WSJ Weekend & Magazine - 21- 22 October 2023

******** SATURDAY/SUNDAY, OCTOBER 21 - 22, 2023 ~ VOL. CCLXXXII NO. 95 WSJ.com U.S. Edition  A weight-loss drug with blockbuster potential that is still years away from U.S. regulatory approval is already being sold online. A1  Stocks fell Friday, capping a week of losses for U.S. markets. The S&P 500, Nasdaq and Dow fell 1.3%, 1.5% and 0.9%, respectively. B11  UAW leader Fain said negotiations for a new labor contract with Detroit’s three car companies have been progressing, but he threatened to expand the union’s now six-week-long strike if they don’t move more. B1  The U.S. and Europe failed to agree on a path for eliminating steel and aluminum tariffs ahead of a summit in Washington. A2  Private-equity firms are being forced to spend more money to keep the companies they own alive. B9  Households’ average spending on heating oil this winter is slated to rise about 8% annually. B9  A pipeline company dropped plans to build a network of carbon-dioxide pipelines across the Midwest. A2  Rodolphe Saadé, CEO of French container line CMA CGM, says the shipping industry shouldn’t panic over a sharp retreat in earnings. B9 World-Wide What’s News Business & Finance THE WALL STREET JOURNAL WSJ WEEKEND Hamas Releases Two U.S. Hostages Calls mount for Israel to postpone ground invasion to allow for diplomacy via posts on Facebook, LinkedIn and Reddit. A handful have run paid ads on Instagram and Google. A fitness influencer has offered it for sale via his newsletter. In August, the Journal reported that more than 50 websites were selling knockoff semaglutide and tirzepatide, the active ingredients in Ozempic and Mounjaro respectively. The Food and Drug Administration issued warning letters to two websites for “unlawful sale of unapproved and misbranded drugs” after the Journal’s article. One, GorillaHealing.com, no longer lists those two drugs on its website, but it does offer retatrutide. Last week, three days after the Bootleg Obesity Drug Sold Online A potential blockbuster weight-loss drug still years away from U.S. regulatory approval is already being sold online, another example of a thriving gray market for unapproved weight-loss medications, according to a Wall Street Journal review. The Journal found hundreds of merchants offering the new drug, which is being developed by Eli Lilly and is called retatrutide. Most appear to be Chinese sellers shipping directly to U.S. consumers from sites such as Made-in-China.com. Some of the sites, including ones that appear to be based in the U.S., have marketed their products BY ROLFE WINKLER foot and tried in vain to save the life of a comrade after a deadly Hamas missile attack. “It became spooky and weird,” said Bernstein, who was one of the first Israeli soldiers to enter Gaza that year. “To us, it was one big trap.” On Thursday, Israel Defense Minister Yoav Gallant met with soldiers massing near the Gaza Strip border and told them that he would soon order them into battle. The possible invasion would pit one of the world’s strongest militaries against highly motivated defenders who are energized by their successful surprise attack on Oct. 7, when Hamas fighters killed more than 1,400 people and grabbed more than 200 hostages. The attacks humiliated a security establishment that prided itself on maintaining impeccable intelligence and constant readiness. Israel’s resolve to strike back will test its military’s ability to prevail on what promises to be a chaotic and claustrophobic urban battlefield. Jungles, swamps and mountaintops are brutal fighting environments, but cities’ complexity can thwart even elite forces. “The terrain is more challenging Please turn to pageA11 TEL AVIV—Ariel Bernstein was a 20- year-old Israeli foot soldier when his country last fought Hamas on Gaza Strip streets. The war, he recalled, “was like chasing ghosts.” For two of the 2014 fight’s seven weeks, Bernstein and his company hunkered down in a rural Palestinian home where they dodged Hamas sniper shots, watched for militants jumping out of hidden tunnels running under By Dion Nissenbaum, Daniel Michaels and Alistair MacDonald The Diplomatic Path Forward in Gaza REVIEW OFF DUTY Bath Renos by the Numbers In Speaker’s Race, Three Strikes and Jordan’s Out It’s the Hot New Superfood. A Snag: It ‘Has No Taste.’ iii Diners consider millet—with lots of butter; India’s Narendra Modi extols it in song NEW DELHI—Prime Minister Narendra Modi spent the first half of 2023 working on a secret project: a song about millet. The pop-rock tune—performed by a Grammy Award winning singer with a section featuring Modi speaking about the prosperity and radiance of millet—extols the virtues of an ancient grain that has been cultivated in Asia and Africa for thousands of years. Modi’s government declared 2023 the Year of Millets, saying the grain could help alleviate hunger, boost health and help farmers. Restaurants are serving up creative recipes, and Bollywood starlets and celebrity chefs are popping up on social media to talk Please turn to pageA6 BY SHAN LI AND RAJESH ROY The honored grain TEL AVIV—Hamas released two U.S. citizens held hostage in the Gaza Strip, amid rising pressure on Israel to put off a planned invasion of the enclave to allow time for diplomacy. The release was the first time Hamas, the Islamist group that controls the enclave, set free any of the roughly 200 hostages taken by militants during an Oct. 7 raid that killed more than 1,400 Israelis. Apart from Israel, citizens of more than 40 countries were killed and went missing during the attack, according to the Israeli foreign ministry. The United Nations said Friday that 4,137 Palestinians have been killed, many of them in Israeli airstrikes. Israel identified the freed hostages as Judith Raanan and her daughter Natalie, who had been visiting family in Nahal Oz, a kibbutz, at the time of the attack. The women are from Evanston, Ill., a suburb of Chicago. Rabbi Dov Hillel Klein of Chabad of Evanston called their release “a miracle.” Please turn to pageA10 By Jared Malsin, Summer Said, Gordon Lubold and Vivian Salama J. SCOTT APPLEWHITE/ASSOCIATED PRESS BENCHED: Rep. Jim Jordan ended his bid to become House speaker Friday after he failed for a third time to win the gavel, and frustrated GOP colleagues decided to move on. Divided Republicans are back at square one in their quest to elect a leader. A4 cursed and lunged at Gaetz. Asked about the encounter afterward, McCarthy told reporters, “Listen, the whole country, I think, would scream at Matt Gaetz right now.” Any majority party is bound to have divisions. But the upheavals that have racked the House GOP since January are less a reflection of any coherent faction than one man’s singular will. It was Please turn to pageA4 on each roll call and then bowing out of the race Friday afternoon. No one else seems to have a clear path to 217 GOP votes for the position. Many of his colleagues blame Gaetz for the paralysis and acrimony that have ensued. When Gaetz rose to speak in a closed-door party meeting on Thursday, McCarthy told him to “sit your ass down,” and another Republican, Rep. Mike Bost of Illinois, position.” The House has had no speaker since Gaetz made a motion to vacate the position, then joined on Oct. 3 with seven other Republicans and 208 Democrats to oust Rep. Kevin McCarthy from it. Rep. Jim Jordan, the archconservative Ohio Republican whom Gaetz calls a mentor, this week failed on three ballots to secure the majority of the body’s votes, losing support WASHINGTON—With the Capitol in chaos and the speaker’s position going on its third week of vacancy, Rep. Matt Gaetz surveyed the consequences of his actions and declared he had no regrets. “I have extreme confidence,” the Florida Republican said in an interview from his Capitol Hill office, “that we will have an upgrade at the BY MOLLY BALL Gaetz Says He Has No Regrets For Triggering GOP Meltdown A Chaotic Urban Hellscape Awaits Israel in a Gaza Invasion Snipers, tunnels and rubble would make battlefield unpredictable and claustrophobic  Israelis warm to ‘protector’ Biden...................................... A10  President’s foreign policy is challenged by wars........ A10  Conflict risks reprise of terrorist attacks............... A11 EXCHANGE RIP, 60/40 Why the classic stock-and-bond investment strategy isn’t working. B1 warning letter was posted publicly, the top result in a Google search for “buy retatrutide” was a GorillaHealing.com ad. “It’s unprecedented to see a drug that is in late-stage clinical trials being so flagrantly advertised for sale online,” said George Karavetsos, a lawyer who previously directed the FDA’s Office of Criminal Investigations. People promoting the sale of unapproved drugs to consumers could potentially face criminal prosecution, he said. GorillaHealing.com didn’t respond to a request for comPlease turn to pageA6  Heard on the Street: Upside for health insurers.......... B12 s 2023 Dow Jones & Company, Inc. All Rights Reserved CONTENTS Books....................... C7-12 Business & Finance B9 Food........................... D6-7 Gear & Gadgets. D10 Heard on Street....B12 Markets...................... B11 Markets Digest ..... B6 Opinion................ A13-15 Sports.......................... A12 Style & Fashion D2-3 Travel............................. D4 U.S. News.............. A2-4 World News A7,10-11 >  Hamas released two U.S. citizens held hostage in the Gaza Strip, amid pressure on Israel to put off a planned invasion of the enclave to allow time for diplomacy. A1  Jim Jordan withdrew his bid to become House speaker after he lost both a public and a private vote, sending House Republicans back to the starting line in their quest to elect a leader. A4  A former legal adviser to Donald Trump pleaded guilty to one felony charge in a deal to testify for the prosecution in the Georgia racketeering case against the former president and others. A3  The New York judge presiding over Trump’s civilfraud trial fined the former president $5,000 for disobeying a gag order forbidding him from making public comments about the judge’s staff. A2  The Supreme Court agreed to review lower-court rulings barring White House aides and other officials from pressuring social-media platforms to take down content disfavored by the government. A4  The U.S.’s removal of an array of sanctions against Venezuela’s oil sector is designed to stabilize the country’s economy and reduce the outflow of migrants toward the American southwestern border. A7 NOONAN Israel needs to dig deep and fortify A15 This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.

A2 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. U.S. NEWS THE WALL STREET JOURNAL (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. Letters to the Editor: Fax: 212-416-2891; email: [email protected] Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] By phone: 1-800-JOURNAL (1-800-568-7625) Reprints & licensing: By email: [email protected]; By phone: 1-800-843-0008 WSJ back issues and framed pages: wsjshop.com Our newspapers are 100% sourced from sustainably certified mills. GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Reporter Nancy A. Youssef contributed to a Page One article on Friday about aid for Gaza. In some editions, her surname was misspelled as Yousef. CORRECTIONS  AMPLIFICATIONS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling 888-410-2667. A number of trends have contributed to the growing alcohol content of a drink. “You get a couple 20-ounce craft beer cans and think, ‘I had two drinks,’ ” said Martinez. “In reality, in that setting, you might be closer to four” standard drinks, she added. Martinez has found that between 2003 and 2016, the average alcohol percentage of beer, wine and spirits all rose. The climate might be partially to blame. The online wine database Liv-ex has found warmer growing seasons are producing grapes with more sugar and thus wines with more alcohol. The alcohol in the average Bordeaux red wine rose from 12.8% in the 1990s to 13.8% in the 2010s, with California reds increasing from 13.7% to 14.6% and reds from Tuscany up from 13.7% to 14.2%. Blame generous bartenders, too. In one amusing study, researchers were dispatched across California bars to order beer, wine, shots, margaritas and mixed drinks such as rum and Coke. Each drink’s alcohol content was then “discreetly measured using graduated cylinders and beakers at a relatively private table or in the bathroom.” Nearly every drink contained more alcohol than a “standard” drink, some nearly twice as much. But this isn’t the only reason drinkers die sooner than nondrinkers. T he widespread notion that modest drinkers live longer than nondrinkers and heavy drinkers is what researchers call the “J-shaped” relationship between alcohol and health, which dates back to Johns Hopkins University research during Prohibition. The idea is that drinking a little bit might protect your health relative to not drinking at all, but as consumption goes toward excess, health outcomes get bad and then very bad. In 2017 a team of researchers in the Journal of the American College of Cardiology found mortality risks are somewhat lower at as many as roughly six drinks a week, then get worse. By 13 drinks a week—about two drinks a day—risks are rising quickly. The J-shaped curve remains controversial. People who abstain from alcohol entirely might be different than the general population: They might have illnesses or be on medications where they’re advised not to drink, for example. It might not be modest drinking that makes people healthier. Rather, people might drink modestly when they’re already healthy. A study in JAMA Network Open, an American Medical Association journal, analyzed 107 studies of different cohorts of drinkers and concluded that, properly measured, there are no significant benefits from modest drinking. The entire notion that there’s a healthy level of modest drinking could be flawed, said Tim Stockwell, one of the co-authors and a scientist at the Canadian Institute for Substance Use Research at the University of Victoria in British Columbia. “There’s not two camps,” said Stockwell. “It’s a continuum that’s distributed according to how much we drink.” A number of health experts similarly reject the J-shaped relationship and contend that less alcohol is always better. Earlier this year, the World Health Organization declared: “When it comes to alcohol consumption, there is no safe amount that does not affect health.” The latest U.S. dietary guidelines, released in 2020, advise that “drinking less is better for health than drinking more,” and urge men stick to two drinks or fewer a day, and recommend only one THE NUMBERS | By Josh Zumbrun Drinking Risks Get Trickier to Tally A number of readers were surprised by my recent column that mentioned “regular drinkers” might have a lifespan as much as seven years shorter than nondrinkers. Haven’t many studies over the years suggested some benefit from an occasional drink, especially against cardiovascular diseases? There are a number of reasons why drinking shortens lifespans, and one is that we have lost track of what a “drink” actually is. Longstanding U.S. alcohol guidelines assume that a standard drink consists of just 0.6 ounce of alcohol. That is a 12-ounce beer with 5% alcohol, or a 5-ounce glass of wine with 12% alcohol. But over time, Americans are drinking larger and boozier beers and stronger wines, and getting heavy pours at bars, all of which deliver more alcohol than the standard drink. This has troubling implications for health: We are drinking more alcohol, just as many epidemiologists are lowering what they think the safe level of alcohol is. “One of the big challenges of alcohol research is how do we define the basic metric of ‘a drink,’ ” said Priscilla Martinez, deputy scientific director of the Alcohol Research Group, part of the nonprofit Public Health Institute. “How do we help people understand what that metric really means?” drink for women. New guidelines are under consideration for 2025. Regardless of whether there’s a safe level of alcohol consumption, another problem is that many people underestimate how much they consume. Responding to surveys, people claim to drink only about half as much alcohol as they purchase based on sales data. Some glasses of wine don’t get finished, or an extra bottle lingers in the fridge, but researchers agree there’s no way that people are buying twice as much alcohol as they actually drink. And it’s the self-identified modest drinkers who tend to underestimate how much they drink. “People are often drinking more than they realize,” said Stockwell. “When you look at it in the cold light of day, it stacks up.” The disagreement over whether the J shape exists is only about the very start of the curve. Everyone agrees that risks start to rise quite quickly as drinking increases beyond modest amounts. Life is about more than absolutely minimizing mortality risk, of course. You would be safer if you never got in a car too, yet sometimes it’s worth leaving the house. Sometimes, for many people, it’s worth celebrating with a drink. Still, even while celebrating, mind your drink sizes, or you’ll find yourself dangerously far along the curve. Note: Drinks were purchased and measured in 80 on-premise establishments in 10 Northern California counties. Source: Drug and Alcohol Review Erik Brynildsen/THE WALL STREET JOURNAL Milliliters of alcohol in select drinks relative to a ‘standard’ 18-milliliter drink, by glass type Shot glass Tall thin glass Tall wide glass Short wide glass Narrow wine glass Medium wine glass Large wine glass Rum and Coke Gin and tonic Martini Wine Margarita 0 10 20 30 ml. Standard drink 18 ml. Tall thin glass Tall wide glass Short wide glass Short wide glass Other spirits glass Tall thin glass Other spirits glass Short wide glass NEW YORK U.S.WATCH Trump Is Fined for Violating Gag Order The New York judge presiding over Donald Trump’s civilfraud trial on Friday fined the former president $5,000 for disobeying a gag order forbidding him from making public comments about the judge’s staff, and threatened him with other sanctions including imprisonment if it happens again. State Supreme Court Justice Arthur Engoron issued an order that reprimanded Trump for failing to delete a baseless rumor about the judge’s law clerk from Trump’s campaign website. Trump had earlier deleted the post on Truth Social on the judge’s orders, but Engoron on Friday said the Republican presidential front-runner had failed to remove the same post from DonaldJTrump.com. Attorneys for Trump said it was an accidental oversight. The post was removed late Thursday after an email from the court, the judge said. —Jacob Gershman MARYLAND Suspect Is Sought In Slaying of Judge Police are searching for a man suspected of fatally shooting a Maryland judge who had awarded custody of the suspect’s children to his wife on the day of the killing, authorities said Friday. The judge was shot in his driveway Thursday evening while his wife and son were home and just hours after he ruled against the suspect in a divorce case, authorities said. Washington County Sheriff Brian Albert said authorities are “actively working” to apprehend 49-year-old Pedro Argote for the “targeted attack” of Maryland Circuit Court Judge Andrew Wilkinson. Wilkinson, 52, was found with gunshot wounds around 8 p.m. Thursday outside his home in Hagerstown, authorities said. Albert said at a news conference Friday that Argote is considered “armed and dangerous.” —Associated Press talks said the Biden administration had signaled in negotiations that it didn’t intend to reimpose the national-security tariffs and would look at extending the current freeze in the dispute if no deal was reached in January. A separate arrangement that could offer European producers an exemption to made-inAmerica rules linked to electric-vehicle battery subsidies under the Inflation Reduction Act also remained unresolved on Friday. The U.S. and EU said they made progress and would continue to work on the issue over the coming weeks. In a statement issued after the summit, U.S. and European leaders sought to present a united front, highlighting their cooperation on Ukraine and pledging to continue their discussions on steel and aluminum. “We are more united than ever,” the statement said. The U.S. and Europe are close geopolitical allies, and their policies have converged in some areas in recent years, including in their handling of sanctions against Russia and concerns over China’s economic aspirations. But officials have struggled to resolve thorny bilateral issues including the Trump-era steel and aluminum tariffs and U.S. clean-technology subsidies, which some European officials view as discriminatory. The EU fears that if the two sides don’t resolve bilateral trade issues before the next U.S. election, those problems could worsen. Trump, who currently leads the race for the Republican nomination, has threatened to impose new tariffs if he is elected again. Still, European officials said Friday they didn’t see the stalemate as a cause for panic. Both sides are still working together to resolve the issue, an EU diplomat said. Officials had warned ahead of the summit that a final deal on steel and aluminum was unlikely but said at the time they still aimed to reach a political understanding that could lay the groundwork for resolving the dispute. One of the challenges in reaching a deal on steel and aluminum tariffs is whether an agreement would extend the current tariff truce rather than settling it definitively. European officials have sought to have the U.S. tariffs withdrawn completely before the next U.S. election, while U.S. officials have proposed a deal that would extend the current suspension, with the possibility of a pledge to end the tariffs in the future. —Tarini Parti contributed to this article. WASHINGTON—The U.S. and Europe failed to agree on a path for eliminating steel and aluminum tariffs ahead of a summit in Washington on Friday, leaving unresolved a trade dispute that risks becoming a growing irritant between the allied economies ahead of next year’s U.S. election. Officials are seeking to move beyond a spat over metal tariffs that were imposed in 2018 by President Donald Trump on national-security grounds. President Biden paused the tariffs for most European steel and aluminum two years ago as part of a bid to reset relations between the two economies, and the U.S. and EU said they would seek a new arrangement to replace the levies and tackle concerns about an oversupply of steel on global markets. But both sides remained far apart in their views during talks that continued until the day before the summit, people familiar with the matter said. U.S. and EU officials said Friday they would continue their discussions over the next two months. Officials had previously set Jan. 1 as the date when the Trump-era tariffs were due to kick back in if no new deal was reached. A person familiar with the BY KIM MACKRAEL U.S., Europe Fail to Resolve Long-Running Tariff Dispute MIDWEST Company Scraps CO2 Pipelines A pipeline company dropped ambitious plans to build a network of carbon-dioxide pipelines across the Midwest, delivering a victory for environmentalists and farmers who have opposed the project. Navigator CO2 Ventures said Friday that the unpredictable nature of the regulatory and government processes had led the company to nix the multibillion-dollar project. The company planned to erect over 1,300 miles of conduits to transport up to 15 million metric tons of carbon dioxide from ethanol plants and permanently bury the gas in Illinois. It is one of several controversial projects seeking to crisscross the region with carbon pipelines. Environmental groups say that the projects are a lifeline for fossil fuels, while landowners say developers have sought to steamroll them into accepting new pipelines. —Benoît Morenne CURRENT EVENTS: James McCarthy makes his way to the starting line before competing in the Head of the Charles Regatta on Friday in Cambridge, Mass. MADDIE MEYER/GETTY IMAGES Elizabeth Locke Jewels • 968 Madison Avenue New York City • 212-744-7878 Store Locations: 540-837-3088 or www.elizabethlockejewels.com/where-to-buy

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | A3 U.S. NEWS When Leslie Hendeles walked into his neighborhood drugstore this week and learned that a common cold medicine was being pulled off the shelves, he was stunned. The news affirmed a decadeslong quest to steer consumers away from a drug that he long believed didn’t work. Hendeles, a retired professor, with his friend, fellow pharmacist and University of Florida professor Randy Hatton, have spent nearly 20 years following the science of phenylephrine, an ingredient in more than 200 over-thecounter decongestants. Last month, following a petition from Hatton and Hendeles, an advisory panel to the Food and Drug Administration weighed studies examining oral phenylephrine’s power to unblock sinuses and clear stuffy noses, and unanimously determined that it wasn’t effective. This week, CVS Health, one of the nation’s biggest pharmacies, told The Wall Street Journal that certain medicines that list phenylephrine as their only active ingredient were being pulled from shelves for good. Oral products that include phenylephrine as the only active ingredient include Sudafed PE Sinus Congestion. That left a few products easily accessible to customers, and they contained phenylephrine as the active ingredient, Hatton, who was director at the center, remembered. Doctors and pharmacists wanted to know: Did it work? And at what dose? Phenylephrine had been greenlighted for use in overthe-counter products by the FDA in 1976. Hatton wanted to find all the data that supported that choice. At Hatton’s request, the agency sent piles of paperwork, copied pages of typewritten studies, including eight unpublished studies. Hatton, Hendeles and their colleagues wrote up their findings. They also sent their conclusions directly to the agency. In 2007, a majority of the advisory panel that examined the scientists’ petition agreed with the need for more evidence. The evidence arrived over the next decade. In early 2023, they heard the agency’s advisory committee on over-the-counter products would consider their argument. When the committee voted in September, Hatton felt at peace. Hendeles felt like their work was paying off. The agency hasn’t issued a decision, but a month later, Hendeles heard the first products were coming off shelves. “I was flying high,” he said. BY NIDHI SUBBARAMAN Scientists Succeed in Getting Cold Drugs Pulled ATLANTA—Kenneth Chesebro, a former legal adviser to Donald Trump, pleaded guilty Friday to one felony charge in an agreement to testify for the prosecution in the Georgia racketeering case against the former president and others. Chesebro is the second lawyer affiliated with Trump’s 2020 campaign, and third codefendant, to cut a deal with prosecutors, after Sidney Powell, a legal adviser who played a leading role in the effort to reverse Trump’s election loss, struck a similar deal Thursday. Powell is also expected to cooperate with the prosecution. Chesebro’s plea deal includes no jail time. He pleaded guilty to one count of conspiracy to file false documents, which could have meant up to five years incarceration. Instead, he will serve five years By Mariah Timms, Cameron McWhirter and Jan Wolfe of probation and complete 100 hours of community service. He was also ordered to pay $5,000 in restitution and to write a letter of apology to the people of Georgia. Fulton County District Attorney Fani Willis in August indicted Trump and 18 other co-defendants on allegations they engaged in a “criminal enterprise” to subvert democracy as they sought to overturn Trump’s 2020 election loss in Georgia. The plea deals are significant wins for Willis, who is trying to pit defendants against each other—a hallmark of racketeering, or RICO, cases. The large number of alleged participants in the scheme potentially gives Willis more leverage. In a press conference Friday, Chesebro’s lawyer Scott Grubman said he would be surprised if Chesebro is called to testify in a trial for Trump. “He didn’t snitch against anyone,” Grubman said. “He went in there and accepted reTrump Adviser Pleads Guilty In Georgia Case sponsibility for one of the minor, tag-on charges in the indictment.” Trump lawyer Steve Sadow said Chesebro’s plea deal “was the result of pressure by Fani Willis and her team and the prosecution’s looming threat of prison time.” He reiterated the position he made after Powell’s deal: that truthful testimony would be favorable to his defense strategy. A Willis spokesman declined to comment. Chesebro previously rejected a plea deal from Willis’s office, his lawyer said Wednesday. Georgia businessman Scott Hall was the first to take a deal when he pleaded guilty to misdemeanor charges last month. Prosecutors contend that the eight lawyers charged in the case went beyond legal advocacy and crossed into criminality. Chesebro is alleged to have “assisted in devising and attempting to implement a plan to submit fraudulent slates of presidential electors,” according to the indictment. Chesebro has been called an architect of the alternate-elector plan. He sent a memo to GOP party officials in his home state of Wisconsin on Nov. 18, 2020, the earliest-known proposal to nominate new electors to prevent Joe Biden from receiving 270 electoral votes, which Chesebro then worked to replicate nationwide. Before Friday’s plea, lawyers for Chesebro argued he did nothing illegal and was merely advising the Trump campaign on constitutional law. Kenneth Chesebro, left, shown with his lawyer Scott Grubman, was sworn in Friday in an Atlanta courthouse. ALYSSA POINTER/GETTY IMAGES written spiky commentaries in scientific journals, published reviews and studies, petitioned the FDA directly twice, and told anyone who would listen, that what has come to be the most common ingredient in over-the-counter decongestants don’t work as oral drugs. The men were outraged that oral phenylephrine’s reputation as a dud was wellknown among pharmacists, yet cough and sinus products, including phenylephrine pills, generated billions of dollars annually in sales. Hatton became immersed in the data in 2005 after the calls started pouring into the drug information service at the University of Florida. A law passed that year severely restricted most over-the-counter decongestants because they contained a different ingredient, pseudoephedrine, as an active ingredient. MALCOLM JACKSON FOR THE WSJ(2) “Pharmacists were telling us, this doesn’t work,” Hatton said. Over two decades the duo amassed evidence that backed up their conviction, and they drew attention to the issue from lawmakers, health agencies, pharmacies and their customers. Approved for use nearly a century ago, phenylephrine is listed as an ingredient in pills, syrups and liquids such as Advil Sinus Congestion & Pain, Flonase Headache & Allergy Relief, and DayQuil Cold & Flu. But studies over the years have shown that it is not more effective to clear nasal congestion than a placebo when taken orally. Scientists believe that is partly because almost all of it is inactivated in the gut and liver before it reaches the bloodstream. Hatton, 69, and Hendeles, 80, have patiently broadcast that message. Since the mid-2000s, they have together Randy Hatton, left, and Leslie Hendeles Photo by Flavien Carlod, for advertising purposes only. Spol Architects. *8 Exceptional Days prices are valid in the USA from October 14-22, 2023. Offer not to be used in conjunction with any other offer. (1)Conditions apply, contact store for details. (2)Quick Ship Program available on select products in stock, subject to availability. Images are for reference only and models, sizes, colours and finishes may vary. Please contact your local store for more information. Bubble. Large 3 seat sofa, designed by Sacha Lakic. In-store interior design & 3D modeling services.(1) Quick Ship program available.(2)

A4 | Saturday/Sunday, October 21 - 22, 2023 HK JP TU ML SI IN UK FR MN PR ****** THE WALL STREET JOURNAL. Former speaker Paul Ryan said on CNBC, “What Matt Gaetz did is a disgrace.” Rep. John Rutherford, one of 20 Republicans who consistently didn’t support Jordan for speaker, explained his opposition: “I’m a no on allowing Matt Gaetz and the other seven to win by putting their individual in as speaker.” While critics accuse Gaetz of attention-mongering, he insists he is about outcomes, not headlines. He says he has received approving feedback from conservatives across the U.S. “Chaos doesn’t scare me! American decline does,” he wrote on social media late U.S. NEWS while also angering some Republicans, including Rep. Ken Buck of Colorado, who had voted to oust McCarthy but declined to back Jordan. Jordan had faced opposition from GOP colleagues worried about how he would manage spending talks and avoid a government shutdown; allies of other party leaders who were pushed aside in favor of Jordan; and moderates from Democratic-leaning regions who see him as too stridently conservative. “We had to stand on principle here,” said Rep. Don Bacon (R., Neb.), who had opposed Jordan. —Lindsay Wise contributed to this article. GOP Starts Anew After Jordan Bid Fails the government. The brief order, which put the lower-court decisions on hold until the Supreme Court rules on the issue, was unsigned, as is typical. The court’s three most-conservative justices dissented, warning that “government censorship of private speech” could result. The Fifth U.S. Circuit Court of Appeals found that White House staffers—including President Biden’s former press secretary, director of digital strategy and senior adviser on Covid-19—likely coerced socialmedia platforms to moderate content, along with the surgeon general and individuals at the Centers for Disease Control and Prevention, the Federal Bureau of Investigation and the Cybersecurity and Infrastructure Security Agency. The Biden administration then asked the Supreme Court to intervene. The case is led by the Republican attorneys general of Missouri and Louisiana, joined with several individual plaintiffs, including two epidemiologists who alleged that the government censored them after they spoke out critically of business and school closures and other Covid-containment policies. WASHINGTON—The Supreme Court is stepping into the debate over speech rights and misinformation online, agreeing Friday to review lower-court rulings barring White House aides and other officials from pressuring social-media platforms to take down content disfavored by BY JESS BRAVIN AND JACOB GERSHMAN Thursday. Gaetz accuses McCarthy of breaking promises for how he would handle spending bills, which McCarthy allies deny. In the interview, Gaetz argued that McCarthy left him no choice: “The motion to vacate occurred because those of us who fought for a better way back in January were losing credibility with our own voters,” he said. “Things we told them were going to happen hadn’t happened, and it became increasingly clear that McCarthy had no plan to make them happen.” Family business Politics is the family business for Gaetz, 41, whose grandfather was a Republican legislator in North Dakota and whose father, Don Gaetz, served as president of the Florida Senate. (Forced out by term limits in 2016, Don Gaetz this month said he is running to retake his old seat.) The younger Gaetz grew up in Seaside, west of Tallahassee, in the house where the movie “The Truman Show” was filmed. In three terms in the Florida House, he relished sparring with Democrats but also prided himself on unconventional stances, passing legislation legalizing gay adoption and medical marijuana. In 2016, Gaetz was elected to represent a safe Republican congressional seat in the Panhandle. “He was the privileged son of one of the most powerful politicians in Florida, and he walked into a congressional seat without much effort, so there were very low expectasays he felt a weighty obligation to the millions of Americans whose awareness—and expectations—he had raised with his actions during the speaker fight. “I heard the same message from people: ‘Why have you guys not done more?’ ” he said. “ ‘Why does the House Republican conference look like the surrender brigade? Didn’t you have a motion to vacate in the event of noncompliance with your January agreement?’ ” In the speakerless weeks since he pulled the trigger, Gaetz has tried to be strategic, fading into the background at times and speaking little in the conference meetings he terms “struggle sessions.” Recognizing that he might hurt more than help his cause of electing a new, more conservative speaker, he has sought to avoid further inflaming his colleagues. On Tuesday, he apologized for a fundraising email that called the Jordan holdouts “RINOs”—Republicans in Name Only—saying it was sent by his campaign without his approval. McCarthy on Wednesday suggested the email was responsible for losing Jordan votes. As the House feuded last week, Gaetz jetted to Florida to co-headline an event with Trump, who shouted him out as “a big celebrity.” Asked on Fox News Radio whether Gaetz’s actions had hurt the party, Trump said it depended. “Maybe we’ll end up with one of the great speakers of all time, in which case Matt Gaetz did a tremendous favor,” the former president mused. On a recent episode of his “Firebrand” podcast, Gaetz touted “the America First vision for public policy—that’s what I represent, that’s what President Trump represents, and undeniably it is what Jim Jordan represents.” On Friday, Gaetz failed in a last-ditch effort to boost Jordan. He and a few others who voted against McCarthy offered to be censured or kicked out of the party, if in exchange Jordan foes dropped their opposition to his speaker bid. Colleagues dismissed the offer as a stunt, and a majority of Republicans voted behind closed doors for Jordan to end his quest. Whether McCarthy is replaced by a similar figure or a more conservative one, Gaetz wins either way, says Liam Donovan, a Republican lobbyist. If a conservative wins it would make Gaetz a hero to the right; otherwise it would further his argument that the D.C. “cartel” is conspiring to frustrate conservatives’ aims. “It just sets up the grievance-based grift that powered him to this point,” Donovan said. “Matt Gaetz can’t do anything but win in this situation.” Gaetz who took it upon himself to block McCarthy from the speakership in January, joining with 19 others to deny him a majority until he agreed to crippling concessions. One of those was the ability for a single member to bring the motion to vacate, which Gaetz then deployed. Shifting band Gaetz doesn’t have a posse: He isn’t a member of the rabble-rousing Freedom Caucus, and his anti-McCarthy crusades haven’t been joined by his fellow far-right provocateur Marjorie Taylor Greene. Only half the members who joined him in forcing out McCarthy this month were members of the group he assembled to block McCarthy nine months ago. Instead, Gaetz, a canny student of procedure with a knack for tapping the conservative zeitgeist, has taken it upon himself to assemble a shifting band of dissidents. And up to now, he has been dramatically successful. To many Republicans, the hair-gelled Gaetz is personally responsible for not only sparking the current chaos but setting a destructive precedent that continues to hobble the body, as small minorities assemble to block any speaker from being elected. Colleagues have called him a “charlatan,” a “vile person” and a “Republican running with scissors.” Continued from PageOne Gaetz Has No Regrets Over Chaos Rep. Matt Gaetz of Florida, center, spoke with fellow House Republicans at the Capitol earlier this week. TOM WILLIAMS/CQ ROLL CALL/ZUMA PRESS WASHINGTON—Rep. Jim Jordan withdrew his bid to become House speaker after the fiery conservative lost both a public and private vote Friday, sending divided House Republicans back to the starting line in their weekslong quest to elect a leader and pass urgent legislation. Jordan’s defeat marked the latest fallout from the ouster earlier this month of Speaker Kevin McCarthy (R., Calif.), with House Majority Leader Steve Scalise (R., La.) and now Jordan winning the party’s nod only to fall short of the gavel because of internal GOP opposition. The impasse has left the House frozen and unable to consider legislative initiatives, including the expiration of the government’s current funding next month and assistance for Israel or Ukraine. Republicans “need to come together and figure out who our speaker is going to be,” Jordan said after he ended his bid. “Let’s figure out who that individual is, get behind them and get to work for the American people.” The day started with the Ohio Republican imploring colleagues to unite behind him, only to see further defections in a third straight loss for him on the House floor. In all, 25 Republicans joined with all Democrats to oppose him— up from 22 on Wednesday and 20 on Tuesday. Hours later, in a closed-door GOP conference meeting, frustrated colleagues threw in the towel on his candidacy, with more than 100 rejecting him in a secret ballot. Republicans will now restart their search for a speaker with a candidate forum set for Monday evening and an internal vote Tuesday. “The space and time for a reset is an important thing for House Republicans,” Speaker Pro Tempore Patrick McHenry (R., N.C.) said Friday. Jordan’s departure from the race has swung the door open for broader competition. Republican Study Committee Chairman Kevin Hern (R., Okla.) and Rep. Pete Sessions (R., Texas) have announced interest in the job, while House Majority Whip Tom Emmer (R., Minn.) was quickly endorsed by McCarthy. A handful of others were considering bids. GOP lawmakers said they hoped to finally move beyond the tensions that had built up for months over the role of the GOP hard-liners who had complicated McCarthy’s path to power, blocked legislation and ultimately engineered his ouster. They later helped defeat Scalise’s bid to succeed him. The bad feelings then served to sink Jordan, with many lawmakers loath to promote him, which they worried would reward the behavior of the hard right wing. Lawmakers said the internal vote Friday helped underscore that there was no path forward or internal GOP support for Jordan to continue to hold votes on the House floor. With a slim 221-212 majority, Republicans can’t afford to lose more than a few GOP votes for their nominee. The end of Jordan’s speaker bid marked a rare assertion of power by the House GOP’s more centrist lawmakers and those who want to see the chamber operate, following nine months of intraparty fighting in which small groups of lawmakers often drove the party’s agenda. Jordan is a close ally of former President Donald Trump, and conservative activists strongly backed his candidacy. The head of the House Judiciary Committee and cofounder of the ultraconservative House Freedom Caucus was in close contact with Trump during the former president’s efforts to overturn his 2020 election loss. In past years, he was a regular thorn in the side of party leaders, leaving some pro-governance Republicans wary of his ability to lead the chamber. On Friday, he again declined to say whether he thought Trump lost the election, a position that has fueled Democratic charges that he is a far-right election denier By Kristina Peterson, Katy Stech Ferek and Gabriel T. Rubin Lawmakers wanted to avoid rewarding the behavior of the hard right wing. tions for him” in Washington, said David Jolly, a former Republican congressman from Florida. “The harder road was to develop the legislative and political acumen sufficient to take down a speaker of the House, and he did that in just six years—credit where credit is due.” Gaetz, Jolly said, has successfully positioned himself as a hero to Donald Trump’s movement and the front-runner for the 2026 GOP gubernatorial nomination should he choose to seek it. “He’s a perfect reflection of Trumpism and what the Republican base wants today.” Gaetz has publicly denied he’s considering a gubernatorial bid despite widespread reports he is sounding out allies in private. Should he become the favorite for the GOP nomination, Jolly says he’d consider getting in the race as a Democrat. In Congress Gaetz styled himself a pro-Trump populist. He also faced lurid accusations and was investigated by the Justice Department for allegations of sex trafficking, which he denied. The investigation was closed without charges this year, but the House Ethics Committee continues to probe Gaetz. An enthusiastic exponent of Trump’s false claims that the 2020 election was stolen, Gaetz continues to champion those imprisoned for their role in the Jan. 6, 2021, Capitol riot as “political prisoners.” During his years in the minority, Gaetz studied the tactics of the left-wing Squad, viewing them as role models in asymmetric power. In last year’s midterm elections, he recruited like-minded candidates to increase his clout, most of whom lost when the predicted “red wave” failed to materialize. But Gaetz recognized that the thin GOP majority that resulted worked to his advantage, reducing to single digits the number of votes any leader could afford to lose on party-line legislation—or a vote to become speaker. The result was January’s messy, dayslong, 15-ballot ordeal. During one late-night floor session, Rep. Richard Hudson (R., N.C.) physically restrained Rep. Mike Rogers (R., Ala.), as Rogers lunged toward Gaetz. Gaetz and his allies finally voted “present” in the 15th round, allowing McCarthy to take up the gavel in exchange for changes to the House’s function, including the single-member motion to vacate. Biding time In the months since, Gaetz bided his time, scrutinizing McCarthy’s leadership, waiting to make his move. It wasn’t something he did on the spur of the moment. Rather, he said, he made up his mind while the House was on vacation in August. Touring the country, Gaetz Since he pulled the trigger, Gaetz has faded into the background at times. 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A6 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. ment. Meta Platforms, which owns Facebook and Instagram, as well as Google, LinkedIn and Reddit all said in statements that they removed advertisements or user posts that were flagged by the Journal, each citing internal policies. The FDA said it would continue to investigate reports of suspect counterfeit drugs to determine the public health risks and the appropriate regulatory response. Excitement over retatrutide jumped in June when Lilly reported Phase 2 trial results that showed the drug led to an average weight loss of up to 24% over 48 weeks. That could prove better than Lilly’s already approved drug Mounjaro. Researchers in a Lilly-funded study showed that tirzepatide, Mounjaro’s active ingredient, is the most effective medication currently being prescribed for weight loss. The two Lilly drugs, along with Ozempic, which is made by Novo Nordisk, belong to a new class of drugs that mimic appetite-regulating hormones. Ozempic mimics one such hormone. Mounjaro mimics two. Retatrutide, which doesn’t yet have a brand name, mimics three. Retatrutide’s midstage obesity trial included only 338 patients. Three late-stage trials meant to study efficacy and safety among many more patients began this summer and are expected to run until 2026. The FDA wouldn’t approve retatrutide for sale for some months after that, assuming the trials are successful. It couldn’t be determined how companies obtain retatrutide to sell it. But the drug can be made fairly easily by a trained chemist with the right equipment, said Richard DiMarchi, a professor of chemistry at Indiana University. That is because Lilly has disclosed retatrutide’s chemical strucContinued from PageOne Bootleg Obesity Drug Sold one soul to another, without even speaking,” she said. The White House served the grain in June as part of a plant-based state dinner thrown for Modi, who is vegetarian. Millet was on heavy rotation at the G-20 summit in New Delhi in September at official and private dinners. Japanese Prime Minister Fumio Kishida and his wife sampled millet pasta, millet mango tart and millet fudge brownies during their stay at the Lalit hotel during the summit, said Ravi Kant, the hotel’s executive chef. “The face said ‘Wow!’” said Kant, who was told of the enthusiastic response by hotel butlers serving the prime minister. “They loved it.” Kishida’s office didn’t respond to requests for comment. Millet evangelists such as Dr. Tara Satyavathi, director of the Indian Institute of Millets Research, said people just need to be educated on the value of millet—and how to cook it. The institute is working with startups to innovate products such as millet pastas and millet tortillas, she said. Big food companies such as Hindustan Unilever are peddling millet cookies and drinks. Satyavathi said she has looked at quinoa’s trajectory from humble farming food into global health superstar as a road map for her favorite grain. “Millet will be more popular than quinoa,” she said. break down along generational lines. People over 40 enjoy millet because it reminds them of eating in villages with their grandparents, Singh said. Twentyand 30-somethings, he said, are bewildered. “Things which are healthy are always less in terms of taste,” he said. Now, “we always want things to be tasty, sweet, like eating a pizza.” Millet—there are multiple varieties—was a staple food for over half a billion people across Asia and Africa for centuries, according to India’s Department of Science and Technology. India is the world’s top grower. But in recent decades, millet—a chewy grain with a slightly nutty flavor—has disappeared from diets in India as the government encouraged farmers to grow high-yielding varieties of wheat and rice. Interest in millet has come back as climate change and conflicts stress global food systems. Millet is a hardy crop that can survive even in areas blighted by drought and poor soil. The grain is rich in nutrients like calcium, iron and protein. Falguni Shah, the musician who collaborated on Modi’s song, said the 73-year-old leader suggested penning a song on the virtues of millet in December. “I didn’t even know he was a songwriter,” said the singer, who is known as Falu. “It was just a big surprise.” The song “transcends from about the benefits. Microsoft co-founder Bill Gates even tried his hand at making a millet porridge during a visit in March. Government schools added millet dishes to student lunches, and it is featured in the cafeterias at the Parliament of India. There’s just one problem: “It still has no taste,” said Mohdiq Ram, a self-described foodie. Ram said he grew up hating his mother’s spin on millet rotis, a flatbread common in Indian cuisine. After seeing this year’s advertising blitz, the 25- year-old private tutor tried a few dishes at a New Delhi restaurant. He was disappointed. Aanchal Sharma, 20, said she found millet rotis palatable only when bathed in clarified butter. “You gain weight unless you work out,” the college student said. “People eat them and need to nap right away.” Some chefs say they are struggling to persuade Indians who dismiss the grain as something eaten by the rural poor. B. Rajesh Kumar Singh, executive sous chef at the swanky Taj Mahal hotel in New Delhi, said reactions from diners Continued from PageOne Millet Is Healthy, But Tasty? ture, which it is required to do to secure patent protection. Unauthorized sellers are more likely to produce research-grade versions of the drug, which are sometimes used by academics in animal testing, and don’t eliminate as many impurities as pharmaceutical-grade versions that are produced for human use. In a statement, Lilly said: “Any product falsely representing itself as a Lilly investigational product not yet approved by the FDA, like retatrutide, may expose patients to potentially serious health risks.” Elizabeth Knupp, a 44-yearold nurse from California, lost sight in her left eye after being struck by a golf ball 20 years ago. She suffers from obesity but her insurance won’t pay for Mounjaro or Ozempic because she doesn’t have diabetes, a disease she doesn’t want to wait around to develop before trying the drugs. “I can’t afford to get diabetic-related eye problems. I have to get this weight under control or I’ll be blind,” she said. She took brand-name Mounjaro for two months last year when there was a coupon that reduced the cost. After that was no longer available, she turned to gray-market tirzepatide. In August she decided to try retatrutide because she hopes the drug will be even more effective. She said she’s aware of the risks in taking the bootleg medications but feels the tradeoff is worth it. “Being overweight is killing me, too,” she said. Knupp bought retatrutide in late August from Qingdao Sigma Chemical. The Chinese company sells steroids, peptides, weight-loss drugs and more. It has a Facebook page where, in September, it posted lab results that purported to show the purity of a batch of retatrutide. The page also lists a WhatsApp phone number to contact the company directly for placing orders. Qingdao Sigma didn’t respond to a request for comment. Knupp only recently began taking retatrutide. She feels the vials she received weren’t as potent as advertised but she credits it with helping her lose weight after she increased the dose. Another person who has offered retatrutide for sale is fitness influencer Jay Campbell. Retatrutide is “in stock and ready to rock!” he wrote in his newsletter in August, pointing readers to a website that sells the drug and features his name and picture. “Retatrutide and Tirzepatide may very well be the ultimate fat loss combo,” he wrote. Retatrutide was recently listed for $299 in the “VIP Peptides” section of the website, which requires a login. Campbell declined a request to comment. Ads for retatrutide have popped up on Instagram and Facebook from at least two accounts that point to a website called Peptide Research Institute, which didn’t respond to a request for comment. Meta said previously that it took action against other accounts flagged by the Journal running ads for gray-market weightloss drugs. Even so, similar ads have continued to run, including on Thursday, when new ads appeared promoting Peptide Research Institute’s sale of retatrutide. Those ads appeared less than a day after Meta removed the two other accounts running identical ads. Justin and Lana Brown changed the name of their website from SAF Research to Research Chemical Supply after a prior Journal article described sales of weight-loss drugs on their website. They have continued to sell those drugs and now offer retatrutide as well. A spokesman for the Browns said their site sells research chemicals for lab use only and that they updated their policies to require customers to register. The knockoff weight-loss drug can be made fairly easily by a trained chemist. Marinated millet and grilled corn salad was served at the White House dinner for Modi in June. JIM LO SCALZO/POOL/EPA/SHUTTERSTOCK FROM PAGE ONE

THE WALL STREET JOURNAL. ****** Saturday/Sunday, October 21 - 22, 2023 | A7 RUSSIA American Editor’s Detention Extended A Russian court ordered an American journalist to be held in detention through at least Monday on charges that she failed to register as a “foreign agent,” according to her employer, in a case that threatens to further exacerbate tensions between Washington and Moscow. Alsu Kurmasheva, an editor for Prague-based Radio Free Europe/Radio Liberty who is a citizen of both the U.S. and Russia, was detained on Wednesday, her employer said. Russian state news agency TASS said investigators asked the Sovetsky District Court of Kazan in southwest Russia to hold Kurmasheva “on suspicion of evading requirements provided for under Russian legislation on foreign agents.” Kurmasheva’s lawyer, Edgar Matevosyan, couldn’t be reached for comment on Friday. TASS reported that he told reporters after the court hearing that his client denied the allegations against her. Kurmasheva is the second U.S. journalist to be detained in Russia this year. Wall Street Journal reporter Evan Gershkovich was detained in March while on a reporting trip and remains jailed. —Ann M. Simmons NORTH KOREA Returned Soldier Faces U.S. Charges Travis King, the American soldier who absconded into North Korea and spent more than two months detained there, has been charged by the U.S. Army for desertion, insubordination, brawling with his superiors, and soliciting child pornography, according to a charging document reviewed by The Wall Street Journal. North Korea deported King late last month, with Pyongyang’s state media saying the 23-year-old had admitted to illegally entering the country. King is being held in pretrial detention in Texas, the Army said, and is facing a total of eight charges. According to his service record, King joined the Army in November 2020. While stationed in South Korea, King faced assault allegations, and spent nearly seven weeks in a local detention facility. On July 10, King asked a minor on Snapchat to expose herself for money to “knowingly and willingly produce child pornography,” according to the charging document. King was released to U.S. officials in China and flown to an Air Force base in Texas on Sept. 28. A family spokesman didn’t immediately respond to a request seeking comment. —Nancy A. Youssef AUSTRALIA China Can Operate A Strategic Port Australia said it won’t cancel a Chinese company’s lease on a commercial port despite concerns that the firm’s operations pose a security risk at a strategic location in the north of the country. The local unit of China’s Landbridge Group has operated the port in Darwin after getting a lease in 2015. Some former Australian defense officials and analysts say the port —which has been used by U.S. troops to unload equipment for training exercises—is important because it is near military installations that could be crucial in a regional conflict. A review, launched last year by Australian Prime Minister Anthony Albanese, found that it wasn’t necessary to change or cancel the lease, saying the existing regulatory system for critical infrastructure was sufficient to manage the risks. Officials from Australia’s defense and foreign-affairs departments, as well as intelligence agencies, helped with the review. Canceling the lease could have threatened Australia’s efforts to thaw ties with Beijing, which has been removing trade barriers it placed on Australian goods during a diplomatic spat a few years ago. —Mike Cherney WIZARDRY OF OZ: The 50th anniversary of the Sydney Opera House in Australia was celebrated on Friday with a laser show, open house and several performances. DAN HIMBRECHTS/EPA/SHUTTERSTOCK BY MATTHEW LUXMOORE SLOVYANSK, Ukraine—At a Ukrainian control room, notifications ping onto a screen as a U.S.-supplied radar locates Russian artillery guns firing on Ukrainian positions. A Ukrainian team plots the coordinates on a tablet map, sharing them online with drone units tasked with confirming targets and gunners assigned to destroying them. The operation is an example of how Ukraine has honed its system of identifying and destroying Russian artillery, giving its armed forces an important advantage as they try to push retake occupied land. The work of the small group from Ukraine’s 45th Artillery Brigade is part of a largely unseen battle taking place far from the trenches. With front lines hardening after nearly 20 months of war, progress for either side depends on being able to silence, or at least quiet, the enemy’s guns so infantry and vehicles can advance. With some 70% of Ukrainian combat casualties resulting from artillery strikes, according to a study published in the Journal of the American College of Surgeons, taking Russian guns out of the fight saves Ukrainian lives. Ukraine has an advantage in the accuracy of its artillery, aided by Western equipment and Ukrainian ingenuity. That has helped Kyiv’s forces to gain near-parity in a field where Russia had an edge, according to soldiers on the front line. Russia also is improving, Ukrainian soldiers say, by using drones to guide its big guns. With the war dragging on, Ukraine and its allies are struggling to boost artillery shell production, leading to rationing and increasing the importance of accuracy. Russia also has shortages, and relentless strikes have forced it to relocate ammunition stocks farther from the front lines. WarSpotting, an independent group tracking losses in WORLD NEWS the war, says Ukraine has destroyed 177 Russian guns since its counteroffensive began in June. In the southern Zaporizhzhia region, the focus of the counteroffensive, its analysts say Russia has had 92 guns destroyed, while Ukraine lost 19. Ukrainian efforts to take out Russian artillery start in control rooms like the one manned by a first lieutenant whose call sign is Hammer. The 36-yearold was a security guard and amateur boxer in Kyiv when he enlisted after Russia invaded in February 2022. That summer, he was put in charge of a radar team in the 45th Brigade. The team works from a command post 150 yards from the radar. The U.S.-made AN/ TPQ-36 uses radio frequency to scan its surroundings within a radius of about 20 miles and detect the point of origin and likely trajectory of Russian projectiles, producing rough coordinates for the guns that fired them. Drones also have played a key role in this strike campaign. The drone units of the 45th Brigade travel daily to positions within 1½ miles of Russian lines to confirm the exact location of military hardware spotted by Hammer’s radar unit. The coordinates are sent to a centralized command point where officers select an artillery unit tasked with taking it out. The Ukrainians then use drones to monitor the target from a distance and correct the artillery team’s fire to ensure it is destroyed. Kyiv has received high-precision artillery rounds from the U.S., including Excalibur shells capable of hitting within several feet of a target. But Russian electronic-warfare systems are particularly effective at jamming the Excaliburs’ GPS signal, soldiers say, and most of the shells used by Ukraine’s artillery units are less accurate. U.S. officials have praised Ukraine’s ability to adapt by honing its air-land integration and using drones far more effectively than it did in the war’s first months. Even in the 45th Brigade, which is almost entirely composed of civilians mobilized into service, improvement has been rapid. Drones have revolutionized Ukraine’s way of war, and precision strikes have allowed it to ration shells. But Russian forces also are adapting. Ukraine Targets Russia’s Big Artillery Kyiv’s military has honed its systems for destroying weapons; Russia improves, too A Ukrainian army drone pilot has a first-person view of what the camera on the drone sees. JOSEPH SYWENKYJ FOR THE WALL STREET JOURNAL revenue, he said. Once Latin America’s fifth-largest economy, Venezuela’s is now the size of the Milwaukee metropolitan area, according to International Monetary Fund data. “When the United States imposed sanctions it had a significant impact because Venezuela had lost its most important market, and many markets around the world didn’t want to do business with Venezuela,” he said. “Now there’s space for Venezuela to produce more oil.” Thomas Shannon, a former high-ranking U.S. diplomat in Latin America, said the sanctions had the unintended effect of accelerating migration, while severing communications between Washington and Caracas. By discussing an oil opening, the issue of political prisoners and migration, including the repatriation of deported Venezuelans to their homeland, Shannon said, “both sides are looking for a way forward in the relationship.” If American companies working with the state firm, known as PdVSA, do raise oil production, U.S. officials and economists say, then Venezuela could begin to ease a humanitarian crisis marked by 400% annual inflation, a nearly worthless currency and often dysfunctional water and electricity services. People familiar with the negotiations say the U.S. was driven by several objectives, from trying to coax President Nicolás Maduro’s regime to making reforms that could reestablish democracy to seeking a new source of oil amid conflicts in Ukraine and Gaza. Some Venezuelans were hopeful they would soon welcome back people who have left. Alejandro Briceño thought of his daughter, who left in 2021 and lives in Ohio. “She left for the United States when the pandemic was ending and she has not been able to find stable work,” Briceño said. WORLDWATCH The Biden administration’s removal of an array of U.S. sanctions against Venezuela’s oil sector is designed to stabilize that country’s calamitous economy and, in time, reduce the huge outflow of migrants toward the American southwestern border, said people familiar with the negotiations that led to sanctions relief. Removing sanctions for six months on oil, gas and the mining sector as announced by U.S. officials this week is expected by economists to boost an economy that contracted 80% and led 7.7 million people to flee in the past decade. Talks between U.S. and Venezuelan envoys in recent months led to a tentative breakthrough, with Biden administration officials announcing American and foreign companies could produce and export Venezuelan oil and gas, and conduct business with state energy monopoly Petróleos de Venezuela. In what U.S. officials called a “partial agreement,” Venezuela would pave the way toward fair elections by respecting the opposition’s choice of candidate, letting rivals campaign on state media and permitting international observers to monitor the vote. The sharp shift in U.S. policy means Venezuela would over a year’s time have access to at least $4 billion in oil money simply by being able to export to the U.S. That’s in contrast to current customers as far away as China, who import Venezuelan oil at heavy discounts to market prices because of sanctions, said Francisco Rodriguez, an economist. Jacking up production between 250,000 and 600,000 barrels a day from the 824,000 pumped daily in September could mean $10 billion to $19 billion annually in government BY JUAN FORERO AND KEJAL VYAS U.S. Lifts Sanctions to Give Venezuela Economic Relief 622 Royal Street, New Orleans, LA • 888-767-9190 • [email protected] • msrau.com Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry. Backed by our unprecedented 125% Guarantee, we stand behind each and every piece. WALK LIKE AN EGYPTIAN JEAN-LÉON GÉRÔME Orientalist master. Exquisite detail. Ancient subject. This original masterwork by famed French painter Jean-Léon Gérôme is breathtaking in both artistry and importance. Entitled La danse pyrrhique, it depicts the titular dance being performed in front of the Temple of Isis during the Ptolemaic period of ancient Egypt. Gérôme is considered to be Orientalism’s greatest master, and very few of his paintings remain in private hands. Circa 1885. Signed “J.L. 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A10 | Saturday/Sunday, October 21 - 22, 2023 ******** THE WALL STREET JOURNAL. WORLD NEWS also have been pressuring Israel’s government to strike a deal with Hamas, while U.S. officials say Qatar has warned the militant group it would cut off aid it sends to the strip if civilians kidnapped during the Oct. 7 assault are harmed. The parties have traded proposals including a temporary cease-fire, the resumption of water supplies to Gaza by Israel and stepped-up humanitarian aid to the territory. A deal involving the U.S., Israel and Qatar that would have led to the release of 50 hostages fell apart, said officials familiar with the talks. Analysts said the release of the two hostages Friday would amplify pressure on Israel and Hamas to negotiate toward further deals. Late Friday, Hamas said it was working with mediators in Egypt, Qatar and other “friendly countries” to release more hostages. Secretary of State Antony Blinken said some of the 10 Americans who remain unaccounted for are being held with roughly 200 hostages. As negotiations for a larger release faltered, Israel detailed plans Friday for a ground invasion to eliminate Hamas as a political and military force in the Gaza Strip. “There will be three stages,” Israeli Defense Minister Yoav Gallant said. “We are now in the first stage—a military campaign that currently includes strikes, and will later include maneuvering, with the objective of neutralizing terrorists and destroying Hamas infrastructure.” The second stage would involve lower-intensity operations to root out Hamas operatives, with the third being an Israeli pullout “and the establishment of a new security reality for the citizens of Israel,” Gallant said, without elaborating. Ahead of the operation, Israel is pummeling the Gaza Strip with airstrikes aimed at Hamas and its infrastructure, the military said. Yaakov Amidror, a former Israeli national security adviser, said Gallant’s comments were meant to “explain to people that this is going to be a long war and that the first stage will be messy,” and convey the idea that Israel doesn’t want control of day-to-day life when the war is over. Also hit in the recent barrage was a church compound in Gaza where hundreds of people were sheltering. The Israeli military admitted damaging the compound, saying the target was a nearby Hamas command-and-control center. The damage was collateral and wasn’t the intended result of the strike, the military said. The strike Thursday night killed at least 17 people when a building of the St. Porphyrius Greek Orthodox Church collapsed, according to church officials and witnesses. On Friday, the Palestinian Red Crescent Society said it received a warning from Israel to evacuate the Al-Quds Hospital in Gaza City, which it said houses 400 patients and 12,000 displaced civilians. The humanitarian situation in Gaza is worsening, with about one million people displaced, according to the United Nations. There is an acute shortage of food, drinking water and fuel for electricity after Israel imposed a blockade of movement of goods and people in and out of the Palestinian enclave. About a third of all housing units in Gaza have been damaged or destroyed, said local officials. About 25,000 people have taken shelter at a U.N. training center in Khan Younis in southern Gaza, a U.N. official said. As the security situation along the Lebanese-Israeli border deteriorated, Israel’s Defense Ministry said Friday that residents of Kiryat Shmona, a city of some 22,000 people, would be moved to guesthouses provided by the state. Israeli forces and Lebanon’s Hezbollah, an Iranian proxy, have been exchanging fire continuously. On Thursday, militants in Lebanon launched a barrage of rockets and two antitank guided missiles toward Israeli military sites and towns, hitting Kiryat Shmona and injuring three residents. The attack, claimed by the Lebanese branch of Hamas, was the first big hit on a major urban area in Israel’s north since the war began. Israel retaliated by striking Hezbollah targets in Lebanon. The cross-border attacks continued Friday, when the Israeli military opened fire and killed three Hezbollah militants in the border area close to Kiryat Shmona. On Friday, occasional explosions echoed from the hillsides overlooking Kiryat Shmona, where militants from the Lebanese side of the border fired toward Israeli territory. The decision to evacuate Kiryat Shmona shows that Israel is taking seriously the possibility that clashes along the border with Lebanon could escalate into a full-blown conflict. The State Department on Thursday asked all U.S. citizens to leave Lebanon while commercial flights are still available. Families of those taken in the Oct. 7 attacks say they fear their concerns are at risk of being lost in the chaotic national-security crisis. “If we don’t scream, the world will forget them,” said Hadas Kalderon, a 56-year-old from the kibbutz of Nir Oz adjacent to Gaza, whose two children—a boy aged 12 and a girl aged 16—and ex-husband were kidnapped. — Asa Fitch, Sune Engel Rasmussen, Anas Baba and Margherita Stancati contributed to this article. Qatar helped broker the release of Natalie Raanan, left, and her mother, Judith, on Friday. GOVERNMENT OF ISRAEL/REUTERS Qatar helped broker their release. The country’s foreign minister, Majid al Ansari, said Qatar would continue dialogue with Israel and Hamas. “We hope these efforts will lead to the release of all civilian hostages,” he said. President Biden spoke to the two Americans, telling them the U.S. government would support them in their recovery, the White House said. At a fundraiser Friday, the president said he believed his efforts to normalize relations between Israel and Saudi Arabia are part of the reason Hamas carried out its deadly attack. The Biden administration has been pushing Saudi Arabia to recognize Israel, an effort that has been put in jeopardy by the assault and Israel’s plans to send troops into Gaza. The release of the two Americans comes as U.S. and European governments are jointly putting pressure on Israel to hold off on its ground invasion of Gaza to allow more time to win the release of hostages held by Hamas, said U.S. and foreign officials. Several countries have been trying to leverage their contacts with Hamas to press them to release hostages. One U.S. official said Qatar’s government has been “very helpful” on the matter, but noted the difficulties of making a deal given Israel’s ongoing bombardment of Gaza and the spiraling humanitarian crisis. Families of the hostages Continued from PageOne Two U.S. Hostages Released As Israel fights its bloodiest war in decades, many Israelis have found comfort and strength from an unexpected wartime leader: President Biden. Biden’s popularity has soared in Israel, with the president’s staunch support for the country’s response to Hamas’s Oct. 7 attack earning him widespread praise. That stands in contrast to the bitter criticism directed at Prime Minister Benjamin Netanyahu for the failure both to prevent the assault and to comfort Israelis. On memes on social media in Israel, Biden has been depicted as Captain America and “protector of Israel.” Many Israelis say the speeches he has given since the war started— in which he has denounced Hamas as “evil” and pledged America’s help—comforted them as they have grappled with the shock of the attack. Even as global criticism intensifies over the civilian casualties from the thousands of airstrikes Israel has launched on Gaza since Oct. 7, Biden has doubled down on his support. That support comes as Israel prepares for what could be a costly ground invasion of the Gaza Strip to eradicate Hamas. The U.S. president visited Israel on Wednesday in a demonstration of his support. Then, in a speech Thursday from the White House, he linked Israel to his administration’s alliance with Ukraine in its war against Russia. Biden asked Congress to approve a new multibilliondollar package of defense aid for both countries. Before the war started, Israelis were more worried about the divisions at home over a controversial judicial overhaul planned by Netanyahu. Now, according to polls, their criticism has turned directly to the prime minister and his government, whom most Israelis blame for the Oct. 7 carnage. “I feel that Biden at the moment is functioning as the prime minister and the president of Israel,” said Alon Nimrodi, whose 19-year-old son was kidnapped and taken to Gaza. “I don’t feel we have a leadership here in Israel that I can trust.” Israelis were first captivated by Biden in a speech he gave from the White House on Oct. 10, said Aviv Bushinsky, a political analyst and former chief of staff and media adviser to Netanyahu. Until that point, Netanyahu hadn’t managed to connect with civilians in an emotional way, he said. Then, Biden gave what Bushinsky called “the most memorable speech ever delivered by a foreign leader.” Biden denounced what he called the “unadulterated evil” of Hamas’s attack, and connected the killing of civilians to the Holocaust. He warned other countries hostile to Israel against exploiting the crisis. But some in Israel worry the U.S. could restrain Israel in its expected assault on Hamas. They argue that its push for Israel to let humanitarian aid into Gaza will undermine Israel’s strategy of weakening Hamas by cutting fuel, food, water and electricity to the strip. Netanyahu has neither met with the Israeli public in an open forum since the war began, nor taken questions from the press. He has made two trips to the Gaza border to meet Israeli troops. His ministers have been greeted by shouts at public appearances. By contrast, on Wednesday, when Biden arrived in Israel, he was greeted with large billboards with his image, the American flag and the words: “Thank you Mr. President.” During the visit, he met with about 12 people who were affected by Hamas’s assault. Eli Beer, a paramedic who was one of the first to arrive at the scene of the attacks, said he and Biden cried as he recalled what he saw. “The fact that the president of the United States came to Israel changed everything,” Beer said. “It changed the mood of the people here in Israel. All of a sudden, everyone in Israel feels like, OK, we’re not alone in this.” By Dov Lieber, Anat Peled and Shoshanna Solomon Israelis Warm to ‘Protector’ Biden Many say they find comfort in the U.S. leader’s defense of their country at war Poster of President Biden seen on a Jerusalem street. Many Israelis say his visit made them feel like ‘we’re not alone in this.’ THOMAS COEX/AGENCE FRANCE-PRESSE/GETTY IMAGES WASHINGTON—President Biden began his White House tenure with the goal of ending the “forever wars” that had consumed America for two decades to instead focus on domestic priorities and girding the U.S. to compete with China. The Hamas-Israel war—and Biden’s response—risks overwhelming that agenda. Following Hamas’s onslaught on Israel, Biden has given steadfast U.S. support to Israel, dramatically illustrated by his unprecedented wartime visit to Tel Aviv and embrace of Israeli Prime Minister Benjamin Netanyahu. But relentless Israeli bombardment of Gaza, Hamas’s stronghold, has magnified a humanitarian crisis in the Palestinian enclave, and the conflict threatens to spread. After an explosion at a Gaza hospital that Palestinian officials said killed hundreds and that each side blamed on the other, a planned Biden meeting with Palestinian Authority President Mahmoud Abbas and other Arab leaders fell apart, skewing the trip’s optics in favor of Israel. Biden tried to balance that by announcing a $100 million humanitarian aid package for the West Bank and Gaza, and making pleas to Israel to minimize civilian casualties. The conflict is the second hot war Biden has invested with U.S. power and prestige— if not American troops—after Russia’s assault on Ukraine. By Thursday, Biden was looking very much the wartime president, sitting in the Oval Office behind the Resolute desk and appealing to the American public and Congress to support Israel and Ukraine. “American leadership is what holds the world together. American alliances are what keep us, America, safe,” Biden said in the prime-time address. “To put all that at risk if we walk away from Ukraine, if we turn our backs on Israel, it’s just not worth it.” The foreign conflicts threaten to consume administration attention, overshadow a re-election campaign he hoped to center on his economic and domestic records and divert resources away from countering China. Biden already faces an American public skeptical of continued U.S. support for Ukraine and protracted involvement in conflicts overseas. The $100 billion support package for Ukraine, Israel and other allies he announced in his prime-time address faces hurdles in a divided Congress. Biden’s low approval ratings at home have barely budged in the latest crisis, despite the display of unbending backing for Israel, which is broadly popular among Americans. Should the Israel-Gaza violence spread, a wider Middle East conflict could also wreak pain on the global economy, pushing up energy prices that have been elevated for two years and fed inflation American consumers have blamed Biden for. “Getting involved in a long war, if Israel is to be taken seriously that they want to destroy Hamas, is going to be months and months, thousands of deaths, possibly another front in Lebanon, possibly unrest in the Persian Gulf, possibly high oil prices,” said Paul Salem, head of the Middle East Institute, a Washington think tank. “It has consequences.” Two polls released this month, one by Quinnipiac University and the other by CBS News, found 85% of respondents are concerned about a wider war in the Middle East. Since taking office, Biden has often described a central objective as proving that democracies are superior to autocracies in delivering results for their people. The Middle East is now forcing itself to the center of the administration’s attention. The crisis has sent the administration into a round-theclock, all-fronts effort to bolster Israel, contain the conflict and rally support at home and abroad. BY SABRINA SIDDIQUI AND VIVIAN SALAMA President’s Foreign Policy Is Challenged By Wars LISI NIESNER/REUTERS A family with their belongings awaited evacuation from northern Israel, near the Lebanese border, on Friday. MEMORIAMS (800) 366-3975 | wsj.com/classifieds © 2023 Dow Jones & Company, Inc. All Rights Reserved. PALO ALTO, CALIF. - Charles “Chuck” Comey passed away at the age of 61 on October 9, 2023. Chuck spent his entire 32-year legal career at Morrison & Foerster where he specialized in cross-border mergers and acquisitions. He had a particular focus on Asia, living in Tokyo and Shanghai for 16 years combined. Chuck was a strong, intelligent, and generous man, with a deep love for his family and for God. He will be greatly missed, and is survived by his wife, Judith Huang, and his three sons, Joseph, Franklin, and Ian. The details of his memorial service are available on Legacy.com. Charles Comey MORRISON, COLO. - Sharon Wunder, beloved wife, mother, and artist, passed away peacefully on October 8th, 2023 at the age of 53. Born in Logan, Utah, on August 20th, 1970 to Gayle & Lloyd Bartholome, she cherished a life filled with creativity, love, and adventures. Sharon leaves behind her loving husband, Brent, and their cherished children, Morgan, Brooke, and Noah. In Spring 2021, Sharon faced a challenging diagnosis of stage IV Glioblastoma multiforme, also known as brain cancer. Displaying remarkable courage, she chose joy and family over despair, cherishing every moment and making family time her priority. Despite the recurrence of her illness in 2023, she remained at peace, surrounded by her loving family and a supportive network of friends. Sharon believed in the profound interconnectedness of all living beings, rooted in love. She expressed gratitude for the gift of life and the time she had, leaving behind a legacy of love and creativity. Sharon is survived by her adoring family, friends, and a multitude of vibrant characters she met on her journey. A celebration of her life will be held in mid-November. We honor her memory and the light she brought into the lives of those around her. Sharon Wunder In Memoriam For more information: wsj.com/inmemoriam

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | A11 The tactic, sometimes referred to as creating a “sterile combat zone,” gives the military more leeway to use overwhelming force. But many Palestinians in the northern Gaza Strip are unable to leave because they are old, disabled or hospitalized, making it impossible for the area to be entirely cleared of civilians. Many are refusing to leave because they worry they won’t be allowed to return. Hamas has discouraged civilians from leaving. Before Bernstein went into Gaza as a foot soldier in 2014, he said, Israeli officers told him and his company that they would have lax rules of engagement. “The army tells you as a soldier that everyone you see is a terrorist, but when you go there you see it’s not like that,” said Bernstein, now a student at the University of Bologna in Italy who works as a researcher for Breaking the Silence, a group of Israeli military veterans that documents human-rights abuses in the Israeli army. “Even if the military says there are no civilians inside, the reality is different.” Nir Dinar, a spokesman for the Israeli military, said the risks to soldiers in Gaza are great, and that they are always told to follow the rules of war. “Everyone can cause a threat,” he said. “Soldiers are aware that during combat in urban areas, there are civilians. We hope that all of the noncombatants will leave the area for their own safety.” Urban tactics Successful military operations in urban terrain, as the fighting is formally known, require extensive training and troop preparation. U.S. forces in Iraq spent years learning to operate in urban battle zones such as Fallujah and Mosul, developing specialized weapons and tactics. Steve Walsh, who was a Marine Corps lieutenant colonel in Fallujah, said U.S. forces prepared for the assault for two to three months and used the sort of technology that Israel will have, such as thermal optics, sensors and drones. Despite having constant and complete air supremacy, the battle—his most intense in 26 years of service—was “often very messy, very close combat,” he said. “Often what was required to kill the bad guys was just old-fashioned muscle, a squad of Marines with grenades following up through a hole a tank has just blown into a wall of a house,” he said. Urban warfare is considered ideal terrain for snipers. Snipers say buildings give cover and distort sound, making it harder to trace them. Hamas used snipers to kill an Israeli soldier in a 2018 skirmish. A good sniper can generally fire three shots before being located, and can conduct reconnaissance, said Walsh, who was an instructor at the Marine sniper school in Quantico, Va. “Urban combat is generally at short ranges and up-close and personal,” he said. Urban warfare is subject to restrictions on the use of force mandated by international laws of war. Those limitations, combined with pervasive threats, put enormous stress on soldiers. Even when cities are largely emptied of civilians, an urban assault can require three times as many troops as in less treacherous conditions. In open terrain, attackers generally want to have about three troops for every defender, while in urban conditions the ratio can be 5 or even 10 to 1, said John Spencer, chair of Urban Warfare Studies at the Madison Policy Forum, a think tank. Destroying buildings, as Israel has been doing, can eliminate some command-and-control centers. That complicates defensive operations, but also creates rubble that can impede a ground invasion. To clear paths for troops, the Israel Defense Forces uses heavily modified Caterpillar D9 bulldozers—hulking earth movers encased in several tons of armor, explosion-proof windows and protective shielding. Some D9s can be operated remotely to avoid putting drivers at risk. In recent years, Russian forces engaged in urban fighting have tried to undercut defenders by leveling cities, including Grozny in Chechnya and Mariupol in Ukraine. Even a flattened city, though, can thwart an assaulting military. After Russia leveled Mariupol—a city where Ukrainian fighters used tunnels underneath a giant steel plant—it took Russia nearly three months to take control of it. used to target Israel daily. Israel’s Iron Dome air-defense system is largely able to neutralize the threat, for now. But if the war drags on, Israel could run low on the missiles used to knock Hamas rockets out of the sky. On the ground, Israel would bring artillery units, tanks, armored personnel carriers, snipers, drones, remote-controlled equipment, hulking bulldozers, helicopters and jet fighters to its largest-ever military campaign against Hamas. Hamas fighters are generally armed with antitank guided missiles, rocket propelled grenades and roadside bombs. The Israeli military got a sense of what Hamas would bring to the fight when it collected weapons from the dead militants involved in the Oct. 7 attack. The weapons included powerful, armor-piercing roadside bombs capable of blowing up Israeli armored vehicles. Adding to the complexity are the small battlefield drones that Hamas used during its surprise attack to drop grenades on Israeli communications hubs, impeding its military response. Drones, often inexpensive commercial models, were a vital tool for Ukrainian troops in repelling the Russian assault on Kyiv last year. Many Israeli soldiers train for urban warfare at a military base about 12 miles from the Gaza Strip, where the army built a mock Middle Eastern city meant to put them to the test. The fake city, built in 2005 and known as “Baladia,” includes narrow alleyways, mosques, towering apartment buildings and booby-trapped homes. The Israeli soldiers expected to head into Gaza have experience fighting militants on narrow streets and alleys in the West Bank. Israeli forces have spent months fighting lightly armed militants house to house in the West Bank cities of Nablus and Jenin. Hamas fighters have more firepower than West Bank militants, and they are better trained. “Israel has a lot of experience in urban warfare, but the scale in Gaza is much bigger,” said a former Israeli company commander who fought in Gaza in 2014. “The scale of the city, the scale of their weaponry and the scale of their readiness.” Israel has waged four wars against Hamas since the group seized power from the Palestinian Authority in 2007, but Israeli soldiers haven’t fought inside Gaza City since 2009. Even then, they only fought on the edges. In 2014, most Israeli forces moved only a few hundred yards into Gaza. During those seven weeks, the Israeli military lost 67 soldiers. “The biggest thing will be when you have to go from door-to-door,” said the former Israeli company commander. “Once you go inside an urban area, any advantage of a large force is diminished.” The Gaza Strip is packed with two million residents penned in by closed borders with Israel and Egypt, and by the Mediterranean Sea. The Israeli military strikes already have forced more than one million Palestinians to flee their homes and pushed Gaza to what U.N. Secretary-General António Guterres warned is “the verge of an abyss.” Lt. Col. Peter Lerner, an Israeli military spokesman, told CNN on Saturday that Israel was directing 1.1 million Palestinians to leave all of the northern Gaza Strip, including Gaza City, “in order to enable us to differentiate between Palestinians not involved and the Hamas terrorist organization.” Note: Not to scale In urban warfare, dense areas with narrow streets and tunnels can thwart even the most elite ground forces. Concrete Jungle DRONES Drones used on both sides can provide intelligence and attack. SNIPERS Buildings provide cover and distort sound, making it harder to trace gunmen. COLLAPSED BUILDINGS Destroying buildings can eliminate defensive positions, but the resulting rubble can impede a ground invasion. ARTILLERY AND TANKS Tanks can blow open walls, providing new access points for invaders, but are vulnerable to attacks from above. GROUND TROOPS Up to 10 ground troops are needed for every defender. TUNNELS Underground passages provide hidden escape routes and ambush points, speed communication and can be used for storage. CIVILIANS Even with mass evacuations, the presence of civilians can limit the amount of force that can be used. BY ALAN CULLISON WORLD NEWS Devastation after Israeli strikes in Jabalia in the northern Gaza Strip. The complexity of urban fighting can thwart even elite forces. ANAS AL-SHAREEF/REUTERS than any other,” said Liam Collins, a retired U.S. Army colonel who served in Special Forces. “Most militaries detest urban warfare so much that their doctrine is to avoid it.” Israel has spent nearly two weeks pummeling the Gaza Strip. It has dropped thousands of bombs on thousands of targets, laying waste to entire neighborhoods, toppling high-rise apartment buildings and killing Hamas leaders. The goal of the airstrikes is to undermine Hamas fighters’ ability to defend the Gaza Strip when Israeli troops and tanks move in. Israel has vowed to kill everyone involved in the attack, from its top leaders on down. More than 3,750 Palestinians— mostly women and children— have already been killed, according to the Gaza Health Ministry, and that’s before any Israeli ground troops enter the territory. During the next phase, Israel’s forces will face the kind of battlefield soldiers dread. In the years since Bernstein and the Israeli military last fought in Gaza, Hamas fighters have developed a more sophisticated network of tunnels— long known as the “Gaza Metro”—that could give them an insurgent’s advantage. The subterranean labyrinth below the Gaza Strip, which is about 25 miles long and 8 miles wide, extends for an estimated 500 miles. Some tunnels are more than 200 feet underground, so they are able to withstand bombardment from above. Many are equipped with lights, storage rooms, supplies and weapons that allow Hamas fighters to remain hidden below ground for days, if not weeks. “Tunnel warfare and urban warfare are inherently difficult,” said Brian Michael Jenkins, a senior adviser at security think tank Rand and an expert on terrorism. “Many advantages a modern military will have are degraded by an urban environment.” Hostage factor The tunnels also represent a new conundrum for Israel: They likely are being used to hide from Israel and other countries many of the men, women and children whom Hamas kidnapped during the Oct. 7 attack. The families of those hostages are imploring the Israeli government to do everything it can to free their loved ones. Israeli leaders are working to secure a deal, but officials said that they are not likely to delay an offensive for very long if talks bog down, as expected. Hamas says that some of the hostages have already been killed by Israeli airstrikes. While Israeli military leaders say they were caught off guard by the Hamas attack, they would bring overwhelming firepower to the fight in Gaza. The most advanced Hamas weapon is its arsenal of up to 15,000 rockets now Continued from PageOne Urban War Is Often Chaotic An outpouring of support from militant Islamist groups for Hamas’s incursion into Israel is stirring fears of a resurgence of terrorist acts in the West that, until recently, appeared to be on the decline. U.S.-designated terrorist groups from Africa to Pakistan have praised the Oct. 7 Hamas attack. Officials already see stirrings of violence in Europe, where Monday a man claiming affiliation to Islamic State fatally shot two Swedes in Brussels. FBI Director Christopher Wray has warned of the possibility of copycat attacks in the U.S., as has his U.K. counterpart. An explosion at a Gaza hospital that Hamas said killed hundreds further stoked antiWestern outrage across the Middle East after the militant group blamed an Israeli airstrike. Israel and the U.S., citing intelligence, said the blast was caused by Palestinian Islamic Jihad. But in its wake, the State Department issued a rare “worldwide caution” for Americans overseas over the potential for terrorist acts. Successful terrorist attacks tend to inspire other likeminded groups and individuals to stage other acts in attempts to demonstrate their potency and draw in more money and recruits. The knock-on effect also can sprout new terror groups. “Historically, terrorists try to elbow their way into the limelight, whether they have anything to do with events or not,” said Bruce Hoffman, a professor at Georgetown University and a historian of terrorism and insurgency. Hamas’s attack was an unprecedented success for any militant group against Israel, which was vaunted to have one of the best militaries in the world, Hoffman said. For other groups, he said, “the Hamas attack gives them an incredible hook to demonstrate their relevance, to express solidarity and to at least once again become players.” Follow-on attacks, if they materialize, would reprise the kind of civilian massacres in the U.S. and Europe that were planned or inspired by al Qaeda or Islamic State in previous decades. Fatalities surged in the West between 2004 and 2006 in attacks fueled by al Qaeda, and then peaked again in 2015 to 2018, when Islamic State inspired attacks, mainly by lone wolves. The FBI, in the days after the Oct. 7 Hamas attacks, said it has recorded a rise in threats against Jews and Muslims. In Illinois, a landlord fatally stabbed a 6-year-old Muslim boy in what police called a hate crime. U.S. agencies are watching cities with large diasporas from Gaza, such as Los Angeles, Detroit and Chicago, and scouring social media for traffic that might presage a strike on a large public event for mass casualties, similar to the Hamas attack on a music festival in Israel, said one U.S. intelligence official. While specialists on terror groups say an uptick in violence and attacks is inevitable, its severity will depend on the length of Israeli military operations, the damage inflicted in Gaza, where Israeli Prime Minister Benjamin Netanyahu has vowed to destroy Hamas, and whether the conflict widens, drawing in Hezbollah, the Iran-backed group based in Lebanon, or others. Washington has expressed unconditional solidarity with Israel, but has signaled it wants to minimize civilian casualties. Several Islamist groups, many traditionally at odds with one another, have praised the Oct. 7 attacks. The list includes Islamic State and branches of al Qaeda in Africa and Asia, as well as Yemeni Houthis, Shia militias in Iraq and Syria, the Taliban, the TTP in Pakistan, some saying they would send fighters. Some have called for attacks on the U.S. and its allies for backing Israel. Following the hospital explosion in Gaza, an influential al Qaeda branch, al Qaeda of the Arabian Peninsula, called for retaliatory jihad against the U.S. and Israel, according to SITE Intelligence Group, which monitors extremist media. “There clearly is the possibility that profound events in the Middle East will either generate more volume of U.K. threat and/or change its shape in terms of what is being targeted, in terms of how people are taking inspiration,” said Ken McCallum, head of the U.K.’s domestic spy agency, MI5. The U.K. has reported a rise in low-level crime and antisemitic incidents, said Rashad Ali, a senior resident fellow at the Institute for Strategic Dialogue, a London-based think tank. Ali said his group has seen “provocative and explicit displays of support” of the massacres. For years, the U.S. hasn’t needed to worry much about highly organized terrorist groups operating cell networks within its borders, after having quashed them following the Sept. 11, 2001, attacks. For Europe, which has proportionately larger Muslim populations and more porous borders, the number of possible lone actors makes them hard to track, said Marc Sageman, an ex-CIA case officer. Most vulnerable will be countries such as France, Belgium and the U.K., which have backed Israel and host large émigré populations. —Benoit Faucon and Max Colchester contributed to this article. Conflict Risks Reprise of Terror Attacks Western officials fear violence of previous decades could return to Europe and U.S. ‘Historically, terrorists try to elbow their way into the limelight.’

A12 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. League and World Cup winners, Miami romped through a relatively new tournament with no consequence on the MLS standings called the Leagues Cup. The team’s Argentine superstar scored in all seven matches. This was just the form Miami wanted him in when it came time to claw back up the table into playoff contention. That’s when Messi’s 36-year-old legs let him down. Since his first MLS match on Aug. 26, he has played just 283 minutes and made Arizona Catcher Is Learning on the Fly Gabriel Moreno didn’t have much catching experience but the Diamondbacks threw him into the fire THE FIRST SEASON OF INTER Miami’s Lionel Messi project was all going to plan. The greatest player of his generation was banging in goals, driving subscriptions to Major League Soccer matches on Apple TV and selling out stadiums wherever he went. Messi seemed happy and engaged. He even looked good in Miami’s flamingo-pink kit. Then Miami missed the playoffs. It turns out that adding a seventime Ballon d’Or winner midway through the season wasn’t quite enough to turn around what had been one of the worst teams in MLS before Messi’s arrival. Now Messi’s first campaign in America is limping to a close with one regular season game remaining and Miami’s superstar struggling for fitness. The club’s manager, Gerardo Martino, has already said that he viewed the club’s dead rubbers as preparation for next year. But the question, just three months after Messi arrived with such fanfare, is how the biggest star in American soccer history would spend his offseason. “We have to be very precise over the next few months about how we will approach next season,” Martino said. The trouble is that Martino will have to cook up that approach without seeing Messi for weeks on end. Despite persistent rumors that Barcelona, the club that turned him into a world-beater, would move to bring Messi back for a short spell on loan, Messi said that his plan was to spend time in Argentina before returning to the U.S. for the second season of his 2.5-year contract. “In January I will return to do preseason again,” he told Argentina television this week. “Start from scratch and prepare as best SAM NAVARRO/REUTERS as possible as always.” BILL STREICHER/REUTERS SPORTS three starts. Despite chants of “We want Messi” everywhere Miami played, Martino knew he needed to be careful trotting out his club’s prized asset. “The truth is that I saw him lacking match fitness,” Martino said this month. “It is logical because in recent times he has played very little and it could happen that he is lacking rhythm.” Whether a winter of quiet preparation for next year is now enough to hold Messi’s interest— and restore his physical standards—remains to be seen. Had he reconnected with Barcelona for a spell of high-level competition, he would hardly have been the first MLS star to hop back for a stint in a major European league. Thierry Henry spent one offseason away from the New York Red Bulls on a seven-game valedictory return to Arsenal, the club where he’d been such a hero that there was already a statue of him outside the stadium. Ireland striker Robbie Keane also spent a winter at Aston Villa during his time with the Los Angeles Galaxy. And David Beckham, also of the Galaxy, managed to negotiate two offseason stints at AC Milan—he enjoyed the move so much that he tried unsuccessfully to stay in Italy on a permanent basis. The one team Messi is certain to play for with undying enthusiasm over the coming months is his national squad. Lifting the World Cup for Argentina in Qatar last winter appeared at the time to be the perfect swansong. Only then, Messi decided he quite enjoyed the feeling of being a world champion and chose to stick around a while longer. This past week, he traveled to South America for a pair of Argentina World Cup qualifying matches, where he was once again surrounded by a team built for him (and scored twice on Tuesday night in a 2-0 victory against Peru). The difference is that Argentina has had Messi’s entire career to tailor a squad to the needs of its No. 10. Miami is still figuring that out. “Our identity is just to dominate the game as much as we can,” Miller said. “Keep the ball in the opponent’s half as long as we can, get the ball to our 10, and attack from there.” Miami just needs to make sure that its 10 is on the field. What’s certain is that no one around Messi’s American experiment had expected his season to peter out quite like this. Eighteen of the 29 MLS clubs will progress into the postseason and Miami isn’t one of them. The club’s meager tally of five wins in its first 22 matches doomed the campaign before Messi even arrived for work. And yet, for a while after his unveiling, the Messi in America script seemed perfect. Alongside his former Barcelona teammates Jordi Alba and Sergio Busquets, Messi had Inter Miami humming against vastly inferior defenses. That trio, with its combined age of 105, linked up just as they always did in their primes. “It’s just instinct to them—they don’t even have to think where the [others] are going to be, where they want the ball,” said Miami defender Kamal Miller, who played behind them. “It’s like they’ve been practicing it every day for their whole lives.” That’s because they basically had. Before they spent a decade together as Barcelona starters, Messi, Alba, and Busquets were all educated at the club’s youth academy, where players are drilled in Barça’s special brand of soccer from the time they are pre-teens. They learn to look for short passes early, often, and then some more, weaving intricate patterns to keep opponents off balance. For most of Miami’s players, who honed their soccer far from Catalonia in places such as Syracuse and Central Finland, this new standard took some getting used to. Passes went astray and dribbles ran into traffic. Martino knew that it would always be a lot to ask of his squad to adapt to Messi and Co.’s standards midseason. But the miracle was that they managed it—at least for a little while. Freshly stocked with Champions Even Messi Couldn’t Save a Doomed American Season BY JOSHUA ROBINSON changed to incentivize base-stealing. But Moreno still needed help mastering the most crucial parts of his job: calling games and framing pitches, the most valuable skills a catcher can possess and a notoriously unscientific part of baseball. Major League Baseball happened to step in with a technology solution that has transformed Moreno from a promising rookie into a crucial member of a team challenging to reach the World Series. The change is thanks to the remote communications system known as PitchCom. The system allows a pitcher and catcher to communicate via pre-programed directives and an in-hat speaker. Introduced in 2022, PitchCom initially allowed catchers to use a small remote that could send a recording of phrases like “fastball inside” or “curveball” into a headset worn by the pitcher and select infielders. It mirrored the traditional method of the catcher-pitcher dynamic: The catcher would call for a pitch, and it would be on the pitcher to shake his head until the catcher called the pitch he had in mind. This year, as part of its efforts to speed up the pace of games, MLB began allowing pitchers to wear their own PitchCom remote on the mound, allowing them for the first time to send audio commands to the catcher. Now, instead of waiting for the catcher to call the pitch, the pitcher can just tell the catcher what he wants to throw. “I would say probably the first half of the year, I called 95% of the game when he was behind the plate,” said Diamondbacks ace Zac Gallen on Thursday. At the start of the year, Gallen took an active role in helping his young catcher to learn the flow of the game. In the dugout between innings, Gallen said he made a point of telling Moreno why he wanted certain pitches in certain situations, and asked Moreno for his thinking on the pitches he had suggested. Moreno missed 18 games on the Lionel Messi’s first season with Inter Miami is limping to a close. Phoenix The Arizona Diamondbacks didn’t intend to have 23-year-old Gabriel Moreno catch 104 games for them in a year when they have made a surprise run to the National League Championship Series. He hasn’t been a catcher for all that long. Moreno was a shortstop when the Toronto Blue Jays signed him as a 17-year-old in 2017. He was converted to catching and learned the position in a quick five-year journey through the minors. He entered the big leagues in 2022 with significantly less catching experience than many of his peers, who might have been catching since their Little League days. Yet the young backstop, who was traded to Arizona last winter, has already made an impact in the major-leagues. He quickly became the game’s best at controlling the running game, throwing out 22 of 57 opposing base stealers this season. It was the highest rate of success in MLB in a year when the rules injured-list with a shoulder injury in late July and early August. When he returned to the roster, Gallen told him he was going to rely on the catcher to call more pitches in their games together. “Gabby’s gonna be here a while, and I want to have that connection with him,” Gallen said. “Now, he knows pretty much what I’m thinking on the mound, so I felt it was just easier to have him call it.” Moreno wasn’t intended to be the Diamondbacks’ starting catcher this season. Arizona acquired him from Toronto last winter in a trade and expected to have him spend time as Carson Kelly’s backup. That plan went awry when Kelly’s arm was broken by a hitby-pitch in spring training. Moreno was thrown into the fire and emerged as a player the Diamondbacks now hope can be a franchise catcher. “He’s not fully developed yet,” said Diamondbacks bench coach Jeff Bannister, who worked with Moreno extensively this season. “But he’s well on his way to being an All-Star catcher.” Moreno’s sudden success defies a number of conventions that pertain to catchers and defensive development. It’s rare for a majorleague catcher with extensive club control to be traded away at all. Organizations hoard young catchers, as it is the most difficult position to develop proficiently through the minors. The Blue Jays were doing that, but Moreno’s progress was blocked by fellow young catcher Alejandro Kirk. “We haven’t had a lot of success developing catching internally over the last five or six years,” said Diamondbacks general manager Mike Hazen. “It’s the hardest position to play in baseball and you don’t often wind up with wellrounded catchers because of the offensive and defensive workload.” Teams also grapple with the concept of development at the major-league level, with some organizations preferring to fully season players in the minor leagues, while others rocket them to the big leagues to learn on the job. Moreno wasn’t supposed to do either this year, until Kelly was injured. The organization knew it was asking a lot of Moreno, who didn’t know any of the team’s pitchers at the start of spring training. He’d caught 194 games in the minors. In addition to easing him into game-calling, the coaching staff spent time with Moreno doing drills to improve his pitch framing. Catchers typically do some defensive work in-season, but get enough reps during games to stay sharp and therefore typically reserve big development projects for the offseason. Moreno worked on his framing skill while simultaneously applying it in meaningful games. Still, he was a below-average pitch framer this season, using MLB’s catcher framing metric, but still found himself ahead of onethird of qualified catchers. Even in this newly baserunning-happy era of baseball, teams still highly value the ability to steal strikes due to the significant difference in outcomes between a hitter’s count and a pitcher’s count. “Early on, we concentrated more on game-calling, game-planning, relationship-building, blocking, and throwing,” Bannister said. “We didn’t want to box him in on receiving; we wanted him to find his rhythm and timing behind the plate, so once we did that we focused on receiving.” The Diamondbacks were full of surprises this season, especially in their ascension to the NLCS. Moreno went from an intended backup catcher to claiming the starting job while learning how to do it in real-time. His season defied convention and expectations, and there’s still room for him to learn more. BY LINDSEY ADLER .284 Gabriel Moreno’s batting average in 2023 Gabriel Moreno entered the majors with less catching experience than many of his peers.

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | A13 OPINION Democrats Peddle a ‘Child Labor’ Deception Ave Maria, Fla. How desperate are Democrats to hold on to suburban voters, especially moms? So desperate that they’re peddling the lie that Republicans are bringing back child labor. Democrats and their media allies have repeated this falsehood since the start of the year, most recently targeting my home state of Florida. In mid-September, Republican state Rep. Linda Chaney filed legislation that would give more Florida teens the ability to work. Sixteenand 17-year-olds would no longer be banned from working more than 30 hours a week during the school year. They could also work overtime on Sunday and school holidays, which is currently illegal. If this bill passed, the federal government’s strong child-labor laws would still be in full effect. Teens would be expected to give priority to their education, while simultaneously gaining more opportunities to learn by doing. The correct response to this reform is to pass it and move on. Instead, Florida is enduring manufactured outrage. One Democratic state lawmaker called the proposal “un-American,” while claiming Republicans want children to replace a shrinking immigrant workforce— as if suburbia’s sons and daughters were going to work all day in the fields. Meanwhile, the media has unleashed a torrent of slanted articles, virtually all of which have a headline that accuses Republicans of supporting legislation to “weaken child labor laws.” Liberal politicians and their media allies have been repeating the same message since the spring, when several other states took up similar reforms. Iowa passed a law resembling Florida’s bill. Other states, like Arkansas, repealed burdensome “youth permit” regimes that forced teens to get permission from state bureaucrats instead of letting families make their own decisions. Families already let teens play sports, leading to early mornings, late nights and long weekends. Why can’t they let their kids bus tables or deliver groceries at these times, earning money in the process? At least three Republican-led states have made it easier for teens to work in 2023, joining more than a dozen others that already had smart policies—including blue states such as Oregon. The overreaction to these common-sense reforms points to a political motivation. Op-eds in the New York Times and Washington Post have decried the horrifying dangers that children will now face. MSNBC runs segment after segment about the GOP’s campaign to “make child labor great again.” The endless media drumbeat features Democratic officials at their bleedingheart best, replete with grainy black-and-white pictures of scrawny, starving children. They give the impression that 8-year-olds will be working the graveyard shift, freezing to death in meat lockers, and losing limbs in the local coal mine. The message couldn’t be clearer: Suburban moms should vote for Democrats, or else Republicans will kill their kids. Strangely, no politician or pundit has acknowledged that Democrats want to let teens change their sexual identity and get abortions without parental consent. Some of the articles call out the Foundation for Government Accountability, which I lead. We’ve supported these state reforms because we believe parents should decide what’s best for their children. We also believe what the evidence tells us: that teens who work make more in their 20s, commit fewer crimes, and are less likely to use drugs. Research even shows that teenagers who work do better in school and graduate at higher rates. Common sense—something previous generations had in spades—says work teaches skills that young people need. Now common sense gets you labeled a childlabor advocate. My family shows exactly why such laws are praiseworthy. My eldest son, who recently turned 17, waits tables at a local restaurant. He likes the income and wants to earn more. My 16-year-old daughter has started her own line of lip gloss. She wants to put in the hours to see if her small business can succeed, including at 7 p.m. on a Sunday. I’m proud of them for pushing themselves while still getting good grades at school. My family isn’t alone. Families are smarter than Democrats and the media assume. Moms and dads can figure out when their kids are working too much—or too little. They’re equally capable of recognizing the profound emotional, social and financial benefits that come with teenage work. If Democrats really want to hold on to suburban voters, they should stop insulting parents’ intelligence and start empowering teens to succeed. Mr. Bragdon is CEO of the Foundation for Government Accountability. Parents know better than the government or the media how much work is too much for a teen. CROSS COUNTRY By Tarren Bragdon Kfar Aza, Israel B y the time I enter this community adjacent to the Gaza Strip, the Israeli army has removed most of the bodies. I am with a unit of the rescue organization Zaka, whose job is to retrieve parts missing from the bodies of the dead so that they can be made whole and given a proper Jewish burial. The unit consists of civilians and military personnel, secular and Orthodox Jews. On a coffee break, they sit in a circle on plastic chairs on the patio of a sacked farm that serves as the unit’s headquarters. Some complain about their government’s negligence. One counters that no government can stop the madness of a mob. The atmosphere of brotherhood contrasts with the recent months of civil struggle. Now, the only thing that counts is the holy task of combing through houses to recover a piece of blackened flesh, an intact foot still in its shoe, a trace of DNA, a bloodstain. We freeze suddenly when someone finds the body of a jihadist that we fear may be boobytrapped. Then comes a moment of panic because it seems two terrorists might have just entered through a new breach in the security fence nearby, or the old one but now enlarged—no one knows. We spot a drone in the sky, like a sparrow hawk. Mingling with its wasp-like buzzing are the sounds of dull explosions. A combat unit in assault gear emerges and takes its position. Some soldiers kneel; others climb to the roofs; still others move to the severed security barrier, from which appears a shower of sparks. I am led into a house with shattered windows. Its inhabitants were murdered, their hands tied behind their backs, shot and in some cases finished off with a knife. I remain for two hours with nothing to do but listen to a surviving neighbor recount the attack. Over and over, he leads me through the rooms of this theater of torture. The plaster ceilings chipped by shooting. The bullet-riddled walls. The beige sofa that an explosion raised off the ground and sent flying into the broken bay window. The parents’ room, with its unmade bed, hair curlers, worn slippers. The children’s room, with an open coloring book and a batterypowered cat meowing periodically. In the kitchen, an intact bowl of hot chocolate, a toaster, a bottle of cough syrup, a plush toy, an overturned laundry basket. And, at the end of a right-angled hallway, the safe room that the attackers opened by blowing it up with a grenade, leaving nothing but chunks of concrete, bloodied iron reinforcing and empty hinges opening and closing on nothing. On the wall hangs a charcoal portrait of a 60-ish man with a billowy shirt, sleeveless vest, pipe, and soft hat pushed back from his forehead. I think of a farmer out of Steinbeck or an Israeli pioneer from a novel by A.B. Yehoshua or Amos Oz. Kfar Aza and the other martyred places in this part of Israel—Sa’ad, Be’eri, Re’im—aren’t mere villages. They are kibbutzim, the distinctive rural communities of early Israel, the living remains of liberal Israel whose inhabitants are often among the most ardent advocates of peace with the Palestinians. This war pits Hamas against the kibbutz, the Islamist Einsatzgruppen against the faithful members of one of the few 20th-century utopias that haven’t broken into pieces. Modern Israel was established in 1948, the same year I was born. I fly here as soon as I can, as I have done every time the country has gone to war since 1967. My first stops are Ashdod and Ashkelon, coastal cities north of the Gaza Strip, where sirens wail and the few drivers stop short in the middle of the road to tumble into the drainage ditch for shelter. I take a detour east through Be’er Sheva, where a succession of helicopters, military and civilian, are bringing the wounded to the Soroka Medical Center at an awful pace. Then I head back to Sderot, which, of all the cities of the south, is the most exposed whenever war breaks out. I realize that I have never seen it except under a hail of missiles. What might Sderot look like at a time when its children are going to school and are not confined, as they are today, in the basements of buildings on Abargel Road, from which you can hear the whistle of rockets through the thick concrete? What is the face of Sderot when one doesn’t risk stumbling, in the middle of Menachem Begin Road, on the swollen remains of a jihadist felled in the last hours of the assault—his weapon still by his side, his exposed legs blackening, his body not yet covered, as others are further on, by an emergency blanket or a tarp? And who is Yossi, 83, when he hasn’t spent the night in his basement with his grandchildren listening to the footfalls of the killers hunting for them above? They knew he was there—they called out his name and the names of his grandchildren, whom he silently implored, his finger to his lips, not to answer or to cry. Twice the killers came down and tried to open the latchless door against which Yossi braced himself with every ounce of his strength. What does he look like when he isn’t wearing the fierce, youthful look that his courage has given him? This morning, Sderot is a dead city. Its streets are a web of deserted Via Dolorosas in which one wonders for whom the intense October sun is shining. The city’s fire chief was shot point-blank while fighting a blaze in a house where a handicapped couple was trapped. I attend his funeral at the firehouse, where sharpshooters, who are supposed to be guarding the entrance, take turns standing at the casket. The chief’s fellow firemen, their chiseled cheekbones contrasting with moist eyes in swollen sockets, unite in silent grief. They all seem to be saying that the Jews haven’t come to wage war but to pray, study, build libraries and sometimes put out fires set by evil men. The ghost-town atmosphere, the dead shell of the police station that had to be destroyed to flush out the last terrorists—and, in front of its sagging facade, the odd spectacle of Gideon Levy, Haaretz journalist and star of the peace camp, in friendly conversation with a soldier in a kippah—all of it breaks the heart. No one can predict much about the Israel Defense Forces’ land offensive— whether it will be massive or targeted, long-term or temporary, or even whether it will happen at all. But in Jerusalem I meet President Isaac Herzog. In principle, he has only symbolic power. But his personal aura, combined with what many Israelis see as Prime Minister Benjamin Netanyahu’s disgrace, has turned him into a central figure on the national political scene. Not once did Mr. Herzog mention “revenge.” As we strolled in the statue garden of the presidential residence, where we stopped before the bust of Shimon Peres, this former lawyer, steeped in Jewish culture and humanism, embodied the spirit of moderation and wisdom that I have always found in him. But I sense that he is worried, impatient. He has a three-day beard and, behind the rimless glasses of a man of study and knowledge, an insomniac expression that I have never seen. He calls the Oct. 7 massacre the “worst tragedy in Israel’s young history” and says Hamas is “neither a resistance group nor a national liberation movement, but rather a twin of the Islamic State.” The Western world faces a “moment of truth,” he insists with an unfamiliar but well-contained touch of anger in his voice. Does the West understand that it is not possible to refrain from punishing those who “slit children’s throats” at the Tribe of Nova music festival? Will the West join Israel in doing what it takes to ensure that “those who gave the orders for this infamy, whether they are in Gaza, Doha or Tehran, will never be able to do so again”? In Tel Aviv, on a day of high alert when the Iron Dome was in ceaseless operation, I see former Deputy Prime Minister Benny Gantz, a brigadier general with an impeccable record, a legendary parachutist who in 1991 was responsible for Operation Solomon, which repatriated the Jews of Ethiopia. On the day we meet, he is still one of the leaders of the opposition. He hasn’t decided whether to accept Mr. Netanyahu’s invitation to participate in a national unity government. He knows that if he does accept the offer, if he lends his political adversary the immense credibility he enjoys within the Israeli army, he will be running a personal political risk. But this is no longer “about individuals,” he says, his husky voice seeming to strike through his teeth. He swore to himself that if he joined the cabinet he would “leave it again the very second the war was won.” But before that can happen, the war will have to be waged. One must keep in mind, he muses, that there are solemn moments—today is one of them— when Israel, laboring under the twin pressures of external enemies and internal discouragement, faces an existential threat. He says goodbye, then pauses to relate a series of wrenchingly beautiful anecdotes: A retired general friend hopped into his car, revolver in hand, to save a family trapped in its kibbutz. An officer planning the liberation of another kibbutz was informed that his own son was among the first killed. He took 10 minutes to weep, collected himself and resumed command. “The Palestinians are not Israel’s enemy,” Mr. Gantz says. “It is Hamas that must be destroyed.” At the edge of the Gaza Strip, IDF units position themselves to do that job. With their mine-clearing bulldozers, their real and decoy tanks, and their ranks of reservists, they are preparing to go into action. The grinding of the tank treads grows louder. With menacing patience, helicopters whirl overhead in the blue sky. A mass of men and women have come from every nation of the world to stand in a forest of flags fluttering in the breeze of a warm afternoon that seems endless: They are gathering to confront one of the most tragic tests in the history of the state of Israel. Under the drumbeat of human voices muffled by the freshly tamped earth and sand floats a series of questions to which they don’t always know the answers but that they are determined to face. Will they succeed in saving both their nation and the hostages, whose number grows from hour to hour and whose cause is sacred here? If they succeed, will they remain faithful to the Jewish morality that leads them to treat captured jihadists as decently as Jewish children, as I witnessed at the emergency care center in Be’er Sheva? What of the famous code of purity of arms, the Tohar HaNeshek, that was so important to Israel’s pioneers? This creed explains why one finds lawyers embedded with the soldiers of every IDF unit—unarmed men who have the power to question and even suspend any order they deem inconsistent with international law and ethics. How will these imperatives fare in the face of an adversary whose cynicism is boundless, that makes hostages of its own people and doesn’t hesitate to use them as human shields and grist for propaganda? Will Egypt—self-described ally and sister of the Palestinian people—open its border to the hundreds of thousands of Gazans asked to leave the northern zone to protect themselves from the fighting? And these young Israeli soldiers, fervent and tormented—will they return alive from the Gaza that lies before them like a dark mass lit up from afar by incoming and outgoing rockets? Among the soldiers are men and women of the left and of the right; supporters of Mr. Netanyahu as well as opponents who recognize him only reluctantly as their commander in chief; Jews who wear the Tefillin and Jews who do not. I have heard none of them deny that this war is just and must be won. Mr. Lévy is author of “The Will to See: Dispatches From a World of Misery and Hope” and author and director of the documentary “Slava Ukraini.” This article was translated from French by Steven B. Kennedy. Israel Mourns and Prepares for War Two weeks ago, the Jewish state was bitterly divided. Now it is united in a just and necessary defense. By Bernard-Henri Lévy Counterclockwise from upper right: A house in Kfar Aza; a funeral at the Sderot firehouse; Israeli tanks near the Gaza Strip. MARC ROUSSEL (3)

A14 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. Noonan, Netanyahu and the War on Terror I disagree with Peggy Noonan’s admonition that “Israel be deliberative, farsighted, cautious. If that means slow, then slow” (“The October Horror Is Something New,” Declarations, Oct. 14). Slow is how modern wars are lost. Slow gives the enemy time to publicly protest its earned retribution. Slow allows the enemy to win hearts and minds. Slow allows Hamas to wait out the Western democracies as they lose patience with an “endless” war. Israel needs to plan carefully, prepare thoroughly and then execute its battle plan swiftly and brutally. Israel shouldn’t give the enemy more time to use media and feckless Western leaders against it. JEFF MILLER Wilmington, N.C. I have been reading Ms. Noonan for many years, and this is her best column ever. Her words pull no punches, with blame for the current situation in the Middle East spread far and wide. Like Ronald Reagan, she ends with an anecdote of hope and humanity. ELIZABETH MAY Fernandina Beach, Fla. Considering the situation in Israel, I’m surprised Ms. Noonan finds it timely to pour out her venom and hostility on Prime Minister Benjamin Netanyahu, calling him “a bad man,” “selfish” and more. She also writes, “I’m not going to dwell on The Squad.” Why not? Neither does she discuss the politicians who helped enable Iran to advance in its aim to destroy the Jewish people. Instead, she dedicates long paragraphs to demonizing Bibi, as Mr. Netanyahu is known. It doesn’t reflect on Bibi; it reflects on her. EDITH BREITNER New York Ms. Noonan captures my heartfelt sorrow for Israel over the massacre. I can’t help but think that her description of Israel’s dysfunction that led up to the slaughter could also apply to America. Congress needs to wake up and compromise—the enemy isn’t within. For Israel, it will take the restraint and wisdom of Solomon to navigate the next months without causing irreparable harm to future generations. DIANNE STARK Bonita Springs, Fla. Sadly, the slaughter of Jews is nothing “new.” You can trace it from antiquity through the Crusades, Inquisition, pogroms and Holocaust. There have also been many brutal terrorist attacks against Jews in the land of Israel, both before and after the creation of the Jewish state. But the Jews are a strong people, and we will survive. STEVE SILVER Rochester, N.Y. Ms. Noonan says she has “been troubled by, angered by, Israel for years,” citing “expanding settlements.” She must know that all Jews were removed from Gaza in 2005, so there are no “settlements” there to make her angry. The absence of Jews in Gaza, however, didn’t satisfy Hamas, which did its best to murder Jews anyway. JACK SCHUSS Newton, Mass. LETTERS TO THE EDITOR “Trees? This is the new green.” THE WALL STREET JOURNAL Letters intended for publication should be emailed to [email protected]. Please include your city, state and telephone number. All letters are subject to editing, and unpublished letters cannot be acknowledged. Biden Speaks, but Will He Act? President Biden on Thursday night finally told Americans the truth about a new world of threats, which he called “an inflection point.” It’s also a decisive moment for the Commander in Chief: Will Mr. Biden respond if Iran keeps attacking U.S. forces abroad? And will he build support in Congress to restore U.S. military power? Wars in Israel and Ukraine “can seem far away,” the President said in a rare Oval Office address. “And it’s natural to ask: Why does this matter to America?” But “history has taught us that when terrorists don’t pay a price for their terror, when dictators don’t pay a price for their aggression, they cause more chaos and death and more destruction,” and the threats to America increase. Vladimir Putin, Mr. Biden noted, views the Baltic countries in the North Atlantic Treaty Organization as rogue Russian provinces. He won’t stop at Ukraine. Give Mr. Biden credit for making this case directly to the American public. He ducked talking about Ukraine for 20 months, reserving his few remarks for foreign capitals or international meetings. That became untenable after the Oct. 7 attack on Israel. Thursday’s address included the usual bromides about democracy, but the current moment is about building hard power and the will to use it. Mr. Biden was straightforward that prevailing in both Israel and Ukraine is “vital for America’s national security.” He correctly noted that Iran is supporting Hamas and Russia’s invasion, though he could have told Americans more about Russia and Iran’s deepening relationship. Iranian military personnel have trained Russians in Crimea on drones. The Russians appear to be furnishing training jets for the Iranian military. The two are working in tandem to push U.S. forces out of Syria. This axis of animosity is a coordinated effort to crush U.S. allies and establish themselves as dominant regional powers. Mr. Biden included a line about holding Iran “accountable,” but the President hasn’t so far. He didn’t mention attacks this week on U.S. forces in the Middle East. Iran’s proxies will continue to take shots as long as the American response is timid, and the risk of dead Americans is real. The core problem is the decline of American deterrence. The President has sent two carrier strike groups and fighter aircraft to the region. But Tehran is still testing whether Mr. Biden is willing to use them. One issue is Mr. Biden’s frail delivery, which may figure into the calculation of adversaries. But a country manages a crisis with the President it has, for better or worse. A failure to respond to Iran’s provocations would broadcast that America lacks the will to defend itself. Mr. Biden failed to deter Mr. Putin from invading Ukraine after the Afghanistan fiasco, and a defeat in the Middle East would echo with China in the Pacific. The larger project is rebuilding the U.S. as the arsenal of deterrence, and Mr. Biden’s more than $100 billion funding request is a start. The package includes about $14 billion for Israel, including help for air defenses as Israel burns through Iron Dome interceptors. The Administration wants $61 billion for Ukraine, and isolationist voices in both parties will resist. But much of the request is marked for the U.S. defense industrial base—that is, increasing U.S. military capacity. The funding includes replenishing U.S. weapons stocks and expanding ammunition lines. That is also essential for deterring the Chinese Communist Party from striking Taiwan. Mr. Biden wants $3.4 billion to boost U.S. submarine readiness and production, an American edge over Beijing’s forces. The U.S. currently can’t build enough boats to meet its own needs while also selling hulls to the Australians as part of the important Aukus agreement. But the $7 billion total for Pacific priorities is toomeager. Congress can fill out that request into a real plan to build more long-range missiles and three attack submarines a year to hit the needed 66 hulls in the U.S. Navy, from 49 now. iii Mr. Biden’s request deserves bipartisan support, but he will get more from Republicans if he faces the reality that he can’t have both more military power and ever-more welfare and green-energy subsidies. He should choose, and now is the time for guns over butter. Americans are receiving an education in what the world looks like when U.S. deterrence erodes, and rebuilding that power and will should be the top bipartisan priority inWashington. Americans grow weary of the costs of being the “essential nation,” as Mr. Biden called the U.S. on Thursday evening. But the alternative is unfolding in Israel, Europe and Africa, and the U.S. needs to prepare for the worse that may be coming. Iran’s proxies are shooting at Americans without a response. Chinese Companies and Your Tax Dollars I t isn’t easy luring corporations to Illinois these days, so Gov. J.B. Pritzker celebrated when the state landed a big electric-vehicle battery plant in September. The real winner, however, is Gotion, the Chinese company that is collecting taxpayer financing to subsidize its EV manufacturing. Mr. Pritzker boasted that the new $2 billion factory would bring 2,600 green jobs to the Land of Lincoln and represents “the most significant new manufacturing investment in Illinois in decades.” The company’s decision was helped by a $536 million Illinois subsidy package, including $213 million in tax benefits, a 30-year property tax freeze and $125 million from the state-lending program Invest in Illinois. That’s about $200,000 per new job, but Mr. Pritzker was an easy mark. Companies like Citadel, Boeing and Caterpillar have fled the state’s high-crime, high-tax reality. Other recent greenenergy projects have set up shop in Indiana, Tennessee and Michigan. Mr. Pritzker called Gotion’s arrival “the most recent proof that we are in a new paradigm. Illinois is on the rise, and we’re open for business.” Maybe if the new paradigm is taxpayer funding for Chinese manufacturing. But that has some pitfalls. In a Sept. 13 letter to Treasury Secretary Janet Yellen, Reps. Mike Gallagher (R., Wis.) and John Moolenaar (R., Mich.) noted that Gotion “has direct ties to the CCP [Chinese Community Party] and state-owned financial institutions” and has been part of a Chinese program the FBI has flagged for “theft of trade secrets and economic espionage.” That seems worth examining, but who will do it, if not Mr. Pritzker? The Committee on Foreign Investment in the United States (CFIUS) has said Gotion’s projects don’t fall under its jurisdiction. In January 2023, Virginia Gov. Glenn Youngkin turned away a Ford factory that was partnering with Chinese battery maker CATL, on the grounds that the company was a “Trojan horse” for Beijing. It set up in Michigan instead, but on Sept. 25, Ford said it paused the project until it was “confident about our ability to competitively operate the plant.” Gotion president Li Chen is a graduate of U.S. universities, but his ties to China are deep. His World Economic Forum bio says he “is a member of the CPPCC of Baohe District in Hefei City.” Gotion is a private company, but Chinese business executives know their enterprises at home and abroad answer to the Party. We called and emailed Gotion for comment but did not hear back. The Illinois investment is one of several that Chinese companies have made in the U.S. lately, fueled by U.S. subsidies. Gotion has a $2.36 billion project near Big Rapids, Mich., which received some $872 million in tax breaks and incentives from the state, according to the Detroit News. Wirepoints has calculated that based on its projected capacity, Gotion’s Illinois plant could also be eligible for $1.5 billion a year for five years in federal subsidies. Mr. Pritzker has waved off questions about Gotion’s deal as “xenophobia” and “MAGA Republicans” at work. Hmmm. Don’t Illinois taxpayers deserve to know who their tax dollars are funding? Pritzker and the feds dole out big money to lure a battery firm. The Gaetz of Republican Hell The eight House Republicans who ousted Speaker Kevin McCarthy two weeks ago are getting exactly what they bargained for, whether they knew it then or not. The instigator, Florida Rep. Matt Gaetz, thinks a better Speaker would be Ohio Rep. Jim Jordan. But on Friday Mr. Jordan lost another floor vote, making it three this week, first with 20 defections, then 22, and finally 25. Some of the Jordan dissenters are still angry about the shabby treatment of Mr. McCarthy and the conference’s No. 2 choice, Rep. Steve Scalise. Others seem to believe Mr. Jordan is too much of a firebrand to serve as the party’s frontman. The no votes Friday included half of the Republicans in districts carried by President Biden in 2020. Mr. Jordan lost ground despite some notable attempts at sausage-making. He reportedly tried to lure blue-state Republicans with a plan to double the federal deduction for state and local taxes, or SALT. Capping it at $10,000 was a huge victory in President Trump’s 2017 tax reform, so Mr. Jordan’s pledge contradicted the claim that as Speaker he’d be a conservative’s conservative. Also, seven of the McCarthy mutineers said in a letter that in exchange for electing Mr. Jordan, they’d accept “censure, suspension, or removal from the Conference.” Maybe they could have landed Mr. Jordan the job if they had offered seppuku. By late Friday afternoon, chaos reigned. About a dozen Republicans had begun making calls to line up their own supporters, or were considering it, in advance of another Speaker candidate forum expected this Monday. Have a real fun weekend, guys. The GOP is right to refuse the idea, dangled by Democratic leader Hakeem Jeffries, of a “bipartisan governing coalition.” But Republicans need to come up with a consensus candidate, and fast. Perhaps it’s acting Speaker Patrick McHenry, or perhaps someone else. This isn’t a life sentence, after all. But friends in Israel and Ukraine need America’s support, government funding runs out again in a month, and Virginia goes to the polls a week before that. REVIEW & OUTLOOK OPINION How to Respond on Campus to Hamas’s Attacks I am moved by University of Florida President Ben Sasse’s refusal to “tiptoe” around the fact that “What Hamas did is evil and there is no defense for terrorism.” I echo your editorial’s celebration of this “model of moral clarity” (“Ben Sasse’s Letter to Jewish Gators,” Oct. 13). In a world with truly liberal, morally centered universities committed to democracy, this message would not have been brave—but it was. It would not have stood out—but it did. Mr. Sasse should now send his message not only to “Jewish Gators” but to every member of the community. The Palestinian atrocities of Oct. 7 aren’t a Jewish issue but a threat to Western civilization—just as Russia’s invasion isn’t only a Ukrainian issue. PROF. GIL TROY McGill University Jerusalem Your editorial perplexingly singles out Dartmouth College’s statements as an example of Ivy League “mush.” We are the Hillel and Chabad rabbis at Dartmouth; our organizations are independent of the college. Our students are coalescing around the people of Israel, and they feel seen, heard and supported by President Sian Leah Beilock and Dartmouth College. Ms. Beilock left early from California and took a red-eye flight to join and address 300 students, faculty and other stakeholders coming together on a Thursday evening for a candlelight vigil in solidarity with Israel. We urge everyone interested to read the president’s remarks and see for themselves what energetic leadership in college communications looks like. RABBIS SETH LINFIELD AND MOSHE L. GRAY Dartmouth Hillel and Chabad House Hanover, N.H. Can’t Save a Party by Sitting on the Sidelines Two recent letters to the editor (Lloyd Talbert’s “A Centrist, Reaganesque Party Would Get My Vote,” Oct. 16, and Tim Eichenbrenner’s “The ‘Great Doofus’ Is Ruining the House GOP,” Oct. 14) tell us that their writers have disaffiliated from the Republican Party because of the great harm its far-right faction is causing the party. That was my instinct as well, as I disaffiliated 10 years ago. I did this not because of any of the candidates, but rather because I don’t like the primary system. I still believe it is fatally flawed. A few weeks ago, however, I reaffiliated with the party. I did so because I realized that to make a difference, I must vote in the primary. The only way to cleanse the Republican Party is to vote out the bad element before the general election. How else do you get rid of the Republican doofuses in Washington without voting for Democrats? They have their own, by the way. ANNI RAWCLIFFE Ponte Vedra, Fla. Finally, a Reasonable Reply To 2020 Election Concerns I almost fell from my chair reading the last paragraph of Holman Jenkins, Jr.’s “What Duopoly Economics Tells Us About Politics” (Business World, Oct. 14): “The best answer to the Trumpians is to have a serious look at 2020, admitting to ourselves that the election was indeed messy, with late rule changes, with acknowledged ballot harvesting, questionable signature verification practices, unattended drop boxes, etc.” Instead of calling ordinary Americans names for noticing that Donald Trump was treated unfairly during his presidency by the FBI, Justice Department, media and other institutions, Mr. Jenkins says there should be a discussion. As far as I know, it hasn’t happened yet. I see only the same shorthand qualifier at the end of sentences that so-and-so claim the 2020 election was stolen “without evidence.” That is always the end of the discussion. SUSAN HARRIS Richmond, Va. President Trump’s Fixation In “Israel Reboots the U.S. Election” (Wonder Land, Oct. 19), Daniel Henninger states that Donald Trump’s head “is in too many disparate places.” In my opinion, since the 2020 election Mr. Trump’s head has been in the same, easily identifiable place. CHRISTOPHER REID Houston Pepper ... And Salt A Civics Test for Congress In light of the current congressional disruption, maybe it’s time for Congress to “professionalize” its members (“GOP Battles With No End in Sight,” Page One, Oct. 14). To protect the public, members of most professions are required to pass an examination and engage in continuing education to maintain certification. Why not require newly elected members of Congress to demonstrate proficiency in subjects such as civics, history and ethics before being sworn in? Appreciating the past and understanding their role in society might help ameliorate some of this chaos. SARA CHARLES KENNEDY Benton Harbor, Mich.

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | A15 Why should Israel focus on making itself stronger? Because it is vulnerable. It is surrounded by passionate enemies and ambivalent friends. Because in the end it will never be able to do away with everyone in Hamas, it can’t get rid of all of Hezbollah. The region will only keep making them. Some problems can’t be solved, only managed. And because, in the end, all paths leading to a greater protection, and a new flourishing, run through politics— through diplomacy and deals and agreements and treaties. If more fronts open it will be dangerous. Israel must do everything in its power to prevent them from opening. It is hard to see how a fullscale ground invasion of Gaza would make Israel’s position stronger. It will more likely bleed the country and deplete it, even as it produces an untold number of innocent casualties and a refugee crisis. It will make Israel look bloody-minded in the eyes of the world. And Gaza is, most likely, where most of the hostages are—203 of them, at latest count, possibly including a dozen or so unaccountedfor Americans. They haven’t been the focus of things the past week, and they need and deserve more. Pounding, entering and holding Gaza will likely be a long, brutalizing exercise, and innocents will suffer. In conversation one picks up an air of, “It’s a terrible idea but the only idea we’ve got.” When your only idea is a bad one, that’s a sign to wait and think harder. When the hospital grounds were bombed in Gaza this week, it was a revealing drama. Many thought Israel was responsible for a simple reason: Israel had been bombing Gaza, and a hospital in Gaza was bombed. Hamas is experienced and talented in propaganda, and it immediately pumped out the word: Israel targeted and bombed the hospital. What used to be called the Arab street exploded with demonstrations. Within a day or two the preponderance of evidence and intelligence showed it wasn’t Israel but an errant terrorist rocket. It matters who was responsible because it matters who killed innocent people. But it is in the nature of what is under way in Gaza that there OPINION Israel Needs to Dig Deep and Fortify pony tail. The first impression was: modern. My second thought: That’s not David Ben-Gurion. Israel is a thoroughly modern Western culture in a neighborhood that isn’t thoroughly modern and doesn’t like all Western-inflected things. It’s long seemed to me societies that grow steadily more affluent grow stronger, and then at some point weaker. Israel is unified by what has happened, but it will have to be strong now, and very cool. I find I am reacting to everything—from the first day, with the slain and abused children, with the videotape of babies sobbing as they were grabbed and taken hostage—not as a thinker on politics, or one who has read a lot of history, or lived long in the world, but simply as a mother. All of the instincts of a parent, especially a mother, are protective: You want to keep the young from harm so everyone gets to go on and live. And so, even as I fear it may be too late—it looks to me as if plans for a ground invasion of Gaza are in place, that decisions have already been made, possible repercussions considered and perhaps accounted for—I am where I was: Israel was attacked on Oct. 7 because its enemies thought it was weak—divided and distracted, with unwise leadership. Its job now is to get stronger—build itself up internally and in the world. In this corner we have urged a strategy of refortification, of digging deep and making foundations more stable. Strengthen, on all borders and within. Build up. Get Hamas in a way superior to what you have attempted in the past, dust off plans never acted on, step it up, be more focused, vigorous and professional. The world will not only understand it will be impressed by Israel methodically getting its tormentors. It largely won’t understand, in part because it doesn’t want to understand, more maximalist measures. will be large-casualty events down the road. People will immediately blame Israel because they wish to, and because Israel is in Gaza. The propagandists will do their instant work. Shortly after the hospital explosion Rep. Rashida Tlaib tweeted: “Israel just bombed the Baptist Hospital killing 500 Palestinians (doctors, children, patients) just like that.” She and her friends in the Squad are quickly becoming America’s Jeremy Corbyn, the British Labour Party leader who’d grown so extreme and anti-Semitic in his rhetoric—he called Hezbollah and Hamas his “friends”—that in 2020 he was thrown out of the party. A Gaza invasion will be brutal, too, for Israeli troops. The other night in New York a great retired American general spoke of trying to hold such places—of the effect on soldiers, the psychic and emotional price, and the attrition, with time, of their capacity, as they go room to room to clear them. “How many rooms are there in Gaza?” he asked. Finally, a Gaza invasion marks a historic gamble on the leadership of Prime Minister Benjamin Netanyahu. Will people have confidence in his judgment? This week the liberal newspaper Haaretz reported the families of the Israeli hostages have organized and begun a worldwide media campaign, with pro bono legal and media advisers. Amazingly, it reported, the families have even hired their own hostage negotiators—formerly high-placed veterans of Shin Bet, the security service, and Mossad who are believed to have “deep contacts in the Arab world.” “That’s how low their confidence is in Prime Minister Benjamin Netanyahu and his government.” It is hard to lead a successful long war when that’s where you’re starting from. I hope Israel digs deep, refortifies, and devotes its focus to making itself stronger than it seemed on Oct. 6. A Thursday demonstration in Tel Aviv. AMIR LEVY/GETTY IMAGES I t’s a powder keg, a story unfolding with the highest possible stakes. An interesting aspect: We know more than we did last week, but I haven’t seen any minds change. People are where they started. I am also. Now and then you just want to share your worries. Here is one of mine, one of many. A day or two after the Oct. 7 horror I wrote to friends: “What is happening now doesn’t feel like the past, when, say, a surprised and underdog Israel, a tough and scrappy nation, spiritedly repelled its invaders. Or, later, when an unstoppable and determined nation came down hard on its foes, with all the hardware those foes didn’t have. This feels—and has felt from the beginning—like a nation that is not as competent, not as certain.” It felt like an Israel that had grown less disciplined, with a government that was complacent and distracted, “an Israel more generationally removed from its founding ideas, and its founders.” Over and over I have seen the footage of the terrified young men and women running from the rave in the moments they first understood they were under attack. The mostused clip shows a young man in his 20s in some sort of knee-length caftan or cloak, his long hair up in a It was attacked because it was vulnerable, and its next steps could place it in even greater peril. DECLARATIONS By Peggy Noonan PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Rupert Murdoch Executive Chairman, News Corp Emma Tucker Editor in Chief Robert Thomson Chief Executive Officer, News Corp Almar Latour Chief Executive Officer and Publisher Why Hamas Atrocities Lead the Left to Hate Israel More Y ou might think that an atrocity like Hamas’s Oct. 7 massacre in Israel would lead opponents of the Jewish state to temper their attacks. Instead, from college campuses to mainstream media outlets, elite left-wing circles have responded to the terror group’s barbarism by intensifying their denunciations of Israel. That may seem counterintuitive, but it’s typical. The worst demonization of the Jewish state has typically followed the worst atrocities against it. Recall the Palestinian suicidebombing campaign in the early 2000s. Then, as now, many in the West responded to the carnage by criticizing the Jews. International nongovernmental organizations resurrected the Soviet-era claim that Israel is an “apartheid” state. The United Nations joined the chorus and in 2001 met for a global conference “against racism, racial discrimination, xenophobia and related intolerance” in Durban, South Africa. Denunciation of Israel dominated the agenda. Fast-forward two decades and Jews experienced the deadliest attack since the Holocaust. In response, many in the West have accused Israel of being a genocidal nation. The Washington Post’s Karen Attiah wrote on Oct. 13 that the U.S. “cannot stand by as Israeli officials engage in genocidal language and describe genocidal intent against Palestinians for the actions of Hamas.” England’s Guardian published at least three opinion pieces this week warning the same. Hundreds of international-law scholars from around the world signed a statement reporting that they’d found signs in Israel that “warn of a potential genocide in Gaza.” One such “sign” is the Oct. 9 statement by Israel’s Defense Minister, Yoav Gallant, that Israel is “fighting human animals” Mr. Gallant was speaking about Hamas, not the Palestinian people, and the Israel Defense Forces have deliberately attempted to minimize damage to civilians in Gaza. In one respect, this response is transparent projection. Hamas’s charter explicitly calls for the destruction of Jews and Israel. By kidnapping, raping and slaughtering innocent civilians, the terrorist group gives every indication that it believes what it says. Yet its sympathizers in the West aren’t merely projecting. Their behavior is an example of cognitive-dissonance reduction, the process by which people reconcile new information that contradicts their firmly held priors. The result is an ostensibly coherent system of thought. Western activists for Palestinians are dedicated to two nearly theological precepts: that Israel is evil, and that no Palestinian action is ever connected to any Palestinian outcome. Each precept is grounded in longstanding—and borderline racist—conceptions of Jews and Arabs. This cognitive trap expresses itself in how Israel’s opponents in the West speak about the conflict with the Palestinians. Concern that “time is running out” for reaching a twostate solution never leads to calls for the Palestinians to hurry up and accept a negotiated compromise. They ignore that the Palestinians rejected statehood and peace in 2000, 2001, 2008 and 2014. They ignore that Hamas’s belligerence is the cause of Israel’s blockade of Gaza, a defensive measure by a nation under assault. Hamas’s gruesome attack poses a threat to this worldview, and the only way to resolve it is by heightening Israel’s imagined malevolence. The terrorist atrocities don’t trigger a recoiling from the cause in whose name they were carried out; they lead to an even greater revulsion at the victim. This was the playbook 20 years ago when Palestinian terror groups sent young men and women to blow themselves up in Israeli buses, restaurants and cafes—immediately after they rejected offers of an independent Palestinian state, including the Gaza Strip and more than 90% of the West Bank, with East Jerusalem as its capital. The only way to make sense of the violence was to imagine an Israel even worse than what was already believed. The Oct. 7 pogrom raised the rhetorical stakes. If the only thing that can explain a Palestinian action is Israeli evil, then Israel’s opponents have to imagine a level of Jewish evil commensurate with what Hamas did—shooting children in front of their parents, setting houses on fire with residents inside, raping women, beheading innocent people, mutilating bodies. When it is forbidden to criticize murderers or the society that created them, all that is left is to defame the victims. The accusation that Israel is committing genocide the week after Hamas’s massacre is entirely predictable. It tells us nothing about Israel and much about its enemies. Mr. Mor is a lecturer at Reichman University in Herzliya, Israel. By Shany Mor ‘Cognitive-dissonance reduction’ requires vilifying the victim to uphold one’s prejudices. The Arab Oil Embargo and Bad Policy’s 50th Birthday It hardly qualified as news. The “second wave” of electric-vehicle buyers isn’t materializing, the Journal reported this week. What a surprise. To lure the first wave took thousands of dollars in taxpayer handouts to each buyer and thousands more in subsidies to encourage companies to build the EVs in the first place. And these buyers were the enthusiasts. How much more will have to be piled on the table to lure those customers who are unbewitched by EV cultural and technological appeal and care about having a useful car at an affordable price? But this was always understood. In the fantasy life of greens, the next step would be to ban the sale of new gasoline cars altogether. Except Americans vote: Politicians who don’t get the votes of Americans don’t get to make policy, including the policy of denying them the choice to buy gasoline-powered vehicles. At some point, too, the public might look up and notice that subsidizing EVs is having no effect on climate or CO2. The pattern is familiar by now, as pointed out by Butler University’s Peter Z. Grossman, who delivers a smart bomb on the 50th anniversary of the 1973 Arab oil embargo in the latest edition of New Atlantis: “The worst effect was on U.S. energy policy. Whereas the embargo lasted about five months, the toll on U.S. policy has lasted five decades and counting.” Bingo. This column has covered how the 50-year-old fuel-economy regime devolved into a convoluted set of political trade-offs serving— as the Biden administration recently admitted—no legitimate cost-benefit goal. Boondoggles from synfuels to corn ethanol were launched in the 1970s to honor the false god of energy independence, though thanks to the still-functioning genius of the free-market system the U.S. nevertheless blundered into true energy security with the help of fracking. In the climate era pure cynicism finally took over. The words “energy transition” are redundant. The energy economy is always transitioning. The transitions are additive. Wind, hydro and biomass all existed before fossil fuels arrived. They continue to thrive after. Energy’s uses are unlimited. This is why, unless the world improbably adopts a carbon tax, the effect of green-energy subsidies (aside from enriching their backers) is largely to stimulate increased energy consumption rather than reduce CO2. This effect is already apparent in the numbers. Yet another ’70s legacy: our least-useful professors invoking big-oil stereotypes in pursuit of political goals. Witness a New York Times op-ed this week combining adventurous antitrust reasoning with tired anti-Exxon tropes, claiming a proposed oil merger represents a “direct threat to democracy” by somehow blocking a solution to climate change that voters apparently crave even though it doesn’t exist. Exxon controls less than 3% of the world’s oil and gas, most of which are in the hands of governments. The U.S. is responsible for less than 15% of global CO2 emissions. But such academic claptrap is guaranteed to find its way into the perennial lawsuits of Democratic state officials seeking climate damages from oil companies. Of course, any money collected would be earned by producing more oil and gas. A whole other set of critics bleat at me that a carbon tax is an assault on human freedom. Huh? A carbon tax is a highly visible commodity tax that can be readily avoided—that’s the point of taxing carbon. How is this more of an attack on human freedom than, say, the payroll or income tax, in which government spies on your personal finances—your work, your assets, your household, your spending—so it can take money from your paycheck before you even see it? The press should be the antidote to the engulfing sea of idiocy on all sides. Ours too often fails. What older Americans remember as the oil crisis was a product of domestic price controls, imposed by people in the Nixon administration who knew better. Not much has changed. Today’s U.S. policy makers are fully aware of how utterly their energy ministrations fail to benefit the American people, albeit in the fine print of policy documents, where the required cost-benefit disclosures are buried. Along the way, the country did manage to remove lead from gasoline and mandate catalytic converters, which improved air quality, showing that rational, economic policy outcomes are still possible amid the vast politicized waste that “energy policy” has otherwise become in the last 50 years. America got cleaner air and in every other way a straight line to today’s EV boondoggle. BUSINESS WORLD By Holman W. Jenkins, Jr. Jeffrey H. Anderson writing for City Journal, Oct. 19: Scientific American, which dates to 1845 and touts itself as “the oldest continuously published magazine in the United States,” recently ran an article arguing that scientists should prioritize “reality” over scientific “rigor.” What would make a publication with a name like this one set empirical evidence at odds with reality? Masks, of course. Naomi Oreskes, a Harvard professor of the history of science, argued that by “prioritizing scientific rigor” in its mask studies, the Cochrane Library may have “misled the public,” such that “the average person could be confused” about the efficacy of masks. Oreskes criticized Cochrane for its “standard . . . methodological procedures,” as Cochrane bases its “findings on randomized controlled trials, often called the ‘gold standard’ of scientific evidence.” Since RCTs haven’t shown that masks work, she writes, “[i]t’s time those standard procedures were changed.” . . . Oreskes argues that “Cochrane has made this mistake”—the mistake of basing its findings on medical evidence—“before.” Notable & Quotable: Science EDITORIAL AND CORPORATE HEADQUARTERS: 1211 Avenue of the Americas, New York, N.Y., 10036 Telephone 1-800-DOWJONES Liz Harris, Managing Editor Charles Forelle, Deputy Editor in Chief Elena Cherney, News; Chip Cummins, Newswires; Andrew Dowell, Asia; Brent Jones, Culture, Training & Outreach; Alex Martin, Print & Writing; Michael W. Miller, Features & Weekend; Emma Moody, Standards; Prabha Natarajan, Professional Products; Philana Patterson, Audio; Michael Siconolfi, Investigations; Amanda Wills, Video Paul A. Gigot Editor of the Editorial Page Gerard Baker, Editor at Large DOW JONES MANAGEMENT: Daniel Bernard, Chief Experience Officer; Mae M. Cheng, EVP, General Manager, Leadership; David Cho, Barron’s Editor in Chief; Jason P. Conti, General Counsel, Chief Compliance Officer; Dianne DeSevo, Chief People Officer; Frank Filippo, Chief Transformation Officer; David Martin, Chief Revenue Officer, Business Intelligence; Elizabeth O’Melia, Chief Financial Officer; Dan Shar, EVP, General Manager, Wealth & Investing; Ashok Sinha, SVP, Head of Communications; Josh Stinchcomb, EVP & Chief Revenue Officer, WSJ | Barron’s Group; Sherry Weiss, Chief Marketing Officer

A16 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL.

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | B1 The United Auto Workers’ leader said negotiations for a new labor contract with Detroit’s three car companies have been progressing, but he threatened to expand the union’s now six-week-long strike if they don’t move more. UAW President Shawn Fain said during a livestream to members Friday that General Motors, Ford Motor and Chrysler-parent Stellantis have each offered 23% wage increases for factory workers over more than four years. That would amount to record contracts for those employees, but the companies still have room to sweeten their offers, he said. “These extremely profitable companies have more to give,” Fain said. The 88-year-old union is striking all three Detroit carmakers simultaneously for the first time in its history. About one-in-five of the companies’ 146,000 union workers are on strike across six factories and dozens of parts-distribution centers. Fain said Friday that he has heard calls from some members to put a proposed agreement to a vote. He said workers have the ultimate authority, but the union’s leadership won’t bring a temporary deal for consideration yet. Please turn to page B2 BY RYAN FELTON Automakers Avoid More Walkouts —For Now ing up a network of influencers who hawk items on and off its website. As a result, the two companies are on a collision course as they vie for position in a huge market. Researchers at Insider Intelligence estimate social e-commerce will grow into a $100 billion market by 2025, from $67 billion this year. To succeed, each company will need to copy elements of the other’s success. TikTok, owned by Beijing-based ByteDance, wants customers to trust it as a safe and reliable place to buy products, the Please turn to pageB5 TikTok and Amazon Step Into the Ring Both want to dominate ‘social selling’ Big Fan The billionaire who can’t stop buying sports teams B3 Tiny Problem These little cars are the future, except in the U.S. B3 There’s a new rivalry in tech: Amazon versus TikTok. TikTok made a name for itself in the U.S. as a viral video-sharing sensation. Now it’s trying to get its 150 million U.S. users to think of it as a shopping destination. Amazon, meanwhile, is trying new tactics to maintain its dominance in e-commerce. It has added social elements to its app to entice younger shoppers, and it is buildBy Meghan Bobrowsky, Sebastian Herrera and Georgia Wells FROM LEFT: VICTOR JORGENSEN/ASSOCIATED PRESS; MICHAEL OCHS ARCHIVES/GETTY IMAGES; MARTY LEDERHANDLER/ASSOCIATED PRESS; PETER MORGAN/ASSOCIATED PRESS; NITSCHMANN/ULLSTEIN BILD/GETTY IMAGES; ANDREW WINNING/REUTERS; BRYAN R. SMITH/AGENCE FRANCE-PRESSE/GETTY IMAGES 1950 ’70 ’60 ’80 ’90 2000 ’10 ’20 –0.75 –0.50 –0.25 0 0.50 Two-decade high ASSETS MOVING TOGETHER OPPOSITE DIRECTIONS Note: Three-year rolling correlation, monthly price changes Source: Standpoint Asset Management Correlation of returns for the S&P 500 and long-term Treasury bonds 1 2 3 4 5 6 7 O ver their 50 years of marriage, Dave and Kathy Lindenstruth adopted a time-honored Wall Street strategy to safeguard and grow their retirement nest egg: a mix of 60% U.S. stocks and 40% bonds known as the 60-40 portfolio. Now, it is failing them. “There have been some days more recently where I’ve looked at my portfolio and gone ‘oh, crap,’ ” Dave Lindenstruth said. Though the Lindenstruths added even more bonds to protect against losing their principal as they aged, their holdings are still down 14% from the highs of late 2021. Higher interest rates are hurting prices of both stocks and bonds these days. Millions of Americans find themselves in the same situation as the Lindenstruths. For generations, financial advisers touted the 60-40 strategy as the single best way for ordinary people to invest. The idea is simple: Owning stocks in good times helps grow your wealth. When stocks have a bad year, bonds typically perform better, cushioning the blow. Not anymore. Some analysts say the crux of the portfolio’s success—bonds’ tendency to rise when stocks fall—generally happens when inflation and interest rates are relatively low. They argue that expectations for a prolonged period of higher rates and lingering inflation will weigh on both stocks and bonds, fostering a market environment that looks much different than in recent decades. Marketing materials from Wall Street’s biggest asset managers now focus on the pitfalls of what volatile markets can do to an unprepared portfolio. Financial advisers are Please turn to page B4 Your Investment Strategy Is Broken Wall Street’s boilerplate mix of stocks and bonds, the venerable 60-40 formula, isn’t cutting it anymore. That’s upending retirement planning for millions of Americans. By Eric Wallerstein BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT EXCHANGE DJIA 33127.28 g 286.89 0.86% NASDAQ 12983.81 g 1.5% STOXX 600 433.73 g 1.4% 10-YR. TREAS. À 15/32 , yield 4.924% OIL $88.75 g $0.62 GOLD $1,982.50 À $14.10 EURO $1.0596 YEN 149.84 1945 World War II ends, kicking off an era of big government spending to help rebuild Europe. Stocks and bonds move in the same direction. 1954 The U.S. stock market finally tops its highwater mark from before the Great Depression. Individual investors pile millions into mutual funds amid a peacetime boom. 1973 The Arab oil embargo sparks an inflationary spiral in the U.S. Inflation rises above 5%, as do bond yields as the Federal Reserve hikes rates to tackle rising prices. Two interest-rate hiking cycles are required to stamp out inflation. 1987 Wall Street suffers its worst day on record as stocks fall nearly 23% on Black Monday. Investors scurry into bonds. The collapse of the price relationship between stocks and bonds lasts just a short time before reverting into positive territory. 2000 The dot-com bubble begins to pop. Share prices of blue chip internet companies, such as Cisco and AOL —and a number of other internet stocks— drop rapidly as the speculative frenzy ends. 2008 The subprime mortgage crisis topples Lehman Brothers and other financial firms, prompting the Federal Reserve to step in with monetary stimulus to prevent the banking system from collapsing. 2022 The Federal Reserve kicks off its most aggressive campaign of interest-rate increases in four decades. The inflationary bout following the Covid-19 pandemic proves to be longer-lasting than many hoped. Stocks and bonds fall in tandem. 1 2 3 4 5 6 7 Prices of stocks and bonds tend to move in opposite directions. Investors who rely on a mix of both to make money in good and bad economic conditions may need to rethink their portfolios when the assets move in tandem. PETER ARKLE STREETWISE | By James Mackintosh There’s a Reason This Bull Market Feels So Weird 500 went up. Banks did badly, and smaller companies worse, while earnings expectations have dropped. This isn’t normal. A few examples:  Only two-thirds of members of the S&P rose over the 12 months, compared with 88%-97% in the first 12 months of the past four bull markets, according to S&P Dow Jones Indices.  The smallest companies missed out on the gains entirely. The Russell Microcap index of the smallest 1,500 or so stocks is down, continuing last year’s bear market. The Russell 2000 has gyrated but on Friday was roughly unchanged from the October closing low.  Even within big stocks the concentration of gains in the very biggest has been extraordinary. Half the gains in the S&P came from just eight stocks; in the first year of the four previous bull markets it took at least 38 stocks to get to half the gains. The concentration of gains among the biggest stocks is one of three features that distinguish this bull, and is something that typically happens at the end of bull markets, not the start. Please turn to page B11 We are now more than a year from the bear-market low of October 2022, and while the bull market isn’t exactly raging, stocks are still up more than 20%. The markets, though, aren’t behaving as they usually do at the start of long-lasting bull markets. In some respects, the past year looks more like the tail end of one than the beginning. This makes me worry it may not last. Here’s the basic outline of what happens in the first year of a bull market, using the lows of October 1990, October 2002, March 2009 and March 2020 as a template: Everything goes up. That is pretty much it. At the start of the past four bull markets, the rebound was led by banks and smaller companies. And in three out of the four bull markets, earnings forecasts rose, too. But investors took a simplistic approach to bullishness and bought almost everything. It was hard to lose money on stocks. This time, large numbers of stocks went down, even as the S&P

B2 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. KIN CHEUNG/ASSOCIATED PRESS EXCHANGE THE SCORE | THE BUSINESS WEEK IN 6 STOCKS RITE AID Rite Aid filed for bankruptcy following years of losses, failed mergers and opioid litigation. The beleaguered drugstore chain was unable to find the money to settle hundreds of federal, state and private lawsuits alleging it played a role in the opioid crisis by oversupplying prescription painkillers. Filing for bankruptcy puts all pending litigation against the company on hold. Rite Aid will close more of its 2,100 stores and name a new chief executive as part of the restructuring. Its shares were halted on the New York Stock Exchange Monday, and Rite Aid’s stock plummeted 66% Tuesday.  RADCQ 66% NVIDIA The Biden administration is cracking down on AI chip exports to China. The Commerce Department announced new rules on Tuesday that will make it tougher for U.S. companies like Nvidia and Intel to sell advanced semiconductors to the vast Chinese market. The goal is to limit China’s access to such chips “that could fuel breakthroughs in artificial intelligence and sophisticated computers,” Commerce Secretary Gina Raimondo said. Nvidia was the second-worst performer on the S&P 500 Tuesday, with its shares losing 4.7%.  NVDA 4.7% WYNDHAM HOTELS AND RESORTS A bid to unite two budget hotel giants has hit a snag. Choice Hotels on Tuesday made public its $7.8 billion cash-and-stock offer to buy Wyndham, after Choice said Wyndham disengaged after nearly six months of talks. Choice offered Wyndham $80 a share in April and its latest proposal at $90 a share—a 30% premium to its $69.10 closing price Monday. Wyndham later Tuesday rejected the takeover bid as too risky and too low. Wyndham shares jumped 9% Tuesday, while Choice Hotels shares declined 6.8%.  WH 9% TESLA Tesla’s profitability is stalling. The electric-car maker posted a 44% drop in its quarterly profit, stemming from price cuts and discounts aimed at refreshing demand for its aging models. Chief Executive Elon Musk on Wednesday warned that Tesla would face “enormous challenges” scaling up factory production of its long-delayed Cybertruck. The truck was first unveiled in 2019 and has faced cost overruns and design changes. Tesla plans to start delivering the truck to customers at the end of November. Tesla shares slid 9.3% Thursday. —Francesca Fontana  TSLA 9.3% UNITED AIRLINES Airline stocks lost some air during the week. United Airlines on Tuesday cut its fourth-quarter forecast, reflecting the Israel-Hamas war and higher fuel costs. Rising energy prices have already dragged on carriers’ profit outlooks. Since war in Israel broke out earlier this month, United and its peers also face the possibility of flights to Tel Aviv being suspended through the end of 2023. Many major airlines have stopped operating flights to Israel, including United, Delta Air Lines, and American Airlines, plus a raft of European and Asian carriers. United shares tumbled 9.7% Wednesday.  UAL 9.7% MT T W F -12.5 -10.0 -7.5 -5.0 -2.5 0 2.5 5.0 7.5% S&P 500 American Airlines Delta Air Lines United Airlines Performance of airline stocks Source: FactSet Netflix Gains Subscribers, Tesla Faces ‘Challenges’ in the two weeks since the conflict began. Those funds have provided most of the 1,400 ambulances in the Magen David Adom fleet, including basic life-support vehicles ($115,000) and mobile intensive-care units ($140,000). They’re not the box ambulances that drive around the U.S. They’re actually Chevrolet vans. The chassis is sent from GM’s factory in Wentzville, Mo., to the Medix facility in Elkhart, Ind., where the empty vehicle becomes a proper Israeli ambulance. The ambulance manufacturer was founded by Moleski, who has known the Halpers for 20 years, so he wasn’t surprised when he woke up that Saturday to an urgent text at 3:14 a.m. from Yoav: Call me please. Anybody who does any business with Israelis is used to messages like that one. “It’s early here,” Moleski wrote back. “I can’t call.” “There is war in Israel,” Halper wrote. “There’s always a war in Israel,” Moleski wrote. Halper explained why this time was horrifically different. “Are you in a safe place?” Moleski wrote. “I’m available.” He climbed out of bed, called him and became part of the emergency response to help the emerneed to fly ambulances to Israel,” he said. So he called his contacts at an Israeli logistics company and promised he could get the vehicles anywhere on the East Coast if they could find a ride for them. “They told me, ‘OK, give us a couple of hours,’ ” he said. That was about how long it took for them to get their schedule, budget and space on a cargo airline, which had room on four Tel Aviv trips over the past week. Halper knew by the end of the day that Magen David Adom was paying for an operation that hadn’t been necessary at the beginning of the day. Getting the ambulances to Israel wasn’t the only part of the process that had to be expedited. The team also slashed through the bureaucracy of international shipping to accelerate everything that happened once the plane was on the ground. Instead of waiting for days and maybe even weeks in a customs hold, the ambulances were cleared while they were still in the air—because they had to be on the road as soon as possible after reaching Ben Gurion Airport. Halper was there to greet them. He wanted to see the first ambulances coming off the plane for himself. Then he texted photos to everyone who got them there. He wanted to make sure they could see it, too. gency responders. His next call was to Amy Hoover. She is officially the administrative coordinator at Medix and unofficially the person at the company who knows how to get stuff done. Hoover jumped off the phone to analyze inventory and put together a list of the ambulances that were ready to roll. It turned out they had 17 waiting to be shipped, and now they were going to arrive months ahead of schedule. There was a Zoom call with logistics specialists from every step of the supply chain on Saturday afternoon, and Hoover found the truckers who would transport the ambulances to New York by Saturday night. War can make people do things they didn’t think possible—like finding a plane that can squeeze in a few passenger vans on short notice. This is not the sort of thing that Halper does every day. Or ever. “I don’t know who to call when I Yoav Halper coordinated the effort while taking cover with his toddlers several times a day. Yoav Halper’s phone rang on the worst Saturday morning of his life with a call that he was expecting. It was a few hours after Hamas attacked Israel on Oct. 7 when Halper first heard from his contacts at Magen David Adom, the country’s national ambulance and paramedic organization. They needed as many ambulances as they could get as fast as they could get them—and they knew just the person to call. Halper would play a vital role in the response to the deadliest day for Jews since the Holocaust. He runs a company that imports emergency vehicles to Israel, which usually means shipping ambulances from the U.S. by ocean freighter. But he couldn’t wait months for them to arrive in this case. There was only one way to help in time. He would have to figure out how to make ambulances fly. “After I got the phone call,” he said, “I quickly understood that we are facing a very big logistics event.” This very big logistics event that began on a Saturday morning ended the next Friday afternoon when a cargo plane touched down near Tel Aviv. Inside the belly of that Boeing 747 were vans donated by Americans, transformed into ambulances in Indiana, driven to New York on flatbeds and flown to Israel. They were lowered to the tarmac, outfitted with medical supplies and dispatched around a country at war. It’s a journey that normally lasts several months. This one was over in less than a week. The mission to airlift 17 ambulances on four different cargo flights depended on a small team of people working across the world and around the clock. To accomplish it took a lot of choreography and more than a little chutzpah. The companies and nonprofits responsible for what they call “the air train” had decades of experience moving rescue vehicles from the U.S. to Israel. But this was the greatest challenge of their careers. Success meant doing something they’ve always done in a way they’ve never done it. “Never even anything close to it,” said Tom Moleski, a founder of Medix Specialty Vehicles, which converted American vans into Israeli ambulances. The person at the center of the action was Yoav Halper, 40, who coordinated the effort from Tel Aviv, taking cover with his toddler twins several times a day at the sound of rocket sirens. Halper works closely with American Friends of Magen David Adom, the U.S. fundraising arm of Israel’s emergency service. AFMDA typically sends about 75 a year, but this is not a typical year, and the organ- MAGEN DAVID ADOM (4) ization’s donors have sponsored 148 Airlifting 17 ambulances from the U.S. to Israel dramatically reduced the delivery time from the six weeks it usually takes by cargo ship. It also cost 10 times as much. SCIENCE OF SUCCESS | BEN COHEN The International Effort to Make Ambulances Fly Getting 17 vehicles to Israel in a hurry took choreography, chutzpah “There is more to be won,” Fain said. Until recently, Ford was the only one of the three companies to have a 23% wage increase on the table, while the other two had been at 20%. The companies began talks in the summer with offers of around 10%. Earlier Friday, GM said its latest offer reflected “substantial movement” in all key areas, adding that most of its factory workers would be making $40.39 an hour, or $84,000 a year by the end of the contract, under that proposal. “The offer on the table is the most significant that GM has ever proposed to the UAW,” GM said earlier Friday. “It is time for us to finish this process.” Fain said each of the companies has agreed to eliminate certain wage tiers that pay workers in some areas at lower rates, and they would cut the time it takes to reach the top wage roughly in half, from the current time frame of eight years. The union leader said he wants the companies to come up more on wages, and move temporary workers to full-time status faster. He also noted that each agreed to boost their matching contributions to employee retirement plans, but said they can offer more. Fain also signaled the possibility of future walkouts at some of the companies’ most-profitable factories, including plants that build large pickup trucks and sport-utility vehicles. “If they don’t move, there will be serious consequences,” Fain said. Since workers first walked off the job in mid-September, the strike has scuttled planned production of about 145,000 vehicles, Deutsche Bank estimated in a research note Friday. That includes ripple effects that have halted production at nonstriking plants. The bank estimates that the strike has cost GM and Ford around $766 million each in operating profit, and pegs the hit to Stellantis’ bottom line at around $384 million. GM, which reports third-quarter earnings, next week, said it lost about $200 million in the three-month period that ended Sept. 30. Continued from page B1 Automakers Avoid More Walkouts GM said its latest offer reflected ‘substantial movement’ in all key areas. Watch a Video Scan this code for a video on Ford’s executive chair’s call for the end of ‘acrimonious’ talks. NETFLIX Netflix premiered a big subscriber jump as it cracked down on password sharing. The streaming giant on Wednesday said it added 8.8 million subscribers in the third quarter. The company also said it would raise U.S. prices, increasing the cost of its basic plan in the U.S. to $11.99 from $9.99 and upping the cost of its premium plan to $22.99 from $19.99. Netflix stock was the biggest gainer in S&P 500 Thursday, with shares leaping 16% to their highest close in more than a month.  NFLX 16% 8.8 million Number of new Netflix subscribers in the third quarter 2.4 million Number of new Netflix subscribers in last year’s third quarter A crackdown on password sharing is paying off for Netflix.

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | B3 BY JOSHUA ROBINSON The Billionaire Who Can’t Stop Buying Sports Teams Jim Ratcliffe invests in sports for fun, not profit. He’ll soon own 25% of Manchester United. made in Turin, Italy, by Micro, a Swiss company you might know from its nearly-ubiquitous scooters for children. The Microlino costs upward of $16,000, but has a top speed of 55 mph, and a range of 59 to 143 miles, depending on the size of battery a buyer opts for. Other examples include the Yoyo from Hong Kong-based startup XEV, Renault’s Duo, and the forthcoming Luvly O, from Sweden. Håkan Lutz, chief executive of Luvly—a play on “light urban vehicle”—says his goal in launching his startup in 2015 was to create a genuine alternative to a car, one that was far lighter, more compact, more affordable and required only a fraction of the resources to build and use. The vehicle is expected to cost $10,000. The vehicle’s designers eschewed the usual steel body panels, and opted instead for a lighter material that is a sandwich of two sheets of high-strength fiberglass, with a foam layer in between. These panels are similar in concept to the design of a surfboard. One thing making these vehicles possible is the supply chain for batteries and motors that has developed in China, not only for traditional automobiles but also for electrified versions of everything that once required a gasoline engine, says Lutz. McKinsey has projected that the global market for minimobility vehicles could reach $100 billion by 2030, from between $3 billion and $4 billion today. But analysts like from two to four wheels. Of course, very small cars are nothing new. Japan’s ultracompact Kei cars were introduced soon after World War II, when most Japanese couldn’t afford full-size vehicles. Most Americans might remember the Smart Fortwo from the early part of this century. In Europe, Citroën introduced the electric Ami in 2020, which is technically a “light quadricycle” under EU rules, which require it to top out at 28 miles an hour. It retails for as little as $8,400, before incentives. For the average gear head, it’s about as appealing as riding to the store while perched atop a child’s Power Wheels. But in France, the vehicle is popular thanks to its low cost, its compatibility with narrow streets, and the fact that teens as young as 14 can use it. Prior to the launch of the Ami, only about 13,000 light-quadricycle vehicles were sold every year in France, says Alain Le Gouguec, product manager of Citroën Ami. In 2021, the first full year it was available, sales of the Ami nearly doubled the size of that market, he adds. Other companies, including a number of startups, are offering what they tout as full-fledged car alternatives, which go beyond the abilities of the Ami. These vehicles are faster and offer more protection to their occupants. You have to be an adult to drive them, and may need a conventional driver’s license. One example is the Microlino, Soumen Manal, head of automotive at market-research firm Counterpoint Research, are highly skeptical that any appreciable portion of that market will be in the U.S., where consumers have a demonstrated preference for ever-larger vehicles. Year after year, the average dimensions and weight of vehicles in the U.S. continues to creep up, according to the U.S. Environmental Protection Agency, both because consumers are buying more SUVs than ever and because all classes of vehicles are growing in size and power. Wide American streets, built to speed drivers to their destination at the expense of all else, are somewhat to blame. Many drivers feel the need to buy ever-larger vehicles to feel safe, says Norman Garrick, a professor of transportation engineering at the University of Connecticut. In Europe, the trend toward ever-higher automobile ownership began to reverse only when citizens decided they’d had enough of rising fatalities and pollution, and beginning in the 1970s, pushed back. A move toward streets built to accommodate pedestrians and cyclists, and not just drivers, went hand in hand with a declining reliance on cars in these cities, says Dr. Garrick. For Frederick, the mother of two in Peachtree City, that dream is already a reality. She has been living in a community that thrives on a distinctly American form of minimobility, the golf cart, for so long that she rarely gives it much thought. “It’s just so normal here to have a golf cart to get around that it doesn’t even seem odd to me,” she says. “But I know it is.” These Tiny Cars Are the Future... Everywhere But the United States A new generation of one- and two-passenger electric vehicles is becoming available around the world. Most Americans aren’t interested. Most days, Athena Frederick goes grocery shopping and picks up her grandson from school without ever getting into a car. The same is true of her teenage daughter, who takes herself to and from high school. This lifestyle is possible because she lives in Peachtree City, Ga., a small town just south of Atlanta that started building a network of paths in 1974 that are accessible to golf carts, but not cars. It now extends more than 100 miles, serving 38,000 residents and their more than 11,000 registered carts. Nearly every destination in the town is accessible via a class of vehicle most Americans regard as a toy. Peachtree City is unusual in the U.S., but outside of North America, infrastructure that supports cityfocused, four-wheeled car alternatives is widespread, welcoming a new generation of tiny one- and two-passenger electric vehicles just as production of them is taking off. The rapid growth of what some call “minimobility” is also being driven by the falling cost and increasing power of electric motors and batteries. Using new materials and taking advantage of newly designated vehicle classes—especially in the European Union— companies are sticking electric powertrains into vehicles of every imaginable weight class and size, Over the next four years, Ratcliffe’s empire would expand from the Ineos petrochemical firm to include the professional cycling outfit formerly known as Team Sky, soccer clubs in France and Switzerland, and a stake in the Mercedes Formula One team. This past week, he was set to add a 25% share in the English soccer behemoth, Manchester United, for around $1.5 billion. Yet the most remarkable thing about Ratcliffe’s sporting enterprises is that he appears to be growing them not for profit but purely for his own amusement. Some sports fans buy streaming packages and season tickets to serve their entertainment needs. The 71-year-old Ratcliffe, who splits his time between the U.K. and Monaco, simply went out and bought the teams he liked. And with a fortune widely estimated to exceed $30 billion, he could afford it. “There’s no clear strategic direction that’s led to the choices that have been made,” Fran Millar, the former chief executive of Ineos Sports, told The Wall Street Journal in 2019. “Jim’s a very passionate guy…He’s at a stage in his life where I think he’s making decisions based on what’s a fun, interesting, cool thing to do.” A spokesperson for Ratcliffe didn’t respond to a request for comment. The irony is that his pet projects now play out in front of millions of fans, while the business that put him in a position to fund them is largely unfamiliar to the general public. The Ineos Group, which Ratfcliffe founded in 1998, might be the Manchester United of global chemical companies, but it can’t quite compare to the actual Manchester United for broad recognition. As people close to Ratcliffe used to tell him: Ineos was the biggest company that no one had ever heard of. That tends to suit Ratcliffe just fine. The son of a woodworker from the Manchester area, he earned a degree in chemical engineering, cut his teeth at major oil companies, and worked a stint in private equity before launching into his own chemicals business in the 1990s. On the occasions that Ineos did make headlines, it was often for the wrong reasons. The company has run afoul of environmental groups in the U.K.—and occasionally butted heads with the British government—for its work in the importing and extraction of shale gas derived from fracking. In 2013, Ratcliffe’s clash with striking workers at a petrochemical plant in Scotland led to the plant’s closure, and the loss of 800 Ineos jobs. Ratcliffe’s perceived intransigence earned him the nickname of a Bond villain: Dr. No. Meanwhile, Ratcliffe was using his astronomical wealth to fund projects that included the Brexit campaign, a line of 4×4 vehicles inspired by Land Rovers, and his personal Bond-style adventures. There were expeditions to the North and South Poles. There was the motorbike jaunt through the Andes. There was his first superyacht, the Hampshire, which he then upgraded in 2011 to the 257-foot Hampshire II. But as he reached his mid-60s, Ratcliffe was ready to cultivate an even more expensive habit: buying into professional sports. He began with a nine-figure investment in Great Britain’s America’s Cup sailing team. A keen cyclist, he then took over the dominant Tour de France team of the 2010s and immediately promised it the largest budget in the sport. “Ineos never wants to be the dumb money in town,” Ratcliffe told the Times of London in 2019. “Never, never.” As any billionaire who has dabbled in the ownership of professional teams will tell you, dumb money and sports have a long history together—particularly when it comes to soccer. Teams are overpriced. European leagues bring the threat of relegation. And players aren’t traded between teams the way they are in the U.S. They’re bought and sold at huge expense with few opportunities to recoup any of those costs down the road. That’s why Ratcliffe’s first soccer purchases weren’t in his native England at all. Despite growing up as a Manchester United fan and once owning season tickets at Chelsea, he began by acquiring the second-tier Swiss club FC LausanneSport in 2017 for 7 million euros. Then, two years later, he picked up the first-division OGC Nice on the French Riviera for €110 million. Ratcliffe’s investment in United is considerably pricier. Then again, few professional sports outfits in the world can boast Man United’s commercial clout. The club’s bigger problem is that under the ownership of the American Glazer family, it hasn’t won a Premier League title since 2013. United supporters had been clamoring for fresh investment. But Ratcliffe’s arrival hardly guarantees success. In fact, it almost suggests the opposite. For all of his lavish spending across the sports universe, his cycling team hasn’t won the Tour de France since its first full season as Team Ineos. Mercedes hasn’t claimed an F1 drivers’ championship since Ineos bought in. And despite Ratcliffe’s best efforts, one of the longest losing streaks in sports remains intact: No British boat has XPB IMAGES/ZUMA PRESS ever won the America’s Cup. J im Ratcliffe, the British petrochemicals billionaire, was on a 5,000-mile motorcycle journey through the Andes a few years ago and feeling pretty bored with the state of sports. No one was really going after the biggest barriers in human performance anymore, he thought. What was even left? Then, somewhere on the road in Argentina, he settled on a sporting achievement that actually excited him: Ratcliffe wanted to see someone run a marathon in under two hours. So he hired some of the best scientists in sports and the best marathoner in the world to make it happen. And in 2019, on a closed course in Vienna, Eliud Kipchoge ran 26.2 miles in 1 hour and 59 minutes. This, Ratcliffe realized, was how he wanted to spend his time. Being Britain’s richest man wasn’t enough, he was also in the process of making himself one of the world’s wealthiest, most influential armchair sports fans. Jim Ratcliffe  Founder: Started the Ineos petrochemical company in 1998 after spells in the oil business and private equity.  Sports fan: Ratcliffe, an avid cyclist and runner, grew up supporting Manchester United.  Brexit: Ratcliffe was a prominent backer of the campaign for the U.K. to leave the European Union.  Owner: Before buying into Manchester United, he acquired soccer teams in Switzerland and France. KEYWORDS | CHRISTOPHER MIMS ,The Microlino has a top speed of 55 mph and a range of up to 143 miles. MICROLINO EXCHANGE

B4 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. EXCHANGE Five Investors on Navigating the 5% World The 10-year yield is approaching 5% for the first time since 2007.We asked some ofWall Street’s brightest how to play it| By EricWallerstein “For the next three to four months, what can I say? For the next three to four years, it’s hard to tell how the market will adjust to all the debt. But for the next 30 years? I see 8% to 9% returns in U.S. stocks.” MIKE GITLIN Later this month, Mike Gitlin is set to become the president and chief executive of Capital Group, which manages roughly $2.3 trillion. He feels good about the bond market right now. Short-term rates are the highest in years, and long-term bonds tend to thrive when the Fed begins cutting rates. Even bonds from lower-rated companies are offering returns that are competitive with stocks after years of just offering a few percentage points. “The window opens when the Fed is done hiking.” SAIRA MALIK Saira Malik oversees roughly $1.1 trillion in assets as the chief investment officer of Nuveen. Her clients say they have about a quarter of their portfolio in cash—she says it’s a great bet— but that doesn’t mean people should dump stocks. While Malik expects a mild recession sometime next year, she feels that the negativity around the markets and economy is overdone. “The return on shortterm debt is at the highest levels we’ve seen in decades. But equity markets have significantly outperformed cash.” ASWATH DAMODARAN Aswath Damodaran, a finance professor at New York University’s Stern School of Business who studies stock valuations, isn’t surprised that big-tech stocks have shined this year. Lumping all tech together is a gross oversimplification, he says. “Stop using tech as shorthand for growth companies. That was true in the 1980s, but tech is now 30% of the market, it is in everything. The proverbial cash machines, today they’re big tech companies. No one prints money like Apple, Google, Facebook, and so on.” MARIO GABELLI Mario Gabelli has invested through seven decades of economic ups and downs, beginning his career on Wall Street in the 1960s. The billionaire money manager, who runs Gamco Investors out of Rye, N.Y., says he’s not ready to give up on American stocks quite yet. Gabelli said he expects the growing federal deficit to drag on stocks, but that doesn’t mean investors should pull out of the market. STEVE EISMAN Ever since Steve Carell played him in “The Big Short,” the 2015 movie based on Michael Lewis’s bestelling book of the same name, people ask Steve Eisman what—and when—the next big blowup will be. Eisman, who now manages money for Neuberger Berman, is buying up old-economy stocks—a play on the U.S. government’s spending spree. “Central banks have come out and said that rates will be higher for longer,” said Dan Villalon, global co-head of portfolio solutions at Greenwich, Conn.-based AQR Capital Management. “The end of that environment is nowhere near.” Investing in a mix of stocks and bonds is an idea rooted in the bedrock of modern Wall Street, the modern portfolio theory for which the late economist Harry Markowitz won a Nobel Prize in 1990. Among its biggest proponents: Vanguard founder John Bogle, who tended to lean more 50-50, like the Lindenstruths. Bogle’s aim wasn’t maximizing returns, it was allowing investors to sleep at night. “I spend about half of my time wondering why I have so much in stocks, and about half wondering why I have so little,” Bogle told The Wall Street Journal in 2015. While retirees typically want more than a 5% return, many are happy with the pure safety of a 5% return on cash, at least for now. One place investors have been flocking—money-market funds, which mostly invest in ultrashortterm (and ultrasafe) Treasurys, or park cash at the Fed. Investors have been lured by rates above 5% after years of little income, sending assets in those funds to a record $5.7 trillion. The 60-40 balance has at times garnered great gains for investors. In 2008, when the housing market crashed, Lehman Brothers collapsed, and Congress bailed out the financial system, bond prices soared as investors raced to park their money in the safety of U.S. Treasurys and the Fed slashed rates. Investors with a 60-40 mix would have beaten those holding just stocks by 23 percentage points, according to Leuthold. The mix also beat holding just stocks in 1917, the year the U.S. entered World War I; 1930, during the Great Depression; and 1974, when soaring energy prices, double-digit inflation and the resignation of Richard Nixon fueled stock declines. Roger Aliaga-Diaz, chief economist of Americas and global head of portfolio construction at Vanguard, said the 60-40 portfolio tends to deliver 6% annual returns and works particularly well in a recession, despite painful transition periods like last year. “The problem isn’t higher rates, it is when they are rising rapidly like in 2022,” he said. The central bank hiked rates 11 times since March 2022, the fastest pace in four decades, bringing them to a 22-year high. A gentle climb in Treasury yields can reflect a healthy economy and provide investors with more income. But when rates rise rapidly, it can destabilize markets, giving companies little time to adjust to elevated borrowing costs and spurring investors to rethink the value of stocks. Periods of anemic economic growth, low inflation, or Fed intervention to stem extreme financial stress have caused stocks and bonds to break from their divergent pattern before. After the 2008-09 financial crisis, near-zero rates and monetary stimulus from the U.S. government helped keep yields low while bonds normal, it was an anomaly,” he said. Another popular twist is the risk-parity portfolio. The strategy— pioneered by AQR among other firms—tweaks its stock-and-bond holdings based on how volatile each asset has been recently, putting more cash toward whichever one is less erratic. The idea is that the asset that is less volatile is therefore less risky, and should be a better bet going forward. That approach still struggled during last year’s lockstep moves in stocks and bonds. Villalon’s team at AQR found that traditional stock investments along with alternatives like corporate bonds, private equity and real estate suffer in periods when rates are high. A better alternative is cash-efficient hedge-fund strategies, they say, such as those using derivatives to bet on the direction of things like commodity prices or currencies, or ones that wager against stocks. Derivatives offer a much cheaper way for those funds to bet on the direction of markets, but they need to hold cash in case their bets go awry. With rates near zero, that money sat idle, but now it is earning rates above 5%, providing an extra boost to their returns. Many hedge-fund strategies have performed unevenly since 2008— Villalon and managers of other funds say their benefits will be starker as markets become more turbulent. “When inflation is the primary risk driving headlines, stocks and bonds tend to move together,” said Villalon. “The world doesn’t go from crazy to calm overnight, so these trends tend to persist.” Others say 60-40 is still a good bread-and-butter approach for the average investor—just don’t expect the same stellar returns you may have gotten used to over the past decade or so. “If anything, higher yields provide better balance to a portfolio and should ballast against stocks,” said Lori Heinel, chief investment officer of State Street Global Advisors, which manages roughly $3.5 trillion as one of the world’s largest asset managers. For Heinel, 60-40 looked much less attractive a few years ago, but now provides investors with a solid foundation. State Street has begun to lengthen their Treasury holdings into longer-dated bonds to take advantage of falling rates and lock-in high interest payments. “We don’t think 60-40 is dead,” she said. Neither do the Lindenstruths. Their portfolio comprises stocks of large U.S. companies along with shares of some smaller and international firms, and fixed-income assets including bonds, CDs and cash. As rates rose, their adviser helped them build a ladder of bonds that mature at different times. They have continued reinvesting their proceeds at higher rates as some of those bonds have come due. “We rode out 2007, 2008, and 2011—we just kept investing and it worked out,” Lindenstruth said. “But if our portfolio gets any worse, there’s a point where I’ll get worried.” and stocks moved in tandem. But those years look like outliers relative to history. Between World War II and the Fed crushing inflation in the early 1980s, which required raising rates to near 20%, investors lost money holding bonds when accounting for inflation. Bonds also tended to rise and fall alongside stocks during that period, meaning they offered less protection if stocks fell. Now, many feel 2022’s battering of both stocks and bonds could be the start of a protracted slump. Inflation remains nearly double the Fed’s target and the economy is humming, which many expect to presage a prolonged period of higher rates. Government spending has surged since the pandemic, increasing the supply of new Treasury bonds to levels Wall Street isn’t sure it can handle. Some regular large buyers have stepped back from the market. The Fed is paring the bondholdings it accumulated as part of its economic stimulus efforts. New regulations constrain big banks’ government bond purchases. Japan, America’s largest foreign creditor, earlier this year cut its U.S. bondholdings to the lowest level since 2019. “If you’re blindly relying on the old regime of 60-40, just be a little careful,” said Michael Hartnett, Bank of America’s chief investment strategist, at Grant’s 2023 investment conference. “This decade today, I don’t think there’s a lot in it.” So what are the alternatives? Some financial advisers suggest being more deliberate about specific stock-and-bond holdings, even if investors’ overall framework remains similar. That could include choosing money-market funds over bonds, or replacing part of their S&P 500 allocation with international stocks or shares of smaller companies. Others recommend looking beyond stocks and bonds altogether to more complex investments, often ones that are riskier and charge higher fees. Real estate has long been a popular option for individuals with some spare cash. Some advisers have suggested adding commodities or corporate loans. Wall Street sells exchange-traded and mutual funds with those strategies. But it also offers a vast pool of so-called alternative investments often used by pensions or other institutions: hedge funds, for example, or private equity and credit. Eric Crittenden, the chief investment officer of Scottsdale, Ariz., asset management firm Standpoint, runs a mutual fund that uses hedge-fund style investing. His allweather strategy follows macroeconomic market trends using algorithmic models, betting on or against various assets through the derivatives market. The derivatives market allows investors to speculate on the direction of an asset for less upfront cost than buying it whole. Just because bonds protected portfolios against stock-driven losses for much of this century, doesn’t mean investors can always count on them, according to Crittenden. “That was Goldilocks. It wasn’t Average return, 1945-2022 Since 2019 2022 Biggest loss since the 1930s 2023 ’50 ’70 ’10 ’20 ’60 ’80 ’90 2000 –20 –10 0 10 20 30% Annual return for a portfolio in 60% stocks and 40% bonds 1945 '70 '10 '20 '50 '60 '80 '90 2000 1945 –100 0 100 200 300 400 500% Total return of long-term Treasurys, adjusted for inflation Sources: Leuthold Group (60/40 portfolio); Standpoint Asset Management (Treasurys) through September +6.7% fielding an onslaught of calls from their clients to dump stocks and pile into cash—while some advisers are recommending assets not typically sold to individuals like commodities and private asset markets. The tried-and-true 60-40 portfolio lost 17% last year, its worst performance since at least 1937, according to Leuthold Group analysis. Even with a 14% gain in the S&P 500 helping the strategy recover in 2023, stocks and bonds have moved in tandem, more over the past three years than any time since 1997, Standpoint Asset Management analysis shows. It is supposed to work as follows: Stocks often fall when the economy slows. Unemployment surges, consumer spending wanes and corporate profits suffer, all hurting shares. Bond prices tend to rise in those circumstances, with investors hiding out in the safety of debt’s fixed payments. The Fed historically cuts interest rates during a recession to spur lending, business activity, and promote job growth. That increases the price of older bonds with higher coupons and lowers their yields—the annual rate investors can expect to earn if they bought a bond today. Bond math seems complicated, but when you boil it down, it can be illustrated in fairly simple terms. Companies issue bonds at the market rate—let’s say it is 3%. When the market rate rises to 4%, the 3% bond continues to pay bondholders their regular interest payments, or coupons. But if they want to sell that bond, they will receive only a discounted price that in turn gives the purchaser the market rate—in this case, something like 85 cents on the dollar. A bond with a 3% coupon sold at 75 cents on the dollar would yield around 4%. Conversely, an investor who buys a bond at the market rate of 4% and then sees the rate fall to 3% will be sitting on a windfall that can be harvested in a sale. A holder of a 4% bond, now in a 3% market, might fetch well over 100 cents on the dollar—enough to bring the yield down to 3%. These days, the Federal Reserve has continued raising rates, hurting bond prices and lifting yields. And while stocks and bonds have moved in opposite directions for much of the past 23 years, the three decades prior—when higher interest rates were the norm—saw them often moving in tandem. Continued from page B1 The End of The 60-40 Strategy FROM LEFT: GAMCO INVESTORS; NEUBERGER BERMAN; NYU; NUVEEN; CAPITAL GROUP ‘The world doesn’t go from crazy to calm overnight, so these trends tend to persist.’ “This is the first industrial policy in the U.S. we’ve seen in several decades. The money isn’t spent yet—it’s the government, it doesn’t take a week. There’s been no revenue impact at this point and I don’t think most of the spending has been embedded in any stocks.”

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | B5 ting all new sellers on a probationary period and requiring them to maintain low rates of refunds and negative reviews. TikTok is building its own distribution networks to be able to ship items itself, something no other social-media platform has done. TikTok’s U.S. e-commerce operations have recruited workers with experience in supply chains and logistics, including executives from Amazon and eBay. Its U.S. team has grown to more than 300 people. When TikTok started rolling out the program, it prioritized recruiting sellers from Amazon; as of last month the app had 200,000 sellers. Amazon’s U.S. marketplace has an estimated one million active sellers. Influencer Army Advantage: TikTok, for now The two companies are also fighting over influencers. Amazon has made strides since 2017 when it launched an influencer program, luring creators with financial incentives. For some, the payouts have become enough to replace a normal full-time job, as it did for Michelle Lei, who quit her role as a software engineer last year to become a full-time Amazon influencer. She said she can earn thousands of dollars a month, including oneoff commissions from brands. She promotes home-decor products on sale at Amazon through her TikTok and Instagram channels. Amazon recently started offering influencers more analytics and tools to make it easier for them to track online traffic and sales, and now hosts retreats for influencers. But influencers are TikTok’s bread and butter. Kayla Ruliffson, 20, promotes makeup and skin-care products to her 100,000 TikTok followers. She first came across TikTok Shop while she was making a video about a skin-care product in July. The app prompted her to tag the product, then linked to a place to buy it in the app. Ruliffson said she made $3,000 within a few days. A month later, she uploaded a video promoting a teeth-whitening tool on TikTok Shop. With that video, she said she earned more than $20,000. Her payouts from Amazon had never totaled more than $1,000 a month before. —Raffaele Huang contributed to this article. way many already trust Amazon. And Amazon is trying to persuade users to hang out on its app like they do on social-media services. TikTok launched its shopping feature, TikTok Shop, last month and is currently selling about $7 million worth of products like hairbrushes, teeth-whitening tools and sweatshirts every day in the U.S., with a goal of reaching $10 million a day by the end of the year, according to people familiar with the matter. Amazon’s global online store sales—a measure of the products Amazon sells directly—was about $603 million a day last year. TikTok is spending heavily to build a logistics operation, poaching Amazon employees and trying to lure third-party sellers by offering them a bigger cut of sales than Amazon, according to sellers. More than 60% of Amazon’s retail sales come from third-party sellers. “This is a big change of how people shop and so we want to make sure we’re getting it right,” said Marni Levine, a new TikTok ecommerce executive in charge of U.S. small-business operations who came from Facebook’s parent company, Meta Platforms. She declined to comment on whether TikTok sees Amazon as a competitor. An Amazon spokeswoman said social shopping “has grown tremendously over the past five years” for the e-commerce giant. Customer Trust Advantage: Amazon Amazon has spent years building up trust among consumers. TikTok still has to earn that kind of trust. Deanna Arora, a 26-year-old in Seattle, recently made her first purchase on TikTok Shop. She bought a $9 detangling hairbrush that influencers had been posting about and spent much of the time it was in the mail wondering if it was real or a rip-off, despite scouring reviews of the seller in the app. “I would have trusted the reviews more on Amazon, but clearly I was so entranced by TikTok,” she Continued from page B1 Amazon Faces A Viral Rival: TikTok Shop TRAVIS DOVE FOR THE WALL STREET JOURNAL EXCHANGE TIPS come in durations of five, 10 and 30 years. Many maturities are available in the secondary market through brokers, including Vanguard, Fidelity and Charles Schwab.  Tax treatment. When TIPS are held in taxable accounts, both the coupon interest and the inflation adjustment are federally taxable at ordinary-income rates, but they are exempt from state and local taxes. TIPS interest is paid in cash, while the income from the inflation adjustment isn’t. An investor must come up with the cash to pay this tax. How much is this phantom income? Tim Steffen, a CPA and director of advanced planning at Baird, crunched numbers based on information at TreasuryDirect. with inflation. TIPs have two parts—principal, and a coupon that pays interest. TIPS’ principal adjusts up or down based on the consumer-price index known as the CPI-U. The interest rate on the coupon is set at auction when the bond is first sold, but the amount of interest fluctuates with the changes to the principal. With so many moving parts, TIPS can be volatile.  Availability. Unlike I bonds, the popular inflation-adjusted U.S. savings bonds, TIPS are available in large quantities and can be bought through brokerage firms as well as the government’s TreasuryDirect.gov website. Also, unlike I bonds, they are tradable and can be packaged into mutual funds and exchange-traded funds. For growth, he’ll look to a separate slug of stock-index funds. “It’s scary to spend down a portfolio, especially in a down market, but the ladder gives me a license to spend,” he says. “It’s the only investment strategy I’ve found that makes economic sense and also feels great.” Roth adds that given current TIPS yields, his ladder is enabling a withdrawal rate of 4.5% pretax for 30 years when held to maturity. This is more than the 4% retirement withdrawal benchmark. The fees are also minimal, and he says the tax on phantom income is “an annoyance, not a deal breaker.” That said, TIPS are complicated. Here’s more to know.  The basics. TIPS are U.S. government debt designed to keep pace He says that for $10,000 of 30- year TIPS issued on Feb. 1, 2019 with a 1% coupon, the principal adjustment generated income of about $226 for 2019; $122 for 2020; $640 for 2021; $854 for 2022, and $331 through Sept. 30, 2023. Although the coupon is fixed at 1%, the interest paid has grown with the principal. Steffen notes that the tax paid on TIPS’ phantom income raises its cost basis, so at maturity most of the tax due on the inflation adjustments has been paid.  Individual TIPS or TIPS funds? Investors who want to preserve and grow a defined amount of spending power for a certain period likely should choose individual TIPS and hold them to maturity, says Roth. He built his ladder using securities from Fidelity and Vanguard’s platforms. In addition, iShares recently launched TIPS defined-maturity ETFs, making it easier to assemble a TIPS ladder of up to 10 years. Two independent sites, EyeBonds.info and tipsladder.com, offer free tools for TIPS investors building ladders. For investors who aren’t certain they can hold to maturity, TIPS funds are an alternative. They are professionally managed, come in different flavors targeting particular maturities and are typically easier to buy, sell and manage than individual TIPS.  Retirement account or taxable account? Both individual TIPS and TIPS funds can be held either in taxable accounts or tax-deferred retirement accounts, although TreasuryDirect doesn’t allow retirement accounts. But there’s a trade-off: The tax on TIPS income in retirement accounts is deferred until withdrawal. This solves the phantom-income problem, but these savers lose the benefit of the statetax exemption. Withdrawals from these accounts are taxed as ordinary income. This loss won’t matter to residents of no-tax or low-tax states. Residents of high-tax states like New York, California and New Jersey should consider holding TIPS in taxable accounts. Inflation has cooled. But yields on inflationprotected securities have heated up. TAX REPORT | LAURA SAUNDERS Inflation-Proof Your Retirement Savings Now Many of the government bonds linked to inflation, called TIPS, performed horribly last year. It’s time to give them another look. said of her purchase. It’s that type of excitement that TikTok is trying to turn into profit. After the hairbrush arrived, she said she still didn’t know if she had received the genuine product or a knockoff, and that there was no good way to tell the difference. TikTok says it has ways for users to verify the authenticity of products purchased on the platform. Before the U.S., the company launched TikTok Shop in the U.K. in 2021, and created a “partner network” of third-party agencies that sellers could use to promote products. Shopping wasn’t a hit feature. Grace Humphrey, who worked as a content creator for one such agency, said she was paid to make 15 videos a day, and that she was instructed to speak highly of all the featured items, from Apple watches to a bunion corrector. “The whole point of the whole thing was to build up trust with the U.K. and get as many sales as possible,” said Humphrey, who now runs her own social-media marketing agency. But the videos, which felt stilted and forced, had the opposite effect: They made users more suspicious. “That was their biggest issue,” she said. “People willing to trust how legit they are.” Internally, TikTok Shop U.K. was considered a flop, according to people familiar with the matter. TikTok is now trying to revive the business there with new features and more reliable vendors. Last month, the company launched the shopping feature in the U.S. It vets sellers’ identities and relies on established, independent influencers. User Engagement Advantage: TikTok TikTok’s biggest advantage is its ubiquity in the U.S. The roughly two hours a day on average that U.S. users spend on TikTok leaves other companies jealous. On Amazon, U.S. customers spend an average of about 9.7 minutes a day, according to market-research firm data.ai, which tracks usage on Android devices. In a bid to keep users engaged for longer and to create shopping experiences that would appeal to younger users, Amazon has been integrating more social features into its app. One, called Inspire, shows users a TikTok-style feed of photos and videos featuring products customers can purchase through the app. Amazon recently began to allow shoppers to upload content themselves on the Inspire tab and also added a “share” button. The company said customers have viewed over one billion Inspire posts since the feature launched last year. Amazon this past week also revealed that it is testing another social-type feature in its app, one that allows users to get feedback on products they’re interested in from people they know. Getting customers to care about new social features like Inspire, however, is a tough task, said Daniel Buchuk, a researcher with Watchful Technologies. Most Amazon customers are used to shopping for items they already have in mind, he said—not to browse an endless feed. The company has created a way for social-media influencers to promote Amazon products and earn commissions from sales they generate through personalized “storefronts.” However, this approach relies heavily on influencers posting on platforms like TikTok and Instagram. Influencers say Amazon’s efforts like Inspire haven’t grown attractive enough to focus on. Delivery Logistics Advantage: Amazon by miles TikTok has a long way to go to build a logistics apparatus that can rival Amazon. Krystal Sprouse, a regular Amazon shopper, recently heard about a vinyl edition of Taylor Swift’s album “Reputation” for sale on TikTok’s new shopping platform for $26, a bargain for a record that can be hard to find and sometimes sells for double the price. Her shopping experience wasn’t nearly as seamless as on Amazon. The package from TikTok took a week to deliver and was damaged when it arrived. She’ll probably try TikTok Shop again, she said, but she’s not in a hurry. “I’m impatient,” said Sprouse, 31. “So I prefer to have the option to have Amazon deliver the next day.” Amazon has spent years building infrastructure that can ferry packages almost anywhere in the country in two days or less. Last year, it delivered more than 13 million packages on an average day in the U.S., according to company data. Sellers say TikTok is telling them they must ship products to customers within three days of receiving an order or face delays in receiving payment. The company is also putKayla Ruliffson promotes makeup and skin-care products on TikTok. It’s hard to find a more confusing “safe” investment than the government bonds called TIPS, for Treasury inflationprotected securities— and that includes the taxes on them. But people who avoid them now could be making a mistake, especially if they’re facing retirement. No wonder investors are bewildered. TIPS say they offer inflation protection, but last year, when inflation roared, many holders of funds with longer-term TIPS had steep negative returns. That’s because TIPS, like other bonds, suffer when interest rates rise. Many investors fled, pulling about $42 billion out of TIPS funds between April 2022 and Sept. 30 of this year, according to Morningstar Direct. Yet now that inflation has cooled, TIPS yields are shining. What’s known as the real yield on 10-year TIPS was recently about 2.5%, the highest in years. If investors hold to maturity, they’re guaranteed that annualized return, because the principal of the bond is adjusted for inflation. Including the inflation adjustment, the total yield on 10-year TIPS was recently about 4.9%, while the yield on the traditional 10-year Treasury note was flirting with 5%—but it’s not adjusted for inflation. So TIPS will do better than traditional Treasurys if inflation averages more than about 2.4% over the decade. Also confusing are TIPS taxes. Because these bonds throw off phantom income, they often generate annual tax bills without cash payouts to cover them. This makes some investors shun them. If you’re one of the shunners, think again. Right now, say some advisers, individual TIPS offer remarkable opportunities to investors who want inflation-proof chunks of cash with increases in spending power, such as for retirement. One of these advisers is Allan Roth, a CPA and the founder of Wealth Logic, an advisory firm. Putting his money where his mouth is, he recently built a $1 million, 30-year ladder of individual TIPS for his own family. As each slice matures, the principal and income will provide inflation-adjusted cash equal to about $45,000 a year in today’s dollars, he says. Roth knows he’s giving up the potential for more capital appreciation from investments like stocks. But he wants to lock in future KIERSTEN ESSENPREIS spending power on these assets.

B6 | Saturday/Sunday, October 21 - 22, 2023 ***** THE WALL STREET JOURNAL. Consumer Rates and Returns to Investor U.S. consumer rates A consumer rate against its benchmark over the past year 3.00 4.00 5.00 6.00 7.00% 2022 N D J 2023 F M A M J J A S O t 5-year adjustable-rate mortgage (ARM) t 5-year Treasury note yield Selected rates Five-year ARM, Rate Bankrate.com avg†: 6.93% Florence Savings Bank 5.00% Florence, MA 800-644-8261 The Torrington Savings Bank 6.13% Torrington, CT 860-496-2152 Texas Bank and Trust 6.63% Longview, TX 903-237-5500 FirstBank 6.75% Scottsdale, AZ 866-964-3444 Clinton Savings Bank 6.88% Clinton, MA 888-744-4272 Yield/Rate (%) 52-Week Range (%) 3-yr chg Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Federal-funds rate target 5.25-5.50 5.25-5.50 3.00 l 5.50 5.25 Prime rate* 8.50 8.50 6.25 l 8.50 5.25 SOFR 5.30 5.31 3.01 l 5.33 5.21 Money market, annual yield 0.59 0.62 0.24 l 0.62 0.40 Five-year CD, annual yield 2.77 2.83 2.25 l 2.86 2.16 30-year mortgage, fixed† 8.03 8.09 6.36 l 8.18 4.99 15-year mortgage, fixed† 7.17 7.20 5.54 l 7.27 4.61 Jumbo mortgages, $726,200-plus† 8.05 8.17 6.35 l 8.24 4.95 Five-year adj mortgage (ARM)† 6.93 6.86 5.33 l 6.93 3.70 New-car loan, 48-month 7.53 7.48 6.02 l 7.64 3.39 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Benchmark Yields and Rates Treasury yield curve Yield to maturity of current bills, notes and bonds 1.00 2.00 3.00 4.00 5.00 6.00% 1 month(s) 3 6 1 years 2 3 5 7 10 20 30 maturity t Tradeweb ICE Friday Close t One year ago Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners –14 –7 0 7 14% 2022 2023 Euros Yen s WSJ Dollar Index s Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Major U.S. Stock-Market Indexes Latest 52-Week % chg High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. Dow Jones Industrial Average 33425.77 33118.12 33127.28 -286.89 -0.86 35630.68 31082.56 6.6 -0.1 5.4 Transportation Avg 14632.03 14378.12 14450.41 14.59 0.10 16695.32 12692.75 13.8 7.9 6.8 Utility Average 823.06 806.89 807.15 -9.48 -1.16 1002.11 783.08 -6.6 -16.6 -2.9 Total Stock Market 42455.51 41923.38 41936.90 -538.55 -1.27 45969.67 37494.26 11.2 8.9 5.9 Barron's 400 942.48 926.98 927.21 -14.32 -1.52 1036.97 881.58 4.1 0.7 7.1 Nasdaq Stock Market Nasdaq Composite 13177.35 12977.43 12983.81 -202.37 -1.53 14358.02 10213.29 19.6 24.1 4.1 Nasdaq-100 14781.22 14552.12 14560.88 -222.25 -1.50 15841.35 10679.34 28.7 33.1 7.6 S&P 500 Index 4276.56 4223.03 4224.16 -53.84 -1.26 4588.96 3719.89 12.6 10.0 7.1 MidCap 400 2425.85 2391.10 2393.28 -26.87 -1.11 2728.44 2312.21 3.5 -1.5 6.4 SmallCap 600 1110.51 1093.03 1093.47 -13.09 -1.18 1315.82 1093.47 -3.0 -5.5 6.0 Other Indexes Russell 2000 1706.02 1680.09 1680.79 -21.91 -1.29 2003.18 1680.79 -3.5 -4.6 1.3 NYSE Composite 15196.37 15031.64 15033.31 -163.07 -1.07 16427.29 14144.05 6.3 -1.0 4.7 Value Line 519.19 513.02 513.17 -6.02 -1.16 606.49 513.17 -0.3 -4.3 1.9 NYSE Arca Biotech 4807.61 4756.64 4762.75 -20.91 -0.44 5644.50 4682.02 1.7 -9.8 -4.0 NYSE Arca Pharma 891.94 882.47 884.04 -2.07 -0.23 925.61 771.49 14.6 1.9 10.9 KBW Bank 75.45 73.09 73.33 -2.35 -3.11 115.10 71.96 -25.8 -27.3 -2.1 PHLX§Gold/Silver 118.96 116.28 116.33 -0.15 -0.13 144.37 96.97 12.2 -3.7 -7.3 PHLX§Oil Service 95.66 92.14 93.61 -2.15 -2.24 98.76 69.29 22.7 11.6 47.6 PHLX§ Semiconductor 3390.98 3312.25 3316.14 -51.63 -1.53 3861.63 2292.85 41.9 31.0 11.6 Cboe Volatility 21.83 20.42 21.71 0.31 1.45 29.85 12.82 -26.9 0.2 -9.6
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data Trading Diary Volume, Advancers, Decliners NYSE NYSE Amer. Total volume*1,103,396,877 10,850,043 Adv. volume* 224,857,822 4,847,395 Decl. volume* 863,728,632 5,787,508 Issues traded 2,955 320 Advances 788 127 Declines 2,069 173 Unchanged 98 20 New highs 4 1 New lows 401 29 Closing Arms† 1.42 0.92 Block trades* 4,776 143 Nasdaq NYSE Arca Total volume*4,622,843,578 375,576,241 Adv. volume*1,434,928,649 117,021,696 Decl. volume*3,088,493,096 257,468,527 Issues traded 4,409 1,797 Advances 1,301 439 Declines 2,918 1,351 Unchanged 190 7 New highs 9 14 New lows 529 205 Closing Arms† 0.96 0.57 Block trades* 28,966 1,952 * Primary market NYSE, NYSE American NYSE Arca only. †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Arms of less than 1 indicates buying demand; above 1 indicates selling pressure. Percentage Gainers... Percentage Losers Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Nouveau Monde Graphite NMG 2.76 0.74 36.63 5.97 1.85 -45.6 Universal Security UUU 2.94 0.78 36.11 3.66 1.50 -14.5 Northann NCL 6.00 1.40 30.43 6.00 3.12 ... CervoMed CRVO 11.21 2.01 21.79 14.37 4.14 49.0 Reviva Pharma RVPH 4.47 0.76 20.49 9.25 3.01 33.4 Harpoon Therapeutics HARP 6.88 1.07 18.42 33.55 3.11 -27.4 Simplify Tail Risk Strat CYA 5.13 0.73 16.59 15.69 2.76 -67.3 Sky Harbour Group SKYH 7.25 1.01 16.19 8.90 2.50 84.8 NexImmune NEXI 4.13 0.55 15.36 20.35 3.41 -76.4 NeuroPace NPCE 6.88 0.88 14.67 9.73 1.22 127.8 a.k.a. Brands Holding AKA 7.83 0.97 14.14 25.80 3.60 -61.8 Palatin Technologies PTN 2.40 0.28 13.21 5.85 1.43 -46.3 MIND Technology MIND 4.75 0.51 12.03 8.10 3.70 -23.4 Knight-Swift Transport KNX 51.27 5.39 11.75 64.35 45.65 8.1 Biora Therapeutics BIOR 2.62 0.27 11.49 11.25 1.76 -74.7 Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg WeBuy Global WBUY 3.15 -2.19 -41.01 11.11 3.00 ... Jin Medical International ZJYL 10.77 -6.84 -38.84 29.82 4.84 ... MMTec MTC 1.44 -0.62 -30.10 4.86 0.36 8.7 Abivax ADR ABVX 8.30 -3.30 -28.45 11.60 8.00 ... SolarEdge Technologies SEDG 82.90 -31.08 -27.27 345.80 72.37 -59.1 Lazydays Holdings LAZY 6.10 -2.12 -25.79 15.43 5.57 -48.5 Adial Pharmaceuticals ADIL 2.14 -0.68 -24.11 15.00 2.00 -70.5 Tempest Therapeutics TPST 4.66 -1.41 -23.23 9.77 0.17 167.8 Carmell Therapeutics CTCX 2.04 -0.59 -22.25 13.31 1.83 -79.1 Falcon's Beyond Global FBYD 17.27 -4.73 -21.50 44.00 7.17 75.2 Spectaire Holdings SPEC 4.97 -1.29 -20.61 15.40 4.75 -51.3 ProKidney PROK 1.77 -0.44 -19.73 14.19 1.76 -82.8 Arcutis Biotherapeutics ARQT 2.47 -0.57 -18.65 20.11 2.16 -85.9 Aprea Therapeutics APRE 4.08 -0.92 -18.41 14.56 2.78 -70.2 Lensar LNSR 2.28 -0.49 -17.69 5.95 1.90 -61.4 Most Active StocksVolume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low ProSh UltraPro Shrt QQQ SQQQ 161,026 23.0 21.08 4.56 63.57 16.38 ProShares UltraPro QQQ TQQQ 137,887 36.4 34.09 -4.51 47.14 16.10 Tesla TSLA 137,465 18.5 211.99 -3.69 299.29 101.81 SPDR S&P 500 ETF Trust SPY 122,278 55.1 421.19 -1.23 459.44 363.54 micromobility.com MCOM 113,081 193.3 0.04 2.99 27.70 0.03 * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 5,000 shares =Has traded fewer than 65 days Corporate Borrowing Rates and Yields Yield (%) 52-Week Total Return (%) Bond total return index Close Last Week ago High Low 52-wk 3-yr U.S. Treasury, Bloomberg 2024.450 5.030 4.860 5.120 3.610 0.015 –6.046 U.S. Treasury Long, Bloomberg 2716.190 5.240 4.920 5.280 3.610 –8.038–16.564 Aggregate, Bloomberg 1884.560 5.670 5.440 5.740 4.180 1.254 –5.743 Fixed-Rate MBS, Bloomberg 1834.650 6.010 5.670 6.050 4.140 0.307 –5.915 High Yield 100, ICE BofA 3232.885 9.101 8.740 9.101 7.022 7.542 0.395 Muni Master, ICE BofA 543.413 4.272 4.050 4.276 2.757 1.564 –2.417 EMBI Global, J.P. Morgan 758.189 8.824 8.557 9.159 7.102 8.879 –5.368 Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services International Stock Indexes Latest YTD Region/Country Index Close Net chg % chg % chg World MSCI ACWI 642.07 –7.21 –1.11 6.1 MSCI ACWI ex-USA 279.96 –2.34 –0.83 –0.5 MSCIWorld 2791.24 –33.21 –1.18 7.2 MSCI Emerging Markets 925.58 –5.22 –0.56 –3.2 Americas MSCI AC Americas 1598.39 –20.31 –1.25 9.7 Canada S&P/TSX Comp 19115.64 –233.17 –1.21 –1.4 Latin Amer. MSCI EM Latin America 2177.06 –15.79 –0.72 2.3 Brazil BOVESPA 113155.28 –849.02 –0.74 3.1 Chile S&P IPSA 3175.33 –46.30 –1.44 0.1 Mexico S&P/BMV IPC 48275.91 –528.70 –1.08 –0.4 EMEA STOXX Europe 600 433.73 –6.00 –1.36 2.1 Eurozone Euro STOXX 421.98 –6.69 –1.56 2.9 Belgium Bel-20 3352.93 –45.65 –1.34 –9.4 Denmark OMX Copenhagen 20 2127.92 –11.84 –0.55 15.9 France CAC 40 6816.22 –105.15 –1.52 5.3 Germany DAX 14798.47 –246.76 –1.64 6.3 Israel Tel Aviv 1669.43 … Closed –7.1 Italy FTSE MIB 27357.00 –389.82 –1.40 15.4 Netherlands AEX 716.24 –11.37 –1.56 4.0 Norway Oslo Bors All-Share 1499.73 –16.39 –1.08 10.1 South Africa FTSE/JSE All-Share 70198.01 –763.32 –1.08 –3.9 Spain IBEX 35 9029.12 –117.67 –1.29 9.7 Sweden OMX Stockholm 759.97 –13.53 –1.75 –2.8 Switzerland Swiss Market 10348.60 –99.63 –0.95 –3.5 Turkey BIST 100 7510.68 –258.35 –3.33 36.3 U.K. FTSE 100 7402.14 –97.39 –1.30 –0.7 U.K. FTSE 250 17032.73 –180.41 –1.05 –9.7 Asia-Pacific MSCI AC Asia Pacific 152.83 –0.81 –0.53 –1.9 Australia S&P/ASX 200 6900.70 –80.90 –1.16 –2.0 China Shanghai Composite 2983.06 –22.33 –0.74 –3.4 Hong Kong Hang Seng 17172.13 –123.76 –0.72 –13.2 India S&P BSE Sensex 65397.62 –231.61 –0.35 7.5 Japan NIKKEI 225 31259.36 –171.26 –0.54 19.8 Singapore Straits Times 3076.69 –22.90 –0.74 –5.4 South Korea KOSPI 2375.00 –40.80 –1.69 6.2 Taiwan TAIEX 16440.72 –12.01 –0.07 16.3 Thailand SET 1399.35 –23.69 –1.66 –16.1 Sources: FactSet; Dow Jones Market Data Track the Markets: Winners and Losers A look at how selected global stock indexes, bond ETFs, currencies and commodities performed around the world for the week. Index Currency, vs. U.S. dollar Commodity, traded in U.S.* Exchangetraded fund Nymex RBOB gasoline 4.78% Comex gold 2.86 Comex silver 2.75 Russian ruble 2.36 Soybeans 1.72 Nymex crude 1.21 Swiss franc 1.13 Wheat 1.08 Euro area euro 0.81 S&P 500 Consumer Staples 0.71 S&P 500 Energy 0.68 Bloomberg Commodity Index 0.50 Corn 0.46 Indian rupee 0.32 Australian dollar 0.29 South Korean won 0.21 U.K. pound 0.16 South African rand 0.04 iSh 1-3 Treasury 0.01 -0.17 Chinese yuan -0.18 Japanese yen -0.20 WSJ Dollar Index -0.40 Canadian dollar -0.54 S&P 500 Communication Svcs -0.77 iSh TIPS Bond -0.79 Mexican peso -1.01 Norwegian krone -1.01 VangdTotIntlBd -1.06 Comex copper -1.10 Indonesian rupiah -1.13 iShiBoxx$HYCp -1.24 iShNatlMuniBd -1.34 S&P BSE Sensex -1.41 iShJPMUSEmgBd -1.61 Dow Jones Industrial Average -1.63 S&P 500 Health Care -1.68 VangdTotalBd -1.69 Dow Jones Transportation Average -1.72 Nymex ULSD -1.73 S&P SmallCap 600 -1.78 S&P/TSX Comp -1.95 iSh 7-10 Treasury -2.03 S&P MidCap 400 -2.12 S&P 500 Utilities -2.13 S&P/ASX 200 -2.21 IBEX 35 -2.24 S&P/BMV IPC -2.25 BOVESPA Index -2.26 Russell 2000 -2.39 S&P 500 -2.56 DAX -2.60 FTSE 100 -2.67 iShiBoxx$InvGrdCp -2.67 CAC-40 -2.90 Nasdaq-100 -2.93 S&P 500 Financials -2.94 Euro STOXX -3.00 S&P 500 Industrials -3.02 S&P 500 Materials -3.12 FTSE MIB -3.13 S&P 500 Information Tech -3.16 Nasdaq Composite -3.27 NIKKEI 225 -3.30 KOSPI Composite -3.40 Shanghai Composite -3.44 STOXX Europe 600 -3.60 Hang Seng -4.45 S&P 500 Consumer Discr -4.63 S&P 500 Real Estate -4.99 iSh 20+ Treasury -10.41 Nymex natural gas -19.44 Lean hogs *Continuous front-month contracts Sources: FactSet (indexes, bond ETFs, commodities), Tullett Prebon (currencies). THE WALL STREET JOURNAL Nasdaq Composite Index 12983.81 t 202.37 or 1.53% Last Year ago Trailing P/E ratio *† P/E estimate *† Dividend yield *† All-time high: 29.89 23.07 26.52 20.97 0.87 0.99 16057.44, 11/19/21 12900 13100 13300 13500 13700 13900 14100 Aug. Sept. Oct. 65-day moving average Dow Jones Industrial Average 33127.28 t 286.89 or 0.86% Last Year ago Trailing P/E ratio P/E estimate * Dividend yield All-time high 23.01 19.32 18.47 16.77 2.20 2.31 36799.65, 01/04/22 32500 32900 33300 33700 34100 34500 34900 Aug. Sept. Oct. Current divisor 0.15172752595384 Bars measure the point change from session's open tt Session high Session low Session open Close Open Close DOWN UP 65-day moving average S&P 500 Index 4224.16 t 53.84 or 1.26% Last Year ago Trailing P/E ratio * P/E estimate * Dividend yield * All-time high 19.15 18.27 19.48 16.57 1.61 1.79 4796.56, 01/03/22 4200 4250 4300 4350 4400 4450 4500 Aug. Sept. Oct. 65-day moving average Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. †Based on Nasdaq-100 Index Commodities Pricing trends on some raw materials, or commodities Friday 52-Week YTD Close Net chg % Chg High Low % Chg % chg DJ Commodity 1014.14 -2.69 -0.26 1071.61 930.59 -0.61 -3.29 Refinitiv/CC CRB Index 286.01 -1.32 -0.46 290.29 253.85 5.01 2.98 Crude oil, $ per barrel 88.75 -0.62 -0.69 93.68 66.74 4.35 10.58 Natural gas, $/MMBtu 2.899 -0.058 -1.96 7.308 1.991 -41.54 -35.22 Gold, $ per troy oz. 1982.50 14.10 0.72 2048.00 1627.30 20.08 8.95 MARKETS DIGEST Methodology Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which reflect total returns). Commodities are represented by the continuous front-month futures contract. Bond exchange-traded fund performance may diverge from that of their underlying index. Bond categories are represented by the following ETFs: U.S. Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S. Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS): iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal Bonds: iShares National Muni; International Bonds: Vanguard Total International; Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets. Currencies U.S.-dollar foreign-exchange rates in late New York trading US$ vs, Fri YTD chg Country/currency in US$ per US$ (%) Americas Argentina peso .0029349.7358 97.9 Brazilreal .1986 5.0345 –4.7 Canada dollar .7289 1.3719 1.2 Chile peso .001060 943.14 11.2 Colombiapeso .000236 4232.50 –12.7 EcuadorUS dollar 1 1 unch Mexico peso .0548 18.2364 –6.4 Uruguay peso .02507 39.8850 –0.2 Asia-Pacific Australiadollar .6315 1.5835 7.9 China yuan .1367 7.3170 6.1 Hong Kong dollar .1278 7.8243 0.2 India rupee .01203 83.159 0.5 Indonesia rupiah .0000630 15876 2.0 Japan yen .006674 149.84 14.3 Kazakhstan tenge .002088 479.00 3.5 Macau pataca .1240 8.0634 0.2 Malaysia ringgit .2098 4.7675 8.2 New Zealand dollar .5830 1.7153 8.9 Pakistan rupee .00359 278.400 22.8 Philippines peso .0176 56.765 1.9 Singapore dollar .7288 1.3722 2.3 South Korea won .0007405 1350.35 7.0 Sri Lanka rupee .0030726 325.46 –11.4 Taiwan dollar .03091 32.347 5.6 Thailand baht .02740 36.490 5.4 US$ vs, Fri YTD chg Country/currency in US$ per US$ (%) Vietnam dong .00004075 24540 3.8 Europe Czech Rep. koruna .04304 23.232 2.9 Denmark krone .1420 7.0445 1.4 Euro area euro 1.0596 .9438 1.0 Hungary forint .002771 360.89 –3.3 Iceland krona .007211 138.68 –2.0 Norway krone .0904 11.0586 12.7 Poland zloty .2375 4.2100 –3.9 Russia ruble .01048 95.450 29.4 Sweden krona .0910 10.9946 5.3 Switzerland franc 1.1208 .8922 –3.6 Turkey lira .0357 27.9856 49.7 Ukraine hryvnia .0274 36.5500 –0.8 UKpound 1.2165 .8220 –0.6 Middle East/Africa Bahrain dinar 2.6529 .3770 –0.03 Egypt pound .0324 30.8934 24.8 Israel shekel .2463 4.0597 15.2 Kuwait dinar 3.2343 .3092 1.0 Oman sul rial 2.5976 .3850 –0.01 Qatarrial .2743 3.646 –0.6 Saudi Arabia riyal .2666 3.7514 –0.2 South Africa rand .0526 18.9954 11.6 Close Net Chg % Chg YTD % Chg WSJ Dollar Index 100.46 –0.02–0.02 4.04 Sources: Tullett Prebon, Dow Jones Market Data Scan this code Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Available free at WSJMarkets.com

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | B7 Metal & Petroleum Futures Contract Open Open High hi lo Low Settle Chg interest Copper-High (CMX)-25,000 lbs.; $ per lb. Oct 3.5670 3.5670 t 3.5365 3.5420 –0.0495 807 Dec 3.5850 3.5900 3.5465 3.5630 –0.0380 141,675 Gold (CMX)-100 troy oz.; $ per troy oz. Oct 1981.10 1988.60 1980.40 1982.50 14.10 757 Nov 1976.50 1999.30 s 1975.70 1985.00 13.80 1,656 Dec 1988.00 2009.20 1983.70 1994.40 13.90 367,938 Feb'24 2007.80 2029.20 2003.80 2014.50 14.30 44,283 April 2032.00 2047.60 2024.70 2034.00 14.30 20,847 June 2051.80 2068.60 2042.80 2053.90 14.30 11,418 Palladium(NYM)- 50 troy oz.; $ per troy oz. Oct 1104.00 –17.70 1 Dec 1120.50 1122.00 1101.50 1111.20 –7.30 19,914 Platinum(NYM)-50 troy oz.; $ per troy oz. Oct 896.70 7.40 64 Jan'24 899.90 913.20 893.70 905.10 6.90 78,584 Silver(CMX)-5,000 troy oz.; $ per troy oz. Oct 23.560 23.630 23.560 23.351 0.464 23 Dec 23.190 23.880 23.015 23.504 0.473 99,235 Crude Oil, Light Sweet(NYM)-1,000 bbls.; $ per bbl. Nov 90.28 90.78 88.33 88.75 –0.62 21,207 Dec 89.09 89.85 87.53 88.08 –0.29 319,575 Jan'24 87.60 88.37 86.30 86.82 –0.24 181,569 March 85.05 85.71 84.03 84.47 –0.22 113,607 June 82.53 83.14 81.61 81.99 –0.28 174,989 Dec 78.97 79.64 78.18 78.47 –0.39 152,998 NY Harbor ULSD(NYM)-42,000 gal.; $ per gal. Nov 3.1830 3.2220 3.1508 3.1566 –.0164 42,341 Dec 3.0849 3.1247 3.0646 3.0717 –.0057 73,024 Gasoline-NY RBOB(NYM)-42,000 gal.; $ per gal. Nov 2.3756 2.3994 2.3630 2.3736 .0119 49,545 Dec 2.3534 2.3796 2.3436 2.3538 .0108 104,458 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Nov 2.959 2.977 2.880 2.899 –.058 65,240 Dec 3.324 3.329 3.247 3.258 –.068 154,861 Jan'24 3.570 3.582 3.501 3.508 –.068 216,942 Feb 3.513 3.521 3.445 3.454 –.064 62,064 March 3.248 3.259 3.193 3.211 –.044 154,528 April 3.049 3.061 3.010 3.036 –.018 93,632 Agriculture Futures Corn (CBT)-5,000 bu.; cents per bu. Dec 504.00 509.50 495.00 495.50 –9.50 660,223 March'24 516.00 521.50 508.25 509.00 –8.00 341,123 Oats (CBT)-5,000 bu.; cents per bu. Dec 376.25 389.00 375.75 382.50 7.75 2,807 Futures Contracts Contract Open Open High hilo Low Settle Chg interest Contract Open Open High hilo Low Settle Chg interest Contract Open Open High hilo Low Settle Chg interest March'24 397.00 408.00 397.00 402.00 9.00 1,078 Soybeans (CBT)-5,000 bu.; cents per bu. Nov 1315.00 1318.50 1301.00 1302.25 –13.25 207,462 Jan'24 1331.00 1334.00 1319.00 1320.25 –11.50 220,639 Soybean Meal(CBT)-100 tons; $ per ton. Dec 423.00 425.70 416.90 423.90 .90 170,907 Jan'24 414.00 414.90 407.10 412.60 –1.60 116,732 Soybean Oil(CBT)-60,000 lbs.; cents per lb. Dec 53.24 54.32 52.97 53.39 .28 150,025 Jan'24 52.66 53.55 52.35 52.66 .13 93,242 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Nov 15.78 15.90 15.76 15.84 .06 4,738 Jan'24 16.16 16.27 16.15 16.22 .05 4,930 Wheat(CBT)-5,000 bu.; cents per bu. Dec 594.00 604.50 583.25 586.00 –8.00 234,241 March'24 620.00 631.00 610.75 613.50 –6.25 96,640 Wheat(KC)-5,000 bu.; cents per bu. Dec 676.25 687.75 667.50 670.00 –6.25 117,987 March'24 686.00 696.50 676.75 679.25 –5.25 58,981 Cattle-Feeder(CME)-50,000 lbs.; cents per lb. Oct 244.000 244.000 240.550 241.825 –1.750 2,910 Jan'24 246.075 246.425 242.650 243.050 –2.325 20,269 Cattle-Live (CME)-40,000 lbs.; cents per lb. Oct 185.100 185.175 184.100 184.275 –.125 4,147 Dec 186.000 186.025 184.425 184.625 –.675 122,742 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 67.575 67.675 t 65.400 66.000 –2.000 89,187 Feb'24 72.175 72.175 t 69.925 70.425 –1.900 47,725 Lumber(CME)-27,500 bd. ft., $ per 1,000 bd. ft. Nov 497.00 499.00 487.50 488.00 –10.00 4,838 Milk (CME)-200,000 lbs., cents per lb. Oct 16.89 16.90 16.87 16.88 .01 3,654 Nov 18.49 18.76 18.04 18.12 –.34 4,954 Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 3,616 3,710 3,603 3,694 46 122,821 March'24 3,649 3,736 3,632 3,720 45 91,118 Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 163.40 166.80 162.25 165.25 1.30 89,204 March'24 161.00 165.25 160.35 164.40 2.60 58,966 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March 27.24 27.25 26.80 26.85 –.44 439,013 May 25.97 25.97 25.53 25.58 –.41 138,862 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Jan 44.74 … 2,100 March 44.25 44.25 44.25 44.25 –.29 2,624 Cotton (ICE-US)-50,000 lbs.; cents per lb. Dec 84.11 84.13 81.51 82.40 –1.87 110,532 March'24 86.10 86.10 83.73 84.53 –1.65 66,768 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Nov 385.35 395.25 s 382.00 391.20 5.85 3,639 Jan'24 378.00 386.55 s 374.50 382.70 4.75 5,679 Interest Rate Futures Ultra Treasury Bonds (CBT)- $100,000; pts 32nds of 100% Dec 110-210 111-250 109-290 111-040 9.0 1,547,910 March'24 111-190 112-130 110-210 111-270 9.0 49 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec 107-270 108-280 107-170 108-150 20.0 1,399,859 March'24 107-240 108-240 107-160 108-100 17.0 2,366 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 105-145 106-060 105-135 106-000 18.5 4,693,292 March'24 105-260 106-145 105-240 106-100 18.5 2,456 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 103-302 104-150 103-295 104-112 13.7 5,605,752 March'24 104-172 104-247 104-150 104-215 13.0 1,457 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 101-039 101-100 101-034 101-085 5.1 4,180,236 March'24 101-144 101-206 101-126 101-192 6.6 7,107 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Oct 94.6725 94.6725 94.6700 94.6700 .0000 395,023 Nov 94.6650 94.6750 94.6650 94.6700 .0050 708,022 Three-Month SOFR(CME)-$1,000,000; 100 - daily avg. Aug 94.6600 94.6600 94.6600 94.6625 .0025 10,584 Dec 94.5600 94.5800 94.5500 94.5750 .0250 1,518,895 Currency Futures Japanese Yen (CME)-¥12,500,000; $ per 100¥ Nov .6700 .6705 t .6690 .6697 –.0001 1,505 Dec .6736 .6744 .6727 .6734 –.0001 262,358 Canadian Dollar(CME)-CAD 100,000; $ per CAD Nov .7291 .7317 .7284 .7301 .0010 190 Dec .7295 .7321 .7287 .7304 .0009 182,170 British Pound (CME)-£62,500; $ per £ Nov 1.2139 1.2171 1.2095 1.2158 .0014 1,397 Dec 1.2145 1.2173 1.2097 1.2160 .0014 224,327 Swiss Franc (CME)-CHF 125,000; $ per CHF Dec 1.1290 1.1303 1.1259 1.1279 .0017 61,220 March'24 1.1397 1.1418 1.1379 1.1398 .0017 648 Australian Dollar(CME)-AUD 100,000; $ per AUD Nov .6312 .6333 .6303 .6319 –.0014 293 Dec .6340 .6342 .6310 .6327 –.0014 197,481 Mexican Peso (CME)-MXN 500,000; $ per MXN Nov .05461 .00017 85 Dec .05401 .05447 .05361 .05428 .00017 199,110 Euro (CME)-€125,000; $ per € Nov 1.0592 1.0613 1.0575 1.0602 .0011 4,538 Dec 1.0605 1.0629 1.0590 1.0617 .0011 671,621 Index Futures Mini DJ Industrial Average (CBT)-$5 x index Dec 33530 33559 33220 33258 –289 100,018 March'24 33860 33876 33540 33575 –293 460 Mini S&P 500(CME)-$50 x index Dec 4295.00 4304.25 4243.50 4248.50 –54.50 2,102,439 March'24 4345.00 4351.50 4289.25 4295.25 –55.25 17,083 Mini S&P Midcap 400(CME)-$100 x index Dec 2432.90 2437.90 t 2401.80 2404.50 –27.30 38,358 March'24 2422.50 –27.80 1 Mini Nasdaq 100(CME)-$20 x index Dec 14850.00 14887.50 14645.00 14664.00 –226.00 252,311 March'24 15016.25 15076.00 14834.00 14851.25 –231.00 2,137 Mini Russell 2000(CME)-$50 x index Dec 1710.40 1714.50 t 1688.10 1689.80 –22.90 487,628 March'24 1729.80 1732.20 t 1706.60 1707.90 –23.00 1,169 June 1726.50 –22.90 3 Mini Russell 1000(CME)-$50 x index Dec 2338.40 2354.70 2324.10 2325.50 –29.20 6,328 U.S. Dollar Index (ICE-US)-$1,000 x index Dec 106.03 106.23 105.89 105.99 –.06 42,952 March'24 105.72 105.74 105.60 105.61 –.04 493 Source: FactSet Bonds | wsj.com/market-data/bonds/benchmarks Global Government Bonds: Mapping Yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 0 2 4 6 8 10 Previous Month ago Year ago Latest Prev Year ago 5.000 U.S. 2 5.082 t l 5.171 5.118 4.608 3.875 10 4.924 t l 4.987 4.346 4.225 0.250 Australia 2 4.284 t l 4.309 3.973 3.534 -81.3 -85.7 -107.6 3.000 10 4.761 t l 4.794 4.226 4.072 -16.1 -19.6 -16.0 0.000 France 2 3.494 t l 3.536 3.494 2.053 -160.3 -162.9 -255.7 3.500 10 3.519 t l 3.551 3.239 2.958 -140.2 -143.8 -127.5 3.100 Germany 2 3.121 t l 3.250 3.263 2.112 -197.6 -191.6 -249.8 2.600 10 2.893 t l 2.916 2.705 2.402 -202.9 -207.4 -183.0 3.600 Italy 2 4.049 t l 4.133 3.907 3.040 -104.8 -103.2 -157.0 4.350 10 4.922 t l 4.961 4.459 4.727 -0.04 -2.9 49.5 0.005 Japan 2 0.082 t l 0.083 0.021 -0.021 -501.5 -508.2 -463.1 0.800 10 0.844 t l 0.847 0.725 0.254 -407.7 -414.3 -397.9 0.000 Spain 2 3.593 t l 3.687 3.618 2.331 -150.4 -147.8 -227.9 3.550 10 3.997 t l 4.052 3.761 3.523 -92.4 -93.8 -70.9 3.500 U.K. 2 4.884 t l 4.960 4.583 3.535 -21.3 -20.6 -107.5 4.250 10 4.655 s l 4.651 4.215 3.910 -26.6 -33.9 -32.3 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Corporate Debt Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations Investment-grade spreads that tightened the most… Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Caterpillar Financial Services … 3.600 5.53 Aug. 12, ’27 65 –30 60 Intel INTC 4.875 5.47 Feb. 10, ’26 53 –11 63 Citigroup C 3.700 6.17 Jan. 12, ’26 126 –7 125 Protective Life Global Funding PL 5.366 5.83 Jan. 6, ’26 92 –7 96 Netflix NFLX 4.875 5.81 April 15, ’28 96 –6 100 Verizon Communications VZ 4.125 5.95 March 16, ’27 110 –5 107 HSBC Holdings HSBC 4.300 6.23 March 8, ’26 131 –4 126 International Business Machines IBM 3.300 5.69 May 15, ’26 77 –4 74 …And spreads that widened the most Banco Santander SANTAN 5.179 7.04 Nov. 19, ’25 193 14 158 Intesa Sanpaolo ISPIM 6.625 8.12 June 20, ’33 321 11 298 Nomura Holdings NOMURA 6.087 6.79 July 12, ’33 188 11 n.a. Comcast CMCSA 4.250 6.09 Jan. 15, ’33 118 10 n.a. Morgan Stanley MS 4.350 6.60 Sept. 8, ’26 163 10 138 Allstate ALL 4.500 6.75 June 15, ’43 147 9 142 Citigroup C 8.125 6.87 July 15, ’39 158 9 148 CF Industries CF 5.150 6.74 March 15, ’34 181 9 180 High-yield issues with the biggest price increases… Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Occidental Petroleum OXY 6.450 6.89 Sept. 15, ’36 96.304 0.80 98.901 Hughes Satellite Systems … 6.625 12.90 Aug. 1, ’26 85.750 0.50 87.341 Cleveland–Cliffs CLF 6.250 8.25 Oct. 1, ’40 81.900 0.36 83.289 Ford Motor F 6.625 6.81 Oct. 1, ’28 99.250 0.27 n.a. Deutsche Bank DB 4.500 7.57 April 1, ’25 95.885 0.12 96.121 ZF North America Capital ZFFNGR 4.750 7.60 April 29, ’25 95.995 0.03 n.a. …And with the biggest price decreases Ford Motor F 4.750 7.98 Jan. 15, ’43 68.500 –0.75 71.500 Bausch Health BHCCN 11.000 23.79 Sept. 30, ’28 63.938 –0.72 65.795 Dish DBS … 5.125 19.48 June 1, ’29 52.291 –0.71 54.500 American Airlines AAL 11.750 8.13 July 15, ’25 105.688 –0.69 106.500 BrightSphere Investment BSIG 4.800 8.46 July 27, ’26 91.146 –0.48 93.250 Teva Pharmaceutical Finance Netherlands … 3.150 8.42 Oct. 1, ’26 86.536 –0.34 88.000 Advance Auto Parts AAP 5.900 7.39 March 9, ’26 96.790 –0.20 97.104 Sealed Air SEE 6.875 7.94 July 15, ’33 92.875 –0.15 94.750 *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. Note: Data are for the most active issue of bonds with maturities of two years or more Source: MarketAxess Borrowing Benchmarks | WSJ.com/bonds Money Rates October 20, 2023 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Inflation Sept. index Chg From (%) level Aug. '23 Sept. '22 U.S. consumer price index All items 307.789 0.25 3.7 Core 310.817 0.23 4.1 International rates Week 52-Week Latest ago High Low Prime rates U.S. 8.50 8.50 8.50 6.25 Canada 7.20 7.20 7.20 5.45 Japan 1.475 1.475 1.475 1.475 Policy Rates Euro zone 4.50 4.50 4.50 1.25 Switzerland 2.25 2.25 2.25 1.00 Britain 5.25 5.25 5.25 2.25 Australia 4.10 4.10 4.10 2.60 Secondary market Fannie Mae 30-year mortgage yields 30 days 7.424 7.076 7.456 5.244 60 days 7.464 7.102 7.496 5.250 Notes on data: U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective July 27, 2023.Other prime rates aren’t directly comparable; lending practices vary widely by location. Complete Money Rates table appears Monday through Friday. Sources: Bureau of Labor Statistics; FactSet Week —52-WEEK— Latest ago High Low iShCoreUSAggBd AGG 92.00 0.36 –5.1 iShEdgeMSCIMinUSA USMV 71.71 –0.77 –0.5 iShEdgeMSCIUSAQual QUAL 131.47 –1.10 15.4 iShGoldTr IAU 37.47 0.27 8.3 iShiBoxx$HYCpBd HYG 71.93 0.21 –2.3 iShiBoxx$IGCpBd LQD 98.67 0.40 –6.4 iShMBS MBB 86.06 0.28 –7.2 iShMSCIACWI ACWI 90.40 –1.19 6.5 iShMSCI EAFE EFA 66.57 –0.89 1.4 iSh MSCI EM EEM 36.79 –1.21 –2.9 iShMSCIEAFEValue EFV 47.10 –1.17 2.7 iShNatlMuniBd MUB 101.38 0.28 –3.9 iSh1-5YIGCorpBd IGSB 49.55 0.26 –0.5 iSh1-3YTreaBd SHY 80.94 0.16 –0.3 iShRussMC IWR 66.59 –1.30 –1.3 iShRuss1000 IWB 231.21 –1.20 9.8 iShRuss1000Grw IWF 264.50 –1.41 23.5 iShRuss1000Val IWD 147.39 –1.04 –2.8 iShRussell2000 IWM 166.44 –1.29 –4.5 iShS&P500Grw IVW 67.81 –1.32 15.9 Closing Chg YTD ETF Symbol Price (%) (%) CnsmrDiscSelSector XLY 151.69 –1.55 17.4 CnsStapleSelSector XLP 67.27 –0.39 –9.8 DimenUSCoreEq2 DFAC 25.56 –1.27 5.3 EnSelSectorSPDR XLE 90.26 –1.68 3.2 FinSelSectorSPDR XLF 32.20 –1.53 –5.8 HealthCareSelSect XLV 128.06 –0.40 –5.7 IndSelSectorSPDR XLI 98.70 –1.03 0.5 InvscNasd100 QQQM 145.89 –1.47 33.2 InvscQQQI QQQ 354.60 –1.49 33.2 InvscS&P500EW RSP 137.01 –1.25 –3.0 iShCoreDivGrowth DGRO 48.59 –1.00 –2.8 iShCoreMSCIEAFE IEFA 61.99 –0.94 0.6 iShCoreMSCIEM IEMG 46.07 –1.29 –1.3 iShCoreMSCITotInt IXUS 57.84 –1.03 –0.1 iShCoreS&P500 IVV 423.12 –1.23 10.1 iShCoreS&P MC IJH 238.55 –1.09 –1.4 iShCoreS&P SC IJR 89.65 –1.17 –5.3 iShCoreS&PTotUS ITOT 92.41 –1.24 9.0 iShCoreTotalUSDBd IUSB 42.76 0.38 –4.8 Closing Chg YTD ETF Symbol Price (%) (%) Friday, October 20, 2023 iShS&P500Value IVE 150.46 –1.14 3.7 iShSelectDiv DVY 104.66 –1.42 –13.2 iSh7-10YTreaBd IEF 89.47 0.58 –6.6 iShShortTreaBd SHV 110.37 0.03 0.4 iShTIPSBondETF TIP 102.84 0.30 –3.4 iSh20+YTreaBd TLT 83.24 0.57 –16.4 iShUSTreasuryBd GOVT 21.68 0.37 –4.6 iSh0-3MTreaBd SGOV 100.57 0.02 0.4 JPMEquityPrem JEPI 52.68 –0.88 –3.3 JPM UltShIncm JPST 50.14 0.08 0.0 PacerUSCashCows100 COWZ 48.69 –1.02 5.3 ProShUltPrQQQ TQQQ 34.09 –4.51 97.1 SPDRBbg1-3MTB BIL 91.71 0.02 0.3 SPDR DJIA Tr DIA 331.19 –0.82 –0.0 SPDR Gold GLD 183.59 0.27 8.2 SPDRPtfDevxUS SPDW 29.87 –0.99 0.6 SPDRS&P500Value SPYV 40.39 –1.15 3.9 SPDRPtfS&P500 SPLG 49.54 –1.24 10.1 SPDRS&P500Growth SPYG 58.75 –1.34 15.9 SPDR S&P 500 SPY 421.19 –1.23 10.1 SchwabIntEquity SCHF 32.80 –1.00 1.8 SchwabUS BrdMkt SCHB 48.89 –1.23 9.1 SchwabUS Div SCHD 69.29 –0.99 –8.3 SchwabUS LC SCHX 49.76 –1.25 10.2 SchwabUS LC Grw SCHG 72.23 –1.62 30.0 SPDR S&PMdCpTr MDY 437.16 –1.06 –1.3 SPDR S&P Div SDY 111.84 –0.76 –10.6 TechSelectSector XLK 163.94 –1.69 31.7 VangdInfoTech VGT 409.88 –1.76 28.3 VangdSC Val VBR 152.44 –1.19 –4.0 VangdExtMkt VXF 136.25 –1.33 2.6 VangdDivApp VIG 153.40 –0.95 1.0 VangdFTSEAWxUS VEU 50.13 –1.03 –0.0 VangdFTSEDevMk VEA 42.16 –0.94 0.5 VangdFTSE EM VWO 37.90 –1.20 –2.8 VangdFTSE Europe VGK 55.98 –0.96 1.0 VangdGrowth VUG 269.78 –1.51 26.6 VangdHlthCr VHT 232.10 –0.39 –6.4 VangdHiDiv VYM 101.21 –0.97 –6.5 VangdIntermBd BIV 70.85 0.51 –4.7 VangdIntrCorpBd VCIT 74.15 0.47 –4.3 VangdIntermTrea VGIT 56.42 0.48 –3.5 VangdLC VV 192.94 –1.25 10.8 VangdMC VO 200.87 –1.35 –1.4 VangdMC Val VOE 126.11 –1.31 –6.8 VangdMBS VMBS 42.41 0.26 –6.8 VangdRealEst VNQ 72.40 –0.67 –12.2 VangdS&P500ETF VOO 386.99 –1.25 10.1 VangdST Bond BSV 74.89 0.24 –0.5 VangdSTCpBd VCSH 74.70 0.26 –0.7 VangdShtTmInfltn VTIP 47.12 0.17 0.9 VangdShortTrea VGSH 57.56 0.14 –0.4 VangdSC VB 180.15 –1.21 –1.8 VangdTaxExemptBd VTEB 47.43 0.11 –4.2 VangdTotalBd BND 68.28 0.36 –4.9 VangdTotIntlBd BNDX 47.48 0.20 0.1 VangdTotIntlStk VXUS 51.63 –1.05 –0.2 VangdTotalStk VTI 208.47 –1.24 9.0 VangdTotWrldStk VT 90.79 –1.14 5.3 VangdValue VTV 134.97 –1.00 –3.8 WisdTrFRTrea USFR 50.48 0.04 0.4 Closing Chg YTD ETF Symbol Price (%) (%) Exchange-Traded Portfolios | WSJ.com/ETFresearch Largest 100 exchange-traded funds, latest session MARKET DATA Dividend Changes Amount Payable / Company Symbol Yld % New/Old Frq Record Increased ArmstrongWrld Ind AWI 1.6 .28 /.254 Q Nov16 /Nov02 Blackstone BX 3.5 .80 /.79 Q Nov06 /Oct30 Brown & Brown BRO 0.8 .13 /.115 Q Nov15 /Nov01 Cass Info Systems CASS 3.3 .30 /.29 Q Dec15 /Dec05 Citigroup Pfd. J F/F CpJ 9.6 .606 /.44531 Q Dec29 /Dec18 Minerals Technologies MTX 0.8 .10 /.05 Q Dec07 /Nov01 PinnacleWest Capital PNW 4.7 .88 /.865 Q Dec01 /Nov01 Prosperity Bancshares PB 4.4 .56 /.55 Q Jan02 /Dec15 Via Renewables Pfd A VIASP 17.9 .7646 /.75922 Q Jan16 /Jan01 VOC Energy Trust VOC 9.2 .225 /.21 Q Nov14 /Oct30 Western Midstream Ptrs WES 8.3 .575 /.5625 Q Nov13 /Nov01 Zurn ElkayWater Solns ZWS 1.3 .08 /.07 Q Dec07 /Nov20 Amount Payable / Company Symbol Yld % New/Old Frq Record Reduced Mesa Royalty Trust MTR 14.6 .0171 /.04286 M Jan31 /Oct31 Stocks Polished.com POL 1:50 /Oct20 Tourmaline Bio TRML 1:10 /Oct20 Foreign Nokia ADR NOK 2.6 .03275 Q Nov07 /Oct24 Special MarketWise MKTW 2.3 .15 Dec01 /Nov10 Winmark WINA 0.8 9.40 Dec01 /Nov15 Sources: FactSet; Dow Jones Market Data KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. 52-Wk % Stock Sym Hi/Lo Chg Arm ARM 46.50 -3.8 ArmourResREIT ARR 15.26 -1.8 ArqitQuantumWt ARQQW 0.13 ... ArqitQuantum ARQQ 0.42 -8.9 Arvinas ARVN 14.70 -2.9 AscentSolar ASTI 0.96 -4.9 AspenInsPfd AHLpD 17.10 0.5 AspenInsPfd AHLpE 16.29 -0.4 AstraSpace ASTR 0.62 -7.7 AthenePfdD ATHpD 15.19 3.4 AthiraPharma ATHA 1.52 1.9 AtlantaBravesC BATRK 35.26 -0.4 AtlantaBravesA BATRA 38.18 -0.7 Atrion ATRI 345.10 -2.2 AultAlliance AULT 0.14 -5.3 AuroraMobile JG 0.10 -10.7 AuroraTechWt ATAKW 0.01 -17.3 AvidBioservices CDMO 6.66 -3.9 AvidityBio RNA 5.35 -2.4 Aware AWRE 1.18 ... BarkWt BARK.WS 0.08 -12.4 Bio-key BKYI 0.21 -12.0 BOK Fin BOKF 72.80 -3.7 Babcock&Wilcox BW 2.66 -2.9 Babcock&WilcxNt26 BWSN 19.85 -0.1 BallardPower BLDP 3.17 -1.8 Bally's BALY 8.76 -4.5 Bandwidth BAND 9.74 -1.9 BankofAmPfdGG BACpB 22.88 0.9 BankofAmPfdKK BACpM 20.55 0.8 BankofAmPfdLL BACpN 19.00 0.8 BkofAmericaPfdNN BACpO 16.35 0.6 BankofAmPfdPP BACpP 15.40 1.3 BankofAmPfdSS BACpS 18.05 0.8 BankMontreal BMO 77.50 -1.9 BankNovaScotia BNS 41.26 -2.6 Banner BANR 40.59 -5.7 Baozun BZUN 2.71 -1.1 Beachbody BODY 0.24 -10.0 BeamGlobal BEEM 6.21 -6.8 BeamTherap BEAM 16.95 -3.6 Beneficient BENF 0.64 -6.8 BeyondMeat BYND 6.79 -8.0 Bio-Techne TECH 63.21 0.9 BiodexaPharm BDRX 3.48 -6.9 Biofrontera BFRI 3.70 -11.8 BioLifeSolns BLFS 9.76 -8.8 BionanoGenom BNGO 1.56 -6.4 BioNexusGene BGLC 0.42 -20.4 52-Wk % Stock Sym Hi/Lo Chg AkoustisTechs AKTS 0.63 -9.3 AlaunosTherap TCRT 0.10 -0.2 Albemarle ALB 138.55 -4.1 Alcoa AA 23.26 -0.9 Alexander&Baldwin ALEX 15.95 -0.8 AlexandriaRlEst ARE 94.26 0.4 AlgonquinPower AQN 5.01 -2.5 AlgonquinPwrUn AQNU 18.64 -2.4 AligosTherap ALGS 0.64 1.3 AlkalineWater WTER 0.18 -13.7 Allakos ALLK 1.80 -4.2 AllianceBernstein AB 28.57 -1.0 Allient ALNT 28.09 -1.2 AlloVir ALVR 1.50 -3.8 AllstatePfdH ALLpH 18.38 1.1 AllstatePfdI ALLpI 17.50 0.2 AllstatePfdJ ALLpJ 25.15 0.8 AlpineIncmProp PINE 14.42 -12.8 AltaEquipment ALTG 10.37 -3.3 Altimmune ALT 2.15 -6.9 Ambarella AMBA 49.35 -0.6 Amcor AMCR 8.51 -1.3 Ameresco AMRC 29.54 -6.6 AmerAirlines AAL 11.04 -3.2 AmericanFin AFG 106.89 -1.9 AmerFinDeb2059 AFGC 18.23 -0.4 AmFinDeb AFGE 16.20 1.0 AIG PfdA AIGpA 20.87 0.9 AmericanLithium AMLI 1.08 -0.9 AmRltyInv ARL 13.23 -2.2 AmesNational ATLO 15.33 -2.9 AmpriusTech AMPX 3.14 -4.5 AmpriusTechWt AMPX.WS 0.13 -26.3 AnavexLifeSci AVXL 5.16 -7.0 AnghamiWt ANGHW 0.01 -2.4 AnnalyCap NLY 16.22 -0.6 AnywhereRealEst HOUS 4.18 ... ApogeeTherap APGE 17.01 -14.7 ApolloGlbNts53 APOS 25.40 0.2 ApollomicsA APLM 1.71 -3.3 AppliedDNA APDN 0.91 -5.8 AppliedMolecular AMTI 0.14 -2.5 AquaBountyTech AQB 3.31 -8.4 ArchCapitalPfdF ACGLO 19.20 3.3 Arcimoto FUV 0.64 -5.7 ArcusBiosci RCUS 15.52 2.3 ArcutisBiotherap ARQT 2.16 -18.6 ArdaghMetalPkg AMBP 2.62 -3.7 AresAcqnII Wt AACT.WS 0.21 -10.9 52-Wk % Stock Sym Hi/Lo Chg Highs AbriSpacI ASPAU 12.19 6.7 EsgenAcqnA ESAC 12.31 1.7 EnergyTransfer ET 14.15 -0.2 FitLifeBrands FTLF 20.55 0.1 HaymakerAcqnCorp.4 HYAC 10.35 1.5 InflectionPtIIA IPXX 10.25 0.3 InnovativeIntlA IOAC 12.01 5.8 MMTec MTC 4.86 -30.1 Northann NCL 6.00 30.4 P&FIndustries PFIN 12.74 0.2 PegasusDigA PGSS 11.02 0.2 SeacorMarine SMHI 15.24 -4.8 StructureTherap GPCR 69.10 0.8 Lows Adtran ADTN 7.00 2.1 AMTD Digital HKD 4.54 -15.6 AMTD IDEA AMTD 1.08 -6.7 ArkoWt ARKOW 0.94 -2.0 A SPAC II Wt ASCBW 0.01 -56.9 AST Space ASTS 2.90 -2.0 ATA Creativity AACG 1.02 1.9 AT&T Nts 2066 TBB 20.26 1.2 Ayro AYRO 1.77 -4.3 Abivax ABVX 8.00 -28.4 AbleViewGlobal ABLV 2.66 -2.5 AbriSPACI ASPA 10.01 -10.8 Accolade ACCD 6.57 1.5 AcumenPharm ABOS 3.39 -0.9 Adaptimmune ADAP 0.55 -2.6 AdaptiveBiotech ADPT 3.94 1.0 AdialPharm ADIL 2.00 -24.1 AdTheorent ADTH 1.12 -1.7 AdvanSix ASIX 27.93 -1.7 AdventTechWt ADNWW 0.04 -18.6 AegonNts2049 AEFC 18.24 -0.5 AEternaZentaris AEZS 1.56 -7.1 AevaTechWt AEVA.WS 0.03 5.8 AevaTech AEVA 0.61 -1.9 AffiliatedMgrDeb MGR 19.43 0.6 AffiliatedNts60 MGRB 15.83 0.7 Affimed AFMD 0.35 -0.1 Agenus AGEN 0.84 -7.1 AgiosPharm AGIO 21.06 -0.2 AkeroTherap AKRO 12.15 0.2 Friday, October 20, 2023 New Highs and Lows HycroftMiningWt HYMCL 0.02 -32.1 Invesco IVZ 12.65 -0.8 IO Biotech IOBT 1.00 -1.9 IcahnEnterprises IEP 17.11 1.0 IDEX IEX 192.67 -1.5 Illumina ILMN 118.84 -0.3 Immunic IMUX 1.10 2.6 ImmunoPrecise IPA 1.14 -8.8 ImpelPharm IMPL 0.25 -8.0 Incannex IXHL 0.85 -1.9 Incyte INCY 54.98 -0.9 IndepRealty IRT 13.18 -2.0 Infinera INFN 3.19 ... Infobird IFBD 0.09 -17.0 InMedPharm INM 0.45 -1.9 InMode INMD 19.27 -0.8 InnovizTech INVZ 1.30 -1.4 InnovizTechWt INVZW 0.41 -10.1 Inogen INGN 4.40 -3.5 Inseego INSG 0.34 0.8 Inspirato ISPO 3.15 0.5 IntelliaTherap NTLA 26.52 -1.7 IntelligentBio INBS 0.20 10.3 IntercorpFinSvcs IFS 19.61 -2.0 Intercure INCR 1.16 -4.1 IntuitiveMachinesA LUNR 3.02 -0.3 InvescoMtg IVR 7.38 -1.5 Invitae NVTA 0.55 -8.6 Ioneer IONR 4.01 -10.8 iRhythmTechs IRTC 79.19 0.3 IridiumComm IRDM 38.38 -3.3 iSpecimen ISPC 0.41 -1.4 JD.com JD 24.19 -2.8 JamfHolding JAMF 15.25 -3.7 JanuxTherap JANX 6.74 -5.2 JayudGlblLogistics JYD 1.67 -10.7 Jet.AI Wt JTAIW 0.02 -50.2 Jiuzi JZXN 0.75 -1.3 HancockHdgEquity HEQ 9.37 -0.5 JohnsonControls JCI 48.65 -1.0 JPMChasePfdEE JPMpC 23.93 0.3 JuniperNetworks JNPR 25.03 1.0 KVH Inds KVHI 4.71 -0.8 KartoonStudios TOON 1.05 -8.6 Kennedy-Wilson KW 13.11 -0.5 KeysightTech KEYS 122.49 -0.9 KinnateBio KNTE 1.11 -5.8 Klaviyo KVYO 27.40 -3.3 LavaTherap LVTX 1.34 -3.6 LaRosa LRHC 2.15 -5.3 LakeShoreBancorp LSBK 9.51 3.6 LakelandBcp LBAI 11.17 -2.4 LanternPharma LTRN 2.74 -11.3 Lanvin LANV 3.62 -0.5 Lazydays LAZY 5.57 -25.8 LeeEnterprises LEE 9.43 -8.8 LendingClub LC 5.19 -0.7 LendingTree TREE 11.63 -3.3 Li-Cycle LICY 2.24 -4.2 LibertyLiveA LLYVA 30.29 0.3 LibertyTripAdvA LTRPA 0.34 -18.9 LigandPharm LGND 51.93 -1.3 LindbladExped LIND 5.80 2.8 Lipocine LPCN 2.49 -1.2 LithiumAmericas LAC 6.69 -2.2 Livent LTHM 15.73 -1.7 LivePerson LPSN 2.57 -2.2 LocalBounti LOCL 1.25 -11.3 Lovesac LOVE 15.56 -0.4 Lucid LCID 4.25 -1.4 LufaxHolding LU 0.87 1.0 Lumentum LITE 38.60 -1.8 LuminarTech LAZR 3.58 0.3 LumiraDx LMDX 0.08 -4.1 Luxfer LXFR 8.57 -2.9 M&T Bank Pfd H MTBpH 20.22 2.4 MagyarBancorp MGYR 9.13 1.6 MainStreetBcshs MNSB 18.47 -1.8 Mannatech MTEX 9.22 -2.0 MaravaiLifeSci MRVI 6.89 -1.0 Marcus&Millichap MMI 27.37 -1.4 Marpai MRAI 0.48 -1.3 MartiTech MRT 0.54 -6.2 MasTec MTZ 60.85 -4.4 Matterport MTTR 1.98 -3.4 MaxLinear MXL 19.97 -2.1 MedAvail MDVL 4.20 -9.1 MedicalProp MPW 4.57 1.3 MeiraGTx MGTX 3.66 -2.9 MesaAir MESA 0.68 -7.0 Mesoblast MESO 1.15 -3.4 MetaMaterials MMAT 0.17 -7.6 MetLifePfdE METpE 21.03 2.2 MetLifePfdF METpF 18.33 1.6 MicroCloudHologram HOLO 0.50 -9.6 Middleby MIDD 115.51 -2.3 MiddlesexWater MSEX 61.67 -1.1 Moderna MRNA 79.71 -2.4 MoneyHero MNY 2.30 -5.2 MoneyHeroWt MNYWW 0.07 -17.4 Monro MNRO 24.95 -0.6 MonteRosaTherap GLUE 2.71 -12.3 MorganStanley MS 72.35 0.3 MorganStanleyPfdL MSpL 18.16 1.9 MorganStanleyPfdO MSpO 15.70 2.6 MotusGI MOTS 0.41 -4.0 MullenAuto MULN 0.24 -8.5 MyersIndustries MYE 16.83 -0.4 MyMD Pharm MYMD 0.35 -0.8 Mynaric MYNA 3.01 -10.3 Napco Security NSSC 19.89 -1.4 NCS Multistage NCSM 14.49 0.8 NFT MI 0.14 -7.4 NGM Biopharm NGM 0.94 -2.5 NICE NICE 155.16 -1.2 NanoVibronix NAOV 0.96 -4.6 NatlBankshares NKSH 22.66 -1.2 NatlRurUtilNt2064 NRUC 21.64 1.8 Nautilus NLS 0.65 -2.5 NeptuneWellness NEPT 0.75 -14.6 NerdWallet NRDS 7.19 -0.8 NeuroSense NRSN 0.49 -9.1 NY CmtyCap V NYCBpU 33.78 -1.4 NY Mortgage NYMT 7.80 -1.0 NewAmstPharma NAMS 6.98 -6.0 NexalinTechnology NXL 0.29 -8.4 NexImmune NEXI 3.41 15.4 NexPointResidentl NXRT 29.57 -2.1 Next.e.GO EGOX 1.40 -32.9 NextEraEnDebN NEEpN 21.92 0.5 NextPlayTech NXTP 0.66 -1.6 908Devices MASS 5.50 0.7 NoahHoldings NOAH 10.88 -0.1 noco-noco NCNC 0.40 -7.5 Nordstrom JWN 13.57 -0.7 NorthernTrust NTRS 64.26 -1.9 NorthernTrPfdE NTRSO 18.11 4.9 NorthfieldBanc NFBK 8.74 -2.6 NorthwestBcshs NWBI 9.80 -2.7 NurixTherap NRIX 4.66 0.3 NuScalePower SMR 3.79 -14.8 NuScalePowerWt SMR.WS 0.37 -30.0 Nvni NVNI 3.03 -1.6 OaktreeCapPfdA OAKpA 19.75 -1.0 Oatly OTLY 0.54 -2.4 Oblong OBLG 0.17 -3.4 OceanBiomedical OCEA 1.83 -5.1 OceanPwrTech OPTT 0.35 -3.1 OcularTherapeutix OCUL 2.23 1.5 Olo OLO 5.46 -4.2 Omnicell OMCL 39.22 -1.0 Oncocyte OCX 2.63 1.5 180DegreeCap TURN 3.84 -0.8 180LifeSci ATNF 0.36 1.0 111 YI 2.18 -1.8 OneSpan OSPN 8.87 -1.2 Opthea OPT 1.60 -3.0 OrchestraBioMed OBIO 4.73 0.2 OrchidIsland ORC 6.46 -2.0 OrganiGram OGI 1.05 -4.5 Organon OGN 15.88 -1.5 OrionEnergySys OESX 1.01 -1.0 OxfordIndustries OXM 88.89 -1.8 PAM Transport PTSI 17.32 -4.3 Parts Id ID 0.12 8.3 PMV Pharm PMVP 1.47 -15.3 PRA Group PRAA 14.82 -5.6 PanbelaTherap PBLA 0.79 -7.3 PartnerRePfdJ PREpJ 17.73 -0.9 PayPal PYPL 53.34 -2.6 Peraso PRSO 0.15 -7.0 Perficient PRFT 55.15 -1.9 FoghornTherap FHTX 2.88 -1.8 Fonar FONR 13.70 -0.2 ForbionEuroA FRBN 9.25 1.0 ForemostLithium FMST 2.68 -15.6 ForesightAuto FRSX 1.60 -3.6 ForteBiosci FBRX 0.50 -4.5 FortressBiotech FBIO 1.85 -8.4 FourCornersProp FCPT 20.97 -0.6 Frontier ULCC 4.23 -1.4 FutureFinTech FTFT 0.92 -5.0 GamcoGlbGoldPfB GGNpB 21.20 -0.8 GSE Systems GVP 0.17 -1.5 G Willi-Food WILC 8.00 -4.8 GabelliDivPfdH GDVpH 22.02 -1.7 GabelliDivPfdK GDVpK 16.96 -2.9 GamerPakistan GPAK 0.75 -19.0 Genasys GNSS 1.81 -2.2 GenerationBio GBIO 1.09 -6.7 Genprex GNPX 0.29 -2.9 GenuineParts GPC 128.39 -1.1 GeorgiaPwrNt77 GPJA 20.58 2.0 Gerdau GGB 4.20 -0.7 GermanAmBncp GABC 25.86 -2.4 GettyRealty GTY 26.23 0.3 Glatfelter GLT 1.57 -3.7 GlenBurnieBncp GLBZ 5.77 -2.2 GlimpseGroup VRAR 0.98 -8.1 GlobalNetLease GNL 7.98 -1.0 GlobeLifeDeb2061 GLpD 16.32 0.5 GloryStarNewMedia GSMG 0.32 -3.4 GlucoTrack GCTK 0.20 -6.3 GoldenSunEduc GSUN 0.52 -5.1 GoldmanSachs GS 298.10 0.3 GoPro GPRO 2.60 -2.3 GossamerBio GOSS 0.52 -3.3 GrabWt GRABW 0.27 -5.2 Greif B GEF.B 63.30 -0.4 GromSocialEnts GROM 1.17 -2.4 GrowGeneration GRWG 2.17 -2.2 GrupoTelevisa TV 2.37 -0.8 GuardforceAI GFAI 3.37 -13.0 HallofFameWt HOFVW 0.02 24.0 Hanryu HRYU 3.38 -12.0 HarborCustom HCDI 0.83 -18.3 HartfordFinPfdG HIGpG 22.80 1.3 HashiCorp HCP 20.00 -3.2 HawaiianHoldings HA 4.20 -2.3 HawthornBcsh HWBK 15.35 0.1 HaynesIntl HAYN 41.33 -1.7 Heartbeam BEAT 1.25 -0.8 Heliogen HLGN 2.10 -2.7 HeronTherap HRTX 0.60 -4.3 HighwoodsProp HIW 18.44 -1.3 Hillenbrand HI 38.10 -0.7 HilleVax HLVX 10.16 -0.2 HitekGlobal HKIT 1.60 -6.4 HothTherap HOTH 1.31 -0.7 DigitalOcean DOCN 21.42 -6.4 DiscoverFinSvcs DFS 82.07 -2.8 Dogness DOGZ 0.37 -4.4 Dominari DOMH 1.95 -2.0 Domo DOMO 8.53 -3.2 DormanProducts DORM 73.12 -0.8 DouglasElliman DOUG 1.95 -2.0 DouYuIntl DOYU 0.90 -2.7 DragonflyEnergy DFLI 1.08 -3.1 DukeEnerDeb78 DUKB 21.81 1.6 DukeEnergyPfdA DUKpA 22.71 1.6 DyneTherap DYN 7.18 -2.8 EasterlyGovtProp DEA 10.57 -1.2 EastmanChem EMN 71.25 -0.3 EditasMedicine EDIT 6.28 -2.2 8x8 EGHT 2.15 -4.7 ElectraVehicles SOLO 0.40 -7.0 EllingtonResiMtg EARN 5.36 -0.7 Emeren SOL 2.63 -2.2 EmergentBiosol EBS 2.16 -0.5 EnantaPharma ENTA 9.19 -2.3 EncoreCapital ECPG 42.43 -3.5 Endeavor EDR 17.96 -0.7 EnergyFocus EFOI 1.49 -7.0 EnphaseEnergy ENPH 97.27 -14.7 EntergyLA Bds66 ELC 19.91 0.2 EntergyMS Bds EMP 19.90 1.1 EntergyBds66 ENO 20.65 0.5 EntergyNOLA Bds ENJ 19.33 0.2 EnterpriseFinSvcs EFSC 35.62 -3.0 Envela ELA 4.00 -1.7 Enviva EVA 3.82 -8.1 EquitablePfdA EQHpA 17.26 1.1 EquitablePfdC EQHpC 13.35 2.7 ErayakPwr RAYA 0.70 -10.7 EternaTherap ERNA 1.71 -8.8 Everbridge EVBG 19.50 -1.3 Everi EVRI 11.06 -1.1 EVgo EVGO 2.47 -8.6 EVgoWt EVGOW 0.22 -18.5 Exagen XGN 1.33 -5.3 ExlService EXLS 26.71 -0.7 Expensify EXFY 2.81 -4.1 ExtraSpaceSt EXR 109.16 -2.6 Eyenovia EYEN 1.27 -2.3 FreyrBattery FREY 3.45 -5.9 FreyrBatteryWt FREY.WS 0.50 -11.6 Farfetch FTCH 1.54 -1.9 FathomDigital FATH 3.29 -2.9 FibroGen FGEN 0.54 -4.6 FifthThirdPfdK FITBO 17.58 4.2 FinanceofAm FOA 1.00 -1.9 FinchTherap FNCH 4.01 -5.6 FirstCitizensPfdA FCNCP 18.69 1.3 FirstFinBkshs FFIN 23.10 -5.7 FirstSeacoastBncp FSEA 6.53 0.2 FiverrIntl FVRR 22.49 -6.0 FloraGrowth FLGC 0.80 -5.3 CenturyCasinos CNTY 4.36 -5.2 CenturyTherap IPSC 1.45 -1.0 ChargeEnt CRGE 0.36 -4.3 ChargePoint CHPT 2.94 -4.5 Charles&Colvard CTHR 0.36 -0.5 SchwabPfdJ SCHWpJ 16.63 2.6 CherryHillMtg CHMI 2.98 0.3 Chewy CHWY 16.53 -0.4 ChinaAutoSys CAAS 3.34 ... ChinaPharma CPHI 0.11 -12.5 ChromaDex CDXC 1.27 ... CitizensFinlSvc CZFS 44.35 -2.7 Clarus CLAR 5.32 -1.0 CleverLeaves CLVR 2.44 -10.4 CogentBio COGT 8.81 -1.8 Cognex CGNX 36.20 -0.8 CommerceBcshrs CBSH 45.16 -2.4 CommercialMetals CMC 40.16 -2.3 CommScope COMM 2.24 1.3 CommBkSys CBU 39.87 -4.0 CiaSiderurgica SID 2.11 -3.6 CompleteSolarWt CSLRW 0.02 1.9 CompleteSolaria CSLR 1.05 -5.6 ComputerPrograms CPSI 13.63 -0.3 ConduitPharm CDT 1.46 -16.1 ConnexaSports CNXA 1.01 17.1 Conn's CONN 3.06 0.6 ConsensusCloud CCSI 22.25 -9.1 ContextLogic WISH 3.82 -1.3 ContraFect CFRX 0.28 -10.0 Volaris VLRS 5.84 -3.9 Corning GLW 27.16 -0.9 Vesta VTMX 28.96 -2.8 CrownCrafts CRWS 4.29 -0.9 CrownElectrokin CRKN 0.24 -2.2 Cryoport CYRX 10.88 -6.5 CubeSmart CUBE 35.38 -1.8 CueBiopharma CUE 1.78 -3.2 Cullen/Frost CFR 86.08 -5.7 Cullen/FrostPfdB CFRpB 15.60 3.7 CureVac CVAC 5.13 -3.3 Curis CRIS 4.19 -8.0 CytekBiosci CTKB 4.64 -1.5 DBV Tech DBVT 1.03 -3.6 DZS DZSI 1.54 -7.1 DaqoNewEnergy DQ 24.57 -2.4 DarioHealth DRIO 2.36 -8.1 DarlingIngred DAR 41.69 -3.5 DataKnightsA DKDCA 5.77 -13.7 DataKnights DKDCU 8.37 -16.2 DayOneBiopharm DAWN 9.67 -2.9 DecipheraPharm DCPH 10.18 -3.3 DefinitiveHlthcr DH 6.50 -13.6 DenaliTherap DNLI 18.08 -3.0 DermataTherap DRMA 0.60 -7.2 DigitalBrands DBGI 4.73 -8.2 DigitalTurbine APPS 5.15 -4.3 BioNTech BNTX 90.15 -2.5 Bio-RadLab A BIO 309.02 -1.6 BitdeerTech BTDR 3.03 -6.2 BladeAir BLDE 2.12 1.4 BlinkCharging BLNK 2.67 -6.6 BlueFoundryBncp BLFY 7.82 -1.3 BlueStarFoods BSFC 0.14 -10.9 BorqsTechs BRQS 0.61 -9.6 BostonOmaha BOC 14.66 ... BraemarHtlsPfdD BHRpD 16.50 -1.2 BridgeInvt BRDG 7.55 -4.7 BrighthousePfdB BHFAO 20.84 0.9 BrightSphere BSIG 16.48 -2.7 BroadwayFin BYFC 0.82 -4.0 BrookfieldBRP Nts BEPH 13.18 -1.6 BrookfieldFinNts BNJ 13.67 0.5 BrookfieldInfr BIP 23.15 -1.9 BrookfieldPropPf2A BPYPO 11.78 1.2 BrookfieldPrpPfA1 BPYPM 12.25 -0.8 BrunswickNts2049 BCpB 22.56 -2.1 BruushOralCare BRSH 0.48 -28.8 Bumble BMBL 13.20 -1.0 CISO Global CISO 0.11 -12.0 CLPS CLPS 0.90 -1.7 CMSEnerDeb78 CMSA 21.15 0.4 CN Energy CNEY 0.08 -9.3 CNH Indl CNHI 11.11 -1.8 CrisprTherap CRSP 38.24 -2.9 Curo CURO 0.75 -6.7 CadrenalTherap CVKD 0.52 -10.5 CalidiBiotherap CLDI 2.40 -6.8 CamdenNational CAC 26.75 -0.8 CIBC CM 35.45 -3.3 CanNtlRlwy CNI 104.62 1.3 CanadianSolar CSIQ 20.25 -5.0 Canna-GlobalWt CNGLW 0.00 -29.6 CanoHealth CANO 0.15 -9.0 Canoo GOEV 0.26 -6.4 CapitalOnePfdI COFpI 15.65 -1.1 CapitalOnePfdJ COFpJ 15.05 -1.0 CapitalOnePfdK COFpK 14.64 -0.6 CapitalOnePfdL COFpL 13.57 0.8 CapitalOnePfdN COFpN 13.26 -0.1 CapitolFedFin CFFN 4.35 -2.2 CaraTherap CARA 1.27 -5.5 CardiffOncology CRDF 1.07 0.9 Carecloud CCLD 1.01 -2.7 CareDx CDNA 4.94 0.6 CaribouBio CRBU 3.78 -0.5 CarmellTherap CTCX 1.83 -22.3 CarriageSvcs CSV 22.68 -0.9 CarverBancorp CARV 1.38 -11.6 Cel-Sci CVM 1.05 -5.3 Cellectis CLLS 1.21 -8.3 CenntroElec CENN 0.17 -3.9 CtrlPlainsBcshs CPBI 8.20 -9.0 CenturyAluminum CENX 5.94 -1.0 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session. % CHG-Daily percentage change from the previous trading session. Continued on Page B9

B8 | Saturday/Sunday, October 21 - 22, 2023 ***** THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS Net YTD Fund NAV Chg %Ret AB Funds MuniIncmShares 10.05 +0.02 -3.9 AB Funds - ADV LgCpGrAdv 82.74 -1.03 18.3 American Century Inv Ultra 68.61 -1.03 24.4 American Funds Cl A AmcpA 33.67 -0.36 12.2 AMutlA 47.20 -0.40 -1.2 BalA 29.25 -0.16 2.7 BondA 10.64 +0.03 -3.8 CapIBA 60.48 -0.35 -2.0 CapWGrA 54.01 -0.51 6.1 EupacA 49.89 -0.34 2.0 FdInvA 65.07 -0.69 9.9 GwthA 58.12 -0.76 17.4 HI TrA 8.83 -0.01 2.8 ICAA 45.56 -0.49 11.6 IncoA 21.57 -0.11 -2.5 N PerA 51.66 -0.54 9.2 NEcoA 49.07 -0.57 12.8 NwWrldA 68.81 -0.53 3.5 Net YTD Fund NAV Chg %Ret SmCpA 56.00 -0.53 -0.2 TxExA 11.56 +0.01 -1.9 WshA 52.57 -0.56 4.9 Artisan Funds IntlVal Inst 41.93 -0.34 8.7 Baird Funds AggBdInst 9.11 +0.03 -2.7 CorBdInst 9.41 +0.02 -2.2 BlackRock Funds HiYldBd Inst 6.56 -0.01 4.3 BlackRock Funds III iShS&P500IdxK495.57 -6.31 11.4 BlackRock Funds Inst EqtyDivd 17.81 -0.17 0.7 StratIncOpptyIns 8.95 +0.01 0.9 TotRet 9.26 +0.02 -3.1 Calamos Funds MktNeutI 14.57 -0.03 6.9 Columbia Class I DivIncom I 28.63 -0.23 0.5 Dimensional Fds 5GlbFxdInc 10.11 +0.01 3.9 Net YTD Fund NAV Chg %Ret EmgMktVa 27.05 -0.28 5.0 EmMktCorEq 20.45 -0.21 3.8 IntlCoreEq 13.51 -0.15 2.4 IntSmCo 16.82 -0.14 -1.5 IntSmVa 19.08 -0.16 3.6 LgCo 28.82 -0.37 11.4 US CoreEq1 31.79 -0.40 7.9 US CoreEq2 28.61 -0.36 6.6 US Small 37.83 -0.46 -1.4 US SmCpVal 38.37 -0.45 -1.1 US TgdVal 26.87 -0.33 -0.7 USLgVa 40.44 -0.52 -0.9 Dodge & Cox Balanced 93.84 -0.60 3.1 GblStock 13.55 -0.17 7.5 Income 11.62 +0.02 -1.8 Intl Stk 45.22 -0.50 4.9 Stock 220.10 -2.80 4.0 DoubleLine Funds TotRetBdI 8.22 +0.03 -3.3 Edgewood Growth Instituti EdgewoodGrInst 36.91 -0.48 17.9 Friday, October 20, 2023 Mutual Funds Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e 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 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; data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Federated Hermes Int TtlRtnBdI 8.87 +0.03 -3.4 Fidelity 500IdxInstPrem146.70 -1.86 11.5 Contrafund K6 20.75 -0.27 23.4 ExtMktIdxInstPre 65.14 -0.87 3.5 FidSerInt 8.32 +0.02 0.8 FidSerToMarket 13.89 -0.18 10.3 GrowthCompanyK6 19.16 -0.28 24.5 IntlIdxInstPrem 42.50 -0.46 3.2 LgCpGwId InstPre 25.82 -0.38 24.3 MidCpInxInstPrem 25.83 -0.34 ... SAIUSLgCpIndxFd 17.55 -0.22 11.4 SeriesBondFd 8.40 +0.03 -2.9 SeriesOverseas 11.26 -0.11 3.7 SerLTTreBdIdx 4.97 +0.03-13.0 SmCpIdxInstPrem 20.92 -0.27 -3.2 TMktIdxInstPrem116.66 -1.50 10.3 TotalMarketIndex 14.74 -0.19 10.4 TtlIntIdxInstPr 11.87 -0.12 1.4 USBdIdxInstPrem 9.64 +0.03 -3.1 Fidelity Freedom FF2030 15.02 -0.08 2.7 FF2040 9.34 -0.09 5.4 Freedom2025 K 11.92 -0.05 2.0 Freedom2030 K 15.02 -0.08 2.7 Freedom2035 K 13.06 -0.09 4.2 Freedom2040 K 9.35 -0.09 5.4 Idx2030InsPre 17.20 -0.10 2.5 Idx2035InsPre 19.41 -0.15 3.8 Idx2040InsPre 19.90 -0.19 5.0 Idx2045InsPre 20.71 -0.22 5.2 Fidelity Invest Balanc 24.38 -0.17 7.8 BluCh 149.04 -2.29 33.4 BluChpGr K6 23.14 -0.34 33.9 Contra 14.87 -0.19 24.8 CpInc 9.03 -0.03 4.3 GroCo 28.45 -0.41 26.4 InvGrBd 9.33 +0.03 -2.2 LowP 40.34 -0.38 0.6 Magin 10.92 -0.15 14.3 NASDAQ 165.16 -2.57 25.2 OTC 16.10 -0.22 25.5 Puritn 21.06 -0.16 4.1 SAIUSQtyIdx 17.58 -0.17 15.9 SrsEmrgMkt 15.95 -0.16 2.1 SrsGlobal 12.56 -0.13 1.7 SrsGroCoRetail 17.23 -0.25 25.1 SrsIntlGrw 14.77 -0.13 3.6 SrsIntlVal 10.64 -0.14 6.1 TotalBond 8.87 +0.03 -1.7 Fidelity SAI TotalBd 8.39 +0.03 -1.6 U.S.TreBdIdx 8.28 +0.03 -2.7 Fidelity Selects Semiconductors r 21.58 -0.42 48.1 Softwr 24.86 -0.53 26.5 Tech 24.73 -0.46 38.6 First Eagle Funds GlbA 60.46 -0.55 4.3 Franklin A1 IncomeA1 2.13 -0.01 -1.7 FrankTemp/Frank Adv IncomeAdv 2.11 -0.01 -1.6 FrankTemp/Franklin A Growth A 112.82 -1.56 10.4 RisDv A 82.83 -0.91 1.1 Guggenheim Funds Tru TotRtnBdFdClInst 22.01 +0.06 -1.7 Harbor Funds CapApInst 82.14 -1.26 30.9 Harding Loevner IntlEq 23.22 -0.25 -0.9 Invesco Funds A EqIncA 9.65 -0.07 -0.3 Invesco Funds Y DevMktY 35.45 -0.01 1.4 JHF III DispVal DispValMCI 24.76 -0.29 1.4 John Hancock BondR6 12.51 +0.03 -2.9 JPMorgan I Class CoreBond 9.60 +0.04 -2.3 EqInc 21.14 -0.20 -4.8 LgCpGwth 52.36 -0.79 17.1 JPMorgan R Class CoreBond 9.61 +0.03 -2.3 CorePlusBd 6.74 +0.02 -2.4 Lord Abbett I ShtDurInc p 3.78 ... 2.5 Metropolitan West TotRetBdI 8.42 +0.03 -3.8 TRBdPlan 7.89 +0.02 -3.8 MFS Funds IIE 29.19 -0.23 3.7 MFS Funds Class I GrowthI 159.10 -2.10 20.3 ValueI 45.99 -0.48 -2.5 Natixis Funds LSGrowthY 21.23 -0.33 30.4 Northern Funds StkIdx 44.95 -0.57 11.4 Old Westbury Fds LrgCpStr 15.43 -0.19 5.8 Parnassus Fds ParnEqFd 51.63 -0.78 10.5 PGIM Funds Cl Z TotalReturnBond 11.12 +0.03 -1.6 PIMCO Fds Instl AllAsset 10.26 -0.01 -0.5 TotRt 7.96 +0.02 -2.9 PIMCO Funds A IncomeFd 9.97 ... 1.0 PIMCO Funds I2 Income 9.97 ... 1.3 PIMCO Funds Instl IncomeFd 9.97 ... 1.3 Price Funds BlChip 135.37 -2.07 30.8 DivGro 64.68 -0.66 1.8 Growth 79.52 -1.16 29.1 HelSci 84.31 -0.51 -6.1 LgCapGow I 58.87 -0.86 28.2 MidCap 92.45 -1.02 4.2 NHoriz 48.79 -0.76 5.3 R2025 15.16 -0.09 3.7 R2030 22.80 -0.17 4.3 R2040 25.89 -0.27 6.0 Schwab Funds 1000 Inv r 91.18 -1.17 11.1 S&P Sel 65.48 -0.83 11.4 TSM Sel r 71.85 -0.92 10.2 TIAA/CREF Funds EqIdxInst 29.93 -0.38 10.2 IntlEqIdxInst 19.70 -0.21 3.1 LrgCpGrIdxInst 46.02 -0.67 24.2 VANGUARD ADMIRAL 500Adml 389.98 -4.96 11.4 BalAdml 40.81 -0.26 4.9 CAITAdml 10.74 ... -1.5 CapOpAdml r163.77 -1.86 12.1 DivAppIdxAdm 41.63 -0.41 2.5 EMAdmr 31.71 -0.31 -0.8 EqIncAdml 80.34 -0.91 -3.1 ExplrAdml 87.53 -1.02 0.7 ExtndAdml 103.35 -1.39 3.5 GNMAAdml 8.57 +0.02 -4.2 GrwthAdml 138.91 -2.09 27.2 HlthCareAdml r 84.68 +0.02 -2.6 HYCorAdml r 5.03 ... 2.4 InfProAd 22.29 +0.06 -1.5 IntlGrAdml 88.90 -0.98 -1.7 ITBondAdml 9.59 +0.05 -2.5 ITIGradeAdml 7.92 +0.03 -1.7 LarCapAd 97.47 -1.24 12.0 LTGradeAdml 6.91 +0.02 -7.9 MidCpAdml 248.77 -3.42 -0.4 MuHYAdml 9.72 ... -2.3 MuIntAdml 12.87 +0.01 -1.5 MuLTAdml 10.00 +0.01 -2.8 MuLtdAdml 10.51 +0.01 0.4 MuShtAdml 15.51 ... 1.6 PrmcpAdml r150.23 -1.95 14.8 RealEstatAdml102.59 -0.65 -9.5 SmCapAdml 86.35 -1.10 -0.6 SmGthAdml 71.53 -0.97 1.9 STBondAdml 9.81 +0.02 1.3 STIGradeAdml 9.88 +0.02 1.8 STIPSIxAdm 23.62 +0.03 2.4 TotBdAdml 8.99 +0.03 -2.8 TotIntBdIdxAdm 19.03 +0.05 1.8 TotIntlAdmIdx r 27.75 -0.29 1.4 TotStAdml 101.48 -1.29 10.3 TxMCapAdml217.91 -2.78 11.3 TxMIn r 13.54 -0.15 2.1 USGroAdml 124.78 -2.04 23.2 ValAdml 52.66 -0.53 -2.0 WdsrllAdml 70.17 -0.87 7.0 WellsIAdml 56.08 -0.12 -2.9 WelltnAdml 67.58 -0.45 3.6 WndsrAdml 68.56 -0.67 1.2 VANGUARD FDS DivdGro 34.04 -0.27 -2.6 IntlVal 36.62 -0.39 2.5 LifeCon 19.10 -0.05 1.8 LifeGro 37.46 -0.33 5.0 LifeMod 28.09 -0.16 3.4 PrmcpCor 29.87 -0.35 9.9 STAR 24.77 -0.17 3.3 TgtRe2020 25.99 -0.08 2.5 TgtRe2025 17.21 -0.09 3.2 TgtRe2030 32.54 -0.20 3.7 TgtRe2035 20.19 -0.14 4.3 TgtRe2040 35.68 -0.30 4.9 TgtRe2045 24.09 -0.23 5.6 TgtRe2050 40.02 -0.41 5.9 TgtRe2060 41.11 -0.42 5.9 TgtRet2055 44.64 -0.46 5.9 TgtRetInc 12.25 -0.02 1.7 WellsI 23.15 -0.05 -3.0 Welltn 39.14 -0.26 3.6 WndsrII 39.55 -0.49 6.9 VANGUARD INDEX FDS ExtndIstPl 255.03 -3.43 3.5 IdxIntl 16.59 -0.17 1.4 MdCpGrAdml 80.95 -1.15 5.2 MdCpVlAdml 65.36 -0.87 -5.2 SmValAdml 65.52 -0.78 -2.4 TotBd2 8.88 +0.03 -2.9 TotIntlInstIdx r110.97 -1.15 1.4 TotItlInstPlId r111.00 -1.15 1.5 TotSt 101.46 -1.29 10.2 VANGUARD INSTL FDS DevMktsIndInst 13.56 -0.15 2.2 DevMktsInxInst 21.20 -0.23 2.2 ExtndInst 103.34 -1.39 3.5 GrwthInst 138.92 -2.09 27.2 InPrSeIn 9.08 +0.03 -1.4 InstIdx 352.84 -4.48 11.4 InstPlus 352.83 -4.48 11.5 InstTStPlus 72.95 -0.94 10.3 MidCpInst 54.95 -0.76 -0.4 MidCpIstPl 271.02 -3.73 -0.4 RealEstaInstl 15.88 -0.10 -9.4 SmCapInst 86.35 -1.09 -0.6 SmCapIstPl 249.24 -3.15 -0.6 STIGradeInst 9.88 +0.02 1.8 STIPSIxins 23.64 +0.03 2.4 TotBdInst 8.99 +0.03 -2.8 TotBdInst2 8.88 +0.03 -2.8 TotBdInstPl 8.99 +0.03 -2.8 TotIntBdIdxInst 28.55 +0.07 1.8 TotStInst 101.50 -1.29 10.3 ValueInst 52.66 -0.53 -2.0 WCM Focus Funds WCMFocIntlGrwIns 19.76 -0.17 0.5 Western Asset CoreBondI NA ... NA CorePlusBdI NA ... NA Data provided by ABC -8.18 92.16 69.46 AECOM ACM 0.9 82 77.98 -0.13 -51.91 29.89 11.43 AES AES 4.8 dd 13.83 -0.01 7.84 82.03 59.18 Aflac AFL 2.2 10 77.58 -1.97 -18.38 145.53 109.81 AGCO AGCO 1.0 8 113.20 -2.64 15.78 351.23 206.36 Ansys ANSS ... 47 279.72 -6.20 -9.68 50.58 30.67 APA APA 2.4 9 42.16 -0.89 22.97 9.03 4.88 ASE Tech ASX 5.5 11 7.71 -0.01 6.17 771.98 437.12 ASML ASML 0.9 28 580.10 -7.63 -16.46 21.53 13.43 AT&T T 7.2 dd 15.38 0.12 -11.85 115.83 89.67 AbbottLabs ABT 2.1 33 96.78 1.34 -9.52 168.11 130.96 AbbVie ABBV 4.0 30 146.23 0.71 -8.82 89.85 66.49 AcadiaHealthcare ACHC ... 25 75.06 -1.61 11.30 330.44 242.80 Accenture ACN 1.7 28 297.00 -5.94 60.75 574.40 278.23 Adobe ADBE ... 49 540.96 -14.78 33.35 134.94 75.02 AdvDrainageSys WMS 0.5 18 109.31 -0.90 57.19 132.83 55.71 AdvMicroDevices AMD ... dd 101.81 -0.59 -7.74 5.68 4.00 Aegon AEG 5.1 ... 4.65 -0.11 -0.29 69.50 49.41 AerCap AER ... 7 58.15 0.04 -27.01 160.26 106.82 AgilentTechs A 0.8 29 109.23 -0.28 19.83 29.44 15.00 agilon health AGL ... dd 19.34 -0.15 -4.21 61.15 40.81 AgnicoEagleMines AEM 3.2 10 49.80 0.18 -9.63 328.56 235.69 AirProducts APD 2.5 28 278.57 -2.04 36.25 154.95 81.91 Airbnb ABNB ... 34 116.49 -3.48 23.39 109.24 70.65 AkamaiTech AKAM ... 35 104.02 -2.97 t -36.05 334.55 138.55 Albemarle ALB 1.2 4 138.68 -5.88 7.38 23.88 19.14 Albertsons ACI 2.2 12 22.27 -0.07 5.78 86.20 56.42 Alcon ALC 0.3 99 72.51 -0.16 t -34.74 172.65 94.26 AlexandriaRlEst ARE 5.2 28 95.06 0.34 -9.25 121.30 58.01 Alibaba BABA ... 17 79.94 -1.67 27.97 413.20 172.05 AlignTech ALGN ... 66 269.88 -0.41 -7.85 128.36 88.82 Allegion ALLE 1.9 17 97.00 -1.56 -11.57 57.52 45.15 AlliantEnergy LNT 3.7 19 48.82 -0.63 -9.15 142.15 100.57 Allstate ALL 2.9 dd 123.19 -1.55 -1.64 35.78 21.59 AllyFinancial ALLY 5.0 7 24.05 -0.57 -31.92 242.97 159.47 AlnylamPharm ALNY ... dd 161.79 1.29 54.11 142.38 83.45 Alphabet C GOOG ... 29 136.74 -2.24 53.69 141.22 83.34 Alphabet A GOOGL ... 29 135.60 -2.15 -6.56 48.11 40.91 Altria MO 9.2 11 42.71 0.10 49.01 145.86 81.43 Amazon.com AMZN ...100 125.17 -3.23 -9.56 3.24 2.40 Ambev ABEV 4.4 14 2.46 0.01 t -28.55 12.78 8.51 Amcor AMCR 5.8 12 8.51 -0.11 -11.35 99.75 79.43 Amdocs DOX 2.2 17 80.58 -0.04 -14.16 92.44 69.71 Ameren AEE 3.3 18 76.33 -1.32 -7.53 23.07 15.99 AmericaMovil AMX 2.0 11 16.83 0.29 t -12.89 19.08 11.04 AmerAirlines AAL 0.0 5 11.08 -0.37 -22.75 100.32 69.38 AEP AEP 4.5 19 73.35 -1.07 -4.18 182.15 132.21 AmerExpress AXP 1.7 13 141.57 -8.05 t -22.07 150.98 106.89 AmericanFin AFG 2.7 11 106.98 -2.12 11.78 37.97 28.79 AmHomes4Rent AMH 2.6 34 33.69 -0.28 -5.88 64.88 45.66 AIG AIG 2.4 10 59.52 -1.65 -24.44 235.57 154.58 AmerTowerREIT AMT 3.9 77 160.09 0.66 -24.03 162.59 115.39 AmerWaterWorks AWK 2.4 24 115.80 -1.22 -5.19 33.90 21.49 AmericoldRealty COLD 3.3 dd 26.84 -0.24 0.26 358.02 257.10 Ameriprise AMP 1.7 14 312.19 -4.40 1.32 164.75 114.36 Ametek AME 0.7 26 141.57 -2.08 6.16 296.67 211.71 Amgen AMGN 3.1 19 278.81 -1.79 4.89 90.28 68.99 Amphenol APH 1.1 26 79.86 -1.03 1.52 200.10 137.79 AnalogDevices ADI 2.1 23 166.52 -2.20 0.21 30.27 12.69 AngloGoldAsh AU 1.1210 19.46 0.62 -12.44 67.09 45.02 AB InBev BUD 1.2 17 52.57 -0.71 t -22.96 24.43 16.22 AnnalyCap NLY 16.0 dd 16.24 -0.10 -9.75 40.19 19.91 AnteroResources AR ... 6 27.97 -0.39 4.66 347.37 270.37 Aon AON 0.8 24 314.12 -4.96 29.11 93.18 48.62 ApolloGlbMgmt APO 2.1 39 82.36 -1.02 69.02 201.91 94.73 AppFolio APPF ... dd 178.11 -5.86 33.06 198.23 124.17 Apple AAPL 0.6 29 172.88 -2.58 37.73 155.26 78.13 ApplMaterials AMAT 1.0 18 134.12 -0.31 256.89 44.89 9.14 Applovin APP ...688 37.58 -0.96 11.13 133.79 92.55 Aptargroup ATR 1.3 32 122.22 -3.51 -1.21 124.88 84.14 Aptiv APTV 0.0 28 92.00 1.75 -11.77 33.01 23.55 Aramark ARMK 1.7 13 26.33 -0.09 -17.35 32.48 21.14 ArcelorMittal MT 1.7 4 21.67 -0.63 31.83 87.51 47.38 ArchCapital ACGL ... 14 82.76 -1.02 -21.54 98.28 69.92 ADM ADM 2.5 10 72.85 -0.99 49.33 112.15 65.29 AresMgmt ARES 3.0 63 102.20 -2.93 25.40 550.76 333.07 argenx ARGX ... dd 475.07 -4.74 53.37 198.70 105.39 AristaNetworks ANET ... 34 186.11 -5.37 t ... 69.00 46.50 Arm ARM ... ... 47.87 -1.87 8.49 147.42 95.43 ArrowElec ARW ... 6 113.45 0.81 -11.92 260.98 161.32 AspenTech AZPN ... dd 180.92 -8.68 16.73 153.90 104.49 Assurant AIZ 1.9 23 145.98 -3.09 -5.86 76.56 53.78 AstraZeneca AZN 2.2 32 63.83 -0.59 45.38 215.77 113.86 Atlassian TEAM ... dd 187.07 -5.33 -2.94 125.28 99.46 AtmosEnergy ATO 2.7 19 108.78 -1.32 8.47 233.69 179.61 Autodesk ADSK ... 50 202.69 -3.38 26.00 103.99 73.30 Autoliv ALV 2.7 20 96.49 6.32 1.18 274.92 201.46 ADP ADP 2.1 29 241.68 -4.40 0.91 2750.00 2250.33 AutoZone AZO ... 19 2488.55 -6.11 5.01 198.66 153.07 Avalonbay AVB 3.9 19 169.61 -3.44 -28.83 44.77 27.46 Avangrid AGR 5.8 20 30.59 -0.14 -2.61 25.25 17.91 Avantor AVTR ... 33 20.54 -0.29 -3.94 195.95 158.93 AveryDennison AVY 1.9 25 173.87 -3.06 6.11 251.26 153.55 AvisBudget CAR ... 3 173.94 4.78 27.08 229.95 124.11 AxonEnterprise AXON ...157 210.86 -1.45 -15.97 48.38 36.15 BCE BCE 7.8 20 36.93 -0.61 -11.60 71.52 46.92 BHP Group BHP 6.1 11 54.85 -1.69 -7.31 139.50 68.30 BILL BILL ... dd 101.00 -1.50 4.70 80.41 60.33 BJ'sWholesale BJ ... 19 69.27 -0.52 13.40 41.38 30.70 BP BP 3.8 6 39.61 -0.72 31.73 79.42 53.73 BWX Tech BWXT 1.2 31 76.51 -0.67 -6.92 160.88 73.58 Baidu BIDU ... 17 106.46 -1.40 17.98 37.58 25.73 BakerHughes BKR 2.3 31 34.84 -0.74 -13.69 62.14 43.38 Ball BALL 1.8 18 44.14 -1.02 32.28 8.28 4.79 BancoBilbaoViz BBVA 5.2 6 7.95 -0.08 -2.71 3.35 2.12 BancoBradesco BBDO 5.4 9 2.51 0.03 -6.15 23.50 17.34 BancodeChile BCH 8.3 7 19.54 -0.47 -4.82 6.63 4.76 BancSanBrasil BSBR 4.9 ... 5.13 -0.06 8.08 21.81 13.57 BcoSantChile BSAC 5.5 13 17.12 -0.33 22.03 4.09 2.50 BancoSantander SAN 2.9 6 3.60 -0.05 -10.97 30.89 21.55 BanColombia CIB 4.4 8 25.41 ... -20.56 38.60 25.46 BankofAmerica BAC 3.6 7 26.31 -0.65 t -14.44 102.79 77.50 BankMontreal BMO 4.4 10 77.52 -1.53 -8.48 52.26 38.11 BankNY Mellon BK 4.0 10 41.66 -0.53 t -15.62 55.91 41.26 BankNovaScotia BNS 7.5 9 41.33 -1.12 -9.36 9.44 6.38 Barclays BCS 5.2 ... 7.07 -0.11 -1.69 20.75 13.01 BarrickGold GOLD 2.7 dd 16.89 0.28 -26.20 49.55 30.03 Bath&BodyWks BBWI 2.6 10 31.10 0.39 -35.86 58.12 31.01 BaxterIntl BAX 3.5 dd 32.69 0.08 1.71 287.32 217.70 BectonDicknsn BDX 1.4 47 258.64 1.16 -24.88 280.62 142.02 BeiGene BGNE ... dd 165.21 6.54 35.34 55.37 31.75 BentleySystems BSY 0.4102 50.02 -1.34 -12.80 76.99 55.50 Berkley WRB 0.7 14 63.28 -0.96 8.73 373.34 271.46 BerkHathwy B BRK.B ... 8 335.86 -2.80 9.02 566570 410112 BerkHathwy A BRK.A ... 9 511000 -4549.98 -8.34 68.01 45.22 BerryGlobal BERY 1.8 10 55.39 -0.50 -14.37 93.32 61.85 BestBuy BBY 5.4 12 68.68 -0.82 t -22.70 90.63 63.21 Bio-Techne TECH 0.5 36 64.07 0.57 t -26.09 509.62 309.01 Bio-RadLab A BIO ... dd 310.79 -5.20 -7.03 319.76 248.41 Biogen BIIB ... 14 257.45 0.15 -20.66 117.77 80.53 BioMarinPharm BMRN ...159 82.11 -0.48 t -39.48 188.99 90.15 BioNTech BNTX 0.0 5 90.91 -2.33 ... 42.51 35.83 Birkenstock BIRK ... 42 38.70 1.44 -13.24 785.65 570.94 BlackRock BLK 3.3 17 614.83 -7.68 27.27 116.78 71.72 Blackstone BX 3.5 57 94.42 0.20 18.46 44.83 28.83 BlockHR HRB 3.0 12 43.25 -0.14 -30.01 89.97 40.77 Block SQ ... dd 43.98 -0.19 16.70 14.04 8.54 BlueOwlCapital OWL 4.5228 12.37 -0.30 -5.49 243.10 132.21 Boeing BA 0.0 dd 180.04 -2.75 36.79 3251.71 1760.02 Booking BKNG ... 24 2756.64 -28.56 16.58 130.34 87.99 BoozAllen BAH 1.5 55 121.85 -1.46 9.04 47.05 29.71 BorgWarner BWA 1.1 10 38.61 0.50 -20.24 79.42 46.18 BostonProps BXP 7.3 13 53.90 -0.65 8.17 55.38 39.52 BostonSci BSX ... 84 50.05 -0.50 -21.53 81.44 55.70 BristolMyers BMY 4.0 15 56.46 -0.02 -25.41 42.36 29.61 BritishAmTob BTI 9.5 6 29.82 -0.20 52.67 925.91 429.17 Broadcom AVGO 2.2 26 853.63 -14.20 29.12 189.69 131.35 BroadridgeFinl BR 1.8 33 173.19 -2.71 6.07 36.50 26.76 BrookfieldAsset BAM 4.2 7 30.41 -0.33 -2.38 38.48 28.25 Brookfield BN 0.9342 30.71 -0.50 t -25.07 38.20 23.15 BrookfieldInfr BIP 6.6 42 23.22 -0.45 -15.72 36.16 21.77 BrookfieldRenew BEPC 5.8 13 23.21 0.29 17.90 74.57 52.82 Brown&Brown BRO 0.8 26 67.17 -1.10 -14.32 74.42 53.52 Brown-Forman A BF.A 1.5 35 56.34 -0.45 -15.79 74.76 52.59 Brown-Forman B BF.B 1.5 35 55.31 -0.44 -12.85 84.84 56.27 Bruker BRKR 0.3 28 59.57 -0.08 68.43 156.85 53.79 BuildersFirst BLDR ... 8 109.28 -2.11 1.83 116.59 87.86 Bunge BG 2.6 8 101.60 -2.05 -39.74 239.94 114.96 BurlingtonStrs BURL ... 30 122.19 1.57 8.81 359.33 262.40 CACI Intl CACI ... 20 327.06 -4.38 -12.31 89.58 66.43 CBRE Group CBRE ... 26 67.49 -0.83 41.72 13.41 8.24 CCC Intelligent CCCS ... dd 12.33 -0.14 12.23 215.81 157.50 CDW CDW 1.2 26 200.42 -2.43 -2.61 112.44 60.08 CF Industries CF 1.9 7 82.98 -2.70 13.22 107.66 75.68 CGI A GIB ... 20 97.52 -0.92 -6.80 108.05 82.46 CH Robinson CHRW 2.9 20 85.33 2.02 26.55 221.76 166.54 CME Group CME 2.1 26 212.81 -1.31 -16.45 65.72 49.87 CMS Energy CMS 3.7 21 52.91 -0.60 -6.60 45.42 36.17 CNA Fin CNA 4.3 11 39.49 -0.83 t -30.20 17.98 11.11 CNH Indl CNHI 3.5 7 11.21 -0.21 42.46 60.00 37.27 CRH CRH 0.5 14 54.99 0.42 -0.71 34.38 26.96 CSX CSX 1.4 16 30.76 0.22 -25.90 104.83 64.62 CVS Health CVS 3.5 30 69.05 -1.56 48.56 255.85 138.76 CadenceDesign CDNS ... 73 238.64 -6.42 8.01 25.04 16.98 CAE CAE 0.0 31 20.89 -0.51 -0.62 60.27 36.52 CaesarsEnt CZR ... 13 41.34 -0.57 -17.01 127.60 91.82 CamdenProperty CPT 4.3 49 92.85 -1.19 68.46 42.16 21.22 Cameco CCJ 0.2236 38.19 -0.15 -30.01 57.77 37.94 CampbellSoup CPB 3.7 14 39.72 -0.06 t -12.29 48.84 35.45 CIBC CM 7.1 10 35.48 -1.20 t -10.46 129.89 104.62 CanNtlRlwy CNI 2.3 18 106.45 1.37 17.85 67.70 48.81 CanadianNatRscs CNQ 4.1 13 65.44 -1.04 -4.59 85.40 68.51 CdnPacKC CP 0.8 21 71.17 -0.12 -2.94 123.09 83.93 CapitalOne COF 2.7 7 90.23 -2.47 20.18 95.45 68.53 CardinalHealth CAH 2.1 93 92.38 -0.41 4.47 289.12 203.66 Carlisle CSL 1.4 18 246.18 -0.44 -7.07 38.32 25.20 Carlyle CG 5.0 25 27.73 0.19 3.20 87.50 52.10 CarMax KMX ... 22 62.84 -0.58 36.85 19.55 7.53 Carnival CCL 0.0 dd 11.03 -0.36 38.53 17.67 6.74 Carnival CUK 0.0 dd 9.96 -0.29 YTD 52-Week Yld Net % Chg Hi Lo Stock Sym % PE Last Chg 17.04 60.04 33.95 CarrierGlobal CARR 1.5 19 48.28 -0.72 16.77 284.18 202.13 CaseysGenStores CASY 0.7 21 261.98 -2.08 -6.33 74.49 31.45 Catalent CTLT ... dd 42.16 -0.98 4.02 293.88 179.21 Caterpillar CAT 2.1 16 249.20 -2.39 12.70 131.05 90.07 Celanese CE 2.4 10 115.22 -1.43 55.73 206.85 78.25 CelsiusHldg CELH ... dd 162.02 -9.91 48.15 8.46 3.34 Cemex CX ... 15 6.00 -0.03 13.90 194.79 142.47 Cencora COR 1.0 23 188.75 -1.14 6.44 22.18 14.97 CenovusEnergy CVE 1.6 14 20.66 -0.52 -12.34 87.84 60.83 Centene CNC ... 15 71.89 -0.05 -9.50 31.52 25.42 CenterPointEner CNP 2.9 24 27.14 -0.33 -14.75 10.38 5.67 CentraisElBras EBR 0.7 46 6.76 0.03 8.70 79.66 52.92 CeridianHCM CDAY ... dd 69.73 -1.57 15.94 38.37 22.62 ChampionX CHX 1.0 27 33.61 -0.65 -14.91 262.00 181.22 CharlesRiverLabs CRL ... 20 185.41 -1.99 30.44 242.59 101.44 ChartIndustries GTLS ... dd 150.31 -4.73 26.70 458.30 302.21 CharterComms CHTR ... 14 429.65 -6.22 6.73 138.64 111.58 CheckPoint CHKP ... 20 134.65 -0.85 0.33 574.66 438.44 Chemed CHE 0.3 34 512.11 -6.92 14.58 182.35 135.00 CheniereEnergy LNG 0.9 5 171.83 -3.71 -2.69 62.08 42.96 CheniereEnerPtrs CQP 5.6 7 55.34 0.35 -6.73 107.31 69.68 ChesapeakeEner CHK 2.5 2 88.02 -0.75 -7.05 189.68 149.74 Chevron CVX 3.6 11 166.83 -2.27 t -54.69 52.88 16.53 Chewy CHWY ...146 16.80 -0.06 31.98 2175.01 1344.05 Chipotle CMG ... 46 1831.25 -16.38 24.69 172.97 117.05 ChordEnergy CHRD 2.9 4 170.59 -0.90 -5.72 231.37 183.40 Chubb CB 1.7 15 207.99 -2.56 -2.41 41.58 32.90 ChunghwaTel CHT 3.2 23 35.71 -0.07 11.80 100.52 70.30 Church&Dwight CHD 1.2 50 90.12 0.52 4.89 150.45 97.64 ChurchillDowns CHDN 0.3 24 110.88 -1.32 -18.32 54.25 40.10 Ciena CIEN ... 28 41.64 -0.48 -7.41 340.11 240.50 Cigna CI 1.6 14 306.78 -3.39 -3.67 130.66 95.01 CincinnatiFinl CINF 3.0 12 98.63 -2.29 10.31 525.37 389.48 Cintas CTAS 1.1 37 498.19 -4.63 11.10 58.19 41.81 CiscoSystems CSCO 2.9 17 52.93 -0.39 -12.27 53.23 39.14 Citigroup C 5.3 6 39.68 -0.38 -39.65 44.82 23.37 CitizensFin CFG 7.1 6 23.76 -1.12 35.16 86.58 53.56 CivitasRscs CIVI 10.2 6 78.30 -0.53 37.43 178.33 109.36 CleanHarbors CLH ... 21 156.84 -2.00 -9.44 22.83 11.82 Cleveland-Cliffs CLF 0.0 33 14.59 0.05 -12.49 178.21 119.51 Clorox CLX 3.9103 122.80 -1.19 31.34 76.07 37.37 Cloudflare NET ... dd 59.38 -3.41 -14.21 64.99 51.55 Coca-Cola KO 3.4 23 54.57 0.22 3.25 66.79 44.09 Coca-ColaEuro CCEP 3.2 15 57.12 -0.71 t -22.52 59.51 36.20 Cognex CGNX 0.8 37 36.50 -0.29 14.95 72.70 51.33 CognizantTech CTSH 1.8 15 65.74 0.30 110.96 114.43 31.55 CoinbaseGlbl COIN ... dd 74.66 1.56 -7.01 82.09 67.62 ColgatePalm CL 2.6 41 73.27 0.56 22.56 47.45 30.04 Comcast A CMCSA 2.7 27 42.86 -0.21 12.76 12.70 8.45 SABESP SBS 1.9 13 12.02 0.09 -30.26 41.30 25.16 ConagraBrands CAG 5.2 12 26.99 -0.16 28.69 41.22 16.60 Confluent CFLT ... dd 28.62 -1.20 5.14 138.49 91.53 ConocoPhillips COP 1.6 12 124.06 -2.32 -8.66 100.92 80.46 ConEd ED 3.7 13 87.06 -0.61 -0.59 273.65 208.12 ConstBrands A STZ 1.5 28 230.39 -2.81 30.03 118.64 71.16 ConstellationEner CEG 1.0 47 112.10 -2.19 -1.87 399.62 250.58 Cooper COO 0.0 59 324.47 0.67 43.50 47.38 26.88 Copart CPRT ... 34 43.69 -0.64 55.10 33.32 18.75 Core&Main CNM ... 14 29.95 -0.20 2.94 23.50 14.01 CorebridgeFin CRBG 4.5 6 20.65 -0.55 t -14.93 37.10 27.16 Corning GLW 4.1 37 27.17 -0.26 -14.49 68.43 48.59 Corteva CTVA 1.3 39 50.26 -0.70 -4.45 92.36 65.12 CoStar CSGP ... 78 73.84 -0.10 21.12 577.30 447.90 Costco COST 0.7 39 552.93 -12.70 17.75 31.76 22.25 CoterraEnergy CTRA 2.8 7 28.93 -0.67 10.86 13.46 6.19 Coty COTY 0.0 17 9.49 -0.14 19.99 20.37 12.66 Coupang CPNG ... 74 17.65 -0.04 -8.68 160.15 120.80 Credicorp BAP 5.4 7 123.89 -2.07 69.78 191.99 92.25 CrowdStrike CRWD ... dd 178.76 -5.76 -36.49 153.98 85.00 CrownCastle CCI 7.3 24 86.14 0.25 -4.73 96.35 66.00 CrownHoldings CCK 1.2 20 78.32 -1.57 t -11.73 48.93 35.38 CubeSmart CUBE 5.5 21 35.53 -0.64 -9.53 265.28 203.18 Cummins CMI 3.1 12 219.19 -2.51 20.67 210.21 156.76 Curtiss-Wright CW 0.4 24 201.50 -1.80 26.19 174.94 113.19 CyberArkSoftware CYBR ... dd 163.60 -4.43 DEF -17.77 122.41 90.14 DTE Energy DTE 3.9 15 96.65 -0.09 -12.51 249.55 196.08 Danaher DHR 0.5 24 205.83 -1.47 1.69 173.06 131.33 Darden DRI 3.6 18 140.67 -1.59 t -33.38 82.69 41.69 DarlingIngred DAR ... 9 41.70 -1.51 17.12 118.02 61.34 Datadog DDOG ... dd 86.08 -1.67 3.82 116.97 65.28 DaVita DVA ... 16 77.52 -4.10 24.66 568.47 326.10 DeckersOutdoor DECK ... 25 497.59 -11.29 -12.50 450.00 345.55 Deere DE 1.4 11 375.15 -6.22 63.87 72.82 35.26 DellTechC DELL ... 26 65.91 -1.12 -1.92 49.81 30.98 DeltaAir DAL 1.2 6 32.23 -0.48 0.03 43.24 26.48 DentsplySirona XRAY 1.8 dd 31.85 0.35 4.08 82.02 64.15 DescartesSystems DSGX ... 55 72.49 -0.87 -12.24 13.57 8.57 DeutscheBank DB 3.2 4 10.11 -0.12 -21.44 78.82 42.59 DevonEnergy DVN 7.1 7 48.32 -0.93 -24.08 139.55 74.75 DexCom DXCM ...100 85.97 -0.07 -14.71 191.93 146.60 Diageo DEO 2.6 19 151.97 -1.46 21.71 171.40 119.01 DiamondbkEner FANG 2.0 9 166.48 -2.44 -9.13 152.61 98.01 Dick's DKS 3.7 10 109.31 0.50 15.50 133.39 86.33 DigitalRealty DLR 4.2 90 115.81 0.17 t -15.99 122.50 82.07 DiscoverFinSvcs DFS 3.4 6 82.19 -2.40 -4.87 118.18 78.73 Disney DIS 0.0 67 82.65 -0.60 -27.34 69.45 39.57 DocuSign DOCU ... dd 40.27 -0.87 13.24 91.02 64.62 DolbyLab DLB 1.4 35 79.88 -0.53 -53.21 261.59 101.09 DollarGeneral DG 2.0 12 115.22 -0.29 -21.85 170.36 102.77 DollarTree DLTR ... 20 110.53 -2.58 -34.74 70.80 39.24 DominionEner D 6.7 15 40.02 -0.62 0.37 409.95 285.84 Domino's DPZ 1.4 24 347.69 3.38 -0.49 66.96 51.47 Donaldson DCI 1.7 20 58.58 -0.25 49.67 92.61 41.37 DoorDash DASH ... dd 73.07 -0.30 -0.53 160.66 119.25 Dover DOV 1.5 19 134.69 0.26 -2.78 60.88 44.95 Dow DOW 5.7 20 48.99 -0.46 27.96 73.17 51.11 DrReddy'sLab RDY 0.6 19 66.22 -0.99 137.66 34.49 10.69 DraftKings DKNG ... dd 27.07 -0.65 19.26 28.68 18.71 Dropbox DBX ... 18 26.69 -0.63 -15.50 106.43 83.06 DukeEnergy DUK 4.7 48 87.03 -0.75 115.98 179.84 64.73 Duolingo DUOL ... dd 153.63 0.67 6.38 78.74 53.62 DuPont DD 2.0 8 73.01 -0.97 20.94 55.87 31.54 Dynatrace DT ... 95 46.32 -1.28 29.99 227.50 123.79 EMCOR EME 0.4 19 192.53 -3.06 13.40 33.05 23.34 ENI E 4.1 6 32.50 -0.24 2.86 150.88 98.52 EOG Rscs EOG 2.5 9 133.23 -3.00 -31.86 385.96 197.99 EPAM Systems EPAM ... 25 223.33 -7.40 25.18 44.98 28.11 EQT EQT 1.5 5 42.35 -0.74 -21.88 80.98 33.86 EastWestBncp EWBC 3.7 6 51.48 -1.50 5.92 188.85 138.89 EastGroup EGP 3.2 42 156.82 -2.14 t -12.46 92.21 71.25 EastmanChem EMN 4.4 12 71.29 -0.24 23.60 240.44 134.81 Eaton ETN 1.8 29 193.99 -5.92 -1.71 52.23 37.08 eBay EBAY 2.5 16 40.76 -0.38 9.87 191.41 131.04 Ecolab ECL 1.3 39 159.93 -0.41 17.00 13.08 8.59 Ecopetrol EC 17.7 4 12.25 -0.06 -1.43 74.92 54.73 EdisonIntl EIX 4.7 25 62.71 -1.29 -6.88 94.87 67.13 EdwardsLife EW ... 31 69.48 0.40 54.60 84.04 46.18 Elastic ESTC ... dd 79.62 -2.58 16.73 225.22 162.01 ElbitSystems ESLT 1.0 32 191.49 -1.61 4.31 140.30 108.53 ElectronicArts EA 0.6 39 127.44 -0.79 -11.54 549.52 412.00 ElevanceHealth ELV 1.3 18 453.78 -9.50 -4.78 100.62 76.94 EmersonElec EMR 2.3 5 91.47 -1.67 -18.62 42.12 31.03 Enbridge ENB 8.4 23 31.82 -0.27 5.40 72.06 45.19 EncompassHealth EHC 1.0 20 63.04 -0.32 t -20.28 26.26 17.96 Endeavor EDR 1.3 dd 17.97 -0.13 s 17.94 14.15 11.37 EnergyTransfer ET 8.9 12 14.00 -0.03 t -62.68 339.92 97.27 EnphaseEnergy ENPH ... 25 98.89 -17.01 38.28 114.47 61.75 Entegris ENTG 0.4149 90.70 -1.17 -17.26 120.78 87.10 Entergy ETR 4.6 14 93.08 -0.29 13.97 27.95 23.14 EnterpriseProd EPD 7.3 11 27.49 -0.08 -9.26 240.35 145.98 Equifax EFX 0.9 42 176.37 -2.61 7.72 821.63 518.57 Equinix EQIX 1.9 81 705.62 1.81 -5.05 38.83 25.23 Equinor EQNR 2.6 4 34.00 -0.49 -6.06 33.24 21.89 Equitable EQH 3.3 27 26.96 -0.68 0.36 74.40 56.91 EquityLife ELS 2.8 41 64.83 -0.77 -2.58 69.45 54.60 EquityResdntl EQR 4.6 26 57.48 -1.01 20.57 313.87 199.49 ErieIndemnity ERIE 1.6 45 299.89 -4.18 -31.03 49.89 32.07 EssentialUtil WTRG 3.7 19 32.92 -0.12 -0.12 248.80 195.03 EssexProp ESS 4.4 26 211.67 -2.63 -44.66 283.62 136.30 EsteeLauder EL 1.9 49 137.30 -1.51 -45.82 149.91 61.22 Etsy ETSY ... dd 64.90 -0.52 19.55 410.74 270.34 Everest EG 1.8 13 396.02 -5.83 -23.14 65.39 46.92 Evergy EVRG 5.1 15 48.37 -0.15 -36.19 87.71 53.10 EversourceEner ES 5.0 16 53.50 -0.40 29.77 100.77 31.28 ExactSciences EXAS ... dd 64.25 -0.20 31.61 22.80 15.32 Exelixis EXEL ... 42 21.11 0.28 -9.09 44.37 35.45 Exelon EXC 3.7 18 39.30 -0.47 6.91 124.95 82.39 Expedia EXPE 0.0 17 93.65 -2.01 10.85 128.04 89.72 ExpeditorsIntl EXPD 1.2 17 115.20 0.42 t -25.54 180.76 109.16 ExtraSpaceSt EXR 2.2 18 109.59 -2.91 0.71 120.70 98.02 ExxonMobil XOM 3.3 9 111.08 -1.94 3.38 167.89 127.05 F5 FFIV ... 27 148.36 -0.15 -46.35 134.38 61.50 FMC FMC 3.5 14 66.95 0.36 17.25 205.63 140.09 FTI Consulting FCN ... 28 186.20 -3.49 7.21 474.13 377.89 FactSet FDS 0.9 36 430.12 -6.75 52.36 931.99 400.51 FairIsaac FICO ... 55 912.00 -7.26 21.75 60.93 45.10 Fastenal FAST 2.4 29 57.61 -0.92 -13.61 115.08 85.27 FederalRealty FRT 5.0 19 87.29 -0.34 38.93 270.95 149.64 FedEx FDX 2.1 16 240.62 -2.67 20.82 171.06 99.16 Ferguson FERG 2.0 17 153.40 -1.89 40.84 329.88 184.15 Ferrari RACE 0.7 49 301.70 0.31 0.48 45.51 31.84 FidNatlFinl FNF 4.8 20 37.80 -0.61 -25.72 85.18 48.57 FidNatlInfo FIS 4.1 dd 50.40 -1.02 -29.02 38.05 22.11 FifthThirdBncp FITB 6.0 7 23.29 -1.63 72.56 1512.07 505.84 FirstCitizBcshA FCNCA 0.2 2 1308.66 -47.11 -56.86 24.92 8.99 FirstHorizon FHN 5.7 6 10.57 -0.62 0.65 232.00 116.77 FirstSolar FSLR ...104 150.77 -1.20 -15.88 43.31 32.18 FirstEnergy FE 4.6 44 35.28 -0.38 13.55 163.95 118.11 FirstService FSV 0.6 46 139.15 -1.15 9.33 130.74 92.84 Fiserv FI ... 28 110.50 -1.47 -0.52 220.19 130.15 FiveBelow FIVE ... 36 175.95 -1.03 30.12 278.35 161.69 FleetCorTech FLT ... 19 239.00 -2.97 12.40 28.90 17.25 Flex FLEX ... 14 24.12 -0.64 18.25 116.03 63.51 Floor&Decor FND ... 31 82.34 -1.95 28.80 119.62 64.46 FomentoEconMex FMX 1.4 10 100.62 -0.91 0.09 15.42 10.90 FordMotor F 5.2 11 11.64 0.11 15.28 81.24 42.61 Fortinet FTNT ... 42 56.36 -1.41 -2.47 46.28 36.30 Fortis FTS 4.5 18 39.05 -0.31 9.32 79.90 59.30 Fortive FTV 0.4 31 70.24 -0.86 0.58 77.14 49.51 FortuneBrands FBIN 1.6 15 57.44 -0.16 YTD 52-Week Yld Net % Chg Hi Lo Stock Sym % PE Last Chg 0.82 37.26 28.02 FoxA FOXA 1.7 13 30.62 -0.23 -0.53 34.42 26.35 FoxB FOX 1.8 12 28.30 -0.21 1.80 161.25 116.50 Franco-Nevada FNV 1.0 40 138.93 0.86 -14.48 34.37 21.58 FranklinRscs BEN 5.3 14 22.56 -0.07 -10.84 46.73 28.79 FreeportMcM FCX 1.8 23 33.88 -1.35 8.02 27.71 13.06 FreseniusMed FMS 2.4 17 17.65 0.25 -14.62 10.18 4.58 FullTruck YMM ... 32 6.83 -0.05 42.14 72.20 28.00 Futu FUTU ... 16 57.78 -0.65 GHI 9.71 87.83 53.00 GE HealthCare GEHC 0.2 18 64.05 -1.40 2.81 39.05 24.82 GFLEnvironmental GFL 0.2 dd 30.05 0.02 1.25 39.74 31.10 GSK GSK 3.8 4 35.58 0.19 20.70 237.95 169.01 Gallagher AJG 1.0 44 227.57 -3.46 -13.46 55.13 43.95 Gaming&Leisure GLPI 6.5 16 45.08 -0.57 11.91 109.62 80.04 Garmin GRMN 2.8 20 103.28 -1.05 3.75 377.88 277.08 Gartner IT ... 30 348.76 -4.27 -19.93 23.92 15.45 GenDigital GEN 2.9 8 17.16 -0.23 -5.31 256.86 202.35 GeneralDynamics GD 2.2 19 234.94 -3.01 62.24 117.96 54.43 GeneralElec GE 0.3 13 106.08 -0.87 -24.58 90.89 60.33 GeneralMills GIS 3.7 15 63.24 0.38 -11.83 43.63 29.06 GeneralMotors GM 1.2 4 29.66 0.33 -29.59 47.50 28.05 Genmab GMAB ... 30 29.84 1.19 -23.86 48.85 35.05 Genpact G 1.6 16 35.27 ... 11.51 34.33 23.86 Gentex GNTX 1.6 20 30.41 0.07 t -25.87 187.72 128.39 GenuineParts GPC 3.0 15 128.63 -1.49 t -19.26 6.34 4.20 Gerdau GGB 0.6 4 4.26 -0.03 -9.38 89.74 66.11 GileadSciences GILD 3.9 18 77.80 -0.64 -2.46 58.70 26.24 GitLab GTLB ... dd 44.32 -2.41 11.89 129.69 92.27 GlobalPayments GPN 0.9 37 111.13 -1.28 0.87 72.50 50.40 GlobalFoundries GFS ... 20 54.36 -1.47 7.29 210.00 135.41 Globant GLOB ... 52 180.42 -4.51 -8.54 123.85 102.23 GlobeLife GL 0.8 13 110.25 -3.34 -30.91 80.04 48.78 GlobusMedical GMED ... 26 51.31 -0.09 -0.44 85.32 64.65 GoDaddy GDDY ... 36 74.49 -0.98 35.56 17.78 7.28 GoldFields GFI 3.3 19 14.03 -0.04 t -12.62 389.58 298.10 GoldmanSachs GS 3.7 15 300.05 0.86 1.55 4.03 2.19 Grab GRAB ... dd 3.27 -0.03 4.27 87.94 61.01 Graco GGG 1.3 24 70.13 -0.61 24.31 811.60 508.21 Grainger GWW 1.1 20 691.49 -11.34 -8.18 27.56 20.35 GraphicPkg GPK 2.0 9 20.43 -0.48 -4.82 10.96 5.71 Grifols GRFS 0.01156 8.09 -0.10 -12.23 200.85 108.15 GpoAeroportuar PAC 7.1 13 126.22 -1.25 -10.10 314.48 165.00 GpoAeroportSur ASR 2.4 12 209.46 -0.07 39.88 95.88 52.08 Guidewire GWRE ... dd 87.51 -1.56 0.49 304.86 178.32 HCA Healthcare HCA 1.0 12 241.13 -2.92 -16.28 71.76 56.91 HDFC Bank HDB 1.0 18 57.27 0.02 8.23 66.19 37.12 HF Sinclair DINO 3.2 5 56.16 -0.53 -3.20 33.90 25.22 HP HPQ 4.0 12 26.01 -0.44 20.96 42.47 25.49 HSBC HSBC 6.8 6 37.69 -1.42 -19.66 53.52 24.38 HWorld HTHT 0.0 71 34.08 -0.17 2.75 9.05 6.00 Haleon HLN 1.3 29 8.22 ... 7.01 43.85 27.84 Halliburton HAL 1.5 16 42.11 -1.15 -7.17 79.44 64.25 HartfordFinl HIG 2.4 11 70.39 -1.60 -8.11 73.58 45.75 Hasbro HAS 5.0 dd 56.06 -0.56 18.61 79.20 48.86 HealthEquity HQY ...493 73.11 -3.02 -33.71 28.43 16.62 HealthpeakProp PEAK 7.2 17 16.62 -0.06 2.99 182.18 147.59 Heico HEI 0.1 55 158.24 -2.60 5.37 144.25 114.81 Heico A HEI.A 0.2 44 126.28 -1.22 -14.47 89.72 66.46 HenrySchein HSIC ... 20 68.31 -0.44 -17.55 276.88 186.62 Hershey HSY 2.5 22 190.94 -0.64 14.95 167.75 113.82 Hess HES 1.1 31 163.02 -3.06 2.04 32.43 25.63 HessMidstream HESM 7.9 15 30.53 -0.23 -4.57 18.14 12.81 HewlettPackard HPE 3.2 19 15.23 -1.07 16.79 157.14 123.74 Hilton HLT 0.4 31 147.57 -2.74 -9.36 87.88 60.68 Hologic HOLX ... 35 67.81 -0.01 -9.32 347.25 268.00 HomeDepot HD 2.9 18 286.41 -0.36 41.86 36.82 21.43 HondaMotor HMC 2.1 9 32.43 -0.13 -15.39 220.96 176.52 Honeywell HON 2.4 22 181.32 -0.95 -31.02 49.73 30.70 HormelFoods HRL 3.5 20 31.42 -0.40 12.92 132.30 66.33 DR Horton DHI 1.0 7 100.66 -0.58 -3.49 19.41 14.51 HostHotels HST 4.6 15 15.49 -0.26 16.12 110.94 79.00 HoulihanLokey HLI 2.2 27 101.21 -1.62 10.23 51.34 33.99 HowmetAerospace HWM 0.5 34 43.44 -0.27 19.26 340.06 209.97 Hubbell HUBB 1.6 24 279.87 -5.13 48.40 581.40 249.99 HubSpot HUBS ... dd 429.07 -15.76 1.75 571.30 423.29 Humana HUM 0.7 19 521.15 -1.57 1.10 209.21 159.96 JBHunt JBHT 1.0 24 176.27 -2.54 -31.63 15.74 9.13 HuntingtonBcshs HBAN 6.4 6 9.64 -0.39 -5.02 260.02 188.51 HuntingIngalls HII 2.3 17 219.09 -2.24 11.03 127.80 84.63 HyattHotels H 0.6 24 100.43 -3.45 1.69 24.80 19.34 ICICI Bank IBN 0.5 17 22.26 -0.11 -31.60 9.20 4.96 ICL Group ICL 3.1 5 5.00 -0.10 4.67 564.74 320.81 IdexxLab IDXX ... 45 427.00 1.32 4.77 14.99 9.26 ING Groep ING 6.0 ... 12.75 -0.21 -10.02 241.86 171.24 IQVIA IQV ... 32 184.36 -2.39 17.23 103.96 68.00 ITT ITT 1.2 19 95.07 0.50 t -65.41 55.10 17.11 IcahnEnterprises IEP 40.0 dd 17.52 0.17 16.72 268.07 172.04 Icon ICLR ... 37 226.72 1.17 t -15.59 246.23 192.67 IDEX IEX 1.3 25 192.73 -2.87 1.48 264.19 188.86 IllinoisToolWks ITW 2.5 22 223.56 -1.34 t -40.83 248.87 118.84 Illumina ILMN ... dd 119.64 -0.34 22.71 63.07 44.22 ImperialOil IMO 2.2 8 59.81 -1.17 t -31.36 86.29 54.98 Incyte INCY ... 34 55.13 -0.51 25.35 22.12 13.29 Informatica INFA ... dd 20.42 -0.24 -5.77 20.57 14.71 Infosys INFY 1.4 23 16.97 -0.12 15.64 70.65 45.14 IngersollRand IR 0.1 35 60.42 -0.80 -50.84 335.91 125.82 Insulet PODD ...161 144.73 -0.51 32.12 40.07 24.73 Intel INTC 1.4 dd 34.92 -0.75 10.84 95.59 68.23 InteractiveBrkrs IBKR 0.5 15 80.19 -1.01 5.29 118.79 89.49 ICE ICE 1.6 36 108.02 -1.55 23.04 79.41 49.73 InterContinentl IHG 2.0 20 71.78 -2.54 -2.65 153.21 120.55 IBM IBM 4.8 64 137.16 -0.85 -37.39 118.34 62.11 IntlFlavors IFF 4.9 dd 65.64 -0.76 -3.75 41.89 29.00 IntlPaper IP 5.6 8 33.33 -0.93 -16.87 40.95 26.75 Interpublic IPG 4.5 12 27.69 -0.85 30.21 558.64 352.63 Intuit INTU 0.7 60 506.81 -14.71 0.59 358.07 206.77 IntuitiveSurgical ISRG ... 63 266.91 -6.54 5.23 36.53 28.52 InvitatHomes INVH 3.3 61 31.19 -0.37 22.21 48.75 32.69 IonisPharm IONS ... dd 46.16 -0.40 18.80 64.48 45.72 IronMountain IRM 4.4 46 59.22 -0.53 13.38 6.15 4.21 ItauUnibanco ITUB 2.5 9 5.34 ... JKL t -56.57 67.09 24.19 JD.com JD 2.5 12 24.38 -0.69 6.60 159.38 116.33 JPMorganChase JPM 2.9 9 142.95 -2.34 83.31 141.38 59.64 Jabil JBL 0.3 21 125.02 -5.32 -18.48 202.66 139.28 JackHenry JKHY 1.5 29 143.12 -2.49 10.36 141.16 109.00 JacobsSolns J 0.8 23 132.51 -0.31 37.07 31.93 17.25 JamesHardie JHX 0.0 22 24.59 -0.60 -16.17 160.96 120.64 JazzPharm JAZZ ... dd 133.55 1.52 -1.51 40.68 28.34 JefferiesFinl JEF 3.7 23 32.26 0.10 -13.39 181.04 150.11 J&J JNJ 3.1 11 153.00 0.68 t -23.89 70.43 48.65 JohnsonControls JCI 3.0 16 48.71 -0.49 t -20.78 34.53 25.03 JuniperNetworks JNPR 3.5 20 25.32 0.25 7.63 48.28 31.49 KB Financial KB 4.3 5 41.61 -0.27 11.74 65.87 45.35 KBR KBR 0.9 dd 59.00 -0.80 18.29 64.77 44.32 KKR KKR 1.2 42 54.91 -0.70 22.65 520.19 275.12 KLA KLAC 1.1 19 462.44 -2.61 -26.41 26.26 9.74 Kanzhun BZ ...129 14.99 -0.31 -15.13 245.00 158.38 KarunaTherap KRTX ... dd 166.76 -3.74 -25.02 72.41 47.62 Kellanova K 4.8 20 50.12 0.23 ... 27.80 19.01 Kenvue KVUE ... 22 19.74 -0.10 -19.66 39.73 27.66 KeurigDrPepper KDP 3.0 25 28.65 0.20 -43.23 20.30 8.54 KeyCorp KEY 8.3 8 9.89 -0.67 t -28.20 189.45 122.49 KeysightTech KEYS ... 20 122.82 -1.17 -9.33 147.87 111.85 KimberlyClark KMB 3.8 25 123.09 0.23 -21.15 23.27 16.36 KimcoRealty KIM 5.5 28 16.70 -0.18 -6.03 19.36 15.89 KinderMorgan KMI 6.7 16 16.99 -0.02 30.56 5.57 3.37 KinrossGold KGC 2.2 34 5.34 -0.03 62.43 457.73 250.90 KinsaleCapital KNSL 0.1 43 424.78 -4.53 t ... 39.47 27.40 Klaviyo KVYO ... ... 29.01 -0.99 -2.18 64.35 45.65 Knight-Swift KNX 1.1 22 51.27 5.39 27.19 23.30 11.25 Philips PHG 0.0 dd 18.25 -0.07 -29.40 8.85 5.76 KoreaElecPwr KEP 0.0 dd 6.10 -0.01 -23.09 42.80 30.68 KraftHeinz KHC 5.1 12 31.31 -0.14 -1.01 50.41 42.15 Kroger KR 2.6 20 44.13 -0.37 -9.16 59.38 48.01 LKQ LKQ 2.3 13 48.52 -0.29 2.49 271.56 179.00 LPL Financial LPLA 0.5 15 221.56 -4.32 -15.42 255.09 160.25 L3HarrisTech LHX 2.6 42 176.10 -1.80 -1.20 222.41 177.53 LabCorp.ofAmerica LH 1.4 22 199.86 0.43 42.84 726.52 354.97 LamResearch LRCX 1.3 20 600.35 -1.60 -14.54 111.49 77.20 LamarAdv LAMR 6.2 20 80.67 -2.21 -2.08 117.38 79.39 LambWeston LW 1.3 13 87.50 0.01 -5.72 65.58 33.38 LasVegasSands LVS 1.8 51 45.32 -0.56 12.70 98.30 47.43 LatticeSemi LSCC ... 50 73.12 -0.86 6.91 157.91 117.79 Lear LEA 2.3 15 132.59 2.22 33.29 77.32 42.91 LegendBiotech LEGN ... ... 66.54 0.06 -11.86 110.91 76.58 Leidos LDOS 1.6 18 92.71 -0.70 28.43 121.08 57.13 Lennar B LEN.B 1.6 7 96.04 -1.62 14.69 133.24 69.90 Lennar A LEN 1.4 8 103.79 -0.82 45.68 393.02 215.09 LennoxIntl LII 1.3 22 348.50 -8.84 56.32 47.33 12.52 LiAuto LI ...141 31.89 -0.49 17.91 96.88 68.67 LibertyBroadbandC LBRDK ... 17 89.93 -1.17 18.42 97.05 68.15 LibertyBroadbandA LBRDA 0.0 17 89.82 -1.25 -14.05 22.09 15.78 LibertyGlobal A LBTYA ... dd 16.27 -0.21 -9.06 22.78 16.75 LibertyGlobal C LBTYK ... dd 17.67 -0.20 -7.95 22.20 16.24 LibertyGlobal B LBTYB ... dd 17.49 0.49 ... 78.58 60.95 LibertyFormOne C FWONK ... 39 66.91 -1.49 ... 69.48 55.08 LibertyFormOne A FWONA ... 34 59.30 -1.08 ... 26.95 22.01 LibertySirius A LSXMA ... 13 24.96 -0.20 ... 26.85 22.24 LibertySirius C LSXMK ... 13 25.01 -0.22 27.27 79.06 47.13 Light&Wonder LNW ...353 74.58 -0.40 59.81 629.97 309.20 EliLilly LLY 0.8 82 584.64 -6.16 18.90 210.86 126.78 LincolnElectric LECO 1.7 21 171.80 -2.48 12.32 393.67 276.64 Linde LIN 1.4 32 366.36 -3.78 26.37 329.00 180.00 LithiaMotors LAD 0.8 6 258.74 -3.11 14.64 101.74 64.25 LiveNationEnt LYV ... 75 79.95 -0.55 -10.00 2.63 1.81 LloydsBanking LYG 6.2 ... 1.98 -0.02 -8.70 508.10 393.77 LockheedMartin LMT 2.8 16 444.17 -5.01 7.92 65.76 52.85 Loews L 0.4 12 62.95 -1.13 11.12 73.70 43.22 LogitechIntl LOGI 1.7 34 69.17 -1.15 -4.39 237.21 176.50 Lowe's LOW 2.3 19 190.50 0.04 t -37.34 17.81 4.25 Lucid LCID ... dd 4.28 -0.06 23.55 419.86 286.57 lululemon LULU ... 50 395.82 -0.37 10.86 102.05 75.70 LyondellBasell LYB 5.4 14 92.05 -0.70 M N -21.57 172.59 109.36 M&T Bank MTB 4.6 7 113.77 -5.84 5.13 51.35 31.40 MGM Resorts MGM 0.0 34 35.25 -0.74 133.64 29.92 4.45 MinisoGroup MNSO 1.6 31 25.07 0.11 10.26 36.80 31.34 MPLX MPLX 8.6 9 36.21 -0.37 5.28 572.50 388.12 MSCI MSCI 1.1 43 489.74 -7.53 -9.36 68.92 48.18 MagnaIntl MGA 3.6 16 50.92 0.43 56.88 211.81 107.18 ManhattanAssoc MANH ... 82 190.45 -5.81 -2.35 20.40 15.67 ManulifeFinl MFC 5.1 8 17.42 -0.39 ... 42.95 23.36 Maplebear CART ... ... 24.85 0.42 5.25 33.42 20.57 MarathonOil MRO 1.4 9 28.49 -0.70 29.62 159.50 104.32 MarathonPetrol MPC 2.0 5 150.86 -1.98 10.15 1560.00 1109.00 Markel MKL ... 10 1451.23 -28.10 -15.60 399.78 200.01 MarketAxess MKTX 1.2 35 235.38 0.55 26.25 210.98 143.92 Marriott MAR 1.1 21 187.97 -4.34 13.41 199.20 150.78 Marsh&McLen MMC 1.5 27 187.67 -3.33 21.24 463.41 303.40 MartinMarietta MLM 0.7 27 409.75 -0.97 33.56 67.99 33.75 MarvellTech MRVL 0.5 dd 49.47 -1.22 6.88 63.85 42.33 Masco MAS 2.3 14 49.88 -0.24 10.55 418.60 293.50 Mastercard MA 0.6 36 384.41 -3.46 13.56 73.78 42.04 MatadorRscs MTDR 0.9 8 65.00 -1.78 -14.39 54.60 30.73 MatchGroup MTCH ... 22 35.52 -0.68 14.69 22.64 15.36 Mattel MAT ... 33 20.46 -0.27 -23.72 94.97 59.12 McCormickVtg MKC.V 2.5 26 62.68 1.33 YTD 52-Week Yld Net % Chg Hi Lo Stock Sym % PE Last Chg -27.90 94.39 59.13 McCormick MKC 2.6 25 59.76 -0.28 -2.06 299.35 245.73 McDonald's MCD 2.6 24 258.11 -0.27 20.71 465.90 331.75 McKesson MCK 0.5 17 452.81 -0.46 7.93 282.73 153.70 Medpace MEDP ... 27 229.25 -0.31 -6.46 92.02 70.95 Medtronic MDT 3.8 27 72.70 0.35 38.22 1451.56 792.46 MercadoLibre MELI ... 79 1169.67 -10.29 -7.46 119.65 92.64 Merck MRK 2.8 85 102.67 2.24 -4.62 1.70 0.80 MetaData AIU ... dd 0.99 -0.01 156.48 330.54 88.09 MetaPlatforms META ... 36 308.65 -4.16 -16.93 77.36 48.95 MetLife MET 3.5 23 60.12 -1.80 -29.42 1615.97 1008.78 Mettler-Toledo MTD ... 26 1020.23 6.11 7.27 94.30 58.61 MicrochipTech MCHP 2.2 17 75.36 -1.43 34.49 74.77 48.43 MicronTech MU 0.7 dd 67.22 -0.31 36.21 366.78 213.43 Microsoft MSFT 0.9 34 326.67 -4.65 -18.06 176.36 125.59 MidAmApt MAA 4.4 25 128.63 -2.27 t -13.60 162.02 115.51 Middleby MIDD ... 14 115.69 -2.76 22.04 9.04 4.56 MitsubishiUFJ MUFG 2.2 9 8.14 -0.09 18.66 3.70 2.10 MizuhoFin MFG 2.7 9 3.37 -0.03 1.40 48.11 24.85 Mobileye MBLY ... dd 35.55 0.54 t -55.24 217.25 79.71 Moderna MRNA ... 30 80.40 -1.97 5.65 374.00 256.19 MolinaHealthcare MOH ... 22 348.89 -0.73 -16.65 97.70 55.16 MolsonCoorsA TAP.A 2.6369 64.18 1.11 13.88 70.90 46.90 MolsonCoorsB TAP 2.8337 58.67 0.33 8.20 189.15 73.58 monday.com MNDY ... dd 132.01 -6.87 -3.83 78.59 56.38 Mondelez MDLZ 2.7 21 64.10 -0.11 75.92 439.00 135.15 MongoDB MDB ... dd 346.28 -11.72 18.79 595.98 313.78 MonolithicPower MPWR 1.0 45 420.04 -13.71 -1.55 60.47 42.80 MonsterBev MNST ... 37 49.98 -0.42 11.12 363.19 233.22 Moody's MCO 1.0 40 309.60 -1.98 t -13.98 100.99 72.35 MorganStanley MS 4.6 13 73.13 0.21 3.82 259.28 163.28 Morningstar MORN 0.7424 224.86 -1.67 -19.28 57.46 31.44 Mosaic MOS 2.3 6 35.41 -1.03 9.13 299.43 219.43 MotorolaSol MSI 1.3 32 281.25 -0.69 9.60 51.28 32.80 MurphyOil MUR 2.3 7 47.14 -0.71 29.25 372.63 231.65 MurphyUSA MUSA 0.4 14 361.30 -3.64 t -18.72 231.54 155.16 NICE NICE ... 34 156.30 -1.94 -22.26 16.18 7.00 NIO NIO ... dd 7.58 -0.11 -22.90 48.21 34.38 NNN REIT NNN 6.4 17 35.28 -0.09 -3.83 24.83 14.05 NOV NOV 1.0 19 20.09 -0.51 27.37 45.80 30.25 NRG Energy NRG 3.7 dd 40.53 -0.23 18.98 6525.00 3965.00 NVR NVR ... 12 5488.10 -75.45 17.55 225.57 137.51 NXP Semicon NXPI 2.2 18 185.76 -2.17 -17.52 69.22 46.88 Nasdaq NDAQ 1.7 23 50.60 -0.69 -2.35 74.48 49.76 NationalGrid NGG 5.7 5 58.90 -0.54 -16.72 7.79 5.16 NatWest NWG 7.0 6 5.38 -0.08 23.69 80.53 58.08 NetApp NTAP 2.7 13 74.29 -0.75 38.54 110.82 53.09 NetEase NTES 1.7 18 100.62 -2.13 35.97 485.00 252.09 Netflix NFLX ... 40 400.96 -0.81 -7.54 129.29 89.04 Neurocrine NBIX ... 64 110.44 -0.69 -22.75 60.33 25.06 NewFortressEner NFE 1.2 17 32.77 -0.16 73.12 65.92 17.01 NewOrientalEduc EDU ... 57 60.28 -0.60 17.44 14.22 5.81 NY CmntyBcp NYCB 6.7 3 10.10 -0.37 28.74 45.30 28.16 NYTimes A NYT 1.1 39 41.79 0.49 -17.80 55.41 34.81 Newmont NEM 4.1 dd 38.80 -0.65 19.09 23.17 15.15 NewsCorp B NWS 0.9 85 21.96 -0.40 16.54 22.32 15.00 NewsCorp A NWSA 0.9 82 21.21 -0.41 -37.85 88.61 47.15 NextEraEnergy NEE 3.6 13 51.96 -0.43 -12.26 131.31 86.24 Nike NKE 1.3 32 102.67 -0.38 -8.02 28.95 22.86 NiSource NI 4.0 18 25.22 -0.41 26.07 55.34 32.51 Noble NE 2.5 19 47.54 -0.39 -31.47 5.11 3.05 Nokia NOK 2.6 5 3.18 -0.03 2.93 4.47 3.00 Nomura NMR 2.7 15 3.86 -0.04 -9.42 253.40 202.57 Nordson NDSN 1.3 25 215.32 -0.85 -18.15 261.71 186.82 NorfolkSouthern NSC 2.6 18 201.70 1.61 t -27.36 100.25 64.26 NorthernTrust NTRS 4.7 12 64.28 -1.22 -10.98 556.27 414.56 NorthropGrum NOC 1.5 16 485.70 -4.24 10.29 99.94 71.43 Novartis NVS 2.4 26 94.68 0.04 42.29 104.00 50.45 NovoNordisk NVO 0.8 23 96.29 -1.37 100.74 8.29 3.39 NuHoldings NU ...579 8.17 -0.06 7.25 182.68 125.28 Nucor NUE 1.4 7 141.36 -2.39 37.77 39.63 23.34 Nutanix NTNX ... dd 35.89 -0.88 -18.66 86.32 52.23 Nutrien NTR 3.6 8 59.40 -1.47 23.16 58.98 32.01 nVentElectric NVT 1.5 17 47.38 -0.80 183.20 502.66 118.87 NVIDIA NVDA 0.0100 413.87 -7.14 OPQ -15.25 41.00 31.25 OGE Energy OGE 5.0 15 33.52 -0.38 2.86 71.57 54.75 ONEOK OKE 5.7 12 67.58 -1.63 36.01 111.35 58.43 ON Semi ON ... 19 84.83 -2.18 7.47 975.72 729.59 OReillyAuto ORLY ... 25 907.06 8.67 3.48 76.11 55.51 OccidentalPetrol OXY 1.1 11 65.18 -1.28 10.60 91.50 44.12 Okta OKTA ... dd 75.57 -9.89 38.50 438.05 252.62 OldDomFreight ODFL 0.4 34 393.03 -3.42 11.26 29.89 22.29 OldRepublic ORI 3.6 10 26.87 -0.30 18.60 34.77 25.61 OmegaHealthcare OHI 8.1 33 33.15 -0.28 -9.35 99.23 67.84 Omnicom OMC 3.8 11 73.94 -0.28 45.92 37.08 15.87 OnHolding ONON ...178 25.04 -0.23 12.15 43.25 26.03 OpenText OTEX 3.0 60 33.24 -0.17 24.60 127.54 70.31 Oracle ORCL 1.6 30 101.85 -6.49 15.99 13.08 9.12 Orange ORAN 5.0 18 11.46 -0.08 10.71 101.56 68.78 Orix IX 2.9 11 89.14 -0.24 -1.00 91.33 64.30 OtisWorldwide OTIS 1.8 24 77.53 -0.64 -1.60 59.10 32.07 Ovintiv OVV 2.4 4 49.90 -0.97 44.16 147.00 80.24 OwensCorning OC 1.7 9 122.97 0.14 26.03 111.68 38.80 PDD PDD ... 25 102.78 -1.29 -1.48 18.19 13.98 PG&E PCG ... 17 16.02 0.02 -29.20 170.28 110.31 PNC Finl PNC 5.5 8 111.82 -3.84 53.00 133.09 41.80 POSCO PKX 1.7 26 83.34 -5.76 -0.81 152.89 107.42 PPG Ind PPG 2.1 21 124.72 0.38 -18.69 31.74 22.20 PPL PPL 4.0 24 23.76 -0.06 14.75 152.09 106.80 PTC PTC ... 53 137.75 -3.57 23.64 90.05 58.47 Paccar PCAR 1.3 12 81.58 -0.97 12.95 158.66 112.00 PackagingCpAm PKG 3.5 15 144.48 -5.07 150.93 20.24 5.92 PalantirTech PLTR ... dd 16.11 -0.95 74.22 265.90 132.22 PaloAltoNtwks PANW ...192 243.10 -10.03 28.46 48.79 22.80 PampaEnergia PAM ... 4 41.03 -0.95 -31.87 25.93 11.38 ParamountB PARA 1.7 dd 11.50 -0.28 -26.21 29.51 14.07 ParamountA PARAA 1.4 dd 14.47 -0.30 28.15 428.16 258.89 ParkerHannifin PH 1.6 23 372.92 -2.06 0.38 129.70 104.09 Paychex PAYX 3.1 26 116.00 -2.19 -16.51 374.04 252.12 PaycomSoftware PAYC 0.6 48 259.09 -6.41 -2.57 235.68 160.00 Paylocity PCTY ... 76 189.27 -6.78 t -25.04 92.62 53.34 PayPal PYPL ... 15 53.39 -1.42 -3.19 12.03 9.29 Pearson PSO 2.5 22 10.91 -0.03 -10.01 36.93 28.15 PembinaPipeline PBA 6.6 8 30.55 -0.23 28.22 180.84 95.68 PenskeAuto PAG 1.9 8 147.36 -0.61 38.31 71.82 38.55 Pentair PNR 1.4 21 62.21 -0.83 -7.62 348.67 144.76 Penumbra PEN ...277 205.50 -1.46 -11.44 196.88 155.83 PepsiCo PEP 3.2 27 160.00 -0.56 -4.73 64.34 45.22 PerformanceFood PFGC ... 22 55.63 -0.43 60.11 15.49 8.43 PermianRscs PR 1.3 10 15.05 -0.41 52.21 16.55 8.88 PetroleoBrasil PBR 21.9 4 16.21 -0.15 61.79 15.30 7.86 PetroleoBrasilA PBR.A 23.6 3 15.03 -0.17 t -40.18 54.93 30.48 Pfizer PFE 5.4 8 30.65 -0.54 -8.55 105.62 84.44 PhilipMorris PM 5.6 18 92.56 1.83 9.09 125.19 89.74 Phillips66 PSX 3.7 5 113.54 -1.65 -2.38 86.03 62.58 PinnacleWest PNW 4.7 21 74.23 -1.07 6.92 30.86 20.60 Pinterest PINS ... dd 25.96 -0.59 9.87 274.70 177.26 PioneerNatRscs PXD 6.6 11 250.93 -4.40 33.50 16.05 11.16 PlainsAllAmPipe PAA 6.8 10 15.70 -0.08 29.66 16.70 11.79 PlainsGP PAGP 6.6 16 16.13 -0.13 6.56 423.97 278.10 Pool POOL 1.4 23 322.17 -3.03 39.98 220.00 131.00 Primerica PRI 1.3 16 198.52 -6.14 -18.89 96.17 65.17 PrincipalFinl PFG 3.8 11 68.07 -1.44 33.28 76.86 41.80 ProcoreTech PCOR ... dd 62.88 -1.67 -2.32 158.38 126.48 Procter&Gamble PG 2.5 24 148.05 -0.20 19.37 161.00 111.41 Progressive PGR 0.3 34 154.84 -2.96 -9.14 136.67 100.64 Prologis PLD 3.4 32 102.43 -0.15 -9.02 110.96 75.37 PrudentialFinl PRU 5.5 30 90.49 -2.80 -26.20 34.37 18.20 Prudential PUK 1.9 15 20.28 -0.56 -3.22 65.46 53.29 PublicServiceEnt PEG 3.8 11 59.30 -0.53 t -10.35 316.48 250.82 PublicStorage PSA 4.8 11 251.19 -7.31 52.98 86.16 35.99 PulteGroup PHM 0.9 6 69.65 -0.48 23.62 40.50 22.14 PureStorage PSTG ... dd 33.08 -0.76 -24.74 51.18 37.43 Qiagen QGEN ... 26 37.53 0.01 -0.71 114.59 79.75 Qorvo QRVO ... dd 90.00 -0.98 -1.19 139.94 101.47 Qualcomm QCOM 2.9 14 108.63 -2.65 15.58 212.82 130.60 QuantaServices PWR 0.2 42 164.70 -4.04 -20.91 158.34 119.59 QuestDiag DGX 2.3 18 123.73 0.90 R S 7.61 256.29 195.18 RBC Bearings RBC ... 42 225.28 5.22 9.74 67.77 48.72 RB Global RBA 1.7 69 63.46 -0.51 24.21 35.89 24.59 RELX RELX 2.0 31 34.43 -0.50 -4.33 107.40 78.52 RPM RPM 2.0 24 93.23 -1.18 -28.11 104.91 68.56 RTX RTX 3.3 19 72.55 -1.34 9.58 135.75 88.50 RalphLauren RL 2.6 15 115.79 -1.26 37.49 35.80 22.61 RangeResources RRC 0.9 5 34.40 -0.34 -10.57 126.00 82.00 RaymondJames RJF 1.8 12 95.56 -1.29 -22.20 68.85 48.41 RealtyIncome O 6.2 37 49.35 -0.07 2.33 166.00 111.84 RegalRexnord RRX 1.1 33 122.77 -2.04 -5.36 68.56 53.80 RegencyCtrs REG 4.4 28 59.15 -0.04 12.06 853.97 668.00 RegenPharm REGN ... 21 808.47 -0.17 t -33.02 24.33 13.82 RegionsFinl RF 6.6 6 14.44 -2.04 4.30 156.08 120.99 ReinsGrp RGA 2.3 11 148.20 -1.87 21.37 295.98 179.78 RelianceSteel RS 1.6 10 245.71 -4.59 17.72 225.80 138.09 RenaissanceRe RNR 0.7 27 216.88 -1.66 t -9.51 41.55 26.84 RentokilInit RTO 1.6 38 27.88 -2.54 -13.79 212.17 134.64 Repligen RGEN ... 60 145.97 -0.31 12.52 156.65 120.58 RepublicSvcs RSG 1.5 29 145.14 -0.65 -30.72 243.52 136.02 ResMed RMD 1.3 24 144.20 1.91 1.25 78.30 55.65 RestaurantBrands QSR 3.4 20 65.48 -0.50 -27.49 150.17 100.99 Revvity RVTY 0.3 16 101.67 0.24 t -19.40 66.71 43.91 RexfordIndlRealty REXR 3.5 42 44.04 -0.53 -14.94 80.52 52.25 RioTinto RIO 6.6 11 60.56 -1.34 -9.28 36.45 11.68 Rivian RIVN ... dd 16.72 -0.44 -0.23 89.78 64.65 RobertHalf RHI 2.6 15 73.66 -0.81 12.16 13.23 7.57 Robinhood HOOD ... dd 9.13 0.16 11.56 47.67 24.88 Roblox RBLX ... dd 31.75 0.08 4.43 11.95 5.97 RocketCos. RKT 0.0 dd 7.31 -0.12 3.30 348.52 221.83 Rockwell ROK 1.8 22 266.06 -5.46 -21.35 50.16 36.69 RogersComm B RCI 4.0 17 36.84 -1.06 20.90 13.24 4.10 RoivantSciences ROIV ... dd 9.66 -0.11 46.93 98.44 38.26 Roku ROKU ... dd 59.80 -2.68 -9.55 45.04 32.19 Rollins ROL 1.6 42 33.05 0.13 11.58 508.90 365.11 RoperTech ROP 0.6 41 482.12 -5.41 -0.35 122.70 82.14 RossStores ROST 1.2 25 115.66 -0.60 t -13.88 104.72 80.88 RoyalBkCanada RY 4.9 11 80.97 -1.46 61.93 112.95 45.80 RoyalCaribbean RCL 0.0 dd 80.04 -2.04 -2.23 147.82 86.75 RoyalGold RGLD 1.4 32 110.21 -0.86 -30.06 44.47 25.92 RoyaltyPharma RPRX 2.9 49 27.64 -0.47 8.99 50.64 32.13 RyanSpecialty RYAN ... 74 45.24 -0.22 19.60 112.75 61.13 Ryanair RYAAY ... 11 89.41 -0.89 26.66 145.10 88.02 SAP SAP 1.2 56 130.70 -2.68 4.51 428.65 287.31 S&P Global SPGI 1.0 48 350.03 -7.53 -31.55 312.34 185.23 SBA Comm SBAC 1.8 41 191.88 2.44 -5.66 64.69 46.71 SEI Investments SEIC 1.6 19 55.00 -0.58 -0.58 21.73 18.26 SK Telecom SKM 5.5 10 20.47 -0.08 -3.80 64.52 46.79 SS&C Tech SSNC 1.9 21 50.08 -0.70 82.70 443.85 180.17 Saia SAIA ... 30 383.09 2.15 53.65 238.22 126.34 Salesforce CRM ...128 203.73 -4.59 83.59 32.41 8.42 Samsara IOT ... dd 22.82 -0.41 7.47 57.82 39.52 Sanofi SNY 2.6 15 52.05 -0.26 -14.18 159.89 100.15 SareptaTherap SRPT ... dd 111.20 -1.80 -15.79 18.70 11.56 Sasol SSL 5.5 16 13.23 -0.17 8.89 62.12 42.73 Schlumberger SLB 1.7 20 58.21 -1.76 -38.90 86.63 45.00 SchwabC SCHW 2.0 17 50.87 -1.03 -14.26 88.84 34.87 Sea SE ...118 44.61 -0.48 26.76 74.51 47.47 Seagate STX 4.2 dd 66.69 -0.18 67.69 217.08 116.08 Seagen SGEN ... dd 215.50 0.53 16.98 108.10 84.47 SelectiveIns SIGI 1.2 23 103.66 -2.46 -11.27 84.12 63.75 Sempra SRE 3.5 17 68.56 -0.99 YTD 52-Week Yld Net % Chg Hi Lo Stock Sym % PE Last Chg -21.98 74.66 53.25 ServiceIntl SCI 2.2 17 53.94 -0.79 39.72 614.36 347.29 ServiceNow NOW ... 78 542.51 -17.47 17.73 68.72 51.59 Shell SHEL 3.4 8 67.05 -1.05 0.16 283.80 199.01 SherwinWilliams SHW 1.0 26 237.70 -1.19 -5.80 36.64 24.56 ShinhanFin SHG 5.2 4 26.31 -0.07 -2.70 320.54 172.50 ShockwaveMed SWAV ... 31 200.05 -3.31 47.34 71.43 27.83 Shopify SHOP ... dd 51.14 -0.69 -9.64 133.08 97.28 SimonProperty SPG 7.2 16 106.15 -0.35 -23.46 7.95 3.32 SiriusXM SIRI 2.2 15 4.47 -0.09 17.00 176.16 99.43 SiteOneLandscape SITE ... 33 137.27 -3.55 15.45 56.53 32.01 SkechersUSA SKX ... 16 48.43 -0.35 1.16 123.69 80.08 Skyworks SWKS 3.0 14 92.19 -1.39 16.46 76.94 48.67 SmithAO AOS 1.9 37 66.66 -0.35 t -16.62 33.09 22.09 Smith&Nephew SNN 3.3 44 22.42 0.18 -28.86 163.07 110.49 Smucker SJM 3.8 dd 112.73 -1.09 5.47 13.89 7.33 Snap SNAP ... dd 9.44 -0.21 10.68 297.25 201.80 Snap-On SNA 2.6 14 252.90 0.19 2.88 193.94 119.27 Snowflake SNOW ... dd 147.67 -5.76 t -35.26 112.35 51.27 SOQUIMICH SQM 9.4 4 51.69 -0.99 59.87 11.70 4.24 SoFiTech SOFI ... dd 7.37 -0.26 t -70.73 345.80 72.37 SolarEdgeTech SEDG ... 16 82.90 -31.08 9.06 100.94 63.34 Sony SONY 0.5 15 83.19 -0.65 -7.95 75.80 61.56 Southern SO 4.3 23 65.73 -0.71 16.24 87.59 45.17 SoCopper SCCO 5.0 20 70.20 -0.68 t -28.13 40.38 24.12 SouthwestAir LUV 3.0 28 24.20 -0.17 23.25 7.53 4.57 SouthwesternEner SWN ... 1 7.21 -0.01 71.37 148.50 69.15 Splunk SPLK ... dd 147.53 -0.37 89.89 182.00 69.28 Spotify SPOT ... dd 149.92 -0.05 3.73 104.21 70.70 StanleyBlackDck SWK 4.2 15 77.92 -0.94 28.08 69.02 45.21 Stantec STN 0.9 31 61.40 -0.43 -5.05 115.48 82.43 Starbucks SBUX 2.4 29 94.19 -0.23 -16.39 94.73 63.11 StateStreet STT 4.3 9 64.86 -1.50 1.28 136.46 86.08 SteelDynamics STLD 1.7 6 98.95 -0.25 32.96 20.71 12.60 Stellantis STLA 7.8 3 18.88 -0.07 17.52 254.00 160.15 Steris STE 1.0180 217.05 0.15 75.68 36.30 13.71 Stevanato STVN 0.2 55 31.57 -1.88 11.81 55.85 29.57 STMicroelec STM 0.5 9 39.77 -0.93 8.67 306.93 205.43 Stryker SYK 1.1 38 265.69 -2.73 18.45 10.58 5.38 SumitomoMits SMFG 3.0 11 9.50 -0.12 -26.08 163.83 102.75 SunComms SUI 3.5 58 105.70 0.05 -0.88 53.21 40.15 SunLifeFinancial SLF 4.8 13 46.01 -0.74 6.81 37.23 27.59 SuncorEnergy SU 4.6 10 33.89 -0.58 202.78 357.00 60.64 SuperMicroComp SMCI ... 22 248.58 -16.47 17.75 11.60 7.46 Suzano SUZ 4.0 3 10.88 -0.22 -13.66 40.88 26.59 SynchronyFinl SYF 3.5 5 28.37 -0.39 46.46 502.66 269.88 Synopsys SNPS ... 70 467.64 -14.73 -14.41 87.41 62.23 Sysco SYY 3.1 19 65.43 -0.23 TUV -14.88 49.51 32.52 TC Energy TRP 8.3 47 33.93 -0.58 -3.65 111.57 84.49 TD Synnex SNX 1.5 13 91.25 -0.38 2.44 146.59 110.41 TE Connectivity TEL 2.0 18 117.60 -1.75 -16.52 22.08 15.47 Telus TU 6.8 26 16.12 -0.24 22.32 45.81 26.01 Ternium TX 7.2 4 37.38 -0.54 18.27 138.16 85.86 TFI Intl TFII 1.2 16 118.55 1.41 30.04 16.01 10.20 TIM TIMB 4.6 19 15.15 -0.14 11.93 93.78 65.27 TJX TJX 1.5 26 89.10 -0.73 13.79 118.04 67.31 TKO TKO 0.6 38 77.97 1.40 -2.15 154.38 124.92 T-MobileUS TMUS 1.9 27 136.99 -0.85 -2.69 44.43 24.74 TPG TPG 4.4425 27.08 -0.46 t -11.67 134.64 95.75 T.RowePrice TROW 5.1 14 96.33 -1.04 22.58 110.69 59.43 TaiwanSemi TSM 1.6 15 91.31 -1.60 35.00 153.84 90.00 TakeTwoSoftware TTWO ... dd 140.58 0.30 -6.86 17.15 12.28 TakedaPharm TAK 3.8 21 14.53 ... -26.16 47.48 27.07 Tapestry TPR 5.0 7 28.12 -0.30 17.95 88.78 64.85 TargaResources TRGP 2.3 23 86.69 -1.02 -26.98 181.70 102.93 Target TGT 4.0 15 108.83 0.47 68.83 21.67 10.06 TechnipFMC FTI 1.0 dd 20.58 -0.11 4.10 49.34 29.75 TeckResourcesB TECK 0.9 16 39.37 -0.55 3.30 6.88 3.82 TelecomArgentina TEO 22.1 dd 5.63 -0.24 -2.88 448.71 340.82 TeledyneTech TDY ... 24 388.38 -5.23 -24.86 276.43 185.85 Teleflex TFX 0.7 24 187.56 1.54 -23.12 6.82 4.38 Ericsson ERIC 3.7 dd 4.49 0.07 25.31 9.30 6.49 TelefonicaBras VIV 5.1 17 8.96 -0.03 10.36 4.53 3.16 Telefonica TEF 5.9 13 3.94 -0.06 -1.34 29.58 23.02 TelekmIndonesia TLK 3.6 17 23.53 -0.16 16.17 47.70 24.99 TempurSealy TPX 1.1 17 39.88 -0.25 -7.08 38.00 24.69 Tenaris TS 0.0 5 32.67 -0.33 -19.69 9.29 3.14 TencentMusic TME ... 16 6.65 -0.08 5.03 119.20 73.73 Teradyne TER 0.5 27 91.74 -1.00 72.10 299.29 101.81 Tesla TSLA ... 68 211.99 -8.12 8.11 173.27 130.57 TetraTech TTEK 0.7 28 156.96 -2.25 -10.96 11.45 7.08 TevaPharm TEVA ... dd 8.12 -0.04 t -10.54 188.12 147.61 TexasInstruments TXN 3.5 18 147.81 -3.13 -18.36 2739.00 1266.21 TexasPacLand TPL 0.7 35 1913.75 -51.27 5.76 118.16 90.38 TexasRoadhouse TXRH 2.3 22 96.19 -0.29 7.20 81.39 60.54 Textron TXT 0.1 17 75.90 -1.44 t -15.68 609.85 463.25 ThermoFisher TMO 0.3 32 464.36 -5.31 6.82 138.85 100.12 ThomsonReuters TRI 1.6 27 121.85 -0.72 -27.83 133.91 86.33 3M MMM 6.9 dd 86.55 -0.51 -2.50 27.00 15.77 Toast TOST ... dd 17.58 -0.23 37.56 84.57 39.53 Toll Bros TOL 1.2 5 68.67 -0.76 45.10 307.54 140.66 TopBuild BLD ... 12 227.07 -1.35 -27.37 117.66 78.35 Toro TTC 1.7 23 82.22 -1.40 -11.37 70.67 55.43 TorontoDomBk TD 5.0 10 57.40 -0.84 6.12 67.38 51.04 TotalEnergies TTE ... 8 65.88 -1.18 27.02 195.65 131.34 ToyotaMotor TM 2.2 11 173.48 -1.22 -13.20 251.17 187.55 TractorSupply TSCO 2.1 20 195.27 -6.87 65.20 91.85 39.43 TradeDesk TTD ...286 74.06 -1.81 25.35 87.53 52.44 Tradeweb TW 0.4 51 81.39 -1.08 11.41 211.71 139.60 TraneTech TT 1.6 23 187.27 -4.05 30.67 940.00 521.43 TransDigm TDG 0.0 44 822.76 -7.86 14.75 82.75 50.32 TransUnion TRU 0.6 56 65.12 -1.23 -13.81 194.51 159.21 Travelers TRV 2.5 17 161.59 -2.35 -3.50 62.40 45.43 Trimble TRMB ... 35 48.79 -0.74 67.23 121.60 60.60 TriNet TNET ... 20 113.38 -1.69 -6.72 43.59 19.25 Trip.com TCOM ... 24 32.09 -0.96 -36.88 51.26 25.56 TruistFinl TFC 7.7 7 27.16 -0.90 8.93 79.70 41.00 Twilio TWLO ... dd 53.33 -2.08 14.05 426.83 281.11 TylerTech TYL ... 95 367.71 -9.29 -25.64 69.07 46.16 TysonFoods TSN 4.1 49 46.29 -0.30 27.05 26.97 14.40 UBS Group UBS 2.3 2 23.72 -0.33 -10.41 45.46 34.62 UDR UDR 4.8 26 34.70 -0.49 -14.30 70.57 50.00 U-Haul UHAL 0.0 3 51.58 -0.93 -10.29 68.29 43.62 U-Haul N UHAL/B 0.3 ... 49.32 -0.87 9.02 44.52 27.02 US Foods USFD ... 21 37.09 -0.46 49.85 6.98 2.85 UWM UWMC 8.1 65 4.96 0.02 73.72 49.49 23.90 Uber UBER ... dd 42.96 0.24 -57.31 350.63 114.12 Ubiquiti UI 2.1 17 116.77 -0.12 22.19 19.94 10.40 UiPath PATH ... dd 15.53 -0.51 -20.73 556.60 369.84 UltaBeauty ULTA ... 15 371.85 -1.01 -4.27 55.99 43.60 Unilever UL 3.8 14 48.20 -0.19 2.06 240.48 183.69 UnionPacific UNP 2.5 20 211.34 1.01 t -6.92 58.23 35.07 UnitedAirlines UAL ... 4 35.09 -0.94 13.78 8.97 5.82 UnitedMicro UMC 6.0 7 7.43 -0.12 -12.59 197.80 150.54 UPS B UPS 4.3 13 151.96 -0.10 14.34 492.33 271.05 UnitedRentals URI 1.5 12 406.40 -4.79 -29.08 49.95 27.27 US Bancorp USB 6.2 9 30.93 -1.82 27.11 33.65 18.92 US Steel X 0.6 6 31.84 -0.18 -18.94 283.09 204.44 UnitedTherap UTHR ... 13 225.43 -0.39 -0.59 558.10 445.68 UnitedHealth UNH 1.4 23 527.03 -4.60 -4.97 50.08 21.22 UnitySoftware U ... dd 27.17 -0.32 44.83 166.57 89.52 UnivDisplay OLED 0.9 36 156.47 -1.91 -11.51 158.57 82.50 UniversalHealthB UHS 0.6 13 124.68 -2.98 19.28 52.15 36.27 UnumGroup UNM 3.0 7 48.94 -1.50 -34.73 34.90 15.11 VF VFC 6.7 60 18.02 -0.54 t -15.09 35.07 27.45 VICI Prop VICI 6.0 13 27.51 -0.57 -9.37 269.50 206.16 VailResorts MTN 3.8 33 216.01 0.49 -26.87 19.31 12.22 Vale VALE 5.8 5 12.41 -0.35 3.41 152.20 104.18 ValeroEnergy VLO 3.1 5 131.18 -1.24 24.17 225.49 153.76 VeevaSystems VEEV ... 60 200.39 -1.78 -7.15 53.15 35.89 Ventas VTR 4.3220 41.83 ... t ... 89.00 68.90 Veralto VLTO ... 20 69.93 -0.36 1.30 229.72 174.41 VeriSign VRSN ... 31 208.12 -3.54 32.89 249.26 162.94 VeriskAnalytics VRSK 0.6 71 234.45 ... -19.87 42.58 30.14 Verizon VZ 8.4 6 31.57 -0.01 25.31 375.93 282.21 VertexPharm VRTX ... 28 361.86 -2.94 168.96 43.13 11.95 Vertiv VRT 0.0 79 36.74 -0.68 -16.44 12.40 8.84 Viatris VTRS 5.2 6 9.30 -0.01 t ... 93.00 5.25 VinFastAuto VFS ... dd 5.38 -0.31 7.40 19.13 6.36 Vipshop VIPS ... 8 14.65 -0.10 12.33 250.06 185.05 Visa V 0.8 30 233.38 -0.43 37.63 34.28 21.12 Vistra VST 2.6 9 31.93 -0.18 22.93 181.14 107.37 VMware VMW ... 46 150.91 0.60 -8.50 12.65 8.93 Vodafone VOD 10.3 2 9.26 -0.08 7.22 78.11 58.83 VoyaFinancial VOYA 2.4 12 65.93 -1.26 15.10 229.75 148.51 VulcanMatls VMC 0.9 37 201.55 -1.14 WXYZ -13.40 101.11 75.47 WEC Energy WEC 3.8 19 81.20 -1.25 14.72 204.06 136.79 WEX WEX ... 39 187.74 -3.13 -32.41 85.94 51.36 W.P.Carey WPC 8.1 15 52.82 -0.70 -15.72 64.07 41.06 WPP WPP 6.0 14 41.43 -0.94 -0.11 119.70 83.93 Wabtec WAB 0.7 27 99.70 -0.38 t -43.09 42.29 20.48 WalgreensBoots WBA 9.0 dd 21.26 0.30 11.97 165.85 134.00 Walmart WMT 1.4 31 158.76 -2.01 8.97 16.34 8.82 WarnerBrosA WBD ... dd 10.33 -0.06 -9.82 38.76 22.63 WarnerMusic WMG 2.2 39 31.58 -1.08 2.93 146.12 125.83 WasteConnections WCN 0.7 42 136.45 0.42 -0.19 173.71 148.31 WasteMgt WM 1.8 28 156.58 -0.49 -25.96 353.70 248.11 Waters WAT ... 22 253.64 1.31 39.38 406.08 238.54 Watsco WSO 2.8 23 347.61 -6.36 82.58 98.97 33.68 WeatherfordIntl WFRD ... 27 92.97 -1.03 -19.33 56.46 31.03 WebsterFin WBS 4.2 7 38.19 -1.94 -2.47 48.84 35.25 WellsFargo WFC 3.5 9 40.27 -0.91 27.98 86.97 56.66 Welltower WELL 2.9344 83.89 -0.03 0.30 185.23 114.00 WescoIntl WCC 1.2 8 125.57 -5.10 54.52 415.73 206.19 WestPharmSvcs WST 0.2 53 363.66 -5.67 35.85 47.14 29.73 WesternDigital WDC 0.0 dd 42.86 -0.20 3.13 29.18 23.79 WesternMidstrm WES 8.3 10 27.69 -0.04 12.71 138.39 87.93 Westlake WLK 1.7 11 115.57 -2.42 -2.39 39.30 26.84 WestRock WRK 3.2 dd 34.32 -1.02 -5.65 36.00 27.65 Weyerhaeuser WY 2.6 31 29.25 -0.08 10.36 52.76 30.35 WheatonPrecMet WPM 1.4 32 43.13 0.15 -8.81 160.74 121.88 Whirlpool WHR 5.4 dd 129.00 -0.15 6.14 36.22 27.80 Williams WMB 5.1 16 34.92 -0.65 36.73 164.47 109.22 Williams-Sonoma WSM 2.3 11 157.13 -0.86 -15.84 258.93 195.29 WillisTowers WTW 1.6 21 205.85 -1.51 -15.14 53.46 37.81 WillScotMobile WSC ... 24 38.33 -0.92 -1.07 5.31 4.32 Wipro WIT 0.2 18 4.61 -0.06 -6.11 26.93 19.95 WoodsideEnergy WDS 9.7 6 22.73 -0.40 28.46 133.15 84.87 Woodward WWD 0.7 37 124.11 -0.61 0.58 33.09 23.74 WooriFinl WF 8.0 3 27.69 -0.09 26.19 252.72 128.72 Workday WDAY ... dd 211.16 -2.10 6.22 117.86 53.81 WynnResorts WYNN 1.1 dd 87.60 -0.62 37.81 27.71 10.30 XP XP 11.1 17 21.14 0.26 116.58 80.42 26.16 XPO XPO ...101 72.10 0.56 -17.13 72.99 53.73 XcelEnergy XEL 3.6 18 58.10 -0.95 35.01 23.62 6.18 XPeng XPEV ... dd 13.42 -0.21 -16.97 118.58 89.50 Xylem XYL 1.4 49 91.81 -0.35 33.73 16.19 6.79 YPF YPF 0.0 3 12.29 -0.32 -6.35 143.25 107.70 Yum!Brands YUM 2.0 24 119.95 -0.61 -5.80 64.70 38.59 YumChina YUMC 1.0 29 51.48 -0.64 -12.13 30.05 16.27 ZTO Express ZTO 0.0 16 23.61 0.22 t -20.23 351.74 201.01 ZebraTech ZBRA ... 16 204.55 -1.44 20.96 57.19 27.93 Zillow C Z ... dd 38.96 -0.43 21.15 55.68 28.03 Zillow A ZG ... dd 37.81 -0.46 -17.99 149.25 102.00 ZimmerBiomet ZBH 0.9 43 104.56 -0.25 14.02 194.99 124.15 Zoetis ZTS 0.9 35 167.09 -0.95 -8.90 89.67 60.45 ZoomVideo ZM ...137 61.71 -0.65 -43.57 47.77 15.53 ZoomInfoTech ZI ... 55 16.99 -0.01 44.94 177.69 84.93 Zscaler ZS ... dd 162.19 -6.88 YTD 52-Week Yld Net % Chg Hi Lo Stock Sym % PE Last Chg Friday, October 20, 2023 Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. How to Read the Stock Tables The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX (formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. Footnotes: s-New 52-week high. t-New 52-week low. dd-Indicates loss in the most recent four quarters. FD-First day of trading. h-Does not meet continued listing standards lf-Late filing q-Temporary exemption from Nasdaq requirements. t-NYSE bankruptcy v-Trading halted on primary market. vj-In bankruptcy or receivership or being reorganized under the Bankruptcy Code, or securities assumed by such companies.

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | B9 Rodolphe Saadé, the billionaire chief executive of French container line CMA CGM, says the shipping industry shouldn’t panic over a sharp retreat in earnings. The head of the world’s third-largest liner company said in an interview that he expects the weak growth in global trade to continue through 2024. But Saadé said the tumbling 2013 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’14 0 10 20 30 40 50 60 million barrels East Coast distillate stockpiles* *Distillates include diesel and heating oil Sources: Energy Information Administration (stockpiles); FactSet (futures) 2019 ’20 ’21 ’22 ’23 Heating-oil futures Weekly Central Atlantic New England 0 1 2 3 4 $5 a gallon Front-month contract BY DAVID UBERTI Northeast States Face Rise In Heating Bills This Year BUSINESS & FINANCE PerimeterSolns PRM 3.07 0.6 Personalis PSNL 0.91 -11.4 Pfizer PFE 30.48 -1.7 PharmaCyteBiotech PMCB 1.94 0.5 PhioPharm PHIO 1.26 1.5 Phreesia PHR 14.95 -4.2 PiedmontLith PLL 29.87 -3.9 PlanetLabs PL 2.12 -2.3 PlanetLabsWt PL.WS 0.20 -18.9 Playstudios MYPS 2.75 0.7 PlugPower PLUG 6.06 -7.0 Polished.com POL 2.01 -14.8 Porch Group PRCH 0.53 -1.9 PowerbridgeTech PBTS 0.62 -24.4 PreludeTherap PRLD 2.25 3.0 Premier PINC 19.72 -1.4 52-Wk % Stock Sym Hi/Lo Chg Continued From Page B7 New Highs and Lows TootsieRoll TR 29.70 ... TransCodeTherap RNAZ 0.37 -5.6 TransMedics TMDX 40.60 0.6 TrinityBiotech TRIB 0.48 -1.3 Trinseo TSE 5.79 -5.6 TrioPetroleum TPET 0.26 -2.4 TriplePtVent TPVG 9.39 -1.9 TritiumDCFC Wt DCFCW 0.07 -27.1 TrustcoBank TRST 26.18 -1.7 TuanChe TC 0.43 -6.3 TwinRidgeCapA TRCA 6.89 -3.1 TwoHarbors TWO 10.90 -0.9 U Power UCAR 2.90 4.0 US BancorpPfdL USBpQ 13.32 1.5 UltraClean UCTT 24.70 -2.0 Unisys UIS 2.71 -2.4 UnitedAirlines UAL 35.07 -2.6 UnitedBkshrsWV UBSI 26.07 -2.5 UniversalHealth UHT 37.52 -1.0 UnivLogistics ULH 23.63 -0.3 Upexi UPXI 1.35 -6.2 Urgent.ly ULY 4.85 -6.8 VBI Vaccines VBIV 0.51 -0.8 VICI Prop VICI 27.45 -2.0 Vacasa VCSA 7.40 -7.0 Veralto VLTO 68.90 -0.5 VerbTech VERB 0.43 -10.2 VerintSystems VRNT 19.91 -0.1 VerticalAeroWt EVTL.WS 0.05 -8.0 VerveTherap VERV 8.93 -3.7 Vestis VSTS 13.83 1.5 VicariousSurgicWt RBOT.WS 0.03 3.3 VicariousSurgical RBOT 0.38 -2.2 Vimeo VMEO 3.07 -0.3 VinFastAuto VFS 5.25 -5.4 ViractaTherap VIRX 0.67 8.6 ViraxBiolabs VRAX 0.25 -8.3 VisionMarineTech VMAR 1.85 -14.0 VoyaFinlPfdB VOYApB 19.83 0.6 Vuzix VUZI 3.11 -0.9 BerkleyDeb61 WRBpH 15.40 -0.1 WalgreensBoots WBA 20.48 1.4 Wallbox WBX 1.77 -3.6 WallboxWt WBX.WS 0.28 -14.5 WaterstoneFinl WSBF 9.90 -3.6 WeBuyGlobal WBUY 3.00 -41.0 WellsFargoPfdACC WFCpC 15.89 1.2 WellsFargoPfdADD WFCpD 15.47 1.2 WeWork WE 1.96 -1.0 WiSA Tech WISA 0.19 -8.7 XIAO-I AIXI 1.59 -1.8 XPEL XPEL 47.32 2.4 Xencor XNCR 18.17 -0.8 YorkWater YORW 35.54 -1.1 ZimIntShipping ZIM 8.47 -3.2 ZappEV ZAPP 0.31 -21.4 ZebraTech ZBRA 201.01 -0.7 ZipRecruiter ZIP 10.40 0.9 ZuraBio ZURA 4.55 -10.5 SyndaxPharm SNDX 11.34 -0.9 Synlogic SYBX 2.02 -12.2 TCBioPharmWt TCBPW 0.00 -2.6 TD Holdings GLG 0.08 -13.7 TelaBio TELA 5.68 -1.9 TPG RE FinPfdC TRTXpC 13.70 -0.8 TPIComposites TPIC 1.95 -8.5 T.RowePrice TROW 95.75 -1.1 TTEC TTEC 21.98 0.3 T2Biosystems TTOO 5.40 -3.8 TeladocHealth TDOC 17.78 1.7 TempoAutomation TMPO 0.13 -0.8 TerritorialBncp TBNK 8.07 -2.3 TexasInstruments TXN 147.61 -2.1 TherapeuticsMD TXMD 2.27 -3.0 ThermoFisher TMO 463.25 -1.1 Thoughtworks TWKS 3.68 0.3 TigoEnergy TYGO 2.97 -12.3 TitanPharm TTNP 0.36 -9.3 Soluna SLNH 2.47 1.5 SonderWt SONDW 0.01 -61.7 SonicFoundry SOFO 0.50 -0.2 SonocoProducts SON 50.93 -2.4 SonomaPharm SNOA 0.58 -16.4 SotherlyHotels SOHO 1.50 ... SoundThinking SSTI 14.72 -1.2 SouthwestAir LUV 24.12 -0.7 Spectaire SPEC 4.75 -20.6 SperoTherap SPRO 1.06 -2.3 SpirePfdA SRpA 21.67 0.1 Star STHO 11.28 -1.7 StateStreetPfdG STTpG 21.42 0.9 Stem STEM 3.34 -8.7 StifelFinNts47 SFB 18.31 -0.9 SunnovaEnergy NOVA 8.17 -5.9 SunPower SPWR 4.73 -8.6 SunRun RUN 9.55 -6.9 Sunworks SUNW 0.36 -9.8 Synchronoss SNCR 0.43 -4.2 SeresTherap MCRB 1.27 8.8 ShiftPixy PIXY 8.60 -8.5 ShoalsTech SHLS 14.67 -0.5 Shyft SHYF 11.23 -10.0 SigmaLithium SGML 24.00 -4.5 SiliconLabs SLAB 99.57 1.7 SixFlags SIX 18.92 -7.2 SmartforLife SMFL 0.64 -3.6 SmartShareGlbl EM 0.62 -5.9 Smith&Nephew SNN 22.09 0.8 SnowLakeRscs LITM 0.92 -7.0 SOQUIMICH SQM 51.27 -1.9 SocietalCDMO SCTL 0.37 0.9 SocketMobile SCKT 0.91 -7.3 Sohu.com SOHU 8.04 -0.9 SolarEdgeTech SEDG 72.37 -27.3 SolidPowerWt SLDPW 0.14 -18.7 SolidPower SLDP 1.42 -7.1 Solowin SWIN 2.00 4.7 RelianceGlobal RELI 1.75 -3.3 RentokilInit RTO 26.84 -8.3 RepareTherap RPTX 4.32 -3.9 RexfordIndlRealty REXR 43.92 -1.2 RockyMtnChoc RMCF 4.02 -2.7 RoyalBkCanada RY 80.88 -1.8 RubiconTech RBT 1.58 -5.2 S&W Seed SANW 0.73 -4.4 SWK9%Nts2027 SWKHL 24.48 -0.4 Safehold SAFE 15.31 -1.7 Sagimet SGMT 4.50 8.1 SarcosTechRobotWt STRCW 0.01 -21.4 Satellogic SATL 0.80 -5.2 SchnitzerSteel RDUS 23.95 -4.2 SealedAir SEE 28.90 0.1 SelectiveInsPfdB SIGIP 15.17 -0.7 SempraNts79 SREA 21.01 0.1 SenmiaoTech AIHS 0.35 -16.1 SensataTech ST 35.40 -0.5 SenseiBiotherap SNSE 0.60 -6.5 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg PublicStoragePfdS PSApS 15.82 0.9 PublicStorage PSA 250.82 -2.8 Pulmatrix PULM 1.87 -3.6 PureCycleTech PCT 4.30 2.0 PureCycleTechWt PCTTW 1.40 11.2 QilianIntl QLI 0.70 ... QuantumComp QUBT 0.85 -3.3 Quantum QMCO 0.50 1.6 REE Automotive REE 2.83 -8.3 RE/MAX RMAX 10.44 -1.2 RH RH 226.75 0.5 RVL Pharm RVLP 0.03 -32.0 Rayonier RYN 25.50 -1.2 RebornCoffee REBN 0.33 -10.3 RegionsFinl RF 13.82 -12.4 RegionsFinPfdE RFpE 14.21 -5.5 RelayTherap RLAY 6.66 -0.3 PrestigeWealth PWM 2.11 6.0 Procaps PROC 1.95 -7.5 ProKidney PROK 1.76 -19.7 ProspectCapital PSEC 5.70 -0.3 ProsperityBcshs PB 50.72 -3.6 ProtaraTherap TARA 1.39 -6.3 Prothena PRTA 43.49 -1.8 ProvidentFinSvcs PFS 14.04 -2.0 PrudentialNts2060 PFH 17.20 2.1 PublicStoragePfJ PSApJ 18.05 -0.5 PublicStoragePfK PSApK 18.26 -0.3 PublicStoragePfdL PSApL 17.97 0.3 PublicStoragePfM PSApM 15.82 0.1 PublicStoragePfdN PSApN 14.94 0.5 PublicStoragePfP PSApP 15.39 ... PublicStoragePfQ PSApQ 15.17 0.3 PublicStoragePfdR PSApR 15.48 1.0 profits from record highs during the Covid-19 pandemic essentially bring the business back to prepandemic levels. “Most probably 2024 will be pretty much the same as the second half of ’23, provided [there is] no exceptional crisis,” Saadé said. “We expect more tension in the months to come,” he said. “We see that the demand is not as strong as before, we see crisis around the world, and this is having an impact on the shipping business.” Combined net profits for container shipping lines in the second quarter fell to $8.9 billion, down $54 billion from the industrywide earnings the same quarter last year, according to industry analyst John McCown. Denmark-based marine-data company Sea-Intelligence said freight rates are down between 48% to 67% from a year ago. CMA CGM’s has been among those feeling the impact. Its second-quarter profit of $1.3 billion was down 83% compared with 2022. Saadé said he expected the second half of 2023 would be weaker than the first half of the year and that the company faced headwinds through 2024 as ocean carriers deploy a record number of new containerships at a time of geopolitical instability and flagging freight demand. BY PAUL BERGER Shipping Liner’s CEO Urges Calm as Profit Falls owner L Catterton, which provided the bulk of $125 million in new capital. Neither firm commented on the transactions. The rebalancing of privateequity’s financing mix toward more equity and less debt presents several challenges for private-equity firms. Among them are deciding which companies have the long-term potential to justify an equity bailout. There is also a likelihood that higher equity investments reduce a firm’s profit from successful deals and increase losses from bad ones—part of the gloomier outlook for private equity in a time of high interest rates. But under pressure to extend portfolio-company debt, buyout firms sometimes have little choice but to use more equity, market analysts say. Firms are desperate for ways to extend the length of time they can hold investments, to avoid having to sell assets in a dismal market. Private equity has been in a slump since the Federal Reserve began raising interest rates last year, and firms are reluctant to part with assets when values are low. Deal making, fundraising and exits—or asset sales—have all fallen sharply. The value of U.S. private-equity exits approached its lowest level in more than a decade in this year’s third quarter, according to industry researcher PitchBook Data. The private-equity downturn has been a busy period for debt refinancing. U.S. private equity-owned companies refinanced about $51.67 billion of leveraged loans this year through September, compared with about $16 billion in all of last year, according to PitchBook. Private-equity firms are being forced to spend more money to keep the companies they own alive, as rising interest rates disrupt the buyout industry’s debt-heavy playbook. With credit costs at the highest level in years, companies that provide debt for private-equity deals are asking firms to chip in additional equity when they look to refinance, say people who research the leveraged-finance markets and advise private-equity firms on transactions. Private-equity firms typically try to minimize their own equity investment when they buy companies, while maximizing leverage. Doing so increases their potential profit while minimizing risks. But now banks and privatecredit firms want private-equity sponsors to put more skin in the game. Lenders “are being tougher on terms” for refinancing debt, including “requiring more equity to extend loans,” said Dafina Dunmore, a senior director at credit evaluator Fitch Ratings who tracks the leveraged-finance market. Recent debt deals involving additional equity contributions include Prometric Holdings, an educational-services company backed by European buyout firm EQT AB, which last month extended the maturity of a $572 million loan by three years. The transaction included a $120 million equity commitment from EQT, according to Moody’s Investors Service. Also in September, boatingproducts retailer West Marine was able to restructure about $800 million of debt with the assistance of private-equity BY CHRIS CUMMING Private-Equity Firms Pay Up to Extend Debts Nearly 4,000 Connecticut households last fall turned to Operation Fuel for help staying warm after the Russian invasion of Ukraine sent energy prices skyrocketing. This year, the nonprofit cut off applications early after aiding roughly the same number of people in about half the time. “It has outstripped our expectations,” said Roxanna Booth, spokeswoman for the donor-backed group. Much of the surging need stems from heating oil, even as global crude trading has stabilized since last year’s turbulence. Households’ average spending on the diesel-like fuel this winter is slated to rise about 8% annually, to roughly $1,850 apiece, according to base-case projections by the Energy Information Administration. The expected bill is 75% more than the EIA’s estimates for those who heat their homes with electricity and 200% more than natural gas. Both of those alternatives are set for annual cost declines from November to March. Spending on heating oil threatens to prop up inflation in the Northeast, home to four million of the five million U.S. homes that burn the fuel. That reliance exposes the region to volatile global diesel markets. Meanwhile, a combination of aging buildings, reduced refining capacity and limited natural-gas pipelines offers few prospects for relief. In Connecticut, Booth said low-income residents have less money for higher heating costs after years of price pressures on gasoline, rent and groceries. As Operation Fuel’s earlierthan-expected deadline to request fall fuel deliveries and other assistance approached this month, “phones were off the hook,” Booth said. The group anticipates even greater need for help once it opens winter applications in January. Last year, unusually warm weather helped Americans from Pennsylvania to Maine narrowly avoid a crisis despite stockpiling of natural gas and diesel by Europeans who drew supplies from the U.S. Record prices for heating oil also enticed traders to send more to the East Coast over the course of the winter. Analysts say prices in the months ahead should stay lower than last year’s. Residential heating oil in New York averaged $4.86 a gallon the week that ended Oct. 9, according to federal record-keepers. That is 67 cents less than a year ago but far higher than before Russia’s invasion. EIA Administrator Joseph DeCarolis said Monday that a return to normal winter weather would boost the chances that people will need to top off storage tanks in their garages, basements or yards midway through the season. A cold snap could jolt wholesale markets and bump up retail prices in a matter of weeks. “Of course, [the projection] is going to be dependent on crude-oil prices, which are uncertain,” DeCarolis said. Israel’s war against Hamas has injected fresh risk into oil markets. Traders have hurried to reposition themselves for a conflict that could embroil oilrich, Hamas-backer Iran. So far, most analysts anticipate crude will keep flowing from the Persian Gulf nation to China and elsewhere. But the tension has forced investors to weigh whether the bigger threat is from potentially costly supply shocks or slimmed-down fuel demand in the U.S., Europe and some emerging markets. “We don’t know yet if the markets will rip or RIP,” data firm Oilytics wrote to trading clients recently. Benchmark U.S. crude has risen about 7.2%, to $88.75 a barrel, since the initial assault by Hamas. Any weather or war-related shock could have an outsize impact on New England, where federal data indicates inventories of fuel such as diesel and heating oil are 65% below their mid-October average over the previous decade. Two main factors are deterring fuel suppliers such as Global Partners—which boasts about eight million barrels of storage across a network of terminals throughout the Northeast—from building up stockpiles, Chief Operating Officer Mark Romaine said. First, contracts for future heating-oil deliveries are trading for far less than near-term sales, threatening firms with losses if they hold on to supplies and prices don’t rise later this winter. Second, financing such bulk purchases has become more expensive alongside the Federal Reserve’s interest-rate hikes. “Last year was so extreme that this year doesn’t feel as bad,” Romaine said of the market. “But if you look at this year compared to any other year besides last year, it looks painful.” wood studios and streamers over issues including pay, artificial intelligence protections and streaming revenue. Talks have stalled. SAG’s Halloween guidance inspired jokes on social media, with some people saying the measure was extreme. Others said they understood the reasons behind the move. “I look forward to screaming ‘scab’ at my 8 year old all night,” the actor Ryan Reynolds wrote in a post, using the nickname for employees who work during a strike. “She’s not in the union but she needs to learn.” The actress Mandy Moore criticized the guidance. “Is this a joke? Come on @sagaftra,” Moore said on Instagram Thursday. “We’re asking you to negotiate in good faith on our behalf. So many folks across every aspect of this industry have been sacrificing mightily for months. Get back to the table and get a fair deal so everyone can get back to work.” Striking actors this Halloween are facing a choice: Trick or traitor? Their union told members not to dress as characters from popular movies and TV shows, as that breaks strike rules, or post photos of those costumes on social media. “Let’s use our collective power to send a loud and clear message to our struck employers that we will not promote their content without a fair contract,” the Screen Actors Guild—American Federation of Television and Radio Artists said. That means no Barbie or Wednesday Addams costumes for actors this year. SAG suggested dressing up as an animated character instead, as those aren’t included in the strike, or as generic ghosts, zombies or spiders. SAG didn’t immediately return a request for comment Friday. The labor dispute will reach its 100th day this weekend and could overlap with Halloween. Actors are feuding with HollyBY ALYSSA LUKPAT Striking Actors Told Not to Dress Up As Movie, TV Characters for Halloween The message from the union means no Wednesday Addams costumes this year. NETFLIX Johnson & Johnson is exploring a new bankruptcy filing for its talc-related liabilities using a different corporate structure than the Texas Two-Step filings that failed twice before to resolve those mass claims in chapter 11, according to people familiar with the plans. The maker of healthcare products said on an earnings call Tuesday that it is pursuing a consensual resolution through bankruptcy of tens of thousands of talc-related personal-injury suits. J&J failed in prior efforts to resolve those claims in chapter 11 proceedings by shifting them to its LTL Management affiliate and from there to bankruptcy court. LTL’s earlier bankruptcy cases in New Jersey were dismissed when courts found it didn’t qualify for bankruptcy protection because of its financial backing from its parent company. J&J is now exploring Texas as the venue for a potential third filing, people familiar with the company’s planning said. Bloomberg earlier this week reported the company’s consideration of Texas. A new chapter 11 filing would involve existing business units of the company in Texas, rather than LTL, to establish venue there, people familiar with the planning said. The company said on its earnings call that ahead of any bankruptcy filing it plans to put a settlement offer to a vote among ovarian cancer victims who allege that Johnson’s Baby Powder caused their illness. After LTL initially filed in North Carolina in 2021, its case was transferred to New Jersey, meaning it likely couldn’t file for chapter 11 elsewhere now. J&J, which has denied its talcum powder is unsafe, didn’t immediately respond to a request for additional comment. LTL’s bankruptcy used a tactic called the Texas Two-Step to isolate the company’s talc liabilities from the rest of its businesses. J&J first shifted its talc-related liabilities and assets to a Texas subsidiary, using a state law that allows splitting corporate assets from liabilities through what are known as divisional mergers. The Texas subsidiary was then converted into North Carolina-based LTL Managemen before filing for bankruptcy in Charlotte, N.C. In recent years, other companies have used similar tactics to hive off asbestos-related liabilities into subsidiaries that were then placed in chapter 11. The Texas Two-Step opens a path for resolving mass tort liabilities through the tools of chapter 11 while keeping affiliates and parent companies safe from the value destruction that would result from filing for bankruptcy themselves. J&J also plans to ask the U.S. Supreme Court to overturn lower court rulings. BY ANDREW SCURRIA J&J Eyes Change In Bankruptcy Tactics Over Talc The maker of health products is exploring Texas as a new legal venue.

B10 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL.

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | B11 stock went sideways. Now, just because the bull market isn’t like past recent bull markets doesn’t mean it won’t last. Russell Napier, keeper of the Library of Mistakes in Edinburgh and author of “Anatomy of the Bear: Lessons From Wall Street’s Four Great Bottoms,” says this bull market is really about state and central-bank support. Stocks reached their low in the autumn when overleveraged British pension funds neared collapse because of a leap in bond yields. The Bank of England stepped in with support, while the Swiss National Bank borrowed billions of dollars from the Federal Reserve at the same time to supply to its banks (Credit Suisse eventually failed anyway). Then from March onward, the Fed directly lent more than $100 billion to domestic banks on easy terms to try to prevent further bank runs. The “Fed put” was back, kinda. I’m not convinced this explains the strange structure of the bull market. When the government takes on credit risk, it ought to be best for the riskier borrowers and for lenders. But the winners have instead been huge tech companies sitting on large cash piles. Perhaps former British Prime Minister Harold Macmillan’s explanation of why things happen best suits the past year: “Events, dear boy, events.” The low in the autumn resulted from the twin fears of recession and financial crisis, which went away as the economy kept growing and central banks offered support. Then in March the new bank crisis and AI excitement drove market divergence, and it just happens that the AI winners are so big that their gains lifted the S&P. On Napier’s view, investors should be buying the firms that benefit from the new government handouts—sorry, industrial policy—and selling those that will be crowded out by the higher loan costs that result from much more government borrowing. If the October extreme and subsequent rebound results just from a series of unfortunate events, each event needs its own analysis. Will AI live up to the hype? How badly will banks and smaller companies be hit by higher rates? Will the economy eventually suffer from higher rates? Either way, the past year doesn’t fit the standard pattern for a new bull market, which ought to give optimists pause for thought. Nov. 2022 ’23 –30 –20 –10 0 10 20 30 40 50% Silicon Valley Bank fails S&P 500 S&P 500 equal weight Russell 2000 Russell Microcap Russell Top 50 Nasdaq 100 KBW Nasdaq Bank Index performance since Oct. 12, 2022 Sources: Refinitiv (performance); Federal Reserve Bank of St. Louis (Chicago Fed National Financial Conditions Index) 2022 ’23 –0.6 –0.5 –0.4 –0.3 –0.2 –0.1 0 S&P 500 bottoms out Chicago Fed National Financial Conditions Index Higher numbers indicate tighter money Bull markets are often defined as when stocks go up 20%, and the S&P is now up less than 20% from its closing low in October last year—but much further above the intraday low. Look past technical definitions, though, as a real bull market is more than just stocks rising for a bit. In a bull market, they should trend upward over multiple years, as they did from 1990 to 2000, 2002 to 2007, 2009 to 2020, and 2020 to 2022, with only brief and relatively shallow drops. I f this latest bull market peters out, it could turn out to be nothing more than a very large bounce amid the bear market that began at the start of last year. The other two features are intertwined: poor bank performance and the lack of a recession from which to recover. In the first year of all four previous bull markets, banks led the market up, as investors anticipated the end of the recession which had previously hurt bank stocks. This time banks just kept on falling. They had another bad year to follow last year’s plunge. Rising bond yields turned into a bank run at Silicon Valley Bank and others. This bank run marked the point of divergence. From October 2022 until March, U.S. stocks were joined at the hip, with virtually identical performance from tiny, small and large stocks, from Big Tech and from banks. Maybe it was a bull market, maybe a dead-cat bounce, but either way investors were indiscriminate in their buying as fears of recession abated. After SVB’s failure, performance split. Big Tech soared as AI excitement took hold and their cash piles made them look secure. Banks and smaller stocks plummeted, and the average S&P 500 Continued from page B1 This Bull Market Feels Weird and how sensitive would yields be to a contrarian print,” said Jake Remley, senior portfolio manager at Income Research & Management. Traders in interest-rate derivatives are pricing in a 96.2% chance that the Fed leaves its policy rate unchanged at its November meeting, according to CME Group’s FedWatch tool. Financial stocks sputtered as more institutions reported third quarter results. Regions Financial declined 12% after earnings while American Express dropped 5.4%. The KBW Nasdaq Bank Index fell 3.1%. JPMorgan Chase stock fell 1.6%, declining for a fifth consecutive session. So far this earnings season, 86 companies within the S&P 500, or 17% have reported earnings, according to FactSet. Within that group, earnings have grown 4.9% from a year ago, and 73% have topped Wall Street forecasts, raising hopes that profits will grow this quarter for the first time in a year. “I think the expectation of a strong earnings season is already priced into the market, and there’s downside risk if companies disappoint,” said Dana D’Auria, co-chief investment officer at Envestnet. Brent crude oil futures dropped 0.2% to settle at $92.16 per barrel, snapping a three-session win streak for the international benchmark. The S&P 500 energy sector fell 1.7%. Shares of solar product manufacturer SolarEdge Technologies fell 27%, the worst performer in the S&P 500, after the company said installations of its equipment were slowing. Rival Enphase Energy dropped 15%. BY CHARLEY GRANT Major Indexes End theWeek With Declines Stocks fell Friday, capping a week of losses for U.S. markets. The S&P 500 fell 1.3%. The tech-heavy Nasdaq Composite dropped 1.5%. The blue chip Dow Jones Industrial Average declined 287 points, or 0.9%. All three major indexes finished the week in the red. Investors grappled with a sharp increase in borrowing costs and the possibility of worsening violence in the Middle East. Bond prices rose and yields declined. The 10-year U.S. Treasury yield settled at 4.924%, down from 4.987% Thursday. The 10-year Treasury yield has risen more than a full percentage point since the Federal Reserve last raised rates at the end of July, an unusually large jump in such a short time frame. The S&P 500 has gained 10% this year, but is down 7.5% since July 26. Some investors are wondering whether the bond selloff could soon reverse if economic data starts to soften or geopolitical tensions worsen. Jerome Powell, chair of the central bank, suggested Thursday that those higher yields could lead the Fed to pause its campaign of interest rate increases. “The 10-year looks relatively attractive on a longerterm basis at the 5% range,” said John Goltermann, chief investment officer at Townsend & Associates. He cited cooling job openings data as a sign that higher rates may already be slowing the economy, which could lead to a bond rally. The question here “is how much more do we have to go, FRIDAY’S MARKETS DIFFERENT NATIONAL ORIGINS. SAME FAIR HOUSING RIGHTS. FAIR HOUSING: THE LAW IS ON YOUR SIDE. A public service message from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. 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B12 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. The Upside of Ozempic For Health Insurers You would think a new class of high-price weight loss drugs taken by millions of Americans would be a problem for health insurers. After all, they ultimately foot the bill. But it is more complicated than that: Some insurance giants actually stand to profit from the Ozempic craze. The industry has been calling out the costs of GLP-1 drugs, which are used for both diabetes and obesity. But so far, health insurance companies haven’t reported a major hit from their rapid uptake, with UnitedHealth Group and Elevance Health reporting medical costs that came in lower than Wall Street expected in the third quarter. That is in part because of the hurdles they put up when people seek access to one of those drugs. On the other hand, large health insurers such as Cigna, UnitedHealth and CVS Health own powerful middlemen, known as pharmacy-benefit managers, that negotiate drug prices and decide which ones get placed in a health plan’s formulary. It is a highly opaque business but, as a general rule, higher drug volumes mean PBMs stand to earn more money. To be fair, PBMs, which have been facing plenty of scrutiny in Washington these days, are doing some of the heavy-lifting of lessening the sticker shock of the new drugs. While they do often have misaligned incentives, they also play a crucial role in extracting discounts from manufacturers. And because GLP-1s are currently very expensive and there isn’t much competition in the obesity space, that role becomes especially important. Much of the focus has understandably been on obesity drugs’ sticker price—more than $10,000 annually. But an analysis by the American Enterprise Institute shows that the net price—what the manufacturers get—is much lower. The discount for GLP-1 drugs such as Wegovy, Ozempic, Mounjaro and Rybelsus ranged from 48% to 79%, according to the study. Ozempic, for example, is listed at $936 a month, but the manufacturer received $290 on average. Interestingly, Wegovy, currently the only one of those drugs approved by the Food and Drug Administration for obesity, had the smallest discount. Once Eli Lilly’s Mounjaro, which is approved for diabetes but frequently prescribed off label for weight loss, gets an expected FDA nod for obesity this year, “competition for formulary placement will likely Insurers haven’t experienced a major financial impact from GLP-1 drugs. CHARLOTTE DE LA FUENTE FOR THE WALL STREET JOURNAL Hong Kong’s lackluster stock market epitomizes the challenges that the city is grappling with: China’s economic slowdown, which looks increasingly structural, and Beijing’s tightened grip on the semiautonomous city. Neither issue looks likely to disappear soon, although China’s economy could improve a bit cyclically next year. Weak third-quarter results released Friday by Hong Kong Exchanges and Clearing— the market’s owner and operator— are the latest sign of how entrenched the city’s problems have become. Shares of HKEX, which owns the London Metal Exchange in addition to its Hong Kong operations, have been in the doldrums for years. They have lost half their value since peaking in 2021, including a 15% fall in 2023 to date. The company’s results announced on Friday might look good on the surface: HKEX’s operating profit for the three months ending September rose 27% year on year. But that was mostly driven by a jump in investment income on rising deposit rates in Hong Kong and the U.S. The company’s revenue, which includes trading and listing fees, actually fell 3% from a year earlier. Hong Kong has in recent years been dogged by lower trading volume, fewer new listings and weak market performance. The Hong Kong stock market’s total market capitalization is now around $4 trillion: a 40% decline from its peak in 2021. Average daily turnover this year so far was around $14 billion, down 39% from two years ago. Fewer companies have chosen to list in Hong Kong in the past few years. New listings amounted to only $3.5 billion so far this year, down from $13 billion last year, according to Dealogic. And compared with a couple of years ago, that looks even more paltry: In 2020 nearly $52 billion worth of new shares debuted on the Hong Kong bourse. Global enthusiasm for Chinese stocks has cooled abruptly since 2021 thanks to China’s economic slowdown and its crackdown on the once-highflying internet technology sector. Intensifying geopolitical tensions have taken an additional toll. And the draconian national-security law imposed on Hong Kong by Beijing in 2020 has taken the shine off the city’s reputation as a distinct legal jurisdiction where the rule of law carries more weight than mainland China—something that has long been one of its calling cards as a business-friendly bridge between China and the West. Many Chinese companies are now choosing to do initial public offerings in Shanghai and Shenzhen instead of Hong Kong. In years past, mainland markets’ insulation from global investors was a disadvantage. China’s economic slowdown has hurt Chinese markets too—but not as much. New listings on mainland exchanges have amounted to around $46 billion this year, according to Dealogic. —Jacky Wong 2015 ’20 0 10 20 30 40 50 60 70 80 90 $100 billion Mainland China Hong Kong New listings volume Source: Dealogic Note: Year-to-date for 2023 Anyone who has walked into a used-car dealership knows about the risks of being sold a lemon. When it comes to aircraft, however, it is the newer models that seem more likely to leave owners stranded. The value of 10-year-old planes has jumped in recent weeks, according to appraisal data from aviation-analytics firm Ishka. The price tag for the Airbus A320-200—the backbone of the world’s short-haul fleet—has risen 10% since August, and has now almost fully recovered from the Covid-19 crisis. Rates to rent the jet were up 6%. The popularity of trusty clunkers is rising because of issues affecting the newer version of the plane, the A320neo, introduced in 2016. In July, U.S. engine maker Pratt & Whitney warned that contaminants had been found in powdered metal used in some of its Geared Turbofan, or GTF, engines, which power roughly 40% of the HEARD ON THESTREET FINANCIAL ANALYSIS & COMMENTARY In the Jet Age, Older Is Sometimes Better Manufacturing problems are afflicting newer generations of commercial aircraft Ozempic Rybelsus Wegovy Mounjaro 69% 64% 48% 79% Average discount from list price to net payment Source: American Enterprise Institute via SSR Health Note: Discounts were calculated as four-quarter moving averages. Mounjaro does not yet have four quarters of data, so the estimate is more uncertain. put downward pressure on net prices for those indications in that scenario,” wrote the authors of the analysis. During UnitedHealth’s thirdquarter earnings call, Chief Executive Andrew Witty alluded to the clash between pharmaceutical companies and insurers when it comes to the drug class. “We’re struggling, and frankly our clients are struggling, with the list prices which have been demanded of these products in the U.S., which are running at about 10 times the level of prices which are being paid in Western Europe,” he said. “Innovation that is not affordable is not innovative.” Yet what Witty didn’t say was that UnitedHealth’s PBM, Optum RX, is helping offset some of the higher costs for the parent business. In the third quarter, Optum RX’s revenue grew by 14% to nearly $29 billion. GLP-1s benefit PBMs via higher prescription volume, higher revenue per prescription and higher margin-management programs that lead to a slightly positive earnings contribution, writes JPMorgan analyst Lisa Gill. Going forward, she adds, increasing competition within the GLP-1 space creates an opportunity for PBMs to drive higher rebates and benefit from the rising cost trend. The cost of obesity drugs is a headache for just about everyone. Ultimately, it will elevate costs for most Americans through higher healthcare premiums. But for your health insurer, it looks more like an opportunity. —David Wainer Hong Kong’s Market Is Losing Its Allure Enthusiasm for the Asian financial center has cooled. So has interest in the stocks trading there. A320neo fleet. Last month, the company said the issue could affect about 700 engines and require 300 days to repair each one. Hundreds of planes are set to be grounded through 2026. Other popular older models have also rebounded in value, though wide-body jets such as the Airbus A330-300 and the Boeing 777-300ER are still only worth about half what they were at the start of 2020. Idiosyncratically, the A320’s direct narrow-body rival, the Boeing 737, has fallen 4% in value since August. The grounding of its updated version, the 737 MAX, pushed up second-hand values before the pandemic, and MAX production issues have emerged this year too. The valuation gains for most aircraft suggest that lessors and investors are starting to bet that previous generations of planes are more insulated from the endless manufacturing problems afflicting newer ones. Of course, a burst of demand for second-hand jets is to be expected at a time of restricted supply. Carriers such as Spirit Airlines, Wizz Air, IndiGo and Air China are affected by the A320 engine problem. They may cut the number of flights they operate, especially since travel demand is weakening, but they will also likely need replacement planes. Jet orders remain high and manufacturing issues add to delivery times. About 8% of aircraft owned by lessors remain unplaced with airlines, compared with about 6.5% before the pandemic, figures by aviation-analytics company IBA show, but this number is now falling quickly. Crucially, the current string of mishaps involving newer planes isn’t a one-off. Ever since Boeing botched the development of the 787 Dreamliner two decades ago, aerospace firms have been battling to rectify defects. The rival engine to the GFT, the LEAP, is also suffering from durability issues that its makers GE Aerospace and Safran are working to address. The LEAP is used in both the A320neo and the MAX. As Boeing’s crisis showed, manufacturers came to focus too narrowly on short-term profit. Yet there is a technological cause as well: The low-hanging fruit in aircraft development has been picked. Extracting a 15% gain in fuel efficiency from each new generation requires ever more complex advances in materials and design. State-of-the-art turbofans have more parts that can break, and operate at higher temperatures, increasing the stress. As engineering keeps getting harder, future models may become even less reliable upon introduction. When making strategic decisions about how many new planes to buy, airlines should start taking into account that technical issues can sometimes offset fuel-efficiency gains: Defective engines dealt a big blow to Norwegian Air Shuttle’s now-defunct long-haul operations, for example. The implication is that midlife jets may have permanently higher “residual values” at the end of their leases. This is a reason to be bullish about the shares and bonds of large leasing companies such as AerCap and Air Lease Corporation, which have severely underperformed the S&P 500 since the pandemic. Still, these firms have young fleets. By contrast, aircraft assetbacked securities, or ABS, have an average jet age of 13 years, according to S&P Global Ratings. This market has been mostly frozen after a series of setbacks. Airlines delayed payments during the pandemic and many aircraft got stuck in Russia when it invaded Ukraine. Then came this year’s credit downgrades and rise in interest rates. Now the stage may be set for a thaw. They just don’t build planes like they used to. —Jon Sindreu A320- 200 B737- 800 A330- 300 B777- 300ER 0 10 20 30 40 50 60 $70 Pre-Covid January 2022 August 2023 October 2023 Estimated market value of 10-year-old aircraft Source: Ishka million DANIEL REINHARDT/PICTURE ALLIANCE/GETTY IMAGES The previous generation of the Airbus A320 jet has become more popular in the secondhand market because of engine defects affecting many of the newer A320neo models.

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | C1 THEATER Like leaders from Lincoln to Zelensky, William Shakespeare knew that politics relies on stagecraft and rhetoric. C5 CHINA To save his books from pulping, a Hong Kong publisher sent hundreds to the West. C6 WORD ON THE STREET Taylor Swift’s version of an ‘era’ reflects a trend in using the term to mark personal milestones. C3 Highway Toll As electric vehicles gain ground, the loss of gas tax revenues will leave roads in need of funding. C4 Richard Haass is president emeritus of the Council on Foreign Relations and a senior counselor at Centerview Partners. He is the author of “The Bill of Obligations: The Ten Habits of Good Citizens,” among other books. Inside Weekend Confidential Matthew McConaughey’s book for children came to him in a dream C14 360 Turnaround How IBM went from punch cards to mainframes Books C7 CULTURE | SCIENCE | POLITICS | HUMOR REVIEW s recently as a few weeks ago, the Middle East seemed relatively calm. The principal story coming out of the long-troubled region was a positive one, the possible normalization of relations between Israel and Saudi Arabia. At the same time, there looked to be hope that the U.S. and Iran were working to place an informal ceiling on the scale of Iran’s nuclear program in exchange for some limited sanctions relief. All this and more is now among the many casualties of Oct. 7, when Hamas militants stormed an unprepared Israel, killing more than 1,300 people and taking several hundred hostages. Israel has responded with aerial strikes on Gaza meant to degrade Hamas’s military capability, as well as by cutting off supplies of electricity, food, water and fuel. Israel has called on the Palestinian population to relocate away from the north of Gaza, allowing its military to act against Hamas strongholds with There are already calls for an Israeli cease-fire, calls that will mount by the day. Israel will understandably resist them until it judges that it has significantly degraded Hamas, to punish it for the Oct. 7 attacks and to limit its ability to carry out additional terrorism. These aims are legitimate. But the U.S. needs to press Israel to set achievable goals that will allow for a cease-fire in the near term, almost certainly before Hamas is eliminated. The proper role for the U.S. is not to try to prevent a significant Israeli military action, which is all but inevitable, but to shape its scale and duration. This will be anything but easy, given the understandable desire in Israel to crush Hamas. But as Please turn to the next page greater freedom and fewer civilian casualties. The initial U.S. response to the Hamas attack was full-throated support for Israel, both rhetorically and in the provision of military aid. In just a matter of days, however, that support became somewhat more conditional, with President Biden making clear his opposition to a full-scale invasion and occupation of Gaza. During his brief visit to Israel this week, Biden called for Israeli restraint both in allowing humanitarian aid to enter Gaza and in avoiding military operations that would hurt civilians, themes reiterated in his Oct. 19 Oval Office address. The administration is clearly worried that Israel’s plans could otherwise lead to a wider war, one that at a minimum would draw down already-stretched U.S. munitions stockpiles, increase the price of oil, cause the U.S. reputational problems with much of the socalled Global South, and possibly lead to direct U.S. military involvement.  In Israel, a New War Summons Old Traumas C3 With dangers rising across the Middle East, America needs a two-phase effort to stabilize the conflict in Gaza and resolve core Israeli-Palestinian issues. By Richard Haass THE GOAL FOR U.S. DIPLOMACY WITH ISRAEL: FIRST CALM, THEN PEACE AHMED ZAKOT/SOPA IMAGES/GETTY IMAGES Flames and smoke after an Israeli strike in the Gaza Strip on Oct. 9, following the Oct. 7 Hamas raid that killed more than 1,300 people in Israel.

C2 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. REVIEW Instead, the goal was to stabilize the situation, to arrange a cease-fire and then a separation of forces. Disengagement agreements between Israel and both Egypt and Syria were negotiated. Peace, though, did not actually come about between Israel and Egypt for another five years, while formal peace between Israel and Syria never materialized, although a fairly stable border was established. What might an initial diplomatic phase try to accomplish today? The U.S. should continue to provide Israel with the munitions and intelligence it needs, while advising Israel to forgo a large-scale invasion and occupation of Gaza. Such an assault would result in significant Israeli casualties and would likely fail to eliminate Hamas. Indeed, a massive Israeli show of force, while weakening Hamas, might also strengthen it by generating new recruits. We have already seen how images of civilian casualties threaten U.S. and Israeli relations with the Arab world, playing into the hands of Iran and its proxies and creating new opportunities for China and Russia. On Oct. 17, just before Biden’s visit to Israel, a hospital compound in Gaza City was struck by one or more missiles, resulting in many casualties. Israel was widely blamed for what happened, even though subsequently released intelligence strongly suggests the missile was launched by Palestinian Islamic Jihad, another Iran-backed terrorist group in Gaza. In much of the world, horror over the events of Oct. 7 has been joined or even replaced by anger over those of Oct. 17. Another reason to oppose a large Israeli invasion is that intense fighting in Gaza with images of Palestinian civilian casualties would be all but certain to induce Hezbollah to launch thousands of rockets into northern and central Israel, thereby widening the war. The U.S. should let Iran know that it will be held accountable if Hezbollah does this, and that the U.S. response would include new sanctions against Iran that would extend to major importers of Iranian oil, to include China. The Biden administration should also make this clear to China, in an attempt to enlist its help in restraining Iran. Some will argue that Israel should not accept any agreement that allows Hamas to maintain its role in Gaza. But the idea that an Israeli occupation could midwife a successor authority that would have any local political legitimacy is far-fetched. So too is the idea that the Palestinian Authority, Arab governments or the United Nations could or would step in to effectively govern Gaza. It is also important to keep in mind that the principal damage done on Oct. 7 was not from the air but on the ground. A priority for Israel presumably will be to rebuild its defenses in its southwest opposite Gaza. Defense must be made to work even if deterrence periodically breaks down. Indeed, there would not be a crisis right now if defense had worked as it ought to have on Oct. 7. Israel cannot change the DNA of Hamas, but it can severely limit the group’s ability to realize its aims. Bringing about a degree of calm and stability would make it possible to revive diplomatic efforts to deal with core Israeli-Palestinian issues, which must be resolved if what happened this month is not to occur again and again. For Israel, an openended occupation of some five million Palestinians is a threat to its identity and to its relations with the West. It is a no-win situation: Either Israel refuses to grant Palestinians political rights and comes to be seen by many as undemocratic, or it does grant such rights and is no longer a Jewish state. For Palestinians, a state would give them some of what they seek but far from all. To paraphrase what Churchill said about democracy, a two-state solution remains the worst possible outcome for the Israeli-Palestinian conflict except for all the others. Policy change will be extraordinarily difficult. Whatever support there was in Israel for compromise with the Palestinians is seriously diminished after Oct. 7. Doves are few and far between. There is little public confidence in Prime Minister Benjamin Netanyahu, who will surely be the target of multiple official inquiries into the intelligence and defense A Double Challenge for The U.S. and Israel: First Stability, Then Peace the U.S. learned the hard way after 9/11, and as noted by President Biden Thursday night, those making national security decisions must focus not just on the next move but the move after and the move after that. As Israel’s closest friend and ally, America owes Israel its best counsel. In the wake of the president’s visit, the U.S. should adopt a twophase strategy. The initial phase, effectively under way, is to try to prevent a bad situation from deteriorating further. One rule of much Middle East history is that things get worse before they get even worse. The goal now is to see this rule broken and stabilize the situation, to provide time and space for attempting more ambitious diplomacy. For the time being, calls for a cease-fire could be managed in two ways. One is for Israel to minimize civilian casualties by coming to limit military actions to precision strikes, when there is actionable intelligence, and small ground raids. Second, Israel can agree to pauses in the air war to allow for food and other humanitarian supplies to reach Gaza’s civilian residents and to facilitate hostage exchanges. Such pauses could be conditioned on Hamas and other groups agreeing to pauses in their rocket attacks on Israel. Israel should be pressed to accept a cease-fire when it becomes apparent the costs of continued conflict outweigh any benefits. In addition, getting as many hostages out of Gaza as quickly as possible is a must. The least likely path is armed rescue, which requires a mix of intelligence, stealth, surprise and skill that is hard to produce. Trying could well lead to more casualties and hostages. The more realistic path for freeing hostages will be exchanging them for Hamas or other Palestinian prisoners held in Israel. Once the situation is stabilized, when something close to the status quo before Oct. 7 is achieved, U.S. diplomacy should move to a second phase, which would involve a renewed effort to normalize ties between Israel and Saudi Arabia and between Israel and those Palestinians willing to eschew terrorism. This two-phased approach is reminiscent of what took place after Egypt and Syria launched a surprise attack on Israel 50 years ago, in the Yom Kippur War. The U.S., in the person of Secretary of State Henry Kissinger, did not initially set out to create peace. Continued from the prior page A large-scale invasion and occupation of Gaza would result in significant Israeli casualties and likely fail to eliminate Hamas. failures leading to the attacks. What makes it potentially doable is that Hamas would play no role in negotiations about the Palestinian future. The focus should be on developing a Palestinian partner in the West Bank, one willing to renounce violence and live alongside Israel. If this enterprise succeeds, over time it could lead to a viable state, one that would offer an alternative path for Palestinians in both the West Bank and Gaza to what Hamas represents. The U.S. will also have to work to develop an Israeli partner. Before Oct. 7, Netanyahu’s right-wing government was opposed to any accommodation with Palestinians; the current national unity government is configured for prosecuting war. What will be required once the crisis passes are new debates and elections in Israel. America’s voice will be critical, including on the necessity of reining in settlements. The U.S. and Israel have a potenThe focus should be on developing a Palestinian partner willing to renounce violence and live alongside Israel. tial partner in this endeavor: the Kingdom of Saudi Arabia. The Saudi leadership is still interested in obtaining a civilian nuclear energy program from the U.S., and even more intent on a Senate-approved security pact. Normalization with Israel, the third element of the package, has been paused owing to recent events, but could be revived. One lesson the Saudis, and above all Crown Prince Mohammed bin Salman, have learned is that they cannot safely ignore the Palestinian issue. Here they can take a page out of what the U.A.E. did when it normalized ties with Israel—namely, linking normalization to Israel accepting conditions on its policy toward the Palestinians. The Saudis could demand restraints on settlements, greater interim Palestinian self-governance, and/or some commitment on the territorial reach of a potential state. They could offer resources to help the fledgling entity. A Saudi offer along these lines would force the Israeli government and Israeli society to debate priorities and to choose between a greater Israel and a greater peace. Again, this second diplomatic phase can only be launched once there is a semblance of order. That requires a cease-fire. No Israeli occupation. Deterrence of Iran and no wider war. No humanitarian crisis. No hostages. It is a daunting agenda. But at least it is under way. CLOCKWISE FROM TOP LEFT: ILIA YEFIMOVICH/PICTURE-ALLIANCE/ASSOCIATED PRESS; ASSOCIATED PRESS; MIRIAM ALSTER/AFP/GETTY IMAGES; HUSSEIN MALLA/ASSOCIATED PRESS Top left: A building destroyed in Kibbutz Be’eri, Israel, in the Oct. 7 Hamas raid. Above: U.S. Secretary of State Henry Kissinger poses in front of the Sphinx while in Egypt for peace talks following the Yom Kippur War. Left: Hezbollah supporters wave Palestinian and Lebanese flags in Beirut, Lebanon, Oct. 13. Below: President Joe Biden at an Israeli cabinet meeting in Tel Aviv, Oct. 18.

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | C3 REVIEW were constantly on the road and the music we played was loud, so loud that we had to make sure we didn’t miss the sound of the sirens and could run to the shelters to put on our gas masks in time. At some point, the band decided to give up on the masks and the shelters. Instead we ran to the roof every time there was a siren so we could watch the missiles coming from Iraq, trying to guess where they would fall. After each thunderous explosion, we would go back to our music and play it even louder. Now, 33 years later, sirens were waking me. Still jet-lagged, I wondered if I should run to the shelter. I’m not 19 anymore, I thought to myself; I now have three children at home around that age. I heard an explosion, and the phone rang. It was my sister. I heard her sobbing, “It’s the Holocaust all over again.” The nightmares of my childhood became the reality of our lives. Those images that for years I tried to convince myself belonged to the past turned into the most devastating truth. Past, present and future all blend together, many generations of trauma, violence and suffering. None of the hiding places I imagined had helped. We were only left with two deflated silver balloons shaped into the number 50, intolerable pain and endless tears. Galit Atlas is a faculty member at the NYU Postdoctoral Program for Psychoanalysis and the author of “Emotional Inheritance: A Therapist, Her Patients, and the Legacy of Trauma.” HANNA BARCZYK On Friday, Oct. 6, my younger sister, Keren, turned 50. She was born on the first day of the Yom Kippur War, Israel’s fifth war since it was founded in 1948. I was two years old when that war broke out, and on that day my father, like all the other men, was called to the army. I was left with a neighbor while my mother went alone to the hospital to give birth to my sister. The massive 1973 attack on Israel took everyone by surprise, and many wounded soldiers were rushed to the hospitals, which then became too crowded for women in labor. The women were moved to the hallways. I don’t remember much from that war, except for my mother returning with my baby sister. Fifty years later, on a Wednesday afternoon, I flew from my home in New York City to Israel. I was happy that I could be there for my sister’s surprise party. She knew that I was coming; I knew that she doesn’t like surprises and wondered if it was related to that war. There were wars where I grew up, and so often we, the kids, felt frightened, not fully aware that we were being raised in the shadow of the Holocaust and that violence, loss and endless grief were our national heritage. Our school had a monthly “war drill.” We children practiced walking quietly into the shelters, happy that instead of studying we were playing board games and joking about the missile that might hit or the terrorists who would come with weapons and take us hostage. We were taught that nothing should be too difficult to handle, that danger was a normal part of life, and that all we needed was to be brave and keep a sense of humor. I was never afraid at school. Only at night did I worry that a terrorist might choose our house from all the other houses in the country and that I wouldn’t be able to save my family. I thought about all the good places people used to hide during the Holocaust: the basement, the attic, behind the library, in the closet. The secret was to make sure to always keep quiet. I remember that in fifth grade, during recess, the kids made a list of all the places where people hid from the Nazis. We discussed where we could hide, and I thought of the stories of mothers trying to quiet their babies so they wouldn’t expose the hiding places. That night I couldn’t sleep. I imagined my baby brother crying as the Nazis came to our apartment. The next day, I decided to practice hiding with him. I packed his pacifier and some baby toys, and I took him with me into our bedroom’s closet. We stayed there for what seemed like a long time. Every time I heard a noise, I shushed him, making sure he didn’t expose our whereabouts. When I heard my mother coming, we got out and I put him back in his crib. It was a secret that only many years later, when my brother was a grown-up, I shared with him. BY GALIT ATLAS From the Roman Calendar To Taylor Swift starting point, such as the Christian Era (or the Common Era) beginning with the traditional date given for the birth of Jesus Christ. Likewise, the Muslim Era is measured from the Prophet Muhammad’s legendary journey leading his followers from Mecca to Medina, known as the hijra. Soon enough, “era” came to be used for historical periods more generally. In American political history, the word got a boost when the period after the end of the War of 1812 was optimistically dubbed the “Era of Good Feelings.” The phrase first appeared in a July 1817 headline in the Columbian Centinel, a Federalist newspaper based in Boston, after the new president James Monroe visited the city. While newspapers around the country reprinted the feel-good story, the “era” proved to be a bit of a misnomer, as partisan rancor continued nonetheless. Applying “era” to a stage in a person’s life, rather than a stage in history, began a couple of centuries before Taylor Swift was even born. The geographer Jedidiah Morse used it in this fashion as early as 1796 in his book “The American Universal Geography,” referring to the time after the autumnal harvest as “that gladsome era in the husbandman’s life.” (“Husbandman” is another word for “farmer.”) And in 1812, the English poet George Crabbe published a tale in verse form that included the couplet, “He paused, he rose; with troubled joy the Wife / Felt the new era of her changeful life.” The recent penchant for personalizing “eras” may have begun with the popularization of the phrase “flop era” for a fallow period in someone’s life. As early as 2011, “flop era” came into use in online commentary about the careers of such music stars as Christina Aguilera and Beyoncé. A decade later, an article in the British magazine i-D averred, “2021 was the year we embraced our flop era.” Die-hard fans of Taylor Swift look to each of her albums as its own “era” to emulate. Thus, as Jessica M. Goldstein explained in the Washington Post last year, a woman in her “‘Reputation’ era” may be rebounding from a breakup in the ultraconfident style displayed on that album. In Swift’s ever-rising musical trajectory, a “flop era” may be the only era missing from her résumé. SHANNA MADISON/CHICAGO TRIBUNE/GETTY IMAGES TAYLOR SWIFT IS in her “Eras” era. The pop megastar has structured her record-smashing concert tour as a chronological exploration of the chapters in her career, as defined by the releases of her studio albums. And now the cinematic version of “The Eras Tour” has become the highest-grossing concert film of all time after its debut weekend. Swift is hardly the only one dividing her life story into “eras” these days. On social media, it has become a common move to declare that one’s new look or attitude is ushering in an “era” of some sort. If you reject social niceties, you’re in your “villain era,” but if you’re trying to better yourself, you’re in your “healing era.” Many new “eras” bubbling up online are specific to women’s lives, such as “snail girl era,” introduced in an article last month for Fashion Journal by Australian designer Sienna Ludbey, who used the term to explain why she is “slowing down and choosing to be happy rather than busy.” The word “era” has gone through many eras of its own. It is derived from the Latin “aera,” which originally referred to bronze counters used for making calculations. The earliest known application of the term to chronological periods is documented in Spain, where old inscriptions used “aera” for a calendrical system starting in 38 B.C., believed to be when the Roman Republic first levied a tax on the population of the Iberian peninsula, establishing Rome’s power in the region. When “era” entered English in the 17th century, it followed the Latin pattern of designating a period of time on the calendar reckoned from a particular Taylor Swift on the Eras Tour at Soldier Field in Chicago, June 2. [Era] WORD ON THE STREET BEN ZIMMER The Nazis were always in our nightmares, and as children we were afraid that the bad guys would find and kill us. Years later, as a psychoanalyst, I teach and write about the legacy of trauma. My research is a mesearch. Over and over I process and reprocess my patients’ trauma along with my own. Israel, a country founded on the trauma of the Holocaust, raised generations of soldiers and fighters who fought to make sure Jews would never be led like lambs to the slaughter again. Turning passive into active and victim into victor is an unconscious way to manage trauma. The Israelis called themselves Sabras (or Tzabarim in Hebrew) after the prickly pear, which has a thick skin and spikes on the outside but is soft and sweet on the inside. The term started to be used in the 1930s, and after the Holocaust it was used to differentiate between the European Jew, who was seen as passive and soft, and the Israeli, who was expected to be strong and fearless. This was a way to work through the trauma of the Holocaust and the Jews’ history of persecution. Every war was an opportunity to repeat and try to repair that trauma. In 1982, right before the Lebanon War, the prime minister of Israel, Menachem Begin, explained why that war was necessary. “Believe me,” he told his cabinet, “the alternative is Treblinka, and we have decided that there will not be another Treblinka.” The wish to repair, and this time to emerge from battles victorious, is based on the illusion that when we do so, we become winners, that we can end and master our suffering. In fact a soldier’s victory is never just a victory, but a double-edged sword that leads to loss and to cycles of trauma and violence that are carried from generation to generation. On the evening of my sister’s birthday, I invited her to have dinner with me while our family and her friends organized a party in her apartment. We planned that I would bring her home after dinner, and they would all wait there for her. We parked the car in front of her building at 8:30 p.m. Keren got out and looked at me smiling. I tried not to laugh and mumbled, “Why are you smiling?” “I was born on the Yom Kippur War, I don’t like surprises,” she said, and I shrugged, “I can’t blame you.” She walked in, pretending she was surprised. On Saturday, Oct. 7, I woke up at 7 a.m. to the sound of sirens. I’m very familiar with that sound, even though I haven’t lived in Israel for more than 20 years now. I especially remember it from the Gulf War. I was a 19-year-old soldier when the Gulf War started. I served in the army in the entertainment unit, a singer in a rock-and-roll band. We As children we were afraid that the bad guys would find and kill us. In Israel, a NewWar Summons Old Traumas For an Israeli visiting home, the Hamas attack conjures childhood fears of the Yom Kippur War and the Holocaust, tragedies that continue to shape the country’s psychology.

C4 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. What ‘Open Sesame’ Means In Nature EVERYDAY PHYSICS HELEN CZERSKI TOMASZ WALENTA IN CERTAIN FAIRY tales, when treasure is hidden from prying eyes and thieves in secret vaults, access is granted by the magic words: “Open sesame!” But it isn’t magic, of course, that unlocks the golden bounty of sesame seeds themselves so that you can enjoy them on your bagel; it’s physics. Sesame seeds are produced by the plant of the same name, formally Sesamum indicum. It’s a plant with a very flexible growing season, but now, in the early fall, some of the world’s major producers—Sudan, India, Nigeria and others—are harvesting their crop. A sesame plant is a robust stalk, 3 to 5 feet tall, with leaves coming directly from the stalk and sporting white, purple or blue flowers. The fruits are vertical green capsules a couple of inches long; each one is made of four long hollow compartments, giving it a reasonably square cross-section. The sesame seeds are neatly lined up inside each compartment, protected from the world as they grow. We generally have the idea that plants can’t move, but that’s not exactly the case. They can’t walk away, but they can change shape. The way plants usually do it is by exploiting the fact that even though their tissues have a fixed structure, the water inside them can come and go. If the plant cells have either a water-balloon structure that can inflate and deflate, or a type of material that is a different shape when wet than dry, there’s potential for movement that the plant can control. In the case of sesame, the plant needs to disperse the fully grown seeds by opening each capsule in a way that will let the seeds blow away on the wind. So the structure of the capsule has a very specific pattern. Each of its four compartments is made up of a long C-shaped trough, with the seeds on the inside. A compartment wall has three layers: The first two are made of stiff cells full of cellulose microfibrils, but the outer one is quite different, made from a much more open and disorganized collection of soft cells with no stiff microfibrils. The two inner layers hardly change when they dry out or get wet, but the outer layer is like a soft but strong sponge. When the capsule is growing, that layer is thick and plump because it’s full of water, but as the seeds ripen it starts to dry out. It loses so much water that it shrinks to 30% of its original thickness; it also shrinks asymmetrically. This leaves the whole outer layer in tension, a bowstring primed to fire. When the tension gets too much— pop!—each compartment pulls away from the others by breaking at the line of weakness where the compartments join, snapping back and outward, away from the center. At the same time, the C-shapes open up, flattening the compartment walls. Seeds can come flying out at this point, or they can wait until the wind picks them up and carries them off. It’s thought that this sudden reveal is the origin of the phrase “Open sesame,” made famous in the story of Ali Baba in “One Thousand and One Nights.” Ironically, there’s lots of research going on now into how to prevent this natural propulsion, so that the seeds can be harvested mechanically in a more orderly fashion. But if you have a bagel for breakfast, spend a moment considering the nutty treasure stuck to the outside and how it gets there, at least for now. Each seed will have had its dramatic moment of being revealed to the world, proving that physical principles are even more magical than a genie in a lamp. maintenance and construction. Faced with crumbling infrastructure and reduced revenue, 31 states and the District of Columbia have implemented some form of variable-rate gas tax. By tying rates to a broader range of metrics, lawmakers avoid the need to cast annual votes to adjust rates. Maryland, for example, revises its gas tax each June based on inflation and the average cost of a gallon during the previous year. North Carolina relies on a complicated formula that takes into account changes in the state’s population as well as the Consumer Price Index. Alabama and Minnesota base their gas taxes on the annual cost of highway construction. Illinois and Indiana treat gas like any other retail product under their general sales tax. Georgia is the first state to link gas taxes to fuel efficiency standards. Several states are seeking to recoup revenue lost to electric vehicles by imposing new fees on EV owners. Last month Texas began charging $400 to register an EV, plus an additional $200 every year thereafter—on top of the $50.75 registration fee all car owners pay. In all, 33 states assess annual EV fees, according to the National Conference of State Legislatures. Meanwhile, seven states levy a tax on electricity at EV charging stations. At the federal level, Senate Republicans led by Deb Fischer of Nebraska have introduced the “Stop EV Freeloading Act,” which would impose a $1,000 one-time fee on new EVs and an additional $550 on those weighing over 1,000 pounds. The money would go directly to the Highway Trust Fund. Fischer says the fees are necessary to replace revenue lost to dwindling federal gas taxes. But others, including Republican presidential candidate Nikki Haley, want to eliminate the federal gas tax entirely. The debate underscores the contentious nature of Back in 2001, seven years before Tesla introduced its electricpowered Roadster and a dozen years before the more affordable Chevrolet Spark EV went on sale, lawmakers in Oregon recognized that the adoption of EVs and hybrids would eventually mean less revenue from the state’s gas tax, which would mean less money to pay for roads and bridges. So they formed a committee to study the problem. After considering a tire tax, a battery tax and numerous other options, the committee concluded that Oregonians should be charged based on how many miles they drive. Twenty-two years later, the Road User Fee Task Force continues to operate small pilot programs. But like most other states that have seen gas taxes start to evaporate, Oregon still doesn’t have a mandatory alternative revenue plan in place. Legislatures are in a bind: They can no longer afford to ignore the decline in gastax revenue, but all proposed solutions are problematic. Electric vehicles currently account for only about 5% of new car sales in the U.S., but that figure will climb to at least 40% by 2030, according to S&P Global Mobility forecasts. Two years ago President Biden signed an executive order calling for half of the vehicles sold in the U.S. to be electric by the end of the decade. A few states, such as California, have been even more aggressive, mandating that all new cars sold after 2035 meet zeroemission standards. States pay for roads in a variety of ways, including vehicle registration fees and tolls, plus money from their general funds. Gasoline taxes account for a large portion of revenue, with the average U.S. rate currently at 32.3 cents a gallon at the state level along with 18.4 cents in federal tax. (Both figures are somewhat higher for diesel fuel.) Even without the impact of electric vehicles, gas-tax revenue is falling as new cars become more fuel efficient and Americans do less driving. So what can be done? In the short term, the simple fix is to raise gas taxes, most of which haven’t been adjusted in years, even as gas prices themselves have climbed (the average price of a gallon stood at $3.83 in September). Yet Mississippi, for example, still charges the same 18 cents per gallon tax that it has since 1989. The federal gas tax has not been changed since 1993. The value of these cents-per-gallon taxes has eroded over the decades because, thanks to inflation, they now buy less road BY PETER FUNT the gas tax issue—both economically and environmentally. In some states, rebates and credits have been offered to encourage purchases of EVs and hybrids among consumers who believed that one of the advantages of ownership was avoiding gas taxes. According to Carl Davis, research director for the Institute on Taxation and Economic Policy, “Both federal and state gas taxes have lost purchasing power in the face of growing infrastructure costs and better vehicle fuel economy. Some of the consequences of that were delayed by the federal Infrastructure and Jobs Act of 2021, which provided a large infusion of federal infrastructure dollars to states. But when that funding winds down, the shortfall created by inadequate gas tax revenue will be hard to ignore.” Among the considerations in replacing gas taxes are whether new formulas should be based on miles driven, fuel efficiency, rural versus urban locations, each owner’s income level or some combination of all four. The weight of commercial vehicles might also be factored in. A road-usage fee is the most frequently cited long-range alternative, as Oregon’s task force determined 22 years ago. More than a dozen states are studying it and four—Oregon, Utah, Virginia and Hawaii—have implemented voluntary pilot programs. Hawaii’s model, which begins in 2025, will apply to only electric vehicles at the start, with motorists opting to pay a flat rate annual fee of $50 or get charged 0.8 cents per mile. Basing fees on miles driven typically requires either periodic odometer readings, as in Hawaii’s program, or, most efficiently, tracking via Global Positioning System devices. Hawaii moved away from a GPS approach after surveys showed that Hawaiians, like most Americans, are worried about electronic monitoring of their daily activities. Michigan’s new budget includes $5 million to survey residents about using GPS devices to track mileage. The state lost $50 million in gas tax revenue between 2019 and 2021, a figure that could climb to $470 million annually, based on projected EV sales. Eric Paul Dennis, a transportation analyst at the Citizens Research Council of Michigan, believes that after decades of research without a fully functional mandatory program in any state, the outlook for road-use taxes is dim. “There’s no program design that I have seen that I think can be implemented at scale in a way that is publicly acceptable,” he said. “That doesn’t mean that a program can’t be designed to do so, but I feel like if you can’t even conceive of the program architecture that seems like something that would work, you probably shouldn’t put too much faith in it.” David Gomberg, a Democratic state representative in Oregon and co-chair of the Budget Committee, expressed concern that road-use taxes will promote geographic discrimination. “People who live in rural communities drive more than people in urban communities,” he notes. “You drive further to get to work, to school, to the store.” Basing fees on fuel efficiency also concerns him. “Often people in rural communities have less fuel efficient vehicles. You don’t put a bale of hay on the back of your Tesla.” Gomberg said a simpler and more equitable approach might be to fund roads with the same broad-based taxes that states use to pay for public schools. “We’re looking at a seismic shift in how we pay for roads,” he said. “Nothing is off the table.” But if Oregon has learned anything after 22 years of study—including a voluntary program with fewer than 1,000 participants—it’s that the road to finding an alternative to gasoline taxes is filled with potholes. Peter Funt is a journalist and TV host and the author, most recently, of “Playing POTUS: The Power of America’s ‘Acting Presidents.’” FROM TOP: DANIEL DEITSCHEL/GETTY IMAGES; BRANDON BELL/GETTY IMAGES Based on projected EV sales, Michigan stands to lose $470 million annually. REVIEW Drivers fill up at a gas station in Austin, Texas, in August. HowWill States Pay for Roads When GasTaxes Evaporate? As the number of electric vehicles grows and gasoline sales decline, governments are struggling to find new ways to fund infrastructure. Interstate 5 in Portland, Ore.

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | C5 their arms bathed in blood, when he actually wants to show that they are not butchers. He gives a speech in dull prose rather than stirring poetry, and the word he uses most is “I.” He then leaves the stage to Mark Antony, Caesar’s grieving, cunning and vindictive friend. Antony, by contrast, not only gives a powerful speech in iambic pentameter, he also uses the body as a prop, gathering the mob around him, saying that he will “Show you sweet Caesar’s wounds, poor poor dumb mouths,/And bid them speak for me.” In an artful speech, artfully delivered, he turns the people to his cause. Consummate actor that he is, in a cynical aside after they go off to burn, murder and riot, he says to the audience, “Mischief, thou art afoot: Take thou what course thou wilt.” For Shakespeare, politics is theater, and that’s no less true of modern politics. There is costuming: Think of John F. Kennedy going hatless to his inauguration, thereby drawing a contrast between his youth and vigor and that of his much older and more conventional predecessor, Dwight D. Eisenhower. There is the stage, whether a monumental square or a more intimate fireside. There are the directors—the political bosses and manipulators behind the scenes—and the actors. There’s an audience or, as in Shakespeare’s time, multiple audiences, from the groundlings standing near the stage, delighted by the fight scenes and dirty jokes, to the seated sophisticates reveling in the clever wording. And there are critics, whose equivalents today are journalists and pundits. Shakespeare’s most brilliant political creation is probably Henry V, the boy king who charms us all even though he launches an unjust war, shuns his dying mentor Falstaff and thereby breaks his heart, and orders the execution of an old friend. Henry threatens civilians with appalling prospects of rape and murder and casually orders the massacre of prisoners. In the biggest hoodwinking of all, he tells his soldiers that they and their noble superiors will be a “band of brothers” after the battle of Agincourt. But he quietly confides to the audience that they are fools, slaves and peasants who do not understand how he maintains the peace, while he fights an unnecessary war for his own glory. It’s all one astounding act, and even though we know the truth, we go along with it. It is easy to miss this and much more—Henry’s seductions, lies and self-pity—because he is so good at theater. When, for example, before going off to war he has to quash a conspiracy of three nobles, he does so with a mastery of the stagecraft of show trials that would have made Stalin proud. In a public meeting with the unsuspecting nobles, he makes a pretense of showing clemency to a man who had publicly denounced him. They urge severity instead, and then he springs the trap, condemning them to death: “The mercy that was quick in us but late/By your own counsel is suppressed and killed.” It’s a neat play, staged for the benefit of other nobles, and it makes Henry look good—inclined to clemency if this were merely a personal offense, but obliged by patriotic duty and the heinous behavior of the three conspirators to cut off their heads. As is usually the case, he passes off responsibility to others: They confess and cannot argue for clemency. Political theater is powerful, as Henry shows, because we as the audience can know all the facts, and yet still feel in our bones that if he showed up tomorrow we would gladly follow him. But political theater can also do enormous good. When Russia launched its invasion of Ukraine on Feb. 24, 2022, the acting talents of Shakespeare teaches us that theater suffuses all of politics, for better and worse. President Volodomyr Zelensky enabled him to rally not only his people but the entire liberal-democratic world to his side. A prominent Shakespeare director once told me that the first and most consequential choices he made had to do with costuming and stage set. Zelensky seems to understand this. He appeared on that night, as he has thereafter, in olive drab garments that are not precisely a uniform but are clearly the garb of, as Shakespeare’s Henry calls himself, a “warrior for the working day.” He dresses like a civilian commander-inchief, not pretending to be a generalissimo but obviously focused on his role as a wartime leader. Zelensky’s stage set that first night of the war was a city street in a Kyiv under attack, with his immediate advisers and subordinates clustered by him. “We are all here,” he said. “Our soldiers are here. The citizens are here, and we are all here. We will defend our independence. That’s how it will go.” It was brilliantly done. Theater requires contrasts. Here, the street scene and the positioning of Zelensky’s team were in vivid contrast— intended, one suspects—with the absurd television pictures of Vladimir Putin glowering, from 30 or 40 feet away, at his cowed underlings in a vast, gilded meeting room. Zelensky’s speech used all the tricks of anaphora, or repetition, that Shakespeare deploys to masterly effect (“We few, we happy few”). Churchill used this simplicity and directness to similar effect in the dark June of 1940, when he said that Britain would fight, “if necessary for years, if necessary alone. At any rate, that is what we are going to try to do. That is the resolve of His Majesty’s Government— every man of them. That is the will of Parliament and the nation.” It is a delicate business to use stagecraft without seeming stagy, deploying rhetorical devices without apparent insincerity. Only masters like Churchill or Zelensky can pull it off. One false slip and the magic of the stage is gone, as dictators frequently discover at the very end. Shakespeare’s brilliantly verbose but incompetent King Richard II discovers that his over-the-top invocation of avenging angels has no effect on Henry Bolingbroke, who will depose him, and the hard men around Bolingbroke who will be quite happy to kill him. At the end, he collapses in a recognition of the reality behind the costume and scenery: “For within the hollow crown/That rounds the mortal temples of a king/Keeps Death his court, and there the antic sits/Scoffing his state and grinning at his pomp.” It is entertaining and occasionally appalling to see Richard II and Shakespeare villains like Goneril and Iago on the stage. In the real world of political power, however, one has to work with such people and live with the consequences of their actions. One of the great gifts that Shakespeare offers us is an understanding of how they think, how they fool us while also fooling themselves, and how we become consumed by the play in which we find ourselves fascinated spectators. Eliot A. Cohen’s “The Hollow Crown: Shakespeare on How Leaders Rise, Rule, and Fall” will be published by Basic Books on Oct. 24. JOHN CUNEO Most of us dislike performative politics, and for good reason. Congressmen and Senators take votes that they know will prove meaningless to the outcome of legislation, give fiery speeches to empty chambers, and rant at befuddled witnesses who have no opportunity to answer their questions because none are really posed. It is theater, in a thoroughly negative sense of the term. But, as Shakespeare teaches us, theater suffuses all of politics, for better and worse. It is one of the reasons why Lincoln and Churchill adored him and memorized large swatches of his plays’ famous speeches. It is one of many reasons why reading him continues to be an education in politics, including our own. If one wants to learn, for example, how politicians who are intelligent and upright but dull and theatrically clueless can get beaten by a talented demagogue, study the famous scene in “Julius Caesar” that takes place by the slain dictator’s corpse and before a large, unruly crowd. Brutus, the reluctant leader of the conspiracy to kill Caesar and thus to prevent him from crushing Roman freedom, insists on some terrible theatrical choices. He marches out his fellow conspirators, BY ELIOT A. COHEN Does the childhood fear of being picked last explain our insecurities later in life? I WAS NEVER PICKED LAST. Or even second to last. I take pride in that. When the captains were selected and the teams chosen, I always stood in such a way—off to the side, but not too far to the side— that I appeared at once ready and aloof. Here’s what my body language said: Yes, I can help you, but please know that even if you don’t take me until after Dennis, even if you take me dead last, you cannot hurt me, for my kingdom is not of this world. Such were the brutal days of the gym-class draft, which, in my life, ran from third grade to high school. It began with a phys ed teacher, either BACK WHEN RICH COHEN We Never Really Escape the Gym-Class Draft a sadist or an adult too lazy to do his job, who’d name captains and leave them to assemble teams— for kickball, softball, dodgeball, floor hockey or flag football—one player at a time, meat-market style. After having been the subject of perhaps 500 such drafts and chosen everywhere from number one overall—that was the day we had girl captains; thank you Stephanie Rowe!—to 18 of 22, here are the questions I ask myself 40 years later: Were these auctions the source of all my problems, the insecurities and panics, the angers and paranoia, that still haunt me? Were they the cause of the occasional drinking-binge, meditation retreat and need to write? It’s the sort of alienation you experience in junior high school but feel forever. Being just another number among a pool of available picks, you see yourself, maybe for the first you think as round three gives way to round four. I can’t throw very hard, and I don’t move too quick. But there’s one thing I know how to do well: kick ass at dodgeball. The practice of the gym-class draft has been phased out. As long ago as 1993, the New York Times headlined a story, “New Gym Class: No More Choosing Up Sides.” Because it traumatizes kids, separates them and leaves a mark on their psyche. But as with all practices born of convenience, the human draft continues on playgrounds, where kids compete in the absence of adults. And it continues in disguise: the college application process, the LinkedIn job hunt, the search for a soul mate online. It’s the gym-class draft pick again and again and again— the feeling of randomness, being misunderstood, underestimated and judged for all the wrong reasons. We will never get rid of it because it’s a pure expression of the human condition. In such a world, maybe it’s better to restore the real gymclass draft. Maybe it’s better to face it and learn to overcome it in the same years that you are learning about the Declaration of Independence and human reproduction. After all, you only learn to disregard the draft—and, better still, turn it to your advantage—once you’ve suffered it. There is opportunity in being underestimated. The kids who get picked first are usually all the same. They are as big and golden and flavorless as the first apples of autumn. It’s the knotty and the gnarled, those who need a few more weeks on the tree, that are most delicious. When you arrive late you arrive without expectations and with just the right amount of anger needed to surprise them all. I will not quote the Gospels, but I will quote Bob Marley quoting the Gospels: “The stone that the builder refused will always be the head cornerstone.” JOHN BIEVER/SPORTS ILLUSTRATED/GETTY IMAGES time, through the cold eyes of an appraiser. You are no more than a body in the mind of this person, an object with too many deficiencies to catalog: chubby, knock-kneed, weakarmed, timid, poorly coordinated, scared of the ball, slow. You will also feel yourself, for the first time, trapped in a body, isolated from even your closest friends, of whom you might think: Oh, dear lord, as bad as it gets, as long as it takes, let me be taken before him. What’s worse, you know that you’re being judged on all the wrong qualities, in all the wrong ways. Yeah, I’m slow, Like the Bard’s Mark Antony and Henry V, real-life politicians rely on rhetoric and stagecraft to achieve their goals. REVIEW Shakespeare’s Political Theater

C6 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. would be part of the normal political discourse, featured in a newspaper book review or on a television talk show. In China, they were written by people mostly working on their own time, at night, after years in prison, sometimes in exile, and other times holed up in an apartment under 24-hour surveillance. There was no money in this, but they felt compelled to set in words the problems that their country faced. These fragile works had already been consigned to Hong Kong, on the fringes of China’s empire, and now they were retreating even further. Some of the books I received were poignant, such as “My Life in Prison” by Jiang Qisheng, an account by a veteran activist who was prominent in the 1989 student demonstrations. Like many of the memoirs, it starts out with a photo section: grainy pictures of Jiang’s youth, his friendships, the people he met, and a shot of him looking older and gaunt. The last chapter is called “My Last Day in Prison,” a terrifying account of the uncertainty that his jailers created for him before he finally was released. I n February 2022, a friend in Hong Kong sent me an urgent notice on an encrypted messaging app. It was Bao Pu, a publisher whose New Century Press once regularly issued memoirs by some of China’s most important dissidents, thinkers and activists, as well as photo books and collections of official documents that challenged the government’s account of key events. Since 2019, when the Chinese government violently suppressed protests in Hong Kong, it had been difficult for him to publish, in part because printers were too afraid to touch his manuscripts. He had tried printing in Taiwan and shipping the books back to Hong Kong, but customs made trouble. After a draconian new National Security Law was passed in 2020, he all but gave up and was thinking of new projects, and possibly even of moving abroad. Now there was a more pressing matter: the warehouses where he and other publishers kept their books wanted them to clear out BY IAN JOHNSON As I held it in my hand, I wondered, how on earth could a book like this be pulped? Some of these books had covers like small tabloid newspapers, with exclamatory headlines urging readers to look inside. Jiang’s book, for example, stated “Records from inside prison” and “Secretly carried out.” It featured prefaces written by mothers who had lost their children to the 1989 massacre and blurbs by some of China’s bestknown activists, including the 1989 student leader Wang Dan. With other books, the title was enough. “China’s AIDS Plague: 10,000 Letters,” by doctor and AIDS activist Gao Yaojie, reflects on the avalanche of letters she received after publishing China’s first book on the virus. Another was Dong Fu’s “Withered Seedlings and Flowers,” a richly documented account of the Great Famine of 1959-61 in western Sichuan by a writer who grew up there. Eager to ship the books to libraries, I rushed through many of them, but spent a day entranced with “Emotional Traces of the Rightists,” a book that told 72 love stories about couples torn apart during the 1950s Anti-Rightist Campaign, which decapitated the country’s intelligentsia by sending hundreds of thousands to prisons and labor camps. The book was edited by Zhou Suzi, a scholar of classical Chinese whose husband was sent to a labor camp for 20 years. Zhou’s own story was typical of the other couples’ accounts. She and her three daughters traveled more than 1,000 miles by foot from southern China to the Hexi Corridor in hopes of being near their husband and father. Later they were driven out of the region and ended up in Hangzhou, near where Zhou grew up in south-central China, before police forced them to leave and they walked back to the labor camp. The family was eventually reunited after two decades. Given the quality of the books, it didn’t take long to find them a home. I called up my doctoral adviser at Leipzig University and a professor who ran a program on the legacy of Maoism at Freiburg University. They agreed to take a set each. A few other universities quickly stepped in, too. One set was left, and I decided selfishly to keep it. Then I began packing up the books and sending them out into the world for more people to discover, until perhaps one day they could be sent back to where they belonged: China. Ian Johnson is a Pulitzer Prizewinning reporter who lived in China until 2020. This essay is adapted from his new book, “Sparks: China’s Underground Historians and Their Battle for the Future,” published by Oxford University Press. The request was simple but urgent: Would I take a shipment of the books— immediately? REVIEW The Books I Helped Rescue From China’s Repression When a Hong Kong publisher’s politically sensitive books were threatened with pulping, journalist Ian Johnson agreed to find them a new home in the West. The shipment of Chinese books received by the author in 2022 included memoirs by high-ranking political advisers and ordinary citizens. their stock. The titles were so sensitive that even storing them had become a potential violation of the law. The warehouse owners issued an ultimatum: get them out immediately or they would be pulped. Bao Pu sent me a picture to show the scope of the problem. Long metal bookshelves held thousands of books. All of them had to go. His request was simple but urgent: Would I take a shipment of the books—immediately? A local entrepreneur would pay to ship them to me in New York, so cost wasn’t a factor. The key was that the books find a worthy home. I had contacts with research libraries; would I help? I immediately agreed. Six weeks later, my office was filled with 380 banned books—roughly five copies each of 79 titles, everything from studies of political reform to accounts of famine and love stories about politically persecuted families. I quickly unpacked them and put them on new shelves I had ordered for the occasion. Sitting there, row on row, the books were an eloquent testament to untold hours spent by Chinese people trying to figure out their country for themselves. When people talk about Hong Kong political books, some focus on the handful of racy titles about Xi Jinping’s wife or Jiang Zemin’s lovers, but these had always been outliers. The majority are valuable memoirs, efforts to analyze China or to recount forbidden histories. Some were written by former high-ranking political advisers. Others were by relatively ordinary teachers or students caught up in political upheavals. In any open society, these books Publisher Bao Pu CHRIS BURKARD “I HAVE A VERY early memory of my Mom dragging me out into the ocean,” writes photographer Chris Burkard in the introduction to his new book “The Oceans” (Gestalten). “At first, I didn’t like that feeling of being taken beyond my comfort zone, but that space is exactly where the magic happens.” His ocean photos show what he means. Landscapes dwarf the human silhouettes dangling from giant caves over roiling waters in Mallorca, or jumping, legs akimbo, off natural stone arches in California. Manmade things seem dwarfed as well: A sailboat wedged between Norwegian mountains looks like a white paper toy, while a single building nestles on the shore of an Icelandic island as if on the green seat of an enormous chair. Because Burkard is color-blind, he has “always looked for contrast” in patterns and textures, and his marine scenes range from tropical to bonechilling—mirror-still in Greenland (at right), foaming in fury off Chile. In Tahiti a rainbow seems to pierce a solid wall of water, while in Iceland the Northern Lights turn the sea green, like a snapshot from another planet. —Peter Saenger EXHIBIT Waterworld A Greenland scene by Chris Burkard. IAN JOHNSON (2)

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | C7 It’s All Too Much George Harrison never got over being a Beatle C11 READ ONLINE AT WSJ.COM/BOOKSHELF The Greatest Capitalist Who Ever Lived By Ralph Watson McElvenny and Marc Wortman PublicAffairs, 592 pages, $32.50 BY STEPHEN BUDIANSKY which would subsequently prove key to IBM’s success in the commercial computer business. (Core memory would be used in nearly all computers until superseded by semiconductor chips in the 1970s.) A huge gap in the book is any mention of the even greater helping hand IBM received through its extensive work for the codebreakers of the National Security Agency. NSA contracts provided the company with millions of dollars in revenue starting in the mid-1950s, plus direct support for major breakthroughs in data processing and storage hardware, notably the semiconductor processors that delivered a 100-fold increase in speed over their vacuum-tube predecessors. NSA’s leaders often expressed frustration at the way their contracts with IBM would inevitably morph into a product IBM could sell to its commercial customers. “As usual the agency has a firm hold on the IBM leash and is being dragged down the street,” an NSA engineer assigned to keep tabs on the company’s work for them reported. “If you want to control an R/D contract you should pick a company other than IBM.” Watson’s bold decision to “bet the company” on the 360, a fully intercompatible series of computers that would replace IBM’s multiple product lines, provides the dramatic climax of “The Greatest Capitalist Who Ever Lived.” But the authors never really confront the question of how much of the 360’s success was due to Watson, rather than IBM’s pre-existing market dominance. The company’s lock on the business market for data services like payroll and accounting, going back to the punch-card era, and the leasing model that gave its huge sales and service force an inside track on customer needs, provided marketing advantages that let the company get away with technical missteps that would have killed its competitors. The 360 was delivered years late, initially with a skeleton operating system that did a fraction of what had been promised, but the IBM name was enough to prevent customers from canceling in droves. The 360’s subsequent domination of the commercial computer market notwithstanding, it was the stodgy product of a stodgy company; in the 1960s and ’70s the exciting innovations in computing—Cray’s supercomputers, Xerox PARC’s graphic workstations, DEC’s tiny but astonishingly capable and versatile minicomputers, employing timesharing software for multiple simultaneous users—were happening elsewhere. The corporate culture that had served IBM so well for so long could not make the leap to the new era; losing billions a year by the 1990s, the company announced its first layoffs in seven decades. Watson, then retired, would wake up in the night and cry. But IBM’s inability to innovate in a technologically competitive environment suggests a more apt description of Thomas Watson Jr. He was “The Luckiest Capitalist Who Ever Lived,” who owed more to being in the right place at the right time than to any singular gifts of leadership or innovation. Mr. Budiansky is the author, most recently, of “Journey to the Edge of Reason: The Life of Kurt Gödel.” Liberalism’s Last Man By Vikash Yadav Chicago, 288 pages, $35 BY SAMUEL GOLDMAN GROWING UP the son of the highest-paid executive in America, who by the 1930s had made IBM a household name with its near-monopoly on punch-card tabulating equipment, Thomas Watson Jr. felt nothing but dread about his apparently inescapable destiny— taking over the family business. Alternately indulged and harshly disciplined by his domineering father, he was paraded in jacket and tie at age 9 before dutifully applauding employees. In his teens, supplied with his own car, sailboat and a monthly allowance of $7,000 in today’s money, he predictably rebelled, getting into scraps at school, flunking out of a series of private academies and finally squeaking through Brown University, where he concentrated on girls, drinking and flying airplanes. Suddenly, an opportunity presented itself to make his way “absolutely on my own,” Watson recalled. A business friend of his father’s was looking for a secretary to accompany him around the world, selling pavilion space at the upcoming 1939 New York World’s Fair. Leaping at the chance to escape from his father’s shadow—“my personal Independence Day,” he called it—Watson was halfway around the world when his boss confessed that his father had secretly managed the whole thing, paying his son’s salary and expenses. A “terrible blow to my pride,” the son said. A few months later he joined IBM as a sales trainee, remaining there the rest of his working life. “The Greatest Capitalist Who Ever Lived,” a biography of Thomas Watson Jr. (1914-1993) by Ralph Watson McElvenny and Marc Wortman, is the story of that reluctant son’s successful transformation of IBM into the world’s foremost manufacturer of computers. It begins with his accession to the presidency in 1952, at age 38, and culminates in the 1960s with the launch of the System/360 series, which vaulted IBM into the position of most valuable publicly traded corporation in America. There is lots of boardroom drama, family feuding and high-stakes technological gambles. Although the lead author is Watson’s grandson, the authors do not shy away from unflattering details about their subject’s personality and private life. But neither do they offer much insight into his character, or go beyond psychology and business-management clichés in describing the lessons he learned from his personal struggles (e.g., teamwork is important). Despite trumpeting the authors’ access to the IBM archives and personal family papers, lengthy sections of the book draw entirely on Watson’s 1990 memoir, “Father, Son & Co.,” and do not dig deeper. His estrangement from a sister is briefly mentioned but never explained, and there is a cursory nod to his and his father’s devotion, unusual for corporate leaders of that day, to social justice and to support for the Democratic Party. But the reader is not left with much of an impression of personal growth or self-knowledge. Perhaps Watson fails to emerge as a full-fledged character because he did not have much of a character. Like his father, Watson was given to terrifying rages that left employees shaken or in tears. He deliberately pitted individuals and divisions of the company against one another, and at home expected his wife and children to jump to his orders. Although once he buckled down to his responsibilities Watson undeniably worked hard to learn the business, he never shed his spoiled-rich-kid persona, dropping $50,000 on impulse on a painting or antique car, commissioning custom sailing yachts, buying a Learjet and a helicopter for his personal use, along with a secret hideaway with a private airstrip on an island in Maine where he could conveniently drop in for one of his (many) extramarital affairs. The idea that Thomas Watson Jr. was “the greatest capitalist who ever lived” is both a bit fatuous and more than a little ironic, given the company’s longstanding dependence on government largess; IBM owed much of its early success in the 1920s, ’30s and ’40s to contracts with the Census Bureau and the Social Security Administration, major users of IBM tabulating equipment and its (very profitable) punch cards, of which the company sold billions a year to its equipment lessees. As it moved into computers, the company lagged technologically behind its far more innovative early competitors, and nearly every one of IBM’s subsequent technological advances was directly funded by hefty government R&D and production contracts. The authors mention the pivotal role that the company’s work on the Air Force’s SAGE radar system played in its initial foray into electronic computing and its adoption of the new technology of magnetic-core memory. Costing more than the Manhattan Project, the SAGE system of networked ground stations, designed to detect enemy aircraft and direct fighters to intercept them, provided 80% of the company’s computer revenues in the 1950s. But IBM had to be practically forced by the Air Force’s own engineers to employ the new memory, HAL PAL An IBM System/360 mainframe computer system, ca. 1965. A Machine-Made Man Thomas Watson Jr. oversaw IBM’s transition to the computer era and led the company through a golden age, with some help from his father and government contracts BOOKS Dangerous Position Why murder was the No. 1 job risk for Roman emperors C9 Thomas Watson Jr. of International Business Machines with a System/360 computer in 1966. TOP: MARVIN KONER/GETTY IMAGES; INSET: DWIGHT ELLEFSEN/FPG/GETTY IMAGES Will the Real Hayek Please Stand Up? I NTELLECTUAL STATUS is an unpredictable thing. Unknown scholars become public figures almost overnight. The giants of one age are forgotten in the next. Famous names retain their prestige but are celebrated for virtues other than the ones recognized by their contemporaries. Previously obscure works are rediscovered and canonized generations or centuries after they were published. Since he began to attract attention nearly a century ago, the free-market economist and intellectual Friedrich Hayek has passed through several of these phases. Initially a rebel against economic consensus and valued largely by fellow contrarians, he lived to see his views vindicated with public acclaim and, more important, political support. His vindication attracted opposition. Once dismissed as a crank, Hayek became a central figure in the demonology of “neoliberalism,” the term leftist writers use to describe the revival of market-oriented economic policy in the decades after World War II. More recently, Hayek has settled into a kind of irrelevant ubiquity. He is often invoked, occasionally cited but rarely—so one suspects—read. In “Liberalism’s Last Man,” Vikash Yadav attempts to liberate Hayek from this limbo. Mr. Yadav, a professor of international relations at Hobart and William Smith Colleges, believes Hayek has much to teach readers today, and argues that much of what the great economist has to say to us can be found in “The Road to Serfdom,” the 1944 book that catapulted Hayek to celebrity. It’s a bold and unconventional claim: Hayek’s modern admirers tend to depreciate that work, which is partly a commentary on wartime Britain, and look far more favorably on such systematic efforts as “The Constitution of Liberty” (1960). In my own experience as a teacher, the combination of sweeping generalization and granular period detail makes “The Road to Serfdom” a challenging text for students. Mr. Yadav’s justification for his defense of Hayek in general and “The Road to Serfdom” in particular isn’t only academic. He argues that a renewed appreciation for Hayek can help meet present threats to liberalism (which, like Hayek, he associates with individual freedom, the rule of law and meritocratic competition). Dismissing ideological socialism as a relic of the 20th century, Mr. Yadav argues that the great threat to liberalism now comes from what the economist Branko Milanovic dubs “political capitalism”—a bureaucratically managed economy in which decisions by individuals and firms are subject to extensive coordination by a permanent ruling party. Elements of political capitalism are practiced in a number of states around the world, but its exemplar is China. For Mr. Yadav, liberals who denounce China for its lack of demoPlease turn to pageC8 Hayek’s work now has a kind of irrelevant ubiquity: Often invoked, but not as often read closely. VINDICATED Hayek at 84. PA IMAGES/GETTY IMAGES

C8 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. BOOKS ‘Ever failed. No matter. Try again. Fail again. Fail better.’ —SAMUEL BECKETT Educated By Tara Westover (2018) 1 In her intense memoir, Tara Westover recounts coming of age in the volatile environment created by her survivalist father and his doomsday conspiracies. Growing up in rural Idaho, she never received the compassion or support—or schooling—a child needs. Instead, she was told that her value and place were in the home. Yet she refused to accept the narrative she was given. At 17, she began to educate herself; at 18, she enrolled in college. From there she was awarded a scholarship to Cambridge, where which she eventually earned a doctorate. “An education is not so much about making a living as making a person,” she writes. The difference between the narrow boundaries of her sheltered beginnings and the wide-open horizons of her academic achievements is nothing short of astonishing and serves as a memorable reminder of the transformative power of learning. In Order to Live By Yeonmi Park (2015) 2 Yeonmi Park’s harrowing narrative brings the reader back to her dark and grueling past as a child in North Korea. After the collapse of the statesupported economy in the mid-1990s and amid the ensuing nationwide famine, Yeonmi’s father relied on smuggling goods into the country to help support his family. At age 13 and weighing 60 pounds, Yeonmi escaped to China with her sister and mother, only to fall into the hands of human traffickers. “In order to Live” revisits moments from Ms. Park’s past and recounts her struggle to be free. She reminds readers that freedom is not guaranteed and that there are still places in the world where basic human rights are denied. Her strength of character, her determination to never give up and her ability to re-educate herself after years of living in the shadow of propaganda are inspiring. “It amazed me,” she writes, “how quickly a lie loses its power in the face of truth.” You Could Make This Place Beautiful By Maggie Smith (2023) 3 After discovering that her husband was having an affair, the poet Maggie Smith questioned her own sanity, confidence and sense of self. In her powerful memoir “You Could Make This Place Beautiful,” she revisits that period in her life and reflects on the societal expectations placed on her as she struggled to stand up for herself and her children. Her “bittersweet” Lindsey Jacobellis The two-time snowboarding gold medalist and author of ‘Unforgiving: Lessons From the Fall’ cratic accountability or violations of human rights aren’t wrong, but they fail to understand how the game has changed since the end of the Cold War. Rather than seeking justification in the theories of Karl Marx, the Chinese Communist Party bases its legitimacy on economic prosperity and the maintenance of social order. It’s a version of the inaccurate but inescapable cliché that Mussolini made the trains run on time. That reputation for efficiency prefigures the appeal of political capitalism. The case for China’s system rests on the assumption that a one-party state gets things done, while Western liberal democracies are mired in dissension. Under these circumstances, appeals to abstract principles are likely to fall on deaf ears. Instead, it’s necessary to show that the political-capitalist model won’t keep delivering the goods it promises—and that liberal democracies can. The elements of “The Road to Serfdom” that Mr. Yadav highlights involve this practical comparison. The Hayek who emerges from “Liberalism’s Last Man” is a consequentialist—an economist who cared about results more than an academic who cared about philosophical purity. Hayek, in Mr. Yadav’s interpretation, acknowledged that critics of classical liberalism are often right about the ends they wish to accomplish but confused or mistaken about the best means for doing so. Continued from page C7 Finding The Real Hayek West. In our multicultural age, such Eurocentrism has to go. Part of the motive for Mr. Yadav’s corrections of Hayek seems to be rhetorical. Political capitalism is particularly appealing in the postcolonial countries of Africa and Asia. If the goal is to convince them to take a different road, it may not be very helpful to say that they should adopt policies and institutions that flourished in Victorian Britain. By rescuing Hayek from his own Anglophilia, Mr. Yadav hopes to make Hayek a more plausible guide for countries that were once subject to British rule. There are also cases in which Hayek’s account is historically doubtful. Liberal ideas and institutions did emerge from Western culture. But so did socialism, nationalism, imperialism, religious fanaticism and many other tendencies that Hayek deplored. Some of the least convincing portions of “The Road to Serfdom” try to show how pristine British ideas were corrupted or replaced with malign German ones in the late-19th century. But the British had plenty of bad ideas of their own—and the Germans some good ones. Still, something gets lost in this universalist reboot of liberalism. Prominent among the Germans whose influence Hayek resisted was Hegel. Whatever his misjudgments, however, Hegel was right to observe that few of us can be satisfied with universal principles because we are embodied, culturally bound persons rather than generic human beings. To remain authoritative, Hegel suggested, political principles and institutions have to be recognized as at once simultaneously rational (thus universal) and our own (thus particular). It would be an unfortunate paradox if recasting liberalism to make it more appealing outside the West ended up discrediting it in its historic bastions. A better approach, which Mr. Yadav gestures toward but doesn’t pursue extensively here, would be to identify parallels to Western ideas about freedom that non-Western societies can claim as their own. Mr. Yadav may also overstate the appeal of political capitalism, leading him to suggest more revision to Hayek than is necessary. A number of states around the world employ elements of political capitalism. The only comprehensive and plausible challenge to Western liberalism, though, comes from a single country—China. The unique salience of China raises the question of whether political capitalism is really a portable model of political economy, or a sui generis result of specific Chinese conditions. Political capitalism’s record also looks somewhat less impressive than it did just a few years ago. Mr. Yadav observes that prophecies of the limits of Chinese growth have been written before—and refuted by events. Still, the toxic combination of economic cronyism, declining birthrates, draconian Covid lockdowns and intensifying political repression makes China’s claim that it represents a better future hard to accept. In “The Road to Serfdom,” Hayek contends that, even if it yields apparent benefits in the short term, centralized planning requires escalating coercion for diminishing returns. That conclusion, though not so simple as Hayek sometimes made it sound, remains as important now as it was in the 1940s. “Liberalism’s Last Man” performs an exceptional service in recasting “The Road to Serfdom” in a form that modern readers may find easier to appreciate than the original work. For too long Hayek has been treated—by admirers and critics alike—as a slogan or a caricature rather than a serious thinker. It’s time for a comeback. Mr. Goldman is an associate professor of political science at George Washington University and editor of FUSION, an online journal. DERAILED How much longer can China keep its trains running on time? CHINA PHOTOS/GETTY IMAGES This Hayek is very different from the dogmatic neoliberal of popular imagination. A good portion of “Liberalism’s Last Man” aims to refute outright misunderstandings that continue to deform popular and even scholarly literature on Hayek. Hayek did not endorse strict libertarianism. For example, he defended government action to prevent monopolistic restraints of trade. Nor did he reject a social safety net. Although he preferred a guaranteed minimum income to in-kind services, he believed individuals could not be held solely responsible for their own health care and other necessities. Finally, Mr. Yadav points out, Hayek did not claim that the adoption of policies he opposed led immediately or irrevocably to despotism. If that were the case, it would be useless to write a book urging a change of course. These reminders are not original to Mr. Yadav—but the myths they refute remain necessary to the caricatures that dominate what people think they know about Hayek. To make Hayek appealing today, though, Mr. Yadav feels he needs to modify him. The changes are most evident in his account of Hayek’s relationship to history and culture. According to Mr. Yadav, Hayek integrates his consequentialist argument for liberalism with an “outmoded teleological narrative” that traces the seamless development of freedom from ancient Greece to the modern Today’s case against the ‘political capitalism’ of China and other states is practical—the model can’t deliver the goods. FIVE BEST ON SECOND CHANCES moments of growth show not only her vulnerability but also her quiet strength. She invites us into her world as she reflects on love, loss, resilience and the pursuit of beauty amid the chaos of existence, reminding us of Rilke’s words, “let everything happen to you: beauty and terror.” Driven to Ride By Mike Schultz (2022) 4 At age 27, Mike Schultz was on top of his game as a champion snowmobile racer. During a 2008 qualifying run, a terrible accident led to the loss of his left leg above the knee. Instead of giving up, however, he was back at his sport less than two months later and would eventually compete in snowboarding, snowbiking, motocross and snocross. He would come to be known for his grit and determination but also for his innovations in prosthetics design, which he would share with other athletes as well as veterans, because, he writes, he wanted “to help them regain a part of their lives they feared was lost.” Mr. Schultz’s memoir, “Driven to Ride,” plunges readers into the world of extreme sports and sheds light on adaptive sports and the challenges faced by athletes with disabilities. Memoirs From the Edge By Jeb Corliss (2022) 5 Adventure is a given for anyone who practices wingsuiting—skydiving or jumping from a high peak or building in a webbed jumpsuit that helps the wearer glide through the air. Jeb Corliss was a seasoned thrill-seeker in 2012 when he collided with a rock ledge on the side of Table Mountain in Cape Town, South Africa. The accident left him with two broken ankles, a broken fibula and several shattered toes. He also had a fully ruptured anterior cruciate ligament, and his leg muscles were left in tatters. “Memoirs From the Edge” details that accident and other events in Mr. Corliss’s rollercoaster ride of a life. He describes the thrilling intensity of his sport, along with the grueling agony of his recovery, without shying away from the mental and emotional battles that come from pushing yourself to the limit. The essence of the book can be summed up in one line: “My time in this world is limited, but the things I can do with that time are not.” Mr. Corliss eloquently describes the fine line between fear and exhilaration, the agonizing moments of doubt before an event, and the overwhelming sense of achievement he feels when he conquers his uncertainty. In so doing, he offers a glimpse into how mental and physical challenges can be a catalyst for self-discovery and emotional growth. WING AND A PRAYER Jeb Corliss attempting to wingsuit through Tianmen Mountain, China, in 2011. JEB CORLISS/RPRT MANAGEMENT

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | C9 BY KYLE HARPER I N JUNE of the year 68, the emperor Nero, on learning that the Roman Senate had declared him a public enemy, plunged a dagger into his throat (with the loyal assistance of his private secretary). A generation later, the emperor Domitian was hacked to death by a handful of palace aides in what was a rather messy job. A century on, Commodus was strangled in the bath by his personal trainer (Plan B for the conspirators, following a botched poisoning). In 235, in a more conventional military coup staged on the Rhine frontier, the emperor Severus Alexander was cut down (“clinging to his mother,” according to a contemporary historian) by soldiers ready for a change of boss. Assassination was the main occupational hazard of ruling the Roman Empire: More than a dozen Roman rulers met violent ends between Julius Caesar in 44 B.C. and Severus Alexander. What makes the above list notable is that each of these deaths also spelled the end of a family’s tenure in power. Roman imperial dynasties were evanescent, too. “The corridors of power” in ancient Rome “were always bloodstained,” observes Mary Beard in the opening pages of “Emperor of Rome,” her study of the emperors who ruled antiquity’s most famous empire. The rotating door to the empire’s halls of power forms a contrast with the durability of the imperium as a political formation. Ms. Beard, a retired professor of classics at Cambridge, has become the most visible face of classics worldwide. On this side of the pond, she is a public intellectual. On the other side, she is that and more: a celebrity. Her gifts for putting serious scholarship into accessible terms, for bringing a critical eye to the study of classics without being a scold (while still making the study of the ancient world seem entertaining) has translated well to TV and a spate of books admired by specialists and the wider public alike. “Emperor of Rome” is billed as a sequel to her blockbuster, “SPQR,” which also treated the Roman Empire in its later chapters. Unlike its predecessor, “Emperor of Rome” has no chronological narrative. It looks at the rulers of Rome through the prism of 10 separate themes, from “power dining” to imperial travel, as Ms. Beard returns to subjects she has treated throughout her career (imperial portraiture, Roman triumphs, deification). Each of the themes offers a vivid way to re-examine what we know, and don’t, about life at the top. For all its detail and diverse interests, the book’s unifying argument might be that it is very hard to grasp the truth of what the emperors were actually like. Instead, we have a tissue of propaganda and gossip, sycophancy and slander. “The image of Roman emperors that has come down to us,” Ms. Beard writes, “is a complicated and multilayered construction: a glorious combination of hard historical evidence, spin, political invention and reinvention, fantasies of power, and the projection of Roman (and some modern) anxieties.” BOOKS ‘Nero spent some of his dough / For a fiddle and a bow. / That’s how Nero made his name, / Landed in the Hall of Fame.’ —FATS WALLER Emperor of Rome By Mary Beard Liveright, 512 pages, $39.99 As Ms. Beard points out, despite the proliferation of the emperor’s image that began in the reign of Augustus (died A.D. 14), it is hard to know what the emperors even looked like. Domitian, for instance, had a “pot belly, thin legs, and hardly any hair,” Ms. Beard writes. His baldness was a touchy issue, and he wrote a manual on hair care. None of this is reflected in the generously coiffed busts that survive. The deeper point is that image should not be mistaken for reality. The reputation of a Roman emperor depended inordinately on whether the next emperor needed his predecessor to have been remembered as “good” or “bad.” An emperor was judged by how he balanced the delicate, ambiguous expectations laid upon those who wielded absolute power. He was to be generous but not profligate, sympathetic but not soft. His comportment at table, in the circus, even in bed was a reflection of the anxieties and fantasies of the ruling class. In his role as commander in chief, the emperor’s obligations were clearer: to win in battle and to share in the toughness of the common soldier. In other words, the emperors of Rome were the wealthiest and most powerful people in the world, tightly constricted by the protocols that governed the proper exercise of authority. The emperors were never outright monarchs—as they were at pains to emphasize, distancing themselves emphatically from titles that implied kingship. They continued to share power with the Senate and the army; in fact, their power depended on how well they could orchestrate these institutions. The emperors, descendants of the warring oligarchs of the late republic, inherited a militaristic culture and a sprawling empire stretched tautly to its limits. They governed all this with a skeleton crew of administrators, many of them enslaved or free members of their household staffs, often via letters that moved at the speed of horse. Ms. Beard punctuates her erudite but easy prose with striking turns of phrase and arresting observations. Julius Caesar’s murder in the Senate house was “almost a one-off in the period. Most emperors who fell victim to assassins were killed at home.” Hadrian was an unrivaled traveler, and his villa at Tivoli was a virtual theme-park exhibit of his vast multicultural realm: “The empire was his palace, the palace his empire.” Hadrian also left an indelible mark on the cityscape of Athens: “Even now there is more of Hadrian left in the surviving monuments of Athens than of Pericles.” “Emperor of Rome” is a masterly group portrait, an invitation to think skeptically but not contemptuously of a familiar civilization. Specialists can envy Ms. Beard’s command of a range of scholarship, even if there are inevitably things to quibble about here and there in a survey this broad. The debunked canard that St. Paul implied that Nero’s household was a “hotbed of Christianity” should not be repeated. To say that the Romans had few financial institutions, little banking and credit, is a blunder. In fact financial intermediation and credit markets were more sophisticated under Rome than they would be again for more than almost a millennium and a half. “Emperor of Rome” is spiced with striking comparisons. The Roman Empire functioned with about 95% fewer senior personnel than the Han dynasty that ruled at the same time in China. The imperial residences in central Italy would dwarf “even the landholding of the British royal family at its most opulent.” Yet, in all, Ms. Beard’s book is an inward-looking study, with little sustained comparison to other premodern empires. She might have considered, for instance, that all of those assassinated emperors are telling us something deeper. The reigns of the emperors were unusually brief and prone to violent ends, and even the longer dynasties were mostly achieved through fictive adoption. Is this pattern paradoxical (the empire endured despite turbulence at the top) or rather pivotal (dynamism and adaptation were achieved because of turnover)? History’s most conspicuous empire still conceals some of its secrets, as it always has. Mr. Harper is a professor at the University of Oklahoma and a member of the Fractal Faculty at the Santa Fe Institute. It’s Deadly at the Top LOSS OF CAPITAL Headless marble statue of Nero, Istanbul Archaeological Museum, Turkey. DEAGOSTINI/GETTY IMAGES Emperors weren’t outright monarchs. They shared power with the Senate and army and governed a vast empire via a skeleton crew of reliable staff. The Genius of Their Age By S. Frederick Starr Oxford, 312 pages, $29.95 BY MAXWELL CARTER I NEVER REALIZED quite how idle and inadequate I was until reading S. Frederick Starr’s “The Genius of Their Age: Ibn Sina, Biruni, and the Lost Enlightenment.” The 11th-century scholar Ibn Sina—known in the West as Avicenna—was practicing medicine and law in his teens and sought, through hundreds of works, to create, as Mr. Starr writes, an “intellectual framework that encompassed philosophy, science, medicine, and religion. His contemporary Biruni has meanwhile been celebrated as “an eleventh-century da Vinci,” “a universal genius” and “The Master.” To the extent that we can begin to comprehend their lives and the range of their accomplishments, “The Genius of Their Age” is an ideal guide. Modeling his paired biographical structure on Plutarch’s “Parallel Lives,” Mr. Starr, an expert on Central Asian politics and history and the former president of Oberlin College, tends to define his subjects in opposition to each other. Both were “products of the same culture”—an Arabicliterate society influenced by Persia and fought over by ascendant Turkic powers—who belonged to its “small elite of highly educated persons who had the means and inclination to pursue knowledge for its own sake.” They differed in personality and perspective. Ibn Sina (b. ca. 980) was gregarious and desired to “create a single umbrella under which all knowledge could be organized.” Biruni (b. 973) was an inward-looking man who “spent much of his life toiling alone” and “reveled in every discrete phenomenon, and proceeded to generalize only on the basis of what he had observed at the level of specifics.” Genius seems generally to bestow its gifts in childhood and, in Mr. Starr’s telling, Biruni and Ibn Sina were indeed “early starters.” The title of the second chapter, “Privileged Prodigies,” put me in mind of Manhattan’s dystopian preschool admissions. Biruni, an orphan, learned by the example of his fabulously erudite stepfather, Ibn Iraq, the brother-in-law of the last ruler of Khwarazm in what is mostly now Uzbekistan. Ibn Sina’s father was an “ambitious, upwardly mobile, and cultivated senior civil servant.” They were versed from an early age in the Quran, the hadith—the sayings and actions of the prophet Muhammad—and related textual criticisms. And the pair was exposed in translation to Aristotle—“The Philosopher” to medieval Muslim admirers. “Reading Aristotle challenged both young men to explore all fields,” observes Mr. Starr. The Greek thinker’s breadth of knowledge and inquiry was an inspiration as well as the standard to be measured against. Ibn Sina A pair of 11th-century polymaths set out to redefine law, medicine and philosophy. Their guide was Aristotle. aspired to the mastery of Aristotle’s works and to the erection of “a new and even more comprehensive structure of knowledge.”” In his autobiography, Ibn Sina claimed to have read the “Metaphysics” 40 times with limited success, grasping it only after coming across an analysis by the philosopher al-Farabi (for this, he had an importunate book peddler to thank). Biruni, who looked also to Euclid and Ptolemy, acknowledged Aristotle’s preeminence but was more apt to reject and revise his thought. When Biruni and Ibn Sina corresponded around 997-998— the 35-page paraphrase of this important exchange was discovered in an archive in Cairo in 1920—they bickered over Aristotle. Biruni questioned his method and conclusions on the heavens, physics and geography; Ibn Sina held to the authority of the “First Teacher.” It is easy to marvel at the visionary innovations of Biruni and Ibn Sina, from their improvements on the astrolabe—still in use, centuries later, by Columbus—to Ibn Sina’s grand synthesis, the “Canon of Medicine,” and Biruni’s near-exact measurement of the Earth’s diameter. Equally staggering is their precocity: Ibn Sina’s first two major texts, completed before he turned 20, were “A Compendium of the Soul” and “The Compilation,” an overview of philosophy. Yet Mr. Starr reminds us that their maturities were spent not in ivory-tower tranquility, but in exceedingly violent and unsettling circumstances. As Mr. Starr relates, “for both Ibn Sina and Biruni, the turning point in their lives can be dated to the years 992-995, when they were in their early twenties. Radical change engulfed both their worlds,” spurred by the fall of the Samani dynasty, which had administered effective, decentralized rule over much of Central Asia from the city of Bukhara for nearly 200 years. To Biruni, the collapse of order was shocking: “Disaster took me by surprise, erasing all that I had known and all the fruits of my endeavors.” He, like Ibn Sina, lost his scientific instruments and, devastatingly for the retiring sage, all his books. The two seekers were not, however, to be deterred: “neither abandoned [his] interests in the face of adversity.” For the balance of their careers, patronage was uncertain—and often unhinged. Biruni would for five years serve as court scientist to Qabus, emir of Gorgan (on the Caspian Sea in modern-day Iran and at that time, according to Mr. Starr, “a hotbed of antiSamani activity”), whose openhandedness was matched by his brutality. His own grandson’s verdict (“he was an evil person”) is echoed by the historian Yaqut, who lamented Qabus’s penchant for “chopping off heads and silencing souls. He extended this practice even to people close to him and to his trusted soldiers and followers.” Such cruelty was nothing compared with that of Mahmud of Ghazni, Biruni’s subsequent master, who had his enemies trampled to death by elephants, and the remnants of their corpses paraded, dismembered and hanged on gibbets. (We owe, it must be said, Biruni’s treatise on India to Mahmud’s serial invasions.) The jurist Valvalidji, attending at Biruni’s deathbed, “expressed amazement” at the ailing polymath’s curiosity about an esoteric point of contract law. If Ibn Sina and Biruni’s abilities are out of reach, we may still channel the spirit of the latter’s response to his visitor: “Is it not better for me to leave this world knowing the answer to this question than not knowing it?” Mr. Carter is vice chairman of 20thand 21st-century art at Christie’s in New York. BODY BOOK A page from a 14th-century manuscript of Ibn Sina’s ‘Canon of Medicine.’ BRIDGEMAN IMAGES Thinking In Arabic And Greek

C10 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. With “America Fantastica” (Mariner, 464 pages, $32), his first novel in 21 years, Mr. O’Brien returns with more cynicism about his country’s lies than ever before. His antihero is Boyd Halverson, a tireless confidence man who as a young man used a faked résumé, fabricating military service, to land a prized newspaper job and win the affections of Evelyn, the daughter of a billionaire businessman, Jim Dooney. But after Boyd threatened to expose his father-in-law’s shady practices, Dooney unearthed Boyd’s own history of falsehoods, wrecking his career and marriage. Since then Boyd has lived as a fallen man, managing a J.C. Penney in the poky Northern California town of Fulda. Yet even after such a humbling, he remains in the grip of the contagion pseudologia fantastica— pathological lying, the mendacity that seems to have infected all of America in the 21st century. The novel is something between an absurdist satire and a bitter lamentation of that national diagnosis. The triggering event is Boyd’s decision, one fine morning, to accelerate his downward spiral by sticking up the local bank. He flees to Mexico with $81,000 and a motormouthed bank teller named Angie Bing, whom he initially takes as a hostage and then can’t get rid of. Angie, a devout if unorthodox Christian, sees Boyd as both an ethical project and an adventure, so she joins him on the next leg of his improvised mission to track down his ex-father-in-law and exact some kind of revenge. From here the novel opens to a rogue’s gallery of loosely connected criminals and misfits. Douglas and Lois Cutterby are the crooked bank owners who can’t report Boyd’s redemption arc that Mr. O’Brien fashions for him is more a product of world-weariness than hope: Boyd just doesn’t have it in him to keep up with the real crooks. And who, among those crooks, is at the top of the heap? Though he is never named, a certain “draft-dodging hotelier” who turned the presidency into a bully pulpit for conspiracy theories appears at points in the book, as both a spreader and a symptom of America’s incurable mythomania. Mr. O’Brien thematically equates the rise of disinformation to the coronavirus pandemic that arrives near the end of the novel, another easily transmissible virus that breeds paranoia and hatred. It’s the mark of a writer who has grown out of subtlety and ambiguity and into a more direct kind of polemic. Antic, hammy, caustic and very often funny, “America Fantastica” is a different kind of fiction than the novels and stories for which Mr. O’Brien will likely be remembered. But as a travesty of the American dream of reinvention, it has an essential point in common with his war novels. It, too, appreciates the addictive pleasure of spinning a story, of making things up. What’s notable about the novel’s host of liars and thieves is how much they seem to be enjoying themselves, even if their lifespans are drastically shortened. Boyd wants to be an honest man, but reality is pretty drab, and when he thinks back on his life of deceit he can’t help but remember “how thrilling it was, how a tall tale tickles the teeth.” Mr. Sacks reviews fiction for the Weekend Journal. robbery to the police because they themselves have spent years scamming and skimming from their customers. (In fact, the robbery gives them the bright idea to stage their own heists with a corrupt policeman.) We meet Randy Zapf, Angie’s felonious ex-boyfriend, who goes on a violent road trip—his weapon of choice is a garden hoe—in jealous pursuit of her. Also on the trail is Henry Speck, the hired muscle dispatched by Dooney’s son-in-law to teach Boyd a lesson. That’s to say nothing of the vigilante CrossFit instructor who takes down Douglas Cutterby, the Minnesota call girl who pretends to be a Finnish immigrant because clients find it exotic, or the egomaniacal CEO and baseball-team owner who fields only himself in a bizarre game against the Phillies. Boyd becomes a bit of a nullity in this panorama of the American berserk, which plummets into a series of murders and comeuppances. If sociopaths like Douglas and Randy are entertaining because of the brazenness of their crimes—they may be serial liars but at least they’re honest about it!— Boyd is sympathetic because his attempted misdeeds are so pitiful in comparison. The slight The author of the Vietnam War stories of ‘The Things They Carried’ turns his attention to scammers and schemers on the prowl in 21st-century America. The Best of Tagore Edited by Rudrangshu Mukherjee Everyman’s Library, 840 pages, $34 BY TUNKU VARADARAJAN T HERE ISN’T a writer in any part of the world who is worshiped as fiercely by his own people as Rabindranath Tagore is by the Bengalis. Some may argue that Robert Burns comes close in Scotland, but Burns, though wellloved, doesn’t inspire the awe that Tagore does. Even the word “worship,” devalued by the language of modern fandom, may be inadequate to describe the deification to which Tagore is submitted in Bengal. This ethno-linguistic nation—now cleft into two political entities: a state in eastern India and the contiguous country of Bangladesh—simply cannot imagine itself metaphysically complete without Tagore (1861-1941). And little wonder. Tagore was a monumental figure, a sociocultural game-changer. As Rudrangshu Mukherjee writes in his refreshingly understated introduction to “The Best of Tagore”—an anthology from the Everyman’s Library—Tagore singlehandedly “shaped and moulded the modern Bengali language.” Although it is as a poet that he is known outside India, he was also a novelist and shortstory writer, essayist, polemicist, playwright, humorist, songwriter, children’s writer, epistolarist, painter and traveling evangelist for Indian philosophy. He was a political reformer as well, and a propagandist (if that isn’t too vulgar a word) who offered his support to Mahatma Gandhi in India’s fight to rid itself of the British. As all the books and biographies will tell you, Tagore was the first person from Asia, the first non-white, to win a Nobel Prize—awarded for literature in 1913. Gandhi called him “Gurudev,” or Revered Teacher. The Bengalis have always called him “Vishwa-kavi,” or World Poet. W.B. Yeats, the first heavyweight champion of Tagore’s writing in the West, saw him as an Eastern sage whose poems “stirred my blood as nothing has for years.” Yeats wrote those words in his introduction to “Gitanjali” (“Song Offerings”), a collection of Tagore’s poetry published in London in 1912. He had met Tagore just a few months earlier, when he was handed the manuscript—translated into English from the original Bengali by Tagore himself—and was swept into neardelirious admiration for a man he proclaimed to be a poet-saint from the timeless Orient. This was the way Tagore was perceived in the West for much of his life. With Darwin’s theories on the ascendant at the turn of the century and Christianity on the wane, Tagore and other Wise Men from the East were embraced as antidotes to the West’s spiritual aridity. Tagore’s appearance—flowing white beard and locks, long Indian robes—added to his luster. Tagore’s own translation of “Gitanjali” was clunky, and although Yeats did his best to clean it up, the English was still bedeviled by stilted Victorianisms (“thou,” “thee,” “thy,” “hast,” “dost” and so forth). But swept along by Yeats’ cheerleading, Tagore (along with his native Bengal) was enlightened by the British and their culture. The Tagore we know couldn’t have existed without the IndoBritannic confluence in world history. Mr. Mukherjee describes as well the causes of Tagore’s eventual disillusion with Britain and the ways of the West. He was angered, Mr. Mukherjee writes, by the ease with which the Raj’s “standard-bearers of [British] civilization could disown their standards when it suited their self-interest”— particularly in denying political emancipation to Indians. Tagore died in 1941, at a point in World War II when all around him could be seen (as he put it) the “crumbling ruins” of a proud Western civilization “strewn like a vast heap of futility.” For all his latter-day darkness, however, Tagore didn’t believe that the world’s decline was permanent. Mankind would spring back to life, rising this time in the East. He didn’t live to see the defeat of Japan, or the triumph in China of a Communist revolution that he would have abhorred. Nor did he behold—perhaps for the best—the coming of freedom in India. For the country’s partition— especially that of his beloved Bengal—would surely have killed him. Mr. Varadarajan, a Journal contributor, is a fellow at the American Enterprise Institute and at NYU Law School’s Classical Liberal Institute. Tagore was embraced as an antidote to theWest’s spiritual aridity. His flowing beard and long robes added to his luster. London was soon in Tagore’s thrall, as was the Nobel committee. The British government felt compelled to knight its Indian laureate, an honor he was to relinquish in protest in 1919 after the massacre of innocent civilians by British troops in the Punjabi city of Amritsar. Mr. Mukherjee, the editor of this Everyman’s anthology, is a professor of history at Ashoka University, near Delhi. His is a very prose-heavy selection from Tagore’s vast oeuvre; the poetry comprises a mere 75 of the book’s 766 printed pages. Mercifully, most of the poems Mr. Mukherjee has chosen are in translations made by William Radice and Sukanta Chaudhuri. They are the two best distillers into English of Tagore’s verse, which is often gorgeous but also, like much of Bengali poetry, vexatious to translate. In an introduction to his “Rabindranath Tagore: Selected Poems” (1985), Mr. Radice identifies the characteristics that make Bengali so hard to render into a Western tongue. These include its grammatical inflections and numerous onomatopoeic words. Bengali, he adds, can sometimes rhyme in a manner that is too “facile,” any imitation of which comes out as trite or twee in English. Is the Everyman’s compendium better than the book with which it will be most closely compared, “The Essential Tagore” (2011), edited by Fakrul Alam and Radha Chakravarty? Not necessarily. The latter includes material—selections from letters Tagore wrote and from his often exquisite travel writing—that the Everyman’s collection ignores. And Mr. Mukherjee’s decision to reprint an entire novel—“The Home and the World” (1916), admittedly Tagore’s finest—is at odds with the competitorvolume’s inclusion, instead, of excerpts from four novels, the better approach if the purpose of an anthology is to offer the reader a representative table of contents. Mr. Mukherjee’s introduction highlights the considerable extent to which HERO A street vendor selling photographs of Rabindranath Tagore near the poet’s former home offers a prayer on Tagore’s birthday in 2016. BIKAS DAS/ASSOCIATED PRESS From the East Came A Sage BOOKS ‘All men are frauds. The only difference between them is that some admit it. I myself deny it.’ —H.L. MENCKEN LIES COME in all different forms. When their aim is malevolent, to harm and exploit, we call them deceptions, hoaxes or scams. The lies we tell mostly to ourselves are delusions or, more generously, dreams. Lie with enough creativity and you’ll be thought of as a fabulist. Keep lying, with even more rigor and craft, and the practice becomes dignified as art. This we call fiction. In his 50 years as a writer, Tim O’Brien has explored every variety of lie, mostly, though not only, with regard to the Vietnam War. Mr. O’Brien, who grew up in small-town Minnesota, was drafted into the Army and served in Vietnam between 1969 and 1970, an experience he recounted with largely autobiographical fidelity in his first book, “If I Die in a Combat Zone, Box Me Up and Ship Me Home” (1973). But after that debut his accounts of the war increasingly took on a surreal aspect, mixing memory with invention to get at a different kind of truth than the one claimed by history books. The subjective truth of the soldier is an unstable, contradictory thing, Mr. O’Brien suggests, made up as much of gossip, gallows humor, wishcasting and traumatized distortions as from actual events. Most of all, that truth has to account for the competing authenticity of the imagination. In “How to Tell a True War Story,” from his hugely influential collection “The Things They Carried” (1990), Mr. O’Brien writes that “actual occurrence is irrelevant. A thing may happen and be a total lie; another thing may not happen and be truer than the truth.” His 1978 masterpiece, “Going After Cacciato,” takes place in the muddied confluence of reality and fantasy. The novel begins when an overwhelmed American private deserts from the Army after sharing his lunatic plan to walk from Vietnam to Paris. Two narratives are then braided together, one grounded in battle and measured by casualties, and the other elaborating a soldier’s daydream of following the AWOL private across the globe. “How were facts separated from possibilities?” the soldier wonders. “What had really happened and what merely might have happened?” And to what extent could a person live inside that latter world of speculation? Like most of Mr. O’Brien’s early writing, “Going After Cacciato” is painful but glowingly empathetic. It treats illusions as necessary means of escapism, a product of the survival instinct, never forgetting that the characters it portrays are still just kids. But in Mr. O’Brien’s later years, as his main characters followed the author into middle age, he became sterner about the matter of dishonesty. “In the Lake of the Woods” (1994) is a beautiful but very bleak book about a Senate candidate who is revealed to have been part of the My Lai massacre. And while this novel, too, dwells in its share of narrative ambiguity, it takes a scabrous view of cover-ups and bogus mythologies, both in private lives and in politics. True Deceivers DIMAGGIO/KALISH/GETTY IMAGES America Fantastica By Tim O’Brien Mariner, 464 pages, $32 BY SAM SACKS

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | C11 BY D.J. TAYLOR THE PARADOXES of George Harrison’s career can perplex even the most casual Beatles fans. Taken together the contradictions are as much a part of the band’s legend as John Lennon’s solipsism or Paul McCartney’s eagerness to please. Here, after all, was a global pop star who played lead guitar in the most influential group in history and yet was regarded as its invisible man. He was a paid-up antimaterialist whose first significant Beatles song, “Taxman,” was a scarifying assault on the U.K. tax regime, and a sharp-eyed scourge of selfishness (see his final contribution to the Beatles’ oeuvre, “I Me Mine”) whose emotional life seems to have been a gargantuan exercise in having your cake and eating it. Being in the Fab Four might have given Harrison (1943-2001) fame, wealth and boundless opportunity, but as Philip Norman shows in this absorbing biography, the burden it placed on his far-from-resilient shoulders stayed with him for the rest of his life. Mr. Norman, whose grapplings with the Fabs go back as far as “Shout! The Beatles in Their Generation” (1981), is sensitive to these motivational tangles, and also to another of his subject’s defining characteristics. One of the most ominous subtexts of “George Harrison: The Reluctant Beatle,” it turns out, is the sense of a man grown old before his time. Hospitalized for six weeks at the age of 13 with nephritis, a martyr to swollen tonsils and ontour exhaustion, he spent much of his early life being ill. The Beatles’ 1964 U.S. debut on “The Ed Sullivan Show” was very nearly canceled when Harrison went down with strep throat, and Mr. Norman offers a bleak little vignette of him out on a mid-’70s American jaunt—thin, strung-out and sallow from too many cigarettes and too much pixie dust. Monty Python’s Eric Idle, who met him at around this time, reckoned that even here in his early 30s he was “preparing to die.” And to self-contradiction and ill-health can be added a series of implacable resentments, at least one of them dating back to childhood. The Harrisons—working-class, clannish and keenly supportive of their showbiz-inclined son—were from the Liverpool suburb of Speke; the teenage George assumed that opportunity would always be denied him “because I was from Liverpool.” Once the Beatles got properly going in 1962-63, and possibly even before, anxiety about his upbringing gave way to the condescension of bandmates and studio collaborators. Lennon and Mr. McCartney belittled his early compositions and Mr. McCartney, in particular, was not above wresting a guitar from Harrison’s hands and playing the solo himself if he thought Harrison was taking too long on the job. Excluded from very much involvement in “Sgt. Pepper’s Lonely Hearts Club Band” (1967), Harrison later claimed that the decade-defining album left him cold. Worse, perhaps, the fog of patronage that hung over Harrison’s career as a Beatle extended to George Martin, the band’s producer; Martin gamely conceded that “I was always rather beastly to George.” All this, as Mr. Norman shows in ravishing detail, would lead to trouble and also to an unexpected creative flowering. While Harrison emerged from the Beatles’ bitter—and bitterly litigious— breakup in 1970 with an outsize chip on his shoulder (“I had no confidence in myself, having spent so many years with Paul McCartney,” he told an interviewer around this time, “ ’cause he ruined me as a guitar player”), he brought with him a cache of songs that in some cases went back to the mid-’60s. Most of this material was parlayed onto “All Things Must Pass” (1970), a luxuriant triple album that topped the charts on both sides of the Atlantic and put his onetime colleagues firmly, if temporarily, in the shade. To the new “serious” LP-buying public of the early 1970s, Harrison was a highly attractive proposition. The spiritualism he had discovered on his trips to the East (with and without his fellow Beatles), his collaborations with the Indian sitar-guru Ravi Shankar, the humanitarianism that led him to mount the hugely successful “Concert for Bangladesh,” staged with an all-star cast at Madison Square Garden in 1971—all this, for a brief period, while Lennon and Mr. McCartney struggled to come to grips with their status in a post-Fab world, made Harrison the ex-Beatle most likely to succeed. That he didn’t, or rather that he failed to match the potency of his previous career, is the subject of Mr. Norman’s second stretch. Each part of the book, it should be said, presents its author with its own serious challenge. If Part 1 has Mr. Norman trying to cut the least charismatic Beatle out of the herd and make him a personality on his own terms, then Part 2—when the subject finally emerges blinking into the spotlight—is in some ways even trickier to negotiate. To pore over the last quarter century of Harrison’s life is, in the end, to remark its faint air of desultoriness. The albums slip further and further off the pace, although there was an invigorating lateperiod collaboration with Bob Dylan, Roy Orbison, et al., as the Traveling Wilburys. The personal life, once Harrison’s first wife, Pattie, has gone off with his best friend, Eric Clapton, settles down to a monogamous (with lapses) relationship with her successor, Olivia Arias. The business ventures...well, what is it about pop stars that invariably sees them falling in with the wrong people, getting sweet-talked and bamboozled, and ending up only just on the right side of bankruptcy? Harrison’s particular wrong turn was into a partnership with an attorney named Denis O’Brien, whom he later sued for fraud. The near-collapse of HandMade Films, which Harrison co-founded with O’Brien to help Monty Python make “Life of Brian,” at one time looked as if it might leave him personally liable for a £32 million debt, equivalent to about $54 million. There were creative fractures too: Even the success of “All Things Must Pass” was tainted by a plagiarism suit over the lead single, “My Sweet Lord.” Come the 1990s, the effects of a lifetime’s chain-smoking began making their presence felt; in 1999 he was lucky to survive a frenzied stabbing attack by a schizophrenic intruder. In another 20 months the cancer that had already seen him lose part of a lung returned, and he was dead at 58. Mr. Norman is careful not to overdo Harrison’s gloom: More cheerful sides are on display in the wide-eyed letters home from Beatle-era California and incognito trips to India with Pattie. As for that failure to follow Mr. McCartney’s path to world superstardom, if two explanations lie in lack of stamina and personal charisma, then a third can be found in Harrison’s steely sense of self-preservation; you suspect that he never wanted that success in the first place. Meanwhile, the great strength of “George Harrison: The Reluctant Beatle” is its eye for period detail. Apparently, George’s first date with Pattie took place at London’s Garrick Club (“a bastion of male traditionalism”) under the vigilant eye of the Beatles’ manager, Brian Epstein. It followed Harrison’s 21st birthday, which produced no fewer than 52 “sacks of congratulatory fan mail”—a real trumpet-blast from the old-style celebrity steeple, to whose echoes our modern pop stars are still enviously in thrall. Mr. Taylor is the author, most recently, of “Orwell: The New Life.” BOOKS ‘The nicest thing is to open the newspapers and not to find yourself in them.’ —GEORGE HARRISON George Harrison By Philip Norman Scribner, 512 pages, $35 Why His Guitar Gently Wept ALL THOSE YEARS AGO George Harrison (with Eric Clapton at left) performing at the Concert for Bangladesh in August 1971. HENRY DILTZ/GETTY IMAGES Lennon and McCartney at first struggled to adjust to the post-Beatles world, but Harrison released a hit album. He never quite followed it up. For each hidden object, young readers are given clues: an initial letter, a word that rhymes. CHILDREN’S BOOKS MEGHAN COX GURDON AS A BABY becomes a toddler, there’s a lovely moment when you discover that the infant on your lap listening to the story you’re reading is old enough to identify objects in an illustration—to “spy” with his “little eye,” as the saying goes. Ruth Brown creates settings in the natural world for parents and 2- to 4-year-olds to play this game in “Eye Spy” (Scallywag, 24 pages, $18.99), a picture book with just the right mix of challenge and ease. In painted scenes of wild abundance (see right), children will need to find camouflaged animals and objects. For each hidden thing, the questing reader is given clues: the first letter of its name, an attribute or two, a rhyming word. It probably won’t take children long to work out the term for “something,” beginning with S, that “comes up in the East and sets in the West.” It may take them longer—it may take adults longer!—to locate animals in their variegated habitats (it took me ages to find the mouse). Each turn of the page reveals the location of the thing sought on the page before, giving children the satisfaction on subsequent reads of knowing what to look for and where to find it. Many parents have felt the special disappointment of pressing a novel they loved in their youth on sons or daughters who can’t be bothered. For me, the book has been Richard Adams’s “Watership Down” (1972), which despite my most ardent efforts I haven’t been able to sell to even one of my five children. They are hardly the first to resist the book, to judge from the experience of James Sturm, who with artist Joe Sutphin has turned Adams’s lapine adventure into a graphic novel, “Watership Down” (Ten Speed Graphic, 383 pages, $35). Mr. Sturm relates that as a boy he couldn’t make any headway in his parents’ copy; when he tried the book again as an adult he was enthralled. His admiration and earlier difficulty both inform this superb retelling, which makes the story accessible to those who are, as he was, put off by lengthy landscape description. Here in Mr. Sutphin’s expressive panel illustrations are our old friends, the rabbits Hazel, Fiver and Bigwig, as they defiantly leave their warren after Fiver receives a vision of coming catastrophe. The fugitives make their way across the English countryside, imperiled by predators that include power-mad members of their own species. This graphic novel retains the philosophical power of “Watership Down”—the questions it raises about forms of tyranny, the possibilities of cooperation, the risks of trading comfort for independence—along with stories from the rabbits’ oral tradition and elements of their vocabulary (their enemies are “elil”). Wonderful for those seeking re-entry to the forests and meadows of “Watership Down,” this version is also ideal for those who have yet to step foot in them. Given the tropes of Halloween, there’s probably not an American child over the age of 2 who hasn’t heard of vampires and werewolves. We think of these supernatural entities as distinct: the vampire a pallid blood-sucker who favors aristocratic evening clothes; the werewolf a shaggy humanoid who bays at the full moon. So it’s striking to learn from the authors of “The Slavic Myths” (Thames & Hudson, 230 pages, $34.95) that vampires and werewolves, which originated in Serbia, were in fact two names for the same monster. “The Serbian word vukodlak ‘werewolf’ (literally ‘wolf fur’), was traditionally considered too frightening to speak aloud, so vampir was used in its place,” write Noah Charney and Svetlana Slapšak in this elegant work of folklore and ethnography. Enhanced by Joe McLaren’s ominous woodcut-style illustrations, the book features seven stories from Central European cultures, each accompanied by a highly readable nonfiction essay commenting on language use and historical background, among other things. The pantheon of the pre-Christian Slavs included Perun, a war god roughly analogous to Zeus or Odin; Svarog, a bodiless god of sun and fire; and Veles, a master of poetry, music and the underworld. In a nod to the bifurcation of vampires and werewolves, the authors offer a chilling story for each. “Black Butterfly” tells of a famous vampire, Sava Savanović, reputed to prowl a real-life flour mill in the Rogačica river valley. “At Stake” relates the horrific chain of events that takes place in a village after a grandfather returns home from the mountains carrying a human head that appears to have been gnawed off its body. Sophisticated teen readers and adults drawn to the subject will find much to ensorcel them in the storytelling and academic inquiry of “The Slavic Myths.” Werewolves, Vampires and... Rabbits THIS WEEK Eye Spy By Ruth Brown Watership Down By Richard Adams Adapted by James Sturm and Joe Sutphin The Slavic Myths By Noah Charney and Svetlana Slepšak Illustrated by Joe McLaren RUTH BROWN

C12 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. BY BELINDA LANKS ARE YOU CREATIVE at work? Maybe you don’t compose sonatas, write poetry or design buildings. Still, whether you’re in banking, engineering, technology or any other nonartistic field, you might perform acts of creativity— and consider that a good thing. After all, when it comes to hiring, we’ve been told creativity is a highly sought-after quality, alongside others such as integrity, dedication and global thinking. In 2020, the World Economic Forum identified creativity as “the one skill that will future-proof you for the jobs market.” Despite its outsize importance in the workplace, creativity as a job qualification is a relatively new concept. The first-known written instance of the word didn’t appear in print until 1875, and before roughly 1950 there was nary an article, book or lecture on the topic. In “The Cult of Creativity: A Surprisingly Recent History,” Samuel Franklin, a cultural historian and researcher at the Delft University of Technology in the Netherlands, explains how an ensemble of psychologists, advertising gurus and other experts raised the profile of this personality trait by promoting it as a secret weapon during the Cold War. For these advocates, cultivating creativity accomplished two goals of national importance: ensuring scientific and technological progress in the face of growing competition from the U.S.S.R., and restoring individualism—a quintessentially American principle. In the mid-20th century, the U.S. workforce was undergoing a significant shift. With help from the G.I. Bill and heavy government investment in higher education, “between 1940 and 1964 the number of people with professional and technical degrees more than doubled.” By 1956, for the first time in American history, there were more white-collar workers than bluecollar workers. But higher profits and wages would give rise to more than an affluent society, Mr. Franklin tells us; it would spark fears of a “mass society,” characterized by alienation at work, passive consumption at home and the loss of social connection. To make matters worse, big corporations were turning would-be inventors into uninspired pencilpushers—at a time when fighting communists required the best and brightest minds. Some psychologists thought they had a way of finding men (and they were predominantly men) with the right mix of talent. Creative men— nonconforming, free-thinking and inventive—were the ideal hires, they claimed. At a 1950 conference of the American Psychological Association, its president, Joy Paul Guilford, decried the paucity of research on creativity. This prompted a wave of psychologists to address the deficit over the next decade. “These researchers,” Mr. Franklin writes, “were the first to systematically produce knowledge about creativity, define it, and quantify it, and in doing so they helped make it into the ‘thing’ it is today.” Creativity, these experimenters asserted, was distinct from intelligence. Whereas a person with a high IQ might figure out established answers to problems, a creative person had the drive to figure out the unknown. The beauty of creativity was its democratic nature: Genius was rare, but creativity could be found in nearly everyone. The challenge for psychologists was to figure out a way to uncover it in those who hadn’t done anything creative yet. One promising testing method got its start in the 1930s, when the psychologist L.L. Thurstone, a former engineer who had worked in Thomas Edison’s lab, wondered why certain employees were more inventive than others. In a series of studies, he concluded that while most scientists could arrive at answers quickly, those who produced many possible solutions—a cognitive ability he called “divergent thinking”—ended up with the most patents. Creativity researchers eagerly embraced divergent thinking as a measure of creative potential in almost any subject. No one deserves more credit for popularizing divergent thinking, however, than Alexander Faickney Osborn, BOOKS ‘It’s much easier to tame a wild idea than invigorate one that has no life in the first place.’ —ALEXANDER FAICKNEY OSBORN The Cult of Creativity By Samuel W. Franklin Chicago, 264 pages, $26 the co-founder of the advertising agency Batten, Barton, Durstine and Osborn (BBDO). In his 1942 book, “How to Think Up,” Osborn introduced a technique called “brainstorming.” In a typical brainstorming session, participants generate as many ideas as possible, regardless of how silly or outrageous. Osborn believed that creativity, unlike intelligence, could be developed through hard work and practice. “There is no genius in me,” he said, “but I have learned by experience that imagination, like muscle, can be built up by exercise.” Osborn retired from BBDO in 1954 to devote himself to the “creativity movement,” spreading the gospel of creative problem-solving at such American blue chips as Alcoa, DuPont and Kraft. Soon, brainstorming was everywhere—and, in various permutations, it still is. But from the outset it had its detractors. A Yale study in 1958 compared the quantity and quality of ideas brainstormed by teams of four Yale undergraduates to those generated by students alone, and concluded that creativity was inhibited by brainstorming. William Whyte, in his 1956 classic, “The Organization Man,” might have had brainstorming in mind when he wrote that “people rarely think in groups; they talk together, they exchange information, they adjudicate, they make compromises. But they do not think; they do not create.” Others criticized brainstorming for reducing the creative process to a production line. Creativity, the graphic designer Saul Bass said, cannot be “turned on and off like a faucet every Thursday afternoon.” Despite their critics, brainstorming and other similar techniques intended to spur creativity, have continued to proliferate. Similarly, creativity research, despite the waning of the Cold War, has continued under the rhetoric that claims creativity is the only thing that can solve the world’s most intractable problems. According to Mr. Franklin, that thinking is misguided. But he does concede that creativity advocates hit on a valuable truth—that “a sense of agency and constructiveness” was missing from industrial work. “The Cult of Creativity” comes at a technological turning point. The emergence of generative-AI tools has given us the option of outsourcing our brainstorming, becoming prompt engineers to idea-spitting machines. Will this new development erode our sense of agency in the workplace once again? If large-language models are capable of creative acts, what will be our uniquely human contributions? In Mr. Franklin’s idealistic scenario of the future, we will redirect our energy away from producing more disruptive innovations and toward a thoughtful consideration of “what should be produced in the first place.” World-saving ideas and technologies are still needed—whether they result from creative thinking or not—but “the space to question the goodness of the new,” Mr. Franklin suggests, might be “the big idea we need right now.” Ms. Lanks is a New York-based editor and writer. Riders on the ’Storm HERITAGE IMAGES/GETTY IMAGES ‘Imagination, like muscle, can be built up by exercise,’ preached Alexander Faickney Osborn. In 1942 he introduced a technique he called ‘brainstorming.’ Hardcover Nonfiction TITLE AUTHOR / PUBLISHER THIS WEEK LAST WEEK Be Useful 1 New Arnold Schwarzenegger/Penguin Enough 2 – Cassidy Hutchinson/Simon & Schuster The Dem. Party Hates America 3 4 Mark R. Levin/Threshold Killing the Witches 4 5 Bill O’Reilly & Martin Dugard/St. Martin’s Elon Musk 5 7 Walter Isaacson/Simon & Schuster TITLE AUTHOR / PUBLISHER THIS WEEK LAST WEEK To Rescue the Constitution 6 New Bret Baier/Mariner Atomic Habits 7 10 James Clear/Avery Lucky Me 8 New Rich Paul & Jesse Washington/Roc Lit 101 Nothing Is Missing 9 New Nicole Walters/Simon Element Not That Fancy 10 New Reba McEntire/Harper Hardcover Fiction TITLE AUTHOR / PUBLISHER THIS WEEK LAST WEEK The Mysteries 1 New Bill Watterson & John Kascht/Andrews McMeel Fourth Wing 2 3 Rebecca Yarros/Entangled: Red Tower P. Jackson and the Olympians 3 2 Rick Riordan/Disney How to Catch a Monster 4 7 Adam Wallace/Sourcebooks Wonderland How to Catch a Witch 5 – Alice Walstead/Sourcebooks Wonderland TITLE AUTHOR / PUBLISHER THIS WEEK LAST WEEK H. Potter and the Prisoner of... 6 1 J. K. Rowling/Scholastic Holly 7 5 Stephen King/Scribner Lessons in Chemistry 8 – Bonnie Garmus/Doubleday Zilot & Other Important Rhymes 9 New Bob Odenkirk/Little, Brown Young Readers The Leaf Thief 10 – Alice Hemming/Sourcebooks Jabberwocky Methodology Circana BookScan gathers point-of-sale book data from more than 16,000 locations across the U.S., representing about 85% of the nation’s book sales. Print-book data providers include all major booksellers, web retailers and food stores. Ebook data providers include all major ebook retailers. Free ebooks and those selling for less than 99 cents are excluded. The fiction and nonfiction combined lists include aggregated sales for all book formats (except audio books, bundles, boxed sets and foreign language editions) and feature a combination of adult, young adult and juvenile titles. The hardcover fiction and nonfiction lists also encompass a mix of adult, young adult and juvenile titles while the business list features only adult hardcover titles. Refer questions to [email protected]. Nonfiction EBooks TITLE AUTHOR / PUBLISHER THIS WEEK LAST WEEK Killers of the Flower Moon 1 3 David Grann/Doubleday Hidden Valley Road 2 – Robert Kolker/Doubleday Get It Together 3 New Puja Rios/Puja Rios Trust Me, I’m a Consultant 4 New Christopher T. Knudsen/Christopher T. Knudsen Going Infinite 5 1 Michael Lewis/Norton Be Useful 6 New Arnold Schwarzenegger/Penguin Poverty, by America 7 – Matthew Desmond/Crown Elon Musk 8 5 Walter Isaacson/Simon & Schuster Enough 9 2 Cassidy Hutchinson/Simon & Schuster The Virtues of Aging 10 – Jimmy Carter/Ballantine Nonfiction Combined TITLE AUTHOR / PUBLISHER THIS WEEK LAST WEEK Be Useful 1 New Arnold Schwarzenegger/Penguin Killers of the Flower Moon 2 6 David Grann/Doubleday Enough 3 10 Cassidy Hutchinson/Simon & Schuster The Way Forward 4 New Yung Pueblo/Andrews McMeel Killing the Witches 5 5 Bill O’Reilly & Martin Dugard/St. Martin’s Elon Musk 6 7 Walter Isaacson/Simon & Schuster The Dem. Party Hates America 7 4 Mark R. Levin/Threshold Going Infinite 8 1 Michael Lewis/Norton Atomic Habits 9 – James Clear/Avery To Rescue the Constitution 10 New Bret Baier/Mariner Fiction EBooks TITLE AUTHOR / PUBLISHER THIS WEEK LAST WEEK Blood Lines 1 New Nelson DeMille & Alex DeMille/Scribner Fourth Wing 2 8 Rebecca Yarros/Entangled: Red Tower Judgment Prey 3 1 John Sandford/Penguin The Lost Bookshop 4 5 Evie Woods/HarperCollins Queen of Chaos 5 New Amelia Hutchins/Amelia Hutchins Obsession 6 New Stuart Woods & Brett Battles/Penguin Between Sisters 7 – Hannah Kristin/Random House Lessons in Chemistry 8 – Bonnie Garmus/Doubleday The Sunlit Man 9 New Brandon Sanderson/Brandon Sanderson Hopeless 10 New Elsie Silver/Elsie Silver Fiction Combined TITLE AUTHOR / PUBLISHER THIS WEEK LAST WEEK Fourth Wing 1 4 Rebecca Yarros/Entangled: Red Tower The Mysteries 2 New Bill Watterson & John Kascht/Andrews McMeel The Mysteries of the Universe 3 New Will Gater/DK Blood Lines 4 – Nelson DeMille & Alex DeMille/Scribner Wildfire 5 2 Hannah Grace/Atria P. Jackson and the Olympians 6 5 Rick Riordan/Disney A Court of Thorns and Roses 7 8 Sarah J. Maas/Bloomsbury Lessons in Chemistry 8 – Bonnie Garmus/Doubleday Judgment Prey 9 1 John Sandford/Putnam How To Catch a Monster 10 – Adam Wallace/Sourcebooks Wonderland Hardcover Business TITLE AUTHOR / PUBLISHER THIS WEEK LAST WEEK Atomic Habits 1 2 James Clear/Avery Going Infinite 2 1 Michael Lewis/Norton The Sound of the Future 3 New Tobias Dengel & Karl Weber/Public Affairs Reimagine Inclusion 4 4 Mita Mallick/Wiley Dare to Lead 5 10 Brené Brown/Random House StrengthsFinder 2.0 6 8 Tom Rath/Gallup Think Again 7 – Adam Grant/Viking Extreme Ownership 8 9 Jocko Willink & Leif Babin/St. Martin’s Dream Big and Win 9 5 Liz Elting/Wiley The Daily Stoic 10 – Ryan Holiday & Stephen Hanselman/Portfolio Bestselling Books | Week Ended Oct. 14 With data from Circana BookScan

C14 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. MASTERPIECE | ‘SIX TRIO SONATAS FOR ORGAN’ (LATE 1720S), BY JOHANN SEBASTIAN BACH JOHANN SEBASTIAN BACH is possibly the most influential and sublime composer in history. Everyone from Mozart and Beethoven to the Beatles and Lady Gaga has paid him homage. During his life, however, Bach’s fame derived less from his compositions than from his being, according to his obituary, “The World Famous Organist” who could “play with his two feet on the pedals what others would find bitter enough to play with five fingers.” Though his thundering “Toccata and Fugue in D Minor” (BWV 565) remains one of his most popular pieces, Bach also created intimately scaled wonders that exploit the more delicate timbres of the “King of Instruments.” Such are the “Six Trio Sonatas for Organ” (BWV 525-530), Bach’s trailblazing treasures of transparency and charm, capable of enchanting both performer and listener alike. This collection of 18 movements (three per sonata) was written in the late 1720s for the composer’s eldest son, Wilhelm Friedemann Bach, to perfect his playing. In doing so, Bach gave birth to a new genre for the instrument and a pathway into the future. The trio sonata was a popular multi-movement genre of chamber music during the Baroque period, a work written for a handful of musicians playing three independent muA Solo Organ Spectacular sical lines. This social affair consisted of two high-pitched melodic instruments (typically violins, flutes or oboes) accompanied by a backup group (playing the bass line known as the “basso continuo”) comprising a low-pitched instrument (usually cello or bassoon) plus a keyboard instrument to fill in harmony. Bach, introducing a new form that required never-before-conceived technical demands for one musician, transferred the duties of several instrumentalists to a single organist whose right and left hands play the two melody lines on separate keyboards, with the feet performing the basso continuo on the pedal board. With this pioneering set of pieces, Wilhelm Friedemann became a oneman band. Imagine the wondrous effects—both visual and aural—of the younger Bach deploying all four limbs on a towering 18th-century organ covered in gold leaf, adorned with cherub statuary! What a powerful and captivating experience for a young organist, as I can attest. When I was a teenager, the “Trio Sonatas” cast their spell on me well before I could play them. Clutching a Panasonic cassette recorder, I’d amble through my neighborhood listening to the sparkling conversation of the three interweaving lines, visualizing myself on an organ bench performing these ebullient creations. Since I wore no earbuds and cranked up the volume, some people thought that the Good Humor truck was around the corner. It didn’t matter; this music bewitched me. Studying the “Trio Sonatas” reveals the intricate, Swiss-watch-like complexity of their structure. Their transparent three-voiced texture mercilessly exposes any flaws in one’s technique. Learning them requires that each line be practiced separately—right hand, left hand, and feet—with meticulous attention to articulation and phrasing. The three parts are then combined very slowly in order to acquire the physical coordination. Bach was a master of achieving incredible variety using the most economical means. Throughout this collection, there are never more than three notes sounding at one time. And yet, within this strict limitation, these pieces explore a wide range of moods and contrasts. In the first sonata, the jaunty opening movement is based on a rising triadic motif and bubbling sequences. The second movement is a melancholic pastorale, while the final Allegro, with its joyful leaping figures, has the power to dispel life’s darkest clouds. The fresh, forward-looking features contained within these movements would surely have appealed to Wilhelm Friedemann and his famous and progressive younger brothers C.P.E. Bach and Johann Christian Bach. They would have embraced the poignant lyricism of the third sonata’s “Adagio e dolce” (“sweet”), and the dance-like opening movement of the fifth sonata, in which the right and left hands seem to chase each other across the keyboards. Bach’s progeny were less inclined to clamber through jungles of dense counterpoint but instead preferred the lighter, airier sensibilities of the emerging Classical style. The paradox of the “Trio Sonatas” is that, despite their inviting, disarming style, they are mature Baroque masterpieces firmly undergirded by the same commitment to contrapuntal thinking as Bach’s “Mass in B Minor” (BWV 232) or “The Art of Fugue” (BWV 1080). The second half of the first sonata’s last movement, for instance, begins with a statement of the main theme in inversion (a compositional device where a melody that goes up later goes down, or vice-versa, in equal proportion). Nearly all movements feature pervasive imitation: another essential 17th-century technique where the same melody is repeated in different voices throughout a polyphonic texture and whose simplest form is what’s known as a round (think “Row, Row, Row Your Boat”). While the “Trio Sonatas” are brimming with memorable, singable tunes (the Andante of the fourth sonata in particular), Bach never aspired to the beautiful simplicity championed by later composers like Mozart. Yet his fusion of old and new in these sonatas was so successful that an anonymous writer (probably C.P.E.) would observe, almost 40 years after Johann Sebastian’s death, that they “never age and will survive all revolutions in musical taste.” And so they have. Mr. Jacobs is a Grammy Awardwinning organist who regularly performs with major symphony orchestras and is chair of the organ department at the Juilliard School. An engraving of the composer, who created a demanding musical form. BRIDGEMAN IMAGES BY PAUL JACOBS Matthew McConaughey insists that “the only” role he ever truly wanted to play was that of dad. “It just seemed like it was the greatest thing a man can do,” he says. He dates the dawning of this desire back to childhood, when he met a bunch of his father’s friends in a parking lot in his hometown of Uvalde, Texas. “I was shaking everyone’s hands, saying, ‘Nice to meet you, sir,’ and what hit me in that moment was that all of them were fathers,” he says. “My dad said ‘sir’ was about respect, and I clocked that as a man you get respect with fatherhood.” Smiling, leaning back in his chair, he adds: “That came to me at 8, and I’m 53 now, and I still don’t see anything worth respecting more.” McConaughey’s Texas drawl, which softens every consonant and drops nearly every “g,” lends an authentic flair to stories about his down-home family values and a working-class childhood among hard-lovin’, MillerLite swiggin’ folk. He long ago traded his Triumph Thunderbird motorcycle for a family-friendly SUV that better accommodates his three children— ages 11, 12 and 15—with his wife, Camila Alves McConaughey. The churchgoing McConaugheys live on the quiet outskirts of Austin with his nonagenarian mother, having fled the paparazzi-plagued beaches of Malibu over a decade ago. When McConaughey travels for work, his family comes, too. Despite his devotion to his kids, McConaughey did not plan to write a children’s book. In the New York offices of his publisher, Penguin Random House, he explains that the text for “Just Bethings I shouldn’t have done,” he says. Although he and Camila prefer noncorporal punishments for their children, he is loyal to his parents’ values. “I got in trouble for hating, for lying and for believing I couldn’t do something, which are three pretty good reasons for getting in trouble,” he says. A straight-A student, voted “most handsome” in his high-school class, McConaughey planned to become a lawyer. As the son of a former gas-station manager turned oil-pipe salesman, he worried that film school was too “artsy” and impractical. When he realized at the University of Texas at Austin that he did indeed want to “tell stories” for a living, his father surprised him by offering a gruff kind of blessing: “Don’t half-ass it.” His father died days into the shoot for Richard Linklater’s “Dazed and Confused” (1993), so he never saw his son’s breakout performance as the smarmy 20-something Wooderson, but McConaughey says the loss informed his improvised monologue at the film’s end, in which he says, “You just gotta keep livin’, man, L-I-V-I-N.” “Just keep livin’” has become something of a mantra for McConaughey. “I try to handle hardships with a sense of humor and just get on with it,” he explains. It’s also the name of his and Camila’s foundation, which offers after-school wellness programs in underresourced high schools. In July he and Camila launched an initiative to help schools to get funds to improve safety through the federal Safer Communities Act. “There’s nothing sexy about it, but we’re helping schools get through a lot of red tape,” he says. After the 2022 massacre of 19 elementary-school children in Uvalde, McConaughey called for measures to restrict access to assault rifles, yet he was careful to frame the debate as about “responsible gun ownership.” “Staunch second amendmenters, which I have a lot of in my extended family, will talk about responsibility,” he explains. “You want to make people run? Use the word ‘control.’” McConaughey has dabbled in politics. He polled competitively against incumbent Texas governor Greg Abbott before he officially bowed out of the 2022 race. He hasn’t ruled out a reentry, but seems wary of the fray. “Everything moves a lot slower [in politics] than I realized it did, and many of the fights don’t seem fair,” he says. “Some of it is constitutional, but there are also people holding the hose while the wheels are spinning to make sure everything stays muddy.” For now, at least, he would prefer instead to concentrate on his wife and children and his acting career, which he says allows him to explore various facets of himself. “If I learn enough in the studying and preparation, I can go, ‘Ah, that’s me, let’s turn the volume up on that part of me,’” he says. “I can trust that if I do nothing but tell the truth on my character, tell the truth on my man, I have the best chance of making something that can live on. It’s a kind of immortality,” he explains, “if I really pull it off.” KRISTINA BUMPHREY/SHUTTERSTOCK play nice, acknowledge good fortune, shake off criticism and be yourself. “I’ve been talking about these themes for years,” says McConaughey. In his hit 2020 memoir “Greenlights,” he mined colorful stories from his life, including his bumpy, rom-com-strewn road to an Academy Award for his acting in “Dallas Buyers Club” in 2014, to talk about “how to catch more yeses in a world of nos.” McConaughey says he felt moved to distill these life lessons for younger readers after watching his own kids navigate familiar anxieties and dilemmas. “I want them to know that it’s OK to be nervous, that [their father] still gets butterflies before every scene,” he says. Because heart-to-hearts with children are often fraught—“They’re like, ‘Cut it with the TED talk, dad’”— he made his book playful, with tips that rhyme. “You’re never too young to try to understand the contexts and considerations and contradictions of life,” he says. “But no one wants to be lectured to.” There’s a musicality to McConaughey’s patter that evokes the incantations of a preacher or a spoken-word poet. “I find a rhythm in engagements in life, the reciprocity, the reverb,” he says. When he prepares for a role, he thinks of a song “for every scene and every character,” which helps him get out of his head and into the moment. For a largely improvised scene in Martin Scorsese’s “Wolf of Wall Street” (2013), as a coke-snorting stockbroker teaching Leonardo DiCaprio’s newbie the ropes, he loosened himself up by rhythmically humming and slapping his chest on set, which ultimately made it on screen. People in the crew “looked at me like I was a freak, a weirdo,” he recalls, explaining that it can be helpful to be in that “underdog position”: “I can’t be bluffing. I’ve got to make my character fly.” The youngest of three boys, McConaughey describes his own parents— who divorced twice and remarried each other both times—as both “rule breakers” and strict disciplinarians. “The fear of getting an ass-whupping kept me from doing a whole lotta cause,” which has topped bestseller lists since its release in September, came to him in a dream. “I woke up in the middle of the night and tried to keep the rhythm. It was a ditty, like Bob Dylan,” he says, then chants from the book, thumping his chest to keep time: “Just because they threw the dart doesn’t mean that it stuck/Just because I’ve got skills don’t mean there is no luck.” Of the 200 couplets he scribbled down at around 2:30 a.m., just over 20 made the cut. “They looked like they could be useful to youngsters,” he says. The message of “Just Because” is both simple and profound: work hard, ‘You’re never tooyoung to try to understand the contexts and considerations and contradictions of life.’ WEEKEND CONFIDENTIAL | EMILY BOBROW Matthew McConaughey The actor and author says theidea for a children’s book came to himin a dream. REVIEW

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | D1 SLEEP INN We tested the latest trend in hotels: a drive to improve guests’ slumber D4 WHY COTTON BEATS CASHMERE When it comes to cold-weather sweaters, this goat seems to agree D2 Inside Be a Thrifty Wine Snob The brilliant, $30 budget alternative to $100 Brunello D6 We Believe in Blazers... ...as an impetus to stand a little straighter, even sexier D3 down’s supply-chain delays, have decreased. “So now’s the time to do it,” he said of renovating. The three projects we break down for you here—in the Bel-Air neighborhood of Los Angeles, Marriottsville, Md., and Milwaukee—were completed in the past year, so they mostly escaped lockdown inflation. But Harvard University’s Joint Center for Housing Studies predicts that annual home-improvement and repair expenditures will decline at an accelerating rate through the third quarter of 2024. If that holds true, the budgets for similar renovations could be even lower. The Price of Serenity When clients of Lisa Kanegae, the founder of L.A. design firm LHK Interiors, asked for a spalike retreat in their Bel-Air home (above), a few factors conspired to ratchet their reno budget up to a sixfigure stinger. L.A.’s cost of living is among the Please turn to pageD8 WHEN YOU flick on the bathroom light, does the space’s dated design preoccupy you more than whatever’s going on with your hair? Not to mention the unthinkable cost of “redoing” it? Remodeling costs can be wincingly high. The national average for a midrange bathroom remodel—defined by residential-construction data analyst Zonda as replacing all the fixtures, taps, vanity and tiling—hovers at $24,606. But anyone who resisted the pandemic remodeling frenzy was smart. With less competition for contractors now, the odds of successfully negotiating lower labor costs are better, according to Matthew Doheny, a senior research manager at RSMeans, a construction-costs data company. He also reports that materials prices, which peaked in 2021 due to lockBY CATHERINE ROMANO FASHION | FOOD | DESIGN | TRAVEL | GEAR OFF DUTY PUBLIC 311 DESIGN (AFTER); LHK INTERIORS (BEFORE) The Math of Bathrooms We look at three remodeling projects, priced from $26K to $143K, and ask the design pros where the money went—and how homeowners can make the most of a renovation budget THE BIG LEAGUE In a room by Los Angeles firm LHK Interiors, large-format porcelain tile, which requires highly skilled tradesman to install, adds to the calm—and to the bottom line. WHAT A $143,000 BATHROOM RENOVATION LOOKS LIKE See the ‘before,’ below. The washroom hadn’t been updated since 1971. BEFORE SUPPER HERO This black bean soup’s not faster than a speeding locomotive, but it’s quick D6 THE ROAD TO RECOVERY? Post-exertion tools are trendy. Experts have their doubts. D10

D2 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. Moorkamp. There are no surprises. “And nobody has said, ‘I miss the merino.’” Most people view cotton sweaters, unfairly, as summer-only options. When fall blusters in, they flock to cashmere- and merino-wool knits, convinced ovine fibers make superior fall and winter fare. But if you pick the right ones, cotton knits can hold their own in cooler months. Some of this season’s thickgauge styles by brands including Alex Mill, Kule and Buck Mason are so cozy, they might have impressed Roald Amundsen—the guy who discovered the South Pole. The arguments for cotton are many. For one, it can be super-luxe. Why cashmere snobs turn their noses up at Plus, cotton’s inherent sturdiness and colorfastness make design possibilities endless, said Moorkamp— think cables, pompoms and multicolor stripes. “If I made the same sweaters in cashmere, which is a more delicate fiber, in the weight of the cottons I do, it would be five times the price. And the colors would bleed.” Styling cotton sweaters in cold weather is not that hard. For both men and women, Los Angeles stylist Rachael Wang prefers an intentionally oversize fit—big enough to comfortably layer over a T-shirt, but not so spacious that the sleeves hang below your fingertips. For everyday, she suggests women pair that with a wide-leg pant for a weirdly appealing “I stole this from Grandpa’s closet” look. Guys, she said, should consider sporting their oversize cotton sweaters with slim (but not skinny) trousers. Wang also pleads that you embrace the chunk. “A thicker gauge will give you that fashion feeling, like you’re wearing an ‘outfit,’ and not just dressing warm because it’s cold.” Cotton’s ease of cleaning offers perhaps the most persuasive argument for forsaking wool. Precious cashmere and merino sweaters present a long list of laundering problems: Clueless husbands shrink their wives’ costly cashmere cardigans in the washing machine; dry-cleaning bills soar; handwashing turns out to be so tedious it inspires nudism, etc. Cotton knits, meanwhile, are generally designed to take a beating. Toss them in the washing machine, lay them flat to dry and they’re back in action. If you’re worried about fading, stick with that long-staple, high-quality cotton, which Reis says retains dye best. Los Angeles management consultant Andy Peacock, 36, finds comfort in the knowledge that his washing machine can remove most stains. That’s why he relies on cotton sweaters for warmth in a chilly corporate office, where coffee spills aren’t as rare as one might hope. “We’ve all ruined an expensive cashmere sweater once and don’t want to do it again, so we keep the others in the closet,” he said. “But my cotton sweaters? I wear them all year.” New York consultant Emilie Hawtin, 34, agrees, and never banishes her cotton crewnecks to storage. “If you feel great in it, it’s going to transcend seasons.” Wool sweatersmight seem the bestwinter option, but have you considered cotton knits? L AST YEAR, New York designer Molly Moorkamp made an audacious decision. She replaced her namesake line’s merino-wool-blend sweaters with cotton knits, which she now sells yearround—even in winter. The 100% cotton styles range from a cold-weather cableknit turtleneck to a four-seasons-friendly striped option. Her knits, she claims, have proven more popular since she made the switch, possibly because cotton costs less than most wools and is easier to clean at home. Plus: “The customer knows what cotton is going to be,” said BY TODD PLUMMER cotton has less to do with its fibers and more to do with bad PR. “Cotton has never been marketed as ‘luxurious,’” said Robin Reis, founder of State of Cotton, a line of high-end cotton sweaters. But it can be just that “if you know what you’re looking for.” The complicated cottongrading system isn’t exactly consumer-friendly, but, Reis said, you can generally determine quality by touch—the softer and more substantial the feel, the better the cotton. Look for “extra-long staple cotton,” she advises, which is produced from the largest, fluffiest plants. (It’s worth researching the caliber of a sweater’s cotton before you click “buy.”) Those fibers are wound up into smooth, strong yarns. Long-staple cotton is less likely to pill—and more apt to retain plushness—than short-staple options, which can droop and sag with wear. Unless you plan to spend the snowy months hibernating in an Alaskan cave, a cotton sweater will likely keep you plenty toasty, especially chunky, tight-gauge knits. Cotton’s reputation for being light and airy (qualities that make it great for summer) is well-founded, but those characteristics make it ideal for anyone who must endure frigid commutes and overheated offices. Breathable cotton won’t send your body temperature into a spiral. Since using cotton, ‘Nobody has said, “I miss the merino.”’ CASHMERE’S COMPETITION / COZY, EASY-TO-WEAR KNITS, ALL 100% COTTON, FOR MEN AND WOMEN  Women’s Sweater, $159, PoetryFashion.com  Men’s Sweater, $148, BuckMason.com  Men’s Sweater, $90, JCrew.com  Women’s Sweater, $298, Kule.com The Cotton Cometh From Our Home to Yours Eco-friendly, high-performance paints made in our own factory in the UK. Showroom opening this Fall: 9 East Putnam Avenue, Greenwich, CT 06830 Order free colour cards on littlegreene.us ©B elperron, LL C. All righ ts r eserved. MY STYLE IS MY SIGNATURE 745 FIFTH AVENUE, SUITE 1210, NYC 212 702 9040 • BELPERRON.COM THE WAVE CUFF 22K VIRGIN GOLD, $18,750 EACH STYLE & FASHION RENÉ MILOT A SHEEP IN COTTON CLOTHING OK, this illustration actually shows a cashmere goat, but he’s comfortably clad in a cotton crewneck.

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | D3 STYLE & FASHION J AMES LEE WALL, 40, was strolling through downtown Manhattan in September when a blazer stopped him in his tracks. “I was walking by that Italian men’s store, Boglioli— they had a camel-colored cashmere blazer in the window,” said the real-estate broker. “I stood there for five minutes thinking, ‘Man, I need to get that blazer.’” Though he hasn’t yet taken the plunge, he’s still thinking about the jacket. Postpandemic, Wall has rediscovered his love of blazers. “There was a lot less dressing up, and then this summer we kind of got back to the normal swing of things,” he said. “I like to look fashionable. Throwing on [a blazer] adds that extra touch.” It’s an extra others want, too, said New York personal stylist Turner Allen, who caters to tech hotshots. Lately, nearly all his clients have been “asking for some sort of tailored jacket,” he said. In 2022 Brooks Brothers clocked a 44% year-over-year jump in blazer sales, according to a brand spokesperson. More men are choosing the look now—and not under duress, said Dag Granath, co-founder of Saman Amel, a Stockholm tailor with clients in the U.S. “They’re wearing blazers because they want to rather than because they are required to [for] work,” he said. Still living in overshirts and sweats? Consider blazers overly stuffy and formal? Here, four reasons to dust off an old favorite jacket or splurge on a new design—whether for work or play. Awaiting you: Fresh outfit combos and heightened sex appeal. 1Blazers mean business. Allen says his cohort of young, mostly single guys are ditching hoodies for blazers as they try to up their style game for dates and other social and work events. After they pull on a blazer and look in the mirror, he says, they’re often “blown away” by the way it transforms their posture. The formal garment, he said, “can completely change the way they stand, walk and ‘show up.’” New York interior designer Miles Redd (below, center), 54, agrees that a blazer can bestow an outfit with gravitas. His beloved “watermelon-pink” Tom Ford jacket “makes you stand up straight,” he said. “I’ll put that baby on for a meeting or just when I want to feel good about myself.” 2Fresh, non-corporate-looking examples are easy to come by. An increasingly popular shade among Allen’s clients? Olive. Less staid than black or navy, it’s a color “a lot of guys can easily adopt,” he said. Parisian brand Officine Générale makes a top-grade olive number in BY VINCENT BOUCHER A BLAZER OF GLORY Wool-Flannel Jacket, $845, us.OfficineGenerale.com After years in casual gear, stylish guys are dusting off their blazers. Four reasons to join them in rediscovering tailored jackets. Don’t You Forget About Me supple wool flannel (left). Casual patch pockets grafted onto a jacket, and a lack of padding (especially in the shoulders), rid many of today’s blazers of stuffiness, says Allen. “I always say, ‘I want this to just feel like you’re wearing a chore jacket or some casual jacket that you wouldn’t think twice about throwing on,’” he said. He recommends guys start with an affordable off-therack design from Buck Mason or Suitsupply. One with easy appeal: the latter’s singlebreasted Havana model—slim, soft-shouldered and cut in fabrics including cashmere and wool-silk blends. Its generous pockets deter guys from committing the sartorial crime of overstuffing their pants’ pockets. “[It’s] a very utilitarian blazer,” he said. 3Blazers are inherently sexy. Warren Alfie Baker, a Los Angeles stylist to A-listers like Andrew Garfield, knows how to dial up a guy’s magnetism. He’s currently into raffish, 1970s-influenced jackets that somewhat subdue the “epic proportions” of disco-era tailoring. He looks for long, singleor double-breasted blazers with a slightly pronounced shoulder and chunky lapels (peak or notched). The louche look, accentuated when worn open, counters the neat, shrunken suit jackets of recent years, which just feel officey, says Baker. He loves the generously cut designs by rising Roman brand Giuliva Heritage. “They’re beautiful to wear just with jeans,” he said. “They have a sexy, Italian vibe.” 4You are not doomed to wear a navy blazer and beige chinos. New York stylist and creative director Taylor Okata (below right), 37, has recently been wearing his oversize black blazer “all the time, in multiple ways,” including with a baseball cap and button-up, or a tee and shorts. On recent runways, the likes of Gucci and Saint Laurent have partnered tailored jackets with silky tops. A fresh, more workappropriate option? In a casual riff on a suit, Baker pairs blazers with pants in the same shade but a contrasting fabric. He recently dressed “Star Trek” star Patrick Stewart in a linen-silk Boglioli jacket and fine-wale corduroy pants, both navy. “Playing with different textures made the look pop.” His Tom Ford jacket makes him stand up straight. ‘I’ll put that baby on for a meeting or just when I want to feel good about myself.’ JACKETS WORTH BRAGGING ABOUT / WE QUIZZED THREE NOTABLY STYLISH MEN ABOUT THEIR FAVORITE BLAZERS Jeffrey Deitch | Art dealer, 72, Los Angeles and New York “I appreciate classic design, so this blazer, a bespoke navy model from Roman tailor Sartoria Ripense, is pretty much what you would have ordered in 1950. It’s double-breasted and has shell buttons (brass is a little too vulgar). The one modification: I have a pen-pocket inside.” Miles Redd | Interior designer, 54, New York “Even though this watermelon-pink Tom Ford jacket is linen, I wear it in winter as well as summer. It always works. The breast pocket is lower than usual, so when my phone’s inside it, it rests in the space by the rib cage instead of protruding. This jacket fits like nothing else. It [provides] a kind of armature.” Taylor Okata | Stylist and creative director, 37, New York “I got this black wool blazer from Taiwanese brand Namesake this year. I love the frayed edges of the lapels, and also how oversized the jacket is—I’m not your typical fitted-silhouette kind of guy. I just grab it [and put it with an outfit], I don’t even think about it.” —Edited from interviews by Vincent Boucher MARCUS MCDONALD FOR THE WALL STREET JOURNAL; PROP STYLING BY CATHERINE CAMPBELL PEARSON; MATTHEW COOK (ILLUSTRATIONS); JOE SCHILDHORN/BFA.COM (REDD); JASON LAVERIS/FILMMAGIC (DIETCH)

D4 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. ADVENTURE & TRAVEL bar for CBD and magnesium cream, or pull out the yoga mat and fold into a child’s pose. Chris Norton, the CEO of Equinox Hotels, said his team primarily focused on making rooms cool, dark and quiet—the holy trinity for quality shut-eye, according to the National Sleep Foundation. “Sometimes you turn off hotel lights and you find yourself with 20 little blinky red, green and blue lights attached to the TV,” he said. At Equinox Hotel, one button turns your room pitch black, and the air conditioning system doesn’t “clonk in and out all night,” Norton said. I had to know: Could a meticulously designed hotel room actually improve rest, or was I about to be duped into forking over nearly $1,000 for yet another sleepless night? For nearly double that, Equinox Hotel also offers a two-night package that includes cryotherapy and sound-wave treatments. But in search of a quick reset, I booked just one night to try out the hotel’s supposedly sleep-optimized rooms. To maximize my soporific odds, I assembled my own sleep program to accompany my stay, based on advice from Aric Prather, a sleep psychologist and professor at the University of California, San Francisco. “We’re not like laptops where we just turn off,” Prather said, suggesting a two-hour buffer before bed where I’d do activities that are “slightly positive but low arousal.” Exercising, a warm shower, breath work, a light dinner and eschewing late-in-the-day caffeine can all help bring on the Sandman, he said. So, after I checked in at 2 p.m., I went for a swim at the hotel’s pool and ate an early fish dinner. Both nice, but as I crossed the items off my to-do list, I had the feeling that I was overcomplicatWHEN I HEARD that a new crop of hotel and spa programs had emerged with sleepless travelers in mind, I was intrigued. I was one of the many people who, at the height of the pandemic, started losing sleep— and I’ve been charging forward without dedicated rest ever since. As I write this, I am six months pregnant, wrapping up one of the most high-pressure projects of my career and have just returned from two decidedly non-restful trips. In search of a sleep-focused staycation, I looked close to home. The team at Equinox Hotels, which opened its first outpost in New York City in 2019, spent two years working with experts to create temperature-regulating mattresses, soundproof walls and a program of wind-down exercises for its rooms. Meditation videos come preloaded on the TVs, and a “Sleep Well Menu” includes drinks imbued with ashwagandha (a substance that purportedly improves sleep) and charcoal (ditto). If all that doesn’t knock you out, you can raid the health-centered miniBY KIERA CARTER RYAN JOHNSON (ILLUSTRATION); CANYON RANCH (SOUND BATH) Hotels are obsessing over lighting, soundproofing and charcoal drinks to optimize guests’ sleep. Doesit work? Check In to Zonk Out settled on a Toyota Tundra and 4Runner which they booked from Colorado Overlander, a Glenwood Springs, Colo., operation, for about $400 per vehicle per night. A company representative met them at the airport and walked them through the basics: when to engage four-wheel drive, how to set up the roof tents, how to use the satellite emergency device and what a “Leave No Trace” ethos entails. Over the next week, following an itinerary developed with the company, the family covered more than 800 miles of the Colorado and Utah hinterlands. They drove through creeks and followed rugged tracks to pristine alpine lakes and remote hikes only accessible by four-wheel drive. When it came time to wind down for the day, they drove to “dispersed camping” sites, places outside of official campgrounds, where the family could pull over and pop up their tents. “I admit trepidation at the onset,” Paula Reynolds said. “But those feelings quickly dissolved as the beauty of the landscape unfolded.” Overlanding offered adventure at a level they wouldn’t have found sticking to asphalt. But for the Reynolds, an overlanding vacation also pushed their comfort zone as a family. “We’re definitely going again,” said Adam Reynolds, “and I’m bringing my kids.” —Brigid Mander ALPEN GLOW CREATIVE POP-UP PARADISE Vehicles like those available from Colorado Overlander come with attached tents. TO PAULA REYNOLDS, 69, the prospect of driving down bonerattling dirt roads and camping in wild swaths of the American West did not sound like a dream vacation. She expressed perfectly reasonable skepticism when her sons, Adam, 39, and Andy, 34, suggested renting an “overlanding” vehicle for a week-long backcountry adventure through Colorado and Utah to celebrate their dad’s 70th birthday. According to Adam, they “really had to sell her on being able to see these untouched landscapes” and reassure her that they’d have a whole team behind them, with route-planning and emergency satellite communications. The brothers’ first challenge was explaining overlanders, a category of vehicle pioneered in the early 20th century to cover long distances where services and paved roads are scarce. Outfitted for self-sufficiency, these high-clearance, fourwheel-drive vehicles carry rooftop tents, backup battery power and plenty of storage for food, water and fuel. While RVs let owners fit the trappings of home into something the size of a school bus, overlanders prize agility over comfort. They pack necessary gear into storage contraptions on roofs and truck beds, so off-road capabilities remain unhindered. Until relatively recently, to try recreational overlanding you had to own an overlander. By renting a pair, the Reynolds brothers saw the potential for an adventure cushioned by the guidance of pros. The family Renting an overlander—a souped-up 4x4—to go backcountry camping on dirt roads sounds very hard-core. It doesn’t have to be. Where the Road Ends, the Trip Begins ing basic decisions. Do I really need to get one of the wellness drinks on offer? Can you even have “activated charcoal” when you’re pregnant? That’s when I remembered something else Prather had said. “The more you work at sleep, the harder it gets,” he warned. “The secret is indulging in these restorative offerings without having superhigh expectations. Think of them as a kindness you do for yourself and don’t put so much pressure on the effects.” As evening approached, I let go a bit. After dinner I went to Little Spain, a nearby food hall, and bought a chocolate torta—a choice that was theoretically unwise given chocolate’s trace caffeine content, but, I rationalized, emotionally sound. I took a spontaneous walk, justifying it as the “slightly positive but low arousal” activity Prather had recommended. On my way back to my room, around 8 p.m., I saw the hotel restaurant bustling and wished I had made plans to meet a friend instead of striving for sleep with such militant rigor. But my plan dictated I be in bed by 9:30 p.m. and I still needed to take a hot shower and follow the guided meditation and stretch routine on my room’s TV. These to-dos proved worthwhile. When I shut off the lights, I didn’t obsess over what I did and didn’t do, a rarity for a brain that often rethinks every email from the perch of my pillow. I was out in less than 10 minutes. I stayed that way for nearly nine uninterrupted hours—about 50% more than on my last trip—and felt springy on my morning run. Now home, I try to keep up with the wind-down routine, which is posted on the hotel’s YouTube page. Some nights, I skip to my favorite stretch and other nights when I’m out with friends, I fall into familiar, sleep-sapping habits, like looking at my phone before bed. But in those moments, I try to be kind to myself and relax, even if it involves a little chocolate. Could a meticulously designed hotel room actually improve rest, or was I about to be duped into forking over $1,000? Sleep Away Rest easy at these slumber-focused spots A sound bath session at Canyon Ranch resort. Sensei Lanai Lanai City, Hawaii | In the five-night “Rest & Recovery” program at this Four Seasons resort, guests gather data from a digital tracker and review their sleep quality with in-house experts, who tailor advice to guests’ specific sleep needs. From $1,785 a night Mohonk Mountain House New Paltz, N.Y. | Up in the Hudson Valley, sign up for a personal mindfulness session with a psychologist, focused on techniques that can help you relax and sleep better. $200 for an individual 50-minute session, $270 for two people The Springs Resort Pagosa Springs, Colo. | One-up the pre-bedtime warm shower with a soak in the resort’s natural hot springs, part of the resort’s recommended wind-down routine, which also includes a yoga session. Offerings also include a “sleep sack” for your phone. $329 a night The Carillon Miami | This resort’s “Sleep Circuit” includes a flotation session in a salt bath, a stint in a space-age meditation pod and sound therapy that supposedly can lead to more fulfilling naps. $436 for the whole twohour circuit of five treatments Canyon Ranch Tucson, Ariz. and Lenox, Mass. | During a five-night retreat, you’ll learn stress management techniques, participate in meditation classes and receive sleep coaching. You can also opt for a sleep apnea screening, with results reviewed by a doctor. $1,450 a night with meals P.O. Box 2195, Duxbury, MA 02331 800-222-1236 781-934-2454 www.fcwl.com Delightful... Luxury Barge Cruises

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | D5 STAY EXTRAORDINARY WITH OUR LUXURY AND LIFESTYLE PORTFOLIO

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | D7 When Only Apples Will Do This sweet-tart cake is a New York classic for a reason. The recipe is simple and sacrosanct. B ACK IN 1946, a young man named William Greenberg used winnings from poker games he’d played in the army to open a bakery on Manhattan’s East 95th Street. Over the next 25 years he expanded his operation to four bakeries on the Upper East Side. And his delectable Apple Macaroon Cake played no small part in his success. By 1996, when Greenberg baked President Bill Clinton’s 50th birthday cake, William Greenberg Desserts on Madison Avenue held sway on the Upper East Side as the place to order a wedding cake or merely pop in for a brownie, as acting teacher Lee Strasberg and film director Mike Nichols were wont to do. For my own wedding, Greenberg decorated layers of chocolate cake with hundreds of standing chocolate squares. It was a brilliant design, a marriage (if you will) of classic and contemporary aesthetics. And it was delicious. Not bad for a man who had learned to bake from his aunt Gertrude—but perhaps not surprising given that, at 16, Greenberg was already operating a thriving cookie business with a pal from his home-economics class. The latter experience almost certainly helped prepare him for his role as a mess sergeant in General George S. Patton’s army. Greenberg died last winter at the age of 97, but had he lived to see this autumn, he surely would BY ALEKSANDRA CRAPANZANO A LITTLE SOMETHING SWEET Gather at The Griddle Scrumptious shrimp a la plancha makes suckers of us all GRAYDON + HERRIOTT FOR THE WALL STREET JOURNAL, FOOD STYLING BY REBECCA JURKEVICH, PROP STYLING BY AMY WILSON PARTY TRICK YEARS AGO, my aunt and I used to go to this Spanish restaurant in Sydney and get the shrimp a la plancha. It came with a serving of fries and a simple green salad. Though smaller plates were the popular move at this place, my aunt was like Sally from “When Harry Met Sally,” always ordering exactly what she wanted. Out came our trawler of simply seared shrimp, sailing by tabletops of tiny tapas. As the waiter approached, we’d take bets on the head count. To maximize pleasure, we ate the golden, glistening shrimp methodically. First we sucked the life out of the legs and shell. Then we peeled each one and dragged it across the plate to mop up the juices. Stupidly I’d never thought to cook this dish at home until recently, when a friend showed up one weekend with pounds of perfect whole shrimp. (Yep, good friend.) It’s mind-blowing how quickly shrimp a la plancha comes together. You only need a plancha—otherwise known as a cast-iron griddle—or a large cast-iron skillet, some good olive oil, garlic, lemons, salt and pepper to render shrimp literally finger-licking good. We all stood around the kitchen as I cooked them, drinking Albariño. Some friends ate the shrimps’ heads and tails; others didn’t. Either way, every one of us loved the messy, shrimp-sucking fun of it. BY ODETTE WILLIAMS SHELL GAME This recipe is a fun way to feed a crowd. Garlic Shrimp A la Plancha Shrimp a la plancha can be a party starter served with crusty bread, a light lunch with a simple salad, or dinner with a side of homemade fries. Plan ahead and order the whole, head-on shrimp in advance from your fishmonger. Make sure you don’t overcook them, as they’ll become rubbery. If you don’t have a proper plancha, a big cast-iron skillet works just as well. Using a good Spanish or Portuguese oil will get you bonus points. Total Time 30 minutes Serves 4-6 4 pounds large, head-on shrimp in the shell 3 /4 cup extra-virgin olive oil 4 cloves garlic Kosher salt Freshly ground black pepper Flaky salt, for serving Lemons wedges, for serving 1. Devein the shrimp: Use a small, sharp knife to make an incision along the back of each shrimp, cutting through the shell, and remove the dark “vein.” Pat shrimp dry with a paper towel and place them on a paper-towel-lined baking sheet. Cover with plastic wrap and keep in the refrigerator until ready to cook. 2. Make the garlic oil: In a small saucepan, over low heat, combine oil with garlic, and let infuse for 5 minutes. Turn off heat and let garlic steep. 3. Heat a plancha or a large cast-iron skillet over medium-high heat. Once hot, working in batches to avoid overcrowding, dip each shrimp in garlic oil, lay it on the hot plancha or skillet and sprinkle with kosher salt. Cook until shrimp are opaque and shells are crisp and golden, 1½-2 minutes per side, depending on size. 4. Transfer to a large, warm platter. Drizzle with a little garlic oil, add some cranks of black pepper and sprinkle with flaky sea salt. Serve immediately with lemon wedges. EATING & DRINKING MURRAY HALL FOR THE WALL STREET JOURNAL, FOOD STYLING BY ANNA BILLINGSKOG, PROP STYLING BY STEPHANIE DE LUCA Apple Macaroon Cake Total Time 11 /2 hours Serves 6 Unsalted butter, for pan 1 pound almond paste, broken into chunks 1 cup granulated sugar ½ teaspoon kosher salt 6 large egg yolks 8 large egg whites 2 /3 cup all-purpose flour 3 Granny Smith apples, peeled and sliced in 1 /3 -inch wedges 1. Preheat oven to 325 degrees. Butter a 9-inch springform pan, line the bottom with a circle of parchment paper and butter the parchment. 2. In a food processor, pulse almond paste, ½ cup sugar and salt until uniformly sandy. Add yolks and process, scraping down bowl halfway through, until thick and smooth, 30 seconds. 3. In a separate medium bowl, whisk together egg whites and remaining sugar until incorporated. Mixture should be frothy and not yet hold peaks. Gently whisk in flour. 4. Add egg-white mixture to food processor and process for 10 seconds. Scrape down sides of bowl and process until you have a smooth batter, about 5 seconds more. 5. Pour batter into prepared pan and arrange overlapping concentric circles of apple slices on surface. Bake until a knife inserted in center comes out clean, 60-70 minutes. 6. Run a knife around sides of pan to loosen cake, then cool in pan 10 minutes. Remove sides of pan and slide cake onto a wire rack to cool completely. This cake will stay moist in the fridge for a few days, wrapped tightly in foil. Bring to room temperature before serving. —Adapted from “The William Greenberg Desserts Cookbook” by Carol Becker FALL BACK A striking spiral of apple slices crowns this almond-flavored, deeply nostalgic dessert. have made his famous Apple Macaroon Cake. He originally offered it as a Rosh Hashanah special in early autumn, but requests for it poured in long past the holiday. Year after year, the cake remained a fall fixture until the Thanksgiving-pie rush kept Greenberg rolling dough late into the night. Almost as popular as his brownies, this cake has an unmistakable candylike almond flavor, offset by the slight tartness of Granny Smith apples. Lightened by softly beaten egg whites, it is eminently satisfying. With no cinnamon in the batter, the apples deliver a pure flavor—a rarity among apple cakes. Tasting it, in fact, may make you pause before reaching for the cinnamon jar next time you bake an apple dessert of any sort. I wish I could say that this cake is one for all seasons, with pears, berries and stone fruits taking the place of the apples depending on the time of year. But for those of us who once made a ritual of walking up and down Madison Avenue come autumn just for a whiff of William Greenberg’s Apple Macaroon Cake, only the Granny Smith classic will do. This cake has an unmistakable candylike almond flavor, offset by the slight tartness of Granny Smith apples. NYC LOCATION 440 Columbus Ave. (cor. 81 st.) Mon.-Sat.. 10-7, Sun.12-6 (212) 877-5566 Find Us on Facebook.com/frankstellanyc Find Us on Instagram.com/frankstellanyc Phone Orders Accepted Fall Sale! Enjoy great savings on corduroy sportcoats during our Fall sale. Exclusively tailored for us of the finest 100% cotton, fine wale corduroy fabric from Italy. This classic sportcoat features a soft corduroy for exceptional comfort and is a definite must for the well dressed man. In burgundy, navy, black, brown, olive or camel. Reg. price $395 ea. With Code $100 Off = $295 Our Classic Corduroy, A Wale of a Jacket. $295 Use Code FALL100 online to take Additional $100 Off Please visit us online: www.frankstellanyc.com Crafted for us of the finest quality English lamb, these soft to the touch, durable coats will offer real warmth in the coldest winter weather. Our 3/4 length coats are available in your choice of black or brown. Shearling bomber style also available. Reg. $1,995, Sale $999 With Code $100 Off = $899 Classic Shearlings $899

D8 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. DESIGN & DECORATING BUDGET BREAKDOWN Tub $3,100 Toilet $3,000 Plumbing fixtures $7,100 Bathroom mirror $1,200 Concrete counter with integrated sinks $5,200 Vanity $5,800 Switchable privacy glass window $7,000 Medicine cabinet $750 Tile materials $9,997 Wood ceiling $3,300 Shower doors $7,000 Barn door, including install (not shown) $2,500 Construction $87,500 PUBLIC 311 DESIGN (COVER AFTER); STACY ZARIN GOLDBERG (SMITH-SHIFLETT AFTER BATHROOM); JENNI YOLO/ISPYDIY (YOLO’S BEFORE AND AFTER BATHROOM) Loos Renewed: Cost and Effect country’s highest, which drove up labor costs, a huge factor in this project. The overhaul reconfigured a 1970s-era dressing room and bathroom into a nearly 170 square foot suite. The owners now enjoy a shower/tub room and vanity, separate toilet room and walk-in closet, plus a ceiling that’s been boosted over a foot to 9 feet 3 inches high. Plumbing, electric, framing and demolition came to $65,500, even before the clients allotted Kanegae $40K for finishes (not including her design fee). “Nothing too chaotic” was Kanegae’s strategy for creating a sanctuary, but it didn’t come cheap. Large-format porcelain tile, pricier than smaller tile but with a simpler effect, clads all walls and floor and “envelops” the room in soothing gray. Black polishednickel taps ($7,100) blend amiably with that shade. A wall-size shower door ($7,000) and sinks integrated into the vanity’s concrete countertop ($5,200) ensure “no [visual] interruption whatsoever,” said Kanegae. “When you walk in, it feels really calming.” Continued from pageD1 The Value of the Same Layout How did this distinctive, custom-looking makeover in Milwaukee come in at just over the national average of about $25K? “If you look at the before and after, everything is exactly where it was: the toilet, the sink, the shower,” said Jenni Yolo, founder of design and renovation firm I Spy DIY, who with her husband, David, has transformed five properties in town. “There was a lot of savings in keeping the configuration,” she said. The project was “essentially tiling, painting and then all the fixtures.” Because the DIY couple, who star in the Magnolia Network series “Makeover by Monday,” performed the work themselves, Yolo consulted with local tradesmen for the labor estimate below. Her fee for a similar design would be $3,000. The loo’s diminutive size (75 square feet) helped keep the budget modest. The statement tile took a chomp out of their materials funds ($4,200), and the pair sweated the floor details. After laying the black Swiss-cross tile, they “went back and chiseled out the tile to put in the white ones, because we wanted a pattern,” said Yolo. Also labor-intensive: the shower and its checkerboard wall. The couple got the biggest aesthetic bang for the buck with $65 of paint, a Sherwin Williams shade called Waterloo. “I think this bathroom looks expensive because the colors are so rich, and we continued the paint on the ceiling and covered all the wonky venting,” said Yolo. Another cheap way to elevate the look? “The antiquing in Wisconsin is great,” said Yolo. Thrifted pieces ($45 rug, $10 vanity mirror) create an unorthodox eclecticism against the modern faucet and quartz countertop. Knowing the house was slated for short-term rental rather than resale made brave choices easier, said Yolo. “I really went for it on this one,” she said, “and it’s one of my favorite bathrooms we’ve ever done.” BUDGET BREAKDOWN Tile $4,200 Vanity $2,730 Vanity light $499 Vanity mirror $10 Faucet $485 Toilet $959 Shower head and faucet $787 Shower shelves and bar $268 In-shower table $86 Hardware $225 Accessories $225 Rug $45 Art $300 Paint $65 Labor $15,000 Renovators Jenni and David Yolo’s formula for value in their Milwaukee project: décor courage over square footage. $26K BEFORE Even Downsizing Can Cost When Tanya Smith-Shiflett renovated the guest bath of her Marriottsville, Md., home, she punted the separate shower stall and 1990s-era Jacuzzi for a standard tub and shower combo. The owner of Unique Kitchens and Baths, whose six U.S. shops design about 50 bath renovations a year, Smith-Shiflett reports that increasingly, clients who ask for a free-standing soaking tub call six months later. “They say, ‘I never use that tub. Can we make the shower bigger?’” In this redo, the designer converted the former shower space into a linen closet, reducing the bathroom proper’s size from 60 square feet to 48. What cost so much? Pipes now run under the floor from the (former) shower to the tub, so replumbing meant pulling up and replacing the subfloor. “It was a lot,” said Smith-Shiflett. The demolition alone sucked up $4,850 of the $13,585 construction bill, the plumbing $3,800. The custom penny-tile floor was also expensive. “They had to cut out the little individual white pieces and set them around the perimeter by hand,” she said. Had Smith-Shiflett been a client, she would have charged $5,000 for her services because of the integral modifications. But for a job that leaves the layout as is, said the designer, “my fees are $3,500 because I’m basically just doing selections.” BUDGET BREAKDOWN Toilet, sink and tub $1,800 Plumbing $3,800 Mirror $400 Marble vanity top $1,200 Vanity $4,200 Tile $5,100 Tile install $6,200 Shower door $3,800 Lights $1,400 Valance $850 Outlets $65 Construction $13,585 PRETTY PENNIES In the tile floor of Tanya Smith-Shiflett’s design, the hand-laid white detail added to the installation cost. $42K BEFORE

THE WALL STREET JOURNAL. **** Saturday/Sunday, October 21 - 22, 2023 | D9 home and would never put them there. The water ends up on the countertop.” Tiles That Bite Alexander swooned over the earthy irregularity of zellige tile and installed it in two of her own Atlanta bathrooms. She quickly realized those trendy ragged edges bite, nicking her elbow more than once while showering. The uneven surfaces attract more dirt than smooth tiles, too. “I clean my shower twice as often,” said Alexander, who uses a coarse bristle brush for scrubbing because the rough ceramic shreds sponges. Obsidian Stalls During a TikTok tour of her Spanish-style mansion in Calabasas, Calif., cosmetics magnate Kylie Jenner steps into her bathroom and confides to her nearly 55 million viewers, “I made the biggest mistake getting a black shower, because you can’t see s*** when you’re in there. It’s just horrible.” Absent a window or brilliant overhead light, which rather negates its sexiness, a noir shower “will be like walking into a cave,” said Charleston, S.C., designer Margaret Donaldson. Kevin Chan, co-founder of Toronto design studio Nivek Remas, created a “grotto spa” in his basement bathroom with charcoal tile and notes the upkeep. “You have to be more diligent about cleaning,” he said. Soap scum and mineral buildup leave a milky residue, especially around the controls. Naked Storage With the best intentions, Kelly included an open-shelf vanity in her Jacksonville, Fla., bathroom. Easy-to-grab hair ties and brushes helped her kids get ready in the morning. Also pleased with the accessibility? Her pup, who regularly swiped the grooming tools. Open storage suits hotel bathrooms, where dogs rarely check in and housekeeping tucks in constantly refreshed, smoothly folded towels. “They can look beautiful if you take pride in being organized,” said Pasadena, Calif., interior designer Hayley English. But beware the ick factor. “When I clean, I often find a combination of human hair, animal fur and dust gathered in the back of the shelves behind the towels,” said communications executive Jessica Doyle of the doorless cupboard in her Charleston, S.C., bathroom. Fancily Lit Baths A chandelier twinkling above a soaking tub might seem the height of sybaritic splendor, but water and electricity clearly don’t mix. “Clients ask for statement chandeliers, but unless it’s the correct height—8 feet from the rim of the tub—I cringe,” said Nikki Pulver, principal of Shaker Interiors in Cleveland. “What if you’re about to fall and pull it down with you into the water?” And fixtures rated for dry locations can fail over time and cause an electrical fire. “A standard chandelier is not rated for a damp location,” said Kyle Krueger, director of codes and standards with the National Electrical Contractors Association, in Washington, D.C. BY YELENA MOROZ ALPERT SINKING FEELING When basins sit atop the vanity, countertops get wet and messy. Trendy luxuries, from zellige tiles to vessel sinks, seduced these homeowners and interior designers. Here, they share their regrets. Bath Upgrades J With Failing Grades ULIANNE Kelly did a hard stop when clients requested square toilets they thought would modernize their house. “They were three times the price of a normal toilet and uncomfortable,” said the principal of Carrier Design Co. in Jacksonville Beach, Fla. “Everyone has a budget cap, and square toilets are not a place to surpass it.” The quest for luxe, even absurdly “unique” bathrooms has surely been stoked by celebrities’ tendencies to open their own intimate sanctums to public view. Watching Goop tycoon Gwyneth Paltrow deliver “wellness” advice from her California home’s massive spa, complete with a plunge pool, can make you crave a larger shower. What is coveted, however, can prove impractical, as the following homeowners and even design pros can attest after succumbing to gotta-have-it trends they lived to regret. Proud Sinks Vessel sinks aren’t sunk at all. They perch atop the vanity, joined to the countertop in a way that attracts soap buildup and toothpaste gunk. And given that the bowl sits too high, “they make for terrible face-washing and teeth-brushing experiences,” said Leah Alexander, principal of Beauty Is Abundant, a design firm in Atlanta. Water drips from hand to elbow, and kids need step stools. “I hate them,” said Rick Grafmeyer, an attorney in Washington, D.C. “I’ve had VIEW PICTURES/LIVING4MEDIA (VESSEL SINKS); SIMON MAXWELL PHOTOGRAPHY/LIVING4MEDIA (CHANDELIER OVER TUB) them, and I’m building a new ‘I made the biggest mistake getting a black shower.’ Experts view low-hanging chandeliers in bathrooms as an electrical hazard. DESIGN & DECORATING SPLURGE (top) Zellige Pending Storm 4-inch-by-4-inch Square, $20/square foot, CleTile.com SAVE Marazzi Zellige Cielo 4-inch-by-4-inch Glazed Ceramic Wall Tile, $9/square foot, HomeDepot.com SPLURGE (left) Aerin Asalea 16-inch Double Bath Sconce, $699, VisualComfort.com SAVE Fluted Double Short Indoor/Outdoor Sconce, from $199, WestElm.com SPLURGE (left) Hammered Copper Usk Bateau Cast Iron Bath Tub, from $16,450, Drummonds-UK.com SAVE Randolph Morris Haden 66-inch Copper Freestanding Double Ended Bathtub Medium Copper, $3,529, VintageTub.com SPLURGE (left) Nikari Periferia Sauna Stool, Alder, $652, FinnishDesignShop.com SAVE 13-inch Asia Teak Shaving & Washing Foot Rest, $110, AquaTeak.com SPENDER NEUTRAL / CHIC BATH FINISHES FOR BOTH ENDS OF THE BUDGET SPECTRUM SPLURGE (left) Easton Classic Thermostatic Three Cross System, $10,260, Waterworks.com; SAVE Signature Hardware Cooper Thermostatic System in Chrome, SPLURGE (above) Wallace 60-inch $899, Build.com Walnut Double Vanity With Carrara Marble, from $4,999, Rejuvenation.com SAVE Markley 60-inch Free Standing Double Bathroom Vanity in Teak With Marble Top, $1,300, Wayfair.com The world’s most extraordinary wildlife are relying on us to survive. 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D10 | Saturday/Sunday, October 21 - 22, 2023 **** THE WALL STREET JOURNAL. GEAR & GADGETS DOG TIRED? Most ‘recovery’ tools, like vibrating orbs and plush sneakers, are pitched to humans. But the category has grown so large even canines can get in on the inaction. IF IT SEEMS LIKE you can’t open up Instagram without seeing videos of people taking cold plunge baths or rolling their quads with medieval-looking, deep-tissue devices, it is because “recovery” has gone mainstream. These devices, designed for and once exclusively marketed to serious athletes, are now being pitched as necessary tools for inconsistent weightlifters, 5K runners, the unserious pickleballer, and even pet dogs who can barely be bothered to play fetch. Sports-medicine experts aren’t entirely convinced. Recovery remains a relatively new area of interest among doctors, says Dr. Jordan Metzl, a sports medicine physician at the Hospital for Special Surgery in Manhattan. Many of these tools, he says, probably aren’t the missing piece average exercisers need: Some merely trigger frustration or could even cause harm. We asked him, as well as Jo Moynihan, a doctor of physical therapy in Boston, to weigh in on whether the following recovery gadgets serve an essential purpose, or are part of a trend they hope will pass. Trendy new tools pledge to soothe tired, worn muscles. We asked experts for a reality check. The Quest to Recover The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets. IT’S 1957 AND ENZO FERRARI (Adam Driver) is running late. The founder of the famed Italian racing and sports-car manufacturer rises from his mistress’s bed, steps into his trousers and tiptoes out the door, pushing his Peugeot 403 down the driveway before starting the engine. Another day of lies begins. Director Michael Mann’s concours-quality “Ferrari,” opening in December, finds the 59-year-old Il Commendatore in midlife crisis. The Great Engineer has a second family—including an illegitimate son, Piero—an empty bank account and an estranged wife/business partner, Laura (Penélope Cruz). She’s waiting at home with a Beretta. I was invited to a screening at the New York Film Festival last Friday on the grounds that I knew something about Ferrari. The cars, sure. I’ve been to Maranello many times to test the latest hardware. Ferraristi will recognize the company gates on Via Abetone and the colonnaded streets of Modena, where Ferrari lived. I’ve also interviewed Piero Ferrari, now vice chairman of the company and multibillionaire, which is nice for him. But, like most enthusiasts, what I knew of the man behind the sunglasses came from two books: Brock Yates’ magisterial “Ferrari: The Man and the Machine”; and Ferrari’s own “My Terrible Joys.” These books nail down the established facts of the man who built the greatest team in the history of motor sports and the most valuable luxury brand in the world. Also established: Ferrari was a well-dressed, fastidiously groomed maniac, a tyrant, obsessed with winning, indifferent to death and suffering and generally scornful of the rules that bind others. Ferrari admits as much. So not an easy guy to live with. Troy Kennedy Martin’s screenplay puts a glass to the couple’s bedroom door, reconstructing the private drama behind this very public name, drawing on months of research in Emilia-Romagna and interviews with everyone they could find who knew them personally. Interiors included his son Dino’s mausoleum and Laura’s bedroom, a shuttered space decorated in funereal blacks and browns. In many ways the film belongs to the other Ferrari, Laura. After all, Enzo doesn’t really have an emotional arc—racers typically don’t. He doesn’t change, doesn’t learn, doesn’t grow except to become more inscrutable, his froggy eyes hidden behind trademark sunglasses. Laura is distraught when she learns of Piero—a living heir to the kingdom she was building for Dino. At that moment she has the power to bankrupt Enzo and every reason to do so. But she doesn’t. She can’t. It’s her company too. As the only condition for bailing him out, Laura insists that Piero not be given the Ferrari name until after her death. Needless to say if there were a Constructor’s Championship for faces, Cruz would win easily. Aficionados know that the real Laura Garello later provoked the great walkout of 1961, when Enzo lost some of his most talented people. But that’s inadmissible cinematic evidence. All events lead to the 1957 Mille Miglia, a bloodthirsty 1,000-mile road race around Italy. Ferrari’s accountants have told him he must win. The factory team, Scuderia Ferrari, enters five cars, including a 335 S driven by Count Alfonso de Portago (Gabriel Leon), a 28-yearold Spanish sportsman. Thirty miles from the finish, a front tire of De Portago’s Ferrari explodes, sending the car scything into spectators at more than 150 mph. Nine are killed, including five children, and 20 more injured. Codriver Edmund Nelson and De PorRUMBLE SEAT / DAN NEIL Enzo Ferrari’s Dramatic Life Makes for Cinematic Catnip NEON (FERRARI, 2023); ALAMY (ARCHIVE ENZO FERRARI) RACE DAY Piero Taruffi (Patrick Dempsey) drives a 315 S to victory in the 1957 Mille Miglia in ‘Ferrari.’ tago are also killed, the latter cut in half at the waist. Mann’s camera moves slowly over, if not dwells on, this slaughter, the human wreckage typical of what we now think of as the golden age of motor sports. In Brescia, Ferrari’s Piero Taruffi (Patrick Dempsey) takes the checkered flag with teammate Von Trips coming in second. But there is no joy in Modena. Amid public outrage and calls for Ferrari himself to be jailed, Italian authorities ban racing on public roads. Every frame of this film will make car-lovers want to roll around like a cat on catnip. Scaglietti-bodied Testarossas, Fantuzzibodied Maseratis, Jaguar D-Types, Mercedes 300 SLs, all glowing in the rich, reddening light of EmiliaRomagna. According to Mann, the stunt cars were all exact replicas with the exception of Pink Floyd drummer Nick Mason’s Maserati 450 S, which was the real thing, worth tens of millions. Stirling Moss’s stringback gloves, Taruffi’s shock-white hair, carburetors by Weber, gauges by Jaeger—all period correct. The filmmakers even re-create the famous “Kiss of Death” moment, when De Portago’s celebrity-girlfriend Linda Christian was photographed kissing him for good luck. Going in I was skeptical whether any racing film could attract a general audience. Few movies set in a racing milieu hold up as cinema. Actually, most of them are ridiculous. Mickey Rooney in “The Big Wheel,” Sly Stallone in “Driven.” Fuhgettaboutit. Steve McQueen’s beloved “Le Mans” is just stupid, a petulant farce wrapped around racing footage. I am now prepared to declare “Ferrari” the best car movie ever made—maybe even the first great car movie. It’s a spectacular piece of filmmaking, worthy of the legend. I do have one note. That tall, broad-shouldered man with the gorgeous brown eyes and wandering Italian accent, he’s supposed to be Enzo? Because, well, Enzo was not a handsome man—bulging eyes, droopy lids, bad teeth, a schnoz like Cosimo de Medici. And a half-foot shorter. For a production otherwise devoted to looking-glass verisimilitude, the presence of the tall, dark and bankable Driver fairly reeks of commercial considerations. I suppose it’s to be expected—cinema and racing are both necessarily expedient—but it took me out of the dramatic moment. Apparently both Hugh Jackman and Christian Bale were previously attached to the project. They don’t look much like Enzo, either. The film reconstructs the private drama behind the public name. Enzo Ferrari, left, competing in the 1919 Parma-Poggio di Berceto hillclimb. SERGE BLOCH 1. HOKA ORA RECOVERY SHOE 2 The Promise That these sneakers’ plush, pillowy cushioning will soothe tired feet that have been put through the wringer. The Expert’s Take “If it feels comfortable after a big workout, then go ahead and wear them,” said Metzl, adding that he knows of no evidence that such sneakers help anyone recover any faster, but doubts they have any negatives. $90, Hoka.com 2. ROLL RECOVERY R8 PLUS The Promise That clamping an appendage between the two cylindrical inserts and using the handles to roll the device down can help get blood and lactic acid moving. The Expert’s Take “I like massage guns because you can control the pressure with how hard you’re pushing,” said Metzl. These, however, function more like vice grips for your arms and legs, he says. It is harder to adjust the device’s dial, which is located far from its handles, than to modulate a massage gun. $169, RollRecovery.com 3. HYPERICE HYPERSPHERE The Promise That this vibrating orb—an update on the tennis ball people use to work out kinks—will penetrate deep tissue and ease away knots. The Expert’s Take “It’s not as percussive as a massage gun,” said Moynihan. Plus, it rolls around. “People end up chasing the ball more than they end up using it,” she said. $149, Hyperice.com 4. ORVIS RECOVERY ZONE DOG BED The Promise That two layers of memory foam will distribute your pet’s weight more evenly than most dog beds, reducing pressure on joints and muscles. The Expert’s Take There is no evidence this is necessary, but that might not matter. “I would spend anything to make my dog comfortable,” said Metzl. From $298, Orvis.com —Todd Plummer 1 2 3 4 *