have been expected from visi-
Last week the Egyptian gov- an estimate last week by the Neiss, a former Bank of Eng- tors from Russia and China has
ernment imposed new price Organization for Economic Co- land economist now at PGIM evaporated.
controls on unsubsidized bread. operation and Development. Fixed Income in London. “I
The government set prices worry about low growth in Eu- In India, inflation has been
Monday between a half a pound “Central banks need to act rope against the backdrop of above the 6% upper bound of
and 1 pound for each loaf, de- on inflation, but what do they high inflation, a stagflationary the central bank’s target range
pending on the type of bread. do [about] the slowdown? scenario….The ECB lost a bit for two months and growth has
This is a poisoned chalice,” of control of the inflation nar- slowed. For now, Indian cen-
The price of bread is a cen- said Panicos Demetriades, a rative.” tral-bank officials say they are
tral political issue in Egypt. former ECB policy maker. more focused on the risks to
Rising food prices are re- “They can’t do both.” Central banks have been re- growth than on inflation. Else-
garded as one of the broad peatedly surprised by the where in Asia, central banks
conditions that led up to the The Federal Reserve raised surge in inflation, contrary to feel less pressure to raise rates.
2011 uprising that ousted for- interest rates by a quarter predictions that it would fall
mer President Hosni Mubarak. point on Wednesday and pen- back. At their Feb. 2-3 meet-
ing, ECB policy makers de-

A8 | Tuesday, March 22, 2022 **** THE WALL STREET JOURNAL.

THE UKRAINE CRISIS

Support for Russia Oil Ban Grows in EU

Move would mark shift other measures once thought DAVID HECKER/GETTY IMAGES kia, one of the most Russian- them said, Hungary remained
in bloc, deal a new blow off limits, as Russia intensifies oil-dependent economies in outspoken against an oil pur-
to Putin’s economy, but its attacks on Ukrainian cities. An oil terminal in Wilhelmshaven, Germany. the bloc, said a ban on oil chase ban. Critically, Germany
Germany remains leery should at least be an option at is also opposed, for now.
Some EU states, for in- troleum product exports made Russian oil to the EU would this point. Other countries, in-
BY LAURENCE NORMAN stance, were once unwilling to up 37% of Russian export reve- likely jolt global supplies. cluding Denmark, have said German officials said that
AND GEORGI KANTCHEV consider disconnecting Russian nue, according to the Brussels- they would support the move Berlin’s position on an oil ban
banks from Swift, the interna- based think tank Bruegel. A ban could, at least tempo- if consensus emerges in the isn’t set in stone, while it isn’t
Support for a European tional payment system. But rarily, take out around three bloc, diplomats said. willing to consider a gas ban.
Union-wide ban on the pur- sentiment turned quickly, with Around half of Russia’s million barrels a day from a They said that if the situation
chase of Russian oil is growing officials coalescing around a crude-oil exports go to Europe. global market of around 100 “Looking at the extent of the in Ukraine deteriorates, pres-
inside the bloc, diplomats in- move that allowed for a few The EU and U.K. paid around million barrels a day—a signifi- destruction in Ukraine right sure to restrict energy pur-
volved in the discussion said, banks to remain connected. 88 billion euros, equivalent to cant chunk in a tight market, now, it’s very hard in my view to chases would grow.
representing a significant shift $97 billion, to Russia for oil ex- some analysts say. make the case that we shouldn’t
in the continent’s stance to- Several EU members, in- ports last year, including crude be moving into the energy sec- If the EU avoids rushing
ward how to ratchet up eco- cluding Germany, remain reluc- oil and products, Bruegel said. The EU also imports from tor—particularly oil and coal,” into a decision on oil and en-
nomic pressure on Moscow. tant to support an oil ban, and Russia some 15% of its oil for sanctions, Irish Foreign Min- sures that any embargo would
would only consider gradual An EU ban would constrain products, such as diesel, naph- ister Simon Coveney said on the be phased in over time, Ger-
Agreement on any EU ban restrictions—not a sudden cut- European supplies—and global tha and fuel oil, Bruegel said. way into the meeting. many could come on board,
of Russian crude is far from off—if the situation in Ukraine markets. Russia represents the German officials said.
locked in yet, and a rapid deci- deteriorates. A move to restrict around 28% of the bloc’s over- At a meeting of the bloc’s The U.S. and U.K. have
sion to move ahead isn’t likely, Russian natural gas isn’t being all crude-oil imports. While oil foreign ministers in Brussels banned Russian oil imports, France, which holds the
diplomats said. considered, diplomats said. can flow more easily around on Monday, countries includ- and British officials said Prime EU’s rotating presidency, wants
the world than gas, a ban of ing Sweden, Ireland, Slovenia, Minister Boris Johnson’s gov- to ensure the bloc stays united
Brussels has been willing to Germany and other Russian the Czech Republic and Slova- ernment has been pushing for on sanctions and doesn’t want
unleash severe economic sanc- oil importers have been op- a Group of Seven-wide ban. to isolate Germany or other
tions against Russia for its inva- posed to an oil ban. A smaller Germany, current head of the countries who are heavily reli-
sion of Ukraine, despite the risk group of member countries, club of the world’s rich econo- ant on Russian oil, according
that those measures could have including Poland and the Bal- mies, has invited leaders to a to officials. However, Paris fa-
repercussions for European tic states, have been pushing summit in Brussels on Thurs- vors dialing up the sanctions.
countries whose economies are it, and there is now broader day on the sidelines of the EU
more intertwined with Russia. support among other mem- meeting with President Biden International crude prices
bers, diplomats say. and a gathering of leaders of rose to $114 a barrel on Mon-
Restricting Russian oil and the North Atlantic Treaty Or- day, climbing sharply from a
natural gas, a source to fulfill A European ban would be a ganization. selloff late last week. Russian
Europe’s energy needs, had blow for the beleaguered Rus- Deputy Prime Minister Alexan-
been mostly off the table until sian economy, already suffering Any move toward an oil ban der Novak warned the West on
recently. But EU capitals have from Western sanctions. The en- would need support from all 27 Monday that an oil ban would
become open to consider fur- ergy sector contributes as much member states, and diplomats lead to prices surging to more
ther steps, as they have with as one-fifth of Russia’s gross do- said there is no consensus at than $300 a barrel.
mestic product and makes up this point. In Monday’s discus-
around 40% of its budget reve- sion, diplomats involved in  Heard on the Street: Oil
nue. In 2021, crude oil and pe- producers have concerns... B11

Agriculture Giants Stay,

Cite Humanitarian Need

BY PATRICK THOMAS decisions to keep operating cer- couple times in recent history ANDREY RUDAKOV/BLOOMBERG NEWS
tain parts of their business in I can think where world food
The world’s largest agricul- Russia. Those include Johnson supplies would be this critical.” Wheat grain near Stavropol, Russia, last summer. Wheat prices have soared in the past month.
tural companies are continu- & Johnson and Amerisource-
ing to sell seeds and handle Bergen Corp., which said it Russian President Vladimir partment said earlier this ronmental and agricultural or- pany is keeping essential food
crops in Russia, despite pres- stopped doing new business in Putin’s invasion of Ukraine has month that it expects farmers ganizations penned a letter operations going. The U.N.
sure to sever ties following Russia, though it will keep dis- helped send wheat prices to plant only slightly more last week pressing Cargill to agency notes the conflict
the invasion of Ukraine. tributing certain cancer drugs more than 30% higher during wheat than last year, when the exit Russia completely. “Doing could exacerbate food inflation
and finish clinical trials. the past month. While sanc- fewest acres were sown in business with and paying and hunger in some of the
Companies including Cargill tions haven’t directly targeted more than a century. Lower taxes to President Putin’s gov- world’s poorest countries.
Inc., Bayer AG and Archer Agricultural companies’ on- Russian food exports, and U.S. yields are anticipated be- ernment is fueling Russia’s
Daniels Midland Co. say hu- going operations in Russia ports in the country are oper- cause of continuing drought in war machine,” the letter said. Cargill, which employs
manitarian concerns over food could have broader effects on ating, importers face high in- the West and Northern Plains. roughly 2,500 people in Rus-
availability for Russian citizens global food supplies. Russia’s surance costs to book cargoes A Cargill spokeswoman sia, said earlier this month
and other countries justify the war in Ukraine involves two of from there, said Andrey Sizov, Advocacy groups say Rus- pointed to the potential food- that it plans to continue run-
companies’ continued opera- the world’s major grain-produc- managing director of SovEcon, sia’s war requires a powerful security implications outlined ning its food and animal feed
tion in Russia, while Western ing powers, upending a region a research firm focused on message, and agriculture com- by the World Food Program, a facilities there, though it will
oil companies, fast-food chains that has become increasingly Black Sea grain markets. panies need to do their part. United Nations agency, when scale back some operations
and other firms have pulled critical to feeding a growing Some Ukrainian and U.S. envi- responding to why the com- and halt further investments.
out or paused operations there. and more affluent global popu- If crop suppliers pull out of
lation. A dent in Russian ex- Russia and the country cuts its
Advocacy groups and em- ports of food commodities, in production, Russia likely would
ployees of some agricultural addition to the likelihood of a have enough grain to feed it-
companies have urged execu- diminished harvest in Ukraine, self, Mr. Sizov said, but not
tives of businesses still oper- could lead to serious food short- necessarily other countries.
ating in Russia to pull back ages world-wide, analysts said.
further, however, and last “That’s a problem for Rus-
week Ukrainian President Vo- “It’s creating quite an angst sia but a bigger problem for
lodymyr Zelensky called for in the coming production cy- food importers all over the
continued pressure on West- cle,” said Bill Biedermann, the world,” he said.
ern companies to exit Russia. Tennessee-based co-founder of
AgMarket.net, a commodity Other factors are likely to
Companies in other indus- brokerage and agricultural cut into wheat production, an-
tries, such as drugs and con- consulting company. “If it alysts said. Dry weather in
sumer products, also have cited doesn’t perform, there’s only a South America is hurting crop
humanitarian grounds for their production in the region. In
the U.S., the Agriculture De-

Russia’s THOMAS PETER/REUTERS sula, and expanding Russian
control of the Donbas region
Attacks Rescue workers stood Monday at the site of a Kyiv shopping center that was shelled by Russian forces. At least eight people died. in eastern Ukraine. The Krem-
lin also appears to be trying to
Grind On tance to battle Russian forces, at Russian troops in the front couldn’t be determined. Days southward from Belarus toward force the Ukrainian govern-
including antitank weapons lines near Kyiv. Ukrainian offi- earlier, a theater in the city Kyiv, and westward from occu- ment to accept neutrality be-
Continued from Page One and antiaircraft missiles that cials said at least eight people where large numbers of people pied areas in Ukraine’s south tween Russia and the West.
Treaty Organization, the Group Ukrainian forces have em- died in the attack. had sheltered was bombed. toward Mykolaiv and, ulti-
of Seven and European states, ployed to exact a heavy toll on mately, the port city of Odessa. Russia’s assault on Ukraine
including Poland. They are ex- the invading military. The Russian attacks around Mariupol is a strategic objec- has forced more than 10 mil-
pected to discuss deterrence military areas have prompted tive for Moscow as it attempts Military analysts said Rus- lion people to abandon their
efforts, humanitarian relief and Near Kyiv, where fighting fears the country has agents to open an overland corridor to sia might be increasingly look- homes, the United Nations
the campaign of sanctions has settled into a stalemate, working inside Ukraine and the Russia-annexed Crimean ing for an operational pause to said, with the scale of the hu-
against Russia. Russian forces appeared to de- spotting targets for Moscow. Peninsula and shift the momen- regroup its forces and prepare manitarian disaster showing
grade Ukrainian positions with tum. Russia has so far failed to for another offensive. little sign of easing.
Russia’s foreign ministry artillery strikes and long- Kyiv’s mayor said he would take any big Ukrainian cities
warned on Monday that rela- range missiles. On Monday, impose another curfew on the since the start of its invasion. Russia’s ultimatum to sur- Russia claimed on Monday
tions between Moscow and the rumble of artillery bar- Ukrainian capital, lasting 35 render Mariupol came as se- to have seized a Ukrainian mil-
Washington were “on the rages was nearly constant. hours from 8 p.m. local time In areas that Moscow has nior U.S. officials also voiced itary command headquarters
verge of a rupture.” Moscow on Monday. seized, it is trying to quell un- suspicions that the Kremlin is and taken 61 Ukrainian prison-
summoned U.S. Ambassador Russia destroyed a shopping rest. On Monday, Russian adopting a new strategy after ers of war. Russia also re-
John Sullivan to hand him a mall that Moscow alleged was The bombardment strategy troops wounded one protester almost a month of fighting ported a cruise-missile attack
note of protest over Mr. Bi- used as an arms depot. Russia’s Russia is employing has in- and dispersed others with with halting progress while in- on an alleged training center
den’s comment that his Rus- Defense Ministry on Monday flicted a particularly heavy toll flash grenades and tear gas in flicting a heavy humanitarian for foreign and Ukrainian
sian counterpart, Vladimir Pu- released a video of the strike on Mariupol. Ukrainian offi- the southern city of Kherson. toll on the country. The new fighters in the Rivne region of
tin, is a “war criminal.” and evidence it said showed cials said an art school where approach, they believe, fo- western Ukraine, which it says
Ukraine was using the facility around 400 people had been Russia’s military operation cuses on securing a so-called killed more than 80 Ukrainian
State Department spokes- to store arms and used the sheltering was bombed by Rus- has been proceeding along land bridge between western and foreign fighters.
man Ned Price said despite the parking lot to launch missiles sia, trapping people beneath three main fronts: northward Russia and the Crimean Penin-
tensions, the Biden adminis- the rubble. Their condition from the Crimean Peninsula, Ukraine confirmed the mis-
tration is committed to main- sile attack on the training
taining lines of communication ground in the Rivne region,
with Moscow, but he added: while saying the intensity of
“It’s awfully rich to hear a Russian combat air operations
country speak about ‘inappro- had eased. It also said Russia
priate comments’ when that had shelled Odessa.
same country is engaged in
mass slaughter” of civilians. The two sides exchanged ac-
cusations for damage at a
Mr. Biden, President Emman- chemical plant in the city of
uel Macron of France, Chancel- Sumy in eastern Ukraine on
lor Olaf Scholz of Germany, Monday morning, where an am-
Prime Minister Mario Draghi of monia gas leak was detected.
Italy and Prime Minister Boris
Johnson of the U.K. discussed The Ukrainian and Russian
their concerns about Russia’s sides agreed on eight humani-
tactics in Ukraine during a call tarian corridors for Monday,
Monday, the White House said. including some for Mariupol.

The U.S. has imposed Kremlin spokesman Dmitry
sweeping sanctions on Russia Peskov accused Ukraine of ob-
for its assault on Ukraine, help- structing those corridors.
ing cut the Russian economy Ukraine has said Russia has
off from the global financial attacked such lines of passage.
system. The U.S. has also pro-
vided Ukraine military assis- Watch a Video

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the Russian

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THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | A9

THE UKRAINE CRISIS

War Disrupts

Russia-Europe

Mars Mission

International sanctions search for signs of life. ROSCOSMOS PRESS OFFICE/TASS/ZUMA PRESS
over invasion threaten “We need to see how we
years of collaboration OneWeb, partly owned by the British government, this month suspended operations at a Russian-controlled launch facility in Kazakhstan.
on projects in space can unravel and disconnect
the Russian contribution from Satellite Operator place, we’re on track to finish eries of rocket engines to the U.S. OneWeb, a satellite com-
BY AYLIN WOODWARD the European one,” ESA Direc- To Restart Launches building out our full fleet of Roscosmos threatened to pany partly owned by the Brit-
AND MICAH MAIDENBERG tor-General Josef Aschbacher satellites and deliver robust, ish government, this month
said of the mission in a Friday Satellite company OneWeb fast, secure connectivity around block a launch of OneWeb’s suspended operations at a
International sanctions tied interview. The agency is reas- said it has signed an agreement the globe,” said OneWeb Chief communications satellites un- Russian-controlled launch fa-
to Russia’s invasion of Ukraine sessing joint activities with with Elon Musk’s SpaceX to re- Executive Neil Masterson. less it was given guarantees cility in Kazakhstan—where it
have scuttled several space Russia, some of which date to sume satellite launches, just they wouldn’t be used for mili- had tapped Soyuz rockets to
missions and threaten to up- the 1990s, when the country weeks after it suspended such The deal with rocket com- tary purposes. The agency sug- get satellites to space.
end decades of collaboration was starting to engage with missions amid elevated West- pany Space Exploration Tech- gested the U.K. should divest
among spacefaring nations. the broader Western world. ern tensions with Russia after nologies Corp., as SpaceX is for- the stake, an idea the British “There is likely to be a bit
Moscow’s invasion of Ukraine. mally known, comes after the government quickly rejected. of a bottleneck happening in
Russia has long been a ExoMars was the biggest Russian space agency Roscos- the launch area. We are talk-
power in spaceflight, develop- cooperative project between OneWeb, owned in part by mos withdrew cooperation on SpaceX is launching its own ing to some customers who
ing the workhorse Soyuz Roscosmos and the ESA, Dr. the U.K. government, said Mon- certain projects this month, dis- constellation of communications are worried,” said Dan Hart,
rocket system and building Smith said. Roscosmos con- day that the first launch by a rupting some rocket operations. satellites. The Starlink system chief executive at Virgin Orbit
major parts of the Interna- tributed scientific instruments SpaceX rocket is expected this is a competitor to OneWeb. Holdings Inc., which launches
tional Space Station. But its for the mission, built the year to expand its on-orbit con- Russia’s invasion of Ukraine satellites from a modified Boe-
invasion of Ukraine has cre- rover’s landing platform and stellation of 428 satellites. has stressed international space “We thank SpaceX for their ing 747 airplane. The com-
ated obstacles for its partner- offered to launch the rover on cooperation. Roscosmos cast support, which reflects our pany’s supply chain hasn’t
ships with the U.S. and Euro- one of its rockets. Now those “With these launch plans in doubts on its future involvement shared vision for the boundless faced any disruptions from the
pean nations. Russian elements need to be at the International Space Sta- potential of space,” Mr. Master- invasion because it sources
replaced, Dr. Aschbacher said. pending scientific cooperation tion, and said it was halting deliv- son said. goods from U.S. suppliers, he
“We may well be looking at with Russia. Andrea Merloni, added.
a situation where post-Cold The rover had been ex- eROSITA’s project scientist ray telescope aboard the obser- —Mauro Orru
war space cooperation and col- pected to launch between and an astronomer at the Max vatory, the ART-XC project Peter Beck, chief executive
laboration have finally col- Sept. 20 and Oct. 1. But the Planck Institute for Extrater- head told the Russian state general tweeted on Feb. 26 of launch provider Rocket Lab
lapsed,” University of Alberta ESA’s Thursday announcement restrial Physics in Garching, news agency TASS. On March 1, that U.S. participation would USA Inc., said the invasion has
science historian Robert Smith puts that schedule on hold. Dr. Germany, said the telescope is TASS reported that Roscosmos be “inappropriate.” put new pressure on his com-
said, adding that it was unclear Aschbacher said if the global now in “safe mode,” meaning planned to bill “the European pany as it develops a rocket
whether the current strain on geopolitical situation were to it is no longer collecting scien- side” of the project for losses NASA didn’t respond to a called Neutron meant to com-
international ties would lead to resolve, the mission could tific data. But it could be related to the safe-mode switch. request for comment. pete for missions with Russia’s
a permanent break. Over time, launch in 2024 with Russia, switched back in a matter of Soyuz rocket and other vehi-
he said, Russia could end up adding that he sees that sce- hours, he added. Roscosmos, meanwhile, cut The conflict in Ukraine is cles. Rocket Lab expects to
working more with China in nario as unlikely. the U.S. out of its Venera D also hamstringing space agen- first launch Neutron no sooner
space-related projects, while Russia is continuing to map mission to Venus, which cies and satellite operators than late 2024. Neutron
the U.S. and Europeans become One workaround would be the cosmos using its ART-XC X- planned to launch in 2029. that had planned to launch sat- doesn’t depend on Russian or
more closely aligned. “a completely European rede- Following international sanc- ellites and telescopes aboard Ukrainian supply chains that
velopment,” or working with tions, the agency’s director- Soyuz rockets. Those rockets have been affected by the in-
Officials at the National NASA to continue ExoMars, Dr. aren’t available now, rocket-in- vasion, Mr. Beck said.
Aeronautics and Space Admin- Aschbacher said. Either option dustry executives said, at least
istration said the agency’s means the earliest possible for some customers.
work with Russia’s space launch would come in 2026.
agency, Roscosmos, hasn’t
been disrupted, including their Roscosmos didn’t respond
joint operations aboard the to a request for comment, but
space station. its director-general said on
Thursday in a social-media
The European Space post that the agency would
Agency, or ESA, on Thursday mount its own research mis-
said it would suspend its co- sion to Mars.
operation with Roscosmos for
the remainder of their joint On Feb. 26, German scien-
ExoMars mission. The two- tists switched off the country’s
phase project, which sent an eROSITA X-ray telescope, part
orbiter to Mars in 2016, aims of a sun-orbiting space obser-
to launch a rover there to vatory its space agency jointly
runs with Roscosmos. The
move came after Germany’s
Federal Ministry of Education
and Research said it was sus-

Trust your
source.

Trust your
decisions.

© 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ8653

A10 | Tuesday, March 22, 2022 NY * * THE WALL STREET JOURNAL.

WORLD NEWS

Revolutionary Guard at Center of Talks

U.S. criticized for HOSEPAHNEWS/IRGC/EPA/SHUTTERSTOCK back the offer over concerns
from senior administration.
considering removing Islamic Revolutionary Guard Corps, shown in this handout photo, participate in military exercises in southern Iran.
Now, Washington is behind
terrorism designation to nuclear program is peaceful, is and many of his top advisers is sive, including by the Islamic Iraq, which the force said tar- the offer to lift the terror des-
weeks away from having that reaching a deal with Iran Revolutionary Guard,” White geted an Israeli compound but ignation if Iran meets its con-
revive Iran nuclear deal enough highly enriched ura- now, and then improving upon House press secretary Jen landed near a U.S. consulate ditions, recognizing that with-
nium for a bomb, according to the agreement later, is a better Psaki said last week. “So the under construction. out that step, Tehran may
BY LAURENCE NORMAN the U.N. atomic agency. option than waiting, said these notion that the actions of the walk away from a deal, say
officials. The White House also past administration pulling In a televised new-year’s U.S. officials. They also say
The effort to revive the The divide over the Guard’s views an agreement restrain- out of the Iran nuclear deal speech Monday, Iranian Su- there is little room for negoti-
2015 nuclear agreement hinges terrorism designation comes at ing Iran’s nuclear program as has cut down on the actions or preme Leader Ayatollah Ali ation on the conditions Iran
on perhaps the most politi- a critical moment in discus- key to Middle East stability, al- the escalatory behavior of the Khamenei, who has the final say must accept around the offer.
cally sensitive issue in the ne- sions about the steps Washing- (IRGC) is inaccurate.” on most important strategic is-
gotiations: Whether to remove ton and Tehran will take to The IRGC is accused sues, said Iran should continue The Guard designation high-
the U.S. terrorism designation comply again with a deal that of killing hundreds According to people in- pursuing the nuclear talks. lights the crosscurrents facing
for Iran’s elite Revolutionary the U.S. withdrew from under of Americans and volved in the talks, the Ameri- the Biden administration’s ef-
Guard, the country’s powerful former President Donald destabilizing region. can offer would remove the “Of course, I am not saying forts to revive the nuclear deal.
security force, diplomats said. Trump, and that Iran has since Guard from the U.S. list of For- stop pursuing removal of the
breached with a massive expan- lowing the U.S. to focus on eign Terrorist Organizations if sanctions…The principle is to Iran has wanted the Biden
The issue is galvanizing op- sion of its nuclear work. The China and Russia. These U.S. Iran commits to rein in its re- run the country in a way that administration to lift terrorism,
position to the nuclear pact in deal lifted most international officials argue that withdraw- gional aggression and refrains the sanctions cannot hit the human-rights and other sanc-
Washington and among Middle sanctions on Iran in exchange ing from the 2015 pact didn’t from targeting Americans. If economy substantially,” he said. tions on it that aren’t related to
East allies such as Israel, for tight but temporary restric- yield positive results. Iran doesn’t abide by the pact, its nuclear program. U.S. allies
where the government issued tions on its nuclear program. the listing could be reimposed. The issue of the Guard’s in the region, who are nervous
stinging public criticism of any “Not only has Iran’s nuclear terrorism designation has about a deal that doesn’t perma-
attempt to remove the terror- President Biden believes the program advanced, but their Iran, which refuses to nego- haunted the negotiations since nently constrain Iran’s nuclear
ism designation of the Islamic U.S. should work to resolve the behavior in the region and be- tiate directly with Washington, they started last spring. work, fear that if Washington
Revolutionary Guard Corps. issue, U.S. officials said, given yond has gotten more aggres- hasn’t responded, creating a lifts the terror sanctions on the
that Tehran’s breakout time to stalemate that senior U.S. offi- According to people close to Revolutionary Guard, it would
Senior U.S. officials say a amass enough nuclear fuel for cials say could imperil a deal. the talks, the U.S. team dangled embolden Iran-backed proxies,
failure to find a compromise a bomb was significantly re- the possibility of lifting the such as Hezbollah in Lebanon
with Iran on the issue quickly duced after the U.S. withdrew The Guard has complicated Guard’s terrorism designation in and the Houthis in Yemen.
could cause a breakdown in from the agreement. the talks by claiming responsi- 2021 with the approval of some
negotiations that—over almost bility for a missile attack this in Washington. At the time, “We are very concerned
a year—have resolved nearly The view among Mr. Biden month from Iran on northern there were strings attached. about the United States’ inten-
every other disagreement. However, the U.S. team pulled tion to give in to Iran’s outra-
geous demand and remove the
The U.S. has accused the IRGC from the list of terrorist
Guard of killing hundreds of organizations,” Israeli Prime
Americans, while its elite Quds Minister Naftali Bennett said.
Force has arranged weapons
and support for proxy forces The Guard designation was
throughout the region and for part of a series of moves by
pro-Iranian groups that fought the Trump administration to
in Syria. The Guard has long list Iranian people and entities
faced U.S. sanctions for its bal- under terror sanctions. Advo-
listic-missiles programs and al- cates said the moves would
leged human-rights violations, make it difficult for the next
and was placed on the coun- administration to restore the
terterror sanctions list in 2017. nuclear pact. It was the first
time Washington had desig-
Those backing compromise nated an element of a foreign
argued that other sanctions on state a terrorist entity.
the Guard would still keep for-
eign companies away from deal- Critical to the argument
ing with Guard-linked Iranian over the Guard is the eco-
firms, damping economic bene- nomic impact it would have.
fits of any nuclear deal for Iran. The counterterror sanctions
Opponents argue the foreign heighten the potential criminal
terror organization listing is a liability for companies and
necessary, punitive deterrent. people that do business with
the group, said Mark Dubow-
In pressing for lifting the itz, chief executive officer of
terror sanctions, U.S. officials the Foundation for Defense of
have said the threat posed by Democracies, which opposed
the Guard and other terrorist- the 2015 nuclear deal.
listed entities would be much
worse if Iran gets nuclear —Aresu Eqbali, Vivian
weapons. Iran, which says its Salama and Alex Leary
contributed to this article.

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A18 | Tuesday, March 22, 2022 THE WALL STREET JOURNAL.

OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR

Gensler Stages a Climate Coup Dare to Stop Putin or Offer Him a Way Out?

R ussia’s assault on Ukraine is changing bon taxes or cap-and-trade systems. But carbon William Galston concludes “Our nition of Russia’s annexation of Cri-
the world—except Washington, D.C., emissions aren’t relevant to the financial per- Moral Obligation to Ukraine” (Politics mea, the return of an unearned gift.
where the Biden Administration is con- formance of most public companies. & Ideas, March 16) by saying that “we
should be able to tell ourselves that Crimea had been culturally, linguis-
tinuing its war on fossil fuels The SEC Chairman The SEC claims to have we did everything that could reason- tically and territorially Russian since
as if energy security doesn’t “broad authority to promul- ably be expected of us, short of risk- 1783. When the Russian Empire was
ing war with a nuclear-armed aggres- reconfigured as the Soviet Union, Cri-
matter. does the bidding of gate disclosure requirements sor, to prevent this outcome.” mea was left where it belonged, in
The latest strike came Mon- that are ‘necessary or appro- the Russian SSR. There it stayed until
day when the Securities and Ex- BlackRock and the left. priate in the public interest or Actually, we all but invited Vladimir 1954, when Nikita Khrushchev, him-
Putin to invade. Our chaotic Afghani- self a Ukrainian, transferred it to the
change Commission voted 3-1 to for the protection of inves- stan withdrawal, meaningless red Ukrainian SSR. This rankled the Rus-
lines, tolerance of the Crimea land sian-speaking population of Crimea,
advance a proposed rule requir- tors.’” But neither securities grab and advertising that we wouldn’t but it was an internal Soviet matter
involve ourselves in the defense of that could conceivably be undone.
ing public companies to disclose climate risks. The law nor the Constitution lets the SEC mandate Ukraine made the overrun of that
country appear a risk-free proposition. In the rushed collapse of the So-
proposal, which was issued with only Democratic whatever public disclosures some investors or viet Union, Soviet borders became
Now that Mr. Putin has swarmed the borders of newly sovereign coun-
votes, is contrary to SEC history, securities law, politicians want. his army all over Ukraine, and our tries—Crimea forever lost to Russia.
consensus is that sanctions are the Mr. Putin’s 2014 annexation was un-
and sound regulatory practice. In 2015 the D.C. Circuit Court of Appeals ruled best we can do, we have the recipe for derhanded and crudely done, but
more catastrophes. Defending free- with post-Soviet borders treated as
Public companies are already required to re- that an SEC disclosure mandate for so-called dom will never be risk-free, but not sacrosanct, negotiation wasn’t a via-
even attempting it, which is where we ble alternative. Crimea is viscerally
port “material” events and risks, which the SEC conflict minerals violated the First Amendment are now, will guarantee the subjuga- connected with the Russian soul. Its
tion of free peoples everywhere. return could salve that soul and send
defines as information a reasonable person because it compelled speech. Government can the giant home.
JACK WICKHAM
would consider important. SEC Chairman Gary require companies to disclose information to Glen Arm, Md. SUSAN FISCHER
Clayton, N.C.
Gensler is redefining materiality as whatever prevent fraud or protect public health, but how President Biden won’t even at-
tempt to act from a position of Lt. Col. Ross Fobair and Col. Rich-
BlackRock and progressive investors want to does requiring companies to report greenhouse- strength. He has an inherent weak- ard Keirn were the first U.S. Air Force
ness that should have been realized pilots shot down in combat by Soviet-
know. The 510-page proposal will require the gas emissions do either? when he objected to the bin Laden made surface-to-air missiles over
raid under President Barack Obama. North Vietnam. Soviet advisers were
public disclosure of risks to physical assets from As a fall-back argument, the SEC claims cli- Opening discussions with Nicolás Ma- on site, training the Vietnamese, and
duro in Venezuela defies reason. The in classified documents the Soviets
climate change as well as from government anti- mate disclosures “will promote efficiency, com- Biden team has already lifted several take credit for the shoot down.
sanctions on Iran, getting nothing in
carbon policies. petition, and capital formation.” They will do return, and seems poised to sign an- As Fobair’s nephew, I agree with
other deal that won’t mean anything. Thomas Dennison (Letters, March 15)
Companies will have to report greenhouse- the opposite. They will saddle companies with We need to know why Mr. Biden re- that whoever supplied North Vietnam
treats at every instance. MiGs and missiles “apparently wasn’t
gas emissions generated directly by their opera- new costs, discourage private firms from going concerned about starting World War
JOHN G. SESTAK JR. III with a nuclear-armed superpower.”
tions (e.g., refining oil) as well as from their en- public, and encourage some public firms to go Phoenix My observation is that bullies don’t
negotiate—they take. The only thing
ergy consumption. Companies will also have to private. In “The Terrifying Paradox of Rus- they understand is a potential punch
sian Weakness” (Free Expression, in the nose. Allowing NATO countries
report what are called Scope 3 emissions from Mr. Gensler’s solution is to regulate private March 8), Gerard Baker warns of the to provide Russian-made S-300 SAMs
humiliated giant and advises finding to the Ukrainians might be just
their supply chains and customers if they are companies by the back door. To calculate their a way to appease him without sacri- enough to make Mr. Putin think twice.
ficing Ukraine’s freedom. Ukraine has
material, which will be in the eyes of progres- Scope 3 emissions, public companies will have one powerful bargaining chip: recog- BRUCE GIFFIN
Santa Barbara, Calif.
sive investors. to make their private business partners and

For example, Exxon Mobil would have to re- contractors report emissions. Companies will

port its direct emissions as well as any from fos- also have to get their emissions independently

sil fuels burned to generate the electricity it certified. That’s another government gift to the

uses. It may have to quantify emissions from the Big Four accounting firms.

combustion of its products, the tankers that de- We’ll take up the rule’s financial benefits to

liver them, and the manufacturing of its rigs and the ESG (environmental, social and governance)

plastic products when they degrade. crowd another day. The main intent of the rule

Scope 3 emissions have no clear definition. is to make it easier for left-leaning asset manag-

The agency says it has “not proposed a bright- ers like BlackRock, public pension funds and

line quantitative threshold for the materiality trial lawyers to bully companies. Public compa-

determination” for Scope 3 emissions because nies will be liable for climate disclosures the

this “would depend on the particular facts and SEC deems inaccurate or incomplete.

circumstances, making it difficult to establish Mr. Gensler is providing a liability “safe har-

a ‘one size fits all’ standard.” bor” for Scope 3 emissions, but there is no polit-

Yet the overall rule would impose a one-size- ical safe harbor. Progressives will have a new

fits-all regulation on thousands of public com- weapon to smack companies around. Democrats

panies. A property and casualty insurer’s expo- can’t pass their climate agenda through Con-

sure to flood or wildfire zones is probably gress, so they are using financial regulation to Drugs, Disparities and Harm-Reduction Plans

material. Ditto direct emissions of fossil-fuel block investment in fossil fuels. Vladimir Putin

producers that operate in jurisdictions with car- will be delighted. “Opioid Overdoses Take Toll on engaged from resources and support
Black People” (U.S. News, March 14) as a result of structural racism and
The Long Arc of Ketanji Brown Jackson demonstrates that overdose rates are overincarceration.
soaring nationwide and that dispari-
T his week’s Senate confirmation hear- Senate confirmation hearings in recent decades ties in the health and criminal-legal Harm-reduction programs engage
ings for Supreme Court nominee Ket- have turned into a rhetorical dance in which the systems combined with the nation’s people who use drugs, recognize
anji Brown Jackson might seem like a nominee tries to look affable and responsive reluctant response to this crisis are their humanity and bring them into
disproportionately harming black care as opposed to further discrimi-
low-stakes affair. She’d re- Justice Thomas’s while saying nothing. people and other people of color. Our nating, stigmatizing and pushing
place a fellow liberal, retiring But Senate Republicans owe current drug policies are failing. We them away from lifesaving services.
need a national response rooted in Congress and the Biden administra-
Justice Stephen Breyer, so her hospitalization is a it to the public to be ready on equity and public health. tion should support harm reduction
elevation wouldn’t alter the reminder of the stakes. Tuesday with direct questions as an essential tool that saves lives
Court’s current 6-3 conserva- for Judge Jackson about her Supporting and expanding access and pursues equity by helping to
to harm-reduction programs will address the disproportionate harm
tive majority. Yet the arc of a views and judicial philosophy. connect people who use drugs to experienced by black people and
critical care and support, thereby re- other people of color. These prob-
Justice Jackson’s jurispru- They shouldn’t be complacent ducing overdose deaths and trans- lems will only worsen until we re-
mission of infectious diseases, while spond robustly.
dence could be long. about the Supreme Court’s makeup today. Once increasing connection to drug treat-
ment. These studied and effective KASSANDRA FREDERIQUE
A jarring reminder of the stakes came Sunday Justice Breyer steps down, the Court’s elders programs increase equity by serving Drug Policy Alliance
people who don’t have ready access New York
when the Supreme Court issued a short notice will be two conservatives, Justices Thomas (age to healthcare and who have been dis-
It Is Not Too Late to Rescue
that Justice Clarence Thomas had been hospital- 73) and Samuel Alito (71). Who’s to say they’ll College Administrators Get
Freedom in Western Ukraine
ized with “flu-like symptoms.” He received intra- be succeeded by like-minded jurists? Democrats It Backward on Open Inquiry
I hope every desk in the Pentagon
venous antibiotics and was improving, though talk like the GOP has locked up the Court for all Thank you, Prof. Todd Henderson, and the West Wing got a copy of
for an insightful and timely column Daniel Henninger’s column “Memo to
he missed Monday’s oral arguments. We wish time, but majorities are precarious in anything regarding the importance of freedom NATO: Secure Lviv” (Wonder Land,
of thought on college campuses March 10). You see, I am a child of
Justice Thomas a speedy return to health, not but the short run. (“Free Inquiry Suffers as War Fever West Berlin. My youth was spent liv-
Grips Harvard,” op-ed, March 17). ing in an island of freedom sur-
only as a public official with whom we often Judge Jackson is 51 years old. If she joins the This came a day after I read of the rounded by the Soviet bloc. I grew
shameful demonstration of Yale law up knowing families divided by Rus-
agree, but also as a husband, father and a com- Supreme Court and then retires at the same age students shouting down a speaker sian aggression, and families eter-
and intimidating attendees at a free- nally grateful to the Americans and
rade in human frailty. as Justice Breyer, it would be in 2054. That is speech event on Yale’s campus. It is our allies who drew a line to pre-
distressing how illiberal our most es- serve their freedom and give Eastern
The coincidental timing underlines the grav- plenty of time for anything to happen. Senators teemed institutions have become. Europe hope that freedom was still
within reach.
ity of each Supreme Court confirmation. A Jus- should evaluate Judge Jackson as if she is going The university administrations do
a tremendous disservice to the stu- America and NATO have the op-
tice Ketanji Brown Jackson could be to the left to be the swing vote, writing controversial 5-4 dents by not robustly and vocally portunity to draw the same line that
quashing such interruptions, just as President Harry Truman and Gen. Lu-
of Justice Breyer, depending on the question. It’s majority opinions. Someday not too distant, she they smother critical thinking by tak- cius Clay chose to, but NATO allies
ing sides in areas of public concern. also need to know that they can trust
difficult to know. Her judicial record is thin, and might be. This is important even when the the U.S. to work together with them.
moral stance is as obvious as that of President Biden’s actions in regard to
Florida Daylight Saving Time supporting Ukraine in the current Poland will make them all think
conflict. Civil society will wither at twice. The easy way out is often not
F lorida has many attractions and sound 1970s. Congress passed year-round daylight the hands of elites with luxury beliefs the answer, and the history lesson
government policies. But maybe the time in 1974, hoping later sunsets would ease who cannot engage respectfully with you gave coupled with your sugges-
rest of the country should be heard be- energy consumption in the oil crisis of that dissenting thought. tion of a West Ukraine is one I hope
will be heeded.
fore it lets a Senator from the Clock-switching has big era. BEVERLY LOWRY
Sunshine State set the clocks Americans in northern lati- Dallas ALISON PRANGE
Delafield, Wis.
for all 50 states. regional effects that tudes suddenly experienced
The Sunshine Protection winter sunrises as late as or
Act, which sailed through the Congress should debate. later than 9 a.m in Minneapo-

Senate last week without de- lis, Detroit or Tacoma. Com-

bate, would set daylight-sav- muters were driving to work

ing time as the year-round default starting in in the dark. Three months of children waiting

autumn 2023. Under current law clocks each day for the school bus in the dark was

change twice each year, with daylight saving enough to convince Congress to end the fixed

time beginning in March and ending in No- daylight-time experiment in 1975.

vember. The Senate bill would end an 80-year The north-south divide in sunlight hours

tradition of seasonal clock switching. States may explain why Americans disagree about

could remain on standard time instead, but standard or daylight time. An Associated Press

they would have to stick with it all year. poll in 2019 found that Americans disliked

You’d think a change affecting so many peo- clock-switching, but 40% preferred daylight SEC Makes a Category Error Pepper ...
And Salt
ple would get some debate. But the bill passed time while 31% wanted standard hours. All-year Private funds are attractive to in-
vestors because of the large risks and THE WALL STREET JOURNAL
by unanimous consent after lead sponsor standard time would also mean very early sun- potential for large rewards (“The
SEC’s Private Market Takeover,” Re-
Marco Rubio brought it to the floor and no one rises in many states—before 4:30 a.m. view & Outlook, March 16). To obtain
these potentially large rewards,
rose to block it. “Boom, it’s a miracle,” said Mr. Rubio lives in South Florida, which gets unique financial instruments must be
employed, resulting in a greater illi-
Sen. Sheldon Whitehouse, the lead Democratic 10 and a half hours of daylight even during the quidity of funds. What good does a
notice informing me of a hedge fund’s
co-sponsor. He’s thrilled that Speaker Nancy winter solstice. But in Buffalo, which gets about 20% decline do if I am unable to pull
out of the fund in a timely manner?
Pelosi and President Biden will now be able nine hours of daylight in December, residents
DAVID P. DREA
to decide American schedules since Republi- might prefer 4:40 p.m. sunsets to avoid starting Conshohocken, Pa.

cans have a House minority. Several House cold winter days under cover of darkness. Even

Democrats this week are at least trying to if Wisconsin or New Hampshire stayed on stan-

slow down the bill. dard time, the change would mean a daily head-

Supporters of the change highlight the an- ache for commuters to Illinois and Massachu-

noyances of clock-switching, such as losing an setts. Farmers who start early should also be

hour of sleep each spring and early sunsets heard from.

throughout the winter. “We don’t have to keep The current split-year system amounts to

doing this stupidity anymore,” says Mr. Rubio. a geographic and political compromise and Letters intended for publication should
be emailed to wsj.ltrs@wsj.com. Please
He called permanent daylight time “an idea shouldn’t be changed without reflection. Mrs. include your city, state and telephone
number. All letters are subject to
whose time has come.” Pelosi has said she supports the change to editing, and unpublished letters cannot
be acknowledged.
Mr. Rubio is only 50 years old, so perhaps fixed schedules year-round but hasn’t decided “I’m not visiting you, Mom.
My carbon footprint
he doesn’t know that his supposedly new idea on a timeline for a House vote. How about a is already too big.”

is really an old idea that was tried in the debate first?

THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | A19

OPINION

A Crisis in U.S.-Arab Relations

By Firas Maksad partners have rationally concluded GREG BAKER/AFP/GETTY IMAGES Saudi Arabia and the U.A.E. have
that they need to diversify their for- deepened cooperation with both
W hen the leaders of eign-policy options given Washing- Xi jinping and Crown Prince Mohammed bin Zayed, the de facto U.A.E. leader. Russia and China out of necessity,
Saudi Arabia and the ton’s reluctance to uphold its de- not preference. Should the Biden
United Arab Emirates fense commitments. Dramatic scenes Iran detente would allow Washing- in such a strategic part of the world. administration renew its commit-
decline phone calls of the disorderly U.S. exit from Af- ton more time to focus on emerging When the void left by the U.S. is be- ment to regional defense by pub-
from the president of ghanistan confirmed that America is threats elsewhere. On the surface ing filled by Russian military en- licly affirming a strategic alliance,
the United States, rebuff his requests in retreat. For Saudi Arabia and the this appears to be a win-win ar- croachment in North Africa, the Riyadh and Abu Dhabi will revert
to help lower oil prices, and shy U.A.E. in particular, the lack of a rangement, since Saudi Arabia, the Eastern Mediterranean and the Red to more-cooperative ties with
away from condemning Russia’s in- meaningful American response to U.A.E. and Israel in theory stand to Sea corridor, and as China has dis- Washington, including on oil
vasion of Ukraine, and when the Iran-sponsored drone attacks on air- benefit from an Iranian commitment placed the U.S. as the lead trading prices, at the expense of Moscow
U.A.E. hosts Syrian dictator Bashar ports and oil facilities in 2019 and to de-escalation. partner for most of the Middle East, and Beijing.
al-Assad in Abu Dhabi, there is no 2022 was the straw that broke the allies and partners will need to ad-
doubt that a major crisis in U.S.- camel’s back. But this strategy is built on faulty just accordingly. It isn’t too late. The U.S. can sig-
Arab Gulf relations is under way. foundations. In reality, the Middle nal its renewed commitment to the
After the last major attack this East is “the Wild West of great There is also no guarantee that region by designating a special en-
This will be exacerbated in the January, the U.A.E. didn’t hear from power competition” according to an American-Iranian detente would voy assigned to restore trust and el-
weeks ahead if the U.S. nears an U.S. senior administration officials, Gen. McKenzie. It sits at the cross- lead to a more stable Middle East. evate the relationship, particularly
agreement with Iran over its nuclear and when Gen. Frank McKenzie, roads of three continents and in- Once most Western sanctions are since there hasn’t been a U.S. am-
program, lifting many sanctions in America’s top commander in charge cludes three of the world’s most im- lifted, and American deterrence bassador in Riyadh or Abu Dhabi for
the process. How Washington han- of the region, paid a visit over three portant maritime choke points, vital across the region wanes, Iran’s ap- years. The U.S. can also expand
dles this unfolding predicament will weeks later, Mohamed bin Zayed, the for global trade and commerce. It petite for expansionism will likely Arab Gulf air defenses by meeting
shape the region’s future, and Amer- country’s de facto leader, refused to also accounts for about half of global increase. This could feed further requests for deploying more anti-
ica’s place in it, for decades. meet with him. Concerns about oil reserves and more than a third of conflict, stiffen Saudi determina- missile defense systems, stepping
America’s commitment had morphed oil production. tion to match Iran by also becom- up intelligence cooperation, and
Neither the Saudis nor the into feelings of abandonment and ing a threshold nuclear state, and providing early warning against in-
Emiratis will take Biden’s anger. The U.S. can’t engage effectively suck the U.S. into future military coming attacks.
calls. The U.S. needs to in a great-power competition while entanglements.
recommit to the region. The Biden administration’s be- relinquishing its dominant position All these measures are purely
havior toward the Gulf Arab states defensive, and none are likely to
To some in the West, the behav- contradicts its National Security draw the U.S. into new conflicts. To
ior of some of America’s Arab Gulf Strategy, which emphasizes revital- the contrary, they would deter un-
partners typifies the sort of erratic izing America’s alliances and part- anticipated escalation and provide
decisions made by strongmen such nerships. Team Biden has two mis- billions in revenue to the U.S. econ-
as Russia’s Vladimir Putin. But taken assumptions: that the rise of omy through new defense sales.
does that explain why most of China and return of Russia as More importantly, they would help
America’s other Middle Eastern al- great-power rivals necessitates a assure that a strategic part of the
lies—Israel, Jordan, Turkey and recalibration from the Middle East world remains within America’s or-
Egypt—also are expanding ties to to Southeast Asia and now to East- bit, that policies of key partners re-
Russia and China at America’s ex- ern Europe, and that achieving de- main in sync with U.S. interests,
pense? Are all these countries led tente with Iran, beginning with a and that phone calls from the presi-
by irrational strongmen? nuclear deal, would make the re- dent don’t go unanswered.
gion more stable.
No, America’s Middle Eastern Mr. Maksad is an adjunct profes-
To U.S. officials, these assump- sor at George Washington Univer-
tions are complementary and mutu- sity’s Elliott School for International
ally reinforcing: An American retreat Affairs and a senior fellow at the
from the Middle East should make Middle East Institute.
Iran less aggressive. In turn, a U.S.-

Hunter Biden’s Laptop and America’s Crisis of Accountability

FREE discovery of a laptop belonging to have made a difference, but it now tentially critical information didn’t from real information, or they pros-
EXPRESSION Hunter Biden containing all sorts of says it has “authenticated” the lap- need any excuse to do so. But it tituted their credentials in a naked
By Gerard Baker embarrassing emails, might have top’s contents. surely helped that they were given act of political hackery. I don’t have
had on the election that year if it validation for their actions by an their experience or deductive skills,
I n close elections, a fraction of had received wider circulation. Per- The concession from the paper, august-sounding committee of con- but I’m ready to go with the latter.
the total vote distributed in the haps in a campaign dominated by which serves as a sort of unofficial cerned letter-writers who moved
right places can swing an out- Covid and characterized by chaos, licensing authority for reporting by quickly to discredit the story. The deeper shame here is the
come, and we can never be sure it would have been another snow- most of the rest of the media, lack of accountability across Ameri-
what effect late news stories can flake in the blizzard of news voters prompted a predictable rush to self- In that famous letter, more than can institutions. No one who col-
have. were being hit with. vindication by those who had also 50 former national-security and in- luded in this conspiracy against
trashed the story at the time. The telligence officials polished their truth has even been inconvenienced
If it hadn’t been for a suspi- But the allegations in the report- Washington Post insisted its origi- gleaming credentials and alleged by it.
ciously well-timed report of a de- ing—that the son of the man fa- nal decision not to touch it was jus- that the New York Post was guilty
cades-old driving-under-the-influ- vored to become the next president tified because of uncertainty about of peddling a story that had “all the Contacted by the Post last week,
ence arrest in the final days of the had been selling his high-level fam- its provenance. classic earmarks of a Russian infor- not one of the letter’s signatories
2000 presidential campaign, George ily political connections to foreign- mation operation.” expressed regret or contrition. The
W. Bush might not have needed 35 ers, including suggestions of a pos- News and social-media reporters and editors at news or-
days and the judgment of the Su- sible cut for his father—were worth companies will pay no The principal rationale for this, ganizations and the employees and
preme Court to deliver him the pursuing. But enough influential price for suppressing the letter laid out, was that the executives of tech companies who
White House. people in and out of government— vital information in 2020. story might be helpful to Donald participated in the suppression con-
in the foreign-policy-intelligence Trump. Russia wanted Mr. Trump tinue to be lionized for their work.
Harold Wilson, the British La- complex, in the media, and in the Normally, when there is doubt to win. The story helped Mr.
bour prime minister in 1970, is said big tech firms—were so alarmed about the provenance of an explo- Trump. Ergo, it was the work of This is what is so corrosive of
to have claimed for years afterward that it would affect the outcome sive story, news organizations con- Russia. trust and, in the end, of the system
that England’s shock defeat by that they pulled off one of the sider it their job to ascertain the itself. The one way in which real
West Germany in the soccer World greatest disappearing tricks since truth. Normally, it takes them less That’s quite a syllogism. Using accountability is supposed to work
Cup quarterfinal that year so de- Harry Houdini made that elephant than 17 months to do so. But nor- that same logic, you might conclude in a democracy is at the ballot box.
pressed the national mood—and vanish from a New York stage. mally they don’t have the cover that Russia was also responsible for But how can that even work when
turnout—that it produced his sur- provided by technology companies any unexpectedly good economic the people we want to hold ac-
prise ejection from 10 Downing It took its time, but last week that prevented people from reading data that helped the incumbent, or countable decide what information
Street in the general election days the New York Times slipped the ac- the original story. that Vladimir Putin was behind the the voters are allowed to see?
later. knowledgment of the story’s accu- crime wave that had gripped Demo-
racy deep in a report about Hunter The media and tech companies crat-run cities. Free Expression Podcast
We’ll never know what effect the Biden’s mounting legal problems. that colluded in concealing this po-
“October Surprise” of 2020, the The Times, along with most other Now we can guess why so much Scan this code to
New York Post’s reporting of the mass-circulation news organiza- U.S. intelligence has been so faulty
tions, had essentially ignored the all these years. Either these 50 or listen to Gerry Baker’s
story in the days when it might so grandmasters of international
espionage are completely unable to “Free Expression”
distinguish Russian disinformation
podcast with Pfizer

CEO Dr. Albert Bourla.

Russian Invasion Makes a Logistical Hub of a Small Ukrainian City

By Jillian Kay Melchior tons of aid through Vynohradiv. ticians they knew abroad, to solicit Warsaw UNITED DETAIL RUSSIA
That’s only a small fraction of the aid. They’re in frequent communica- POLAND KINGDOM POLAND
Vynohradiv, Ukraine humanitarian supplies that have tion with churches and charities GERMANY UKRAINE
come through Zakarpattia through across the border. They field calls BELARUS
U krainian lawmaker Roksolana official government channels. But from Ukrainian mayors and other Chernobyl FRANCE ROMANIA
Pidlasa married her longtime “it’s not a competition,” Ms. Pidlasa members of Parliament whose con-
boyfriend on March 5, the stituents urgently need help. If re- SPAIN ITALY TURKEY
week after war began. Twenty min- Volunteers in Vynohradiv cipients can manage to send a car SYRIA
utes after they exchanged vows, she move aid shipments from or truck, the Vynohradiv hub aims
was back at work overseeing the ar- Romania to ‘places where to fill it with what they requested. IRAQ
rival of humanitarian aid at a stor- they really need it.’
age facility. “I had to—someone had The Vynohradiv volunteers are Lviv Kyiv RUSSIA
to unload the boxes,” she says. says. The Vynohradiv hub’s advan- especially proud of the 30 tons of Vynohradiv
tage is that it isn’t big or bureau- aid they helped get by train to SLOVAKIA Kharkiv
Ms. Pidlasa, 28, and her friend cratic, which has enabled it to re- Kharkiv, a city near the Russian Budapest
and fellow Parliament member An- spond fast in a dynamic crisis. border under heavy assault. “We HUNGARY MOLDOVA Mariupol
drii Zhupanyn, 32, have helped “Nothing centralized—you eat what are also proud that we can make
transform the sleepy town of you kill,” Mr. Zhupanyn says. very small deliveries”—usually 500 ROMANIA Odessa
Vynohradiv into a nimble hub for pounds to a ton—“to places where
humanitarian aid. The location is Shortly after the invasion, Mr. they really need it,” including Much of the help that Vynohradiv demand, because many Ukrainians
prime, given the town’s proximity to Zhupanyn and Ms. Pidlasa called the tough-to-reach parts of Eastern receives comes from Romanian do- took their cats and dogs with them
the Romanian and Hungarian bor- Ukrainian ambassadors in Hungary Ukraine, Mr. Zhupanyn says. nors. “We are deeply concerned,” when they fled cities under attack.
ders. Vynohradiv sits in Zakarpattia, and Romania, as well as other poli- says Cristian Terhes, a Romanian The hub often gets more clothing
an oblast (state) that has been Ukrainian customs has simplified member of the European Parliament and water than it can immediately
spared significant attacks. its procedures and coordinated with who accompanied a truckload of aid distribute.
neighboring nations to streamline to Vynohradiv on Friday afternoon.
In about three weeks, Ms. Pid- the passage of humanitarian aid. Russia is “not stopping with The Vynohradiv hub is becoming
lasa, Mr. Zhupanyn and their teams But with few exceptions the Ukrai- Ukraine. It’s threatening everyone.” more efficient by the day, but it’s a
have managed to move some 300 nian government prohibits men be- Vladimir Putin “wants to turn his- race against the clock. The U.S. and
tween 18 and 60 from leaving the tory back to 80 years ago, 70 years Europe, as well as big nongovern-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY country, and many foreign donors ago, and we will not accept that,” mental organizations, continue to
don’t want to drive truckloads of he says. send large shipments of aid, but
Rupert Murdoch Robert Thomson supplies into a nation at war. Mr. that goes through the official chan-
Executive Chairman, News Corp Chief Executive Officer, News Corp Zhupanyn, a native of Vynohradiv, Ordinary Romanians, including nels. Volunteer hubs like the one in
has relied on his local contacts to many churchgoers, hand-pack what- Vynohradiv rely heavily on smaller
Matt Murray Almar Latour find drivers, and he has also navi- ever supplies they can afford to donors, some of whom have already
Editor in Chief Chief Executive Officer and Publisher gated the bureaucracy to secure give. Their children often tuck en- given what they can afford.
permits for them to leave and come couraging notes and drawings into
Karen Miller Pensiero, Managing Editor DOW JONES MANAGEMENT: back with the goods. the boxes. Someone even sent a The lawmakers also worry about
Jason Anders, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; feathered dream-catcher, which has what will happen when Ukraine re-
Neal Lipschutz, Deputy Editor in Chief Mae M. Cheng, SVP, Barron’s Group; David Cho, Iosyp Sherehiy, owner of the JJ become the unofficial mascot of the cedes from the international con-
Barron’s Editor in Chief; Jason P. Conti, General Night Club, where Mr. Zhupanyn Vynohradiv hub; volunteers say they sciousness. “The amount of humani-
Thorold Barker, Europe; Elena Cherney, Coverage; Counsel, Chief Compliance Officer; Dianne DeSevo, used to party as a student, is letting hope to display it at a victory party tarian aid that we are getting now,
Andrew Dowell, Asia; Brent Jones, Culture, Chief People Officer; Frank Filippo, EVP, Business the lawmakers store supplies on his at the JJ Night Club one day. on the third week of the war, is far
Training & Outreach; Alex Martin, Print & Information & Services; Robert Hayes, Chief premises. Of 37 local men who help less than we used to receive on the
Writing; Michael W. Miller, Features & Weekend; Business Officer, New Ventures; unload and load shipments, only The Vynohradiv hub’s operations first week of the war,” Mr.
Emma Moody, Standards; Shazna Nessa, Visuals; Aaron Kissel, EVP & General Manager, WSJ; four have asked for payment. Local have also provided insight into Zhupanyn says. “It’s like 10 times
Matthew Rose, Enterprise; Michael Siconolfi, Josh Stinchcomb, EVP & Chief Revenue Officer, pharmacists volunteer to sort ship- what supplies Ukraine desperately less, maybe even more.” Ukraine’s
Investigations WSJ | Barron’s Group; Jennifer Thurman, Chief ments of foreign medications, which needs. They include preserved and needs are only growing.
Communications Officer often come with unfamiliar names, canned food, pharmaceuticals, pil-
Paul A. Gigot into categories. lows, mattresses, blankets and die- Ms. Melchior is a Journal edito-
Editor of the Editorial Page EDITORIAL AND CORPORATE sel generators. Pet food is also in rial page writer.
Gerard Baker, Editor at Large HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES

A20 | Tuesday, March 22, 2022 THE WALL STREET JOURNAL.

TECHNOLOGY: ONLINE APPAREL STARTUP PUTS ITSELF UP FOR SALE B4

BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | B1

S&P 4461.18 g 0.04% S&P FIN g 0.13% S&P IT g 0.18% DJ TRANS g 0.76% WSJ $ IDX À 0.19% 2–YR. TREAS. yield 2.132% NIKKEI (Midday) 27242.88 À 1.55% See more at WSJ.com/Markets

SEC Pushes on Climate Disclosure FAA

Plan would mandate The Securities and Exchange would have to include the infor- more standardized. While hun- SEC members voted 3-1 to is- Staffer
that public companies Commission formally offered a mation in SEC filings such as an- dreds of companies have already sue the proposal, which will be
estimate greenhouse 534-page proposal Monday that nual reports. begun reporting data about open for public comment for at Testifies
gas emissions would force publicly traded their carbon emissions and least two months before the
companies to report green- The proposal comes as Presi- other climate-related metrics, agency will begin work on a fi- Ex-Boeing
BY PAUL KIERNAN house-gas emissions from their dent Biden’s efforts to address SEC officials say current disclo- nal rule. Commissioners voted
own operations as well as from global warming through legisla- sures are inconsistent and hard along party lines, with all three Pilot Lied
WASHINGTON—Regulators the energy they consume and to tion have stalled in Congress, for investors to compare. Democrats voting yes.
proposed stringent require- obtain independent certification putting pressure on regulatory BY ANDREW TANGEL
ments for publicly traded com- of their estimates. agencies to deliver on a core “Companies and investors Republicans and some indus-
panies to report information on Democratic priority. That has alike would benefit from the try groups have been gearing up FORT WORTH, Texas—A
greenhouse-gas emissions and In some cases, companies drawn criticism from Republi- clear rules of the road proposed for months to fight the new re- Federal Aviation Administration
risks related to climate change, also would be required to report cans, who accused Democratic in this release,” Mr. Gensler said. quirements, which are a hall- training specialist said a former
in one of the Biden administra- greenhouse-gas output of both SEC Chairman Gary Gensler of mark of Mr. Gensler’s ambitious Boeing Co. pilot lied to her
tion’s potentially most signifi- their supply chains and consum- overreach. Meredith Cross, a partner at policy agenda. They say the pro- about how a 737 MAX flight-
cant environmental actions to ers, known as Scope 3 emis- corporate law firm WilmerHale posed rules would increase com- control system worked before
date. sions. An SEC official said most Mr. Gensler said investors and former SEC division direc- pliance costs and go far beyond two of the jets crashed three
companies in the S&P 500 and asset managers represent- tor, said the proposed rule is a strict interpretation of the years ago.
would likely have to report ing tens of trillions of dollars “the most extensive, compre- SEC’s mandate to protect inves-
Scope 3 emissions. Companies have called for companies’ cli- hensive and complicated disclo- The former Boeing pilot,
mate-related disclosures to be sure initiative in decades.” Please turn to page B10 Mark Forkner, is on trial in U.S.
District Court in Fort Worth,
Conflict Tests Faith in Emerging Markets Texas, this week on four counts
of wire fraud. Federal prosecu-
BY HEATHER GILLERS Expectations of growth have long attracted investors to emerging markets, Equity returns, annualized† tors say Mr. Forkner, who was
but returns over the past decade have been lackluster. 15% the aircraft’s chief technical pi-
AND MATT WIRZ lot during the aircraft’s devel-
$160 billion 10 opment, deceived his FAA
After rushing to unload Rus- counterpart about the auto-
sia investments, some big asset Bonds Stocks Annual net flow into mutual funds and ETFs that 5 mated cockpit feature later
managers are taking a hard invest in emerging-market stocks and blamed for sending the two jets
look at their exposure to other emerging-market bonds* 0 into fatal nosedives.
emerging markets.
120 –5 World Stacey Klein, Mr. Forkner’s
Large investors and their Emerging markets FAA counterpart, recounted
advisers in recent years 80 how the then-Boeing pilot as-
searched developing countries –10 U.S. midsize sured her many times that air-
for higher returns and growth, 40 companies line pilots wouldn’t encounter
particularly with U.S. stocks at the flight-control system
elevated prices and U.S. bonds 0 –15
at historic low yields. Instead, 1 year 5 years 10 years 20 years Please turn to page B5
losses last year from Chinese –40 ’20
home builders and technology 2002 ’05 ’10 ’15 MSCI Emerging Markets Drilling
companies are being exacer- cumulative total return
bated by the Russia-Ukraine *2022 through February †MSCI World, MSCI Emerging Markets, S&P MidCap 400 indexes through March 17 Increase
war. Now, after years of under- Sources: Lipper Global (net flows); FactSet (equity returns, MSCI) 5%
performance relative to some Won’t Spur
U.S. equivalents, some inves- and S&P Global. folio of U.S. high-yield bonds, disappointing,” said Hayley 0
tors are questioning the role of Meanwhile, emerging-mar- according to indexes operated Tran, co-head of equity re- Output
emerging markets in their by JPMorgan Chase & Co. and search at Meketa Investment –5
portfolios. kets bonds averaged annual re- Bloomberg Inc. Group, a consultant to public BY COLLIN EATON
turns of 4% over the past 10 pension plans and other insti- –10
“To what extent and at what full years and 2022 so far, “The call on emerging mar- tutional investors. “Both the American frackers are rais-
point do we take into consider- compared with 6.1% for a port- kets outperforming has been –15 ing the number of drilling rigs
ation—perhaps it’s during the in oil fields by more than 20%,
asset allocation study—the –20 but don’t expect a similarly
risks associated with investing J FM sized increase in production.
directly outside the United
States?” asked Harry Keiley, earnings growth and the re- Though the number of ac-
chairman of the California turns have not delivered…not tive U.S. oil-directed rigs has
State Teachers’ Retirement to the extent we expected.” grown by roughly one-fifth in
System, at an investment-com- the past six months, much of
mittee meeting this month. Developed-country stocks the new activity is to make up
and bonds have outstripped for a depleted inventory of
Emerging-markets stocks wells drilled before the pan-
returned an annualized 3.3% Please turn to page B10 demic, executives said. Frack-
over the past 10 years as of ers brought the best of those
March 17, compared with 11.1% online last year instead of
for global equities and 12.1% drilling new ones and will
for U.S. midsize companies, ac- have to drill more than usual
cording to indexes from MSCI this year to offset those lost
wells.
Berkshire Sets $11.6 Billion Deal for Alleghany
Following calls by the Biden
BY COLIN KELLAHER that bolsters its insurance Berkshire, an Omaha, Neb., road, energy and consumer also accumulated a diverse administration and others to
arm. conglomerate with sprawling businesses, didn’t make any group of increasingly profit- raise production and help
Berkshire Hathaway Inc. insurance operations that in- large acquisitions in 2021 and able noninsurance divisions quell rising oil prices following
said it agreed to buy insurer Berkshire said it will pay clude Geico, said it expects to ended the year with $146.7 bil- and has been likened to a mini Russia’s invasion of Ukraine,
Alleghany Corp. for about $848.02 a share in cash for Al- complete the acquisition by lion in cash, cash equivalents Berkshire.
$11.6 billion, as billionaire leghany, a 25.3% premium to the end of the year. and short-term Treasury bills. Please turn to page B2
Warren Buffett’s investment Friday’s closing price of Joseph Brandon, who
vehicle puts some of its mas- $676.75 and a multiple of 1.26 Mr. Buffett’s company, Alleghany is best known for headed Berkshire’s General Re
sive cash pile to work in a deal times the New York company’s which holds a giant stock its core property and casualty division from 2001 to 2008,
book value at the end of 2021. portfolio and an array of rail- insurance businesses but has
Please turn to page B2

INSIDE Chinese Tech Companies Plan Mass Layoffs

BY YOKO KUBOTA with the matter said. Share-price performance over the past year
E-commerce giant Alibaba 20%
BEIJING—China’s biggest
tech companies are conducting Group Holding Ltd. has 0
large-scale layoffs this year as started layoffs that could hit
they deal with an economic at least thousands throughout –20
slowdown and Beijing’s regula- the year, including at one of
tory pressure. its grocery apps, people famil- –40 Tencent
iar with the plans said. Ride- Holdings
RETAIL COMMODITIES Tencent Holdings Ltd., op- hailing app operator Didi –60 Alibaba
Nike says consumer Cash crunch roils erator of the popular chat, so- Global Inc. is also axing Didi
demand continues to market as exchanges, cial media and payments app around 2,000 employees from –80 Global
banks demand more WeChat, is planning to cut units including its core ser-
outpace supplies money upfront. B10 thousands of employees in vice, people familiar with the –100 2022 Source: FactSet
across its markets. B3 some of its biggest business cutbacks said. 2021
units this year, including
around a fifth of the staff at While Chinese internet *DiDi Global began trading June 30, 2021
its cloud unit, people familiar companies regularly let go of

Please turn to page B4

MAXIMIZE

WAREHOUSE
PRODUCTIVITY

WITH AUTOMATION

interlakemecalux.com (877) 632-2589

B2 | Tuesday, March 22, 2022 ***** 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 F R JUSTIN SULLIVAN/GETTY IMAGES

Affirm........................B11 Foot Locker ................. B4 Reliance Industries...B11
Alibaba.................B1,B10 Foxconn Technology....B4 Roche...........................B3
Alleghany.............B1,B10 Rockets of Awesome
Alphabet ................ A3,B5 H .....................................B4
Amazon.com ............. B11
AmerisourceBergen....A8 Hess...........................B10 S
Apple....................A14,B4
AT&T..........................A14 J Shell .......................... B10
Axel Springer..............B5 Space Exploration
JBS .............................. A1
B Johnson & Johnson....A8 Technologies.............A9
JPMorgan Chase..B2,B10
Bayer...........................A8 T
Berkshire Hathaway...B1 K
Boeing ............ A1,B1,B10 Tata ........................... B11
Kellogg.........................B2 Tencent........................B1
C T-Mobile....................A14
L TripleLift ..................... B5
Cargill .................... A1,A8 Tyson Foods................A1
Chevron ....................... B2 LendingClub...............B11
Citigroup....................B10 U
Credit Suisse...............B3 M
Upstart ...................... B11
D Marathon Oil...............B2
Mondelez International V
Deere ........................... B2 .....................................B2
Diamondback Energy..B2 Verizon......................A14
DiDi Global..................B1 N Visa..............................B5
Vitol...........................B10
E Nielsen ...................... B10
Nike ............................. B3 W
Exxon Mobil..............B10
O Walmart .................... B11
Walt Disney................B3
Occidental Petroleum
...................................B10

INDEX TO PEOPLE

A E Newman, Greg..........B10 Union members at the Bay Area plant had been working on a rolling extension ahead of the strike.
El-Erian, Mohamed...B10 Norton, Amanda.........B3
Ambani, Mukesh.......B11 Contract Impasse Leads to Strike
F O At Chevron Refinery in California
B Friend, Matthew.........B3 Olafson, Greg............B10

Bezos, Jeff................B11 G P
Bianchi, Mirko.............B3 Galler, Jürgen..............B5 Pollak, Julia ................ A2
Blumenthal, Rachel....B4
Bruyant, Sebastien...B10 H R
Brzeski, Carsten ....... B10 Hof, Kaes Van’t .......... B2 Raj, Manish.................B2
Buffet, Warren ........... B1
L S
C Lehmann, Axel............B3 Saccocia, Shannon....B10
Lewine, Ari..................B5
Chapek, Bob................B3 T
N Thomas, Bill................B2
D Nargolwala, Kai .......... B3 Tran, Hayley................B1

Donahoe, John............B3
Dmytryszyn, Matt....B10

Berkshire “Throughout 85 years the BY ALLISON PRANG could meet its energy needs,” table agreement,” Chevron the individual units bargain
To Buy Kirby family has created a said Mike Smith, chair of the said in a statement. over local issues as well, ac-
Alleghany business that has many simi- More than 500 Chevron United Steelworkers’ National cording to the union.
larities to Berkshire Hathaway. Corp. employees went on Oil Bargaining Program. The strike comes amid
Continued from page B1 I am particularly delighted strike at a refinery in Califor- “They deserve a fair contract surging gasoline prices across Chevron said United Steel-
took the helm as CEO of Al- that I will once again work to- nia on Monday amid a con- that reflects their sacrifice.” the U.S. workers Local 5’s demands
leghany in January. gether with my long-time tract stalemate. were more than what the
friend, Joe Brandon.” The Richmond refinery has In California, the average company considers reasonable
“Berkshire will be the per- The strike comes after the about 3,000 total employees, price of regular unleaded gas- and went beyond the national
fect permanent home for Al- Berkshire said the deal in- company’s contract with the according to Chevron. oline is at $5.855 a gallon, the pattern bargaining agreement.
leghany, a company that I have cludes a 25-day “go-shop” pe- United Steelworkers Local 5 highest in the country, ac-
closely observed for 60 years,” riod under which Alleghany union expired Feb. 1, accord- The company said the con- cording to AAA. The Chevron strike is the
Mr. Buffett said Monday. can seek a better offer, adding ing to the United Steelwork- tract it is offering workers is latest in a string of high-pro-
that Alleghany and its units ers. competitive, fair and respon- Chevron said it is prepared file strikes that have swept
will continue to operate as an sive to the union’s concerns. to continue its normal opera- the country over the past sev-
independent entity upon clos- Union members at the Bay tions and doesn’t expect sup- eral months.
ing, with increased capital Area plant had been working “We have negotiated in ply-chain problems. It
strength and support from on a rolling extension ahead good faith for months, reach- wouldn’t say whether gas Workers at Deere & Co.,
Berkshire. of the strike. ing two tentative agreements prices would be affected. Mondelez International Inc.
that were rejected by the and Kellogg Co. ended up ac-
“USW members continued union, and we are ready to The broader United Steel- cepting new contracts that in-
to report for work throughout continue discussions with workers reached a pattern cluded pay raises, among
the pandemic so our nation USW so we can reach an equi- agreement with the oil indus- other provisions.
try about a month ago, but

Drilling, West Texas and New Mexico, lated capital spending by
has added seven drilling rigs about 17% this year over last,
on average, while they will
to the five it had working dur- only lift production by an av-
Not Output, ing the pandemic—not to in- erage 2.4%, according to ana-
crease production but because lysts at JPMorgan Chase & Co.,
it needed to drill more to which reviewed budgets and
To Surge projections of 27 public U.S.
maintain output. It had exploration and production
brought scores of DUCs into companies.

production since mid-2020. All told, the firm said, those
companies are expecting to
“The industry has now spend almost $39 billion com-
bined, up from about $32.9
Continued from page B1 worked off all of the voluntary billion last year, while their
collective production is ex-
shale executives have pointed DUCs,” said Diamondback pected to increase to almost 12
million barrels of oil equiva-
to a number of bottlenecks President Kaes Van’t Hof, re- lent a day this year, up by
about 216,000.
that limit their ability to in- ferring to wells companies in-
According to JPMorgan’s
crease production quickly this tentionally left dormant. JOE RAEDLE/GETTY IMAGES estimates, Marathon Oil
Corp.’s annual capital spending
year, including supply-chain is- Mr. Van’t Hof said about is forecast to come in 16%
higher than last year’s, while it
sues, wary investors and limits 40% of about a $300 million projects oil and gas output will
be 1% lower. Likewise, Coterra
to their remaining drilling in- increase in the company’s Energy Inc. anticipated spend-
ing 12% more, while produc-
ventory. planned spending for the year tion will be about 3% lower.

Another significant con- is to compensate for its de-

straint is the loss of thousands pleted inventory of DUCs,

of ready-to-go wells, known as while another half of that in-

drilled but uncompleted wells, crease will cover oil field cost Some drillers deferred bringing wells online after oil prices fell in 2015. At work in Midland, Texas.

or DUCs, which companies had inflation. Even with the addi-

amassed last decade, then tional spending, Diamondback lenge, executives said. said their rigs are fully booked wells nearby, as some compa-

used up to survive the pan- expects to produce about the “Even if oil jumps to $200 a through the end of 2022. nies pursued tight spacing

demic. Those wells could have same amount of oil and gas. barrel today, there’s nothing U.S. oil prices surged to the plans that proved overly opti-

helped speed the industry’s re- Smaller, private oil compa- more that can easily be done,” highest levels since 2008 fol- mistic, analysts said.

sponse to high oil prices by nies that have been more ag- said Manish Raj, chief financial lowing Russia’s invasion of Oil and gas producers ex-

several months, executives and gressive in increasing oil-field officer at private oil producer Ukraine, but have eased lower pect to increase activity-re-

analysts said. activity and production over Velandera Energy Partners LLC since then, to $104.70 per bar-

Diamondback Energy Inc., the past year might have to in Louisiana. Mr. Raj said many rel as of Friday. Executives and

one of the largest oil produc- slow down as costs rise and drilling contractors his com- analysts said they expect U.S.

ers in the Permian Basin of finding labor remains a chal- pany recently contacted have oil production to grow between

about 6% and 9% this year.

Drilling is on the rise, but much of the activity increase is to make up for lost After oil prices collapsed in

ground after shale companies depleted stockpiles of drilled but untapped wells. 2015, shale companies includ-
ing EOG Resources Inc., Conti-

Number of active U.S. oil-drilling rigs Number of U.S. drilled but uncompleted wells nental Resources Inc. and
Whiting Petroleum Corp. be-

1,500 Week ended 10,000 February gan to defer bringing some

March 18 4, 372 wells wells they drilled online. Exec-

1,250 524 rigs utives said the delay would
avoid putting unneeded bar-
8,000 rels into an oversupplied mar-

1,000 ket, and that they hoped to
generate higher returns from
6,000 those wells by waiting for

750 prices to recover before bring-
ing them online.
4,000
“We have no interest in ac-

500 celerating oil production at

the bottom of the commodity

250 2,000 price cycle,” former EOG Chief
Executive Bill Thomas said in

an earnings call in mid-2015.

0 0 Ultimately, though, shale
companies exhausted the more
2014 ’16 ’18 ’20 ’22 2014 ’16 ’18 ’20 ’22 attractive portion of that

backlog over the past year and
Selected companies’ spending and oil and gas production outlooks for 2022, change from last year* a half, following another oil-

Capital Expenditures Production market collapse triggered by
Covid-19 in 2020. Tapping

Diamondback those ready-to-go wells helped
Marathon companies maintain produc-
tion at lower costs.

Continental The DUC backlog, which

Coterra peaked at more than 8,800
wells in June 2020, was down

Devon to fewer than 4,400 wells in

EQT February. That is a lower fig-
Antero ure than the industry had at
the end of 2013, according to

EOG the Energy Information Ad-

Pioneer ministration.
Many of the wells left be-
Ovintiv
hind will likely never be put

–4% 0 4% 8% 12% 16% into production because some
were likely less prolific to be-

*Estimates capture spending related to oil-field activity and exclude the impact of mergers and acquisitions. gin with, and others were im-

Sources: Baker Hughes (rigs); Energy Department (uncompleted wells); J.P. Morgan (outlook) pacted by the drilling of other

THE WALL STREET JOURNAL. **** Tuesday, March 22, 2022 | B3

BUSINESS NEWS

Digital Sales Lift Nike Results Disney CEO Addresses

BY INTI PACHECO making the company’s goods Employees’ Criticism
in Vietnam were operational
Nike Inc. sales grew in the JOE RAEDLE/GETTY IMAGES and that footwear and apparel BY JOE FLINT plans to work with employees,
latest period as the sneaker production had returned to creators and Disney partners to
maker benefited from gains in Consumer demand continues to outpace supplies of products. volumes before pandemic-re- Walt Disney Co. Chief Exec- be a more positive force for the
its digital business while navi- lated closures late in 2021. utive Bob Chapek told employ- LGBT community. The task
gating supply-chain snarls and One-year performance Nike quarterly revenue* ees Monday that the company force will be overseen by film
getting factories in Asia where However, persistent infla- made a mistake by not taking a executive Paul Roeder and Dis-
its goods are made back to full 30% $12 billion tion and the Russia-Ukraine public stance against Florida’s ney Parks marketing executive
production. crisis pose challenges to sales recently passed Parental Rights Lisa Becket and new content
S&P 500 Fiscal 3Q in coming quarters. The com- in Education bill, a decision for children and family will be a
The company posted reve- $10.9B pany this month said it would which infuriated many at the large part of its focus, the peo-
nue of $10.9 billion for the 20 10 close its stores in Russia, cit- entertainment giant and has ple at the meeting said.
quarter ended Feb. 28, up 5% ing increasing challenges of undercut faith in his leadership.
from a year earlier. Analysts 8 Footwear managing its business after Mr. Chapek and other senior
expected revenue of $10.6 bil- 10 the Ukraine invasion. It has In a hastily scheduled virtual leaders said they would also do
lion. Profit in Nike’s fiscal about 116 locations in Russia, town hall meeting with Disney a global listening tour of em-
third quarter was roughly flat 6 and the company said it would leadership and employees, Mr. ployees. This is the latest at-
at $1.4 billion, or 87 cents a still pay its employees in the Chapek said he understood the tempt by Mr. Chapek to quell
share, compared with a year 0 region. pain the company’s initial si- unrest that took off two weeks
earlier. 4 lence on the bill—dubbed by ago when he sent a company-
Mr. Friend said the opera- opponents as “Don’t Say Gay”— wide memo to explain why he
Shares in Nike rose about Apparel tion of stores and e-commerce has caused, according to people chose not to issue any public
6% in after-hours trading. The –10 2 remains paused in both coun- who attended the event. statements against the Florida
company’s stock is down al- tries and that the company’s legislation, which he has said
most 22% this year through Nike Equipment combined business in Russia “I and the leadership team the company tried to defeat be-
Monday’s close, compared and Ukraine accounts for less are determined to use this mo- hind the scenes.
with a roughly 6% decline in –20 0 Converse than 1% of total revenue. ment as a catalyst for more
the S&P 500. meaningful and lasting Mr. Chapek’s memo was
April 2021 ’22 FY2020 ’21 ’22 Other He also said even as Nike change,” Mr. Chapek said at the heavily criticized by many
“This success amidst a dy- faces higher costs, it has been opening of the meeting. company insiders as being
namic macroeconomic envi- *Fiscal quarter ended Feb. 28; Includes corporate eliminations able to implement price in- tone deaf to employees, who
ronment is what continues to Source: FactSet (performance); S&P Capital IQ, the company (revenue) creases and that demand re- The meeting comes one day wanted Disney to make a
give us confidence in our long- mains strong because consum- before a planned walkout stronger public statement in
term outlook and it’s why I than six weeks longer than to Los Angeles remained near ers find value in its products. scheduled as part of an em- opposition to the bill. Several
would not trade our position pre-pandemic levels, he said. record levels and have tripled ployee protest against Mr. Cha- senior Disney executives sent
with anyone,” said Chief Exec- from a year ago. The company Nike has invested heavily in pek’s leadership. their own separate memos re-
utive John Donahoe during Nike said higher freight and said inventories were up 15% efforts to sell products to con- assuring their staff that the
Monday’s earnings call. logistics costs continued to due to extended lead times. sumers through its own retail The company said it would company believes in inclusivity
weigh on profit. This past channels, while also reducing be aggressive in opposing an and diversity and was against
Nike said Monday that con- week freight rates from China Mr. Friend said factories its inventory with certain effort by Texas Gov. Greg Ab- the Florida legislation.
sumer demand continues to partners such as Foot Locker bott to have the state investi-
outpace supplies of products. Inc. gate parents for possible child- The Florida bill prohibits in-
Nike finance chief Matthew abuse charges if their struction on sexual orientation
Friend told analysts that sup- Nike recorded year-over- transgender children receive or gender identity from kinder-
plies of goods were beginning year increases in sales in hormone blockers or other garten to third grade and in
to improve but transit times North America as well as two medical treatments. A state later grades if not “age-appro-
remained elevated. Transit other divisions—Europe, Mid- judge has temporarily blocked priate or developmentally ap-
times for North America wors- dle East and Africa and Asia the governor’s order. propriate for students.” Gov.
ened in the third quarter and Pacific & Latin America. In Ron DeSantis is expected to
transit was now taking more China, overall sales fell 5% to Disney also said it was cre- sign the bill soon.
$2.16 billion. ating a companywide task force
to develop strategies and action

Credit Look
Suisse North.
Remakes
Its Board For energy security.

BY MARGOT PATRICK

Credit Suisse Group AG
said it will reshuffle its board
again after a turbulent year.

The Swiss bank, which lost
more than $5 billion a year ago
from the collapse of family of-
fice Archegos Capital Manage-
ment, is adding former Uni-
Credit SpA Chief Financial
Officer Mirko Bianchi and ex-
Wells Fargo & Co. risk officer
Amanda Norton, both of whom
have extensive banking experi-
ence. Keyu Jin, an economics
professor at the London School
of Economics, also will join.

The three will replace Sev-
erin Schwan, who is the lead
independent director and chief
executive of Roche Holding
AG, Kai Nargolwala, a former
banking executive on the
board since 2013, and Juan
Colombas, who joined only a
few months ago. Shareholders
will vote on the appointments
on April 29.

Credit Suisse named a new
board chairman in January,

The Swiss bank adds

two people with

extensive banking

experience.

Axel Lehmann. His predeces- Global events are shining a light on the importance of energy
sor, António Horta-Osório, left security for the United States. Canada’s oil is trusted oil. Canada is
after nine months on the job recognized as an indisputable leader in environmental, social and
for breaking coronavirus re- governance (ESG) standards. Canada should be the preferred
strictions and losing the choice for energy supply to the United States. If not Canada, who
board’s confidence. are you entrusting your country’s energy security to? Find out
more about why Canada is the solution.
In his time at the bank, Mr.
Horta-Osório recruited several
new board members, including
Mr. Colombas, a longtime col-
league.

The bank’s board sought to
stabilize Credit Suisse since
the Archegos losses, which
came a few weeks after a fi-
nancing partner, Greensill
Capital, went bankrupt and
put at risk billions of dollars
in assets in the bank’s invest-
ment funds.

Before that, Credit Suisse
was trying to repair its repu-
tation from a long slate of liti-
gation and regulatory probes,
and from the fallout of a spy-
ing scandal that involved pri-
vate investigators following
some executives.

Mr. Schwan signaled in Jan-
uary he might not seek re-
election, telling a Swiss news-
paper that periods of intensity
in the bank board role made it
more challenging to focus on
his main job running Roche,
one of the world’s largest drug
companies by revenue.

B4 | Tuesday, March 22, 2022 THE WALL STREET JOURNAL.
WSJ.com/Tech
TECHNOLOGY

China Eases Factory Covid Curbs Apple’s
Online
Foxconn back at full
Products
capacity as Shenzhen

businesses resume, but Are Hit

other cities lock down

BY WENXIN FAN ASSOCIATED PRESS By Outage

HONG KONG—Foxconn Lining up to get Covid-19 tests in Shenzhen. Authorities in the manufacturing hub city said an outbreak has been largely stamped out. BY TALAL ANSARI
Technology Group, the biggest
assembler of Apple Inc. carries a heavy cost. While the ernment’s request, C.Q. Phar- hub—albeit only seven of ilar to those from the early Apple Inc. services were
iPhones, said its factories in policy has helped keep China maceutical Holding Co. deliv- them. Many of the city’s steel days of the pandemic. Some back online Monday after an
the Chinese manufacturing largely free of the virus over ered 10,000 packs of Pfizer plants have halted operations, people questioned why China outage earlier in the day dis-
hub of Shenzhen were again the past two years, lockdowns, Inc.’s Covid-19 antiviral drug according to the state-owned wasn’t opening up like other rupted access for users and
running at full capacity Mon- factory closures and other Paxlovid to Jilin Province for Global Times newspaper. countries; others complained businesses.
day after the city wrapped up measures pose a threat to emergency use. The shipment of being unable to return
Covid-19 tests on all its 17 mil- global supply chains and eco- was imported from Belgium On Sunday, a leading expert home to see family for three More than 20 services went
lion residents. nomic growth. only last week. from China’s Covid-19 task Lunar New Years in a row. offline at one point on Mon-
force reiterated that it was too day, including the App Store,
But while Shenzhen re- On Monday, Jilin City in the Omicron is also spreading soon to treat the Omicron On Douban, a social-media Apple Music, Apple TV+, the
turned to business as usual, northeastern province of the in Shanghai, although only 24 platform popular with book iTunes store, Apple Maps and
more new cases in Jilin, same name, imposed a strict of its 758 locally transmitted A state-owned lovers, users inserted key- Podcasts, according to the
Shanghai and other cities lockdown similar to those seen cases logged Sunday were company rushed words such as “nucleic-acid company’s system status page.
prompted tighter restrictions, in Wuhan in early 2020—when symptomatic. China doesn’t antiviral drugs to test” and “health codes” into It said the outages began at
highlighting the challenge that Covid-19 first erupted—and in include asymptomatic cases in Jilin province. ancient Chinese poems and 12:32 p.m. Eastern time.
China still faces to contain its the city of Xi’an this past win- its new infections totals. classic foreign novels, express-
worst Covid-19 outbreak in ter, before the recent Omicron- wave like a seasonal flu and ing their feelings of helpless- By midafternoon, the issues
two years. driven wave. On Sunday, Shanghai Disney let it spread. Liang Wannian, ness over the restrictions. were resolved, Apple’s status
Resort said it would close un- an official with the National page said.
Shenzhen authorities said With more than 1,500 of til further notice from Monday Health Commission, said the Meanwhile, Hong Kong said
the city’s coronavirus outbreak China’s 1,947 new locally to prevent the spread of variant’s ability to spread it would ease Covid restric- Downdetector, a site which
has been largely stamped out transmitted cases reported Covid-19. would result in an unaccept- tions, including halving quar- tracks internet outages,
after three rounds of nucleic- Sunday, Jilin City began a so- ably high number of critical antine for some inbound trav- showed a sharp decrease in
acid tests in a week. Public called “static management” Many of Shanghai’s 25 mil- cases and deaths. elers to seven days and ending the number of outages being
transportation and nearly all campaign. For four days from lion residents had gone a ban on flights from coun- reported compared with thou-
factories and other businesses Monday, depending on loca- through 48-hour home lock- “It would cause big harm to tries including the U.S. Au- sands across various Apple
resumed normal operations tion, residents must stay home downs last week to facilitate a society and a nation” even thorities also suspended a properties earlier in the day.
Monday, the government said. or inside their apartment com- citywide testing—in some though it might not be that plan to follow the mainland
The easing of restrictions plexes, and shop only online or cases, more than once. Before dangerous to an individual, he protocol and conduct universal Apple representatives didn’t
came even as the city a day by phone. Millions in the prov- this latest outbreak, most had said in an interview with state testing. respond to requests for com-
earlier had reported 33 new ince had already been under not experienced home confine- broadcaster CGTN. ment. The company said on its
local infections. stay-at-home orders, but with ment. In a Monday press brief- The move comes after Chief status page that the problems
one household member al- ing, officials said they would There are signs that public Executive Carrie Lam last had ranged from slow or un-
The new approach by Shen- lowed out every other day to continue to conduct testing frustration is growing as more week said that businesses and available service to intermit-
zhen reflects the more tar- shop for essentials. block by block. cities roll out restrictions sim- the city’s 7.4 million residents tent issues before being re-
geted strategy adopted by could no longer tolerate strin- solved as many as roughly two
China as the highly infectious A state-owned drug com- Tangshan City in Hebei gent containment measures hours later.
Omicron variant spread across pany came to aid with a treat- province ordered vehicles off that have isolated the financial
the country this month. While ment plan China approved last the road from Sunday after center and affected all aspects Internet outages are some-
containment measures eased month. On Sunday, at the gov- the first new cases were re- of daily life. what common. They have af-
in most of Shenzhen, restric- corded in the steelmaking fected scores of technology
tions remain in some areas. companies, including Ama-
The city said its more precise zon.com Inc.’s cloud comput-
measures aim to “minimize ing unit, Amazon Web Ser-
the impact of the Covid situa- vices, as well as Facebook
tion on economic and social parent Meta Platforms Inc.,
development.” Restrictions Spotify Technology SA and
will be tailored to each dis- Roblox Corp. These glitches,
trict, supply chain and com- sometimes short and others
pany, officials said. lengthy, can impact people’s
ability to do business, play
The move follows Chinese videogames or share photos
leader Xi Jinping’s speech last with friends.
week to the ruling Politburo
Standing Committee in which Apple users took to social
he acknowledged that the media to complain about not
country’s zero-Covid strategy being able to send photos in
iMessage, or listen to music.

Tencent, Children’s Apparel
Others Plan Startup to Put
Layoffs Itself Up for Sale

Continued from page B1 LONG WEI/FUTURE PUBLISHING/GETTY IMAGES BY CHARITY L. SCOTT Rockets of Awesome is one
underperforming employees, of several online disrupters
much of the current round of Ride-hailing company Didi is laying off 2,000 amid an economic slowdown and regulatory pressure. Rockets of Awesome, a struggling to find profit. All-
layoffs is linked to either children’s apparel startup, is birds Inc. and Warby Parker
China’s regulatory clampdown months. In February, China’s people familiar with the mat- cantly slowed in the following running low on funding and Inc., which both reported
over the past year or the eco- official unemployment rate ter said. six months with its workforce exploring a sale of the com- wider losses in the most re-
nomic slowdown, the people was 5.5%, up 0.4 percentage growing 2.8%, according to the pany, according to emails and cent quarter, turned to physi-
said. Some of the new cuts point from the end of 2021, The cuts come after regula- company’s financial reports. people familiar with the mat- cal retail in search of growth.
amount to around 20% of staff while the youth jobless rate tors took Didi apps off online- Alibaba had around 259,000 ter. In November, Casper Sleep
in some business units, higher climbed to 15.3% from 14.3%. app stores and banned them employees as of September. Inc. agreed to go private in a
than the single-digit percent- from obtaining new custom- The New York company, deal that valued the mattress
age level of cuts common in Last year, Beijing unleashed ers. Those apps haven’t re- In the face of both regula- which laid off about half of its company at roughly half of its
annual restructuring, people a raft of regulations on various turned to app stores despite tory and macroeconomic pres- staff and closed its only store IPO price, after two years of
working in the industry said. industries including internet expectations among some ex- sures, growth at some Chinese in 2020, halted payments to losses.
platforms, real estate and for- ecutives that they could do so internet companies has been its vendors in February, ac-
Tencent, Alibaba and Didi profit education services as Chi- by late last year, as the com- faltering. Alibaba’s quarterly cording to the people familiar Rockets of Awesome, which
didn’t respond to requests for nese leader Xi Jinping sought to pany hasn’t fully addressed revenue growth in the three and emails viewed by The Wall launched in 2016, is known for
comment. rein in what officials have de- regulators’ concerns over how months to Dec. 31 was the slow- Street Journal. A spokes- trendy children’s clothes and a
scribed as capitalist excesses. it handles data security, some est since it went public in 2014. woman for Rockets of Awe- subscription service that let
The cuts are a part of the Those, as well as new Covid-19 of the people said. Didi had The company said it would step some declined to comment. parents sign up to get a per-
companies’ efforts to restruc- outbreaks, are weighing as around 16,000 employees at back from its earlier goal to sonalized box of items four
ture businesses that are less China aims to grow its economy the end of 2020. rapidly expand users and in- The layoffs were meant to times a year.
profitable and bloated, and to by 5.5% this year, the lowest stead focus on retaining users be the first step in shifting the
improve overall profitability, a target in more than a quarter- Hangzhou-based Alibaba is on its platforms. Tencent is set company away from fast- It owes one vendor nearly
business term known in Chi- century of economic planning. considering cutting around to release its December quar- paced growth and toward $1 million for orders that be-
nese as “trim the fat and grow 20% of its employees in cer- terly results on March 23. profitability, Chief Executive gan coming due in December
the lean,” the people said. Shenzhen-based Tencent tain business groups this year, Rachel Blumenthal told the 2021, according to the emails
plans to cut around 20% of which could affect at least The worsening climate for Journal in 2020. Rockets of viewed by the Journal. In Jan-
Companies are also offering employees this year at its thousands, people familiar technology companies is being Awesome raised about $49 uary, Ms. Blumenthal asked for
fewer opportunities for em- cloud and smart industry busi- with the matter said. seen across the industry. Chen million through private inves- an extension, while the com-
ployees to change positions in- ness group, which has nearly Rui, chief executive of Nasdaq- tors, she said. It hasn’t raised pany pursued a strategic op-
ternally than in past years, as 20,000 employees, some of the Some of the groups are listed video-streaming firm Bil- additional funds since 2019, portunity but in February said
various units are cutting back people said. The unit’s clients consumer-facing units that are ibili Inc., said in an earnings call according to FactSet. the company’s board directed
on staff members, they say. included those in the for- grappling with China’s slowing this month that the company’s it to stop paying invoices, the
profit education sector, which economy. They include a unit head-count increase in 2022 Foot Locker Inc. invested emails show.
These cuts are a part of the last year faced a series of new that runs discount-goods app would be “very limited.” $12.5 million in the startup in
broader layoff trend that has tough regulations including Taobao Deals and grocery- 2019, creating a partnership Rockets of Awesome aims
emerged in China over the past those banning classes during shopping platform Taocaicai, Shares of Chinese internet that allowed it to sell Rockets to secure a buyer by early
weekends and holidays. The grocery chain Freshippo and companies have plummeted of Awesome merchandise on April, but the board has low
RELEVANT NOTICE NO.003 company had around 107,000 another unit operating loca- over the past year. Alibaba’s its website and stores. Foot expectations for the valuation,
SEINFRA INTERNATIONAL employees as of September. tion-based businesses such as shares have declined by al- Locker declined to comment. she said in the emails.
map and navigation app Auto- most 60% in a year, while Ten-
BIDDING NO. 001/2022 Beijing-based Didi, under a Navi, travel service Fliggy and cent dropped about 40%. RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS
cybersecurity investigation food delivery app Ele.me, the Shares in Didi, which went
The Minas Gerais State Public of since July, is laying off up to people said. public last July after selling
Secretariat for Infrastructure 20% of its employees from shares at $14 apiece, are now
and Mobility announces that the some business units, including Alibaba more than doubled trading around $4.
Special Bidding Commission, under its core ride-hailing service, in its number of employees in
the terms of current legislation, the coming month or two, the fiscal year ended in March —Raffaele Huang
constituted by art. 1 of SEINFRA/ 2021, but that pace signifi- contributed to this article.
DER JOINT RESOLUTION No.
005, of May 14, 2021, decides to
change the deadlines provided
for in events 2 and 3 of item 11.1 of
SEINFRA INTERNATIONAL BIDDING
No. 001/2022. Therefore, the
deadline for submitting requests
for clarification is reopened,
extending it until 05:30 pm March
25th, 2022, and the deadline
for responding to requests for
clarification is extended to April
10th, 2022. The schedule with the
new deadlines, according to the
new wording of item 11.1 of the Public
Notice, is available on the websites
www.infraestrutura.mg.gov.br
and www.parcerias.mg.gov.br.
Fernando S. Marcato – Secretary of
State for Infrastructure and Mobility.

Rockets of Awesome opened a pop-up store in New York in 2019.

THE WALL STREET JOURNAL. **** Tuesday, March 22, 2022 | B5

TECHNOLOGY

FAA Staffer As head of the FAA’s aircraft NICK LAKIOTES
evaluation group for the 737
Says Boeing MAX, Ms. Klein’s job was to ap- The deal is expected to help TripleLift offer advertisers a way to target consumers in more privacy-conscious ways.
prove training requirements for
Pilot Lied pilots who fly the aircraft. Fed- Ad-Tech Company TripleLift
eral prosecutors allege Mr. To Buy 1plusX for $150 Million
Continued from page B1 Forkner deceived Ms. Klein as
known as MCAS as he sought part of an effort to minimize BY MEGAN GRAHAM marketplace used by publishers online privacy rules have been publishers, using the sort of
to win her approval to remove training requirements for the such as British Broadcasting implemented in Europe. As reg- first-party data collected and
its mention from airplane man- new aircraft to help airlines Ad-tech company TripleLift Corp. and New York Times Co. ulatory scrutiny increases, Mr. held by those same individual
uals and training documents avoid potentially expensive Inc. said it is acquiring 1plusX and brands such as Diageo PLC Lewine said he expects privacy publishers.
that carriers rely on. simulator training and help the AG, a business that helps pub- and Williams-Sonoma Inc., last laws in the U.S. to get stricter.
airplane manufacturer make lishers and advertisers reach year sold a majority stake to Axel Springer All Media used
“He lied,” Ms. Klein said. tens of millions of dollars. audiences using first-party private-equity firm Vista Equity “We think that we’re moving 1plusX technology as it pre-
Had she known that Boeing en- data, for roughly $150 million. Partners. The 1plusX deal is ex- into what we call a privacy-cen- pared for the privacy restric-
gineers had expanded MCAS’s Ms. Klein said she felt Mr. pected to close this week. tric era for digital advertising, tions mandated by the EU’s
authority to include low-speed, Forkner was at times unprofes- The deal comes as the mar- where all advertising will have General Data Protection Regula-
low-altitude conditions, she sional when he disagreed with keting industry is developing Buying 1plusX will help bol- privacy as a major consider- tion, or GDPR, according to
would have had to re-evaluate her about potential MAX train- new strategies to efficiently ster TripleLift’s first-party-data ation in a way that hasn’t been Carsten Schwecke, chief execu-
how much training the FAA ing requirements. “I felt like he reach consumers amid numer- capabilities, said Ari Lewine, previously,” he said. tive of the unit. Axel Springer
needed to require for airline pi- was a bully,” she said. ous privacy changes, including TripleLift’s co-founder and All Media houses the ad-mar-
lots. a plan by Alphabet Inc.’s Google chief strategy officer. Jürgen Galler, chief execu- ket-related business areas of
Ashlee McFarlane, one of Mr. to block third-party cookies in tive and co-founder of 1plusX, Axel Springer’s German-lan-
Mr. Forkner has pleaded not Forkner’s defense attorneys, its Chrome browser next year. “You can make a lot of really said his company’s clients are guage News Media. Axel
guilty. He says federal prosecu- pressed Ms. Klein under cross- powerful and highly accurate primarily large businesses and Springer, which also owns Po-
tors have targeted him as a examination about missed op- Third-party cookies can fol- predictions based off of user he expects the deal to help it litico LLC and Insider Inc., be-
scapegoat for the MAX crashes portunities to learn about low consumers across the in- behavior in an entirely private reach more midmarket publish- came a minority investor in
in 2018 and 2019, which changes to MCAS, including ternet to determine their way that bring a lot of the rele- ers. 1plusX after using the product
four meetings she was invited browsing habits, generating in- vancy that third-party cookies as a client.
‘I was shocked, to attend where other Boeing sights for companies that might brought, without any of the re- “We’re great in building
representatives laid out the in- have no direct relationship with liance or privacy issues associ- technology, but we have not “The targeting revenues
dismayed, sad, formation. the people being tracked. ated with third-party cookies,” been so good in marketing or in grew double digit by these ef-
1plusX helps publishers and ad- Mr. Lewine said. sales,” he said. forts, because we could create
angry,’ the FAA’s “I’m not familiar with these vertisers reach audiences using our own advertising products
meetings,” Ms. Klein said. first-party data, which publish- 1plusX, which is based in Zu- Paul Bannister, co-founder that were more relevant, and
Stacey Klein said. ers collect on consumers’ be- rich, Switzerland, and employs and chief strategy officer of that we also could push pro-
Prosecutors have focused haviors on their site or app. 58 people, has worked with CafeMedia, a network of inde- grammatically,” Mr. Schwecke
claimed 346 lives and disrupted much of their case on Mr. publishers including Germany- pendent publishers and a said, referring to ads placed
global aviation. Defense attor- Forkner’s 2016 chat messages New York-based TripleLift, based Axel Springer SE to help TripleLift client, said the deal through automated processes.
neys have noted Mr. Forkner about his experience with the which runs a digital-advertising advertisers reach customers as could help advertisers more
isn’t an engineer and that oth- MCAS flight-control system easily make large buys across
ers were involved in the flight- while in a simulator under de-
control system’s design and velopment. Mr. Forkner told his
certification. colleague in a message: “So I
basically lied to the regulators
Ms. Klein is a prosecution (unknowingly).”
witness in the Justice Depart-
ment’s case against Mr. Ms. Klein said Mr. Forkner
Forkner, the sole person recounted the simulator experi-
charged as the agency seeks to ence to her but didn’t correct
hold individuals accountable for his assertion that the flight-
corporate misdeeds. Boeing control system only operated in
reached a $2.5 billion settle- high-speed conditions pilots
ment to resolve its role in the wouldn’t encounter during a
criminal investigation. normal flight.

Ms. Klein said she was up- “He said it went great,” Ms.
set about her dealings with Mr. Klein said of Mr. Forkner.
Forkner, whom she said she “There were a few kinks to
met when he worked at the work out.”
FAA years ago.
Mr. Forkner’s defense attor-
“I was shocked, dismayed, neys have said Mr. Forkner
sad, angry,” Ms. Klein said. “Be- didn’t lie but was instead com-
cause I trusted Mark.” She said plaining about problems with
it was Mr. Forkner’s “job to in- the simulator and that Boeing
form me of design changes” engineers left him out of the
that could increase training re- loop on changes to the flight-
quirements for the 737 MAX. control system.

Ms. Klein, under cross-exam-
ination, acknowledged “it is
very common” for pilots like
Mr. Forkner to experience such
simulator problems. She ac-
knowledged that at times it ap-
peared she had more informa-
tion than Mr. Forkner.

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B6 | Tuesday, March 22, 2022 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. * Tuesday, March 22, 2022 | B7

MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index

Last Year ago 4461.18 t1.94, or 0.04% Last Year ago 13838.46 t 55.38, or 0.40% Last Year ago

34552.99 t201.94, or 0.58% Trailing P/E ratio 19.19 33.22 High, low, open and close for each Trailing P/E ratio * 24.53 44.63 High, low, open and close for each Trailing P/E ratio *† 32.75 37.27
trading day of the past three months. trading day of the past three months. P/E estimate *† 24.97 27.97
High, low, open and close for each P/E estimate * 18.00 21.38 P/E estimate * 16.52 22.42 Dividend yield *† 0.71 0.78
trading day of the past three months. Dividend yield 2.04 1.82 All-time high: 16057.44, 11/19/21
All-time high 36799.65, 01/04/22 Dividend yield * 1.42 1.49

All-time high 4796.56, 01/03/22

Current divisor 0.15172752595384 36800 4850 65-day moving average 15800
65-day moving average 36000 4725 15250
35200 4600 14700
65-day moving average

Session high 34400 4475 14150
33600 4350 13600
DOWN UP

Session open tt Close

Close Open

Session low 32800 4225 13050

Bars measure the point change from session's open

32000 4100 12500
Feb. Mar. Feb. Mar.
Dec. Jan. Dec. Jan. Feb. Mar. Dec. Jan.

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

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

Latest % chg 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic
trading services, securities dealers and regional exchanges. Minimum NYSE NYSE Amer.
share price of $2 and minimum after-hours volume of 50,000 shares.
Dow Jones Total volume*1,102,814,439 28,336,764

Industrial Average 34808.28 34341.81 34552.99 -201.94 -0.58 36799.65 32420.06 5.6 -4.9 10.0 Adv. volume* 464,962,303 23,294,894
-0.76 17039.38 13906.55 15.5 -0.6 16.8
Transportation Avg 16584.71 16242.50 16371.56 -126.16 16.9 1.0 8.3 Most-active issues in late trading Decl. volume* 621,467,225 4,614,012
-0.18 996.40 847.67 8.9 -7.1 15.4
Utility Average 994.98 982.97 990.73 7.69 -0.24 0.78 48929.18 40657.23 6.8 -7.0 14.0 Company Volume After Hours Low Issues traded 3,452 279
1127.20 931.12 Symbol (000) Last Net chg % chg High
Advances 1,314 132
Total Stock Market 45440.50 44817.02 45184.51 -79.50 Energy Transfer ET 11,665.8 9.91 0.01 0.10 9.93 9.88

Barron's 400 1041.16 1022.29 1029.31 -2.48 Apple AAPL 9,599.7 165.40 0.02 0.01 165.82 165.27 Declines 2,009 136

Nasdaq Stock Market Alibaba Group Holding ADR BABA 5,755.6 103.24 -0.35 -0.34 103.88 103.10 Unchanged 129 11

Nasdaq Composite 13945.80 13682.55 13838.46 -55.38 -0.40 3.4 -11.5 20.9 SPDR S&P 500 SPY 5,365.0 444.79 0.40 0.09 445.20 444.21 New highs 118 4
-0.31 9.9 -11.9 24.3
Nasdaq-100 14470.68 14190.53 14376.09 -43.99 16057.44 12581.22 New lows 61 7
16573.34 12780.51
Bank of America BAC 4,163.5 42.85 0.01 0.02 42.88 42.67 Closing Arms† 0.77 0.13

S&P Intel INTC 3,538.3 47.41 0.02 0.04 47.50 47.30 Block trades* 4,545 234
500 Index
MidCap 400 4481.75 4424.30 4461.18 -1.94 -0.04 4796.56 3889.14 13.2 -6.4 16.0 Pfizer PFE 3,393.0 54.19 … unch. 54.39 54.04 Nasdaq NYSE Arca
SmallCap 600 2725.21 2679.79 2696.45 -9.36 -0.35 2910.70 2515.47 3.8 -5.1 12.2
1347.52 1322.41 1329.77 -8.95 -0.67 1466.02 1252.49 -0.5 -5.1 11.8 Mondelez Intl Cl A MDLZ 2,856.9 61.37 … unch. 61.59 61.37 Total volume*5,619,266,840 339,033,490

Percentage gainers… Adv. volume*2,661,094,254 97,424,223

Other Indexes HireRight HRT 52.5 14.50 1.96 15.63 15.00 12.54 Decl. volume*2,882,529,660 237,090,521
0.39 6.75 6.20 5.65
Russell 2000 2093.38 2054.78 2065.94 -20.21 -0.97 2442.74 1931.29 -8.9 -8.0 9.8 Sangamo Therapeutics SGMO 189.1 6.17 7.91 6.08 139.00 128.64 Issues traded 5,003 1,712
17353.76 15276.56 6.8 -3.2 9.1 1.77 5.85 34.40 30.28
NYSE Composite 16694.68 16514.99 16606.67 -5.98 -0.04 -1.3 -5.5 5.6 Nike Cl B NKE 2,762.1 138.10 0.71 4.95 15.06 13.64 Advances 1,760 490
696.40 596.67 -10.8 -8.6 -0.6
Value Line 640.79 631.79 635.30 -3.00 -0.47 6022.37 4677.66 19.4 0.5 11.3 Green Plains GPRE 226.2 32.05 Declines 2,990 1,212
832.71 682.98 9.1 -2.2 10.6
147.56 116.06 13.6 20.2 27.2 Akero Therapeutics AKRO 67.4 15.06 Unchanged 253 10
166.01 117.06 40.5 48.1 -7.6
NYSE Arca Biotech 5104.34 5006.93 5043.21 -42.29 -0.83 11.2 -13.3 33.4 New highs 67 44
82.17 48.31 24.6 36.6 20.0
NYSE Arca Pharma 839.66 829.52 831.49 -1.22 -0.15 4039.51 2851.15 ...And losers New lows 126 82

KBW Bank 131.28 128.29 129.28 -0.68 -0.52 36.45 15.01 BELLUS Health BLU 85.2 6.22 -0.32 -4.89 6.54 6.22 Closing Arms† 0.64 0.84
PHLX§ Gold/Silver 161.02 156.79 159.15 3.35 2.15 125.9 89.30 -3.40 -3.67 93.20 89.30
PHLX§ Oil Service 2.31 3.05 Welltower WELL 50.8 7.47 -0.27 -3.44 7.74 7.36 Block trades* 34,360 1,358
PHLX§ Semiconductor 79.54 77.33 78.09 -9.06 -0.26 283.9 7.25 -0.24 -3.20 7.49 7.25
3450.45 3365.25 3423.24 -0.34 -1.42 Redwire RDW 408.7 12.77 -0.41 -3.11 13.49 12.77 * Primary market NYSE, NYSE American NYSE Arca only.
Cboe Volatility †(TRIN) A comparison of the number of advancing and declining
25.36 22.99 23.53 Applied Molecular Transpt AMTI issues with the volume of shares rising and falling. An
Arms of less than 1 indicates buying demand; above 1
Magnite MGNI indicates selling pressure.

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data

International Stock Indexes Percentage Gainers... Percentage Losers

Region/Country Index Close Net chg Latest YTD Latest Session 52-Week Latest Session 52-Week
% chg % chg Symbol Close Net chg % chg High Low % chg
Company Symbol Close Net chg % chg High Low % chg Company

World MSCI ACWI 700.82 –0.64 –0.09 –7.2 Ipsidy AUID 4.67 1.64 54.13 18.64 2.76 -44.4 Vallon Pharmaceuticals VLON 2.31 -5.13 -68.95 10.36 2.10 -55.1
–0.19 –0.06 –7.3 CYREN CYRN 9.08 2.74 43.22 19.00 1.98 -50.5 Imperial Petroleum IMPP 1.50 -0.87 -36.71 9.70 0.40 ...
MSCI ACWI ex-USA 319.19 –0.51 –0.02 –6.9 O2Micro International ADR OIIM 4.34 1.11 34.37 8.40 2.91 -45.1 Hour Loop HOUR 3.60 -1.76 -32.84 10.33 1.88 ...
–7.72 –0.69 –9.5 Hudson Capital HUSN 2.63 0.58 28.29 9.90 1.65 -67.5 Jewett-Cameron Trading JCTCF 5.76 -1.98 -25.58 13.74 5.50
MSCI World 3010.08 Anaplan PLAN 64.60 14.01 27.69 70.25 39.92 18.9 CinCor Pharma CINC 14.82 -4.96 -25.08 30.66 13.01 -45.1
...
MSCI Emerging Markets 1115.26 Cerberus Cyber Sentinel Vigil Neuroscience
Alleghany Corp. Connect Biopharma ADR
Americas MSCI AC Americas 1713.03 –0.18 –0.01 –6.3 SecureWorks Cl A Lulu's Fashion Lounge
Canada 190.66 Vinco Ventures Nuvectis Pharma
Latin Amer. S&P/TSX Comp 22009.13 0.87 3.7 Heliogen CISO 7.56 1.57 26.21 49.00 2.25 268.8 Boxed VIGL 7.79 -2.51 -24.37 18.27 7.21 ...
Brazil 46.82 Y 844.60 167.85 24.80 853.21 585.10 33.6 CNTB 3.79 -1.16 -23.43 29.27 2.34 -79.6
Chile MSCI EM Latin America 2544.84 843.62 1.87 19.5 LogicMark SCWX 13.26 2.63 24.74 26.89 10.05 -2.9 17 Educ Tech ADR LVLU 5.67 -1.73 -23.38 15.09 5.31
Mexico 88.78 Intrepid Potash BBIG 3.07 0.59 23.79 12.49 1.94 -9.2 Immunogen NVCT 6.03 -1.80 -22.99 10.35 3.08 ...
BOVESPA 116154.53 0.73 10.8 EuroDry HLGN 6.01 1.09 22.15 16.35 3.12 Telesat Cl A BOXD 8.04 -2.11 -20.79 17.05 7.94 ...
… Zenvia Cl A ... Sutro Biopharma -18.9
S&P IPSA 3247.67 2.81 15.7 Xilio Therapeutics Zhihu ADR
0.19
S&P/BMV IPC 55467.06 –1.85 Closed 4.1
–17.90
EMEA STOXX Europe 600 454.79 0.04 –6.8 LGMK 2.88 0.52 22.03 16.70 1.91 -81.4 YQ 3.00 -0.78 -20.63 40.04 0.88 -91.9
1.00 –9.7 IPI 84.04 14.92 21.59 87.64 22.82 148.5 IMGN 4.30 -0.96 -18.25 8.81 3.83 -50.5
Eurozone Euro STOXX 432.51 –37.91 –0.43 –4.2 EDRY 29.59 5.17 21.17 34.65 7.57 200.1 TSAT 18.81 -4.11 -17.93 48.35 18.64
–86.12 –0.43 –5.3 ZENV 5.71 0.96 20.21 20.02 3.73 STRO 7.97 -1.73 -17.84 25.78 7.64 ...
Belgium Bel-20 4129.55 –1.32 –8.0 XLO 9.22 1.53 19.90 27.95 7.00 ... ZH 2.60 -0.56 -17.72 13.85 1.39 -68.0
0.06 –9.8 ...
Denmark OMX Copenhagen 20 1764.46 72.55 ...
2.01 –0.57 1.4
France CAC 40 6582.33 –0.60 –11.2
… –0.07 –10.0
Germany DAX 14326.97 … –41.3 Most Active Stocks Volume Movers Ranked by change from 65-day average*
–28.40 0.30
Israel Tel Aviv 2005.91 1.06 0.28 1.5
–13.71 Closed –3.7
Italy FTSE MIB 24294.71 30.77 Closed –12.8 Company Volume % chg from Latest Session 52-Week Company Volume % chg from Latest Session 52-Week
37.66 –5.5 Symbol (000) 65-day avg Close % chg High Low Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 718.37 –150.06 –0.34 17.1
0.12
Russia RTS Index 936.94 0.8 Mullen Automotive MULN 546,801 629.8 3.21 10.69 15.90 0.52 Invsc BS 2022 USD EM Debt BSBE 792 6974 24.09 -0.05 26.00 23.78
–0.11 –10.5 BitNile Holdings NILE 200,530 8215.9 0.83 48.56 3.70 0.50 759 6511 25.86 -0.37 31.56 23.92
South Africa FTSE/JSE All-Share 74847.63 1.43 NeuroSense Therapeutics NRSN 165,641 28253.0 6.23 299.36 8.18 1.30 Glbl X Adaptive US Risk ONOF 9,399 4065 2.31 -68.95 10.36 2.10
DiDi Global ADR DIDI 159,688 323.8 4.16 1.71 18.01 1.71 266 2896 17.83 -6.31 25.64 16.80
Spain IBEX 35 8389.20 0.51 Camber Energy CEI 134,645 119.0 0.94 13.17 4.85 0.33 Vallon Pharmaceuticals VLON 80,830 2805 64.60 27.69 70.25 39.92

Sweden OMX Stockholm 904.63 –0.71 China Eastern Air ADR CEA

Switzerland Swiss Market 12171.28 Anaplan PLAN

Turkey BIST 100 2175.03 ProShares UltraPro QQQ TQQQ 110,268 -6.0 52.79 -0.71 91.68 39.56 AF Acquisition Cl A AFAQ 902 2503 9.72 0.00 9.95 9.59
73.60 28.15
U.K. FTSE 100 7442.39 ProSh UltraPro Shrt QQQ SQQQ 103,302 42.3 37.74 0.67 164.46 72.50 EVe Mobility Acqn Cl A EVE 216 2448 9.88 0.10 10.25 9.70
182.94 118.86
U.K. FTSE 250 21006.56 Advanced Micro Devices AMD 101,711 8.6 115.92 2.17 9.70 0.40 First Tr Index Gl Agric FTAG 106 1628 33.43 1.76 33.50 28.61

Asia-Pacific MSCI AC Asia Pacific 177.36 –1.05 –0.59 –8.2 Apple AAPL 95,667 -0.7 165.38 0.85 Alleghany Corp. Y 1,112 1510 844.60 24.80 853.21 585.10
–15.85 –0.22 –2.2
Australia S&P/ASX 200 7278.50 –10.6 Imperial Petroleum IMPP 93,692 226.0 1.50 -36.71 ProShs UltraShort Hlth Cr RXD 81 1414 12.61 0.52 18.78 10.00
2.61 0.08 –9.3
China Shanghai Composite 3253.69 –191.06 –1.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
–571.44 –0.89 –6.8
–0.99 5,000 shares =Has traded fewer than 65 days
… 7.4
Hong Kong Hang Seng 21221.34 24.87 Closed –9.8 Scan this code Track the
–20.97 0.75 –3.6 to get real- Markets
India S&P BSE Sensex 57292.49 103.84 time U.S. Compare the CURRENCIES & COMMODITIES
–4.64 –0.77 1.0 stock quotes performance of
Japan NIKKEI 225 26827.43 0.59 and track selected global stock indexes,
most-active bond ETFs, currencies and
Singapore Straits Times 3355.51 –0.28 stocks, new highs/lows and commodities at Currencies
mutual funds.
South Korea KOSPI 2686.05 wsj.com/graphics/track-the-markets

Taiwan TAIEX 17560.36 U.S.-dollar foreign-exchange rates in late New York trading

Thailand SET 1673.87 US$ vs, US$ vs,
Mon YTDchg Mon YTDchg
Sources: FactSet; Dow Jones Market Data in US$ per US$ (%) in US$ per US$ (%)

Country/currency Country/currency

CREDIT MARKETS Americas Vietnam dong .00004374 22863 0.03

Argentina peso .0091109.9750 7.1 Europe
Brazil real .2026 4.9365 –11.4
Consumer Rates and Returns to Investor TBreenacshumryarykieYldiecldusrve Forex Race Canada dollar .7941 1.2594 –0.4 Czech Rep. koruna .04458 22.431 2.5
YainelddtoRmaatteursity of current bills, Chile peso .001260 793.76 –6.8 Denmark krone .1480 6.7547 3.3
U.S. consumer rates Selected rates Yen, euro vs. dollar; dollar vs. Colombiapeso .000263 3805.50 –6.4 Euro area euro
notes and bonds major U.S. trading partners Ecuador US dollar Hungary forint 1.1017 .9077 3.2
A consumer rate against its New car loan Mexico peso 1 1 unch Iceland krona .002951 338.90 4.4
benchmark over the past year Bankrate.com avg†: 3.58% 2.50% Uruguay peso .0491 20.3760 –0.6 Norway krone .007720 129.54 –0.2
2.00 .02345 42.6350 –4.7 Poland zloty
Russia ruble .1143 8.7451 –0.7
Tradeweb ICE 14% Asia-Pacific Sweden krona .2348 4.2599 5.8
Monday Close 7 Euro Switzerland franc .00938 106.650 42.6
t 0 Turkey lira .1053 9.4931 4.9
t Ukraine hryvnia 1.0709 .9338 2.4
–7 UK pound .0675 14.8244 11.3
t –14 .0340 29.4500 7.7
First Command Bank 2.49% WSJ Dollar Index Australian dollar .7401 1.3512 –1.8 1.3169 .7594 2.7
4.00% Fort Worth, TX 888-763-7600 2021
New 1.50 ss s China yuan .1573 6.3560 ...
car loan Yen
3.75 First Savings Bank of Hegewisch 2.80% Hong Kong dollar .1278 7.8254 0.4
Chicago, IL 773-646-4200 2022
1.00 India rupee .01311 76.290 2.4
0.50
3.50 PNC Bank 2.82% One Indonesia rupiah .0000697 14340 0.6 Middle East/Africa
3.25 Washington, DC 888-PNC-BANK year ago
Prime rate Japan yen .008370 119.48 3.8
t
Kazakhstan tenge .001965 508.84 17.0 Bahrain dinar 2.6525 .3770 0.01
Egypt pound .0549 18.2208 16.0
Cambridge Savings Bank 2.99% 0.00 Macau pataca .1240 8.0660 0.4 Israel shekel .3105 3.2207 3.6
Kuwait dinar 3.2905 .3039 0.4
Cambridge, MA 888-418-5626 1 3 6 1 2 3 5 7 10 20 30 Malaysia ringgit .2378 4.2050 0.9 Oman sul rial 2.5976 .3850 –0.01
month(s) years Qatar rial .2746 3.641 –0.02
3.00 New Zealand dollar .6888 1.4518 –0.7 Saudi Arabia riyal .2665 3.7517 –0.1
A M J J A S O N D J FM maturity South Africa rand .0670 14.9183 –6.4
Chase Bank 3.54% Pakistan rupee .00551 181.575 3.1
2021 2022 Highland Park, IL 800-CHA-SE24
Philippines peso .0191 52.371 2.7

Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7365 1.3577 0.7

Yield/Rate (%) 52-Week Range (%) 3-yr chg Corporate Borrowing Rates and Yields South Korea won .0008198 1219.81 2.6

Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sri Lanka rupee .0035714 280.00 38.0

Federal-funds rate target 0.25-0.50 0.00-0.25 0.00 l 0.50 -2.00 Yield (%) 52-Week Total Return (%) Taiwan dollar .03507 28.512 2.9 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 91.26 0.17 0.19 1.91
Prime rate* 3.50 3.25 3.25 l 3.50 -2.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .02980 33.560 1.0

Libor, 3-month 0.96 0.88 0.11 l 0.96 -1.64 U.S. Treasury, Bloomberg 2261.310 2.330 2.120 2.330 0.780 –3.553 1.697 Sources: Tullett Prebon, Dow Jones Market Data

Money market, annual yield 0.07 0.07 0.07 l 0.10 -0.52 Commodities

Five-year CD, annual yield 0.49 0.50 0.41 l 0.50 -1.54 U.S. Treasury Long, Bloomberg 3965.230 2.610 2.540 2.610 1.720 –1.905 3.741 Pricing trends on someCrloasew mNeattcMheogrnidaa%lysC,hogr coHmigmh od52it-WiLeoeswek
2.830 2.750 2.830 1.340 –3.992 1.924
30-year mortgage, fixed† 4.59 4.36 3.00 l 4.59 0.33 Aggregate, Bloomberg 2113.580 2.790 2.830 2.840 1.590 –4.556 0.791 % Chg YTD
5.629 6.051 6.055 3.162 –0.320 3.341 % chg
15-year mortgage, fixed† 3.77 3.55 2.28 l 3.77 0.07 Fixed-Rate MBS, Bloomberg 2098.370 2.047 2.003 2.081 0.687 –2.927 2.089 DJ Commodity 24.18 2.06 1264.48 794.01 47.21
6.363 6.507 6.529 4.516 –6.773 0.471 7.31 2.50 309.12 184.08 58.44 26.37
Jumbo mortgages, $647,200-plus† 4.65 4.40 3.03 l 4.65 0.24 High Yield 100, ICE BofA 3306.804 1195.76 7.42 7.09 123.70 57.76 82.16 28.91
0.037 0.76 6.312 2.456 89.78 49.08
Five-year adj mortgage (ARM)† 3.15 2.96 2.82 l 3.43 -1.12 Refinitiv/CC CRB Index 299.56 0.40 0.02 2040.10 1683.90 10.98 31.37
5.53
New-car loan, 48-month 3.58 3.59 3.41 l 4.12 -1.15 Muni Master, ICE BofA 573.698 Crude oil, $ per barrel 112.12

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 832.404 Natural gas, $/MMBtu 4.900

banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services Gold, $ per troy oz. 1928.60

B8 | Tuesday, March 22, 2022 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open

Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest

Metal & Petroleum Futures Cattle-Live (CME)-40,000 lbs.; cents per lb. June .7417 .7434 .7383 .7401 –.0017 118,670 Mini S&P Midcap 400 (CME)-$100 x index

Contract Open April 140.475 141.000 139.775 140.050 –.450 45,758 Mexican Peso (CME)-MXN 500,000; $ per MXN … 28 June 2702.60 2720.10 2671.80 2690.20 –8.10 49,604
126,580 … 118,173
Open High hi lo Low Settle Chg interest June 137.100 137.750 136.150 136.350 –.725 April .04896 .04902 .04882 .04886 Sept 2700.20 –8.10 n.a.
31,289 –.0034 6,314
Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. 83,535 June .04836 .04860 .04824 .04835 –.0034 646,774 Mini Nasdaq 100 (CME)-$20 x index

March 4.7000 4.7065 April 99.875 101.950 99.575 100.625 1.225 1,650 Euro (CME)-€125,000; $ per € June 14404.00 14466.75 14183.75 14370.50 –43.00 203,497
710
4.6495 4.7015 –0.0290 1,102 June 116.500 120.825 116.325 119.825 3.750 April 1.1064 1.1080 1.1021 1.1025 Sept 14428.75 14494.00 14219.00 14402.25 –41.75 960
5,144
May 4.7270 4.7320 4.6560 4.7105 –0.0290 114,513 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. 5,373 June 1.1085 1.1105 1.1044 1.1049 Mini Russell 2000 (CME)-$50 x index
Gold (CMX)-100 troy oz.; $ per troy oz.
May 1201.30 1229.00 1128.30 1128.30 –57.00 72,397 June 2082.10 2090.40 2047.90 2062.80 –17.40 493,233
March 1925.40 1927.80 58,477
1925.00 1928.60 0.40 168 July 1019.50 1055.00 962.60 962.60 –57.00 Index Futures Sept 2081.40 2091.10 2050.00 2064.80 –16.50 23
374
April 1922.40 1941.80 1917.20 1929.50 0.20 226,069 Milk (CME)-200,000 lbs., cents per lb. 93,391 Mini Russell 1000 (CME)-$50 x index

May 1922.70 1943.20 1922.00 1932.50 0.80 4,323 March 22.41 22.43 22.39 22.40 –.01 296,028 Mini DJ Industrial Average (CBT)-$5 x index June 2462.00 2470.00 2438.80 2458.80 –3.50 12,200
174,142
June 1927.40 1947.20 1922.20 1934.80 0.90 309,603 April 23.49 23.82 23.43 23.74 .31 June 34670 34694 34228 34436 –197 63,326 U.S. Dollar Index (ICE-US)-$1,000 x index
1,918
Aug 1931.00 1951.20 1926.40 1939.00 1.10 33,299 Cocoa (ICE-US)-10 metric tons; $ per ton. 1,918 Sept 34599 34639 34205 34398 –187 92 June 98.25 98.54 98.16 98.50 .27 49,218

Oct 1937.40 1955.60 1930.80 1943.30 1.20 10,473 May 2,526 2,547 2,498 2,521 –16 97,695 Mini S&P 500 (CME)-$50 x index Sept 98.16 98.17 98.00 98.28 .26 489

Palladium (NYM) - 50 troy oz.; $ per troy oz. July 2,561 2,576 2,529 2,552 –16 9,969 June 4460.00 4473.00 4415.00 4452.25 –1.25 2,100,441
Coffee (ICE-US)-37,500 lbs.; cents per lb. 1,302 1.00 8,082
March 2533.40 44.30 16 Dec 4474.00 4474.50 4426.50 4463.00 Source: FactSet

June 2475.50 2608.00 2459.50 2537.30 44.30 6,629 March 225.85 5.55
Platinum (NYM)-50 troy oz.; $ per troy oz.
May 220.05 225.30 219.75 224.65 4.60
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 1044.40 9.20 2

July 1031.50 1049.90 1026.00 1045.30 9.20 31,602 May 19.00 19.34 18.98 19.28 .35 Bonds | wsj.com/market-data/bonds/benchmarks

Silver (CMX)-5,000 troy oz.; $ per troy oz. July 18.92 19.19 18.86 19.16 .35
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
March 25.175 25.370 25.165 25.282 0.227 54 Tracking Bond Benchmarks

May 25.150 25.520 25.050 25.313 0.226 119,004 May 36.60 …

Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 36.60 …
Cotton (ICE-US)-50,000 lbs.; cents per lb.
April 105.13 112.69 104.08 112.12 7.42 44,428 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
highs and lows for different types of bonds
May 103.62 111.08 102.47 109.97 6.88 280,043 May 127.34 131.71 s 127.10 130.01 3.15
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
June 100.99 108.11 100.07 107.06 6.41 183,077 Total Total
return return
Dec 89.12 93.57 88.87 93.25 4.05 246,547 May 147.65 148.60 146.00 147.80 .15 close YTD total close YTD total
return (%) return (%)
June'23 83.83 86.87 83.18 86.66 3.15 109,541 July 147.65 148.25 146.50 147.60 .15 Index Yield (%) Index Yield (%)
Latest Low High Latest Low High
Dec 79.53 82.61 79.52 82.46 2.66 123,850
Interest Rate Futures Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.

April 3.5920 3.8695 3.5920 3.8009 .2028 34,353 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%

May 3.3971 3.6148 3.3704 3.5350 .1529 54,073 March 173-230 –3-14.0 64 2113.58 -6.0 U.S. Aggregate 2.830 1.340 2.830 2098.37 -4.7 Mortgage-Backed 2.790 1.590 2.840
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
June 178-060 178-100 173-280 174-210 –3-24.0 1,263,369 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2058.01 -3.9 Ginnie Mae (GNMA) 2.780 1.580 2.810
April 3.2475 3.4027 3.2222 3.3716 .1328 48,148 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%

May 3.2164 3.3698 3.1905 3.3379 .1320 96,126 March 148-030 –2-22.0 1,517 3129.89 -8.3 U.S. Corporate 3.630 1.910 3.660 1236.58 -4.9 Fannie mae (FNMA) 2.800 1.580 2.860
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 3.330 1.260 3.330 1897.43 -5.0
June 152-070 152-110 149-130 149-200 –2-27.0 1,122,193 4.140 2.900 4.290 573.70 -4.7
April 4.909 4.976 4.748 4.900 .037 58,129 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Intermediate 3.140 1.650 3.160 403.56 -5.1 Freddie Mac (FHLMC) 2.800 1.570 2.850
2911.87 -5.3 3.900 2.110 3.930 464.03 -5.6
May 4.927 5.008 4.791 4.934 .032 214,430 452.38 -6.8
March 123-140 –1-12.0 4,754 Muni Master
June 4.985 5.048 4.835 4.975 .029 69,117 4457.71 -12.9 Long term 2.047 0.687 2.081
June 124-160 124-180 123-050 123-060 –1-14.5 3,709,530
July 5.027 5.097 4.886 5.025 .028 87,095 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
623.96 -8.6 Double-A-rated 7-12 year 2.074 0.687 2.110
Sept 5.049 5.086 4.878 5.014 .030 74,530 March 115-167 –31.0 3,299

Oct 5.025 5.100 4.893 5.028 .029 81,385 June 116-017 116-027 115-035 115-037 –31.7 3,770,954 833.05 -8.6 Triple-B-rated 12-22 year 2.345 1.000 2.396

Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% High Yield Bonds ICE BofA 22-plus year 2.833 1.443 2.866

March 106-228 –10.9 20,701

Corn (CBT)-5,000 bu.; cents per bu. June 106-171 106-171 106-048 106-050 –11.5 2,226,350 495.38 -5.1 High Yield Constrained 6.136 3.796 6.447 Global Government J.P. Morgan†
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
May 746.50 765.00 743.00 756.25 14.50 561,876
15.75 376,375 March 99.7975 99.8000 99.7975 99.7975 156,980 Triple-C-rated 10.112 6.304 10.490 572.46 -4.5 Global Government 1.590 0.720 1.590
July 715.50 736.00 714.00 728.25 481.63 -4.4
32.00 1,720 April 99.6600 99.6650 99.6450 99.6500 –.0100 515,474
Oats (CBT)-5,000 bu.; cents per bu. 14.00 475 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Canada
3306.80 -4.8 High Yield 100 5.629 3.162 6.055 796.36 -5.1 2.340 1.230 2.340
May 693.50 729.25 693.50 727.00 23.00 279,597
23.25 178,445 June 91-050 –1-15.0 11,682
July 655.00 677.00 s 653.75 669.00 Eurodollar (CME)-$1,000,000; pts of 100% 431.94 -6.1 Global High Yield Constrained 6.436 3.968 6.731 387.28 -4.6 EMU§ 1.074 0.163 1.074
4.30 173,554
Soybeans (CBT)-5,000 bu.; cents per bu. 5.20 107,737 April 98.9325 98.9475 98.8900 98.8950 –.0425 231,907 France

May 1673.00 1710.00 1666.75 1691.00 1.42 141,507 June 98.5600 98.5600 t 98.4300 98.4350 –.1200 1,043,331 331.40 -5.0 Europe High Yield Constrained 4.393 2.304 4.733 724.68 -4.7 0.930 0.080 0.930
1.42 78,054
Nov 1470.00 1498.00 1466.25 1490.00 Dec 97.6650 97.6650 t 97.4450 97.4500 –.2150 1,283,615 U.S Agency Bloomberg Fixed Income Indices 514.49 -4.2 Germany 0.380 -0.410 0.380
.31 7,560
Soybean Meal (CBT)-100 tons; $ per ton. .13 1,343 Dec'23 97.2950 97.2950 t 97.0850 97.0950 –.1950 1,277,656

May 477.10 485.40 475.80 481.30 55.50 128,673 1765.69 -3.9 U.S Agency 2.380 0.640 2.380 290.15 -1.5 Japan 0.510 0.260 0.550
48.25 97,621
July 468.20 475.50 466.30 473.20 Currency Futures 1548.56 -3.4 10-20 years 2.320 0.520 2.320 564.97 -5.2 Netherlands 0.610 -0.290 0.610
42.75 78,654
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 41.25 49,483

May 72.58 74.64 72.58 73.71 –.900 2,722 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 3794.99 -9.7 20-plus years 3.030 1.890 3.030 957.06 -7.8 U.K.
–1.700 16,374
July 70.05 71.50 69.96 71.07 April .8395 .8400 t .8373 .8374 –.0024 1,549 1.720 0.720 1.720
230,444
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June .8412 .8412 t .8384 .8386 –.0023 2704.07 -6.4 Yankee 3.300 1.510 3.300 832.40 -9.5 Emerging Markets ** 6.363 4.516 6.529
783
May 15.59 16.07 15.50 15.93 Canadian Dollar (CME)-CAD 100,000; $ per CAD 108,643

Sept 15.70 15.89 s 15.70 15.86 April .7942 .7958 .7924 .7940 .0004 1,264 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Wheat (CBT)-5,000 bu.; cents per bu. 188,436
June .7931 .7958 .7923 .7940 .0004 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
British Pound (CME)-£62,500; $ per £ 45,385
May 1075.00 1148.75 1061.75 1119.25 113

July 1054.75 1124.75 1041.00 1093.00 April 1.3166 1.3207 1.3126 1.3158 –.0028 299

Wheat (KC)-5,000 bu.; cents per bu. June 1.3168 1.3204 1.3122 1.3155 –.0027 Global Government Bonds: Mapping Yields
Swiss Franc (CME)-CHF 125,000; $ per CHF
May 1079.00 1148.50 1070.25 1113.25

July 1103.25 June 1.0762 1.0795 1.0729 1.0747 –.0021 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Sept 1.0835 1.0856 1.0791 1.0810 –.0019
Australian Dollar (CME)-AUD 100,000; $ per AUD
March 156.875 157.200 155.425 156.100

May 166.800 167.200 165.350 165.750 April .7414 .7427 .7378 .7394 –.0017 Country/ Spread Under/Over U.S. Treasurys, in basis points

Yield (%)
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
1.468 0.149
Cash Prices | wsj.com/market-data/commodities Monday, March 21, 2022 1.500 U.S. 2 2.132 s l 1.955 1.729
1.930
1.875 10 2.315 s l 2.146

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 2.750 Australia 2 1.394 t l 1.402 1.183 0.105 -74.2 -54.2 -5.6
l 2.572 2.218 1.817 41.9 9.1
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 1.000 10 2.575 s 26.2

months. 0.000 France 2 -0.235 s l -0.291 -0.598 -0.633 -237.1 -223.5 -79.5
0.000 10 0.913 s l 0.828 0.715 -132.5 -177.1
Monday Monday Monday 0.000 -0.345 -0.448 -0.045 -139.9 -228.9 -85.3
0.000 Germany 2 -0.280 s l 0.371 0.208 -178.2 -201.7
Energy Iron Ore, 62% Fe CFR China-s 147.9 Wheat,Spring14%-pro Mnpls-u n.a. 10 0.470 s l
Shredded Scrap, US Midwest-s,m n.a.
Coal,C.Aplc.,12500Btu,1.2SO2-r,w Steel, HRC USA, FOB Midwest Mill-s 1300 Wheat,No.2 soft red,St.Louis-u 10.5400 -0.692 -241.6
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
97.300 Battery/EV metals Wheat - Hard - KC (USDA) $ per bu-u 10.9825 -0.290 -184.2
16.750
Wheat,No.1soft white,Portld,OR-u 11.5250

Metals BMI Lithium Carbonate, EXW China, =99.2%-v,k 76700 Food 0.000 Italy 2 0.129 s l 0.088 0.157 -0.387 -200.8 -185.7 -54.8
BMI Lithium Hydroxide, EXW China, =56.5% -v,k 71825 0.950 10 1.978 s l 1.887 1.914 0.672 -33.5 -26.7 -105.5
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 17729 Beef,carcass equiv. index
1925.00 BMI Nickel Sulphate, EXW China, >22%-v,m 6479 choice 1-3,600-900 lbs.-u 225.19 0.005 Japan 2 -0.021 l -0.021 -0.018 -0.134 -215.7 -196.6 -29.5
Engelhard industrial 1935.05 BMI Flake Graphite, FOB China, -100 Mesh, 94-95% -v,m select 1-3,600-900 lbs.-u 217.70 0.100 10 0.208 l 0.208 0.209 0.116 -210.4 -194.5 -161.1
Handy & Harman base 2147.91 685 Broilers, National comp wtd. avg.-u,w 1.4892
Handy & Harman fabricated *1932.90 Fibers and Textiles Butter,AA Chicago-d 2.7775
LBMA Gold Price AM *1941.40 Cheddar cheese,bbl,Chicago-d 207.00 0.000 Spain 2 0.046 s l 0.001 -0.022 -0.494 -209.0 -194.4 -65.5
LBMA Gold Price PM 2006.37 Burlap,10-oz,40-inch NY yd-n,w 0.8600 Cheddar cheese,blk,Chicago-d 213.75 0.700 10 1.383 s l 1.313 1.230 0.347 -92.9 -84.0 -138.0
Krugerrand,wholesale-e 2025.66 Milk,Nonfat dry,Chicago lb.-d 186.00 0.125 1.311 s l 1.220 1.286 0.098 -82.6 -72.4
Maple Leaf-e 2025.66 Cotton,1 1/16 std lw-mdMphs-u 1.3101 Coffee,Brazilian,Comp-y 2.1840 4.250 U.K. 2 1.639 s l 1.500 1.410 0.840 -67.4 -65.3 -6.3
American Eagle-e 2334.04 Coffee,Colombian, NY-y 2.8326 10 -88.6
Mexican peso-e 1894.00 Cotlook 'A' Index-t *138.50 Eggs,large white,Chicago-u 1.5350
Austria crown-e 2025.66 Flour,hard winter KC-p 28.45
Austria phil-e Hides,hvy native steers piece fob-u n.a. Hams,17-20 lbs,Mid-US fob-u
25.1000 Hogs,Iowa-So. Minnesota-u 0.58
Silver, troy oz. 25.2350 Wool,64s,staple,Terr del-u,w n.a. Pork bellies,12-14 lb MidUS-u 98.42
31.5440 Pork loins,13-19 lb MidUS-u
Engelhard industrial *£19.2200 Grains and Feeds Steers,Tex.-Okla. Choice-u n.a. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Handy & Harman base *25.2350 Steers,feeder,Okla. City-u,w 1.1043
Handy & Harman fabricated Barley,top-quality Mnpls-u n.a. Corporate Debt
LBMA spot price 21138 Fats and Oils n.a.
(U.S.$ equivalent) Bran,wheat middlings, KC-u 185 183.75
Coins,wholesale $1,000 face-a *1034.0
1045.0 Corn,No. 2 yellow,Cent IL-bp,u 7.3800 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Other metals 2585.0 expectations
Corn gluten feed,Midwest-u,w 225.6
LBMA Platinum Price PM *3380.5
Platinum,Engelhard industrial 4.7015 Corn gluten meal,Midwest-u,w 658.2 Investment-grade spreads that tightened the most…
Palladium,Engelhard industrial
Aluminum, LME, $ per metric ton Cottonseed meal-u,w 343
Copper,Comex spot
Hominy feed,Cent IL-u,w 172 Spread*, in basis points
Current One-day change Last week
Meat-bonemeal,50% pro Mnpls-u,w 368 Degummed corn oil, crude wtd. avg.-u,w 69.0000 Issuer Symbol Coupon (%) Yield (%) Maturity

Oats,No.2 milling,Mnpls-u 7.3700 Grease,choice white,Chicago-h 0.7100 56 –163
73 –26
Rice, Long Grain Milled, No. 2 AR-u,w 29.25 Lard,Chicago-u n.a. Blackstone Private Credit Fund BCRED 2.700 2.80 Jan. 15, ’25 21 –26 220
Bank of Montreal BMO 1.850 3.06 May 1, ’25 64 –18 n.a.
Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7479 Cisco Systems CSCO 3.500 2.54 June 15, ’25 n.a.
ANZ New Zealand Int'l ANZNZ 2.166 2.96 Feb. 18, ’25 257 –14
SoybeanMeal,Cent IL,rail,ton48%-u,w 496.50 Tallow,bleach;Chicago-h 0.7375 49 –13 80
Altria MO 5.375 5.17 Jan. 31, ’44 41 –11
Soybeans,No.1 yllw IL-bp,u 16.6600 Tallow,edible,Chicago-u n.a. Australia and New Zealand Banking ANZ 3.700 2.74 Nov. 16, ’25 91 –11 n.a.
Bank of New York Mellon BK 2.100 2.53 Oct. 24, ’24 n.a.
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Bank of Nova Scotia BNS 2.700 3.23 Aug. 3, ’26 74
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark n.a.
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/18

Source: Dow Jones Market Data

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks March 21, 2022 …And spreads that widened the most
Money Rates

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a International Business Machines IBM 3.500 3.19 May 15, ’29 90 18 111
guide to general levels but don’t always represent actual transactions. Sumitomo Mitsui Financial SUMIBK 3.784 3.28 March 9, ’26 95 12 n.a.
Delta Air Lines DAL 7.000 4.31 May 1, ’25 200 9 244
Inflation Week —52-WEEK— Week —52-WEEK— AstraZeneca AZN 6.450 3.73 Sept. 15, ’37 142 8 n.a.
Latest ago High Low Latest ago High Low
Feb. index Chg From (%) Banco Santander SANTAN 2.746 3.57 May 28, ’25 126 7 n.a.
level Jan. '22 Feb. '21 Policy Rates High 0.4000 0.1000 0.4000 0.0700 Ally Financial ALLY 8.000 4.82 Nov. 1, ’31 254 4 266
Low 0.3000 0.0500 0.3000 0.0100 Bank of Montreal BMO 2.650 3.29 March 8, ’27 96 4 122
U.S. consumer price index Euro zone 0.00 0.00 0.00 0.00 Bid 0.3200 0.0700 0.7000 0.0300 TIAA Asset Management Finance TIAAGL 4.125 3.21 Nov. 1, ’24 110 4 105
Switzerland 0.00 0.00 0.00 0.00 Offer 0.3400 0.0900 0.3800 0.0500
All items 283.716 0.91 7.9 Britain 0.75 0.50 0.75 0.10
6.4 Australia 0.10 0.10 0.10 0.10
Core 288.059 0.72 Treasury bill auction

International rates Overnight repurchase 4 weeks 0.190 0.195 0.195 0.000 High-yield issues with the biggest price increases…
13 weeks 0.480 0.450 0.480 0.015
U.S. 0.30 0.02 0.30 -0.02 26 weeks 0.870 0.820 0.870 0.030

Week 52-Week U.S. government rates Secondary market Issuer Symbol Coupon (%) Yield (%) Maturity Bond Price as % of face value
Latest ago High Low Current One-day change Last week
June 1, ’36
Prime rates Discount Fannie Mae Embarq … 7.995 8.20 May 1, ’25 98.280 0.80 n.a.
WeWork WEWORK 7.875 12.55 July 1, ’25 88.250 0.75 84.750
U.S. 3.50 3.25 3.50 3.25 0.50 0.25 0.50 0.25 30-year mortgage yields Ball BLL 5.250 3.57 Feb. 1, ’30 105.149 0.43 104.486
Canada 2.70 2.70 2.70 2.45 Liberty Interactive LINTA 8.250 9.41 93.625 0.38 94.311
Japan 1.475 1.475 1.475 1.475 Federal funds 30 days 3.866 3.712 3.866 2.216 Oct. 1, ’46
60 days 3.917 3.771 3.917 2.261 March 15, ’23
Effective rate 0.3400 0.0900 0.3400 0.0500
April 15, ’24
Other short-term rates Teva Pharmaceutical Finance Netherlands … 4.100 6.09 Nov. 15, ’31 74.855 0.36 74.500
5.000 5.05 99.950 0.20 100.000
Key Interest Rates Week 52-Week Dish DBS … 5.250 4.67 101.125 0.13 101.450
Latest ago high low 7.375 4.42 123.020 0.02 121.500
Data are annualized on a 360-day basis. Treasury yields are per annum,
Call money Prime Security Services Borrower PRSESE

on actively traded noninflation and inflation-indexed issues that are 2.25 2.00 2.25 2.00 FirstEnergy FE

adjusted to constant maturities. Data are from weekly Federal Reserve

release H.15. Commercial paper (AA financial) …And with the biggest price decreases

Week Ended 52-Week Week Ended 52-Week 90 days 0.80 0.50 1.12 0.04 –3.06
Mar 18 Mar 11 High Low High Low –1.78
Mar 18 Mar 11 0.84 0.03 Libor Bath & Body Works BBWI 6.875 6.44 Nov. 1, ’35 103.875 –1.75 101.500
Federal funds (effective) 6-month 0.84 0.75 1.30 0.04 0.44400 0.43057 0.46757 0.07263 Telecom Italia Capital TITIM 7.200 7.73 July 18, ’36 95.470 –1.70 n.a.
1-year 1.30 1.15 1.92 0.14 One month 0.95757 0.88471 0.95757 0.11413 Ford Motor F 4.750 5.63 Jan. 15, ’43 89.250
0.08 0.08 0.10 0.05 2-year 1.92 1.67 2.10 0.31 Three month 1.33614 1.17500 1.33614 0.14663 Sprint Capital … 6.875 4.26 Nov. 15, ’28 115.000 –1.00 87.500
3-year 2.10 1.82 2.14 0.69 Six month 1.86814 1.65686 1.86814 0.21950 –1.00 113.125
Commercial paper 5-year 2.14 1.85 2.19 0.99 One year American Airlines AAL 3.750 8.44 March 1, ’25 88.000
7-year 2.19 1.91 2.16 1.22 Rite Aid RAD 7.700 13.40 Feb. 15, ’27 80.000 84.500
Nonfinancial 0.36 0.30 0.36 0.02 10-year 2.16 1.91 2.56 1.78 Secured Overnight Financing Rate 78.000
0.64 0.55 0.64 0.03 20-year 2.56 2.38
1-month n.a. n.a. n.a. n.a. 0.30 0.05 0.30 0.01
2-month
3-month

Financial 0.46 0.24 0.46 0.05 Treasury yields (secondary market) Latest Value 52-Week *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.
0.63 0.42 0.63 0.08 Traded High Low
1-month 0.87 0.56 0.87 0.07 1-month 0.21 0.17 0.21 0.00 Note: Data are for the most active issue of bonds with maturities of two years or more
2-month 3-month 0.43 0.38 0.43 0.01 Source: MarketAxess
3-month 6-month 0.82 0.73 0.82 0.03 DTCC GCF Repo Index

Discount window primary credit TIPS Treasury 0.288 20.270 0.288 -0.006 Dividend Changes
MBS 0.310 35.050 0.310 0.004
0.50 0.25 0.50 0.25
5-year -1.31 -1.55 -0.95 -1.88 Notes on data:
Treasury yields at constant 7-year -0.98 -1.24 -0.70 -1.47 U.S. prime rate is the base rate on corporate Dividend announcements from March 21.
maturities 10-year -0.70 -0.95 -0.46 -1.14 loans posted by at least 70% of the 10 largest
20-year -0.28 -0.48 -0.05 -0.72 U.S. banks, and is effective March 17, 2022.
1-month 0.22 0.17 0.22 0.00 Other prime rates aren’t directly comparable;
3-month 0.43 0.38 0.43 0.01 Long-term avg -0.12 -0.30 0.08 -0.60 lending practices vary widely by location; Amount Payable / Amount Payable /
Discount rate is effective March 17, 2022. Symbol Yld % New/Old Frq Record Symbol Yld % New/Old Frq Record
Secured Overnight Financing Rate is as of Company Company
March 18, 2022. DTCC GCF Repo Index is
Notes on data: Depository Trust & Clearing Corp.'s weighted Increased EQR 2.8 .625 /.6025 Q Apr08 /Mar28 Foreign ACN 1.2 .97 Q May13 /Apr14
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates average for overnight trades in applicable INDB 2.4 .51 /.48 Q Apr08 /Mar28 WILC 9.6 .44 SA Apr11 /Mar28
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by CUSIPs. Value traded is in billions of U.S. dollars. Equity Residential MED 3.6 1.64 /1.42 Q May09 /Mar29 Accenture Cl A GRP.U 3.1 .2044 M Apr14 /Mar31
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Federal-funds rates are Tullett Prebon rates as Independent Bank TRIN 7.4 .40 /.36 Q Apr15 /Mar31 G. Willi-Food Intl
primary credit rate is charged for discounts made and advances extended under the Federal of 5:30 p.m. ET. Medifast Granite REIT
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Sources: Federal Reserve; Bureau of Labor Trinity Capital
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Statistics; DTCC; FactSet; Special
yields for all TIPS with remaining terms to maturity of 10 years or more; Tullett Prebon Information, Ltd. Stocks TRIN 7.4 .15 Apr15 /Mar31
Trinity Capital
Sources: Federal Reserve; for additional information on these rate data and their derivation,
please see, www.federalreserve.gov/releases/h15/data.htm Communications Systems JCS 1:4 /Mar21 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
1:12 /Mar28 S2:1: stock split and ratio; SO: spin-off.
MOGU ADR MOGU

THE WALL STREET JOURNAL. * Tuesday, March 22, 2022 | B9

BIGGEST 1,000 STOCKS

How to Read the Stock Tables Footnotes: Stock Net Net Net Net Net Net Net
Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg

The following explanations apply to NYSE, s-New 52-week high. Cooper COO 418.07 -3.24 ExpeditorsIntl EXPD 106.14 -0.64 ICL Group ICL 11.75 0.67 MGMGrowthProp MGP 36.52 -0.89 Oracle ORCL 80.96 -0.72 StoreCapital STOR 29.18 -0.30 Tradeweb TW 88.98 -0.90
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Copart CPRT 126.26 -2.98 ExtraSpaceSt EXR 195.92 1.50 IdexxLab IDXX 539.59 -2.87 Orange ORAN 11.73 0.09 SVB Fin SIVB 565.51 -4.93 TraneTech TT 156.33 -2.39
Market listed securities. Prices are composite dd-Indicates loss in the most recent Corning GLW 37.80 -0.22 ExxonMobil XOM 82.20 3.53 ING Groep ING 10.35 -0.15 MGM Resorts MGM 41.83 -0.34 Organon OGN 34.77 -0.31 Salesforce.com CRM 213.72 -5.08 TransDigm TDG 655.29 -6.07
s Corteva CTVA 56.95 1.10 F5 FFIV 206.13 2.16 Invesco IVZ 21.29 -0.11 Orix IX 99.26 0.16 Samsara IOT 16.54 -0.27 TransUnion TRU 102.56 -0.54
quotations that include primary market trades four quarters. MKS Instrum MKSI 152.62 -2.63

as well as trades reported by Nasdaq BX FD-First day of trading. MPLX MPLX 32.79 1.11

(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Cosan CSAN 18.25 0.44 s FMC FMC 131.40 1.96 IQVIA IQV 226.97 -0.69 MP Materials MP 49.10 2.06 OtisWorldwide OTIS 77.33 -0.65 Sanofi SNY 50.95 -1.14 s Travelers TRV 182.54 2.23

Cboe, NYSE National and Nasdaq ISE. standards CoStar CSGP 64.53 -0.68 FactSet FDS 437.52 -1.63 IcahnEnterprises IEP 51.79 0.28 MSCI MSCI 507.00-13.34 Ovintiv OVV 50.74 2.76 Sasol SSL 24.42 0.66 Trex TREX 76.04 -4.33
The list comprises the 1,000 largest lf-Late filing
companies based on market capitalization. q-Temporary exemption from Nasdaq Costco COST 555.53 -5.82 FairIsaac FICO 483.73 -7.92 Icon ICLR 239.22 -0.28 Macy's M 26.78 -0.86 OwensCorning OC 95.65 -2.52 Schlumberger SLB 41.19 1.46 Trimble TRMB 70.78 -1.03
Underlined quotations are those stocks with requirements.
large changes in volume compared with the t-NYSE bankruptcy CoterraEnergy CTRA 25.28 0.43 Fastenal FAST 57.76 -0.11 IDEX IEX 198.47 -0.52 MagellanMid MMP 48.28 0.92 PG&E PCG 11.30 -0.28 SchwabC SCHW 89.01 -0.99 Trip.com TCOM 22.52 -0.69
issue’s average trading volume. v-Trading halted on primary market. Coupang CPNG 18.85 -0.39
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or s Credicorp BAP 168.93 1.08 FederalRealty FRT 117.38 ... IllinoisToolWks ITW 211.99 -0.34 MagnaIntl MGA 62.46 -0.43 PNC Fin PNC 193.01 0.04 Sea SE 114.23 -8.31 TruistFinl TFC 58.62 0.06
whose price changed by 5% or more if their being reorganized under the CreditSuisse CS 8.14 -0.01
previous closing price was $2 or higher. Bankruptcy Code, or securities CrowdStrike CRWD 204.13 -3.93 FedEx FDX 222.16 3.25 Illumina ILMN 347.00 0.89 ManhattanAssoc MANH 138.13 -2.38 POSCO PKX 60.08 0.41 Seagate STX 92.27 -1.35 Twilio TWLO 157.44 -2.22
assumed by such companies. CrownCastle CCI 175.10 0.22
s CrownHoldings CCK 129.31 1.19 Ferguson FERG 146.90 -1.30 ImperialOil IMO 44.22 1.28 ManulifeFin MFC 20.56 0.28 PPG Ind PPG 128.91 -2.02 Seagen SGEN 141.55 -1.26 Twitter TWTR 37.44 -0.33
CubeSmart CUBE 50.47 ...
Ferrari RACE 207.54 -2.07 Incyte INCY 76.58 1.38 MarathonOil MRO 25.05 1.97 PPL PPL 26.90 0.23 SealedAir SEE 68.43 0.07 TylerTech TYL 435.56 -0.43

FidNatlFin FNF 49.81 -0.12 Infosys INFY 24.21 -0.83 MarathonPetrol MPC 79.98 1.66 PTC PTC 110.67 -0.75 s Sempra SRE 159.25 2.96 TysonFoods TSN 86.58 -0.56

FidNatlInfo FIS 94.97 -0.85 IngersollRand IR 50.89 -0.51 MaravaiLifeSci MRVI 38.50 -2.42 Paccar PCAR 88.72 0.05 SensataTechs ST 52.70 -0.75 UBS Group UBS 18.75 0.14

FifthThirdBncp FITB 46.47 -0.22 Insulet PODD 253.41 -6.62 s Markel MKL1444.66 15.66 s PackagingCpAm PKG 156.33 -0.14 SentinelOne S 38.48 -2.09 UDR UDR 56.77 -0.45

Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Cullen/Frost CFR 140.89 0.28 FirstCitizBcshA FCNCA 727.60-14.66 Intel INTC 47.39 -0.06 MarketAxess MKTX 348.68 -5.16 PalantirTech PLTR 12.59 -0.23 ServiceCorp SCI 64.50 -0.33 US Foods USFD 36.85 -0.37
changes in the closing prices from 4 p.m. the previous day. Cummins CMI 206.15 -0.60 FirstHorizon FHN 23.01 ... InteractiveBrkrs IBKR 65.42 -1.29 Marqeta MQ 11.03 -0.58 PaloAltoNtwks PANW 577.20 0.18 ServiceNow NOW 569.80-10.08 Uber UBER 31.98 -1.38
CyrusOne CONE 90.30 0.05 FirstIndRlty FR 60.10 -0.19 ICE ICE 135.97 -0.93 Marriott MAR 169.95 -1.24 ParamountB PARA 36.40 -0.69 s ShawComm B SJR 30.52 -0.17 Ubiquiti UI 280.15 -3.51

D E FNet Net FirstRepBank FRC 167.83 -2.68 InterContinentl IHG 69.43 -0.94 Marsh&McLen MMC 161.85 -0.48 ParamountA PARAA 39.07 -0.19 Shell SHEL 53.44 2.28 UiPath PATH 29.45 -0.44

Monday, March 21, 2022 Sym Close Chg Sym Close Chg FirstSolar FSLR 77.39 -0.21 IBM IBM 128.10 -0.66 MartinMarietta MLM 382.57 -3.16 ParkerHannifin PH 288.53 -1.86 SherwinWilliams SHW 245.82 -5.71 UltaBeauty ULTA 385.67 -5.56
Stock Stock Paychex PAYX 126.66 -1.47 Unilever UL 45.08 -0.22
Net DISH Network DISH 31.25 -0.40 FirstEnergy FE 43.60 0.46 IntlFlavors IFF 126.57 -2.56 MarvellTech MRVL 70.71 -0.62 ShinhanFin SHG 31.39 -0.20
Sym Close Chg
Stock AresMgmt ARES 78.43 -2.17 s CF Industries CF 101.31 6.06 DTE Energy DTE 127.10 1.03 Fiserv FISV 99.56 -1.05 IntlPaper IP 44.76 -0.25 Masco MAS 55.88 -1.52 PaycomSoftware PAYC 351.87 -7.15 Shopify SHOP 683.45-96.55 UnionPacific UNP 264.51 3.19

A B CABB ABB 35.06 -0.40 arGEN-X ARGX 298.50-11.41 CGI GIB 82.33 -0.30 DXC Tech DXC 32.99 -0.21 FiveBelow FIVE 163.34 -0.83 Interpublic IPG 35.87 -0.17 Masimo MASI 158.13 0.45 Paylocity PCTY 209.00 -4.70 Sibanye-Stillwater SBSW 17.97 0.35 UnitedAirlines UAL 40.85 -1.50

AristaNetworks ANET 131.95 0.70 CH Robinson CHRW 105.31 0.40 Danaher DHR 289.27 -2.92 FleetCorTech FLT 241.24 2.03 Intuit INTU 466.50-13.37 Mastercard MA 345.58 -4.51 PayPal PYPL 114.65 -4.12 SignatureBank SBNY 310.88 -1.77 UnitedMicro UMC 9.41 -0.07

ArrowElec ARW 126.97 -0.71 CME Group CME 250.76 1.16 Darden DRI 131.18 -2.45 Flex FLEX 17.23 0.16 IntuitiveSurgical ISRG 283.28 -6.83 MatchGroup MTCH 100.03 -2.66 Pearson PSO 10.56 -0.25 SimonProperty SPG 129.06 -1.78 UPS B UPS 218.56 -1.22

Asana ASAN 43.16 -0.76 CMS Energy CMS 66.99 0.79 DarlingIngred DAR 78.14 4.57 Floor&Decor FND 99.43 -4.21 InvitatHomes INVH 40.56 -0.13 Mattel MAT 23.68 -0.03 Peloton PTON 26.25 -0.37 SiriusXM SIRI 6.29 -0.04 UnitedRentals URI 347.80 1.56

s AECOM ACM 79.36 1.31 AspenTech AZPN 144.95 -1.19 CNA Fin CNA 48.50 0.74 Datadog DDOG 140.14 -5.62 FomentoEconMex FMX 81.67 -0.08 IronMountain IRM 50.15 0.68 McCormickVtg MKC.V 96.73 1.20 s PembinaPipeline PBA 37.05 0.49 SiteOneLandscape SITE 179.07 -4.59 US Bancorp USB 56.16 -0.37

AES AES 23.48 -0.21 s Assurant AIZ 178.18 1.76 CNH Indl CNHI 16.19 0.47 DaVita DVA 111.90 -1.69 FordMotor F 16.48 -0.38 ItauUnibanco ITUB 5.42 0.20 McCormick MKC 96.72 0.48 PenskeAuto PAG 103.85 -0.76 Skyworks SWKS 134.54 -0.64 s US Steel X 35.46 2.50

Aflac AFL 63.40 0.45 Fortinet FTNT 314.53 -5.44 McDonalds MCD 235.32 -3.60 Pentair PNR 56.85 -0.37 SmithAO AOS 67.92 -0.13 UnitedTherap UTHR 182.17 0.97
J K LAGCO
AGCO 136.89 4.43 AstraZeneca AZN 63.48 0.25 CRH CRH 44.65 -1.08 DeckersOutdoor DECK 278.29-12.89 Fortis FTS 47.76 -0.07 s McKesson MCK 299.94 0.89 Penumbra PEN 210.65 -4.92 Smith&Nephew SNN 32.86 -0.40 s UnitedHealth UNH 507.66 1.54

AMC Ent AMC 15.86 0.06 Atlassian TEAM 288.31 -6.42 CSX CSX 36.86 0.55 s Deere DE 422.29 9.14 Fortive FTV 61.38 -0.52 MedicalProp MPW 20.21 -0.29 s People'sUtdFin PBCT 21.29 0.21 Smucker SJM 130.17 2.10 UnitySoftware U 94.14 -3.01

Ansys ANSS 310.65 -7.95 AtmosEnergy ATO 115.24 2.51 CVS Health CVS 107.39 0.09 DellTechC DELL 52.32 0.49 FortBrandsHome FBHS 83.23 -3.70 JD.com JD 61.44 -3.69 Medtronic MDT 108.75 -1.43 PepsiCo PEP 162.56 -0.23 Snap SNAP 35.17 -0.83 UnivDisplay OLED 164.62 -1.45

s APA APA 40.88 1.77 Autodesk ADSK 212.38 -0.92 CableOne CABO 1507.06-21.89 DeltaAir DAL 36.09 -1.59 FoxA FOXA 40.85 -0.02 JPMorganChase JPM 139.65 -0.45 MercadoLibre MELI 1153.84-31.69 PerformanceFood PFGC 51.62 -1.56 SnapOn SNA 212.79 -1.20 UniversalHealthB UHS 147.55 0.76

ASETech ASX 7.45 -0.14 ADP ADP 212.53 -2.16 CadenceDesign CDNS 157.20 -1.67 DentsplySirona XRAY 49.25 0.59 FoxB FOX 37.54 -0.14 Jabil JBL 62.43 -0.26 Merck MRK 79.06 -0.05 PerkinElmer PKI 180.64 -1.75 Snowflake SNOW 212.97 -9.88 Upstart UPST 125.85 0.38

ASML ASML 682.91 3.05 AutoZone AZO 1938.69-14.06 CAE CAE 25.69 0.07 DeutscheBank DB 12.25 -0.03 Franco-Nevada FNV 158.08 3.48 JackHenry JKHY 186.07 0.56 MetaPlatforms FB 211.49 -5.00 PetroChina PTR 49.73 0.32 s SOQUIMICH SQM 80.39 3.21 VF VFC 56.46 -1.03

AT&T T 23.16 -0.06 Avalara AVLR 98.21 5.33 CaesarsEnt CZR 78.49 -2.34 DevonEnergy DVN 61.44 3.17 FranklinRscs BEN 27.65 -0.27 JacobsEngg J 139.89 -1.33 MetLife MET 68.77 0.32 PetroleoBrasil PBR 13.80 0.54 SoFiTech SOFI 9.57 -0.30 VICI Prop VICI 26.87 -0.67

AbbottLabs ABT 121.76 -0.69 Avalonbay AVB 244.83 -0.55 CamdenProperty CPT 164.94 0.19 DexCom DXCM 460.34 -7.71 FreeportMcM FCX 49.51 1.43 JamesHardie JHX 34.32 -0.20 MettlerToledo MTD 1394.61-10.62 PetroleoBrasilA PBR.A 12.81 0.61 SolarEdgeTech SEDG 312.08 -0.43 VailResorts MTN 262.80 -9.30

s AbbVie ABBV 160.05 0.85 Avangrid AGR 45.23 0.57 s Cameco CCJ 29.27 1.88 Diageo DEO 196.45 -1.82 FreseniusMed FMS 32.69 -0.82 JazzPharma JAZZ 159.89 3.28 MicrochipTech MCHP 76.57 -0.72 Pfizer PFE 54.19 -0.32 Sony SONY 104.45 -1.67 Vale VALE 19.94 0.88

Abiomed ABMD 306.74 2.41 Avantor AVTR 34.49 -0.65 CampbellSoup CPB 42.47 0.04 DiamondbkEner FANG 139.88 8.43 JefferiesFin JEF 32.24 -0.48 MicronTech MU 78.35 -1.06 PhilipMorris PM 94.14 0.24 Southern SO 68.89 0.86 s ValeroEnergy VLO 94.26 3.83

AveryDennison AVY 170.77 -0.35 J&J JNJ 175.83 0.99
G H IAccenture ACN 324.50 0.55
CIBC CM 130.20 0.44 Dick's DKS 108.93 -5.74 Microsoft MSFT 299.16 -1.27 Phillips66 PSX 80.63 1.87 SoCopper SCCO 77.07 2.76 VeevaSystems VEEV 194.42 -2.75

ActivisionBliz ATVI 78.84 0.08 AvisBudget CAR 271.63-11.50 CanNtlRlwy CNI 132.02 1.41 DiDiGlobal DIDI 4.16 0.07 JohnsonControls JCI 65.89 0.28 MidAmApt MAA 206.98 0.21 Pinduoduo PDD 39.99 -2.61 SouthwestAir LUV 42.78 -0.46 Ventas VTR 59.42 -0.04

Adobe ADBE 453.59 0.26 AxonEnterprise AXON 134.37 -0.52 s CanNaturalRes CNQ 62.57 1.82 DigitalRealty DLR 137.18 -1.81 GFLEnvironmental GFL 30.92 0.03 JonesLang JLL 229.36 -4.53 Middleby MIDD 170.06 -2.58 PinnacleWest PNW 74.10 1.13 Splunk SPLK 133.98 5.97 VeriSign VRSN 214.92 -5.83

AdvanceAuto AAP 205.75 -0.59 BCE BCE 54.04 0.13 CanPacRlwy CP 80.42 0.45 DiscoverFinSvcs DFS 112.13 -3.71 GXO Logistics GXO 76.75 -2.49 JuniperNetworks JNPR 35.31 ... MitsubishiUFJ MUFG 6.48 0.06 Pinterest PINS 25.54 -0.78 Spotify SPOT 140.42 -4.36 VeriskAnalytics VRSK 210.32 2.08

AdvDrainageSys WMS 124.30 1.76 BHP Group BHP 71.64 2.84 Canon CAJ 24.15 0.01 DiscoveryB DISCB 27.22 -0.03 Gallagher AJG 166.62 -0.75 KB Fin KB 47.47 -0.06 MizuhoFin MFG 2.78 ... s PioneerNatRscs PXD 251.18 11.32 StanleyBlackDck SWK 148.23 -2.97 Verizon VZ 51.10 0.30

AdvMicroDevices AMD 115.92 2.46 BJ'sWholesale BJ 64.08 -1.91 CapitalOne COF 134.44 -3.77 DiscoveryA DISCA 26.15 -0.11 Gaming&Leisure GLPI 44.06 -0.96 KE Holdings BEKE 12.15 -2.00 Moderna MRNA 175.38 -3.55 PlainsAllAmPipe PAA 10.85 0.33 Starbucks SBUX 86.86 -2.74 VertxPharm VRTX 250.26 1.18

Aegon AEG 4.81 -0.01 BP BP 29.80 1.06 Capri CPRI 54.52 -1.04 DiscoveryC DISCK 26.19 -0.14 Garmin GRMN 116.70 -2.91 KKR KKR 58.40 -1.07 MohawkInds MHK 139.63 -4.88 PlainsGP PAGP 11.52 0.39 StateStreet STT 88.36 -0.57 Viatris VTRS 10.77 0.11

AerCap AER 54.22 -0.36 Baidu BIDU 146.68 -2.36 CardinalHealth CAH 57.60 0.31 Disney DIS 138.62 -1.68 Gartner IT 296.72 -1.63 KLA KLAC 356.28 -8.77 s MolinaHealthcare MOH 337.34 -6.01 PlugPower PLUG 25.81 -0.34 s SteelDynamics STLD 85.18 0.97 Visa V 217.04 -2.07

AffirmHldgs AFRM 41.96 1.25 BakerHughes BKR 36.22 0.93 Carlisle CSL 246.84 1.13 dLocal DLO 33.45 -1.37 Generac GNRC 312.04 -7.29 Kanzhun BZ 25.33 -1.70 MolsonCoorsB TAP 52.65 -0.31 Pool POOL 475.82-11.59 Stellantis STLA 16.19 -0.11 Vistra VST 22.05 -0.19

AgilentTechs A 138.14 -0.98 Ball BLL 93.58 0.58 Carlyle CG 46.44 -0.86 DocuSign DOCU 95.86 0.35 GeneralDynamics GD 236.07 5.84 Kellogg K 60.95 0.19 Mondelez MDLZ 61.37 -0.14 PrincipalFin PFG 69.84 -0.19 Steris STE 233.94 -0.77 VMware VMW 115.21 -0.10

agilon health AGL 22.89 -0.61 BancoBilbaoViz BBVA 5.84 -0.01 CarMax KMX 102.59 -1.88 DollarGeneral DG 228.40 -1.23 GeneralElec GE 94.82 -0.77 KeurigDrPepper KDP 37.78 -0.03 MongoDB MDB 390.50 -7.60 ProcoreTech PCOR 60.81 -0.76 STMicroelec STM 42.99 0.03 Vodafone VOD 17.05 ...

AgnicoEagle AEM 62.47 2.11 BancoBradesco BBDO 3.58 0.14 Carnival CCL 18.95 -0.51 DollarTree DLTR 154.96 -2.21 GeneralMills GIS 62.82 0.41 KeyCorp KEY 23.89 -0.04 MonolithicPower MPWR 464.43 -5.45 Procter&Gamble PG 150.72 0.57 Stryker SYK 265.79 -1.55 VornadoRealty VNO 45.83 -0.30

AirProducts APD 234.20 2.53 BancodeChile BCH 22.62 1.06 Carnival CUK 17.49 -0.48 DominionEner D 81.83 0.56 GeneralMotors GM 43.61 -1.21 KeysightTechs KEYS 160.28 -1.13 MonsterBev MNST 79.00 -1.59 s Progressive PGR 112.18 0.96 SumitomoMits SMFG 6.91 0.02 VulcanMatls VMC 182.33 -1.14

Airbnb ABNB 161.80 -5.20 BancSanBrasil BSBR 7.19 0.25 CarrierGlobal CARR 47.48 -0.30 Domino's DPZ 400.05-15.61 Genmab GMAB 35.88 -0.25 s KilroyRealty KRC 74.46 -0.36 Prologis PLD 158.92 -1.24
W X Y ZAkamaiTech AKAM 115.98 -1.64
BcoSantChile BSAC 22.72 0.48 Carvana CVNA 136.31 -6.12 DoorDash DASH 107.10 -0.19 Genpact G 44.16 -0.35 KimberlyClark KMB 120.73 -0.12 Moody's MCO 326.81 -4.42 PrudentialFin PRU 116.09 0.86 SunComms SUI 176.74 -2.90

Albemarle ALB 198.68 0.44 BancoSantander SAN 3.44 0.03 Catalent CTLT 107.77 -1.37 Dover DOV 158.16 -1.11 GenuineParts GPC 128.28 -0.72 KimcoRealty KIM 23.95 -0.07 MorganStanley MS 92.61 -2.21 Prudential PUK 28.73 0.04 SunLifeFinancial SLF 55.87 0.12

Albertsons ACI 36.14 0.97 s BanColombia CIB 40.43 1.99 Caterpillar CAT 223.71 2.80 Dow DOW 63.34 0.95 Gerdau GGB 6.09 0.12 KinderMorgan KMI 18.07 0.71 Morningstar MORN 281.01 -1.52 PublicServiceEnt PEG 67.45 0.65 SuncorEnergy SU 32.46 1.34 WEC Energy WEC 95.70 1.02

Alcoa AA 90.69 8.25 BankofAmerica BAC 42.84 -0.06 Celanese CE 142.75 -0.10 Doximity DOCS 48.00 -4.37 GileadSciences GILD 59.66 0.24 Knight-Swift KNX 55.18 -0.95 s Mosaic MOS 67.20 5.12 PublicStorage PSA 367.56 1.85 Suzano SUZ 12.48 -0.34 W.P.Carey WPC 80.02 0.03

Alcon ALC 76.65 -1.68 s BankofMontreal BMO 121.38 0.12 Cemex CX 5.20 -0.07 DrReddy'sLab RDY 52.45 -1.10 GitLab GTLB 57.05 -5.74 Kohl's KSS 62.05 -0.38 MotorolaSol MSI 232.07 -1.02 PulteGroup PHM 46.53 -1.90 Synaptics SYNA 217.85-16.46 WPP WPP 71.10 0.29

AlexandriaRlEst ARE 193.54 -2.10 BankNY Mellon BK 52.18 -0.12 CenovusEnergy CVE 16.04 0.71 DraftKings DKNG 18.79 -0.83 GSK GSK 42.84 -0.18 KoninklijkePhil PHG 30.78 -0.59 NICE NICE 217.96 -2.40 s PureStorage PSTG 35.07 0.52 SynchronyFin SYF 36.38 -1.21 Wabtec WAB 96.54 0.38

Alibaba BABA103.59 -4.71 BkNovaScotia BNS 73.77 0.01 s Centene CNC 86.75 -0.99 Dropbox DBX 22.93 -0.11 GlobalPayments GPN 134.40 -0.60 KoreaElcPwr KEP 9.41 -0.44 NIO NIO 20.26 -0.60 Qiagen QGEN 48.93 -1.01 SyneosHealth SYNH 82.03 2.06 WalgreensBoots WBA 47.38 0.02

AlignTech ALGN 432.47-10.40 Barclays BCS 9.05 -0.16 s CenterPointEner CNP 29.47 0.42 DukeEnergy DUK 106.16 1.11 GlobalFoundries GFS 72.47 -4.31 KraftHeinz KHC 37.62 ... NRG Energy NRG 37.19 -0.72 Qorvo QRVO 128.93 -1.94 Synopsys SNPS 314.31 -3.90 Walmart WMT 144.23 -1.21

s Alleghany Y 844.60167.85 BarrickGold GOLD 24.30 0.43 CentraisElBras EBR 6.99 0.12 DukeRealty DRE 56.06 -0.22 Globant GLOB 271.52 -3.63 Kroger KR 55.68 -0.14 NVR NVR 4892.76-95.97 Qualcomm QCOM 155.59 1.60 Sysco SYY 80.75 -0.49 WarnerMusic WMG 36.16 -1.05

Bath&BodyWks BBWI 49.31 -1.08 CeridianHCM CDAY 67.38 -3.12 GlobeLife GL 99.51 1.28 LKQ LKQ 46.28 -0.47 NXP Semi NXPI 190.51 -1.91 QualtricsIntl XM 29.08 -1.08 WasteConnections WCN 137.17 -0.93
T U VAlliantEnergy LNT 60.94 0.63
Allegion ALLE 117.25 -0.89 BauschHealth BHC 23.65 -0.55 s Cerner DuPont DD 76.75 0.04 LPL Financial LPLA 179.97 -1.04 Nasdaq NDAQ 177.64 -1.59 WasteMgt WM 156.03 0.36

CERN 93.61 -0.03 DutchBros BROS 58.90 0.36 GlobusMedical GMED 68.57 -0.70 L3HarrisTech LHX 253.86 7.41 NationalGrid NGG 74.66 -0.32 s QuantaServices PWR 128.22 1.66 Waters WAT 338.08 -0.06

Allstate ALL 134.53 1.03 BaxterIntl BAX 79.05 -0.07 CharlesRiverLabs CRL 286.61 -0.16 Dynatrace DT 45.08 -0.35 GoDaddy GDDY 81.52 -0.38 LabCorp.ofAmerica LH 276.66 1.43 NatlStorage NSA 60.92 -0.32 QuestDiag DGX 143.85 -1.21 TC Energy TRP 56.06 1.39 Watsco WSO 303.56 -5.25

AllyFinancial ALLY 43.80 -1.16 BectonDicknsn BDX 267.60 5.56 CharterComms CHTR 565.77-11.55 ENI E 28.79 0.43 GoldFields GFI 15.96 0.37 TD Synnex SNX 113.53 -0.50
R SAlnylamPharm ALNY 162.43 -2.82 Wayfair W 118.65 -6.29
BeiGene BGNE 179.62-13.35 CheckPoint CHKP 136.74 -3.13 s EOG Rscs EOG 122.46 6.66 GoldmanSachs GS 339.00 -6.38 LamResearch LRCX 536.86 -7.78 NatWest NWG 5.69 0.01 TE Connectivity TEL 132.01 -1.83
WebsterFin WBS 57.83 0.11
Alphabet C GOOG 2729.57 -6.46 BentleySystems BSY 40.65 -0.32 CheniereEnergy LNG 135.80 3.94 EPAM Systems EPAM 284.05-10.42 Grab GRAB 3.87 -0.23 LamarAdv LAMR 113.52 1.03 NetApp NTAP 88.50 -1.19 Telus TU 25.66 0.02
RELX WellsFargo WFC 51.14 -0.28
Alphabet A GOOGL 2722.03 -0.48 s Berkley WRB 97.97 1.97 CheniereEnerPtrs CQP 48.82 1.46 s EQT EQT 28.42 1.30 Graco GGG 71.36 0.28 LambWeston LW 54.49 -0.09 NetEase NTES 88.91 -1.27 RELX 30.39 -0.13 Ternium TX 44.00 1.34

Altria MO 52.25 0.57 s BerkHathwy A BRK.A 52500012009 ChesapeakeEner CHK 81.06 2.55 EastWestBncp EWBC 81.42 -0.22 Grainger GWW 506.26 4.31 LasVegasSands LVS 38.69 -0.27 Netflix NFLX 374.59 -6.01 RH RH 369.83 -4.67 TFI Intl TFII 109.25 1.87 s Welltower WELL 92.70 0.53

AlumofChina ACH 15.40 0.14 s BerkHathwy B BRK.B 349.66 7.25 Chevron CVX 164.64 2.91 EastGroup EGP 195.68 -0.62 Grifols GRFS 10.89 -0.32 LatticeSemi LSCC 61.35 -0.70 Neurocrine NBIX 94.16 1.03 RPM RPM 81.94 -0.83 TJX TJX 60.99 -1.45 WestFraserTimber WFG 91.90 -7.02

Amazon.com AMZN 3229.83 4.82 BerryGlobal BERY 59.39 -0.95 ChewyA CHWY 41.28 -2.93 EastmanChem EMN 109.71 1.81 HCA Healthcare HCA 261.56 0.88 Lear LEA 143.06 -1.24 NewellBrands NWL 22.23 -0.16 RalphLauren RL 118.50 -2.90 T-MobileUS TMUS 125.97 -1.21 WestPharmSvcs WST 412.65 -2.04

Ambev ABEV 2.86 0.02 BestBuy BBY 99.04 -2.80 ChinaEastrnAir CEA 17.83 -1.20 Eaton ETN 154.60 -0.98 HDFC Bank HDB 61.85 -1.03 Leidos LDOS 106.37 0.89 Newmont NEM 76.30 2.34 RaymondJames RJF 105.78 ... TRowePrice TROW 145.67 -1.08 WestAllianceBcp WAL 86.25 -1.36

Amcor AMCR 11.46 -0.21 Bilibili BILI 24.91 -2.64 ChinaLifeIns LFC 7.82 -0.17 eBay EBAY 55.32 -0.70 HF Sinclair DINO 36.38 -0.23 Lennar B LEN.B 73.60 -3.12 NewsCorp B NWS 22.29 -0.14 RaytheonTech RTX 99.94 2.42 TaiwanSemi TSM 106.92 0.20 WesternDigital WDC 48.95 -0.35

s Amdocs DOX 81.73 0.04 Bill.com BILL 221.93 -2.90 ChinaPetrol SNP 46.78 -0.45 Ecolab ECL 170.72 -0.42 HP HPQ 37.54 0.45 Lennar A LEN 88.22 -4.32 NewsCorp A NWSA 22.00 -0.14 RealtyIncome O 66.58 -0.30 TakeTwoSoftware TTWO 151.22 -0.15 WesternMidstrm WES 24.56 0.50

Amerco UHAL 626.58 2.72 Bio-Techne TECH 438.24 -7.36 ChinaSoAirlines ZNH 29.65 -1.01 Ecopetrol EC 17.98 0.81 HSBC HSBC 33.00 -0.20 LennoxIntl LII 274.59 -2.07 NextEraEnergy NEE 81.80 -0.57 RegalRexnord RRX 161.11 -2.06 TakedaPharm TAK 15.12 0.02 s Westlake WLK 125.45 1.52

Ameren AEE 89.46 1.61 Bio-RadLab A BIO 579.98 -8.24 Chipotle CMG 1540.21-47.52 EdisonInt EIX 65.44 0.79 Halliburton HAL 37.58 1.54 LeviStrauss LEVI 20.50 -0.69 NielsenHoldings NLSN 22.76 -1.68 RegencyCtrs REG 67.46 -0.05 Tapestry TPR 37.88 -0.53 WestRock WRK 46.91 -0.67

AmericaMovil AMX 19.84 -0.09 Biogen BIIB 206.81 -1.76 s Chubb CB 212.97 1.46 EdwardsLife EW 111.55 -1.22 HartfordFinl HIG 71.51 0.66 LiAuto LI 26.33 -1.86 Nike NKE 130.19 -1.05 s RegenPharm REGN 693.20 7.26 TargaResources TRGP 71.63 2.37 Weyerhaeuser WY 39.19 -0.80

AmericaMovil A AMOV 20.55 0.69 BiohavenPharm BHVN 117.12 -5.42 ChunghwaTel CHT 44.28 -0.17 ElancoAnimal ELAN 27.20 -0.22 Hasbro HAS 89.40 0.07 LibertyBroadbandC LBRDK 140.28 -0.95 s NiSource NI 30.36 0.27 RegionsFin RF 22.78 -0.17 Target TGT 223.00 -3.05 WheatonPrecMet WPM 48.53 0.76

AmerAirlines AAL 16.09 -0.66 BioMarinPharm BMRN 81.16 -0.51 Church&Dwight CHD 97.54 0.60 Elastic ESTC 86.21 0.41 HealthpeakProp PEAK 33.18 0.02 LibertyBroadbandA LBRDA 136.16 -1.04 Nokia NOK 5.30 -0.03 s RelianceSteel RS 194.71 3.21 TataMotors TTM 27.82 -0.77 Whirlpool WHR 186.80 -7.92

AEP AEP 94.69 0.62 BioNTech BNTX 170.12 -4.34 ChurchillDowns CHDN 228.18 -5.88 s ElbitSystems ESLT 225.01 11.28 Heico A HEI.A 123.38 1.41 LibertyGlobal A LBTYA 25.14 -0.17 NomuraHoldings NMR 4.42 -0.02 Repligen RGEN 188.07 -3.36 TeckRscsB TECK 40.46 1.47 Williams WMB 32.50 1.04

AmerExpress AXP 189.09 -1.63 BlackKnight BKI 60.22 -0.36 Ciena CIEN 59.27 -0.83 ElectronicArts EA 125.56 -0.72 Heico HEI 151.51 2.44 LibertyGlobal C LBTYK 25.86 -0.18 Nordson NDSN 229.48 -1.49 RepublicSvcs RSG 131.53 0.04 TeladocHealth TDOC 66.69 -2.27 Williams-Sonoma WSM 158.63 -5.55

AmericanFin AFG 142.72 2.33 BlackRock BLK 733.83 -4.76 Cigna CI 243.51 2.35 EmersonElec EMR 98.20 1.20 s HenrySchein HSIC 88.17 0.91 LibertyFormOne A FWONA 55.97 1.39 NorfolkSouthern NSC 278.15 3.32 ResMed RMD 256.95 -4.52 TeledyneTech TDY 448.74 11.36 WillisTowers WTW 231.35 -4.65

AmHomes4Rent AMH 39.19 -0.34 Blackstone BX 122.62 -0.23 CincinnatiFin CINF 131.11 3.17 s Enbridge ENB 45.25 0.41 Hershey HSY 208.36 1.63 LibertyFormOne C FWONK 61.12 1.19 NorthernTrust NTRS 114.51 -0.70 RestaurantBrands QSR 58.03 -0.37 Teleflex TFX 348.70 -1.23 WillScotMobile WSC 38.33 -0.41

AIG AIG 61.74 0.71 Block SQ 134.82 -5.82 Cintas CTAS 391.30 -9.07 Endeavor EDR 30.63 0.64 HertzGlobal HTZ 21.82 -0.20 LibertyBraves A BATRA 27.66 0.03 NorthropGrum NOC 446.60 18.65 RexfordIndlRealty REXR 72.42 -0.05 Ericsson ERIC 9.05 ... Wipro WIT 7.88 -0.15

AmerTowerREIT AMT 241.64 -0.89 BlueOwlCapital OWL 12.57 -0.26 CiscoSystems CSCO 56.00 0.03 EnelAmericas ENIA 5.94 0.18 s Hess HES 103.85 6.44 LibertyBraves C BATRK 26.30 -0.05 NortonLifeLock NLOK 27.20 -0.25 RingCentral RNG 121.59 -0.95 s TelefonicaBras VIV 10.70 0.19 Wolfspeed WOLF 103.96 -1.73

AmerWaterWorks AWK 157.01 -1.71 Boeing BA 185.90 -6.93 Citigroup C 56.98 -0.37 EnergyTransfer ET 9.90 0.11 HewlettPackard HPE 17.05 0.01 LibertySirius C LSXMK 45.37 -0.04 NorwegCruise NCLH 19.63 -0.27 RioTinto RIO 77.69 2.26 Telefonica TEF 4.58 0.01 WooriFin WF 36.06 -0.94

Ameriprise AMP 298.85 -1.97 BookingHldgs BKNG 2161.39-24.92 CitizensFin CFG 49.08 -0.17 EnphaseEnergy ENPH 185.45 0.93 HighwoodsProp HIW 44.54 -0.07 LibertySirius A LSXMA 45.25 0.19 Novartis NVS 86.08 -0.71 Rivian RIVN 43.56 -2.04 TelekmIndonesia TLK 32.16 0.17 Workday WDAY 242.84 -0.76

s AmerisourceBrgn ABC 153.18 1.18 BoozAllen BAH 85.45 -1.23 CitrixSystems CTXS 100.56 -0.18 Entegris ENTG 135.00 0.16 Hilton HLT 150.35 -1.44 LifeStorage LSI 135.62 1.26 NovoNordisk NVO 110.19 -1.28 RobertHalf RHI 118.17 -2.18 10xGenomics TXG 66.57 -3.26 WyndhamHtls WH 85.20 -0.42

Ametek AME 134.69 -0.07 BorgWarner BWA 38.38 -0.24 Clarivate CLVT 15.76 -0.09 Entergy ETR 110.77 1.32 Hologic HOLX 75.79 0.88 s EliLilly LLY 289.64 2.00 Novocure NVCR 78.53 -1.50 Robinhood HOOD 13.05 -0.39 s Tenaris TS 29.66 1.37 WynnResorts WYNN 78.30 -1.35

Amgen BostonProps BXP 125.51 0.96 s Cleveland-Cliffs CLF 28.69 1.22 EnterpriseProd EPD 24.56 0.43 HomeDepot HD 329.37-11.37 LincolnElectric LECO 134.25 0.07 NuHoldings NU 7.56 -0.30 Roblox RBLX 46.62 -3.00 XP XP 32.33 -0.08

AMGN 236.32 0.07 LincolnNational LNC 65.18 -0.87 s Nucor NUE 142.75 6.59 RocketCos. RKT 10.51 -0.48 TencentMusic TME 4.65 -0.41 XPO Logistics XPO 77.04 0.30

Amphenol APH 76.05 -0.49 BostonSci BSX 44.32 0.10 Clorox CLX 133.88 0.05 s Envista NVST 50.90 0.95 HondaMotor HMC 28.23 -0.09 Linde LIN 310.70 -0.96 s Nutrien NTR 105.22 5.57 Rockwell ROK 272.91 -2.92 TenetHealthcare THC 87.53 -0.15 XcelEnergy XEL 69.32 0.53

AnalogDevices ADI 164.22 0.77 BrightHorizons BFAM 135.98 -1.25 Cloudflare NET 104.45 -5.39 Equifax EFX 237.84 -3.27 Honeywell HON 193.02 -1.70 LithiaMotors LAD 334.13 -5.87 Nuvei NVEI 70.83 -0.82 RogersComm B RCI 53.51 -0.12 Teradyne TER 120.94 -2.01 XPeng XPEV 27.32 -1.45

AngloGoldAsh AU 23.76 0.33 s BristolMyers BMY 71.05 0.03 Coca-Cola KO 60.58 0.48 Equinix EQIX 717.75-14.51 HorizonTherap HZNP 108.66 0.66 LiveNationEnt LYV 113.93 0.95 NVIDIA NVDA 267.34 2.81 Roku ROKU 120.51 -4.34 Tesla TSLA 921.16 15.77 Xylem XYL 87.66 -0.41

AB InBev BUD 60.03 -0.58 BritishAmTob BTI 41.85 -0.01 Coca-ColaEuro CCEP 49.59 -0.12 s Equinor EQNR 36.41 2.03 HormelFoods HRL 49.75 0.49 LloydsBanking LYG 2.54 -0.03 Rollins ROL 33.83 -0.37 TetraTech TTEK 166.66 -1.10 YumBrands YUM 118.54 -3.45

Cognex CGNX 71.10 -0.55
O P QAnteroResources AR 26.49 0.89
AnnalyCap NLY 7.12 -0.11 Broadcom AVGO 601.29 -5.02 Equitable EQH 31.15 -0.62 DR Horton DHI 82.92 -2.82 LockheedMartin LMT 440.00 13.82 RoperTech ROP 462.67 -5.87 TevaPharm TEVA 7.93 0.04 YumChina YUMC 42.52 -1.93

BroadridgeFinl BR 151.96 -1.63 CognizantTech CTSH 91.39 -0.33 EquityLife ELS 75.07 -0.92 HostHotels HST 18.45 -0.58 s Loews L 63.99 0.73 RossStores ROST 91.07 -2.26 TexasInstruments TXN 180.46 0.36 ZimIntShipping ZIM 88.01 3.51

s Anthem ANTM 476.00 -2.02 BrookfieldMgt BAM 56.03 0.12 CoinbaseGlbl COIN 176.81 -9.13 EquityResdntl EQR 88.89 -0.11 HowmetAerospace HWM 35.88 0.15 LogitechIntl LOGI 73.56 -1.17 ONEOK OKE 68.52 1.52 RoyalBkCanada RY 113.40 0.52 TexasPacLand TPL 1395.74 47.29 ZTO Express ZTO 24.93 -1.30

Aon AON 317.90 -0.48 s BrookfieldInfr BIP 64.43 1.71 ColgatePalm CL 74.15 1.95 ErieIndemnity A ERIE 179.50 2.60 HuanengPower HNP 18.96 -0.33 Lowe's LOW 227.60 -8.07 OReillyAuto ORLY 685.47 -4.51 RoyalCaribbean RCL 75.65 -0.53 Textron TXT 75.29 0.14 ZebraTech ZBRA 429.54 -7.64

AptIncmREIT AIRC 52.60 -0.57 BrookfieldRenew BEPC 42.31 -0.32 Comcast A CMCSA 46.67 -0.24 EssentialUtil WTRG 48.76 0.68 Huazhu HTHT 31.25 -1.62 Lucid LCID 25.39 -0.28 s OccidentalPetrol OXY 60.96 4.72 s RoyalGold RGLD 139.22 2.06 ThermoFisherSci TMO 589.30 0.21 Zendesk ZEN 119.89 3.30

ApolloGlbMgmt APO 62.50 -0.08 Brown&Brown BRO 69.51 -0.08 Comerica CMA 94.36 -0.59 EssexProp ESS 338.19 -3.41 Hubbell HUBB 189.94 0.36 LufaxHolding LU 6.36 -0.30 Okta OKTA 169.41 -5.09 RoyaltyPharma RPRX 38.96 -0.36 ThomsonReuters TRI 107.75 -0.75 Zillow C Z 53.33 -1.66

Apple AAPL 165.38 1.40 Brown-Forman B BF.B 64.94 0.18 CommerceBcshrs CBSH 72.14 1.01 EsteeLauder EL 273.97 -2.90 HubSpot HUBS 466.87-24.86 lululemon LULU 308.22 -8.71 Olaplex OLPX 17.04 0.23 RyanSpecialty RYAN 36.08 -0.04 3M MMM 148.58 0.26 Zillow A ZG 52.25 -1.96

ApplMaterials AMAT 134.20 -0.94 Brown-Forman A BF.A 61.86 0.21 ConagraBrands CAG 31.96 0.22 Etsy ETSY 142.27 -5.73 Humana HUM 436.87 -3.74 LumenTech LUMN 10.96 -0.13 OldDomFreight ODFL 319.79 -8.51 Ryanair RYAAY 86.05 -0.67 Toast TOST 20.05 0.40 ZimmerBiomet ZBH 121.04 0.27

Applovin APP 53.40 -1.05 Bruker BRKR 67.56 -1.08 Concentrix CNXC 199.93 -3.23 EverestRe RE 286.90 0.24 JBHunt JBHT 213.96 -1.11 Lyft LYFT 36.85 -1.77 OldRepublic ORI 26.31 0.39 SAP SAP 111.87 -3.49 Toro TTC 86.93 -0.53 ZionsBancorp ZION 67.76 -0.09

Aptiv APTV 116.19 -2.51 BuildersFirst BLDR 76.36 -1.93 Confluent CFLT 38.48 0.90 Evergy EVRG 64.98 0.21 HuntingtonBcshs HBAN 15.08 -0.04 LyondellBasell LYB 104.94 2.51 Olin OLN 53.17 0.61 S&P Global SPGI 404.76 -5.18 TorontoDomBk TD 81.66 0.74 Zoetis ZTS 194.71 -1.19

Aramark ARMK 36.58 -0.61 Bunge BG 110.08 5.17 ConocoPhillips COP 102.76 3.16 EversourceEner ES 84.52 1.09 Huntsman HUN 39.14 -0.29 Omnicom OMC 83.79 -0.43 SBA Comm SBAC 327.60 -3.03 TotalEnergies TTE 50.32 0.50 ZoomVideo ZM 116.87 0.59

ArcelorMittal MT 33.45 1.60 BurlingtonStrs BURL 188.62 -8.58 ConEd ED 89.57 0.87 ExactSciences EXAS 63.90 -3.08 HyattHotels H 92.45 -1.80 MN OnHolding ONON 27.14 -0.69 SEI Investments SEIC 60.15 0.06 ToyotaMotor TM 171.80 0.10 ZoomInfoTech ZI 56.31 -2.50

ArchCapital ACGL 47.15 1.31 CBRE Group CBRE 90.27 -0.82 ConstBrands A STZ 225.85 -0.08 Exelon EXC 43.66 0.41 IAC/InterActive IAC 100.75 -4.31 ON Semi ON 61.93 ... SK Telecom SKM 26.14 -0.49 TractorSupply TSCO 231.59 -1.94 Zscaler ZS 220.86 -1.85

ArcherDaniels ADM 87.16 3.18 CDW CDW 178.79 -0.60 s ContinentalRscs CLR 63.13 3.28 Expedia EXPE 190.18 -3.00 ICICI Bank IBN 18.67 -0.31 M&T Bank MTB 180.58 1.29 OpenText OTEX 43.21 -0.20 SS&C Tech SSNC 78.30 -0.61 TradeDesk TTD 66.96 -1.85 Zynga ZNGA 9.05 0.01

Exchange-Traded Portfolios | WSJ.com/ETFresearch

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

Monday, March 21, 2022 Closing Chg YTD iShMSCI EAFE EFA 73.31 –0.62 –6.8 iSh1-3YTreasuryBd SHY 83.57 –0.33 –2.3 SPDR S&PMdCpTr MDY 491.26 –0.27 –5.1 VangdIntrCorpBd VCIT 85.91 –1.03 –7.4
Closing Chg YTD ETF Symbol Price (%) (%) iShMSCI EAFE SC SCZ 66.67 –0.46 –8.8 iSh7-10YTreasuryBd IEF 107.65 –1.30 –6.4 SPDR S&P 500 SPY 444.39 –0.03 –6.4 VangdLC VV 205.14 –0.13 –7.2
iShMSCIEmgMarkets EEM 44.66 –1.54 –8.6 iSh20+YTreasuryBd TLT 130.35 –2.32 –12.0 SPDR S&P Div SDY 126.68 VangdMC VO 235.15 –0.30 –7.7
ETF Symbol Price (%) (%) iShCoreS&P MC IJH 269.46 –0.27 –4.8 iShMSCIEAFEValue EFV 49.83 –0.20 –1.1 iShUSTreasuryBdETF GOVT 24.93 –1.01 –6.6 TechSelectSector XLK 154.49 0.38 –1.9 VangdMC Val VOE 148.38 –1.3
–0.56 –4.8 iShNatlMuniBd MUB 110.32 –0.51 –5.1 JPM UltShtIncm JPST 50.22 –0.06 –0.5 VangdInfoTech VGT 405.36 –0.19 –11.1 VangdMBS VMBS 50.11 0.13 –5.2
CnsmrDiscSelSector XLY 180.08 –0.84 –11.9 iShCoreS&P SC IJR 108.99 –0.20 –6.8 iSh1-5YIGCorpBd IGSB 51.67 –0.48 –4.1 PimcoEnhShMat MINT 100.30 –0.13 –1.2 VangdSC Val VBR 176.73 –0.25 –11.5 VangdRealEst VNQ 105.75 –0.85 –8.8
CnsStapleSelSector XLP 73.95 0.13 –4.1 –0.88 –6.4 iShPfd&Incm PFF 35.89 –0.77 –9.0 ProShUltPrQQQ TQQQ 52.79 –0.71 –36.5 VangdExtMkt VXF 164.04 –0.10 –1.2 VangdS&P500ETF VOO 409.91 –0.61 –6.1
DimenUSCoreEq2 DFAC 27.53 iShS&PTotlUSStkMkt ITOT 99.72 –0.98 –6.2 iShRussell1000Gwth IWF 270.87 –0.33 –11.4 SPDRBlm1-3MTB BIL 91.41 VangdSC Grwth VBK 245.98 –0.74 –10.3 VangdST Bond BSV 78.12 –3.4
EnSelectSectorSPDR XLE 76.13 –0.18 –5.0 iShRussell1000Val IWD 165.73 SPDR Gold GLD 180.67 ... –0.0 VangdDivApp VIG 160.64 –0.95 –12.7 VangdSTCpBd VCSH 78.00 0.00 –4.0
FinSelSectorSPDR XLF 38.81 4.03 37.2 iShCoreTotalUSDBd IUSB 49.56 0.50 3.6 iShRussell2000 IWM 205.44 0.20 –1.3 SPDRS&P500Value SPYV 41.36 0.76 5.7 VangdFTSEDevMk VEA 47.89 –0.25 –6.5 VangdShtTmInfltn VTIP 51.69 –0.48
HealthCareSelSect XLV 136.46 –0.06 –7.4 iShRussell2000Val IWN 161.90 –0.88 –7.6 SchwabIntEquity SCHF 36.60 0.23 –1.5 VangdFTSE EM VWO 45.78 –0.53 –6.2 VangdSC VB 212.68 –0.50 0.6
IndSelSectorSPDR XLI 102.73 –0.10 –0.6 iShCoreUSAggBd AGG 107.04 –0.18 –5.5 iShRussellMid-Cap IWR 77.28 –0.23 –2.5 SchwabUS BrdMkt SCHB 52.69 –0.54 –5.8 VangdFTSE Europe VGK 62.03 –1.26 –7.4 VangdTaxExemptBd VTEB 51.98 –0.25 –5.9
InvscQQQI QQQ 350.08 –0.08 –3.1 –0.22 –9.0 iShRussellMCValue IWS 118.97 –0.31 –6.9 SchwabUS Div SCHD 78.89 –0.11 –6.8 VangdFTSEAWxUS VEU 57.31 –0.99 –9.1 VangdTotalBd BND 79.36 –0.37 –5.3
InvscS&P500EW RSP 156.08 iShSelectDividend DVY 126.98 iShRussell1000 IWB 247.00 SchwabUS LC SCHX 53.11 0.17 –2.4 VangdGrowth VUG 280.03 –0.77 –6.5 VangdTotIntlBd BNDX 52.60 –0.40 –6.4
iShCoreDivGrowth DGRO 53.37 0.22 –2.9 0.77 5.7 iShS&P500Growth IVW 74.82 0.12 –2.8 SchwabUS LC Grw SCHG 72.51 –0.09 –6.7 VangdHlthCr VHT 254.28 –0.40 –12.7 VangdTotIntlStk VXUS 59.47 –1.02 –4.6
iShCoreMSCIEAFE IEFA 69.35 –0.28 –12.0 iShESGAwareUSA ESGU 99.94 –1.39 –9.4 iShS&P500Value IVE 154.94 –0.02 –6.6 SchwabUS SC SCHA 47.55 –0.23 –11.4 VangdHiDiv VYM 111.86 –0.25 –4.6 VangdTotalStk VTI 224.97 –0.44 –6.4
iShCoreMSCIEM IEMG 54.98 –0.28 –4.1 –1.15 –6.2 iShShortTreaBd SHV 110.25 –0.19 –10.6 Schwab US TIPs SCHP 61.28 –0.73 –7.1 VangdIntermBd BIV 81.93 VangdTotlWrld VT 100.17 –0.73 –6.8
iShCoreMSCITotInt IXUS 66.29 –0.22 –4.0 iShEdgeMSCIMinUSA USMV 76.44 –1.75 –12.1 iShTIPSBondETF TIP 125.60 SPDR DJIA Tr DIA 345.44 –0.89 –2.6 0.30 –0.2 VangdValue VTV 147.88 –0.09 –6.8
iShCoreS&P500 IVV 447.61 –0.66 –7.1 –0.73 –5.0 0.19 –1.1 –0.50 –4.9 –1.13 –6.5 –0.25
–1.40 –8.2 iShEdgeMSCIUSAQual QUAL 132.42 –0.35 –6.8 –0.03 –0.2 0.5
–0.66 –6.6 –0.88 –2.8 0.38
–0.02 –6.2 iShGoldTr IAU 36.78

iShiBoxx$InvGrCpBd LQD 120.12

iShiBoxx$HYCpBd HYG 81.58

iShJPMUSDEmgBd EMB 95.84

iShMBSETF MBB 102.07

iShMSCI ACWI ACWI 98.58

New Highs and Lows Stock 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
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 Stock Sym Hi/Lo Chg

Fluor FLR 29.43 3.7 MolinaHealthcare MOH 347.62 -1.8 SensusHealthcare SRTS 11.36 0.2 VoltInfoSci VOLT 5.96 -0.2 Cepton CPTN 3.73 -12.4 IG Acqn Wt IGACW 0.23 -4.0 OceanTechI Wt OTECW 0.13 11.0
6.78 -11.2
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE GladstoneLand LAND 37.41 -1.7 Mosaic MOS 67.75 8.2 ServisFirst SFBS 92.89 -0.3 VoyagerTherap VYGR 8.72 7.4 Children'sPlace PLCE 49.67 -4.9 Immunogen IMGN 3.83 -18.3 OmegaTherap OMGA 0.17 -16.5
0.20 -17.7
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low GlShipLeasePfdB GSLpB 26.49 0.3 MotiveCapA MOTV 10.89 2.2 Servotronics SVT 14.90 -0.2 WeisMarkets WMK 78.23 0.6 CitigroupPfdJ CpJ 26.21 -0.7 InFinTAcqnWt IFIN.WS 0.15 -5.9 OmnichannelWt OCA.WS 0.21 -12.3
0.76 -8.5
in the latest session. % CHG-Daily percentage change from the previous trading session. GolarLNG GLNG 21.44 -0.1 MurphyOil MUR 41.07 6.1 ShawComm B SJR 30.76 -0.6 Welltower WELL 93.23 0.6 CloverLeafCapRt CLOER 0.28 -1.6 InnovativeIntlWt IOACW 0.17 -5.6 OmniLitAcqnWt OLITW 24.57 ...
7.75 -6.7
Greenbrier GBX 52.51 1.6 NaturalResPtrs NRP 42.77 8.6 SigmaLithium SGML 13.31 7.8 Westlake WLK 126.85 1.2 ConcordAcqnIIWt CNDA.WS 0.45 0.3 IntlMediaAcqnWt IMAQW 0.15 -11.2 PHP Ventures Wt PPHPW 0.35 -0.6
GreeneCnty GCBC 49.16 -0.5 NeuroSense NRSN 8.18 299.4 SilganHoldings SLGN 46.24 2.5 0.08 -21.4 PalisadeBio PALI 2.30 -2.1
Monday, March 21, 2022 CrucibleAcqnWt CRU.WS 0.26 -0.9 IntlMediaAcqnRt IMAQR 7.51 -6.8
LowsStock 0.23 -4.2
52-Wk % 52-Wk % 52-Wk % HanoverIns THG 148.24 1.9 NeuroSenseWt NRSNW 1.95 323.3 SilvercrestAsset SAMG 20.05 1.5 Crypto1AcqnWt DAOOW 0.25 -6.2 InterPrivateIV IPVIU 9.72 -1.7 PriorityIncmPfdI PRIFpI 0.14 -22.7
Sym Hi/Lo Chg Sym Hi/Lo Chg Sym Hi/Lo Chg 47.17 2.9 81.40 4.2 10.69 -1.9
Stock Stock Hawkins HWKN 9.95 0.7 NexstarMedia NXST 191.00 -1.0 SOQUIMICH SQM 10.39 -0.4 AccelerateWt AAQC.WS 0.31 -2.9 CytekBiosci CTKB 11.27 -6.8 JattAcqnWt JATT.WS 0.34 -11.8 PropertyGuru PGRU 0.22 -8.3
89.44 1.0 10.41 -0.3 4.38 -8.5 4.70 -6.6
HeartlandMediaA HMA 6.6 NiSource NI 30.65 0.9 SouthportAcqn PORT.U 80.42 -0.6 AdagioTherap ADGI 0.16 -10.5 DayOneBiopharm DAWN 9.78 -10.1 Jewett-Cameron JCTCF 5.50 -25.6 ProspectorCapWt PRSRW 0.11 18.8
103.94 35.66 -0.3 2.94 -1.9 0.24 -3.0
HighsAAR Berkley WRB 98.13 2.1 CommWestBcshs CWBC 14.72 3.6 HenrySchein HSIC 4.50 ... Noble NE 34.15 4.1 SouthportAcqnA PORT 87.31 1.2 AfricanGoldWt AGAC.WS 6.63 13.6 DirectSellingAcqnWt DSAQ.WS 0.16 -9.1 KaratPkg KRT 14.70 -6.4 Quantum QMCO 0.17 -12.0
6.21 2.7 30.22 2.3 0.26 -43.2 7.98 1.8
BerkHathwy A BRK.A 526732 2.3 SABESP SBS 9.26 2.9 Hess HES 5.20 2.4 Nucor NUE 144.63 4.8 SouthwestGas SWX 14.77 1.5 AirspanNetworks MIMO 1.09 -1.7 Diversey DSEY 6.89 -7.1 LavaMedtechWt LVACW 0.16 -7.7 Rallybio RLYB 0.28 -0.3
0.2 13.65 2.3 8.53 -2.1 18.64 -17.9
BerkHathwy B BRK.B 351.21 2.1 EngGr-Cmg C CIG.C 4.04 2.3 HolleyWt HLLY.WS 10.00 -0.3 Nutrien NTR 105.47 5.6 SpartanNash SPTN 10.78 1.8 Akanda AKAN ENDRA LifeSci NDRA 0.35 -7.8 LandcadiaIV Wt LCAHW 0.28 19.5 ScionTechI Wt SCOAW 0.34 -9.4
95.75 2.2 29.95 4.8 0.34 -8.1 3.23 -3.0
AIR 46.43 1.7 BlockHR HRB 26.84 -2.4 EngGr-Cmg CIG 2.94 4.3 HudsonTech HDSN 34.94 0.5 OccidentalPetrol OXY 62.40 8.4 SteelDynamics STLD 21.76 5.1 AllenaPharm ALNA EaglePointPfdC ECCC 24.70 -0.2 LeoHldgsII Wt LHC.WS 2.64 3.6 ScionTechII Wt SCOBW 0.12 -0.1
21.95 1.2 10.25 0.1 0.17 -5.5 79.52 0.7
AECOM ACM 79.50 1.7 Box BOX 28.99 1.6 COPEL ELP 7.43 3.6 IRSA IRS 29.59 -0.3 OccidentalPetrolWt OXY.WS 40.60 12.7 Switch SWCH 23.97 6.0 Alpine4 EmclaireFin EMCF 25.23 2.7 LexariaBioscience LEXX 52.14 -7.7 SeaSpine SPNE 2.10 -69.0
24.48 -0.5 183.46 1.2 5.31 -23.4 7.21 -24.4
A-MarkPrecMet AMRK 81.16 8.8 BrasilAgro LND 7.03 2.8 ContinentalRscs CLR 63.23 5.5 IndlHumanCap AXH 75.52 2.5 Old2ndBcp OSBC 14.95 8.0 TCG BDC CGBD 16.95 0.5 ALPP Erasca ERAS 9.74 -12.3 LibertyRscsWt LIBYW 0.26 -31.1 SeniorConnectI Wt SNRHW 0.44 -13.8
6.73 6.1 18.88 0.6 0.18 -21.2 0.43 -21.9
APA APA 41.73 4.5 BristolMyers BMY 72.06 ... Corteva CTVA 56.98 2.0 InglesMarkets IMKTA 23.55 0.2 OsirisAcqn OSI 10.00 0.6 TIM TIMB 34.92 0.1 AmbacFin AMBC 3.34 -9.3 ExcelFinAcqnWt XFINW 0.37 -2.4 LiveOakBcshs LOB SifcoInd SIF 4.24 -13.6
9.95 10.4 70.21 4.0 32.41 -5.0
A SPAC I Acqn ASCAU 10.11 0.3 BrookfieldInfr BIP 64.43 2.7 Costamare CMRE 17.64 4.2 IntercorpFinSvcs IFS 9.00 0.7 PCConnection CNXN 53.31 0.1 TelefonicaBras VIV 26.00 3.4 Annexon ANNX 14.45 -5.7 FinnovateAcqn FNVTU 9.93 -1.5 Lulu'sFashion LVLU SouthportAcqnWt PORT.WS 0.17 7.1
295.33 -0.7 29.47 2.9 4.02 -1.5
ASPACIAcqnRt ASCAR 0.20 39.3 BullHorn BHSE 10.07 0.1 Crane CR 110.94 -0.2 IntlMoneyExpress IMXI 22.67 PackagingCpAm PKG 157.75 -0.1 Tenaris TS Arcellx ACLX 20.92 -0.3 FinServ II Wt FSRXW 0.32 -10.5 MacondrayCapIWt DRAYW SportsMapTechWt SMAPW 0.88 -2.8

AbbVie ABBV 160.95 0.5 BurTechAcqnA BRKH 9.90 0.3 Credicorp BAP 171.60 0.6 InvenTrust IVT ParsecCapA PCX 10.03 ... Tidewater TDW ArchCapitalPfdG ACGLN 6.17 -3.5 FinTechEvolWt FTEV.WS 0.16 -4.1 MarlinTechWt FINMW SpreeAcqn1 Wt SHAP.WS

AckrellSpacUn ACKIT 10.23 0.1 CBIZ CBZ 41.35 -1.9 CrownHoldings CCK 129.57 0.9 KemperDeb2062 KMPB PathfinderBncp PBHC 18.86 2.3 TigaAcqnA TINV AsureSoftware ASUR 9.94 -0.1 FocusImpactAcqnWt FIACW 0.19 0.3 MaxproCapitalAcqn JMACU TailwindTwoA TWNT
10.02 -1.4 Tech&EnerWt TETCW
AdamsRes AE 37.85 7.5 CF Industries CF 102.60 6.4 DaveWt DAVEW 2.15 17.7 KilroyRealty KRC PembinaPipeline PBA 37.47 1.3 TimkenSteel TMST AtlCoastalAcqnII ACABU 24.90 -0.3 FortuneRise FRLAU 10.02 -0.2 MaxproCapWt JMACW 0.19 -16.1 Telesat

Alleghany Y 853.21 24.8 CHWAcqn CHWA 9.95 0.4 Deere DE 426.80 2.2 KosmosEnergy KOS People'sUtdFin PBCT 21.62 1.0 Travelers TRV BancroftFdPfdA BCVpA 0.22 -10.0 FreshVineWine VINE 2.80 -6.2 MeihuaIntlMed MHUA TSAT
6.12 -3.4 TishmanSpeyII Wt TSIBW
Amdocs DOX 82.45 ... CNX Resources CNX 19.50 1.6 EOG Rscs EOG 123.19 5.8 LSB Inds PioneerNatRscs PXD 251.41 4.7 TriconRes TCN BatteryFutureWt BFAC.WS 0.30 3.3 FusionAcqnIIWt FSNB.WS 0.17 3.0 MotorsportGames MSGM

AmericasTechA ATA 10.23 0.1 LXU TrinityCapital TRIN BeardEnerWt BRD.WS 1.42 3.6 TScanTherap TCRX

AmerisourceBrgn ABC 155.76 0.8 CVR Partners UAN 135.01 9.0 EQT EQT 28.42 4.8 LatAmGrowthA LATG PPlus RRD-1 PYS 25.23 -2.9 TrinityIndustries TRN BirdGlobalWt BRDS.WS 0.34 4.2 GabelliDivPfdK GDVpK 20.50 -3.1 MountRainierWt RNERW 0.11 -7.5 TuscanIIWt THCAW

Anthem Cal-MaineFoods CALM 52.72 -3.5 8iAcqn2 LAX 9.82 ... LifewayFoods LWAY Progressive PGR 113.54 0.9 TritonIntl TRTN BirdGlobal BRDS 2.40 -3.1 GabelliPfdB GLUpB 50.64 ... MountainI Wt MCAAW 0.30 -1.0 UsanaHealth USNA

ANTM 485.80 -0.4 Cameco CCJ 30.04 6.9 ElbitSystems ESLT 225.99 5.3 EliLilly LLY PureStorage PSTG 35.54 1.5 TriumphGroup TGI BlackMountainWt BMAC.WS 0.22 -3.2 GardinerHlthcrWt GDNRW 0.16 -8.7 MudrickCapII Wt MUDSW 0.33 -8.5 VallonPharm VLON

ArcosDorados ARCO 8.13 -2.6 CanNaturalRes CNQ 62.69 3.0 Enbridge ENB 45.45 0.9 LimestoneBncp LMST QuantaServices PWR 128.94 1.3 TurquoiseHill TRQ BorqsTechs BRQS 0.24 -8.6 GoldenPathWt GPCOW 0.06 -8.8 MusicAcqnWt TMAC.WS 0.17 -6.3 VigilNeurosci VIGL

ArisWater ARIS 19.10 1.9 Centene CNC 88.61 -1.1 EnergemA ENCP 9.98 0.1 Loews L 64.04 1.2 Rambus RMBS 31.64 -0.1 TwinDisc TWIN 17.68 5.2 Boxed BOXD 7.94 -20.8 GoresTechWt GTPAW 0.70 -1.4 NLS Pharm Wt NLSPW 0.20 1.2 WarburgPinI-B Wt WPCB.WS

Assurant AIZ 178.77 1.0 CenterPointEner CNP 29.61 1.4 Envista NVST 51.35 1.9 Markel MKL 1467.29 1.1 RegenPharm REGN 697.01 1.1 US Silica SLCA 17.83 1.8 CannaGlblAcqn CNGLU 9.97 -0.9 GraphiteBio GRPH 6.64 -15.1 NaborsEnerWt NETC.WS 0.31 -8.8 WarburgPinI-A Wt WPCA.WS

AtlanticusNts26 ATLCL 25.23 0.8 CntlValCmntyBk CVCY 23.99 -0.1 Equinor EQNR 36.47 5.9 Matson MATX 123.42 -0.4 RelianceSteel RS 198.44 1.7 US Steel X 35.61 7.6 CapitalworksEM Wt CMCAW 0.16 5.6 HTG Molecular HTGM 1.55 -0.6 NatlCineMedia NCMI 2.39 -3.2 WerewolfTherap HOWL

AuroraTech ATAKU 10.08 0.3 Cerner CERN 93.87 ... FMC FMC 131.54 1.5 McKesson MCK 305.71 0.3 RoyalGold RGLD 140.96 1.5 UnitedHealth UNH 513.00 0.3 CarLotz LOTZ 1.57 -3.0 HamiltonLaneI HLAHU 9.81 0.5 NetSolTech NTWK 3.61 ... WillisLease WLFC

BancFirst BANF 83.51 -0.7 Chubb CB 214.21 0.7 FNCB Bancorp FNCB 10.15 -1.2 MedallionFin MFIN 10.05 0.8 RyersonHolding RYI 38.00 5.2 VahannaTechI A VHNA 10.15 0.3 CassInfoSys CASS 37.67 -0.5 HlthcrSvcs HCARU 9.79 -0.1 NorthernGenIII Wt NGC.WS 0.39 2.9 WorldwideWebbWt WWACW

BanColombia CIB 40.66 5.2 CivitasRsrcs CIVI 59.73 -0.3 FalconMineralsWt FLMNW 0.36 -9.3 MetalsAcqn MTAL 10.05 0.7 SachemNts2027 SCCE 24.80 0.3 ValeroEnergy VLO 94.96 4.2 CatalystPtrsWt CPARW 0.40 12.6 HeritageGlobal HGBL 1.30 -1.5 NorthernStrIV Wt NSTD.WS 0.29 -3.4 ZeviaPBC ZVIA

BankofMontreal BMO 122.18 0.1 Cleveland-Cliffs CLF 29.12 4.4 FarmersBancp FMAO 35.40 1.0 Methanex MEOH 56.14 3.3 Sempra SRE 159.50 1.9 ViscogliosiBros VBOC 9.90 0.1 CedarRealtyPfB CDRpB 10.26 -3.6 HookerFurnishings HOFT 18.93 -2.2 NovaVisionWt NOVVW 0.07 -28.5 Zovio ZVO

Mutual Funds Data provided by Fund Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD
NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret

Intl Stk 46.85 -0.12 -0.9 BluCh 156.85 -1.06-14.6 TotRtnBdFdClInst 26.42 -0.20 -6.9 LrgCpStr 17.04 -0.12 -9.6 VANGUARD ADMIRAL TotStAdml 109.48 -0.19 -6.9 MdCpVlAdml 76.87 +0.08 -1.2

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Stock 249.46 +0.26 1.7 Contra 16.51 -0.02-10.9 Harbor Funds Parnassus Fds 500Adml 413.01 -0.16 -6.1 TxMCapAdml231.38 -0.25 -6.7 SmValAdml 75.88 -0.14 -1.2

e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds ContraK 16.56 -0.03-10.9 CapApInst 84.16 -0.87-16.5 ParnEqFd 59.22 -0.12 -6.6 BalAdml 45.82 -0.21 -6.5 TxMIn r 15.37 -0.10 -6.4 TotBd2 10.33 -0.10 -6.1
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotRetBdI 9.87 -0.07 -4.6 CpInc r 10.56 -0.02 -5.1 Harding Loevner PGIM Funds Cl Z CAITAdml 11.60 -0.01 -4.5 USGroAdml 139.01 -1.46-17.5 TotIntlInstIdx r127.57 -1.04 -6.6
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
available due to incomplete price, performance or cost data. NE-Not released by Lipper; Edgewood Growth Instituti GroCo 31.59 -0.20-13.4 IntlEq 26.56 -0.16-11.7 HighYield 5.15 -0.01 -5.2 CapOpAdml r178.72 -0.93 -7.7 ValAdml 57.70 +0.20 0.6 TotItlInstPlId r127.59 -1.05 -6.6
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
EdgewoodGrInst NA ... NA GrowCoK 31.71 -0.20-13.4 Invesco Funds Y TotalReturnBond 13.39 -0.11 -6.9 DivAppIdxAdm 43.60 -0.12 -6.0 WdsrllAdml 78.45 -0.05 -4.2 TotSt 109.43 -0.19 -6.9

Fidelity InvGrBd 10.90 -0.09 -5.7 DevMktY 38.66 -0.65-17.8 PIMCO Fds Instl EMAdmr 37.88 -0.55 -7.4 WellsIAdml 67.36 -0.26 -3.9 VANGUARD INSTL FDS

500IdxInstPrem155.25 -0.06 -6.1 LowP r 52.73 -0.14 -2.0 John Hancock AllAsset 12.21 -0.02 -3.2 EqIncAdml 92.98 +0.35 0.8 WelltnAdml 77.47 -0.39 -7.1 BalInst 45.83 -0.21 -6.5

Contrafund K6 20.71 -0.04-10.9 Magin 13.33 -0.08-13.3 BondR6 15.02 -0.11 -6.4 ShortT 9.66 -0.01 -1.0 ExplrAdml 107.55 -0.97 -9.7 WndsrAdml 82.92 -0.07 1.7 DevMktsIndInst 15.39 -0.10 -6.3

ExtMktIdxInstPre 78.22 -0.67-10.3 NASDAQ r 174.40 -0.68-11.4 John Hancock Instl TotRt 9.59 -0.09 -6.1 ExtndAdml 124.41 -1.06-10.3 VANGUARD FDS DevMktsInxInst 24.06 -0.15 -6.3
FidSerToMarket 14.87 -0.03 -6.8 GNMAAdml 10.10 -0.05 -3.9 ExtndInst 124.40 -1.07-10.3
Monday, March 21, 2022 GrowthCompanyK6 19.77 -0.14-13.6 OTC 16.91 -0.12-13.7 DispValMCI 27.63 +0.03 -0.2 PIMCO Funds A GrwthAdml 144.06 -0.76-12.8 DivdGro 37.91 +0.03 -3.5 GrwthInst 144.08 -0.75-12.8
InflPrBdIndInsPr 10.93 -0.08 -2.1 HlthCareAdml r 92.17 -0.36 -3.8 -5.6 InPrSeIn 11.37 -0.09 -1.9
Net YTD Net YTD Net YTD IntlIdxInstPrem 45.74 -0.35 -7.2 Puritn 25.51 -0.01 -6.2 JPMorgan I Class NA IncomeFd NA ... NA HYCorAdml r 5.61 -0.02 -4.8 IntlVal 39.26 -0.33 -6.1 InstIdx 381.07 -0.14 -6.1
NAV Chg %Ret NAV Chg %Ret MidCpInxInstPrem 29.81 -0.10 -6.8 NA InfProAd 27.90 -0.22 -1.9 -6.6 InstPlus 381.07 -0.15 -6.1
Fund Fund NAV Chg %Ret Fund SAIUSLgCpIndxFd 21.35 -0.01 -6.1 SrsEmrgMkt 18.16 -0.36-13.6 CoreBond 11.13 -0.09 PIMCO Funds I2 IntlGrAdml 115.31 -2.35-17.2 LifeCon 21.67 -0.14 -6.3 InstTStPlus 82.14 -0.15 -6.9
SeriesBondFd 9.76 -0.09 -6.0 NA ITBondAdml 11.11 -0.11 -6.2 -4.8 MidCpInst 64.35 -0.26 -7.7
American Century Inv Artisan Funds Calamos Funds SeriesOverseas 12.59 -0.13-12.6 SrsGlobal 14.04 -0.13 -6.8 EqInc 23.83 +0.05 Income NA ... NA ITIGradeAdml 9.20 -0.09 -7.0 LifeGro 41.51 -0.22 -7.6 MidCpIstPl 317.38 -1.29 -7.7
IntlVal Inst 40.92 -0.54 -3.4 SerLTTreBdIdx 7.53 -0.16-11.2 -2.6 LTGradeAdml 9.52 -0.16-12.2 -5.0 RealEstaInstl 23.20 -0.15 -8.7
Ultra 76.86 -0.34-12.3 Baird Funds MktNeutI 14.29 +0.01 -1.6 SmCpIdxInstPrem 25.43 -0.25 -7.7 SrsGroCoRetail 17.69 -0.11-13.3 JPMorgan R Class PIMCO Funds Instl MidCpAdml 291.30 -1.19 -7.7 LifeMod 31.43 -0.18 -5.4 SmCapInst 101.81 -0.51 -6.0
AggBdInst 10.61 -0.09 -6.4 TMktIdxInstPrem124.68 -0.22 -6.8 -2.6 MuHYAdml 11.26 -0.01 -5.5 -6.1 SmCapIstPl 293.88 -1.45 -6.0
American Funds Cl A CorBdInst 10.89 -0.09 -6.3 Columbia Class I TotalMarketIndex 15.67 -0.03 -6.6 SrsIntlGrw 16.65 -0.19-12.9 CoreBond 11.15 -0.09 IncomeFd NA ... NA MuIntAdml 13.99 -0.01 -4.4 PrmcpCor 32.02 -0.12 -6.3 STIGradeInst 10.33 -0.04 -3.7
BlackRock Funds USBdIdxInstPrem 11.22 -0.10 -5.9 -2.6 MuLTAdml 11.40 -0.02 -5.5 -6.4 STIPSIxins 25.93 -0.05 0.7
AmcpA p 39.52 -0.38-13.1 HiYldBd Inst 7.38 -0.02 -4.9 DivIncom I 30.50 +0.04 -3.1 SrsIntlVal 10.90 -0.01 -2.4 Lord Abbett A Price Funds MuLtdAdml 10.87 -0.01 -2.4 STAR 29.51 -0.22 -6.5 TotBdInst 10.46 -0.10 -6.1
BlackRock Funds A Fidelity Freedom -6.2 MuShtAdml 15.69 -0.01 -1.1 -6.6 TotBdInst2 10.33 -0.10 -6.1
AMutlA p 52.59 +0.16 -0.7 GlblAlloc p 19.31 -0.07 -7.2 Dimensional Fds TotalBond 10.37 -0.09 -5.8 ShtDurIncmA p 4.03 -0.01 -6.2 BlChip 151.40 -1.18-14.9 TgtRe2015 13.88 -0.09
BlackRock Funds III FF2020 15.65 -0.11 -6.0
BalA p 31.90 -0.09 -4.4 iShS&P500IdxK526.33 -0.20 -6.1 5GlbFxdInc 10.26 -0.05 -4.1 Fidelity SAI Lord Abbett F DivGro 69.85 -0.15 -5.7 TgtRe2020 29.33 -0.17
EmgMktVa 30.66 -0.35 -1.1
BondA p 12.60 -0.10 -5.5 EmMktCorEq 23.80 -0.31 -5.0 TotalBd 9.80 -0.08 -5.7 ShtDurIncm 4.02 -0.01 EqInc 36.82 +0.07 2.3 TgtRe2025 19.10 -0.11
IntlCoreEq 15.31 -0.04 -4.9
CapIBA p 67.76 -0.06 -2.8 IntSmCo 20.29 -0.06 -6.8 U.S.TreBdIdx 9.48 -0.10 -5.5 Lord Abbett I Growth 87.78 -0.71-17.4 TgtRe2030 35.99 -0.20
IntSmVa 20.99 +0.01 -1.9
CapWGrA 58.16 -0.21 -8.3 Fidelity Selects ShtDurInc p 4.02 -0.01 HelSci 93.69 -0.90-10.0 TgtRe2035 22.31 -0.12

EupacA p 56.38 -0.49-13.0 Softwr r 26.40 -0.10-12.0 Metropolitan West LgCapGow I 62.15 -0.51-15.5 TgtRe2040 39.30 -0.20

FdInvA p 70.79 -0.25 -6.6 First Eagle Funds TotRetBdI 10.20 -0.10 MidCap 103.29 -1.04-12.0 TgtRe2045 26.51 -0.13

GlbA 64.51 +0.11 ... TRBdPlan 9.56 -0.10 NHoriz 61.52 -1.15-19.9
GwthA p 64.89 -0.40-12.7 BlackRock Funds Inst LgCo 31.82 -0.01 -6.1 FF2025 NA ... NA PrmcpAdml r159.59 -0.58 -5.8 TgtRe2050 43.80 -0.21 -6.6 TotBdInstPl 10.46 -0.10 -6.1
14.42 -0.10 -6.2 FPA Funds MFS Funds R2020 NA ... NA RealEstatAdml149.91 -0.96 -8.7 TgtRe2060 44.86 -0.21 -6.6 TotIntBdIdxInst 31.54 -0.17 -4.6
HI TrA p 9.99 -0.02 -4.1 EqtyDivd 22.02 ... 1.6 US CoreEq1 34.64 -0.04 -5.0 FF2030
18.08 -0.13 -6.5 NwInc 9.79 -0.02 -1.6 IIE 30.56 -0.26 -8.6 R2025 NA ... NA SmCapAdml101.82 -0.50 -6.0 TgtRet2055 48.76 -0.23 -6.6 TotStInst 109.50 -0.19 -6.9
ICAA p 48.59 -0.04 -5.9 StratIncOpptyIns 9.81 ... -2.9 US CoreEq2 31.44 -0.05 -4.8 FF2035
15.78 -0.10 -6.8 Franklin A1 MFS Funds Class I R2030 NA ... NA SmGthAdml 86.50 -0.83-12.6 TgtRetInc 13.75 -0.08 -4.9 ValueInst 57.69 +0.19 0.6

IncoA p 25.14 +0.02 -2.1 Bridge Builder Trust US Small 44.71 -0.27 -5.0 FF2040 11.33 -0.06 -7.0 IncomeA1 p 2.51 ... 0.7 GrowthI 167.76 -0.97-13.7 R2040

N PerA p 58.48 -0.35-11.9 CoreBond 9.75 -0.08 -6.1 US SmCpVal 44.09 +0.01 1.4 Freedom2025 K 14.40 -0.11 -6.2 FrankTemp/Frank Adv ValueI 52.58 ... -3.8 Schwab Funds STBondAdml 10.24 -0.05 -3.2 WellsI 27.81 -0.10 -3.9 WCM Focus Funds
NEcoA p 52.51 -0.56-15.1 CorePlusBond 9.66 -0.08 -6.1 US TgdVal 30.68 +0.02 1.6 Freedom2030 K 18.07 -0.13 -6.5 IncomeAdv 2.48 ... 0.4 Northern Funds 1000 Inv r NA ... NA STIGradeAdml 10.33 -0.04 -3.8 Welltn
NwWrldA 75.55 -0.63-12.2 Intl Eq 12.17 -0.10 -9.0 USLgVa 46.10 +0.14 0.1 Freedom2035 K 15.77 -0.10 -6.8 FrankTemp/Franklin A StkIdx 49.03 -0.02 -6.1 S&P Sel NA ... NA STIPSIxAdm 25.91 -0.06 0.7 WndsrII 44.87 -0.22 -7.2 WCMFocIntlGrwIns 22.71 -0.29-18.0
44.22 -0.02 -4.2 Western Asset
SmCpA p 67.37 -0.86-15.8 LargeCapGrowth 20.97 -0.13-10.8 Dodge & Cox
Freedom2040 K 11.33 -0.07 -7.0 Growth A p 133.44 -0.52-11.3 Nuveen Cl I TSM Sel r NA ... NA TotBdAdml 10.46 -0.10 -6.1 VANGUARD INDEX FDS CoreBondI 12.01 -0.13 -7.8
TxExA p 12.87 -0.01 -4.7 LargeCapValue 17.15 +0.01 -0.9 Balanced 108.94 -0.25 -0.4 Fidelity Invest RisDv A p 90.32 -0.11 -6.9 HYMunBd 17.14 ... -6.3 TIAA/CREF Funds TotIntBdIdxAdm 21.01 -0.12 -4.6 ExtndIstPl 307.01 -2.63-10.3 CorePlusBdI 10.77 -0.12 -9.2

WshA p 58.68 +0.06 -2.6 MunicipalBond 10.23 ... -4.5 Income 13.31 -0.09 -5.3 Balanc 28.52 -0.10 -6.1 Guggenheim Funds Tru Old Westbury Fds EqIdxInst 31.92 -0.05 -6.6 TotIntlAdmIdx r 31.90 -0.26 -6.6 IdxIntl 19.07 -0.16 -6.6 CorePlusBdIS 10.77 -0.12 -9.1











THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | S3

BARRON’S SPECIAL REPORT

Maryland No. 9

Ann Marie Etergino

RBC Wealth Management

Ann Marie Etergino, founder and managing director of RBC
Wealth Management’s Etergino Group in Chevy Chase, Md.,
has learned that the more she reveals her own vulnerabili-
ties and fears to her clients, the more willing they are to
divulge about themselves—and this give-and-take makes
her an effective advisor.

“I used to focus on numbers, but now I realize that the
most important asset in my business is authenticity,”
says Etergino, who manages roughly $1.6 billion—half
for nonprofit organizations and half for families and
individuals—with a focus on women.

Barron’s: How did you come to specialize in working
with women?
Ann Marie Etergino: I grew up with a lot of financial
instability. My father was an alcoholic and lost his job fre-
quently, and my mother didn’t work out of the home, so we
were always worried about money. I learned that if you
don’t know about money, you’re vulnerable. This made me
want to help other women achieve financial independence.

Is there an example of how your candidness helps
you connect with clients?
About five years ago, I was competing for a $10 million
account. I was the only woman, and the prospect was a
woman. After a presentation, I asked her what she was
most afraid of, and she said running out of money. I said,
“I get that. I’ve always been afraid, too.” When you’re hon-
est, people know it, and you can form a powerful connec-
tion. We got that account.

How are your clients coping with recent volatility?
We tell them to stay disciplined, stay patient, and stay in-
vested. We have to help them stay the course and remind
them that we’ve constructed portfolios that are well posi-
tioned, no matter what happens. We’re overweight stocks
versus bonds, and within stocks, overweight U.S. large-cap
with a barbell between growth and value. We’re underweight
international and don’t own any emerging markets. On the
income side, we’re split between short- and intermediate-
term bonds and have an allocation to floating-rate preferred
stock. We have an alternative bucket that includes agricul-
ture commodities, precious metals, and energy, and an
infrastructure fund to participate in all of the money being
allocated under President Joe Biden’s infrastructure bill.

Thanks, Ann Marie. — Karen Hube

PHOTOGRAPH BY GREG KAHN $1.6 B $7.5 M $15 M

TOTAL ASSETS TYPICAL ACCOUNT TYPICAL NET WORTH

Massachusetts No. 1

Raj Sharma

Merrill Lynch Private Wealth Management

Raj Sharma, managing director of the Sharma Group at
Merrill Lynch Private Wealth Management in Boston,
started working as an advisor just two months before the
1987 stock market crash. That might sound like an awful
time to get into the business, but the veteran advisor says
that wasn’t the case. “In a bull market, people don’t listen to
an advisor quite as much,” says Sharma, whose 15-person
team manages $6.4 billion in assets. “But in a bear market,
the value of advice is more apparent and more important
because it underscores the value of having a long-term plan.”

Barron’s: Market watchers say we’re at an inflection
point, with inflation and interest rates moving us into
a new era. How are your allocations evolving?
Raj Sharma: Inflation cuts both ways. It cuts your pur-
chasing power, but for certain industries it can be positive
because it improves companies’ ability to raise prices and
improve their profit margin. So, we think you need a bal-
anced approach: It’s not all growth or all value. I also think
this is the golden age of active management. Passive man-
agement worked when you had a rising tide lifting all
boats. Now, you have an environment where you have
winners and losers.

Where do you see investment opportunities outside
of U.S. equities?
In emerging markets you have more than 100 countries.
Each one has different dynamics, demographics, growth,
and economic systems. It’s important to actively manage
that exposure. Over the past decade or so, international
equities have underperformed the U.S. But that may not
be the case over the next decade.

You’ve been an advisor for more than three decades.
How has retirement planning changed in that time?
The 60/40 portfolio worked very well for almost 40 years.
That paradigm is changing. If you look at the next 10 to 15
years, investors need a new way of allocating capital. Cer-
tainly, you need some fixed income. It is your safe money,
but it may have returns at or below inflation. For a lot of
clients, we’re focusing on what we call the income bucket—
that could be equities, private credit, real estate. Another
bucket, total return, is investing in the global equity mar-
ketplace. And the final bucket is alternative investments,
which includes private equity.

Thanks, Raj. — Andrew Welsch

PHOTOGRAPH BY TONY LUONG $6.4 B $10 M $15 M

TOTAL ASSETS TYPICAL ACCOUNT TYPICAL NET WORTH

S4 | Tuesday, March 22, 2022 THE WALL STREET JOURNAL.

AMERICA’S TOP 1200 FINANCIAL ADVISORS 2022

Pennsylvania No. 35

Bradford Bernstein

UBS Financial Services

Two years ago, Bradford Bernstein was running an eight-
person practice at UBS Financial Services with about $1.5
billion in client portfolios. Since then, he has joined forces
with two other established UBS wealth managers—New
York–based Louise Gunderson and Dallas-based Ryan
Long—to create LongBernsteinGunderson. The practice
has a 25-person team and a national reach, with some $4.3
billion under management. The best part? “We trust and
like one another, and can offer more value together,” Bern-
stein says.

Barron’s: How has the merger changed how you work?
Bradford Bernstein: We collaborate and work as a think
tank. We talk about the conversations we’re having with
clients and lean on one another for advice. For example,
Ryan has a client who is new to investing and was nervous
about recent market volatility. I have an educational pre-
sentation, and Ryan and I collaborated on 10 slides to help
the client understand the frequency of declines and gain
the perspective to understand that everything will be OK.

What’s an example of a unique personal touch you
provide to clients?
By 8:30 a.m., every client gets an email from me with a
market update, an inspirational quote, and a note about
something that happened in history on that day. When
markets are volatile, clients really lean on us. This is an
opportunity to tell them what we’re seeing and thinking.

Which investments are you favoring?
Within equities, we’ve been overweight financials. We think
healthcare is an attractive sector in an inflationary environ-
ment. On the fixed-income side, we favor active manage-
ment because it outpaces indexes about 70% of the time.

What’s your approach to international markets?
We like global developed markets more than we have in
a long time. I’m a big believer in undervalued assets, and
international markets are far cheaper than the U.S. and
have more recovery [from Covid shutdowns] in front of
them. The way we’re playing that theme is adding an
exchange-traded fund that hedges currency risk.

As for emerging markets, I don’t know if I’m ready yet.
They’re incredibly cheap, but 40% is in China, which is
being very unfriendly with publicly traded stocks.

Thanks, Bradford. — K.H.

PHOTOGRAPH BY HANNAH YOON $4.3 B $9 M $18 M

TOTAL ASSETS TYPICAL ACCOUNT TYPICAL NET WORTH

California No. 65 $4 M

Gail Reid TYPICAL NET WORTH

Ameriprise Financial

Gail Reid, president of Ameriprise Financial’s Castlewatch
Wealth in Glendale, Calif., says she earned less in her first
job in the wealth management industry in 1988 than she
had as a lifeguard in college. But she gained an abundance
of knowledge that still influences how she manages her
30-person team today. “After working in every part of the
company as an administrator, I learned the value of a team
behind it all,” says the Los Angeles native, who similarly
rotates novice employees through low-level positions and
credits the success of her $2 billion-under-management
practice to the strength of her team.

Barron’s: What sets you apart from other advisors?
Gail Reid: We model ourselves on a family-office level of
service, meaning we are hands-on in doing homework for
clients, handling details, paperwork, and deadlines. For
example, rather than saying, “Oh, you got a new job; let me
know what corporate benefits you signed up for,” we guide
them through their benefits selections, because how would
they know to sign up for three times the life insurance?

Some higher-level executives with supplemental 401(k)s
with matches have to re-enroll every year. We keep track
of it all, so the client just has to read and sign off. For cor-
porate clients who need permission to sell company stock,
we prepare the template for that. And for clients with non-
qualified stock options, we model out scenarios to manage
how much to take at what price.

Did you help with special issues related to Covid?
We had 12 clients who were laid off, and a lot of people
had pay cuts of 10% to 30% in the entertainment industry.
We went through severance and exit packages and Cobra.
When clients found positions, if they had multiple offers,
we put all of the details in an Excel sheet. I’ve even prepped
clients for interviews and pulled information about compa-
nies they’re looking at. We’ve helped a lot of clients bounce
back and negotiate for higher-value packages.

How can good planning pay off for clients?
People are very focused on their rate of return. But
whether you make 8% or 12%, I can help you make a lot
more by training you to save more or helping with tax
planning or other financial planning. In talking about
when to exercise stock options or handling other benefits,
planning can help save hundreds of thousands over a year.

Thanks, Gail. — K.H.

PHOTOGRAPH BY SHAUGHN AND JOHN $2 B $3 M

TOTAL ASSETS TYPICAL ACCOUNT

THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | S5

What if all you need
is the right advisor?

Congratulations to the Merrill advisors on Speak with one
Barron’s 2022 “Top 1,200 Financial Advisors” list. of our dedicated
advisors today.
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Investing involves risk including possible loss of principal.
Source: The Barron’s “Top 1,200 Financial Advisors” list, March 11, 2022. The Barron’s “Top 1,200 Financial Advisors” ranking considered advisors with a minimum of seven years’ financial services experience and have been employed
at their current firm for at least one year. This is a list of the top advisors in each state, with the number of ranking spots determined by each state’s population and wealth. Other quantitative and qualitative measures include assets
under management, revenues generated by advisors for their firms, and the quality of the advisors’ practices, regulatory records, internal company documents, and 100-plus points of data provided by the advisors themselves. Rankings
and recognition from Barron’s are no guarantee of future investment success and do not ensure that a current or prospective client will experience a higher level of performance results, and such rankings should not be construed as an
endorsement of the advisor. Barron’s is a trademark of Dow Jones & Company, Inc. All rights reserved.
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S6 | Tuesday, March 22, 2022 THE WALL STREET JOURNAL.

AMERICA’S TOP 1200 FINANCIAL ADVISORS 2022

New York No. 55

Bruce Burrows

Morgan Stanley Wealth Management

Bruce Burrows, co-head of Morgan Stanley Wealth Man-
agement’s Burrows Strzelecki Group in Garden City, N.Y.,
started as a broker in 1992, just after key legislation passed
changing the way stock options can be exercised. He spot-
ted a niche. “I cold-called every corporation in America to
offer my services,” says Burrows, who got an early foothold
in administering executive stock plans for companies.

Several years later, executives began asking Burrows
for personal advice, and he became a full-service financial
advisor. Today, his practice has grown to a total of $15.4
billion in assets under management, $7 billion of which
is in personal wealth management.

Barron’s: Inflation, monetary policy, war in Ukraine—
how is all of this affecting investing decisions?
Bruce Burrows: Our portfolios are overweight in value—
high quality with consistent cash flow—and international
stocks. As rates rise and financial conditions tighten, high-
multiple growth stocks could remain under pressure.

The current geopolitical crisis could stall global gross-
domestic-product growth. But as we continue to recover
from the pandemic, an international allocation may benefit.
The recovery hasn’t yet fully taken hold outside of the U.S.

In our portfolio allocations, we do a lot of customization
because many of our clients have concentrated positions
in their company stock, giving them an overweight in a
certain sector.

Is there sometimes resistance to unwinding concen-
trated positions?
When a stock is doing well, there is. Clients know intui-
tively that they need to diversify, but they also know their
business better than any other business. And inertia is a
big thing. The good news about having to sell a low-cost-
basis stock is you made a lot of money. The bad news is
you face taxes. The challenge is how to diversify away from
certain positions without paying a lot in taxes.

How do you minimize the tax impact?
When someone is retiring, you can use what’s known as
an exchange fund to exchange some of your position for a
diversified portfolio without having to pay capital-gains
tax right away. We also look for tax efficiencies, opportuni-
ties to harvest losses to offset gains, and we talk about
philanthropy—allocating appreciated stock to charity.

Thanks, Bruce. — K.H.

$15.4 B $5 M $20 M PHOTOGRAPH BY SEAN PRESSLEY

TOTAL ASSETS TYPICAL ACCOUNT TYPICAL NET WORTH

$670 M Arizona No. 26

TOTAL ASSETS Ruth Transue

Wells Fargo Advisors

Ruth Transue, partner and managing director of invest-
ments at Transue, Burrows and Micklewright at Wells
Fargo Advisors in Tucson, Ariz., knows she is doing her
job well when her phone remains silent in the throes of a
big stock market selloff—like the one sparked by news of
Russia’s invasion of Ukraine. “I educate my clients at every
turn with historical information,” says Transue, whose
five-person practice, including two other partners, Rick
Burrows and Earl Micklewright, oversees some $670 mil-
lion. “There’s a strong inverse relationship between peo-
ple’s knowledge and their anxiety level.”

Barron’s: What personal traits shape your approach
as an advisor?
Ruth Transue: I’m an overpreparer. For example, I take
courses on tax stuff, even though I can’t advise my clients
on tax issues. But I can recognize when clients need to
speak with their estate-planning attorney or tax advisor.

What do clients want to discuss most these days?
Inflation and the possibility of a recession. We don’t think
inflation is transitory but are confident in the long-term
economy. Over the past six years, inflation has remained
well below historical norms, averaging approximately
2.5%. Wells Fargo’s year-end target is 5.3%, decreasing
from today’s rate of 7.5%. We feel this moderate level of
inflation doesn’t change the outlook for near-term corpo-
rate profits or the long-term growth of the economy.

How is this view shaping your portfolios?
I have been overweighting U.S. large-cap stocks for some
time, and like to keep a similar weighting to growth and
value. Using that balanced allocation over the past few
years was frustrating at times for clients but has been very
rewarding recently.

We are underweight small-cap stocks. They have signifi-
cantly underperformed large- and mid-cap stocks over the
past 12 months, and I believe this trend will continue. I’ve
been underweight international markets for some time.
The potential for a quicker, more impactful, continued
economic recovery is greater domestically.

We’re taking a portion of what’s in bonds and moving
it to adjustable-rate fixed income, staying primarily in
intermediate-term durations. It’s where clients will get the
most amount of return for the least amount of risk.

Thanks, Ruth. — K.H.

$2 M $4 M PHOTOGRAPH BY CASSIDY ARAIZA

TYPICAL ACCOUNT TYPICAL NET WORTH

THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | S7

BARRON’S SPECIAL REPORT

Georgia No. 11

Justin Ryan

Rockefeller Capital Management

For Justin Ryan, managing director at Rockefeller Capital
Management’s $1.8 billion-under-management Ryan Ep-
person Group in Atlanta, advising ultrahigh-net-worth
clients is a genuine give-and-take. “Most of my clients are
repeat entrepreneurs and pioneers in their fields, and are
great resources for ideas we may want to invest behind,”
says Ryan, whose clients’ wealth ranges from $25 million to
north of $1 billion. “We may hear about new technology
in biotech, a new therapeutic, or a clean-energy source.”

Within the practice, Ryan and his partner, Tom Epper-
son, collaborate and share certain operational functions
but maintain their own clients and teams.

Barron’s: What do you worry most about lately?
Justin Ryan: Stagflation. It could hurt high-growth stocks
that aren’t currently paying income. So, we have been piv-
oting equity portfolios to companies with strong free cash
flow—typically dividend-yielding equities with a history of
dividend hikes. We recently started increasing our position
in mining stocks to get the underlying exposure to precious
metals and income.

How else are you balancing portfolios?
We preach about the benefit of differentiated return
streams so that all things in a portfolio aren’t correlated.
The 60/40 portfolio worked until it didn’t. With interest
rates going up, that type of portfolio will have a lot more
trouble. I’m not saying rates will pop up to 1970s levels,
but when you’re at this low of a base, the direction is clear.

How do you practice what you preach?
The Millennium hedge fund is a core holding and has only
had one negative year since 1991—in 2008, when it fell 3%.
The fund is a melting pot of 200-plus trading teams across
strategies and has no correlation to stocks or bonds.

For income, we are looking at a royalty fund. This holds
a library of music, TV, and movie assets and kicks off
a substantially higher income stream—yields in the
midteens—than traditional fixed income. That won’t
correlate with rising interest rates.

Private equity might seem frothy, given the amount of
capital flowing in. However, we don’t invest in the funds
but rather the private-equity companies. You can diver-
sify across vintages and get a cash-flow stream starting
on day one.

Thanks, Justin. — K.H.

PHOTOGRAPH BY PEYTON FULFORD $1.8 B $50 M $125 M

TOTAL ASSETS TYPICAL ACCOUNT TYPICAL NET WORTH

Pennsylvania No. 7

Patti Brennan

Key Financial

When Patti Brennan, president and CEO of Key Financial,
decided to switch careers from intensive-care-unit nurse to
financial advisor 30 years ago, she realized she already had
one of the most important qualities an advisor can have: a
good bedside manner. Brennan, who manages a team of 30
and some $1.7 billion in assets, believes that her ability to
deliver honest—if sometimes tough—advice has nurtured
deep and long-lasting relationships with clients. “I have
clients who have been with me since I first started and set
up an office in my laundry room,” she says.

Barron’s: What’s your service model for new clients?
Patti Brennan: Phase one is a 360-degree analysis. We
charge a flat fee for that. A lot of times people leave with
three or four action items—recommendations on anything
from their tax situation, portfolio, 401(k) allocation, em-
ployee benefits. Sometimes, we don’t invite people to phase
two if it’s not a good fit or they don’t need us just yet.

How do you ensure that clients have adequate cash
flow amid rising inflation?
We create buffers with pools of money. This system always
makes sure we are staying ahead of the next bear market.
For example, a client in retirement will have three pools.
Pool one provides money every month; it’s cash in the
bank, money markets, or short-term bonds. Pool two is
intermediate-term money; after three to six years, you
should be able to pull your principal out and have earned
something on it. Here we have corporate bonds, convert-
ibles, preferred stocks, government bonds. In pool three
are stocks and alternatives.

Are clients asking about crypto?
They were asking more last year than this year because
of the recent volatility. Part of my job is to save clients from
themselves. I don’t believe that crypto makes sense for
most of our clients yet—not to say it won’t ever. But now
it’s too volatile and not necessary.

What kind of tough advice must you give clients
sometimes?
If changes are needed, I give it to clients straight—maybe
sell the house, work longer, or cut spending by $20,000 a
year. I lay out options. But rarely is the solution to become
more aggressive with a portfolio.

Thanks, Patti. — K.H.

PHOTOGRAPH BY HANNAH YOON $1.7 B $2 M $4 M

TOTAL ASSETS TYPICAL ACCOUNT TYPICAL NET WORTH

S8 | Tuesday, March 22, 2022 THE WALL STREET JOURNAL.

AMERICA’S TOP 1200 FINANCIAL ADVISORS 2022

America’s Top 1200 Financial Advisors

Rankings are based on assets under management, revenue generated for advisors’ firms,
and a variety of quality-of-practice measures, including advisors’ compliance records.
For more information about the rankings, please email rankings@barrons.com.

Customers

Rank High Ultrahigh Total Typical Typical
2022 2021 Assets Account Net Worth
Individuals Net Worth Net Worth
($mil) ($mil) ($mil)
Name Firm City (Up to $1 mil) ($1-10 mil) ($10 mil+) Foundations Endowments Institutional
$2,151
ALABAMA Morgan Stanley PWM 871
Ameriprise Financial
1N Michael Warr Twickenham Advisors Tuscaloosa •• • 1,797 $20 $30
22 Jeff Roberts Merrill Lynch Wealth Mgmt Birmingham ••• • 1,075 0.7 1.5
34 Wes Clayton Morgan Stanley Wealth Mgmt Huntsville ••• • 20
46 Camper O’Neal Merrill Lynch Wealth Mgmt Birmingham ••••• • 844 6 10
5N Mark Mantooth Securities America Huntsville ••• • 1,519 8 10
68 Brian Woodke Ameriprise Financial Birmingham •••• • 5 8.5
77 Michael Mullis Merrill Lynch Wealth Mgmt Vestavia Hills ••• 870 6 2
89 Steven Hudson Morgan Stanley Wealth Mgmt Birmingham ••• • 670 1.1 3.9
9 10 S. Wesley Carpenter Morgan Stanley Wealth Mgmt Fairhope ••• • 636 1.9 3.5
10 N Alistair Harding-Smith Merrill Lynch Wealth Mgmt Birmingham ••• 1,080 2.4 4
11 N Scott McClanahan Birmingham ••• • 911 2.5 4
12 12 Palmer Whiting Ameriprise Financial Mobile ••• • 662 2.5 5
Raymond James • 2.7
ALASKA Morgan Stanley Wealth Mgmt Anchorage •• • $692 $1
UBS Financial Services Anchorage ••• • 1,250 $0.8 4
1 1 Ryan Callaway Merrill Lynch Wealth Mgmt Anchorage ••• 3 3
2 2 Jeff Leonard Merrill Lynch Wealth Mgmt Anchorage ••••• • 340 10
3 4 Thomas Konop Anchorage ••• • 1,270 1.5 8.4
4 6 Tammy Head UBS Financial Services Juneau ••• • 5 10
5 3 Kenneth Jones Wilde Wealth Mgmt Group • 862
6 5 Peter Jurasz Morgan Stanley PWM Phoenix ••• 485 2.9 $10
Morgan Stanley Wealth Mgmt Scottsdale ••• • 2.5 2
ARIZONA Merrill Lynch Wealth Mgmt Scottsdale • $2,230
Merrill Lynch Wealth Mgmt Scottsdale •• 2,210 $5 45
11 Steven Schultz Morgan Stanley PWM Phoenix ••• • 1,842 0.8 3.2
22 Trevor Wilde Merrill Lynch Wealth Mgmt Gilbert 2,431 27.5 750
33 Robert Bancroft Ameriprise Financial Scottsdale •• 2.8 10
46 Michael Butt Merrill Lynch Wealth Mgmt Scottsdale ••••• 59,826 50 75
5N Henry Villeda Creative Planning Peoria 2,418 3.8
65 David Stahle Wells Fargo Advisors Phoenix • 3,231 5 $2
78 Paul Groves RBC Wealth Mgmt Scottsdale ••• 874 35
87 Jeffry Korte Merrill Lynch Wealth Mgmt Tucson •• $775 1.9 17
9 11 Stephen Harnden Merrill PWM Scottsdale ••• 1,655 $1 1.8
10 10 Brian Friedman Merrill Lynch Wealth Mgmt Gilbert •• 659 2.5
11 13 Nick Karabas RBC Wealth Mgmt Phoenix •••• 1,400 8
12 12 Brian Crawford Baird Phoenix •••• 900 1.2 8
13 4 Glenn Pahnke Mariner Wealth Advisors Phoenix ••• 1,183 1.5 4
14 19 Christopher Downs TFO Phoenix Scottsdale 3,213 25
15 9 Michael Hudak Wells Fargo Advisors Scottsdale •• 2,834 3 6.2
16 14 James Marten Morgan Stanley Wealth Mgmt Phoenix ••••• 564 2.9 6
17 27 Joe Di Vito Ameriprise Financial Scottsdale 664 10 5.3
18 22 Jacob Duffy Ameriprise Financial Phoenix •• 833 3.5 9
19 N Eddie Dulin Morgan Stanley Wealth Mgmt Scottsdale ••• 3,317 2.6 25
20 15 Damon Miller Wells Fargo Advisors Gilbert ••• 750 1.5 3
21 N Mitchell Stillman Ameriprise Financial Tucson 1,607 1.7 25
22 N Daniel Marting ABLE Financial Group Tucson •• 540 18.5 3
23 23 Nayan Ranchhod Merrill Lynch Wealth Mgmt Phoenix ••• 760 0.5 3
24 20 Steve Rabin RBC Wealth Mgmt Scottsdale ••• 696 7
25 18 Jane Rojas Scottsdale ••• 670 4 4
26 16 Ruth Transue Ameriprise Financial Scottsdale ••• 615 1 4
27 24 Renee Hanson UBS Financial Services 541 1.5 3.5
28 26 Adam Brooks Merrill Lynch Wealth Mgmt Little Rock •• 526 4 10
29 28 Scot Benefiel Little Rock ••• 530 2 4.2
30 25 Charles “Chip” Pisoni Little Rock •• 1.5
•• $647 0.8 $1.5
ARKANSAS ••• 707 5 6
••• 2.4 15
1 2 Joseph Small 2,699
2 4 Hardy Winburn •• $1
3 3 John Engskov •• 2.2
••• 10

THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | S9

BARRON’S SPECIAL REPORT

Customers

Rank Name Firm City Individuals High Ultrahigh Foundations Endowments Institutional Total Typical Typical
2022 2021 (Up to $1 mil) Net Worth Net Worth Assets Account Net Worth
Merrill Lynch Wealth Mgmt Little Rock ($1-10 mil) ($10 mil+)
Wells Fargo Advisors Fayetteville ($mil) ($mil) ($mil)
Raymond James Springdale
45 Douglas Jackson ••• $2,699 $10 $15
5N Edward Prewitt ••• 552 24
66 Robby Bader •••• 608 35

CALIFORNIA

11 Gregory Vaughan Morgan Stanley PWM Menlo Park •••• $44,249 $75 $150
22 Mark T. Curtis
35 Andy Chase Graystone Consulting | Morgan Stanley Palo Alto ••• • 216,429 5 25
46 Karen McDonald
57 Mark Douglass Morgan Stanley PWM Menlo Park •• 20,000 10 30
68 Troy Griepp
7 14 Jon Goldstein Morgan Stanley Wealth Mgmt Palo Alto ••• • 210,144 3 10
8 11 Mark Schulten
9 13 Drew Zager Morgan Stanley PWM Menlo Park •••• 44,249 75 150
10 3 Francis X. Malone
11 9 Spuds Powell Morgan Stanley PWM San Francisco •••• 30,880 30 50
12 10 Dorian McKelvy
13 12 Alan Whitman First Republic Investment Mgmt Menlo Park •• 12,997 50 100
14 4 Jon Neuhaus
15 17 Drew Freides TSG Wealth Mgmt Long Beach • • • • • • 4,567 3 7
16 16 Eric Gray
17 23 Shane Brisbin Morgan Stanley PWM Los Angeles • 13,690 40 100
18 18 Richard Jones
19 22 Tim Emanuels Morgan Stanley PWM Los Angeles •• 49,377 25 75
20 20 Reza Zafari
21 24 Rich Petit Kayne Anderson Rudnick Inv. Mgmt Los Angeles •• 61,972 10 20
22 56 Ned Gibbons
23 36 Craig Chiate Morgan Stanley Wealth Mgmt Menlo Park •••• 10,608 2.5 10
24 19 Dana Jackson
25 30 Laila Pence Morgan Stanley Wealth Mgmt Pasadena ••• 3,425 5 15
26 28 David Bahnsen
27 32 Dagny Maidman Morgan Stanley PWM Los Angeles •• 49,372 25 75
28 26 Cheryl L. Young
29 27 Matthew Babrick UBS PWM Los Angeles ••• 8,856 40 60
30 29 Michael Kanigher
31 25 Brian Sharpes Merrill PWM Los Angeles •• 27,127 50 80
32 35 Elaine Meyers
33 54 Chris Clifford Morgan Stanley PWM San Francisco •• 6,741 50 75
34 46 Tom Palecek
35 34 Jim Berliner Merrill PWM Los Angeles ••• 23,872 50 75
36 48 Jesse Bromberg
37 49 Michael Breen Morgan Stanley PWM San Francisco • • • 18,739 25 50
38 44 Lisa Detanna
39 58 Darren Edwards Merrill PWM Los Angeles ••• 23,872 50 75
40 67 Gabriel Jay
41 60 Gerard Zell Morgan Stanley PWM Menlo Park ••• 18,739 25 50
42 37 Randy Peterson
43 64 John Cardente Morgan Stanley PWM Menlo Park •• 4,975 30 50
44 42 Sean Yu
45 61 Tripp Taylor UBS PWM Century City • 5,134 35 50
46 43 James Greenfield
47 39 Vicken Ekmekjian Morgan Stanley Wealth Mgmt Menlo Park ••• • 3,736 30 65
48 47 Inna Kelly
49 72 Jack Wong Pence Wealth Mgmt Newport Beach • • • 3,575 3 10
50 50 Karl Wolfslau
51 33 John Shadden The Bahnsen Group Newport Beach • • • • • 3,138 7 10
52 51 L. Greg Fullmer
53 86 Michael Baumer First Republic Investment Mgmt San Francisco •• • 5,259 50 500
54 82 Seth Haye
55 38 Peter Arbogast Morgan Stanley Wealth Mgmt Los Gatos •• 2,885 10 25
56 92 Richard Gordon
57 N Anthony Jones First Republic Investment Mgmt Los Angeles •••• 5,065 50 80
58 77 Steven Levine
59 55 Emily Van Hoorickx UBS PWM Los Angeles • $8,856 $40 $60
60 45 Chad Evans
61 68 Brian Firring Graystone Consulting | Morgan Stanley Walnut Creek •• 7,400 60 100
62 N Hugh Beecher
63 69 Lisa Reed J.P. Morgan Wealth Mgmt San Francisco •• 5,500 45 100
64 40 Greg Onken
65 65 Gail Reid UBS PWM San Francisco • 2,256 25 50
66 66 Andrew Basch
67 57 Philippe Hartl Summit Trail Advisors San Francisco ••• 3,190 47.5 75
68 76 Mike Burbank
69 88 Darren Pfefferman Westmount Asset Mgmt Los Angeles ••• 4,505 3.5 9
70 62 Debbie Jorgensen
71 109 Ryan McClellan Morgan Stanley Wealth Mgmt San Francisco •• • 2,176 7.5 12
72 85 Jeffrey Traum
73 70 Grant Lee Merrill PWM San Francisco ••• 18,121 25 50
74 N William Wheatley
75 75 George Papadoyannis Raymond James Beverly Hills ••• • 4,737 15 17
76 84 Brett Berry
77 102 James Demmert Morgan Stanley PWM Los Angeles ••• 2,417 25 50
78 87 Carolyn Taylor
79 91 James Klein UBS PWM Walnut Creek •••• • 1,809 5 7
80 98 Steven Soja
81 74 Tracey Gluck Morgan Stanley PWM Menlo Park •• 4,950 30 50
82 81 Harlan Spinner
83 94 Garrett Bland First Republic Investment Mgmt San Francisco •• 2,205 15 40
84 N Brian Lewis
85 N Joe McLean Merrill PWM San Francisco •• 23,367 85 450
86 N Robert Daly
87 106 Philip Walters Morgan Stanley PWM Pasadena •• • 1,611 13 50
88 90 Adam S. Goldstein
89 78 Sam Schoner Neuberger Berman San Francisco ••• 1,741 20 75
90 N Jonathan Usich
91 N Marcus Tanimoto Morgan Stanley PWM San Francisco ••• 2,833 20 30
92 96 Renee Fourcade
93 N Justin Vaicek CIBC Private Wealth San Francisco •• 2,394 30 50
94 107 Anouchka Balog
95 111 Mark Hebner Morgan Stanley Wealth Mgmt San Francisco •• • 2,278 20 30
96 117 Sean Bricmont
97 83 Michael Allard Morgan Stanley Wealth Mgmt Mountain View •• • 1,971 6 120
98 N John Acker
99 N Matthew Sheehan Morgan Stanley Wealth Mgmt Long Beach •• 1,759 1.2 3
100 101 Sonny Kothari
101 104 Alma Guimarin Morgan Stanley PWM Long Beach ••• • 4,193 7.5 18
102 93 Micah Scheinberg
103 N Brannan Vaughan Morgan Stanley PWM Los Angeles •• 1,542 25 75
104 99 Greg Sain
105 120 Aric Zamel Morgan Stanley PWM San Francisco •• 6,565 50 75
106 N Jennifer Man
107 N Benjamin Wong Morgan Stanley Wealth Mgmt Westlake Village • • • 1,575 3 7
108 N Thomas Van Dyck
109 100 Emily Bach Merrill PWM San Francisco •• 18,121 25 50
110 N Ronald Hegardt
111 114 David Jasper First Republic Investment Mgmt San Francisco ••• 2,936 20 40
112 N Vivek Thoppay
113 116 Michael Evans Morgan Stanley PWM San Francisco •••• 30,880 30 50
114 N Courtney Liddy
115 95 Mark Udis First Republic Investment Mgmt Los Angeles • • • • • 3,134 25 50
116 N Tony daRoza
117 115 Daniel Murphy UBS Financial Services San Jose ••• 12,976 5 10
118 N Matthew Gallo
119 N David Arizini Morgan Stanley Wealth Mgmt Newport Beach • 13,438 150 500
120 103 Jeffrey Germain
Wells Fargo Advisors Beverly Hills •• 3,950 35 60

First Republic Investment Mgmt San Francisco •• 2,936 18 40

Neuberger Berman Los Angeles •• 1,225 8.5 10

J.P. Morgan Wealth Mgmt San Francisco ••• 9,773 20 32

Ameriprise Financial Glendale •• • 1,965 3 4

Morgan Stanley PWM Los Angeles ••• • 4,177 8 20

Merrill PWM Los Angeles •• 6,593 30 300

Morgan Stanley PWM San Francisco •• 2,532 35 80

Morgan Stanley PWM San Diego •• • • 2,506 10 30

Merrill Lynch Wealth Mgmt San Francisco •••• 2,285 30 65

UBS PWM Los Angeles •• 5,368 30 50

Morgan Stanley PWM Menlo Park •• • 3,315 20 50

Morgan Stanley PWM San Francisco •• 4,275 20 30

Merrill Lynch Wealth Mgmt Newport Beach • • • 1,400 3 4

Ameriprise Financial San Mateo ••• 4,500 2.5 9

First Republic Investment Mgmt Menlo Park •••• 1,315 10 25

Main Street Research Sausalito • • • • • 1,771 4 25

Weatherly Asset Mgmt Del Mar •• 1,150 3.1 5

Morgan Stanley PWM Los Angeles ••• 4,083 10 25

First Republic Investment Mgmt San Francisco ••• 1,431 10 15

J.P. Morgan Wealth Mgmt Los Angeles •••• 1,850 8 15

UBS PWM Los Angeles • • • • • 3,094 25 30

Morgan Stanley PWM Los Angeles ••• 746 15 50

Morgan Stanley PWM Orinda •• 1,273 10 25

Intersect Capital San Ramon ••• 1,700 4 10

Morgan Stanley PWM Los Angeles ••• 1,370 14 25

Wells Fargo Advisors Beverly Hills •• • 5,431 10 15

Ameriprise Financial Calabasas ••• 2,043 1 3.5

First Republic Investment Mgmt San Francisco • • • • • 2,093 3 10

Morgan Stanley PWM San Francisco ••• 6,624 25 30

Merrill Lynch Wealth Mgmt Los Angeles • • • • • • $7,028 $5 $15

UBS Financial Services Los Angeles ••• • 3,527 3 15

Merrill PWM Newport Beach ••• 2,309 25 50

Morgan Stanley Wealth Mgmt Laguna Niguel • • • • 1,040 5 10

Index Fund Advisors Irvine •• 1,580 4 4

First Republic Investment Mgmt San Francisco •• 1,306 14.5 25

CalBay Investments Danville ••• 1,183 1.7 4.5

UBS Financial Services Los Angeles ••• 1,968 5 8

Morgan Stanley PWM Menlo Park ••• 2,919 5 25

Merrill Lynch Wealth Mgmt Brea •• 1,402 5 10

Morgan Stanley Wealth Mgmt San Jose ••• 1,320 3 10

Alex. Brown | Raymond James Century City •• 1,960 18 45

Morgan Stanley Wealth Mgmt Menlo Park ••• • 3,309 8 50

Stifel Los Angeles ••• 1,200 20 50

UBS PWM Beverly Hills •••• • 1,401 10 20

CIBC Private Wealth San Francisco •• 982 9.4 13

Viewpoint Financial Network Pleasanton ••• • 1,425 0.7 2

RBC Wealth Mgmt San Francisco • • • • • • 3,380 20 25

Morgan Stanley Wealth Mgmt Orinda ••• 1,350 3 6

Merrill Lynch Wealth Mgmt Rancho Santa Fe •• 2,130 10 25

UBS PWM San Francisco ••• 2,280 50 50

Merrill Lynch Wealth Mgmt San Jose •• 982 5 10

UBS PWM San Francisco ••• 2,280 50 50

UBS Financial Services San Diego •• • 1,770 6 10

Camden Capital Manhattan Beach •• 4,422 50 50

Merrill PWM San Francisco •• 2,438 25 40

Morgan Stanley Wealth Mgmt Menlo Park •• • 99,715 5 10

Merrill Lynch Wealth Mgmt Walnut Creek ••• 1,043 1.7 4

First Republic Investment Mgmt Menlo Park •• 12,997 20 50

Wells Fargo Advisors Los Angeles •• 1,510 15 25

S10 | Tuesday, March 22, 2022 THE WALL STREET JOURNAL.

AMERICA’S TOP 1200 FINANCIAL ADVISORS 2022

Customers

Rank High Ultrahigh Total Typical Typical
2022 2021 Account Net Worth
Individuals Net Worth Net Worth Assets
($mil) ($mil)
Name Firm City (Up to $1 mil) ($1-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil)

COLORADO

1 1 Shawn Fowler Morgan Stanley PWM Denver •• • $7,735 $41 $89
5 25
2 1 Neb. Jonathan Beukelman UBS PWM Denver •••• 5,035 41 89
7 35
3 2 Max Bull Morgan Stanley PWM Denver •• • 7,735 50
35 50
4 3 Wally Obermeyer Obermeyer Wood Investment Counsel Aspen •• 2,450 22 20
15 10
5 6 Melissa Corrado-Harrison UBS PWM Denver •• 1,559 20
5 10
6 5 Donna Di Ianni Merrill Lynch Wealth Mgmt Aspen ••• 1,876 15 25
3 7
7 7 Carl Hoover Merrill PWM Denver •• 5,200 7 5
4 15
8 8 Michael Caplan UBS Financial Services Denver ••• 1,389 3 4
7 10
9 11 Scott Thisted Merrill PWM Denver •• 5,200 2.5 5
7 25
10 N Scott Sparks Sparks Financial Denver ••• 1,078 3.5
5 $60
11 10 Gary Cooper UBS Financial Services Denver •• 2,016 50
$40 12
12 13 Joseph Janiczek Janiczek Wealth Mgmt Denver ••• 935 40 35
9 20
13 16 David Surofchek Morgan Stanley Wealth Mgmt Colorado Springs • • • 1,842 30 60
5 10
14 17 Mark Brown Brown & Company Denver •• 695 40 150
7 20
15 14 Brad Bickham Colorado Financial Mgmt Boulder •••• 1,973 100 $15
1.3 5
16 N Drew Lautrup Merrill Lynch Wealth Mgmt Denver ••• 893 $7 25
3 12
17 N Craig Kinard Merrill Lynch Wealth Mgmt Greenwood Village • • • 743 15 7
6 8
18 18 Ali Flynn Phillips Obermeyer Wood Investment Counsel Aspen •• 2,450 3.5 5
7 6
CONNECTICUT 0.5 4.5
4 30
11 Jeff Erdmann Merrill PWM Greenwich • $13,648 1.6 40
22 Paul Tramontano First Republic Investment Mgmt Greenwich 15 5
33 William Greco UBS Financial Services Hartford ••• 12,997 25 75
44 Brian Hetherington Merrill PWM New Canaan 3 10
55 Harold Trischman Morgan Stanley Wealth Mgmt Greenwich ••• • 4,834 40 5
6 14 Rob Giannetti Merrill PWM Greenwich 6.5 30
76 Thomas Frame Morgan Stanley PWM Greenwich •• 4,240 3 10
87 Bryan Stepanian Alex. Brown | Raymond James Greenwich 15 15
9 28 Ken Steeves Creative Planning Orange • • • • • • 2,907 2 5
10 11 Peter Chieco Morgan Stanley Wealth Mgmt Greenwich 7 15
11 21 Matthew Somberg Gottfried & Somberg Wealth Mgmt Glastonbury • 13,648 2.5 10
12 8 Thomas Vacheron Merrill PWM Fairfield 10 5
13 9 Charles J. Noble III Janney Montgomery Scott New Haven •• 2,058 5 0.9
14 12 Jeffrey Corliss RDM Financial Group | Hightower Westport 1 40
15 22 Richard T. Goodwin Merrill Lynch Wealth Mgmt Guilford •• • 3,100 0.6 7
16 13 Nancy Daoud Ameriprise Financial Oxford 25 25
17 29 Robert Paolucci Principle Wealth Partners Madison •• • 1,524 5 25
18 18 Jason Cerniglia Ameriprise Financial Mystic 5
19 N Matthew Lasko UBS PWM Stamford ••• $2,578 10 $30
20 36 Thomas Mantione UBS PWM Stamford 35
21 25 Thomas Hutchison Merrill Lynch Wealth Mgmt New Haven • • • • • • 1,700 $7.5 35
22 31 John Goodwin Morgan Stanley PWM Stamford 20 25
23 20 David Goodwin Merrill Lynch Wealth Mgmt Hartford •• 2,477 28 40
24 26 Joshua Kampf Merrill Lynch Wealth Mgmt New Haven 15 8
25 19 Teresa Jacobsen UBS PWM Stamford ••• 1,441 10 25
26 24 Jon Newman Ameriprise Financial Greenwich 5 20
27 N Vincent Mancuso Morgan Stanley Wealth Mgmt Greenwich ••• 1,096 15 25
28 N Kevin Leahy Connecticut Wealth Mgmt Farmington 10 3
29 17 Chris Jewell Wells Fargo Advisors Greenwich •• 4,436 15 75
30 30 Chad Czerwinski UBS Financial Services Hartford 1.5
31 N Glenn Feigin Merrill Lynch Wealth Mgmt Greenwich ••• 1,715 50 14.3
32 35 Matthew Wunder Northwestern Mutual Westport 11 40
33 N Andrew Shantz UBS PWM Stamford •• 2,300 10 7
34 N Andrew Worthington UBS Financial Services Hartford 3 20
35 34 William Donnell Merrill PWM Greenwich ••• 1,460 10 40
36 32 Michael Freeburg Greenwich Wealth Mgmt Greenwich 20 9
•• • • 8,394 6 25
15 10
•• 2,614 7 25
15 25
••• 2,190 7.5 25
15 10
••• 2,839 5 10
6
••• 895 $16.1
$6.7 15
••• • 2,190 10 7
3.5 5
•• 971 3 2
1.5 2.5
•• • 400 1.1
$100
••• 2,556 $50 50
20 150
••• 2,119 50
55.7
••• • 2,000 20.2 25
5 35
••• 2,039 100
25 75
••• 1,034 5 20
15
••• • 819 35 10
12 20
•• 2,614 8 4
4 3
••• 1,956 10 5
2 20
••• 1,531 25
1 30
••• 2,269 3.2 30
8.5 15
D.C. Marvin McIntyre Morgan Stanley PWM Washington •••• • $5,139 7.5 26
John M. Williams Morgan Stanley PWM Washington 15 20
11 Michael O’Neill Morgan Stanley PWM Washington ••••• 3,563 15 35
22 James Wohlgemuth Morgan Stanley PWM Washington 100
33 Keith Apton UBS Financial Services Washington •• 3,587 7 10
47 John McKnight Merrill Lynch Wealth Mgmt Washington 12 8
54 James New UBS PWM Washington •• 1,239 10 5
6 14 Tom Rietano Merrill PWM Washington 25 9.5
7 10 Brett Anthony Morgan Stanley Wealth Mgmt Washington •• • 2,660 150 15
8 12 Michael Freiman Morgan Stanley Wealth Mgmt Washington 5 20
95 Gregory Marcus UBS PWM Washington ••• 2,909 7 20
10 11 Dee Ann Schedler CIBC Private Wealth Washington 4 50
11 20 Nick Francia UBS Financial Services Washington •• 4,091 7.5
12 N Frederick Shreves Wells Fargo Advisors Washington 10
13 13 William Finnerty UBS PWM Washington •• 2,249 10
14 17 Jason Goldstein Raymond James Washington 8
15 15 Barry Haffner UBS Financial Services Washington •••• • 6,853 20
16 N H.L. ‘Trip’ McLaughlin III Morgan Stanley Wealth Mgmt Washington
17 19 Skip Moosher Morgan Stanley Wealth Mgmt Washington ••• 2,128
18 9 William Slater Merrill PWM Washington
19 18 Richard Harris Alex. Brown | Raymond James Washington •• 1,260
20 22 Frederick Schultz J.P. Morgan Wealth Mgmt Washington
21 16 Theodore Hart Morgan Stanley Wealth Mgmt Washington •• 898
22 N Paul Goree Merrill Lynch Wealth Mgmt Washington
23 N •• • 2,660
24 23
••••• • 4,100

••• 818

••• • 4,150

•• 1,040

•••• • 6,837

••• • 1,370

•• 1,744

•••• • 2,811

•• 2,400

••• 1,553

••• 1,909

D E L AWA R E

11 Kimberlee Orth Ameriprise Financial Wilmington ••• • $2,179
2N David Foote Morgan Stanley Wealth Mgmt Greenville ••• 1,287
33 Thomas Rice Merrill Lynch Wealth Mgmt Wilmington ••• 1,719
46 Donald DeWees Sr. Wells Fargo Advisors Greenville ••••
52 Peni Warren Merrill Lynch Wealth Mgmt Dover ••• • 1,185
65 Thomas Weisenfels Merrill Lynch Wealth Mgmt Wilmington ••• • 822

658

FLORIDA

1 1 Brian Pfeifler Morgan Stanley PWM Palm Beach •••• $17,900

2 4 Scott Siegel Morgan Stanley Wealth Mgmt Boca Raton ••• 8,645

3 70 N.Y. Deborah Montaperto Morgan Stanley PWM Palm Beach • 40,500

4 2 Kevin Peters Morgan Stanley Wealth Mgmt Palm Beach •• • 6,789

5 3 Thomas Moran Moran Wealth Mgmt Naples ••• • 4,249

6 5 Adam Carlin Morgan Stanley PWM Coral Gables •• 4,319

7 13 John Elwaw Morgan Stanley Wealth Mgmt Miami •• 3,468

8 6 Louis Chiavacci Merrill PWM Coral Gables • 3,670

9 N Salvatore Tiano First Republic Investment Mgmt Jupiter •• 3,043

10 28 N.Y. John Olson Merrill Lynch Wealth Mgmt Palm Beach •• 2,467

11 N Clarke Lemons Eaton Vance WaterOak Advisors Winter Park ••• 2,930

12 4 N.J. Frank Seminara Morgan Stanley PWM Palm Beach •• 2,870

13 10 Robert Doyle Doyle Wealth Mgmt St. Petersburg • • • 1,505

14 18 Dominic Casanueva Merrill Lynch Wealth Mgmt Lakewood Ranch • • • • 8,379

15 2 Minn. Brad Wheelock RBC Wealth Mgmt Naples •••• 1,654

16 7 Roy Apple J.P. Morgan Wealth Mgmt Palm Beach Gardens •• 3,013

17 15 N.J. Joseph Matina UBS PWM Naples ••• 1,961

18 11 Michael Bober UBS PWM Boca Raton •• 2,781

18 14 Ed Ventrice UBS PWM Boca Raton •• 2,781

20 N Michael Brewster Wells Fargo Advisors Palm Beach Gardens • • • • 4,000

21 12 Peter Bermont Raymond James Coral Gables •• •• • 3,160

22 21 Jason Stephens UBS PWM Naples •• 1,911

23 59 N.Y. Rod Aronson Morgan Stanley PWM Palm Beach ••• • 3,250

24 24 Ill. Linda Stephans Graystone Consulting | Morgan Stanley Palm Beach •••• 10,382

25 9 Don d’Adesky Raymond James Boca Raton •••• • 6,394

26 22 Margaret Starner Raymond James Coral Gables •• 1,550

27 14 N.J. James McLaughlin Princeton Wealth | Raymond James Vero Beach ••• 2,726

28 28 Ill. Mark Thorndyke Merrill Lynch Wealth Mgmt Naples ••• 2,111

29 25 Michael McCain Wells Fargo Advisors Naples •• 2,854

30 19 Keith Rowling Merrill Lynch Wealth Mgmt Palm Beach ••• 1,252

31 20 William King Merrill Lynch Wealth Mgmt Vero Beach • • • • • 1,386

32 15 Todd Moll Provenance Wealth | Raymond James Fort Lauderdale • • • • • 4,100

THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | S11

BARRON’S SPECIAL REPORT

Customers

Rank High Ultrahigh Total Typical Typical
2022 2021 Assets Account Net Worth
Individuals Net Worth Net Worth
($mil) ($mil) ($mil)
Name Firm City (Up to $1 mil) ($1-10 mil) ($10 mil+) Foundations Endowments Institutional
$1,911
33 29 Michelle Mayer Merrill PWM Naples ••• 1,175 $25 $50
34 32 Trevor Fried 1,095 25
35 N Arnold Kiman Morgan Stanley Wealth Mgmt Fort Lauderdale • • •
36 10 Conn. Terence Markey 3,933 1.2 2.3
37 47 Douglas Braff Creative Planning Boca Raton ••• 8,067 30 50
38 16 Jose Cabrera 6,394
39 28 Andrew Schultz Morgan Stanley PWM Vero Beach •••• 5 15
40 N Scott Pinkerton 954 5 10
41 26 Louise Armour UBS PWM West Palm Beach • • • 1,194 12.5 40
42 38 Manish Mehta 1,190 3.5 7
43 27 Kenneth Burke Raymond James Coral Gables •••• • 1,381 7.5 25
44 N Eric Yamin 1,928 45
45 52 Randy Hallier Morgan Stanley PWM Miami Beach •• 12 17
46 N Eric Glasband 874 10 30
47 30 Thomas Ruggie FourThought Private Wealth Venice ••••• • 1,152 1.2 5
48 42 Adam Palmer 1,240 4.6 10
49 56 Jeremy Ruccio J.P. Morgan Wealth Mgmt Palm Beach Gardens • • • • • 938 1.1 2.8
50 33 William Merriam 5,609 55
51 75 Chris Garvin UBS PWM Orlando ••• • 2,618 100 200
52 62 Trent Leyda 1,365 25
53 34 Aimee Cogan Merrill Lynch Wealth Mgmt Heathrow ••• 1,619 38
54 44 Kurt Sylvia 1,702 7.5 15
55 N Robert Dwyer Morgan Stanley PWM Miami ••• 1,379 10 20
56 50 Gregory Pollock 1,346 15 25
57 37 Nick Sadowsky Creative Planning St. Petersburg • • • 8,379 35
58 61 Kevin Johnson 2,821 4 5.5
59 N Matt Kilgroe RBC Wealth Mgmt Boca Raton ••• • 3,271 20 50
60 40 Thais Piotrowski 1,300 35 50
61 49 Steven Wagner Ruggie Wealth Mgmt Tavares ••• • 1,385 6 10
62 N Eric Applewhite 1,180 0.8 2
63 63 Jeff Hausinger Graystone Consulting | Morgan Stanley Tampa ••••• • $2,018 $30 $50
64 N Rachael Naylor 2,428 25
65 45 Rachel Barzilay Merrill PWM Miami •• 765 1.2 2
66 46 Gregory O’Hare 9,054 50 100
67 43 Christopher Aitken Merrill Lynch Wealth Mgmt Jacksonville ••••• • 1,289 6 10
68 41 William LaPato 1,097 25 40
69 35 Daryn Pingleton UBS Financial Services Fort Lauderdale •• • 948 25 40
70 39 Janet Franco Gordon 806 58
71 N Paul Wood Morgan Stanley Wealth Mgmt Vero Beach •••• • 1,321 4.5 8
72 58 Andrew Plum 1,037 8.5 24
73 68 Matthew Lytell Morgan Stanley Wealth Mgmt Sarasota •••• 1,525 0.8 1.5
74 59 Erick Ellsweig 1,314 15 25
75 76 George Perez J.P. Morgan Wealth Mgmt Palm Beach Gardens • • • • 1,225 2.6 6
76 60 Stephen Ruvituso 2,154 3.8 7
77 51 Michael Silver Merrill Lynch Wealth Mgmt Punta Gorda ••• • 2,602 12.1 20
78 35 N.J. Adam Gurien 1,042 15 35
79 N Bryce Kenny Merrill Lynch Wealth Mgmt Rockledge ••• • 902 14
80 N Shon Flaharty 887 4 6.5
81 31 Michael Romanchuk UBS PWM Boca Raton •• 1,174 30 300
82 54 Adam Rosenfeld 954 0.7 5
83 64 Neil Kishter Morgan Stanley PWM Naples •• 1,594 8 15
84 55 Lucas Haber 1,194 35 400
Cyndeo Wealth Partners St. Petersburg • • • 1,369 5 20
2.5 3.5
Ameriprise Financial Boca Raton ••• 732

Omnia Family Wealth Aventura ••

Morgan Stanley Wealth Mgmt Boca Raton •••

All Seasons Wealth | Raymond James Tampa •••

Morgan Stanley PWM Jacksonville •• •

Merrill Lynch Wealth Mgmt Boca Raton •• •

Merrill PWM Palm Beach Gardens ••

UBS PWM Ponte Vedra Beach ••

Merrill Lynch Wealth Mgmt Boca Raton •••

Merrill Lynch Wealth Mgmt West Palm Beach • • •

Morgan Stanley Wealth Mgmt Coral Gables ••

Raymond James Orlando ••• •

UBS Financial Services West Palm Beach ••

Riverwalk Wealth | Northwestern Mut. Tampa •••

Merrill Lynch Wealth Mgmt West Palm Beach ••

GenTrust Miami ••

Merrill Lynch Wealth Mgmt Palm Beach Gardens ••

Baron Silver Stevens Financial Adv. Boca Raton •••• •

Merrill Lynch Wealth Mgmt Palm Beach Gardens • • • ••

Morgan Stanley PWM Tampa ••

Flaharty Asset Mgmt Clearwater ••• •

Merrill Lynch Wealth Mgmt Miami ••• •

Merrill PWM Miami ••

Merrill PWM Boca Raton ••

Merrill Lynch Wealth Mgmt Daytona Beach • • •

GEORGIA

12 James Hansberger Morgan Stanley PWM Atlanta ••• $3,500 $20 $50
21 Rod Westmoreland Merrill PWM Atlanta
34 Brian Frank Morgan Stanley PWM Atlanta •• 4,283 50 60
43 Robert Balentine Balentine Atlanta
55 Andrew Harbour Morgan Stanley Wealth Mgmt Atlanta ••• 2,965 5 25
67 Craig Savage William Blair Atlanta
7 14 Earle Dodd UBS Financial Services Atlanta ••• • 5,240 21.6 25
8N Michael Merlin Rockefeller Capital Mgmt Atlanta
96 Wes Moss Capital Investment Advisors Atlanta •• •• • 10,100 5 10
10 8 Ron Hughes Merrill PWM Atlanta
11 16 Justin Ryan Rockefeller Capital Mgmt Atlanta ••• • 6,011 20 30
12 9 Buck Wiley III Merrill PWM Atlanta
13 19 Leslie Lauer UBS PWM Atlanta • • 6,698 350 700
14 15 Saul Levy Morgan Stanley Wealth Mgmt Atlanta
15 12 Bert Ponder Merrill PWM Atlanta •• 1,950 10 25
16 21 Jay Jowers Merrill PWM Atlanta
17 18 Michael Hines Consolidated Plan. | Raymond James Atlanta ••• 3,876 1.5 2.5
18 N James Kaufman Merrill Lynch Wealth Mgmt Atlanta
19 20 Charles Hoke CIBC Private Wealth Atlanta • 1,601 50 55
20 N David Mack Merrill Lynch Wealth Mgmt Atlanta
21 22 David Skid Morgan Stanley Wealth Mgmt Atlanta •• 1,822 50 125
22 13 Donna Joyner Merrill Lynch Wealth Mgmt Alpharetta
23 11 Al Parker Morgan Stanley PWM Atlanta •• • 3,171 20 30
24 25 Ryan Smith Northwestern Mutual Atlanta
25 24 Scott Thompson CIBC Private Wealth Atlanta •• • 4,382 25 60
26 30 Andy Zager UBS Financial Services Atlanta
27 23 Graham Roberts Morgan Stanley Wealth Mgmt Atlanta •• 2,056 12 15
28 26 Todd Urowsky UBS Financial Services Atlanta
29 N Rebecca Glasgow UBS PWM Atlanta ••• 2,420 15 30
30 28 Thomas Epperson Rockefeller Capital Mgmt Atlanta
•• 3,460 40 50

••• • 1,073 2.5 4

••• • 112,497 10 30

•• • • 1,649 25.4 30

••• • 112,497 25 100

••• 1,661 5 10

•• 1,310 10 20

•• 1,869 50 100

••• 1,131 2.5 5

•• 2,071 29.3 50

••• 777 4 5

•• 2,240 7.5 15

•• • 3,151 10 15

•• 4,382 25 60

•• 1,171 25 50

HAWAII

1N Eric Fujimoto Ameriprise Financial Honolulu •• $1,019 $1.1 $5
2N Wang Kar Lee Morgan Stanley Wealth Mgmt Honolulu
33 James Bennett Morgan Stanley PWM Honolulu • • • • • • 1,634 1.5 3.5
41 Peter Backus Morgan Stanley Wealth Mgmt Honolulu
54 Matthew Megorden UBS Financial Services Honolulu ••• • 1,669 1.8 4
6N Robert Saracco Merrill Lynch Wealth Mgmt Honolulu
• • • • • • $2,062 $3 $5

••• 694 5 10

••• 444 3 5

IDAHO Robert Brian King RBC Wealth Mgmt Eagle •• $915 $5 $10
Bruce Davidson Wells Fargo Advisors Boise ••••
11 Sandra Dalton UBS Financial Services Boise ••••• 943 5 20
22 Uwe Ruttke Merrill Lynch Wealth Mgmt Boise •••
33 Justin Samples Ameriprise Financial Boise ••• 1,087 5 15
46 Andy Dodson Edward Jones Nampa •••
55 999 4 10
6N
• 840 1 1.9

351 1 1

ILLINOIS

11 John Cultra William Blair Chicago ••• $5,258 $18 $28
24 Thomas Wilson
32 Steven Hefter William Blair Chicago ••• 4,785 15 25
43 Paul Tashima
55 David Mabie HLM Capital Wealth Mgmt Highland Park •• 6,500 12 30
6 15 Louise Lane
77 Andrew Griffo UBS Financial Services Chicago • • 33,025 77 250
8 10 Steve Jesanis
9 14 Tom Bridges Chicago Capital Chicago •• • 3,103 5 10
10 9 Raj Bhatia
11 6 Brian Hahn William Blair Chicago •••• 3,471 4 7
12 42 Peter Lee
13 11 Scott Magnesen Morgan Stanley Wealth Mgmt Chicago ••• • 48,229 10 20
14 13 Carlette McMullan
15 12 James Whitney William Blair Chicago ••••• 3,417 6 25
16 18 Steve Elkins
17 17 Daniel Fries CIBC Private Wealth Chicago ••• • 4,277 4.6 7.5
18 22 Daniel Grant
19 16 Robert Fix Merrill PWM Chicago • • • 2,718 15 25
20 23 Kristina Van Liew
21 27 Kathleen Roeser Neuberger Berman Chicago •• 2,160 25 50
22 36 Matthew Dillig
23 38 Benjamin Klein Summit Trail Advisors Chicago •• • 3,201 25 60

Morgan Stanley Wealth Mgmt Oak Brook ••• 5,468 0.5 3

William Blair Chicago ••• • 2,189 5 15

Graystone Consulting | Morgan Stanley Chicago •• 4,911 40 100

William Blair Chicago ••• 1,733 1 5

Merrill Lynch Wealth Mgmt Chicago ••• 1,615 3 5

William Blair Chicago •• 2,020 15 20

William Blair Chicago ••• 1,586 1.5 5

Graystone Consulting | Morgan Stanley Chicago •••• 10,369 150 100

Morgan Stanley Wealth Mgmt Chicago •• • 1,975 8 18

The Dillig Bowen Group | Hightower Northbrook ••• 1,533 35 50

Merrill Lynch Wealth Mgmt Northbrook ••• 1,301 7.5 10

S12 | Tuesday, March 22, 2022 THE WALL STREET JOURNAL.

AMERICA’S TOP 1200 FINANCIAL ADVISORS 2022

Customers

Rank High Ultrahigh Total Typical Typical
2022 2021 Assets Account Net Worth
Individuals Net Worth Net Worth
($mil) ($mil) ($mil)
Name Firm City (Up to $1 mil) ($1-10 mil) ($10 mil+) Foundations Endowments Institutional
$3,163
24 31 David Wright Merrill PWM Chicago ••• 33,025 $25 $40
25 19 Louis Paster 77 250
26 30 Brad DeHond UBS Financial Services Chicago • • 3,190
27 32 Sharon Oberlander • 1,925 52.6 60
28 35 Russell McLean Morgan Stanley PWM Chicago •• • 2,987 5 12
29 25 Michael Schaffer 1,590 7.5
30 N Vanessa Martinez Merrill Lynch Wealth Mgmt Chicago ••• • 1,794 2.5 30
31 N W Janet Dougherty • 6,429 15 20
32 34 Joseph Kartheiser McLean Wealth Mgmt | Wells Fargo Oak Brook ••• • 2,008 5 25
33 33 Walter JR Gondeck • 1,794 25 25
34 29 Ted Davis Wells Fargo Advisors Deerfield •• • 1,001 15 20
35 41 Jay Maltby 3,101 5 3
36 40 David Wilkinson The Lerner Group | Hightower Deerfield ••• • 1,036 2.5 20
37 48 Michael Sakach 4,919 15 40
38 56 Brian Marshall Cresset Chicago •• 1,124 35 100
39 39 Michael Cohen 2,153 40 5
40 47 Ajay Desai Morgan Stanley PWM Chicago •• 1,919 3 2
41 26 Tom Kilborn 1,323 2 300
42 N John Stevenson Jr. The Lerner Group | Hightower Deerfield ••• 1,837 50 7.5
43 44 Robert Siracusano 5 4
44 37 James Oberheide Morgan Stanley Wealth Mgmt Chicago •• 925 3 4
45 45 Brian Speers 3,943 3.5 75
46 21 Kevin Lynch UBS PWM Chicago •• 1,602 50 5
47 52 Bruce Becker 1,645 3.5 60
48 N Thomas Marx Morgan Stanley PWM Chicago • 1,295 48 20
49 54 John Hammond 7 12
50 59 Jason Beckwith Graystone Consulting | Morgan Stanley Chicago •• 1,179 6 $8
51 43 Sean Lannan $1,296 $5 5
52 53 Benjamin Leshem William Blair Chicago •••• 3 3
53 60 Jacqueline Moss 1,057 2.5 30
54 49 David Sheppard Morgan Stanley Wealth Mgmt Chicago ••• 3,489 12 40
55 N Brett White 6,500 30 9
56 46 Dan Hoffmann UBS PWM Chicago •• 1,169 7 2
57 55 Christopher Garrity 0.9 2.5
58 N Bruce K Lee Merrill Lynch Wealth Mgmt Northbrook ••• 936 2.5 5
59 N Laura Linger 1,159 3 50
60 50 Kyle Chudom Wells Fargo Advisors Quincy ••• 3,488 15 25
1,830 5 3
Wells Fargo Adv. Financial Network Naperville ••• 1,600
863 1
Morgan Stanley PWM Chicago •• 1,252

Merrill Lynch Wealth Mgmt Oak Brook ••

Morgan Stanley PWM Chicago ••

Morgan Stanley Wealth Mgmt Chicago ••

William Blair Chicago •••

Merrill Lynch Wealth Mgmt Northbrook •••

Merrill Lynch Wealth Mgmt Chicago •••

Morgan Stanley Wealth Mgmt Chicago ••

HLM Capital Wealth Mgmt Highland Park ••

William Blair Chicago ••

Merrill Lynch Wealth Mgmt Deer Park ••

Ameriprise Financial Oakbrook Terrace • •

Morgan Stanley Wealth Mgmt Chicago ••

Merrill Lynch Wealth Mgmt Northbrook •••

Keebeck Wealth Mgmt Chicago •

William Blair Chicago •••

Morgan Stanley Wealth Mgmt Oak Brook •••

INDIANA

12 John Cate Merrill Lynch Wealth Mgmt Indianapolis •• • $23,782 $425 $1,000
21 Wm. Craig Dobbs
33 John Perry Graystone Consulting | Morgan Stanley Indianapolis ••• • 37,961 294.6 231.8
45 Eric Payne •••••
54 Martin Gregor Morgan Stanley Wealth Mgmt Indianapolis 1,415 10 25
66 Christopher Moore ••
77 Ronald Mencias Merrill Lynch Wealth Mgmt Indianapolis ••• 2,818 5 8
8 11 Brian Austin •••••
9 12 Daniel Finley Merrill PWM Indianapolis •• • 2,831 50 80
10 14 John Schutz •••
11 8 Brian Cooke Ameriprise Financial Fort Wayne •• 1,209 2 3.5
11 8 Chris Cooke
13 N Eric Brunton Merrill Lynch Wealth Mgmt Indianapolis ••• 2,818 5 8
14 10 Jonathan Klausner •••
15 17 Scott Saxe Ameriprise Financial Indianapolis ••• 1,151 1.3 2.3
16 15 K. Gregory Akers ••
17 16 Kevin McMullen Merrill Lynch Wealth Mgmt Fort Wayne ••• • 1,341 2 5
18 13 John Duffy ••••
Baird Evansville ••• 827 0.7 1.7
•••
Cooke Financial Group Indianapolis • 2,410 4 6

Cooke Financial Group Indianapolis • 2,410 4 6

Merrill Lynch Wealth Mgmt Indianapolis • 12,430 2.3 4.2

Morgan Stanley Wealth Mgmt Indianapolis • 2,848 5 11

Wells Fargo Advisors Evansville 1,028 1 2

Merrill Lynch Wealth Mgmt Indianapolis • 1,418 3 5

Merrill Lynch Wealth Mgmt Indianapolis 710 2 2.8

Morgan Stanley Wealth Mgmt Indianapolis • 2,938 4.5 11

IOWA Bryan Boesen Morgan Stanley Wealth Mgmt Des Moines ••• $1,249 $5 $10
Matt Fryar Wells Fargo Advisors Clive ••
13 Scott Leibfried Ameriprise Financial Dubuque •• 1,040 5 10
21 Jeffrey Brandt Ameriprise Financial Fort Dodge •••
3N Timothy Finucan Edward Jones Webster City ••• 1,214 0.6 1.5
42 Eli Wynes United Iowa Financial Iowa City •••••
54 1,022 0.4 3.5
6N
809 0.8 4

1,200 0.5 0.8

KANSAS

11 Tim Sutton Creative Planning Overland Park • • • $1,470 $1.7 $20
2N Tom Freeman
35 Jay Beebe FCS PWM & Family Office Leawood ••• 1,851 20 35
42 Scott Ferguson
54 Tim Werth Creative Planning Overland Park • • • • 1,489 1.9 15
63 Trey Barnes
Morgan Stanley Wealth Mgmt Leawood ••••• 2,060 2 9

Werth Wealth Mgmt | Raymond James Hays ••••• • 1,242 2 5

Mariner Wealth Advisors Overland Park • • • • 2,796 2.2 6

KENTUCKY

11 Barry Barlow Merrill Lynch Wealth Mgmt Louisville •••• $1,290 $6 $7.5
23 Travis Musgrave
34 Thomas Perrone Merrill Lynch Wealth Mgmt Lexington •• 1,116 6 11
45 William Watson
52 Philip McCauley Morgan Stanley Wealth Mgmt Louisville ••• • 1,505 2.1 3.1
6N Mitch Settle
77 Dan Foutch Ameriprise Financial Owensboro ••• • 1,322 0.8 2
89 Douglas Kisker
96 Morgan Fister Morgan Stanley Wealth Mgmt Louisville •••• 1,529 7.5 10
10 12 Mark Switow
11 8 Scott Kelly Baird Owensboro ••• 929 0.9 1.8
12 10 Dean Donohue
Baird Glasgow ••• • 982 1 2.3

Ameriprise Financial Crestview Hills • • 808 2.3 2.5

Morgan Stanley Wealth Mgmt Lexington ••• 678 3 5

UBS PWM Louisville •• • 956 9 25

Merrill PWM Louisville ••• • 1,775 75 100

Ameriprise Financial Louisville •• • $797 $2.1 $3.4

LOUISIANA

11 Curtis Eustis Merrill Lynch Wealth Mgmt New Orleans •••• • $1,437 $10 $25
23 James Spiro Morgan Stanley Wealth Mgmt New Orleans •••
35 Jacque Kuchta UBS Financial Services New Orleans ••• 2,606 1 5
4N Ira Feld Morgan Stanley Wealth Mgmt Baton Rouge •••
54 Scott Hardie Merrill Lynch Wealth Mgmt New Orleans •••• 876 3 6
66 Don Celestin Morgan Stanley Wealth Mgmt Mandeville •••
• 1,112 5 8

1,516 4 4

• 968 3.5 10

MAINE Brian Clement RBC Wealth Mgmt Portland •• • $794 $3 $7
Robertson Breed
11 Jeremiah Burns F.L.Putnam Investment Mgmt Company Portland •••• 781 4 7
25 Thomas Gower III
32 Melissa Duffy Morgan Stanley Wealth Mgmt Portland •• • 609 5 20
43 Todd Doolan
5N UBS Financial Services Bangor ••• 799 3.1 5
64
White Pine Wealth Mgmt Falmouth ••• • 934 2 3.5

Morgan Stanley Wealth Mgmt Portland ••• • 503 2 3.4

MARYLAND

11 Robert Scherer Graystone Consulting | Morgan Stanley Potomac •••• • $11,514 $25 $25
22 Kent Pearce ••
33 Joseph Jacques Merrill Lynch Wealth Mgmt Towson •• 2,455 8 15
46 Peter Dunne ••••
57 Jeff Leventhal Jacques Financial Rockville •• 1,501 1.2 3
68 E. Geoffrey Sella ••
7 12 Brett Clifford Merrill Lynch Wealth Mgmt Bethesda ••• • 5,201 50 75
85 James Meek ••••
9 11 Ann Marie Etergino Hightower Bethesda Bethesda ••••• 1,385 5 10
10 10 Ross Charkatz •••••
11 9 Barry Garber SPC Financial | Raymond James Rockville •• 1,219 1 1.6
12 13 Gregory Baker •••
13 21 Thomas Lee Morgan Stanley PWM Baltimore ••• 3,173 20 30
14 16 Jonathan Murray •••
15 17 Peter Maller Graystone Consulting | Morgan Stanley Baltimore ••• • 3,097 16.6 30
16 19 Nicholas Serenyi •••
17 N Richard Wagener RBC Wealth Mgmt Chevy Chase •••• • 1,598 7.5 15
18 18 Phil Rauch ••••
19 22 Ryan Bowman Graystone Consulting | Morgan Stanley Potomac ••• • 12,630 25 25
20 N Michael Riley •••
Alex. Brown | Raymond James Baltimore • 4,356 15 25

Merrill Lynch Wealth Mgmt Bethesda 1,412 3.5 5

Lee, Sipe & Assoc. | Raymond James Rockville 1,065 2 3

UBS Financial Services Hunt Valley • 1,881 2 5

Maller Wealth Advisors Hunt Valley • 885 1.7 7.4

Morgan Stanley Wealth Mgmt Rockville • 2,504 3 5

Wagener Lee Wealth | Raymond James Columbia • 925 2 5

William Blair Baltimore 1,228 5 20

Morgan Stanley Wealth Mgmt Rockville • 2,504 3 7

RBC Wealth Mgmt Rockville 863 2.1 5

THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | S13

BARRON’S SPECIAL REPORT

Customers

Rank Name Firm City Individuals High Ultrahigh Foundations Endowments Institutional Total Typical Typical
2022 2021 (Up to $1 mil) Net Worth Net Worth Assets Account Net Worth
Morgan Stanley Wealth Mgmt Bethesda ($1-10 mil) ($10 mil+)
Merrill PWM Frederick ($mil) ($mil) ($mil)
Morgan Stanley Wealth Mgmt Easton
21 N Adam Rorrer RBC Wealth Mgmt Baltimore ••••• • $1,280 $3.6 $10
22 24 William Orr 1,312 20 25
23 N Bradley Hill ••• • 1,722 5 15
24 N Beth Rosenwald 670 2.5
••• 4

•••

MASSACHUSETTS

12 Raj Sharma Merrill PWM Boston • $6,394 $10 $15
21 Peter Princi
34 Susan Kaplan Graystone Consulting | Morgan Stanley Boston •• •• • 7,475 10 20
4 12 Devin Condron
5 10 John Lechner Kaplan Financial Services Newton •• 2,775 4.5 10
66 Brian Strachan
79 Daniel Wilson Morgan Stanley PWM Boston •• 5,158 30 50
88 Victor T. Livingstone
95 Richard F. Connolly Morgan Stanley PWM Boston •• 7,635 25 100
10 7 Thomas Bartholomew
11 13 Charles S. Bean III Morgan Stanley PWM Boston ••• 2,468 10 18
12 15 Raju Pathak
13 23 Eric Riak Ameriprise Financial Auburndale •• 4,379 0.5 5
14 21 David Javaheri
15 16 William Sullivan Morgan Stanley PWM Boston •••• 7,704 35 100
16 17 Mary Mullin
17 18 Peter Noonan Morgan Stanley PWM Boston ••••• • 8,159 20 30
18 22 Ira Rapaport
19 20 John Spooner Bartholomew & Company Worcester ••• 3,552 2.3 9.5
20 N Domenic Marinelli
21 N Terrence McMahon Heritage Financial Services Westwood ••• 2,100 2.5 4
22 26 Stephen Kelliher
23 25 Gary McGuirk Morgan Stanley Wealth Mgmt Boston ••• 2,290 8 20
24 28 Carl Cafaro
25 N Jason Traino CIBC Private Wealth Boston • 2,535 97.5 150
26 19 Richard Miller
27 N Michael Miller Morgan Stanley Wealth Mgmt Wellesley •• 1,941 7 15
28 14 Cory Schauer
29 29 Mark Winthrop UBS PWM Boston •• 1,700 25 50
30 24 Debra Brede
Merrill Lynch Wealth Mgmt Boston •• 1,954 5 20

J.P. Morgan Wealth Mgmt Boston ••• $2,641 $15 $75

New England Private Wealth Advisors Wellesley •• 2,435 7.7 9

Morgan Stanley Wealth Mgmt Boston ••• 1,402 25 70

Morgan Stanley Wealth Mgmt Boston ••• 842 5 10

Morgan Stanley PWM Boston •• • 7,638 25 100

Morgan Stanley Wealth Mgmt Norwell • • • • • • 4,748 10 10

Merrill PWM Boston •• 2,919 28 55

Merrill Lynch Wealth Mgmt Newton •• • • 4,516 15 25

Morgan Stanley Wealth Mgmt Middleton ••• • 2,412 3 15

Ameriprise Financial Wellesley ••• 1,500 0.7 1.5

Wellesley Asset Mgmt Wellesley ••• • 3,090 2 5

Alex. Brown | Raymond James Boston •• 2,634 11 25

Winthrop Wealth Westborough • • • • 1,621 3 8

D.K. Brede Investment Mgmt Needham ••• • 1,494 2.5 4

MICHIGAN

11 Charles C. Zhang Zhang Financial Portage ••• $4,778 $5 $10
22 David Kudla
33 Jeffrey Fratarcangeli Mainstay Capital Mgmt Grand Blanc ••• 3,770 2 4
47 Timothy Long
54 Dana Locniskar Fratarcangeli Wealth Mgmt Bloomfield Hills •• • 3,350 8 25
66 Philip Appel
78 Melissa Spickler Merrill Lynch Wealth Mgmt Grand Rapids ••••• • 6,565 7.5 10
89 Kevin VanDyke
9 12 Leo Stevenson Merrill PWM Troy •• 3,737 15 25
10 11 David Brazen
11 10 Brian Brice Merrill Lynch Wealth Mgmt Bloomfield Hills ••• 3,097 6.2 7
12 14 Frank Migliazzo
13 13 Frank Moore Merrill Lynch Wealth Mgmt Bloomfield Hills • • • 1,504 2 5
14 19 Nicole Christians
15 15 Marie Vanerian Bloomfield Hills Financial Bloomfield HIlls • • • 1,872 2 4
16 20 Aaron Romain
17 18 Timothy Brice Merrill Lynch Wealth Mgmt Wyandotte • • • • • • 1,150 1.5 2.5
18 21 Richard Bloom
19 23 William Mackay Ameriprise Financial Troy •• 2,888 1 3
20 N Lyle Wolberg
21 17 Abraham Post Graystone Consulting | Morgan Stanley Birmingham ••• • 5,736 5 10
22 22 Michael Rosloniec
23 N Mark Fudold Merrill PWM Troy •• 1,653 10 30
24 25 Jay McGill
25 28 Scott Bernecker Vintage Financial Services Ann Arbor •• 880 1.6 2.4
26 24 Chris Wilker
27 29 Eric Furlotte Merrill Lynch Wealth Mgmt Farmington HIlls • • • • 2,818 1 5
28 N James Kruzan
29 N Jon Vigi Merrill Lynch Wealth Mgmt Troy • • • • • 2,812 20 20
30 N Robert Bradley
Merrill Lynch Wealth Mgmt Farmington Hills • • • • 2,818 1 5

Graystone Consulting | Morgan Stanley Birmingham ••• • 5,664 5 10

Bloom Advisors Farmington Hills • • 1,411 0.8 1.1

Merrill Lynch Wealth Mgmt Grand Rapids • • • • • 6,565 10 15

Telemus Capital Southfield ••• 3,258 2.8 4.8

Merrill Lynch Wealth Mgmt Troy •• • 1,152 5 10

Graystone Consulting | Morgan Stanley Grand Rapids • • • • • 8,675 90 250

Morgan Stanley Wealth Mgmt Troy ••• 809 1.3 5

Merrill Lynch Wealth Mgmt Auburn Hills ••• 1,128 2.5 5

Merrill Lynch Wealth Mgmt Grand Rapids ••••• • 1,965 10 15

Morgan Stanley Wealth Mgmt Troy ••• 816 2 5

Ameriprise Financial Farmington Hills • • • 2,888 1 3

Kaydan Wealth Mgmt Fenton •• 662 1.7 2.5

UBS PWM Birmingham ••••• • 1,000 10 25

Morgan Stanley Wealth Mgmt Farmington Hills • • • 1,379 1.8 3

M I N N E S O TA

11 Richard S. Brown JNBA Financial Advisors Bloomington ••• $2,026 $1.5 $2
2N Rob Metcalf UBS PWM Wayzata
33 Louis Close UBS PWM Wayzata •• 2,979 50 100
44 Christina Boyd Merrill Lynch Wealth Mgmt Wayzata
55 Charlie Kelley Compass Capital Mgmt Minneapolis •• 2,622 10 25
67 Ben Marks Marks Group Wealth Mgmt Minnetonka
7 12 Aaron Howe RBC Wealth Mgmt Wayzata •• • 1,949 7.5 15
88 Jesse Bull UBS PWM Wayzata
9 18 Michelle Young Ameriprise Financial Edina ••• • 1,879 6 10
10 9 David A. Olson Morgan Stanley Wealth Mgmt Rochester
11 10 Michael Slaggie Slaggie Capital | Raymond James Winona •••• • 1,781 2 5
12 13 Randy Doroff Ameriprise Financial Bloomington
13 11 Robert Swiller UBS Financial Services Minneapolis ••• 1,239 5 10
14 N Joseph Loftus UBS Financial Services Minneapolis
15 14 Jacob Creydt UBS Financial Services Bloomington ••• 1,433 10 20
16 16 Mark Joern Ameriprise Financial Minneapolis
17 17 Royal Jaros Ameriprise Financial Apple Valley •• • 1,148 1.1 2.8
18 19 Rhett Neuman RBC Wealth Mgmt Stillwater
19 24 Theresa Ward Merrill PWM Minneapolis ••• • 867 3.5 7.5
20 N Derek Cherne UBS PWM Wayzata
21 23 Michael Erpelding Erpelding WM | Northwestern Mutual Edina •••• 1,800 1 2.5
22 15 Frank Summers Merrill Lynch Wealth Mgmt Minneapolis
23 N Chris Watkins UBS PWM Minneapolis •• 974 1.3 2.5
24 21 William Sukup Wealth Enhancement Group Woodbury
••• 903 2 10

••• $1,119 $15 $25

••• • 1,243 2 3

•• 1,175 3 5

••• 1,062 1 2.1

•••• 727 1 3

•• 942 5 10

•• 956 10 25

•• • 932 0.4 0.5

••• 1,270 1.5 2.5

••• 2,622 15 25

••• 640 1.2 1.8

MISSISSIPPI

11 Bill Rush Mosby UBS Financial Services Jackson ••• • $1,647 $2.5 $4.5
2N Melanie Dowell Morgan Stanley Wealth Mgmt Ridgeland
32 John McRae Raymond James Meridian ••• • 1,813 5 10
43 Arthur Finkelberg Raymond James Ridgeland
54 Lynn Phillips-Gaines Phillips Financial | Raymond James Starkville ••••• • 898 0.4 1
65 Bill Geary Raymond James Jackson
••• 612 1.5 2

••• 325 1 2

•••• 1,144 2 6

MISSOURI

12 Michael Jefferies UBS Financial Services Kansas City ••• • $4,167 $1 $3
21 Michael Moeller Moeller Investment Group Chesterfield
33 Bud King UBS PWM St. Louis • • • • • • 2,180 3 5
46 Seth Murray Ameriprise Financial Springfield
54 Diane Compardo Moneta Group Clayton •• 1,668 10 30
65 Mark Wilkins UBS PWM Clayton
78 Kathleen Youngerman Morgan Stanley PWM Chesterfield •• 2,636 1 2
8 14 Scott Underwood Socium Adv. | Northwestern Mutual St. Louis
9 10 James Hise Merrill PWM Kansas City •• 2,240 15 18
10 11 Dennis Williams Morgan Stanley PWM Kansas City
11 N Shawn Williams Merrill PWM Frontenac •• 1,042 34.7 75
12 9 Theresa Gorin Merrill Lynch Wealth Mgmt Chesterfield
13 17 Bradford Koeneman Moneta Group Clayton ••• 570 35 75
14 7 Gordon Hamilton III Morgan Stanley Wealth Mgmt Kansas City
15 13 Donald Swanson Edward Jones Joplin ••• • 1,017 1.4 5.5
16 12 Robert Millner Morgan Stanley Wealth Mgmt Clayton
17 15 James Moore Wells Fargo Advisors Clayton ••• 1,468 13.5 18
18 N John Gatewood Gatewood Wealth Solutions St. Louis
••• 1,909 8 14

••• • 5,614 100 100

••• 863 3 5

•• •• 870 8 10

••• 1,627 1.5 1.5

•• 662 0.6 1.1

••• 1,707 2 5

••• 800 3 6

••• 850 0.6 2.8

S14 | Tuesday, March 22, 2022 THE WALL STREET JOURNAL.

AMERICA’S TOP 1200 FINANCIAL ADVISORS 2022

Customers

Rank High Ultrahigh Total Typical Typical
2022 2021
Individuals Net Worth Net Worth Assets Account Net Worth

Name Firm City (Up to $1 mil) ($1-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)

M O N TA N A

11 James B. Stack Stack Financial Mgmt Whitefish ••• $1,603 $2 $5
22 Jared Losing Ameriprise Financial Missoula •••
34 Todd Vralsted UBS Financial Services Billings ••• 906 0.3 2.2
45 Charles Wagner Merrill Lynch Wealth Mgmt Billings
53 William Royer UBS Financial Services Billings ••• • 1,408 2 7
6N Joshua Hedge Merrill Lynch Wealth Mgmt Billings ••••
• 2,608 2.5 5
•••
• 1,408 3 7

• 2,608 2.5 5

NEBRASKA

13 Jim Siemonsma Mariner Wealth Advisors Omaha ••• $2,092 $1.2 $3
22 Andrew Robinson •••
34 Ryan Swartz Morgan Stanley Wealth Mgmt Omaha 2,385 9.8 15
45 Jason Dworak ••
56 John Garlock Creative Planning Omaha •• • 3,608 2.2 15
6N Tim Harrison ••••
UBS PWM Lincoln ••• 1,486 8 20

RBC Wealth Mgmt Omaha • 1,150 3 5

Harrison Financial | Northwestern Mut. Omaha 830 0.7 8.9

N E VA D A UBS PWM Las Vegas • $5,134 $35 $50
The Investment Counsel Company Las Vegas ••
1 80 Calif. Mark Binder Merrill Lynch Wealth Mgmt Henderson ••••• • 1,713 5.5 10
2 1 Randy Garcia Merrill Lynch Wealth Mgmt Reno •••
3 59 Calif. Keith Tanabe Danielson Financial | LPL Financial Las Vegas ••• • 7,028 5 15
4 113 Calif. Phillip Scott Ameriprise Financial Henderson •••
5 2 Deborah Danielson 1,021 3 12
6 6 Geoffrey Lee
$646 $2 $5

847 1.3 3

NEW HAMPSHIRE

11 Robert Bonfiglio Ameriprise Financial Bedford •• $2,647 $3 $4
22 John Habig ••• 541 1.5 3
3N Brent Kiley Morgan Stanley Wealth Mgmt Portsmouth •• 0.8 2
43 Brian Doyle ••••• 2,268 10
54 P. Kevin O’Brien Ameriprise Financial Bedford ••• 1,300 5
65 Sean Doyle ••• 1.5 3.5
Wells Fargo Advisors Hanover 538 2.5
534 2
P. Kevin O’Brien WM Group | Wells FargoPortsmouth

Merrill Lynch Wealth Mgmt Manchester

NEW JERSEY

1 11 Michael Ricca Morgan Stanley Wealth Mgmt Florham Park ••• $5,114 $8 $15
21 Gary Tantleff
33 Daniel Schwartz UBS Financial Services Warren •• 7,090 9 10
42 Mary Deatherage
5 20 Scott Mahoney UBS PWM Paramus •• 3,324 25 40
6 12 Andy Schwartz
76 Mark Lippman Morgan Stanley PWM Little Falls •• 3,833 10 25
8 13 Elliott Kugel
9 16 Mark Fendrick Morgan Stanley PWM Morristown •• 1,410 20 30
10 7 John Micera
11 8 Bruce Pomerantz Bleakley Financial Group Parsippany ••• • 2,300 3 5
12 17 Thomas Meyer
13 5 Richard Udine Wells Fargo Advisors Linwood ••• • 2,530 2.5 4
14 9 Christopher Cook
15 25 Neil McPeak Merrill Lynch Wealth Mgmt Bridgewater ••• 2,245 2.8 4
16 18 Jack Burke
17 110 N.Y. Michael Taggart UBS Financial Services Mount Laurel •• 1,531 5 7
18 21 L. Marc Shegoski
19 22 Mark Tobias RBC Wealth Mgmt Florham Park •••• • 1,625 6.5 13
20 19 Bruce Gsell
21 N Yash Dalal Wells Fargo Advisors Short Hills ••• 1,909 7 15
22 24 Mark Cortazzo
23 N Mary Guza Meyer Capital Group Marlton ••• 1,535 2 4
24 26 Ken Schapiro
25 29 Bruce Barth Morgan Stanley Wealth Mgmt Mount Laurel ••• 1,754 3.5 5
26 36 David Briegs
27 39 Raymond Chase Merrill Lynch Wealth Mgmt Florham Park •• 2,253 6 10
28 41 Anthony Valente
29 27 Goran Bojovski Wells Fargo Advisors Linwood ••• • 1,750 2.5 5
30 23 Stephen Pollard
31 34 Francis Bitterly Merrill Lynch Wealth Mgmt Florham Park •• 5,669 10 20
32 N Robert Mosera
33 38 Patricia Bell J.P. Morgan Wealth Mgmt Morristown ••• 1,007 10 20
34 30 James Maltese
35 N Reed Finney UBS Financial Services Princeton ••• • 5,710 42 70
36 31 Greg Makowski
37 32 Harris Nydick Morgan Stanley Wealth Mgmt New Brunswick •• 836 5 10
38 33 William Munn
39 44 Julia Bishop Merrill Lynch Wealth Mgmt Iselin ••• • 16,397 2.5 5
40 40 Steven Rothman
41 45 David Comito Morgan Stanley Wealth Mgmt Paramus ••• 860 6 10
42 48 August Zenzius
43 42 John Hudspeth Wealth Enhancement Group Parsippany ••• • 932 2.5 7.5
44 46 Karl Kreshpane
45 43 Michael Axelrod Morgan Stanley Wealth Mgmt Florham Park ••• 4,803 8 15
46 N Charles Belluardo
47 N Jack Cooney Condor Capital Mgmt Martinsville ••• • 1,588 2.5 3.8
48 N Robert Daddario
Merrill Lynch Wealth Mgmt Short Hills ••• • 2,317 2.3 3.5

Merrill Lynch Wealth Mgmt Bridgewater ••• 2,245 2.8 4

UBS PWM Florham Park ••• 1,645 8 10

Morgan Stanley Wealth Mgmt Shrewsbury ••• • 2,518 1 2

Merrill Lynch Wealth Mgmt Iselin ••• • 16,397 2.5 5

Merrill Lynch Wealth Mgmt Princeton •• 1,649 5 10

Morgan Stanley Wealth Mgmt Red Bank ••• 728 3 7

Wells Fargo Advisors Paramus ••• 985 3 5

Merrill Lynch Wealth Mgmt Short Hills •• 874 3 5

Merrill Lynch Wealth Mgmt Iselin ••• 1,773 4 5

Bleakley Financial Group Essex Fells ••• 804 2 5

CFS Investment Advisory Services Totowa ••• • 1,950 2 5

CFS Investment Advisory Services Totowa ••• • 1,950 2 5

Ameriprise Financial Paramus ••• 1,097 0.8 3

Merrill Lynch Wealth Mgmt Florham Park ••• 2,290 2.5 5

UBS Financial Services Red Bank ••• 649 1.5 3

Merrill Lynch Wealth Mgmt Florham Park ••• 2,290 2.5 5

Merrill Lynch Wealth Mgmt Paramus ••• 806 1.8 4.5

Merrill Lynch Wealth Mgmt Mount Laurel •••• • 1,569 3 6

UBS Financial Services Paramus •• • 863 3.4 6.5

Bleakley Financial Group Fairfield •• • 715 4 6

Merrill Lynch Wealth Mgmt Red Bank ••• • 1,734 1.1 3.3

Bleakley Financial Group Fairfield ••• • 753 2 5

Merrill Lynch Wealth Mgmt Short Hills ••• $775 $4 $6

NEW MEXICO

13 Michael Blackwell Morgan Stanley Wealth Mgmt Albuquerque ••• $1,104 $2 $2.8
22 Michael Stevens Merrill Lynch Wealth Mgmt Albuquerque •••
34 Christopher Cates RBC Wealth Mgmt Albuquerque •••• 1,547 3 7
45 Charles Reardon Morgan Stanley Wealth Mgmt Albuquerque •••
5N Kathryn Thompson Merrill Lynch Wealth Mgmt Albuquerque ••• 1,350 3 5
66 Ryan Mummert Morgan Stanley Wealth Mgmt Albuquerque
••• 1,142 2.5 3.5

1,547 3 7

• 1,118 2.5 5

NEW YORK

11 Lyon Polk Morgan Stanley PWM New York • $40,500 $50 $150
22 Richard Saperstein
33 Ron Vinder Treasury Partners New York •• • 23,575 15 40
44 Ron Basu
5 13 Holly Newman Kroft Morgan Stanley PWM New York ••• 10,163 75 150
65 Seth Finkel
7 11 Scott Stackman Morgan Stanley PWM New York • • • • 11,787 30 150
89 Jim Detterick
98 Scott Wilson Neuberger Berman New York ••• 4,218 15 20
10 14 Jason Katz
11 10 Stephanie J. Stiefel Neuberger Berman New York •• • 3,562 7.5 20
12 17 Noel Weil
13 12 Frank Marzano UBS PWM New York ••• 8,007 75 250
14 21 Shawn Rubin
15 20 Richard Zinman Graystone Consulting | Morgan Stanley New York •• • 49,781 5 10
16 19 William Peterson
17 18 Russell Rabito Morgan Stanley PWM New York •• 9,628 25 40
18 6 Jonathan Kuttin
19 42 Adam Epstein UBS PWM New York ••• 3,895 5 10
20 N Fotios Piniros
21 15 Michael Sawyer Neuberger Berman New York •• • 2,876 15 45
22 7 Martin Halbfinger
23 39 Glenn Degenaars Merrill PWM New York •• 15,853 25 75
24 23 Virginia Guy
25 27 Alexandra Fuhrmann GM Advisory Group Melville ••• 5,744 20 30
26 22 Leigh Cohen
27 16 Robert Stolar Morgan Stanley PWM New York •• 4,071 10 40
28 N Gerard Klingman
29 26 Evan Steinberg Morgan Stanley PWM New York •• 5,715 20 50
30 49 Justin McCarthy
31 34 John Vessa Neuberger Berman New York •• • 2,372 4.2 13
32 43 Jordan Mayer
33 30 David Magrone UBS PWM New York •• • 6,293 15 18
34 29 Patrick J. Schwarz
Ameriprise Financial Hauppauge ••• 4,643 1 4

UBS PWM New York • • • • • 3,183 25 50

Morgan Stanley PWM New York ••• 10,950 25 100

Morgan Stanley PWM New York •• 2,550 50 80

UBS Financial Services New York •• • 4,010 20 35

First Republic Investment Mgmt New York •• • • 4,616 30 100

Neuberger Berman New York ••• • 2,069 9 20

CIBC Private Wealth New York •• 2,193 7.9 10

Merrill PWM New York •• 11,018 20 45

Morgan Stanley PWM New York •• 3,404 50 70

Klingman & Associates New York •• 3,582 10 15

Morgan Stanley PWM New York ••• • 4,429 10 14

Mariner Wealth Advisors New York ••• • 2,179 3 15

Morgan Stanley Wealth Mgmt New York ••• • 14,984 5 10

J.P. Morgan Wealth Mgmt New York •• • 3,443 15 25

Merrill PWM New York ••• 4,855 75 150

Morgan Stanley PWM New York •• 5,476 25 50

THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | S15

BARRON’S SPECIAL REPORT

Customers

Rank High Ultrahigh Total Typical Typical
2022 2021 Assets Account Net Worth
Individuals Net Worth Net Worth
($mil) ($mil) ($mil)
Name Firm City (Up to $1 mil) ($1-10 mil) ($10 mil+) Foundations Endowments Institutional
$2,862
35 41 John Barrett Merrill Lynch Wealth Mgmt New York •••• 1,785 $35 $100
36 35 Michael Poppo 2,563 8 12
37 33 Joshua Malkin UBS Financial Services New York •••• 4,616 10 25
38 51 Jason Babb 19,774 7 15
39 50 Jeffrey Klotz Morgan Stanley PWM New York •••• 2,990 8 25
40 31 Andrew Sukhin 65
41 47 John Longo First Republic Investment Mgmt New York •• 18,676 25
42 24 Jonathan Kass 9,184 100 200
43 63 Jonathan Adamsky UBS PWM New York ••• • 19,774 25
44 48 Mihir Patel 2,919 10 15
45 37 Robert McGinty Morgan Stanley PWM New York ••• 7 25
46 62 Jeffrey Winik 21,303 5 60
47 N Christopher Wimpfheimer Graystone Consulting | Morgan Stanley New York •• • 14,988 51 14
48 38 Andrew P. Kraus 35,254 7
49 79 Daniel O’Connell Merrill Lynch Wealth Mgmt New York •• 21,303 250
50 53 Anthony Dertouzos 2,388 250 60
51 54 Joseph Karas UBS PWM New York ••• 51 25
52 36 Thomas Sullivan 5,715 7.5 50
53 52 Elizabeth Weikes Morgan Stanley PWM New York •• 3,139 20 40
54 32 Michael Chrys $2,875 25 $5
55 40 Bruce Burrows Merrill PWM New York ••• • 5,650 $4 50
56 56 Robert Waldele 6,190 25 15
57 68 Vishal Bakshi Morgan Stanley Wealth Mgmt New York ••• • 15,382 10 20
58 45 Lewis Altfest 3,873 5 50
59 44 Brian Bennett J.P. Morgan Wealth Mgmt New York ••• • 2,828 25 100
60 N Ira Mark 1,612 75 5
61 55 David Beyer Merrill PWM New York ••• • 1,150 2 15
62 91 Charles Day 3,395 3.5 20
63 105 Andrew Hart Merrill Lynch Wealth Mgmt Garden City ••• 2,486 7.5 25
64 82 Ryan Lewis 1,042 10 15
65 57 Charles Balducci Morgan Stanley PWM New York •• 10,217 10 100
66 N M. Robin Krasny 49,781 25 70
67 77 Steven Cannata Morgan Stanley PWM New York •••• • 3,099 30 30
68 46 Peter Svarre 8,683 9.7 20
69 58 Christiane Olsen Merrill Lynch Wealth Mgmt Garden City •• 6,150 9 3
70 N Anthony Maddalena 2,169 0.9 30
71 N Craig Pastolove J.P. Morgan Wealth Mgmt New York •• 3,275 12 10
72 N John Adelman 1,687 5 5
73 88 Doug Mellert Merrill Lynch Wealth Mgmt Latham ••• • 2,897 1.2 25
74 N Patrick Fruzzetti 2,982 15 30
75 69 W. Corby May Morgan Stanley Wealth Mgmt Garden City ••• • 8,030 10 25
76 93 Todd DiScala 1,298 10 25
77 N Dennis Cutrone Merrill Lynch Wealth Mgmt New York ••• 1,655 7 17
78 72 James Ryan 8,030 7 25
79 89 Andrew Perry Merrill PWM New York ••• 3,659 10 35
80 74 Courtney Moore 8,300 15 100
81 71 Leo Marzen Altfest Personal Wealth Mgmt New York ••• 5,645 50
82 80 Marc Fischer 8,300 100 100
83 64 Michael Bapis UBS Financial Services New York ••• 1,800 30 10
84 81 Peter Arbes 5,028 100 60
85 78 Louise Gunderson Morgan Stanley Wealth Mgmt Jericho ••• 1,225 25
86 107 Emily Rubin 1,088 5 8
87 76 Alyssa Moeder Morgan Stanley Wealth Mgmt New York •• 4,349 60 18
88 92 Ira Millman 2,600 30
89 85 Richard Salvino UBS PWM New York •• 5,895 5 150
90 N Allen Saunders 2,155 3.9 35
91 104 Robert Dyer Morgan Stanley PWM New York ••• 5,895 150
92 97 Lori Van Dusen 1,104 9 20
93 96 Geri Eisenman Pell Morgan Stanley PWM New York •••• 1,545 20 65
94 106 Roger Tulcin 2,181 25 35
95 N John Sargent Merrill Lynch Wealth Mgmt New York •• 1,406 15 5.5
96 94 Steven Strzelecki 1,021 25 10
97 99 William Einstein Morgan Stanley Wealth Mgmt New York •• 1,841 10 75
98 N Maria Brisbane 14,468 43 20
99 103 Jordan Waxman Merrill Lynch Wealth Mgmt New York ••• • 7,268 15 10
100 87 Eric Propper 1,168 65
101 100 Glenn Arthurs Merrill Lynch Wealth Mgmt New York •• 1,896 3 50
102 N Barbara Yee 1,728 4.3 75
103 102 Todd Silaika UBS PWM New York ••• 2,996 50 6
104 73 Jay Canell 1,063 50
105 83 Ahmet Terzioglu Morgan Stanley Wealth Mgmt Purchase ••••• • 1,845 5 5.5
106 90 Lawrence Liebers 3,928 5 25
107 98 Harold Elish Morgan Stanley PWM New York •• • 2,320 30 7
108 84 Rich Abrams 1,888 25 25
109 N Paul Lewis UBS PWM New York ••• 3,275 30.9 8
110 101 Greg DelMonte 4,531 3.4 5
111 117 Todd Perry Merrill Lynch Wealth Mgmt New York •••• • 2,982 6 30
112 118 William Schoff 1,790 3 10
113 60 Anna Winderbaum Rose Advisors | Hightower New York •• 5,645 20 50
114 61 Joseph Lerner 2,596 5 25
115 75 Neil Canell Merrill Lynch Wealth Mgmt Garden City ••• • $1,917 13
116 N Susan Kingsolver 1,917 5 $100
117 95 Eric Snyder Merrill Lynch Wealth Mgmt New York •••• • 3,928 2.5 100
118 112 Joseph Eisler 2,277 10 25
119 119 Chris Sebastian Morgan Stanley PWM New York •• • 3,099 1 75
120 N Michael Bromberg 1,300 30 30
Merrill PWM New York •••• • 1,631 5 70
1,760 $50 5
UBS PWM New York •• 50 5
$1,966 15
Merrill PWM New York •••• • 15,627 20
15,627 9.7
Bridgewater Advisors New York •• 1,864 30
3,960 3
Graystone Consulting | Morgan Stanley Rochester •••• • 1,033 3
1,430
Rockefeller Capital Mgmt New York ••• 4,500

Neuberger Berman New York ••• 946
907
UBS PWM New York •• 984
2,602
UBS PWM New York ••• 1,595
955
Merrill PWM New York •• 1,306
1,697
Morgan Stanley Wealth Mgmt New York •••• 1,437
752
Merrill PWM New York •• 10,880
1,131
UBS PWM New York ••• 2,129
610
Merrill PWM New York •• 3,482
1,158
LVW Advisors Pittsford •• • 3,482
589
Ameriprise Financial Rye Brook ••• 763
562
Neuberger Berman New York ••• 1,418
591
Rockefeller Capital Mgmt New York •••

Morgan Stanley Wealth Mgmt Garden City ••• •

UBS PWM New York ••

Merrill PWM New York •••

Nucleus Advisors New York •• •

CIBC Private Wealth New York •• •

UBS Financial Services Buffalo •••• •

Morgan Stanley Wealth Mgmt New York •••• •

Merrill Lynch Wealth Mgmt Clifton Park •••

J.P. Morgan Wealth Mgmt New York ••

Morgan Stanley Wealth Mgmt Rochester •••

Merrill Lynch Wealth Mgmt New York ••

UBS PWM New York •••

UBS Financial Services New York ••• •

UBS PWM New York •••

Stifel New York ••• •

UBS PWM New York ••

UBS Financial Services Rochester ••• •

Morgan Stanley PWM New York ••

Morgan Stanley PWM New York ••

J.P. Morgan Wealth Mgmt New York •••

Morgan Stanley PWM New York ••

Merrill Lynch Wealth Mgmt New York ••

Morgan Stanley PWM New York •••

Merrill Lynch Wealth Mgmt Buffalo •••

Merrill Lynch Wealth Mgmt New York •••

NORTH CAROLINA

1 1 William Oliver Wells Fargo Advisors Charlotte •• $10 $25
20 40
2 N Greg Cash UBS PWM Charlotte •• 20 40

3 N Mitchell Wickham UBS PWM Charlotte •• 5 15
7.5 15
4 2 Brett Hoge Truist Investment Services Winston-Salem • • • • • 20 100

5 3 John McCardell Merrill Lynch Wealth Mgmt Charlotte ••• 46
8 12.5
6 4 Adam Landau Morgan Stanley PWM Charlotte ••• 1.9 4
1.2 2
7 5 George Seamen Merrill Lynch Wealth Mgmt Raleigh ••• 6.9 9
25 25
8 16 Kathleen Malone Wells Fargo Advisors Charlotte •• 10 20
1 2.5
9 6 Kelly Graves Carroll Financial Charlotte ••• 1.3 2.5
3.7 21
10 8 Patrick Rush Triad Financial Advisors Greensboro •• 3.5 6
1.9 3.5
11 N Michael Lappin UBS Financial Services Raleigh ••• 60 40
1.8 2.7
12 10 Lee Bryan III Alex. Brown | Raymond James Winston-Salem •••• • 10 25
25
13 9 Bill Smith UBS Financial Services Raleigh •• 24
48
14 11 Rick Fisher Fisher Wealth Mgmt Burlington ••• • 24
0.5 0.7
15 13 Mark Walker Ameriprise Financial Charlotte ••• 2.2 2.8
1.7 3.5
16 7 Bob McCarthy RBC Wealth Mgmt Raleigh •• 3.5 4
0.8 2.5
17 22 Brook Biddy Wells Fargo Advisors North Wilkesboro • • • •

18 N Mike Absher Absher Wealth Mgmt Chapel Hill •••

19 17 Lee Morris Graystone Consulting | Morgan Stanley Raleigh •••• •

20 14 Edwin Purcell Merrill Lynch Wealth Mgmt Fayetteville ••••• •

21 21 Bill Spry Alex. Brown | Raymond James Winston-Salem •••• •

22 18 Kim Hoffman Edward Jones Wilson ••

23 19 Chris Davis Wells Fargo Advisors Davidson •••

24 15 William Normann The Normann Fin. | Raymond James Sanford •••

25 N Christopher Senvisky Wells Fargo Advisors Davidson •••

26 30 Robert Edmonds Ameriprise Financial Greensboro •••

27 20 Thorne James Merrill Lynch Wealth Mgmt Raleigh •••

28 25 John Patterson Carroll Financial Charlotte •••

29 27 Keith Norman Merrill Lynch Wealth Mgmt Winston-Salem • • •

30 26 R. Neil Stikeleather Merrill Lynch Wealth Mgmt Charlotte •••

S16 | Tuesday, March 22, 2022 THE WALL STREET JOURNAL.

AMERICA’S TOP 1200 FINANCIAL ADVISORS 2022

Customers

Rank High Ultrahigh Total Typical Typical
2022 2021
Individuals Net Worth Net Worth Assets Account Net Worth

Name Firm City (Up to $1 mil) ($1-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)

NORTH DAKOTA Edward Jones Bismarck ••• $859 $1.8 $4.1
Ameriprise Financial Bismarck ••
1 1 Troy Nelson Edward Jones Minot ••• 6,497 1 1.5
2 5 Joel Bird Merrill Lynch Wealth Mgmt Fargo •••
3 2 Greg Tschetter Ameriprise Financial Bismarck ••• 429 0.4 0.8
4 3 Matthew Engen Edward Jones Devils Lake ••
5 4 Dave Schlafman 779 3.5 7.5
6 6 Thomas Reule
• 3,757 1 2

295 0.4 0.7

OHIO Valerie Newell Mariner Wealth Advisors Cincinnati ••• $4,765 $3 $7.5
David Singer
11 Randy Carver Merrill PWM Cincinnati • 4,517 30 50
22 David Ellis
35 Kevin Myeroff Carver Financial | Raymond James Mentor ••• • 2,268 1 2
43 Stephen Fish
54 Thomas Robertson UBS PWM Cincinnati •• 2,481 5 6
66 Michael Chasnoff
78 Linnell Sullivan NCA Financial Planners Mayfield Heights • • • • 2,046 3 3
8 10 Brian Edwards
99 Blair Cornell UBS Financial Services Cincinnati •••• • 1,593 2 10
10 7 Paul Carbetta
11 N Daniel Roe Graystone Consulting | Morgan Stanley Columbus •••• • 6,129 2 5
12 21 Peter Motta
13 13 Joel Guth Truepoint Wealth Counsel Cincinnati •• • 4,294 3 8
14 12 Robert Bult
15 18 Jeffrey Stewart Merrill Lynch Wealth Mgmt Cincinnati •• 2,528 10 15
16 23 James Barsella
17 26 Jeffery Chaddock Morgan Stanley Wealth Mgmt Columbus ••• • 1,661 3 10
18 19 Sidney Jones
19 22 Jon Shane UBS Financial Services Miamisburg ••• 1,556 3 5
20 20 Luke Wiley
21 27 Elizabeth Armitage Ameriprise Financial Powell ••• $2,481 $1 $2.9
22 28 Kenneth Wise
23 14 John Krieger Budros, Ruhlin & Roe Columbus ••• • 3,441 4 6
24 29 Owen McBride
25 24 Gary Young Merrill PWM Columbus ••• 3,431 10 50
26 N Richard “Rip” Hale
27 N William Murphy Gryphon Financial Partners Columbus ••• 1,441 6.5 7.5
28 15 Sean O’Reilly
29 N UBS Financial Services Cincinnati ••• • 3,136 8 25
30 N
Morgan Stanley Wealth Mgmt Dublin •• • 1,117 5 10

Wells Fargo Advisors Hudson • • • • • 8,200 10 20

Ameriprise Financial Gahanna •• 3,147 1.2 1.5

Merrill Lynch Wealth Mgmt Canfield ••• • 1,700 4 6

Merrill Lynch Wealth Mgmt Pepper Pike ••• • 2,271 3 6

UBS Financial Services Cincinnati ••• 919 2.5 2.8

Merrill Lynch Wealth Mgmt Cincinnati ••• • 1,637 4 6

UBS Financial Services Sylvania ••• 3,723 3 5

Merrill Lynch Wealth Mgmt Pepper Pike ••• 1,284 4 6

UBS Financial Services Cleveland ••• • 3,053 3 5

UBS Financial Services Cleveland ••• 875 3 4

Morgan Stanley Wealth Mgmt Beavercreek •••• • 1,003 2.5 3.5

UBS Financial Services Cleveland ••• • 3,053 3 5

Merrill Lynch Wealth Mgmt Cincinnati •• 1,430 5 10

OKLAHOMA

11 James Johnson Morgan Stanley PWM Oklahoma City ••• $1,350 $20 $100
22 Michael Mazzei
33 Matthew Monger Tulsa Wealth Adv. | Raymond James Tulsa ••• • 1,100 1.5 5
44 Steve Jelley
55 Jeffrey Blumenthal Merrill Lynch Wealth Mgmt Tulsa ••• • 914 2 6
66 Jana Shoulders
77 Donald Jackson Merrill Lynch Wealth Mgmt Tulsa ••• 1,221 5 10
88 T. Paul Eagleton
99 Jim Eagleton Wells Fargo Advisors Oklahoma City • • • 1,196 3.5 5
10 12 Jeff Galvin
11 10 Matt R. Cain Mariner Wealth Advisors Tulsa ••• • 2,268 3.1 9
12 11 D. Kurt Morgan
UBS Financial Services Tulsa ••• 552 1 1.8

Eagleton Brown Inv | Wells Fargo Adv. Tulsa ••• • 1,581 0.5 1

Eagleton Brown Inv | Wells Fargo Adv. Tulsa •••• • 1,581 1 1.5

Morgan Stanley Wealth Mgmt Tulsa •• 527 5 10

Merrill Lynch Wealth Mgmt Tulsa ••• • 2,349 4.5 6

Merrill Lynch Wealth Mgmt Tulsa ••• 2,349 2.5 7.5

OREGON

12 Rebecca DeCesaro First Republic Investment Mgmt Portland •••• $2,129 $6 $10
25 Jeffrey Yandle
33 Joshua Ulmer First Republic Investment Mgmt Portland ••• 2,129 6 9
47 William Kiefel
54 Keith Sheppard Graystone Consulting | Morgan Stanley Portland •• • 2,372 25.2 25.2
6 12 Edward Lang
76 Glen Clemans Merrill Lynch Wealth Mgmt Portland •• 958 4 10
88 Chad Martindale
9N Justin Buell UBS Financial Services Portland ••• 983 2.5 5
10 9 James Wrenn
11 N Lucas Newman UBS Financial Services Portland •• 694 4 8
12 10 James Beatty
CGC Financial Services Lake Oswego •• 848 0.6 0.9

Ameriprise Financial Portland ••• 975 1.3 3

Wells Fargo Advisors Portland ••• 518 4 10

UBS Financial Services Lake Oswego ••• • 733 3 5

First Republic Investment Mgmt Portland ••• 877 3.5 5

UBS PWM Portland •••• 835 5 15

P E N N S Y LVA N I A

12 Johanna Walters Merrill Lynch Wealth Mgmt Blue Bell •• $6,288 $8.5 $10
21 Rob Thomas
33 Peter Rohr Mariner Wealth Advisors State College ••• • 2,622 0.4 1
45 Robert Fragasso
56 Jim Martin Merrill PWM Philadelphia • 6,362 34 100
64 Grant Rawdin
77 Patti Brennan Fragasso Financial Advisors Pittsburgh ••• • 2,090 0.9 2
8 16 Michael Henley
98 James Rimmel Morgan Stanley PWM West Conshohocken ••• • 8,489 25 50
10 9 Dane Burkholder
11 25 Derek Jancisin Wescott Financial Advisory Group Philadelphia •••• • 2,886 8.5 25
12 10 John J. Parker Sr.
13 15 Alan Cohn Key Financial West Chester • • • 1,676 2 4
14 11 Eric Salmansohn
15 18 Virgil Kahl Brandywine Oak Private Wealth Kennett Square •• 1,576 4.3 5.5
16 12 Megan Bailey
17 17 Peter Strope UBS Financial Services Pittsburgh ••• 2,107 2 5
18 13 Anthony DiValerio
19 23 Michael Duckworth Ameriprise Financial Lancaster ••• • 3,244 0.8 3
20 32 Jack Hafner
21 20 James Meredith Merrill PWM Pittsburgh ••• • 2,864 7.5 10
22 21 John Solis-Cohen
23 19 Stephen Bealer Wells Fargo Advisors Philadelphia ••• 1,950 3 6
24 33 Samuel Spanos
25 29 Malcolm Cowen Sage Financial Group Conshohocken • • • • $2,900 $3.5 $5
26 28 Robb Boland
27 22 Lon Jury Morgan Stanley Wealth Mgmt Philadelphia ••• 1,609 3.8 10
28 24 George Mastrogiorgos
29 30 David Kron Spring Ridge Financial Group Wyomissing •• 1,111 1 2
30 31 Andrew Jugan
31 26 Mark Eskin Merrill Lynch Wealth Mgmt Blue Bell •• 6,288 8.5 10
32 27 Edward Blumenthal
33 40 Jay Beaulieu UBS Financial Services Canonsburg ••• 1,189 4 5
34 14 Greg Sarian
35 38 Bradford Bernstein Morgan Stanley PWM West Conshohocken ••• 1,627 35 75
36 35 Michael Hirthler
37 42 David Ebner Merrill PWM Pittsburgh •• 1,920 25 40
38 39 Gregory Hayes
39 48 Thomas Seiler J.P. Morgan Wealth Mgmt Philadelphia •• 1,510 40 70
40 43 J. Douglas Moran
41 46 Peter Sargent Hefren-Tillotson Pittsburgh ••• • 2,355 2 4
42 N Michael Greenly
43 37 Richard Corcoran Wells Fargo Advisors Jenkintown ••• • 1,589 5 12
44 36 Craig Schwartz
45 34 Michael Mattise Merrill Lynch Wealth Mgmt Wyomissing ••• 1,914 3 6
46 45 John Minnich
47 41 Michael Glovas Raymond James Beaver •• 1,005 0.8 1
48 47 Barbara Hudock
Cornerstone Advisors Asset Mgmt Bethlehem ••• • 6,876 40 70

RBC Wealth Mgmt Philadelphia ••• 1,733 5 20

Ameriprise Financial Lancaster •• 1,648 0.3 0.6

Ameriprise Financial Exton ••• 1,986 1 2

Kron & Polis Financial | Wells Fargo Adv. Philadelphia ••• 1,686 4 7

Ameriprise Financial Pittsburgh •• 1,407 1 1.7

Janney Montgomery Scott Philadelphia •••• • 2,319 3 5

Janney Montgomery Scott Philadelphia •••• • 2,319 3 5

Wells Fargo Advisors Radnor •• 3,402 10 15

Sarian Strategic Partners | Hightower Wayne ••• 1,310 4.5 12

UBS Financial Services Philadelphia ••• 4,349 9 18

Jacobi Capital Mgmt Wilkes-Barre ••• • 1,871 3 5

Merrill Lynch Wealth Mgmt Philadelphia ••• 1,739 35 35

Merrill Lynch Wealth Mgmt Yardley ••• • 1,224 3 5

Raymond James Newtown •• • 1,250 6 25

Merrill Lynch Wealth Mgmt Wayne ••• 838 3.8 6.7

Janney Montgomery Scott Yardley ••• 887 2.5 5

UBS PWM Philadelphia •• 1,100 18 30

Morgan Stanley PWM West Conshohocken • • 2,505 40 50

Wells Fargo Advisors Philadelphia ••• 1,017 2.5 5

Radnor Financial Advisors Wayne •• 2,332 4.6 6

Merrill Lynch Wealth Mgmt Wyomissing •• 1,914 3.5 6

Morgan Stanley Wealth Mgmt Easton ••• • 1,067 1.6 2

Hudock Capital Group Williamsport ••• 747 1 3

RHODE ISLAND

11 Malcolm Makin Raymond James Westerly •• $1,731 $1.5 $3
23 John Zitzmann Morgan Stanley Wealth Mgmt Providence •••
35 Denise Roberts Morgan Stanley Wealth Mgmt Newport ••• 916 5 8
4N Mark McAndrew Morgan Stanley Wealth Mgmt Providence
56 Edythe De Marco Merrill Lynch Wealth Mgmt Providence •• 713 3 4.3
64 James Hilton UBS PWM Newport ••
••• 606 3 5

• 1,322 3.3 4.9

700 12 20

THE WALL STREET JOURNAL. Tuesday, March 22, 2022 | S17

BARRON’S SPECIAL REPORT

Customers

Rank High Ultrahigh Total Typical Typical
2022 2021
Individuals Net Worth Net Worth Assets Account Net Worth

Name Firm City (Up to $1 mil) ($1-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil) ($mil) ($mil)

SOUTH CAROLINA

11 Rick Migliore Merrill PWM Columbia ••••• • $4,662 $10 $10
22 Bud Kibler Merrill PWM Columbia
33 Robert Vingi Wells Fargo Advisors Charleston ••••• • 4,662 5 10
44 Cheryl Holland Abacus Planning Group Columbia
5N Kenneth Parham UBS Financial Services Greenville •• • 1,810 12 14
66 W. Clark Gallivan UBS Financial Services Greenville
77 George Starnes G3 Wealth Adv. | Northwestern Mutual Columbia •• 1,663 6.3 13.2
88 Bert Arrowood UBS Financial Services Greenville
9N Gordon Whittaker Merrill Lynch Wealth Mgmt Columbia • • • • • • 1,399 3.8 10
10 N Kirk Lloyd Merrill PWM Columbia
11 10 Paul Vannatta Merrill Lynch Wealth Mgmt Charleston ••• 820 3.5 5
12 N Robert Davidson Morgan Stanley Wealth Mgmt Columbia
••• • 808 2.2 3.6

• • • • • • 1,399 4 10

••••• • 3,960 3.5 5

•••• • 1,427 10 15

••• • 1,176 2.5 4

••• 1,212 3 6

SOUTH DAKOTA

11 David Hillard RBC Wealth Mgmt Rapid City •••• • $1,490 $3 $5
22 Todd Nelson
3N Gordon Wollman Merrill Lynch Wealth Mgmt Sioux Falls ••• 3,323 1.5 5
43 Nathan Quello
54 David R. Olson Cornerstone Financial | Raymond James Sioux Falls •• 522 0.8 1.5
6N Jon Hauger
Raymond James Sioux Falls •••• • 815 1.8 3.5

Merrill Lynch Wealth Mgmt Sioux Falls ••• 864 2 7

Edward Jones Dakota Dunes • • • 518 1.5 3

TENNESSEE

11 Jay Williams UBS PWM Memphis •• $1,927 $130 $940
23 Tim Roberson
32 Timothy Pagliara Merrill Lynch Wealth Mgmt Brentwood •• 3,132 5 8
45 Jeffrey Bates
5N Brett Bartman CapWealth Advisors Franklin ••• 1,254 3.5 6.7
67 Malcolm Liles
7 10 Stanton Jacobs Kings Point Capital Mgmt Brentwood •• 1,670 6 7
89 Charles Kirby
98 Matthew Miller RBC Wealth Mgmt Nashville • • • • • 2,291 10 15
10 14 Eric Klindt
11 4 Brent Trentham Baird Nashville ••• 1,664 5 10
12 12 Gregory Herman
13 N Dugan McLaughlin UBS Financial Services Oak Ridge •• 614 1.3 3
14 13 Elias Hassan
15 11 Christi Edwards UBS PWM Nashville ••• 3,106 35 75
16 6 Trey Smith
17 N Brock Kidd Merrill PWM Brentwood •• 1,511 32 75
18 15 Thomas Williams
Merrill PWM Nashville •••• 2,420 15 30

Ameriprise Financial Alcoa •• 1,774 1 2

LBMC Investment Advisors Brentwood ••• 1,850 3.4 8

Merrill PWM Knoxville ••• 1,426 30 50

Baird Murfreesboro • • • 1,005 2 5

Morgan Stanley Wealth Mgmt Nashville ••• 1,342 4 10

Truist Investment Services Nashville ••• 987 1.2 16

Raymond James Nashville •••• 754 5 15

Merrill Lynch Wealth Mgmt Memphis ••• 2,302 3 5

TEXAS Morgan Stanley PWM Dallas • $5,380 $50 $100

1 12 Charles McKinney Neuberger Berman Dallas •• 2,452 15 30
2 1 Richard Szelc
3 2 Richard Joyner Tolleson Wealth Mgmt Dallas •• 7,500 45 90
4 20 Ill. Erin Dickes
5 3 Mike Bollinger CIBC Private Wealth Dallas ••• 1,639 6 25
6 4 William Corbellini
7 5 Scott Tiras Morgan Stanley PWM Houston •••• 1,889 50 200
8 8 Kevin Blonkvist
9 N Charles Jones Merrill PWM Dallas •• 4,592 30 35
10 6 Jennifer Marcontell
11 19 Brent Anderson Ameriprise Financial Houston ••• 2,327 4 5
12 7 Van Pearcy
13 10 Nestor Vicknair RBC Wealth Mgmt Midland ••••• • 2,782 11 30
14 20 R. Scot Smith
15 13 H. Scott Caven Ameriprise Financial Dallas • 1,510 3 6
16 15 Tommy McBride
17 9 Darrell Pennington Edward Jones Baytown ••• 1,736 2.7 4.8
18 14 Mark Moore
19 23 Frederick de Groot Morgan Stanley PWM Houston •• 3,920 25 50
20 10 Wash. Bruce Munster
21 40 Ryan Long Van Pearcy’s Wealth Svcs | R. James Midland ••• • 2,019 3 10
22 17 Dwight Emanuelson
23 18 Jeffery Price Merrill Lynch Wealth Mgmt Houston •• 6,419 8 12
24 11 Ron Kern
25 16 Charla McIntyre Fields Morgan Stanley Wealth Mgmt Dallas •••• 1,221 3.5 7.5
26 30 Brian Tramontano
27 22 Stephen Engro CIBC Private Wealth Houston ••• 1,600 14.5 20
28 28 Steve Nagel
29 21 Langston Turner Merrill Lynch Wealth Mgmt Dallas •• 2,020 8 15
30 37 Sean Fitzpatrick
31 24 William Gouldin Ameriprise Financial Houston •• 1,428 1.5 2.5
32 26 Bonner Barnes
33 33 James Coffee UBS PWM Austin •• 2,249 7.2 16
34 31 Lewis Metzger
35 43 Gil Baumgarten Merrill Lynch Wealth Mgmt The Woodlands • • • • 2,591 8 10
36 46 David Novelli
37 25 Richard Piatas Merrill PWM Dallas ••• 2,669 50 100
38 35 Charles Lewis
39 41 Ira Kravitz UBS PWM Dallas ••• 4,349 9 18
40 59 Doug John
41 50 Kevin Dickey Merrill PWM Dallas •• 4,592 30 35
42 48 J. Michael Fox
43 45 R. Craig Rathjen Merrill Lynch Wealth Mgmt Southlake ••••• 1,384 3.5 5
44 N Kenneth Moraif
45 39 Carl Fuhrmann III Graystone Consulting | Morgan Stanley San Antonio ••• • 5,147 25 30
46 N J. Craig Falls
47 49 Anupam Johri Ameriprise Financial Hurst ••• 1,586 1.2 1.8
48 29 Champ Warren
49 32 Reed Smith Merrill Lynch Wealth Mgmt San Antonio ••• 1,085 2.6 3.5
50 55 Mark Gladstein
51 67 Brent Chappell Beacon Financial Group Dallas ••• 1,040 2 3.8
52 57 Susan Heuer
53 61 J. Dow Crocker Merrill Lynch Wealth Mgmt Frisco •• 1,810 8 10
54 53 William Leven
55 34 Howard Lorch UBS PWM Houston •• 2,471 20 20
56 68 Bradley Chappell
57 N James Woldert Raymond James Houston ••• 1,916 2 5
58 47 William Huthnance
59 52 Charles Johansen Morgan Stanley PWM Houston ••• 1,569 5 10
60 65 Darren Fenz
61 36 Richard Ashcroft Corda Investment Mgmt Houston •• 1,420 1.1 2
62 N Scott Cohen
63 60 Brian Petrauskas Merrill Lynch Wealth Mgmt Houston ••• 6,940 5 7
64 51 Chirstopher Black
65 77 Gregory Glosser Morgan Stanley Wealth Mgmt Houston ••• 1,823 4 6
66 N William Hrynyshyn
67 38 Audree Begay Segment Wealth Mgmt Houston •• 1,198 7.1 20
68 78 Dan Michel
69 42 Rob Bertino Morgan Stanley PWM Houston •• • 1,816 20 35
70 N Kapil Mathur
71 80 Greg McDonald Merrill Lynch Wealth Mgmt Frisco ••• 4,483 8 20
72 N Donald Whitehead
73 66 Elizabeth Lockwood Wells Fargo Advisors Waco ••••• 1,500 1 4
74 70 Craig Massey
75 N Nelson Murray UBS Financial Services Plano ••• 1,104 5 8
76 71 Brian Sauer
77 N Donald Peterson Requisite Capital Mgmt Dallas •• 1,261 30 50
78 56 Michael David
79 75 Mark Elias Morgan Stanley PWM Dallas •• 1,582 25 40
80 69 Alan Yonack
81 74 Robert McMeen Merrill Lynch Wealth Mgmt Houston ••• 1,337 2.5 5
82 81 Joni Abalos
UBS PWM Houston • • • • • 2,619 50 75

Retirement Planners of America Plano •• 4,568 0.5 0.8

Merrill Lynch Wealth Mgmt San Antonio ••• 1,152 4 10

Enclave Advisors Austin ••• 1,300 40 50

Morgan Stanley Wealth Mgmt Dallas ••• 977 1.5 2.5

Merrill PWM Houston •• 3,559 25 50

Merrill PWM Houston •• 3,559 25 50

Merrill Lynch Wealth Mgmt Houston •• 1,923 6 15

Merrill Lynch Wealth Mgmt The Woodlands • • • 1,431 2.8 5

Merrill Lynch Wealth Mgmt Houston ••• 2,051 2 5

Raymond James Dallas ••••• 1,283 5 10

Merrill PWM Houston ••• 1,048 40 55

Wells Fargo Advisors Houston ••• • 2,320 7.5 20

Merrill Lynch Wealth Mgmt The Woodlands • • • 1,431 2 4

Morgan Stanley Wealth Mgmt Houston •• 1,138 8.5 20

UBS PWM Houston •• 1,324 20 30

Merrill Lynch Wealth Mgmt The Woodlands • • • • • 1,895 5 7.8

Merrill Lynch Wealth Mgmt Houston ••• 1,286 3.5 5

Baird Houston •• 2,300 4.5 4.5

CD Wealth Mgmt Dallas ••• • 809 1.5 7.5

Merrill Lynch Wealth Mgmt The Woodlands • • • • • 1,895 5 7.8

UBS PWM Houston •• 1,324 20 40

RBC Wealth Mgmt Dallas ••• 897 5 10

UBS Financial Services San Antonio ••• 615 1.5 3

Ameriprise Financial Houston •• 1,279 1.6 4

UBS Financial Services Midland •••• 2,138 10 20

UBS PWM Dallas •• 718 40 60

Morgan Stanley Wealth Mgmt Sugar Land ••• 1,117 2 5

UBS Financial Services Midland •••• 2,138 10 20

Morgan Stanley Wealth Mgmt Houston ••• 1,124 3 5

UBS Financial Services Houston ••• 3,004 15 35

Merrill PWM Houston ••• • 2,082 100 150

Morgan Stanley PWM Houston •• 1,579 5 10

UBS Financial Services Houston •• 3,004 15 20

UBS PWM Dallas •• • • 1,214 25 50

Carson Wealth Amarillo ••• 1,383 2 10

UBS PWM Houston ••• 806 15 25

Morgan Stanley Wealth Mgmt Dallas •• 785 5 15

Parkway WM | Raymond James Plano ••• 2,500 2.5 3

Merrill Lynch Wealth Mgmt Houston ••• 1,286 3.5 5

S18 | Tuesday, March 22, 2022 THE WALL STREET JOURNAL.

AMERICA’S TOP 1200 FINANCIAL ADVISORS 2022

Customers

Rank High Ultrahigh Total Typical Typical
2022 2021 Account Net Worth
Individuals Net Worth Net Worth Assets
($mil) ($mil)
Name Firm City (Up to $1 mil) ($1-10 mil) ($10 mil+) Foundations Endowments Institutional ($mil)

83 62 Kerry Knox Merrill Lynch Wealth Mgmt Fort Worth ••• • $1,666 $1 $2.5
84 83 Jay Gerrie 25
85 63 D. Scott Uptegraph Jr. Merrill Lynch Wealth Mgmt Austin ••• 1,160 10 25
86 82 Charles Neuhaus 25 40
87 85 Dan Nelson Morgan Stanley Wealth Mgmt Houston ••• 667 17 20
88 86 Gail Utter 3.5 5
89 72 Myrteel Ward Wells Fargo Advisors Houston •• • 906 30 45
90 87 F. Michael Wood Jr. 17 20
Merrill PWM San Antonio ••• • 2,545

Wells Fargo Advisors Sherman ••• 700

Graystone Consulting | Morgan Stanley San Antonio • • • • • 5,147

Merrill PWM San Antonio ••• • 2,545

U TA H

1 2 John Van Wagoner Merrill PWM Salt Lake City • • • $1,194 $10 $25
• 2,108 10 15
2 5 Carl L. Laurella Merrill Lynch Wealth Mgmt Salt Lake City •• • 1,038 12 15
• 2,108 10 15
3 N Michael Peirce UBS PWM Salt Lake City ••• 10 15
1,129 4 12
4 6 Jeff Roundy Merrill Lynch Wealth Mgmt Salt Lake City •• 1,301

5 4 Jack Broderick Stifel Park City ••

6 N Paul Shoemaker Morgan Stanley Wealth Mgmt Salt Lake City • • •

VERMONT

1 1 Tim Stotz Morgan Stanley Wealth Mgmt Colchester • • • • • $1,764 $2.5 $5.4
3 4
2 2 Brian Pelkey Morgan Stanley Wealth Mgmt Colchester ••• 1,162
25 30
3 N Jared Hendler UBS PWM South Burlington •• 1,254 3 5
3
4 3 Timothy O’Brien UBS Financial Services South Burlington • • • 523 1.5
1.3 2.5
5 4 Jeff Dannies Morgan Stanley Wealth Mgmt Burlington ••••• 1,036

6 6 CJ Charlebois Melendy Ameriprise Financial Williston •• 519

VIRGINIA

1 1 Stephan Cassaday Cassaday & Company McLean ••• $4,527 $1.5 $2
7 15
2 2 Joseph Montgomery The Optimal Svc Group | Wells Fargo Williamsburg ••••• • 19,996
20 25
3 8 David Karp Cresset Reston •• 22,960 57

4 5 Jeffrey Grinspoon VWG Wealth Mgmt Vienna •• 1,933 1.4 3
2 3.5
5 6 Lowell Pratt Burney Company Reston ••• 2,303 58
5 15
6 3 Tristan Caudron Caudron Megary Blackburn | Wells Fargo Alexandria ••• 2,221
3.5 12
7 4 Barry Glassman Glassman Wealth Services Vienna ••• 1,827 1.7 2.8
1.3 2.5
8 7 Dalal Salomon Salomon & Ludwin Richmond ••• 1,506 3.8 4.5
1.5 3
9 9 Ryan Sprowls Alexandria WM | Wells Fargo Advisors Alexandria ••• 1,558 1.6 5
3.3 4
10 10 Susan Kim Ameriprise Financial Vienna •• 2,029 1.6 5

11 12 Kelly Campbell Campbell Wealth Mgmt Alexandria •• 1,011 5 25
0.7 1.5
12 N James Bogart Bogart Wealth McLean ••• 1,806
23
13 13 Allan Strange Janney Montgomery Scott Richmond •••• • 1,875 5 10
55
14 11 Gregory Smith Baird Reston ••• 2,841 35
1 2.5
15 14 Michael Joyce Agili Richmond •• 1,030 2.5 11.5
45
16 19 Simon Hamilton Baird Reston ••• 2,841 8 10
23
17 29 Stephen Park UBS Financial Services Mclean ••• • 1,102 2 3.5
12
18 27 Jamie Cox Harris Financial Group Richmond • 876 7.1 14

19 16 Brett Hayes Hayes Nystrom Sarrett WM Group Richmond ••• • • 2,330

20 18 Garret Alcaraz Wells Fargo Advisors Virginia Beach • • • • • 2,241

21 23 Brude Stoever Stoever & Palmore Investment Group Richmond ••• • 1,188

22 N Neil Goetzman Raymond James Alexandria ••• 938

23 N Jeffrey Hamblen Washington Financial Group McLean ••• • 4,400

24 26 Nolan Stokes Northwestern Mutual Fairfax ••• 1,055

25 21 Aashish Matani Merrill Lynch Wealth Mgmt Norfolk •••• • 1,653

26 24 Mark Leonard Morgan Stanley Wealth Mgmt McLean •• 928

27 N Brian Ford RBC Wealth Mgmt Richmond ••• • 983

28 N Christopher MacNamara Merrill Lynch Wealth Mgmt Vienna ••• 1,123

29 N Scott Garnett UBS Financial Services Richmond ••• 559

30 30 Rob Reich Wells Fargo Advisors McLean •• • 842

WASHINGTON

1 1 Erik Morgan Freestone Capital Mgmt Seattle ••• $7,301 $4.6 $6.5
4,978 1.2 2.8
2 3 Randall Linde Ameriprise Financial Renton ••• 7,488 20 30
2,927 10 50
3 2 Dean Braun Morgan Stanley PWM Seattle •• 9,858 3.5 6
9,858 3.5 6
4 N Phil Scott First Republic Investment Mgmt Bellevue ••• 1,988 7 16
4,252 0.5 1
5 7 Jon Jones Brighton Jones Seattle ••• 3,000 1.9 8
2,038 18 40
6 8 Charles Brighton Brighton Jones Seattle ••• 1,017 0.5 1
$2,814 $10 $25
7 6 Michael Matthews UBS PWM Bellevue ••• • 4,567 10 25
1,552 4.2 4.2
8 4 Erin Scannell Ameriprise Financial Mercer Island • • • 1,345 10 25
6,422 40 50
9 5 Cameron Ragen Baird Seattle ••• 1,814 10 20
• 4,327 10 18
10 13 Lowry West Morgan Stanley PWM Seattle •• • 1,006 1 2.4
2,908 5 10
11 9 Paul Ried Paul R. Ried Financial Group Bellevue •• 2,925 9.4 10.3
• 2,518 30 50
12 11 Stephen Hollomon Merrill Lynch Wealth Mgmt Seattle •• 2,382 20 35
1,047 5 10
13 18 Jay Kirkpatrick Merrill PWM Spokane ••• 2.5 5
992 4 6
14 30 Kevin Fitzwilson Coldstream Wealth Mgmt Bellevue •• 863 2.7 3.7
2,083 4 6
15 15 Michael Hershey J.P. Morgan Wealth Mgmt Bellevue ••• 1,334 2.5 4.2
• 1,487 3 3
16 N David Midgley Morgan Stanley PWM Seattle • 1,031

17 23 Jason Therrell UBS Financial Services Everett •••

18 17 Lawrence Hood Pacific Portfolio Consulting Seattle ••

19 20 Matt Riesenweber Cornerstone Wealth Strategies Kennewick ••••

20 16 Brian Acarregui Morgan Stanley Wealth Mgmt Seattle •••

21 21 Dale Miller Morgan Stanley Wealth Mgmt Kirkland ••

22 N Jack Almo Morgan Stanley PWM Seattle •••

23 N James Ferguson Merrill PWM Bellevue ••

24 24 Paul Jackson Morgan Stanley Wealth Mgmt Bellevue •••

25 28 Corina Davis Merrill Lynch Wealth Mgmt Seattle •••

26 22 Mike Geri RBC Wealth Mgmt Seattle •••

27 19 Jeffrey Crosby Ameriprise Financial Kirkland •••

28 27 Michael Maroni Merrill Lynch Wealth Mgmt Bainbridge Island • • •

29 N Fazil Daver Tiryakioglu Merrill Lynch Wealth Mgmt Bellevue •••

30 N Rachel McCracken Coldstream Wealth Mgmt Seattle •••

WEST VIRGINIA

11 David Houchins Truist Investment Services Charleston ••• • $1,129 $2 $3
22 David Miller 0.8 3
3N Jason Thompson RBC Wealth Mgmt Huntington ••••• • 1,384 2.5 5
45 J. Michael Goodwin
54 Edward Stike Morgan Stanley Wealth Mgmt Charleston ••• 913 25
66 John Dawson 0.8 1.5
Morgan Stanley Wealth Mgmt Charleston • • • • • • 3,951 25 50

RBC Wealth Mgmt Charleston • • • • 642

Graystone Consulting | Morgan Stanley Charleston ••••• • 3,956

WISCONSIN

1 1 Michael Klein Baird Milwaukee ••••• • $15,392 $27 $35
23
2 N Andrew Burish UBS Financial Services Madison ••• 4,876 5 10

3 2 Barry Martzahl Graystone Consulting | Morgan Stanley Green Bay ••• • • 3,298 75 75
2.8 4
4 6 Thomas Parks Graystone Consulting | Morgan Stanley Milwaukee •• • 13,822 2.8 4
0.8 2
5 3 Bryan Sadoff Sadoff Investment Mgmt Milwaukee ••• • 1,683
1 2.5
6 5 Michael Sadoff Sadoff Investment Mgmt Milwaukee ••• • 1,683 2.5 5.5
27 35
7 N David Spano Annex Wealth Mgmt Elm Grove •• 4,246 1.5 2.5
0.2 0.5
8 17 Tyson Ray FORM Wealth Adv. | Raymond James Lake Geneva ••• 668 2.2 2.3

9 9 Matthew Heckmann Northwestern Mutual Middleton ••• 890 8 12
0.9 1.5
10 7 Philip Dallman Baird Milwaukee ••••• • 15,392
8 12
11 11 Chris Doughty Gentian Financial | Raymond James Mequon ••• 610 2.5 4

12 12 Vince Cimino Wealth Enhancement Group Clinton •• 734 1 3.1

13 4 Mark Orgel Orgel Wealth Mgmt Altoona ••• • 6,243

14 10 Chris Calvelli Baird Milwaukee •••• 4,696

15 8 Michael Smith Ameriprise Financial Stevens Point • • 685

16 14 David Epstein Baird Milwaukee •••• 4,696

17 16 John Larsen RBC Wealth Mgmt Mequon ••• 808

18 13 Walter Meanwell Wells Fargo Advisors Madison ••• 590

W YOMIN G

1 1 Kevin Murphy Stifel Casper ••••• $660 $1 $2.5
0.8 1
2 2 Randy Halfpop The Compass WG | Raymond James Cheyenne ••• 406
13
3 4 Christopher Van Slyke WorthPointe Jackson ••• • 775 1.2 1.9

4 3 Ryan Scott Edward Jones Rock Springs ••• 296 1 1.4
0.6 0.7
5 5 Daniel Stevens Edward Jones Cody ••• 255

6 N Lonnie Bull Edward Jones Lander ••• 286

N=not ranked WM=wealth management PWM=private wealth management