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The Wall Street Journal’s Evan Gershkovich was
250 DAYS
detained in Russia on March 29 while on a reporting trip.
He is the first American journalist to be charged with
espionage in Russia since the end of the Cold War.
Coverage on page A10.
The Journal and the U.S. government
#ISTANDWITHEVAN
vehemently deny the allegation against him
and have called for his immediate release.
Scan this code to read more about Evan, his
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* * * * * MONDAY, DECEMBER 4, 2023 ~ VOL. CCLXXXII NO. 131 WSJ.com HHHH $5.00
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What’s Justices
News Consider
Business & Finance Challenge
 Retailers that offered only
mixed assessments of the
To U.S.
shopping season—including
Foot Locker, Ulta Beauty and
Victoria’s Secret—are enjoying
a stock surge as investors are
Tax Code
cheered by economic data. A1 High-court case that
 Alaska Air reached a deal takes aim at part of
to buy Hawaiian Airlines for $1 2017 law could have
billion in a tie-up of nearly cen-
far-wider implication
SAID KHATIB/AGENCE FRANCE-PRESSE/GETTY IMAGES
tury-old rivals that are

dwarfed by the biggest players
in a time of travel upheaval. B1
.
BY RICHARD RUBIN
 Wars in Gaza and Ukraine AND JESS BRAVIN
ly
are complicating socially con-
scious investing for some peo- WASHINGTON—A case that
ple, as many funds have expo- could punch holes in the fed-
sure to arms makers that
benefited from the conflicts. B1
 Electric-vehicle owners are
on eral tax code heads to the Su-
preme Court on Tuesday.
The court will hear argu-
ments in Moore v. U.S., which
finding that repairs after a crash
challenges part of the 2017 tax
us ,
can cost thousands of dollars

People in Rafah gathered around a crater after deadly Israeli bombardments in the southern Gaza Strip on Sunday. law that imposed a one-time
l
more than for conventional cars,

levy on profits that companies
e
as fixes require more parts and
al a
had accumulated outside the

fewer people do such work. B1
Fighting in Gaza Intensifies

U.S. But its implications could
 Fashion retailers including reach much further, providing
ci on
H&M, Uniqlo and Zara are aim- a chance to define what Con-
ing to operate fewer but more gress can tax under the Con-
spacious and visually dazzling stitution—and what it can’t.
stores in the mold of Apple. B3
 Beyoncé’s ‘Renaissance’ As Talks on Cease-Fire Stall The case, brought by a
Washington state couple seek-
er s
ing a $14,729 refund, raises a

collected $21 million in box-
seemingly simple question:
office gross in its opening
m er
Must income be “realized,” or

weekend, matching Taylor
Talks between Israel and strip of land. ing team from Qatar on Satur- hold the remaining civilian received, before it can be
Swift’s feat of having a con-
Hamas to hand over hostages “The negotiations have day after it said talks had women and children and can’t taxed?
cert film open at No. 1. B2
held in Gaza in return for a stopped. That said, what hasn’t reached an impasse. Saleh al- turn them over. Israeli officials Charles and Kathleen Moore
 Walmart said it halted ad- pause in fighting there have stopped is our own involve- Arouri, Hamas’s deputy politi- said that while this may be argue that when the law
m rp
vertising on Musk’s X, joining ment, trying to get those back cal chief, said the militant true, Hamas, as the dominant passed, they hadn’t realized
the parade of major marketers By Stephen Kalin, Anat on track.…We would like that group has only hostages who force in Gaza, has the power to income from their investment
that have left the platform. B3 Peled, Summer Said to happen today,” White House are soldiers and “civilians serv- force other factions to release in an India-based company and
and Dov Lieber National Security Council ing in the army,” and that it their hostages. thus couldn’t be taxed. Some
spokesman John Kirby told wouldn’t release more of them Please turn to page A8 conservative groups have
World-Wide
co Fo
stalled, the White House said NBC. He blamed Hamas for until Israel ends its war. backed them, seeing a chance
on Sunday, while Israeli forces failing to provide a fresh list of Egyptian and Qatari media-  Palestinians flee after to block future Congresses
 Talks between Israel and stepped up attacks and di- civilian women and children to tors continue to seek a compro- settler strife........................ A8 from taxing wealth or unreal-
Hamas to hand over hostages rected Palestinians in the en- be released. mise, senior Egyptian officials  U.S. warship faces attack ized capital gains. A broad rul-
held in Gaza in return for a truce clave to move into a narrower Israel recalled its negotiat- said. Hamas has said it doesn’t in Red Sea............................ A8 Please turn to page A6
stalled, while Israeli forces esca-
INSIDE
lated attacks and directed Pal-
estinians in the enclave to move
to a narrower strip of land. A1
 A lawsuit to be heard by the
A Soldier Vanishes Opioid Settlement
Supreme Court takes aim at a
2017 law imposing a tax on In Chaos of Ukraine Divides Families
n-
companies’ overseas profits, and

could have wider implications
over Congress’s taxing power. A1
BY ALEXANDER GLADSTONE fueled the opioid epidemic.
 A U.S. destroyer and three Ruslan Finchuk was under Russian fire
no
commercial ships in the Red About 130,000 people would

Sea came under drone and as he went missing; ‘He just disappeared’ Ellen Isaacs lost her son to share $750 million of the
missile attacks, a significant an opioid overdose. But she money. Nearly all who voted on
escalation of recent strikes. A8 wants none of the settlement the deal two years ago ap-
BY IAN LOVETT them to return to base with money offered by the family proved. State and local govern-
DALE ZANINE/REUTERS
 Global leaders at the COP28 AND NIKITA NIKOLAIENKO the six Russians they had that sold billions of the same ments would get the remaining
climate summit in Dubai are taken captive. At 3 a.m., two OxyContin pills that got her billions to fund opioid-related
taking a big swing at cutting KUPYANSK, Ukraine—For Ukrainian soldiers and their boy hooked. programs.
methane, while the U.S. set rules 48 hours in muddy trenches commander set off with the Isaacs would rather see the But the deal includes a pro-
on domestic fuel producers to near this northeastern city, prisoners, walking through a family suffer years in court. vision that Isaacs and some
limit emissions of the gas. A8 the Ukrainian troops had shattered tree line toward “There’s not enough money others oppose: It would grant
 Under voucher plans that pay fought off waves of Russian the evacuation point. SPORTS that’s going to bring any of our the Sacklers immunity from fu-
for private schooling with public infantry emerging from the Suddenly, several silhou- One-loss Alabama is kids back,” said Isaacs, 58 years ture civil opioid litigation. The
tall grass, while artillery ettes appeared a few yards old. settlement was drawn up in a
funds, students who have al-
hammered everything to the column’s left. Then
in the College Football The Sackler family members New York bankruptcy court and
ready opted out of public schools Playoff over unbeaten
are among the biggest benefi- around them. the area exploded in gun- who own Purdue Pharma have has been appealed by the Jus-
ciaries, state data indicate. A3 They were exhausted, and shots. In the darkness, they Florida State. A16 offered $6 billion to settle thou- tice Department to the Su-
officers had finally ordered Please turn to page A12 sands of lawsuits alleging they Please turn to page A2
 Nicaragua charged a Miss
Universe franchise owner with
Feel-Bad Christmas Film
Retailers’ Stocks Surge Despite
being part of a plot to overthrow
Ortega two weeks after the
country won the pageant. A10
Turns Into an Annual Tradition
 An Islamist radical stabbed
a foreign tourist to death near
the Eiffel Tower in Paris,
i i i
Mean characters, plot grievances keep

Mixed Holiday Sales Outlook
French authorities said, rattling
a country already on alert. A10
viewers hate-watching ‘The Family Stone’ BY HARDIKA SINGH 50% Victoria’s
Secret
Retailers are making mod- Share-price performance
JOURNAL REPORT 40 Foot
BY RUSSELL ADAMS “Very few movies act as a est predictions about the holi- Locker
Investing Monthly: Four narcotic the way ‘The Family day shopping season—and
tax deductions seniors Most Christmas movies Stone’ does,” said Grant Ginder, their stocks are going gang- 30
often miss. R1-8 make people feel good. “The who saw it in the theater when busters in response.
Family Stone” makes them it came out, hated it and has Victoria’s Secret, Foot 20 Ulta
CONTENTS Opinion............. A17-19 mad. And yet the 2005 film watched it multiple times ev- Locker, Ulta Beauty and Dol- Beauty
Arts in Review.........A15 Outlook....................... A2
Business & Finance.. B2,6 Personal Journal A13-14
has become a fixture of the ery year since. lar Tree are among the com-
10 Dollar
Business News................ B3 Sports....................... A16 holiday movie calendar. The movie follows Everett, panies that offered somewhat Tree
Crossword................... A16 Technology..................... B4 One reason: People love to played by Dermot Mulroney, mixed assessments of the
Heard on the Street.. . B10 U.S. News........... A2-6 S&P 500
hate it. who brings his girlfriend state of the shopper last 0
Markets..........................B10 World News...... A8,10
Viewers marvel at the Meredith home for the hol- week. Yet each received an Nov. 13 17 24 Dec. 1
characters’ meanness, idays to meet his family. ovation from investors. Source: FactSet
> puzzle over their mo- Meredith, played by Traders have piled into
tives and pick apart Sarah Jessica Parker, is stocks since a softer-than-ex- poised to cool the economy The S&P 500 has risen 4.1%
the plot. They stock- uptight and annoying. pected inflation reading on without tipping it into a re- since the report, extending its
pile grievances and Most of the Stone fam- Nov. 14 bolstered wagers that cession. Treasury yields have gains for the year to almost
s 2023 Dow Jones & Company, Inc.
vow to stay away. ily is openly hostile to the Federal Reserve is done sharply declined as well, giv- 20%.
All Rights Reserved Until next year. Movie night Please turn to page A12 raising interest rates and is ing equities a second wind. Please turn to page A6
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Monday, December 4, 2023 * * THE WALL STREET JOURNAL.
U.S. NEWS
THE OUTLOOK | By David Harrison
Lower Goods Prices Drive Inflation Fight

A
fter a historic run- depressed demand. By con- Inventory to sales ratio, motor Personal consumption expenditures, services and For instance, a shortage of
up in inflation, trast, deflation in particular vehicles and parts dealers durable goods, change from a year earlier semiconductors held down
Americans are sectors is common. Indeed, 3.5 12.5%
production of new vehicles,
now starting to before the pandemic, dura- driving up their price by
see something ble-goods prices fell an aver- 10.0 Services around 13% over the previous
they haven’t in three years: age of 1.9% a year from 1995 3.0 Personal consumption year as of the first quarter of
deflation. to 2020 as globalization 7.5 expenditures price index 2022. Auto manufacturers
To be sure, deflation—that shifted production to low- Durable goods that year recorded windfall
2.5 5.0
is, falling prices—is largely wage countries and produc- profits.
confined to appliances, fur- tivity improvements lowered
V
niture, used cars and other costs. 2.0 2.5 ehicle production is
goods. Economywide defla- The pandemic temporarily now roughly back to
tion, when prices of most sent those forces into re- 0 where it was before the
goods and services continu- verse. Product shortages, 1.5 pandemic and prices have
–2.5
ously fall, isn’t in the cards. snarled supply chains and a been flat since March, ac-
But economists say goods surge in demand from con- 1.0 –5.0 cording to the Labor Depart-
prices likely have further to sumers flush with cash sent ment.
2016 ’20 ’23 2016 ’17 ’18 ’19 ’20 ’22 ’22 ’23
fall, which will ease infla- prices soaring in 2021 and Dealer inventories, mea-
tion’s return to the Federal 2022. Durable-goods inflation Prices for select categories, change from a year earlier for October sured as a share of sales, are
Reserve’s 2% target, perhaps peaked at a 47-year high of climbing but remain far be-
as early as the second half of 10.7% in February 2022. Services low prepandemic levels.
next year. Research by Adam Sha- Clothing and footwear “It’s likely that vehicles
Prices for long-lasting piro, an economist at the San are going to be a downward
items, known as durable Francisco Fed, finds that sup- Groceries push on inflation for a fair
goods, have fallen on a year- ply disruptions such as those amount of the next year,”
Other durable goods*
over-year basis for five from closed factories or ship- Detmeister said.
straight months. In October, ping backups accounted for Motor vehicles and parts UBS forecasts inflation
they were down 2.6% from roughly half the run-up in in- dropping to 1.7% in the
their peak in September flation in 2021 and 2022. Household goods and appliances fourth quarter of 2024. The
2022, according to data re- bank also predicts a reces-
T
Recreational goods
leased Thursday by the Com- oday, supply chains are –5% –2.5 0 2.5 5 sion next year.
merce Department. running smoothly, ac- *Includes jewelry, books, luggage and phones. Note: Seasonally adjusted. Businesses, having enjoyed
That has helped bring cording to a New York Source: Commerce Department strong price increases, are
down core inflation, which Fed index. Demand, mean- adjusting to price cuts. Lower
excludes the volatile food and while, has been constrained nishings were down 0.2% and ate through the middle of prices shot up, it was partly prices for lumber and copper,
energy categories, to 3.5% in by the Fed’s interest rate in- recreational goods such as next year because of improv- because wages and some infor instance, have held down
October, from 5.5% in Septem- creases. Consumer spending computer equipment fell ing supply chains and weaker puts such as energy became growth in the average cus-
ber 2022, as measured by the rose 0.2% in October before 0.4%. demand. That will offset con- more expensive. But it was tomer purchase, William
.
personal-consumption expen- adjusting for inflation, the Fed Chairman Jerome tinued price increases for also because limited supply Bastek, executive vice presi-
ditures price index, the Fed’s weakest since May. Powell said in September services. coupled with strong demand dent for merchandising at
ly
preferred inflation gauge. In a blog post published that decreasing goods prices As a result, they see PCE enabled companies to expand Home Depot, told analysts on
The prices of services Thursday, the White House were a sign that higher inter- inflation falling to 1.8% in profit margins. That sug- a Nov. 14 conference call.
such as home rental and car Council of Economic Advisers est rates, by weakening de- September, below the Fed’s gested once those conditions At Walmart, the number of
insurance continue to climb,
albeit at a slowing pace.
They were up 4.4% in Octo-
ber from a year earlier,
estimated better-functioning
supply chains accentuated by
weaker demand account for
roughly 80% of the fall in in-
on mand, in combination with
smoother shipping, are actu-
ally working.
But he has also empha-
target. They don’t forecast a
recession. That is much
sooner than Fed officials
who, in their September fore-
subsided, prices and margins
would retreat.
“If you think of the supply
problems as pushing up the
items with price cuts is up
50% over last year, John
Furner, chief executive of
Walmart U.S., told analysts
slower than 4.7% in Septem- flation since 2022. sized that services inflation cast, saw inflation returning price, the healing of supply Nov. 16. “We’ve been in a
us ,
ber but well above their In October, the price of excluding housing also needs to target in 2026. They will problems should be pushing pretty steep inflationary en-
l
pace before the pandemic. new and used motor vehicles to come down. release new forecasts Dec. 13. down the price back to what- vironment the last couple of
e
al a
Economywide deflation is and parts fell 0.4% from Sep- Economists at Morgan Prices equal the cost of in- ever the equilibrium is,” said years. So it’s good to see
rare and usually seen as a tember, the fifth straight Stanley forecast that core puts—labor, materials, capi- Alan Detmeister, an econo- some of these prices come
sign of stagnant or deeply month of declines. Home fur- goods deflation will acceler- tal—plus profit. When goods mist at UBS. back in line,” he said.
ci on
er s
FROM LEFT: CAROLYN KASTER/ASSOCIATED PRESS, SETH WENIG/ASSOCIATED PRESS (2)
m er
m rp
co Fo
Far left, Ellen Isaacs and Lee

Nuss at a 2021 protest
against Purdue Pharma. Left,
Cheryl Juaire’s two sons died
from opioid overdoses. Above,
Kara Trainor holds a photo of
her son Riley.
Opioid Deal whose son died from an Oxy-

Contin overdose. He wants the
from overdoses involving opi-
oids from 1999 to 2021, accord-
deal we’re going to get,” said
Kara Trainor, 42, a former ba-
In June, Trainor went to
Washington to voice support
If the Supreme Court sinks
the Sackler settlement, the vic-
n-
Sackler family to spend years ing to the Centers for Disease ton-twirling champion who was for the settlement on behalf of tims and their families would
Divides in court defending themselves

from civil lawsuits.
Nelson and his wife got the
Control and Prevention.
The Sacklers have previously
denied wrongdoing as owners
prescribed OxyContin for a
sports injury at age 21. She be-
came addicted to opioids, in-
other victims. At DOJ head-
quarters, Trainor met with Pre-
logar, who argues Supreme
likely return to fighting their
individual cases in court. It
could prove difficult, according
no
Families opportunity to confront mem-

bers of the Sackler family at a
bankruptcy hearing last year.
of Purdue and said their settle-
ment offer would “allow very
substantial additional resources
cluding heroin. Her son was
born with neonatal abstinence
syndrome, she said, and the
Court cases for the depart-
ment, and other DOJ officials.
The following month, the de-
to lawyers involved in the case.
By the time of Purdue’s 2019
bankruptcy filing, the Sackler
Kristina Nelson played a re- to reach people and communi- baby suffered from drug with- partment filed its appeal to the family had moved much of
Continued from Page One cording of the 911 emergency ties in need.” drawal. Supreme Court seeking to their wealth to offshore trusts
preme Court. call she made when she found Reaching the settlement “For me, I want this to be in block the settlement. largely beyond the reach of
The DOJ said it would ille- her son unresponsive after an deal took years of negotiations the past,” said Trainor, who Cynthia Munger, a 74-year- U.S. courts, including some
gally extinguish the rights of overdose. and required agreement among earns $15 an hour working for old retired business consultant registered in the Bailiwick of
people to pursue lawsuits “It’s wanting the money ver- various victim groups and gov- a community group helping from the Philadelphia area, Jersey, a self-governing island
against members of the Sackler sus doing what’s right,” Wil- ernment bodies. At issue was people with substance abuse in said she has close friends on off the coast of France, accord-
family who made a fortune sell- liam Nelson said. “It’s the Sack- how much should the Sacklers Kalamazoo, Mich. both sides of the settlement di- ing to the company’s Supreme
ing the prescription pills. Law- lers not getting away with it.” pay to redress opioid addiction Cheryl Juaire, who lost two vide. Her son became addicted Court brief. As of 2021, the
yers for Purdue contend the Families who favor accept- and deaths linked to the mar- sons to opioid overdoses, sup- to OxyContin following a base- members of the Sackler family
immunity provision is allowed ing the Sacklers’ offer hope the keting of OxyContin. ports the settlement yet sym- ball injury. She who owned
under the bankruptcy code. settlement money provides re- The Sacklers raised their pathizes with the families op- believes that Purdue were
“A court should not bar vic- lief for those suffering from ad- settlement offer to $6 billion posing it. giving the Sack- worth an esti-
tims from enforcing their rights diction as well as some com- after first offering $3 billion. “These people are hurting. lers the pro- ‘These people mated $11 bil-
while allowing perpetrators to pensation to families who lost They say they will go no They lost their child. Some just posed legal pro- are hurting. lion, according
profit from wrongdoing,” loved ones or endured grave higher. Purdue would pay an want justice,” Juaire said. “I tections would to documents
Isaacs’s lawyer Michael Quinn harm. additional $1 billion to $2 bil- look at it as that money is go- allow other They lost their from a congres-
wrote in a Supreme Court brief, Purdue began marketing lion in the proposal. ing to be used to save lives. drug-company sional commit-
siding with the DOJ. The high OxyContin as a safe-to-use pain Most of the settlement That money will be used so an- owners to get
child. Some just tee.
court will hear arguments reliever in the 1990s, leading money from the Sacklers and other mother doesn’t have to the same want justice.’ If the Su-
Monday that outline the legal many doctors to prescribe the the company is earmarked for bury her child, or two, as I shield. preme Court ac-
and emotional divide between pills for all manner of injuries the opioid-recovery and pre- have.” “This money cepts the terms
families who back the settle- and ailments. The volume of vention programs. Victims and In August, the Supreme is a pittance,” of the Sackler
ment deal and those who don’t. pills from Purdue and other their families would get pay- Court blocked Purdue’s bank- Munger said. “If we cannot ad- settlement, it would be one of
“The only way to get closure manufacturers that flooded the outs that range from about ruptcy plan and agreed to hear dress the civil injustice of this the few times that a pharma-
is to hit the Sacklers where it U.S. is believed to have trig- $3,500 to $48,000 per claim, the DOJ argument against case, we would not have a re- ceutical company and its own-
hurts,” said William Nelson, a gered the opioid epidemic. minus legal fees. granting legal immunity to the mote chance of criminal justice ers made payments to victims
criminal judge in Indiana Nearly 645,000 people died “I believe this is the best Sacklers. The family hasn’t filed for parties who are absolutely of opioid use. Nearly all of the
for bankruptcy protection— guilty and everybody knows it.” tens of billions of dollars in
only their company has. The In 2007, Purdue pleaded opioid settlements pledged by
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660) CORRECTIONS  Sacklers have said they won’t
agree to the settlement deal
guilty to a felony charge of
misbranding a drug with the
such pharmaceutical compa-
nies as Johnson & Johnson,
AMPLIFICATIONS
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vens was given incorrectly as other willful misconduct that Enforcement Administration. Isaacs plans to attend the
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com Potter in a U.S. News article could not have been discharged Along with the second criminal Supreme Court hearing, hoping
Need assistance with your subscription? Saturday about Justice Sandra even if the Sacklers themselves plea, members of the Sackler for the deal to collapse. Trainor
By web: customercenter.wsj.com; By email: support@wsj.com | By phone: 1-800-JOURNAL (1-800-568-7625) Day O’Connor’s legacy on the had submitted to bankruptcy family agreed to pay a $225 will be there, too, hoping Sack-
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court. and thereby surrendered their million civil settlement to the ler money will be allowed to
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Journal to any errors in news articles
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS by emailing wsjcontact@wsj.com or General Elizabeth Prelogar in a marketing of Purdue’s opioid Trainor said, “the more people
by calling 888-410-2667. Supreme Court brief. products. are dying of overdoses.”
THE WALL STREET JOURNAL. Monday, December 4, 2023 | A3
U.S. NEWS
Vouchers Helping
Families Already
In Private School
BY MATT BARNUM sidies and several more are
AND ALICIA A. CALDWELL considering adopting them.
Families of more than
When Doug Ducey signed an 70,000 children now receive
expansive and unprecedented an ESA in Arizona, up from
school-choice law as Arizona just 12,000 children in June
SOPHIA WILSON FOR THE WALL STREET JOURNAL

governor last year, he pitched 2022. This growth surpassed
it as a way to help students es- an initial projection that as-
cape struggling public schools. sumed only a fraction of pri-
“Our kids will no longer be vate- and home-schooling
locked in underperforming families would sign up.
schools,” Ducey said at the Tom Horne, Arizona’s super-
time. “We’re unlocking a whole intendent of public instruction,
new world of opportunity for said ESAs level the playing
them and their parents.” field by allowing students to
But since Arizona became opt out of public school, re-
the first state to allow any gardless of family income.
family to use public funding “People at all economic levels Nancy Bocanegra leads a class at her Latin dance instruction business in New York City. She is looking to hire.
for private school or home should have the same choice
schooling, students who had
already opted out of public
schools have been among the
biggest beneficiaries. Data
that rich people have always
had,” said Horne, an elected
Republican.
Last year, 25% of new ESA
Smallest Employers Take the Lead on Hiring
from a few other states that students had recently been in BY AMARA OMEOKWE Job openings at establishments with 1-9 employees, Some 61% of small-business
have since enacted similar pro- public schools, according to as a share of all job openings* owners reported hiring or try-
grams show the same trend. the state education depart- America’s tiniest employers ing to hire in October, accord-
These findings have been ment. This year, the figure is have the highest share of job Sept. 2023 ing to a National Federation of
20% RECESSION
seized on by critics who say 40%. Horne said this trend is openings on record—more than 21.2% Independent Business survey,
these programs are draining indication that more low-in- one in five available positions— and 17% planned to create new
resources to support middle- come families are taking ad- a sign the labor market might jobs in the next three months, a
and upper-income families who vantage of ESAs. be tilting toward the little guy. level that has remained mostly
15
can afford private education. The state doesn’t collect Solid demand for workers steady throughout 2023.
“It’s money that was on the data on the income of families from small establishments, such “Many of them are still ex-
table for public schools,” said who use an ESA. But an analy- as mom-and-pop businesses periencing lost sales opportuni-
Beth Lewis, executive director sis from earlier this year by and many franchise locations, ties because they’re not staffed
10
.
of Save Our Schools Arizona, a Common Sense Institute Ari- stands in contrast to a cooling as they want to be,” said Holly
leading opponent of the zona, a free-market think labor market more broadly. It Wade, executive director of
ly
state’s choice program. “We’re tank, found that ESA students could give smaller businesses a NFIB’s research center.
now propping up an entire rarely came from low-income chance to catch up on hiring While hiring demand is hold-
other school system.” parts of the state but were with less competition from 5 ing up at the smallest busi-
Supporters of these
voucherlike programs, includ-
ing private-school parents and
many Republicans, say they are
overrepresented in middle-in-
come areas relative to affluent
communities.
A spokesperson for Ducey
on
larger companies on pay and
benefits, and offer refuge for
job seekers as the unemploy-
ment rate creeps higher.
2001
20%
+18.4%
’05 ’10 ’15
Year-over-year change in job openings for

’20
nesses, overall wage growth is
easing. That pullback is a sign
of a cool-down in a once red-
hot labor market and could
working as intended: They fund said the former governor con- Establishments with one to September 2023, by size of establishment benefit smaller businesses that
us ,
whatever type of education tinues to support the program. nine employees accounted for 10 have struggled to compete with
l
families want, both for students Universal private-school 21% of all job openings in Sep- larger companies.
e
al a
who have left public schools choice programs are a new tember, the highest share on re- 0 Economists expect consumer
and those who never attended phenomenon in American edu- cords dating back to 2000, ac- spending, which has helped
one. cation. In 2020, cording to an analysis of Labor boost the economy this year, to
ci on
-10
“We are now not a single Department data from Julia slow as the broader labor mar-
able to get state had one, Pollak, chief economist at the ket eases and Americans spend
some of our Universal according to jobs website ZipRecruiter.
-20
down savings they accumulated
taxes that we private-school EdChoice, a re- Openings at the country’s
-30
during the pandemic. Forecast-
pay for educa- search and ad- smallest private establishments ers don’t expect the summer’s
er s
tion back to ac- choice programs vocacy group rose nearly 20% in September 1-9 10 - 49 50 -249 250 - 999 1,000 - 5,000 blockbuster economic growth
tually spend on that supports from a year earlier, while falling employees 4,999 or more to continue into the end of
are a new
m er
educating our vouchers and for larger companies over the 2023 and 2024.
own children,” phenomenon. other forms of same period. *Seasonally adjusted
Note: Figures are for private employers. September 2023 figures are preliminary.
The economy this year has
Harmony Ier- choice. Nancy Bocanegra, who runs Sources: Julia Pollak, ZipRecruiter; Labor Department (share of all job openings); Labor Department largely defied expectations of a
ley, a parent in Like Arizona, a Latin dance instruction busi- (YoY change for September job openings) slowdown, however. That dy-
Tempe, Ariz., other states ness in Queens and Manhattan, namic might be motivating
m rp
said at a recent hearing on the have found many students al- is among those small compa- incomes to participate,” she The trend in job openings small businesses to continue
state’s Empowerment Scholar- ready enrolled in private nies looking to hire. To support said. “reflects an increase in demand looking for workers, said Luke
ship Accounts, which provide schools are taking advantage of thriving demand for her salsa, Bocanegra, 35, started So- for workers at these very small Pardue, an economist at the
the funding for families who new choice laws. merengue and bachata lessons, mos Latin Dance in November companies that can now have payroll platform Gusto. The
opt out of public school. In Florida, among more than she plans to hire three more 2021, after being laid off from superpowers thanks to the company’s data show that pay
co Fo
Ierley had long home- 120,000 students newly en- part-time workers in 2024, add- her job in career counseling at technological changes that hap- raises and hiring have slowed
schooled her kids without any rolled in expanded school ing to the two she already has. a college. She is part of a Covid- pened during the pandemic,” at small businesses in 2023
state funding. Now her three choice programs, 69% were al- She hopes to bring on addi- era boom in small-business cre- she said. compared with 2022, but that
school-age children are among ready in private school, accord- tional instructors for her regu- ation that has helped fuel the Applications for employer the tiniest businesses still have
the growing number of stu- ing to data from September. In lar classes and a DJ to host additional need for hiring at the identification numbers—one of relatively strong demand for
dents in the state who receive Iowa, among an initial batch of dance parties for those who smallest businesses. the first steps in launching a workers.
an ESA, typically around 17,000 students approved for want to learn but are seeking a The proliferation of remote new business—from the type of “We’re sort of seeing the
$7,000. its Education Savings Account, lower price compared with her employment and other changes entrepreneurs who tend to em- economic reality butt up
Ten states have recently 60% came from private schools. group classes, which cost to the way Americans work in ploy other workers reached against some of the anecdotes
adopted universal or near-uni- More states could soon adopt roughly $25 a session. recent years are allowing more nearly 1.5 million in 2023 around uncertainty,” Pardue
versal voucherlike school universal vouchers. Republican “What this economy is small businesses to form and, through October, a 7.5% in- said. “These businesses at some
choice programs. Arizona’s governors in Texas and Tennes- teaching me is that although in some cases, to source work- crease over the same period point just need to meet the de-
program is being closely see have recently proposed my business isn’t accessible to ers from locations across the last year. That is the most since mand they have.”
n-
watched as other states making all families eligible for all incomes, I want to create country, said ZipRecruiter’s Pol- records began in 2005, with the —Gwynn Guilford
launch new school choice sub- private-school subsidies. different avenues for different lak. exception of 2021. contributed to this article.
no
A4 | Monday, December 4, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.
U.S. NEWS
Biden Touts Jobs, Voters Lament Prices

President struggles gouging—giving the American
consumer a break,” Biden
to sell his economic said.
message as higher The White House has lim-
ited tools to stabilize prices;
costs bite consumers the most powerful levers to
tame inflation and influence
BY ANNIE LINSKEY borrowing costs rests with the
AND AMARA OMEOKWE Federal Reserve. Biden and
other senior administration
WASHINGTON—President officials have previously said
Biden likes to talk about “jobs, the central bank should have
jobs, jobs” when touting his the independence and space to
economic record. The problem address inflation without po-
is that voters are far more wor- litical interference.
ried about prices, prices, prices. The administration ex-
The disconnect is one rea- plored lowering some tariffs
son why his “Bidenomics” re- on China enacted during Don-
ANDREW CABALLERO-REYNOLDS/AFP/GETTY IMAGES

election pitch is landing flat ald Trump’s presidency as a
despite a broadly resilient U.S. means of making some im-
economy that has defied ex- ported products cheaper, but
pectations. Prices have gone officials were split on the mat-
up by 19% since the start of ter and have yet to take ac-
the pandemic, a hard-to-forget tion. White House aides say
leap that has left voters in that axing these tariffs would
search of someone to blame. make only a small dent in
At the same time, job cre- prices while carrying the sep-
ation has roared back after a arate political risk of appear-
sharp contraction early in ing soft on China.
2020, easing Americans’ wor- Trump frequently attacks
ries about finding work. Em- The White House has limited tools to stabilize prices. President Biden at wind-tower manufacturer CS Wind in Pueblo, Colo. Biden on the economy. In a
ployers in 2023 added roughly pitch last week to young vot-
239,000 jobs on average jobs because that’s where Consumer prices and average hourly earnings, U.S. unemployment rate† ers, Trump described the
monthly through October, their successes are, and they change from a year earlier “failed Biden agenda” as her-
compared with an average of need to talk about prices be- alding an era of unaffordable
10% 16%
183,000 in the decade preced- cause that’s where people are Average hourly earnings Consumer-price index housing, spikes to interest
ing January 2020. The unem- focused,” said Celinda Lake, a RECESSION rates and rising prices.
14
ployment rate earlier this year Democratic pollster who 8 “From where I stand the
fell to the lowest level since worked on Biden’s 2020 presi- 12 economy is terrible,” said
1969, though it has edged dential campaign. Rontae Lester, 38 years old, of
6
higher in recent months. The run-up in prices 10 Cordele, Ga.
.
In a series of speeches this touched many staples, putting “I don’t want to vote for
year, the president has built inflation at the forefront of 4 8 Trump. I always vote Demo-
ly
the case for a second term by Americans’ everyday lives. Be- 6
cratic, but I can’t vote for Bi-
arguing that his administra- fore the pandemic, a gallon of 2 den again,” he said, citing the
tion’s economic policies have whole milk cost $3.25 on aver- 4 economy as a major reason.
strengthened the labor mar-
ket. Meanwhile, he gave scant
attention to decades-high in-
flation that soared on his
age. Now it costs almost $4,
according to government data.
A pound of ground chuck beef
cost $4.10 before the pan-
on0
2020 ’21 ’22 ’23
2
2020 ’21 ’22 '23
Many actions Biden has
taken on prices have relatively
little impact in the immediate
term, economists say. Biden
*Data are not seasonally adjusted. Consumer-price index is for urban consumers. Earnings are for employees in the private sector. Earnings figures for
watch. One such speech in Co- demic. Now it costs $5.35. Car has pushed to reduce so-called
us ,
September and October 2023 are preliminary. †Seasonally adjusted

lumbia, S.C., included 29 refer- prices have increased by 30% Source: Labor Department via St. Louis Fed junk fees that credit-card
l
ences to jobs and just two to from prepandemic times, ac- companies, hotels and home-
e
al a
higher prices. During a Bide- cording to J.D. Power. Home sumers aren’t seeing them pitch in his Bidenomics flation, and Biden struck a sharing services add to the
nomics address in Philadel- prices have climbed to re- drift downward in a meaning- speeches and say he needs to populist tone in blaming com- bill. He put through a measure
phia, the president said “jobs” cords. ful way. Wage growth only re- more forcefully address vot- panies for high prices. to reduce the price of insulin
ci on
25 times and talked about in- Inflation, as measured by cently began to outpace the ers’ concerns with high prices. “To any corporation that for seniors, lower the prices of
flation three times. Until re- the consumer-price index, was rise in prices. There are signs the adminis- has not brought their prices some prescription drugs and
cently, his campaign ads have 3.2% in October, down sharply Some White House aides tration is shifting its focus to back down—even as inflation boost competition in some in-
been similarly focused on job from a recent peak of 9.1% in acknowledge that the presi- do that. Last week, the White has come down, even [as] sup- dustries.
creation. June 2022. While prices are dent missed the opportunity House unveiled a new supply- ply chains have been rebuilt— —Catherine Lucey
er s
“They want to talk about increasing more slowly, con- to land a resonant economic chain council to help stem in- it’s time to stop the price contributed to this article.
m er
House GOP Moves Toward Vote on Impeachment Probe

m rp
WASHINGTON—House Re- about the president. ilege, according to a 2019 re- actions involving James and when then-Speaker Kevin tion and haven’t scheduled a
publican leaders are moving to- “The sooner the better,” port by the Congressional Joe Biden in the years imme- McCarthy (R., Calif.) resisted vote, given the need for unity.
ward a vote on formalizing an Rep. Darrell Issa (R., Calif.) Research Service. While there diately following Joe Biden’s scheduling such a vote. In- “I’m going to continue to di-
impeachment probe into Presi- said about a vote to formalize is disagreement over whether a vice presidency, which House stead, he said he was directing gest information,” said Rep.
co Fo
impeachment proceedings, “so formal House vote is needed to Oversight Committee Chair- the House Oversight Commit- Marc Molinaro (R., N.Y.), also
By Siobhan Hughes, that some of the obstruction authorize an impeachment man James Comer (R., Ky.) tee, in tandem with two other from a Biden district, about
C. Ryan Barber by the Biden administration probe, such a move helps re- has portrayed as evidence that committees, to open an im- whether he would vote to au-
and Paul Kiernan can be overcome quickly.” move legal ambiguity. The China laundered money to Bi- peachment inquiry, skipping a thorize an inquiry.
White House spokesman White House this past week den through his brother. In vote and sparing the GOP a Four years ago, then-
dent Biden, aiming to bolster Ian Sams said in a recent challenged House subpoenas one, James Biden wrote a possible embarrassing loss be- Speaker Nancy Pelosi (D., Ca-
an investigation some in the memo that Republicans “now and demands on the grounds $200,000 check to Joe Biden cause of defections by some of lif.) faced similar challenges,
party are still wary of pushing appear to be trying to invent that the House didn’t vote to in 2018 for a “loan repay- the 18 Republicans from dis- initially resisting a vote to au-
forward too quickly. claims of ‘obstruction’ and authorize the existing probe. ment.” A year earlier, Sara Bi- tricts that Biden won. thorize impeachment proceed-
House Speaker Mike John- ‘stonewalling’ to rationalize In November, a key com- den, James Biden’s wife, wrote Now, some swing-district ings against President Trump
son (R., La.) and committee their illegitimate so-called mittee issued subpoenas to a $40,000 check to Joe Biden Republicans say they could on the advice of legal scholars
chairmen made a case to ‘impeachment inquiry.’ ” the president’s son Hunter Bi- with “loan repayment” simi- vote to authorize an impeach- that it wasn’t required. The
rank-and-file lawmakers on Most House Republicans den and brother James Biden, larly written in the memo ment inquiry, citing the White Trump administration re-
n-
Friday, with a vote possible as appear to be on board with demanding they appear for field. Democrats have pointed House pushback. sponded by blocking witnesses
soon as this week. House Re- formalizing the probe. But closed-door testimony in De- to earlier wire transfers to “They’re compelling us to from testifying and refusing to
publicans have spent months with no Democrats on board, cember. A lawyer for Hunter James Biden in the same do something formal on the cooperate with subpoenas, so
trying to tie Biden to his fam- they can lose no more than Biden said the president’s son amounts as evidence that Joe House floor,” said Rep. Mike she then brought to the floor a
no
ily members’ overseas busi- three GOP votes. was willing to testify before Biden lent his brother money Garcia (R., Calif.), one of the resolution formally beginning
ness dealings and gather sup- Impeachment investigations the House in public, so that and was then paid back. 18 Republicans who represent impeachment proceedings.
port for their claims—which improve the likelihood that a GOP lawmakers couldn’t selec- A step to authorize formal a district Biden won in 2020. Weeks later, the House
he denies—that he benefited court would authorize access to tively leak portions of closed- impeachment proceedings “So I think that’s the next log- voted to impeach Trump, based
from them. They have failed grand-jury materials and boost door remarks. would show how far House ical step.” on investigative work done
to deliver evidence backing up the chances of overcoming as- A focal point for House Re- Republican leaders have Still, House Republican ahead of the initial vote. He
their most strident claims sertions such as executive priv- publicans has been two trans- moved since early this year, leaders have acted with cau- was acquitted by the Senate.
Speaker Johnson Becomes Surprise Champion of More Ukraine Aid

BY LINDSAY WISE necessity of assisting there,” tive hawk than isolationist. Ukrainian President Volod-
Johnson said this week at a His district in Louisiana is ymyr Zelensky made an emo-
WASHINGTON—Less than a media event in Florida. He home to both Barksdale Air tional visit to Congress.
month before Mike Johnson’s said he was confident that he Force Base and Fort Johnson. The measure still passed
sudden ascent to the speaker- would get Ukraine aid passed, Johnson’s office said his with 101 Republicans voting
ship, the Louisiana Republi- while stressing that Demo- past voting record is consis- yes alongside 210 Democrats.
can, then a little-known mem- crats would need to agree to tent with his current state- But it marked the first time
ber, joined with most GOP border-policy changes de- ments on Ukraine as speaker. that a majority of the cham-
lawmakers to vote against manded by Republicans. He “continues to demand ber’s GOP conference had
$300 million in U.S. security Where Johnson stands on accountability for the billions gone on the record opposing
assistance for Ukraine. Ukraine and how hard he sent to aid Ukraine, calling out Ukraine aid, and was inter-
DREW ANGERER/GETTY IMAGES
Now, as speaker, Johnson plans to push for new aid the administration’s repeated preted by Ukraine allies on the
has surprised many on Capitol could shape the future of the failure to lay out a clear plan Hill as an ominous sign.
Hill by publicly and repeatedly embattled country, just as the for victory or forecast an end- House Republicans have
calling Ukraine aid a critical U.S. is facing questions about game,” a spokesman said. faced growing pressure to re-
priority for the House. its commitment to Kyiv. Johnson voted for the initial ject Ukraine aid as voters in
“We can’t allow Vladimir The effort to secure funding $13 billion tranche of Ukraine their congressional districts
Putin to march through Eu- is part of a complicated set of aid in March 2022, shortly af- have soured on the effort. A
rope and we understand the negotiations that will again Mike Johnson must win over fellow Republicans on Ukraine. ter the Russian invasion, which recent AP-NORC poll found
test Johnson’s leadership, a he said threatened “the great- that 59% of Republicans be-
few weeks after he pushed pass President Biden’s $106 olutions to oust the speaker. est destabilization of the world lieve the U.S. is spending too
through a short-term spending billion aid package for Small groups of Republican order since WWII.” much on Ukraine.
Order by 12/15
bill with Democratic help. That Ukraine, Israel and Taiwan. holdouts have repeatedly But when the next $40 bil- In a closed-door lunch this
for Christmas! vote cooled but didn’t resolve Even if the Senate talks blocked legislation from being lion package came to the House past week, Johnson warned
tensions in the GOP over succeed, the fate of the for- voted on this year, and trying floor in May 2022, Johnson senators that House Republi-
spending cuts and strategy— eign-aid proposal—which in- to bypass them with Demo- balked, citing concerns about cans can’t pass a large aid
sources of intraparty feuding cludes about $60 billion to cratic help could be a career- “oversight over where the package that combines funds
that sank Johnson’s predeces- fund the Ukraine war effort ender. Seeking Democratic money will go” and the need to for the border, Ukraine and Is-
sor as speaker, Rep. Kevin and replenish U.S. weapons votes to bring a Ukraine aid bill fund domestic priorities, in- rael, the approach sought by
McCarthy (R., Calif.). stocks—rests with Johnson in to the floor “is not a recipe for cluding border security. Biden and favored by Senate
In the Senate, Republicans the House, where a divided remaining speaker very long,” On Sept. 28, Johnson was leaders. But senators involved
are struggling to strike a deal Republican majority has said Sen. Ted Cruz (R., Texas). one of 117 House Republicans in negotiations say there are no
Your Legacy Brought to Life with Democrats that would struggled to advance party- Those close to Johnson say who voted against the $300 plans to divide up the package.
Research Included on Family Crest Rings
tighten border restrictions in line spending bills and indi- his concern for Ukraine is sin- million in security assistance —Katy Stech Ferek
JOHN-CHRISTIAN.COM 888.646.6466 exchange for GOP votes to vidual members can offer res- cere, and he is more conserva- for Ukraine, a few days after contributed to this article.
U.S. NEWS
DeSantis, Struggling in Polls, Is Counting on Iowa

NEWTON, Iowa—Ron De- DeSantis and Haley, a for- media attention last week for fired only days into the job. Santis refused to say whether of “vermin” to describe politi-
Santis declined in an interview mer South Carolina governor his feisty televised debate with On Saturday, DeSantis com- he would sign, as president, a cal opponents, a word that for
broadcast on Sunday to say and United Nations ambassa- California Democratic Gov. pleted his tour of all 99 Iowa six-week abortion ban similar many invoked the rhetoric of
whether he would step aside if dor, are set to appear in a de- Gavin Newsom. counties. He has heavily fo- to the one he signed in Florida, Adolf Hitler. “I don’t use the
he fails to secure a win or sec- bate in Alabama on Wednesday Despite his upbeat projec- cused his campaign on the saying the question is moot term,” he said. “But what I
that might feature as few as tions, DeSantis faces increas- state that will start the nomi- because Congress lacks enough don’t do is play the media’s
By John McCormick, three candidates. Trump, the ing turbulence. Internal tur- nation process and contends Republican votes to pass such game, where I’m asked to ref-
Alex Leary and former president and nomina- moil continues to plague that emphasis and a well- legislation. eree other people. He’s respon-
Kimberly S. Johnson tion front-runner, won’t partic- Never Back Down, a super PAC funded ground organization He also vowed to replace sible for his words. He’s re-
ipate and has skipped all three supporting him that has will be rewarded with strong the Affordable Care Act, which sponsible for his conduct. I’m
ond-place showing in the Jan. previous primary debates. played an outsize and nontra- support there. has driven the nation’s health- responsible for mine.”
15 Iowa caucuses, as he tries to Former New Jersey Gov. ditional role by handling many The Florida governor, how- care uninsured rate lower and The Florida governor pre-
fight off a strong challenge Chris Christie said on Sunday of the tasks normally handled ever, has lost ground in Iowa is increasingly popular in poll- dicted the race would continue
from Nikki Haley to be the only on CBS that he was confident by a campaign. since early this year. An Iowa ing. “We need to have a to narrow and warned that if
serious alternative to Donald he would meet the Republican In recent days, top people Poll in late October showed healthcare plan that works,” he Trump is the GOP nominee the
Trump in the Republican presi- National Committee’s fundrais- working with the PAC have DeSantis and Haley tied at said, without offering specifics. general election would be a
dential primary race. ing and polling requirements left, either by resignation or 16%, with Trump at 43%. “Obamacare hasn’t worked. We referendum on the former
“We’re going to win Iowa,” for debate participation. Entre- firing. Among those who quit Other recent surveys have are going to replace and super- president and “a lot of the is-
the Florida governor said on preneur Vivek Ramaswamy is are Chris Jankowski, who shown Trump with similarly sede with a better plan.” sues that he’s dealing with” in-
NBC. “It’s going to help propel expected to qualify. served as chief executive. His wide leads. DeSantis also refused to stead of a cleaner focus on
us to the nomination. DeSantis drew a burst of successor, Kristin Davison, was In his NBC appearance, De- condemn Trump’s recent use President Biden.
U.S.WATCH
NEW YORK
Four Killed at Home
In Knife Attack
A man killed four relatives,
including two children, in a
knife attack at their New York
City home early Sunday, then
set the building on fire and
12,000
stabbed two police officers
before one of them fatally
shot him, officials said.
The rampage took place
before dawn at a house in
AMERICAN
Far Rockaway, a seaside sec-
tion of Queens.
.
Police were summoned to
ly
the home at about 5:10 a.m.
GREEN COLLAR
when a “young female caller”
dialed 911 and said her cousin
was killing her family, the
NYPD Chief of Department on
MANUFACTURING JOBS
Jeffrey Maddrey said.
When the officers pulled up
to the driveway, they stopped
a man leaving the area with
us ,
luggage and after just a few

l
seconds, he drew a knife and

e
al a
attacked. One of the officers

was stabbed in the area of his
ci on
neck and chest, the other was

slashed in the head before
one of them shot the assail-
ant, Maddrey said. Both offi-
cers are expected to recover.
An 11-year old girl was
er s
found in front of the house

and taken to a hospital, where
m er
she was later pronounced

dead from stab wounds. Police
found three more people fa-
tally stabbed inside the home;
a 12-year-old boy, a 44-year-
m rp
old woman and a man in his

30s. Another woman, 61, was
gravely injured in the attack.
She is in critical condition.
The suspect was identified
co Fo
as Courtney Gordon, 38, of the

Bronx.
—Associated Press
IDAHO
Baby Found Dead
After Amber Alert
A baby was found dead by
police on Saturday, one day af-
ter an Amber Alert was issued
for him, authorities said. The
baby’s father was taken into
n-
custody on an arrest warrant

issued in connection with the
death of his wife.
Police found the body of 10-
no
month-old Zeke Best about 24

miles east of Idaho Falls after
a hunter called to report a
man in a sleeping bag on the
side of the road. The man was
identified as Jeremy Albert
Best and was wanted in the
alert issued on Friday on sus-
picion of kidnapping the child
in Teton County, the Bonneville
County Sheriff’s Office said.
The man was wanted as
part of an investigation into
the death of his wife, Kali
Jean Randall, whose body was
found in her Victor, Idaho, resi-
dence on Thursday.
—Associated Press
NEW HAMPSHIRE
Ammunition, Fire
Set Off in Crash
A fiery crash on Interstate
93 in New Hampshire set off
hundreds of rounds of ammu-
nition before firefighters
were able to douse the blaze,
state police said.
State Police received a re-
port on Saturday of a vehicle
being driven erratically that hit
a concrete barrier, bounced
across all lanes of traffic and
collided with another vehicle. PRATT INDUSTRIES
MANUFACTURER OF
The vehicle came to a stop in
woods near the highway, where
a fire erupted, troopers said.
All three occupants es-
caped the vehicle. Troopers
said one was taken to a hos-
100% RECYCLED BOXES
pital with significant injuries;
one occupant was arrested on
several warrants. As the vehi-
cle burned, several hundred
rounds of ammunition began
detonating before firefighters
arrived to contain the blaze.
—Associated Press
A6 | Monday, December 4, 2023 THE WALL STREET JOURNAL.
U.S. NEWS
EV Battery Plant
Faces a Bumpy Ride
BY BEN KESLING 6,700, where well-preserved market. In an unsettled eco-
historic storefronts and muse- nomic and political landscape,
MARSHALL, Mich.—Rick ums give the downtown a the prospect of needed jobs
Sadler doesn’t like it when he late-1800s feel, welcomed the didn’t guarantee community
looks across the North Branch planned facility. acceptance.
of the Kalamazoo River and “This is bigger than just The plant would use li-
sees light towers and construc- Marshall,” said Caryn Drenth, censed technology from the
tion equipment on the site of a who owns an upscale souvenir Chinese battery manufacturer
BEN KLAYMAN/REUTERS
planned electric-vehicle battery shop and a hardware store CATL to make EV batteries
plant next to this small, south- downtown. “This is about under Ford’s name in Mar-
central Michigan city. manufacturing in the United shall. The city has approved
“We can hear them working States. For Michigan to be a the initial site plan, and offi-
six days a week, 6 in the hub for EV is huge.” cials said there are no remain-
morning sometimes,” said But the president’s plan to ing barriers to the plant. Pro- Ford paused and scaled back a proposed facility backed by government funding in Marshall, Mich.
Sadler, who lives in a subdivi- jump-start the U.S. economy ponents said it would bring
sion near the river and is by supporting domestic pro- well-paying jobs and likely in- Republican lawmakers have other projects meant to spur cutting back on the scale of
among local residents who op- duction of green technologies vestment from ancillary com- objected to the large economic green-industry growth had the project by 800 jobs and
pose the plant. has hit roadblocks: Electric- panies and suppliers, not to incentives from the state, which ended up in Southern states. more than $1 billion.
The project seemed like a vehicle adoption isn’t going as mention the restaurants, offered a package it said is Plenty of people are still on “Ford’s announcement
slam dunk when it was an- fast as some had forecast, the housing and entertainment worth about $1.4 billion. State board—including city officials means 1,700 new jobs are
nounced this year: a $3.5 bil- industry has recalibrated, and that would likely pop up. House Minority Leader Matt and many local businesses in coming to Michigan along
lion Ford Motor facility slated there has been local opposi- Local opponents like Sadler, Hall said taxpayers shouldn’t be Marshall. with billions of additional in-
to create 2,500 jobs by the tion from people like Sadler to a retail manager, cited environ- asked to pay for it. Drenth, the small-business vestment to the state,” said
time production was to begin fast-tracking such projects. mental issues as well as con- United Auto Workers Presi- owner, said people who are Whitmer’s spokeswoman Sta-
in 2026. It was a chance to After the fanfare of the cern regarding loss of farmland dent Shawn Fain made clear worried about the loss of the cey LaRouche.
show that a state-led version February announcement of the and opposition to any involve- he expected Ford not to block small-town feel should be just But Hall, the Republican
of the Biden administration’s plant, Ford quietly signaled in ment of a Chinese company. the union from organizing and as worried that, with no new minority leader, said that “the
strategy of using government September that it would pause CATL didn’t respond to a seeking competitive wages at economic opportunities, a bad deal the governor and
subsidies and incentives could the project. When work re- request for comment. A Ford the plant. small town can wither and die. Democrats negotiated for
put an auto-related plant in a sumed on the BlueOval bat- spokesman, T.R. Reid, said the Michigan Gov. Gretchen There was relief on the part Michigan taxpayers just got a
northern state that has seen tery plant in November, it was company would own and oper- Whitmer, a Democrat, and of many in Marshall when whole lot worse.”
its automaking dominance di- for a scaled-down version, a ate the plant, insulating it state officials had worked Ford announced in November
minish. reflection of what is happen- from any Chinese government hard to get the BlueOval bat- that it would resume work.  Repairing EVs after a
Many people in this city of ing in the roller-coaster EV involvement. tery plant in Michigan after But the company said it was crash can be pricey........... B1
.
Retailer Tax Code by population.
After the Civil War, Con-
ly
gress sought to impose an in-
Stocks on Is Tested at dividual income tax, but the

high court ruled in 1895 that
such a move was an unconsti-
Surge High Court tutional direct tax. A response

was the 16th Amendment,
which says “income, from
whatever source derived,” can
us ,
Continued from Page One Continued from Page One be taxed without apportion-
l
Many depressed sectors of ing for the Moores could cre- ment. That led to the modern
e
al a
the market, such as retailers, ate a constitutional bar against federal income tax.
have risen even faster. The some popular Democratic pro- The 1913 amendment
SPDR S&P Retail exchange- posals to tax the super-rich. doesn’t specify what “income”
ci on
traded fund—which includes Tax lawyers and the govern- means, nor does it say income
78 retailers, from department ment say a sweeping ruling must be realized.
stores and other apparel com- could also upend many long- The government contends
panies, to automotive and standing rules affecting part- that plenty of tax-code provi-
drugstores—has jumped nerships, multinational compa- sions don’t require Americans
er s
about 13%. Victoria’s Secret nies and bond investors. to see income hit their bank
ANGUS MORDANT/BLOOMBERG NEWS
has soared 52%, Foot Locker Former House Speaker Paul accounts. That includes rules
m er
is up 50%, Ulta has risen 21% Ryan, who helped write the governing the taxation of fu-
and Dollar Tree has added 2017 tax law, warned in Sep- tures contracts and bonds with
12%. (Three of the four stocks tember that the case could original-issue discounts.
have suffered double-digit damage one-third of the tax Tax lawyers point to other
percentage declines this code. examples. Since the 1960s, sig-
m rp
year.) If the Moores win, investors nificant U.S. investors in for-

Americans slowed their and companies could demand eign companies have faced
spending in October, accord- billions of dollars in refunds taxes on those corporations’
ing to last week’s consumer- Victoria’s Secret forecast higher sales for the quarter, sending shares up 14% the next day. tied to the 2017 law. And a loss passive income. That is a way
spending data from the Com- for the government could of keeping U.S. taxpayers from
co Fo
merce Department. But the said Jay Woods, chief global that day, their biggest gain in counted goods. prompt a wave of lawsuits dodging taxes by stashing as-
early readings from the holi- strategist at Freedom Capital more than a year, trimming John Augustine, chief in- over other tax-code provisions, sets in foreign corporations.
day shopping season have Markets. “The economic news their 2023 decline to 21%. vestment officer at Hunting- lawyers said. Partners are taxed on part-
been more encouraging. U.S. is now starting to back that Cosmetic retailer Ulta on ton Private Bank, said higher “It’s hard to see how this is nerships’ annual profits, even
shoppers spent $38 billion up, that, ‘OK, we aren’t going Thursday posted stronger- interest rates and oil prices going to turn out well,” said if they don’t get a check for
during the five days from to be in a recession. Things than-expected sales for the made him bearish on retail David Rosenbloom, a tax law- their portion. Some people
Thanksgiving through the fol- are getting a little bit better.’ third quarter and raised the stocks over the summer. But yer at Caplin & Drysdale. who renounce their citizenship
lowing Monday, up 7.8% from And these stocks that had lower end of its sales and with an easing macro envi- “They really are opening up a owe taxes as if they sold as-
the same period last year, ac- been beaten down are finally profit outlook for the year. ronment, he believes retailers can of worms.” sets. Certain securities dealers
cording to Adobe Analytics. catching a bid.” The shares rose 11% in the fol- could be poised to do well. The Moore case stems from can pay income taxes on
Many investors closely Victoria’s Secret posted its lowing session, their best day “It seems like traffic is go- a piece of the 2017 GOP tax changes in asset value.
watch consumer spending be- second consecutive quarterly since May 2022. They are up ing to be there for the holi- law. The provision itself was Some think-tank estimates
cause it is a major driver of loss Wednesday, with the lin- 0.6% for the year. days,” Augustine said. “Now relatively un- tally the poten-
n-
economic growth. If spending gerie retailer facing a contin- Dollar Tree reported can retailers make the same controversial. tial revenue im-
is too strong, the Fed could be ued slump in sales. But the Wednesday that same-store profit, earnings per share, Before then, pact of a
forced to raise interest rates company forecast higher sales sales growth was weaker than with tighter inventory?” U.S. companies Some estimates sweeping ruling
again. Whereas, if spending is for the current quarter, send- analysts expected, but inves- Short sellers are licking paid foreign tally the revenue in favor of the
no
too weak, it could be a sign ing shares up 14% the next tors appeared to be encour- their wounds after the recent taxes on foreign Moores in the
that the economy is entering day, their largest one-day per- aged that the discount re- rally. They lost about $120 profits but impact of a pro- trillions.
a recession. centage gain in more than tailer is seeing increases in million in November betting could defer any “A holding
In the coming days, inves- two years. The stock is down customer traffic, even if bas- against the SPDR S&P Retail U.S. taxes until
Moore ruling in that the realiza-
tors will look at U.S. service- 20% in 2023. ket sizes are shrinking. Its ETF, according to financial- they brought the trillions. tion rule is con-
sector activity for November Foot Locker said Wednes- shares rose 4.4% that day and analytics firm S3 Partners. earnings back stitutionally re-
and Friday’s monthly jobs re- day that Black Friday sales are off 11% in 2023. That compares with a loss of home. Republi- quired could
port as they try to assess the were strong, and it forecast Another reason retail $2.8 million through the first cans switched well cause mas-
strength of the economy and an upbeat holiday shopping stocks have rallied? Ware- 10 months of the year. Short to a system with a minimum sive parts of the current tax
the market’s trajectory. period while reporting lower houses have reduced mer- sellers borrow shares and sell annual U.S. tax on foreign system to become invalidated,”
“The consumer has been sales and profit for the third chandise, and store shelves them, expecting to repurchase profits and tax-free repatria- said David Schizer, a Columbia
resilient throughout it all,” quarter. Its shares rose 16% aren’t spilling over with dis- them at lower prices and col- tion. In that transition, to deal University law professor.
lect the difference as profit. with 30 years of profits com- In briefs and at conferences,
Many retail stocks still panies had accumulated over- tax lawyers have suggested
generally look cheap com- seas that hadn’t faced U.S. tax- ways the court could decide
pared with the broader mar- ation, Congress imposed a one- the case without jeopardizing
ket. Victoria’s Secret is trad- time levy. other tax-code provisions. The
ing at 11.8 times its projected The bulk of the estimated simplest would be to say the
earnings over the next 12 $338 billion in revenue that Constitution doesn’t require
LIMITED-TIME OFFER months, while Foot Locker is change generated is being paid income to be realized for it to
at 16.2. The S&P 500’s multi- by large companies such as be taxed. But that could con-
5.65
ple is 18.8. Apple, Alphabet and Microsoft. flict with a ruling from 1920
%
Despite the recent excite- But the tax also applied to that has been limited by sub-
14-MONTH CD
ment in markets, many inves- some individuals, including sequent cases.
tors caution that it is too those who owned more than Another option: The court
soon to count on a soft land- 10% of a foreign corporation. could avoid the broader ques-
ing for the economy. Jamie That group includes the tion by saying that KisanKraft
Dimon, chief executive of JP- Moores, who had invested in realized income and that the
Morgan Chase, recently cau- KisanKraft, a friend’s company Moores can be taxed on it be-
tioned that inflation could in India. The couple, backed by cause they are significant in-
APY* rise further and that a reces-

sion isn’t off the table.
In the past 11 Fed rate-hik-
the Competitive Enterprise In-
stitute and other conservative
groups, sued for a refund.
vestors.
The court also could say
that realization is necessary
ing cycles, recessions have They say they hadn’t realized but that the one-time foreign-
A rate this great will disappear soon. typically started around two any of KisanKraft’s profit, so profit tax meets the definition.
NOV. 27 – DEC. 4 years after the Fed begins

raising interest rates, accord-
the one-time tax wasn’t within
Congress’s 16th Amendment
That might not disrupt exist-
ing law but could offer a warn-
ing to Deutsche Bank. This power to tax income. ing against taxes on wealth or
hiking cycle started last Lower courts disagreed, unrealized capital gains that
*Annual Percentage Yield (APY) is available from November 27, 2023 at 12:01
March. saying income doesn’t have to are percolating in Congress
a.m. until December 4, 2023 at 11:59 p.m. Eastern time. To earn the advertised “It’s not an all-clear resur- be received to be taxed. The and Democratic policy circles.
CD rate, you must open your CD on or before 11:59 p.m. Eastern Time December gence trade that we’re in pair appealed to the Supreme One other option could let
4, 2023 and fund your CD within 15 calendar days starting on the CD open date. right now,” said Brock Camp- Court. the justices sidestep the real-
A penalty may be imposed for early withdrawals. Fees may reduce earnings. After bell, head of global research The Constitution, as rati- ization argument. They could
maturity, if you choose to roll over your CD, you will earn the base rate of interest at Newton Investment Man- fied, gave Congress broad na- declare that the 2017 tax is
in effect at that time. Visit synchronybank.com for current rates, terms and account agement. “This is going to be tional taxing power. But it re- neither an income tax gov-
requirements. Offer applies to personal accounts only. a much more idiosyncratic quired that any “direct taxes,” erned by the 16th Amendment
© 2023 Synchrony Bank stock picker’s group for a such as per-capita taxes, be nor a direct tax subject to ap-
while.” apportioned among the states portionment.
A8 | Monday, December 4, 2023 * *** THE WALL STREET JOURNAL.
WORLD NEWS
Commercial
Ships, U.S.
Palestinians Flee After Settler Strife
Destroyer Around 1,000 people
living in the West
Face Attack Bank have left their
homes during the war
In Red Sea BY MARGHERITA STANCATI
AND FATIMA ABDULKARIM
BY NANCY A. YOUSSEF ZANUTA, West Bank—Ha-

AND SALEH AL-BATATI naa Abul-Kbash was home
with her children in this tiny
A U.S. destroyer and three village in the occupied West
commercial ships operating in Bank when she says an Israeli
the Red Sea came under drone settler, armed with a military-
and ballistic-missile attacks, style rifle, barged in telling
the Pentagon said on Sunday, her she had to go.
marking the most significant “I told him this has been
TANYA HABJOUQA/NOOR IMAGES FOR THE WALL STREET JOURNAL

escalation of a weekslong mili- my home for 21 years and that
tary attack on ships operating I would not leave,” recalls 43-
in those waters. year-old Abul-Kbash of the en-
In two instances on Sunday, counter in late-October. The
the USS Carney, an Arleigh man shook her violently,
Burke-class destroyer, came cocked his weapon and left,
under attack, including while Abul-Kbash says. Days later,
responding to distress calls on Oct. 28, she and the
from nearby commercial ships roughly 250 other residents of
that faced missile attacks, the Zanuta abandoned the Pales-
Pentagon said. The Carney tinian village.
also shot down a drone that Since the deadly Oct. 7
flew nearby. Hamas attacks in Israel and
Iran-backed Houthi forces the outbreak of the war in
in Yemen claimed responsibil- Gaza, violent assaults by Is-
ity for the attacks, and the raeli settlers against Palestin- Hanaa Abul-Kbash braids her daughter’s hair in the West Bank city of Ad-Dhahiriya, where she and her family are staying.
Pentagon warned on Sunday ians in the West Bank have
that they could be met with a doubled, the United Nations estinian state in the West intensity, rights groups say. who has overseen the expan- houses have neither roofs nor
U.S. response, and pointed says. Armed settlers in uni- Bank and Gaza. “The moment the war in Gaza sion of West Bank settlements furniture. The village school
part of the blame at Iran. forms have shown up in Pales- Settler groups and Israeli started, settlers knew they while in power, condemned had shattered windows and
“These attacks represent a tinian villages threatening to authorities say many Palestin- had an opportunity because settler violence, saying that a school books were strewn on
.
direct threat to international kill those who don’t leave, say ian hamlets in the West Bank no one was looking,” said Dror “handful of extremists” were classroom floors.
commerce and maritime secu- residents, Israeli peace activ- were built without permits Sadot, a spokeswoman for damaging the country’s repu- In the weeks leading up to
ly
rity. They have jeopardized ists and the United Nations. and are illegal. Some of them B’Tselem. tation. the exodus, Israeli settlers de-
the lives of international The incidents have were established in areas later Settler attacks have nearly Settler groups characterize stroyed or damaged water cis-
crews representing multiple prompted over 1,000 Palestin- declared military zones, ar- doubled since Oct. 7 to an av- clashes with Palestinians as terns, solar panels, cars and
countries around the world.
We also have every reason to
believe that these attacks,
while launched by the Houthis
ians from at least 15 commu-
nities to flee their homes in
the West Bank, according to
the U.N. and Israeli human-
on
chaeological sites or nature
reserves and demolished. Is-
raeli and Palestinian rights
groups say the overarching
erage of five a day, resulting
in the killing of eight Palestin-
ians, the U.N. said. In nearly
half of the attacks, Israeli
self-defense and reiterate
their stance that Jews have a
historical right to the land—a
conviction reinforced by the
homes, according to residents
and the U.N. They also said
settlers used remote-controlled
drones to harass villagers.
in Yemen, are fully enabled by rights group B’Tselem. The aim is to forcibly expel Pales- forces accompanied or sup- events of Oct. 7. “We were forced to leave,”
us ,
Iran,” U.S. Central Command, number is more than double tinian residents from parts of ported the settlers, it added. A Tal Rachmani, a spokes- said Faris Samamreh, husband
l
which is responsible for U.S. the total displaced in the West the West Bank. spokesman for Israel’s mili- woman for the council that of Abul-Kbash. The couple,
e
al a
military operations in the Bank between the start of Pro-settler groups and tary said soldiers were re- administers Israeli settle- their eight children and live-
Middle East, said. “The United 2022 and Oct. 6 this year, some far-right Israeli politi- quired to intervene to stop vi- ments south of the West Bank stock moved to the nearby city
States will consider all appro- B’Tselem said. cians are pushing for the for- olations by Israelis against city of Hebron, said settler vi- of Ad-Dhahiriya at the end of
ci on
priate responses in full coordi- Since Israel captured the mal annexation of settlements Palestinians or their property olence “doesn’t exist here. We October.
nation with its international West Bank in 1967, the build- in the West Bank to Israel. and that, should soldiers fail live here and I know the peo- The Israeli military didn’t
allies and partners.” ing of Israeli settlements— Settlers have attacked Pal- to adhere to orders, they ple. It’s a lie.” respond when asked whether
The attacks began when the considered illegal by most estinians in the past, but the would be disciplined. Zanuta, perched on a rocky soldiers had been disciplined
Carney saw a ballistic missile countries—has undermined ef- current level of violence is un- In November, Israeli Prime hillside south of Hebron, is or to comment about the
er s
attack the M/V Unity Explorer, forts to create a sovereign Pal- precedented in frequency and Minister Benjamin Netanyahu, now a ghost town. Stone-brick events in Zanuta.
a Bahamas-flagged bulk cargo
m er
ship. Around noon, the Carney

struck a drone that was headed
toward the destroyer, “al-
though its specific target is not
Gaza Fight in civilians in any significant
numbers.
The Israeli military on Sun-
Israel faces U.S. pressure to
better protect civilians in the
next stage of the war, which
clear,” according to the state-
Picks Up as day said its fighting in Gaza has killed over 15,500 Palestin-
m rp
ment. The U.S. vessel wasn’t had resumed to “full force” af- ians, mostly women and chil-
MAHMUD HAMS/AGENCE FRANCE-PRESSE/GETTY IMAGES
damaged, Centcom said. ter the pause fell apart on Fri- dren, health authorities in
Roughly 30 minutes later,
the Unity Explorer came under
a second ballistic-missile at-
Talks Stall day when rocket fire from Gaza
landed in Israel.
Herzi Halevi, the Israeli mili-
Hamas-controlled Gaza said.
The number doesn’t distin-
guish between civilians and
co Fo
tack near the ship. tary chief of staff, said Israel’s combatants. More than 1,200
As the Carney was assess- Continued from Page One military would operate in people, most of them civilians,
ing the damage, it spotted a A Qatari foreign ministry southern Gaza in the same way were killed in Hamas’s Oct. 7
second drone operating representative said “mediation it did in the northern part of attacks on Israel, Israeli au-
nearby and shot it down, Cen- efforts are facing challenges” the enclave, which included a thorities said.
tcom said. Three hours later, but “the contacts continue, the massive ground incursion The Israeli military on Sun-
the M/V Number 9 was struck teams continue to work at the backed by air, naval and artil- day expanded evacuation or-
by a missile launched from operation room in Doha.” Ef- lery support, and an emphasis ders in southern Gaza, which
Houthi-controlled territory, forts to free the remaining hos- on killing Hamas’s senior mili- have led to the displacement of
but reported no damage, the tages were discussed by Secre- tant commanders. Palestinian civilians fled Khan Younis in southern Gaza Sunday. about 1.8 million people, or
Pentagon said. tary of State Antony Blinken in “Just as we did it strongly nearly 80% of the strip’s popu-
On Sunday, Iran-backed a call Sunday with Qatari and thoroughly in the northern agreement brokered by Qatar that some of the women were lation, according to the United
Houthi forces in Yemen Prime Minister Mohammed bin Gaza Strip, we are also doing it and Egypt in November, Hamas held by other groups that are Nations. It urged evacuation
n-
claimed responsibility for at- Abdulrahman Al Thani. now in the southern Gaza would first release all civilian resisting pressure to hand for residents of additional
tacking what they said were Kirby’s comments suggest Strip, and we continue to se- women and children while Is- them over. Hamas also told the parts of Khan Younis, a large
two Israeli-affiliated ships in hostilities are unlikely to end cure our accomplishments in rael suspended its attacks for negotiators that it was strug- urban area in the south, after
the Bab el-Mandeb Strait. soon, as Israel refocuses its of- the northern Gaza Strip,” Ha- up to 10 days and allowed gling to locate other people on telling people nearby a day ear-
no
Houthi military spokesman fensive on the south, where levi said. more humanitarian aid into the list, Egyptian officials said. lier to leave ahead of expected
Gen. Yahya Sarea said the Is- most of the population is now Israel’s military on Sunday Gaza. An Israeli spokesman on military operations.
raeli-linked ships would con- concentrated after fleeing pre- said its jet fighters killed the The deal broke down be- Sunday said 137 hostages re- Israel has also ramped up
tinue to be considered legiti- vious combat in the north. head of Hamas’s Shati Battal- cause Hamas insisted it didn’t main inside Gaza. The Israeli bombardment of the northern
mate targets, and they vowed Since fighting resumed on Fri- ion, Haitham Khuwajari. The have any more civilian female military confirmed that 13 died Gaza Strip, with strikes level-
to impede their navigation in day morning, hundreds of Pal- military said Khuwajari com- and children hostages to re- in Gaza after the start of the ing an entire residential city
the Red and Arabian seas until estinians have been killed, and manded forces that took part lease, senior Egyptian officials Oct. 7 attacks, with Hamas still block in the Gaza City district
Israel halts its perceived “ag- the delivery of desperately in Hamas’s Oct. 7 attacks, “se- have said. Female Israeli sol- holding their bodies. of Shujaiyeh on Saturday,
gression” in Gaza. needed humanitarian aid has cured” Hamas’s operations at diers held in Gaza weren’t cov- Hamas’s armed wing on said a spokesman for the en-
slowed. Israel has also in- the Al-Shifa Hospital in Gaza, ered by the initial talks. Sunday said it had targeted Is- clave’s civil-defense unit who
structed Palestinians to move which Israel said was an im- On Sunday, Israeli officials raeli troops in several locations said in a video recorded at the
Watch a Video away from the southern areas portant command-and-control said two children and at least with rocket-propelled grenades site that more than 50 homes
Scan this code it plans to target, pushing center for Hamas, and com- three civilian female hostages and improvised explosive de- were destroyed in the area.
to watch a video most of the population of 2.3 manded forces in the Al-Shati out of a total of 15 still in Gaza vices, adding that it had killed —Anas Baba, Abeer Ayyoub,
on the USS million into an ever-smaller neighborhood, the site of fierce are being held by militant fac- several soldiers. Palestinian Shoshanna Solomon
Carney’s role in patch of territory bordering battles. tions other than Hamas. Hamas militants also fired hundreds of and Adam Chamseddine
the Red Sea. Egypt, which has refused to let Under the terms of the has told Egyptian negotiators rockets into Israel. contributed to this article.
COP28 Summit Puts Methane Emissions in Crosshairs

BY ERIC NIILER isn’t escaping into the atmo- John Kerry announced a $1 world. Gould and other policy mate, said the Biden adminis- methane is 86 times more po-
sphere. billion grant fund to help makers want to see more pri- tration’s methane push piles tent than carbon dioxide at
From Texas to Turkmeni- Administration officials say lower-income nations tighten vate investment to help nar- pressure on China, another trapping the sun’s energy.
stan, global leaders at the the methane rule—which will methane emissions from oil- row that gap. large emitter, to follow suit. Since methane breaks down
COP28 climate summit in be phased in over the next and-gas operations. Some of Investing just 2% of the net “We just need to keep the faster than carbon dioxide—
Dubai are taking a big swing two years after two years of the funds will be channeled income made by the oil and pressure on,” he added. in 12 years rather than a cen-
at cutting methane, a potent contentious debate—will cool through the World Bank. The gas industry worldwide in Also on Saturday, U.S. Envi- tury—rapid reductions in
greenhouse gas produced by the planet and improve public U.S. will work directly with 2022 to reduce methane emis- ronmental Protection Agency global methane today would
oil and gas drilling, livestock health. Industry groups say it Kazakhstan—considered a sions would be “enough to get Administrator Michael S. slow the projected increase in
and rotting vegetation. They will put some well owners out methane “super-emitter” by us down to where we need to Regan announced methane global average temperatures
are using financial incentives of business. the International Energy be by the end of this decade,” regulations covering thou- by up to 0.1 degree Celsius by
combined with strict new reg- European Union officials Agency—and its leaders will Gould said. sands of domestic oil and gas 2050, according to an October
ulations to get countries and used the same playbook, an- join Turkmenistan, Angola, The big wild card is China, facilities. report by the International
energy firms on board. nouncing proposed rules in Kenya and Romania in joining the world’s largest emitter of For the first time, both new Energy Agency.
On Saturday, the Biden ad- November that would clamp Kerry’s Global Methane Pledge methane, mainly from coal and existing methane The EPA estimates the new
ministration announced a final down on methane emissions to curb both leaks and venting mining and agriculture. China sources—pumps, wells, com- methane rule will prevent 58
methane rule for U.S. oil and from production facilities, as of methane by 2030. has refused to join the U.S.-led pressor stations and other re- million tons of methane emis-
gas producers, requiring them well as requiring imports and Tim Gould, chief energy Global Methane Pledge initi- lated operations—will be re- sions from 2024 to 2038.
to plug methane leaks and exports to track and report economist at the International ated by Kerry two years ago. quired to comply with the The EPA rule will require
stop burning excess gas with methane beginning in 2027. Energy Agency, said there is a However, Chinese officials agency’s environmental stan- new wells to cap flares at pro-
flares. But a carrot of financial in- widening gap in efforts to in November agreed to add dards. duction facilities that burn gas
The regulations also man- centives will accompany the control methane between pri- methane to their 2035 climate Methane is an odorless, col- waste the industry says isn’t
date regular inspections of fa- stick of regulations. vate and state-owned energy action plan. orless byproduct of oil and gas economical to sell.
cilities to make sure the On Saturday, U.S. Special firms in developed countries John Podesta, the senior drilling operations. Once it —Stacy Meichtry
planet-warming compound Presidential Envoy for Climate and those in the developing White House adviser on cli- reaches the atmosphere, contributed to this article.
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WORLD NEWS
Friends Rally Around Detained Reporter

Confidants of WSJ’s
Gershkovich become ‘It Is Time
closer while fighting To Bring Evan
to secure his release Home’
Dear Reader,
BY JENNIFER CALFAS Monday, Dec. 4, will
mark 250 days since our
At least once a day, every reporter, Evan Gersh-
day, for the past 250 days, Po- kovich, was arrested and
lina Ivanova is overcome with wrongfully detained by
the troubling thought of Evan Russian authorities
Gershkovich staring at the while doing his job and
wall of his prison cell. falsely charged with es-
Ivanova, a Russia corre- pionage.
spondent for the Financial That is 250 days
Times, will be enjoying a meal since President Vladimir
with friends in Berlin, watch-
RACHEL WISNIEWSKI FOR THE WALL STREET JOURNAL
Putin’s clampdown on
ing the sunset or traveling to independent media ex-
a new city. Then the image tended to the foreign
creeps in of her close friend, press, much of which
whose view of the world has understandably left Rus-
seldom stretched physically sia in the wake of Evan’s
beyond the confines of his cell detention.
at Lefortovo prison in Moscow That is 250 days that
since the early spring. Evan has lived in a noto-
“I feel like I’ve lived half a rious security-services
life” since he was detained, prison without access to
Ivanova said. a free flow of trusted
It’s a repetitive, painful and news and information
familiar feeling for Gersh- Family and friends of Evan Gershkovich held a video call with one of the reporter’s colleagues on Thanksgiving in Philadelphia. that many of us take for
kovich’s vast and close-knit net- granted.
work of friends. It has moti- For the friends Gershkovich That is 250 days that
vated The Wall Street Journal made as a reporter in Moscow, readers of The Wall
reporter’s friends who are push- ‘We’re Keeping a Seat Reserved for Evan’ “there is unfortunately this Street Journal have
ing for his release, helping him very big pool of experience been deprived of Evan’s
stay connected to the outside Dear Reader, never cease to amaze us. advocating for press free- among Russian journalists of insightful reporting on
world and keeping his name Eight months ago, we Witnessing him hold his dom. We keep our faith in what to do when people end one of the world’s most
and plight on others’ minds. couldn’t believe we would head high fills us with im- President Biden’s promise to up in jail,” Ivanova said. important countries.
.
“Until he’s home, we’re be spending the holidays mense pride. our family to bring our son A mutual friend whose fi- That is 250 days
never doing enough,” said Si- ancé, a Russian former journal-
ly
without Evan. Today, he re- During the holiday sea- and brother back home to since the concept of a
mon Brooks, Gershkovich’s mains imprisoned under a son, we are keeping a seat us. ist, is in jail, sent them a free press—the under-
friend from Bowdoin College, false charge of espionage, reserved for Evan at our To all of you who have Google Doc filled with instruc- pinning of a free soci-
from where the Journal re- enduring 250 days of isola- gatherings—a symbolic re- rallied behind Evan’s cause, tions on how they could sup- ety—has been singularly
porter graduated in 2014.
Monday marks 250 days
since Gershkovich, an Ameri-
can citizen accredited to work
tion from loved ones and
the world. Countless mile-
stones, including his 32nd
birthday, weddings, holi-
onminder of his absence but
also of the widespread sup-
port enveloping us from
around the globe. We ex-
who have read his work, and
who have used social media
as a platform to raise
awareness, our gratitude
port Gershkovich. These
friends learned they could send
him letters, as well as food,
clothes and other supplies.
challenged by the arrest
of the first American re-
porter in Russia on an
espionage charge since
as a foreign correspondent by days and other priceless tend our deepest gratitude knows no bounds. Your sup- But letters must be written the Cold War.
us ,
Russian authorities, was de- moments, have passed to The Wall Street Journal port sustains us through in Russian, so they began trans- And that is 250 days
l
tained by officers from Russia’s with Evan confined in a and the many, many incred- these challenging times. lating hundreds and, eventually, that Evan’s family,
e
al a
Federal Security Service during small cell. Yet, his resilience ible news organizations for With heartfelt thanks, thousands of letters penned by friends and colleagues
a reporting trip in the city of and unwavering strength amplifying Evan’s story and The Gershkovich family his friends in the U.S., as well at the Journal—along
Yekaterinburg on March 29. as colleagues and strangers. In
ci on
with other news organi-

The 32-year-old is being held those first few weeks, translat- zations and press-free-
on an allegation of espionage ing the letters became a second dom advocates—have
that he, the Journal and the reality of what’s happening. It of their friend, a hood cover- cial-media accounts to main- full-time job for many of them. been working nonstop
U.S. government vehemently still doesn’t feel real.” ing part of his face while ush- tain awareness of his situa- They recently sent him a batch to secure his release, a
deny. The U.S. has said Gershk- Gregarious and electric, cu- ered by security agents at the tion. They immediately got in of about 300 pages worth of goal that remains unmet
er s
ovich isn’t a spy and has never rious and empathetic, Gersh- time of his detention, seared touch with Gershkovich’s par- letters around his 32nd birth- but with our determina-
worked for the government. kovich has a way of bringing into their minds. ents and sister and launched a day in October. tion undiminished.
m er
Russia has said it is acting people together, according to The initial days of Gersh- GoFundMe page to provide fi- After Thanksgiving, some That is 250 days too
in accordance with its own interviews with about a dozen kovich’s detainment brought nancial assistance for his of his friends traveled to New many.
laws. A Russian court last of his friends and his sister, more questions than answers, family. York. They asked Gershkovich It is time to bring
week extended his detention a Danielle Gershkovich. Even with little information avail- His friends contacted the in letters for spots to visit. Evan home. Please join
third time until at least Jan. while detained. able about his condition. The Journal and other news out- “I said to him, ‘Of course I us in supporting Evan
m rp
30, 10 months after he was Gershkovich’s friends from U.S. hadn’t yet declared Ger- lets, and tapped into their cir- want to have some adventure and the cause of a free
taken into custody. many parts of his life met shkovich wrongfully detained, cles, eager to find anyone who in New York.’ But he will be press. #IStandWithEvan
“It’s definitely a roller each other over Zoom or in which, after doing so on April could help. my guide when he will be re- Sincerely,
coaster of hope and despair,” group messages in the hours 10, unlocked a broad federal “We all ran toward the leased. We’ll come here to- Emma Tucker
said Sam Silverman, Gersh- and days after his detainment government effort to secure fire,” said Jeremy Berke, a col- gether,” said Masha Bor- Editor in Chief
co Fo
kovich’s freshman-year room- in March. They gathered at his release. lege friend and roommate dur- zunova, a Russian journalist, The Wall Street Journal
mate, wearing a “Free Evan” each other’s apartments in Gershkovich’s friends made ing Gershkovich’s postgrad “and he will show me the
pin. “We just have to sit in the New York and Berlin, an image a website, mailing list and so- years in New York. city.”
Nicaragua Charges Miss Universe Organizer With Treason

BY JOSÉ DE CÓRDOBA Nicaragua’s police said in a beauty contest organizers are He has also stripped oppo- tionwide demonstrations of pride into a celebration of
statement late Friday. the latest attempt by the Or- nents of their citizenship and spearheaded by university destructive coup-spreading,”
MEXICO CITY—Nicaragua’s Celebertti was banned from tega regime to monopolize confiscated their properties. students that shook the re- Murillo said on Nicaraguan
n-
government charged the entering the country and her power since he won the presi- This time, much of the gov- gime in 2018. More than 300 television.
owner of the local Miss Uni- husband and son have been dency in 2021 in an election ernment’s complaints have people were killed, most of Murillo, who is also Or-
verse franchise with treason, detained by Nicaraguan au- condemned as fraudulent by been aimed at Palacios, the them by government security tega’s wife, didn’t respond to
organized crime and inciting thorities. Celebertti couldn’t the U.S. and the European contest winner. She hasn’t re- forces, before the protests requests for comment.
no
hatred as part of a plot to be reached to comment. Union. He ran turned to Nica- were quashed. The police statement said
overthrow President Daniel Nicaraguans were over- unopposed af- ragua since Palacios has been in the that Celebertti, her husband
Ortega’s regime two weeks af- joyed two weeks ago when ter detaining or winning the U.S. since winning the pageant and son had been active in the
ter the country’s first victory Miss Nicaragua won the Miss imprisoning all The winner had pageant in and hasn’t been charged with 2018 demonstrations which the
in the pageant. Universe beauty pageant for seven opposi- posted photos neighboring El any crimes in Nicaragua. Pala- Ortega government considers
Nicaraguan police accused the first time in history. Thou- tion candidates Salvador. cios couldn’t be reached to to have been a U.S.-funded at-
the contest’s local organizer, sands took to the streets before the poll. of herself at Of humble comment and hasn’t made any tempt to overthrow them. At
Karen Celebertti, a past throughout the country to cel- Since then, origins, Pala- statements on the accusations the time, the police said they
beauty queen and owner of a ebrate the victory of 23-year- Ortega has
anti-Ortega cios sold dump- against Celebertti and her rel- “incited hatred, violence and
modeling agency, her husband old Sheynnis Palacios, honking closed more regime protests. lings to help atives. terror acts.”
and son of rigging contests so horns, singing the national an- than 3,000 civic pay for her col- Just days after the pageant, The police said late Friday
that antigovernment winners them and waving Nicaragua’s groups, confis- lege education Nicaraguan Vice President Ro- that the family has been in
would emerge at the pageants. blue-and-white flags. cated more at the Jesuit- sario Murillo criticized oppo- communication with traitors
Celebertti and her family Palacios, a mental-health than two dozen private uni- run University of Central sition media sites that cele- ever since in an attempt to
had conspired to turn “inno- activist and audiovisual pro- versities, shut down most me- America, which was declared brated Palacios’s victory. use beauty pageants in their
cent beauty pageants into po- ducer, had posted photos of dia, thrown out Catholic reli- to be a terrorist center and “We are seeing a vulgar conspiracy, which called for
litical traps and ambushes fi- herself participating in pro- gious orders, and forced confiscated by Ortega’s gov- and clumsy attempt by evil, opponents to take to the
nanced by foreign agents” to tests against Ortega’s regime. almost all his opponents into ernment last August. terrorist communicators to streets in December in a re-
overthrow the government, The charges against the exile. Palacios participated in na- turn a well-deserved moment play of the 2018 protests.
WORLD WATCH
FRANCE VATICAN CITY PAKISTAN
Islamist Radical Is Pope Francis Again Militants Shoot
Suspect in Attack Skips Appearance At Bus, Killing 9
An Islamist radical stabbed For a second Sunday, an Militants opened fire on a
a tourist to death on Satur- ailing Pope Francis skipped bus in northern Pakistan, kill-
day a few hundred yards his popular window appear- ing nine people including two
from the Eiffel Tower, French ance to the public in St. Pe- soldiers, and injuring more
authorities said, rattling a na- ter’s Square, but in televised than 20 others, local police
tion on high alert because of remarks said he’s doing bet- said. The attack happened
the Israel-Hamas war. ter even though his voice Saturday night on the Kara-
France’s counterterrorism wouldn’t let him read all his koram Highway in the north-
prosecutor identified the sus- comments aloud. ern Gilgit Baltistan region,
pected assailant as Armand Francis delivered very brief police said.
Rajabpour-Miyandoab, a remarks from the chapel of The bus was carrying pas-
French national in his the Vatican hotel where he sengers from Gilgit to the
mid-20s with a long history lives and where he is recover- city of Rawalpindi when it
ANDY VON PIP/ZUMA PRESS
of Islamist extremism. He ing from what he has said is was shot at, causing the
was arrested shortly after, infectious bronchitis. driver to lose control and
authorities said. Francis, whose 87th birth- crash into a truck, which in
The victim was a 23-year- day is later this month, also turn caught fire. Both drivers
old man with dual German- said he is following from afar were killed.
Filipino nationality, authori- the workings of the U.N. cli- No one immediately
ties said. mate conference in Dubai. claimed responsibility. DASHING THROUGH THE SNOW: Some 6,000 runners raced through the streets of
—Matthew Dalton —Associated Press —Associated Press Liverpool, England, for charity on Sunday during the Liverpool Santa Dash.
.
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FROM PAGE ONE

dier said. A second Russian Ukrainian position. He didn’t
Ukrainian did the same a few hours
later. Then a third.
want to hand himself over to
the Russians.
By Wednesday, two of Taking stock of his equip-
Soldier Finchuk’s men had been killed.
More than a dozen others were
ment, he saw his radio was
gone—dropped at some point
Vanishes injured or concussed and had

been evacuated. Nevsky and a
few others were pinned down,
during the fight. He stripped
off his body armor and helmet
and kept only his rifle, two
with Russians occupying posi- magazines and a small cloth
Continued from Page One tions on either side. The Artan with an embroidery of Jesus on
had missed a turn and walked commanders put together a it. He had found it this year in
right up to a Russian trench. small rescue team. Bakhmut after an artillery
The prisoners were killed in “You’re not going with strike destroyed the building he
the melee. The two Ukrainian them,” Yurist recalled telling was in but somehow left him—
soldiers dragged themselves Finchuk, who had hardly slept and the cloth—unharmed.
back to safety. No one knew for two days and was mixing The problem was, Finchuk
what happened to their com- up radio frequencies. “That’s wasn’t sure which way to go.
mander, Ruslan Finchuk. not a request. That’s an order.” He knew the Russians con-
“He just disappeared,” said trolled the tree line he had fled
an officer in Finchuk’s battal- the night before, but not where
ion who goes by the call sign ‘Isn’t this the turn?’ the Ukrainian positions were.
Yurist and watched a live feed Finchuk went anyway. The He spotted a surveillance
of the firefight from a drone team overran the Russians in drone not far off. Hoping it was
with night vision. the trench, taking several pris- Ukrainian, he began waving to
On the flat, bloodstained oners and clearing a path out. it. The drone acknowledged
fields of the Ukrainian front, Finchuk set off at the head of him by tilting back and forth.
troops battle confusion as well the column toward the evacua- Finchuk tried to ask which
as the enemy. As the war ap- tion point, with Nevsky near the direction he should go, point-
proaches a third year, the “zero back. As they passed a burned- ing one way then the other.
line” has remained largely out tank in the tree line, Nevsky The drone began to fly to-
static on the map, a bright red thought, “Isn’t this the turn?” ward the Russians. He made an
COURTESY OF LIIA KRAFT

stripe that armored assaults Then, 10 yards to his left, obscene gesture toward it, then
have hardly been able to move. he heard someone shout in began to crawl the other direc-
But up close, it becomes a cir- Russian, “Stop. Who are you?” tion, trying to keep his head
cle of splintered trees, blast Nevsky answered, “We’re below the foot-high grass.
craters and rotting bodies, escorting prisoners with As he moved, he heard the
where trenches and small bits Khokhol.” Russian assault continuing
of territory frequently change The name tipped them off, Ruslan Finchuk, seen near Bakhmut in January, left his wife and stepson behind to re-enlist. around him. He took cover in
hands and neither side is sure Nevsky said. The Russian re- a ditch, blanketing himself
exactly where the enemy is. sponded, “Oh, you’re with gested he was dead.” Ukrainian front line Oct. 18 Timofey, helping him with with leaves, and waited until
Deafened by explosions, of- Khokhol!” Then the shooting That night, when there was Russian-occupied area math homework and joining nightfall. Then he began to
ten concussed and drunk with started. still no sign of Finchuk, he Russian advances him at karate lessons. move again.
fatigue, even experienced sol- For the next few minutes, reached out to a Russian com- Bullets sometimes whizzed
diers can grow disoriented. Nevsky said, it was hard to tell mander on the other side of past. One thudded into the
They wrap colored tape what was happening. He saw the line, offering three Rus-
UKRAINE
Area of ‘Ruslan is gone’ dirt a few feet in front of him.
detail
around their helmets to differ- Finchuk on one knee, firing sian prisoners plus 10 bodies After she got the news, He moved past mines,
.
entiate “ours” from “theirs.” his rifle, and heard him shout- in exchange for Finchuk’s Kraft went to pick Timofey up through blast craters, and
Still, because many Ukrainians ing to pull back. A Russian body and two others. He sent from school. “Ruslan is gone,” around dozens of bodies with
ly
speak Russian with each other machine gun peppered the a photo of Finchuk, to make she told him. “They’re still rats nibbling at them.
in the trenches, sometimes prisoners, who lay on the sure they recognized him, and looking for his body.” By Saturday morning, after
Kupyansk Orlyanske
only an accent distinguishes a ground moaning. proposed a time and a place to Timofey, 14, cursed in front two days without food or wa-
friendly voice from an enemy.
“On paper, every group has
its own position,” said one
soldier who was part of the
Nevsky fired back at first,
but as grenades landed around
him, he retreated to the trench
where they had started. The
onmeet for the exchange. The
Russian commander refused.
“He wasn’t interested in his
own living men,” Yurist said.
Stepova Novoselivka
Ivanivka
Yahidne of her for the first time. “No!
It can’t be true!” he said. “The
f—rs, I hate them.” After they
got home, she found him
ter, Finchuk was delirious,
covered in mud and com-
pletely disoriented.
As he lay on his back, lis-
Kupyansk operation. “In real- other Ukrainian made it back Russia’s defense ministry curled up on the couch, using tening to the artillery fire, he
us ,
5 miles
ity, it’s chaos.” as well. Finchuk wasn’t answer- didn’t respond to a request for 5 km one of Finchuk’s green mili- began talking to his wife.
l
Finchuk had arrived in the ing his radio. He was missing. comment about the proposed tary sweatshirts as a pillow. “Liia, help me get my bear-
e
Source: Institute for the Study of War and
al a
trenches east of Kupyansk late The search began before exchange. AEI’s Critical Threats Project That night, Kraft texted ings,” he said. “Where should
on Monday, Oct. 16, with several sunrise on Thursday. Artan’s commanders de- Finchuk’s phone. “You pre- I go?”
dozen others. Their task was to Drones scoured the tree line cided it was time to tell Kraft and Finchuk had pared me for all scenarios,” He heard two outgoing
ci on
help hold off Russian attempts and surrounding fields, flying Finchuk’s family. started dating when they were she wrote. “You didn’t leave shots. Looking up, he recog-
to recapture the city, occupied so low that two of them were Liia Kraft, Finchuk’s wife, teenagers. She had been dev- instructions for how I could nized the weapon: It was a
at the start of the war then re- shot down. There was no sign hadn’t heard from him since astated when they broke up, live without you.” guided antitank missile. The
taken by Ukraine last fall. of Finchuk amid the carnage. Monday night, before he but she eventually moved to As she texted, Finchuk was Russians frequently used
A 42-year-old veteran, “Just along that one tree headed into the trenches. For Kyiv, got married and had a lying in a field near where his them. The Ukrainians didn’t
er s
Finchuk re-enlisted last year, line, there were probably 100 the first two days, she had son. Finchuk had a daughter. men had lost sight of him, try- have any in the area.
leaving his wife and stepson in bodies,” Yurist said. texted with Finchuk’s friends In 2018, as both their mar- ing to summon the strength to He reasoned that the mis-
m er
Kyiv as well as a job running a Yurist was close with from Artan, who had told her riages were dissolving, she got keep crawling. siles must have targeted a
security company. He joined Finchuk. They had started in that he was fine. On Thursday, a call from Finchuk. Over the During the firefight early Ukrainian position, and began
Artan, a new unit in Ukraine’s Artan together as privates in they hardly answered her and next year, they began to talk Thursday morning, he ran from to crawl in that direction.
military-intelligence agency, summer 2022, fought side-by- said nothing about Finchuk. again, at first occasionally, the tree line into the adjoining By midday, he had reached
where he was quickly promoted side in the bloody battle for At 10:25 a.m. on Friday, she then—while he was working on field, hoping to draw fire away a cemetery at the edge of a
m rp
to senior sergeant, and took Bakhmut and worked out to- was doing her best to fend off a ship in the Indian Ocean—12 from his men. A grenade destroyed village. Down the
the call sign Khokhol—a derog- gether during off days in Kyiv. panic when two of Finchuk’s hours a day on the phone. landed nearby, knocking him block, he heard voices but
atory name Russians call Ukrai- But as Thursday wore on, closest friends from the mili- He moved into her house unconscious. He woke around 7 couldn’t tell if they were
nians—as a way to thumb his he began to lose hope that his tary rang her doorbell. within days of getting back to a.m. on Thursday, with blood Ukrainian or Russian. In either
nose at Moscow. friend could have made it out Finchuk was missing and Ukraine. She went to work for caked to his face, unable to case, he needed water.
co Fo
Even as injuries piled of the firefight with Russian presumed dead, they told her. his security company. He hear from his right ear. He found the basement
up, Finchuk remained burly and machine guns. “No one could He was last seen in enemy ter- called her “Sunshine,” stopped He saw two options: He where the voices were coming
fit. After he was shot in the leg survive that intensity of fire,” ritory, with a machine gun fir- taking trips overseas and could surrender, or he could from and stood outside, clean-
during training, nurses repeat- he thought. “All signs sug- ing toward him. acted as a father to her son, try to find his way back to a ing the mud from his rifle, so
edly told him to stop jogging it wouldn’t jam.
laps around the hospital with As he moved toward the
his stitches still in. He refused, top of the stairs, gun raised,
eager to rebuild his strength he heard someone curse in
and get back to the fight. Ukrainian. He put the rifle
“He could stay in the head- down, raised his hands, and
quarters, but he always pre- shouted, “I’m one of ours.”
fers to be with his men,” said News of Finchuk’s return
a 27-year-old soldier, known whipped through Artan.
n-
as Nevsky, who served under Nevsky was sitting at the base

Finchuk. “Unfortunately, peo- when a photo of Finchuk with
ple like this often die first.” Artan’s deputy commander
Kupyansk was Finchuk’s suddenly landed in the unit’s
no
first operation as a temporary group chat.

company commander. At dawn Nevsky leapt up from the bed
on Tuesday, the Russian shell- and ran into the hall, hollering
ing began. Waves of tank and with joy. “I’ve gone through all
infantry assaults continued this s—,” he said. “That mo-
until dark. ment was a reminder that I’m
SERHII KOROVAYNY FOR THE WALL STREET JOURNAL
On the first day, the Rus- still alive. I’m still a person.”
sians seized one of the Ukrai- Kraft was at home when
nian trenches, turning the line she got a screenshot from the
into a patchwork of friendly group chat. A moment later,
positions and enemies. That the doorbell rang again: It was
night, an unknown man one of the same men who had
walked right up to Nevsky’s shown up the day before. He
trench, apparently lost. thrust a phone at her.
“I’m one of ours,” the man “Are you alive?” she said.
said in a strong Russian ac- Finchuk, speaking slowly
cent, according to a 43-year- and slurring his words, an-
old Ukrainian soldier who was swered, “Sunshine, I’m sorry I
there. “We took him,” the sol- Ruslan Finchuk’s wife Liia Kraft, with her son, Timofey, in their yard in Kyiv, was told her husband was missing and likely dead. took so long crawling to you.”
enjoys it. He stews. He calls it a beth Dunn live-text each other stone. It hate watches you,” see why people might hate the “The Sound of Music,” “Meet
Feel-Bad “low-stakes cold war” that
brings its own brand of joy.
during watchings. Like Ginder,
she disliked the movie right
one user wrote on X. The
movie has a 63% audience
movie. Not just the characters.
But the movie. That they might
Me in St. Louis” and “The Fam-
ily Stone,” in that order.
“It is my tradition now,” Ko- away. But her feelings about it score on Rotten Tomatoes. call bulls— on the whole thing. “It just kind of wormed its
Film Fills ster, who lives in Grand Rapids,
Mich., said in an interview.
have morphed. “I had to com-
pletely come to terms with the
One theory about the re-
sponse: People showed up ex-
But for me it always had the
logic of an old Hollywood musi-
way into my family culture,”
said Cody, who is 29 and lives
Holidays “I’m just going about it in a

different way. My tradition is
to watch ‘The Family Stone’
fact that the plot was horrible,”
said Dunn, 40, a freelance
writer in New York. “Once you
pecting something different.
Bezucha wanted to call the
movie “Hating Her.” He saw it
cal without the songs.”
Bezucha said he’s grateful
for all the response. “It has its
in Pocatello, Idaho.
Chris McNulty, an attorney
in Minneapolis, was in his 20s
and notice some things that make peace with that, it’s the as a film largely about a group own life,” he said. “There’s when he watched the film.
Continued from Page One blow my brain. Honestly it is fact that the ensemble is possi- of siblings dealing with the something cool about that.” “There is something seductive
her. One of them sabotages a an important tradition.” bly the most charismatic group conscious or subconscious Cooper Cody was about 15 about it,” the 44-year-old said.
game of charades to make her Ginder says he was drawn in ever assembled.” knowledge that their mother is the first time he watched it. He “And then it springs its trap,
look racist. Meredith later sum- by a cast that includes Diane The film has a large fan base dying and this will be their last and his younger sister popped that you’re stuck in a house
mons her sister to the house for Keaton as the matriarch and of people who genuinely love it. Christmas together. The studio in the DVD thinking it was go- with these people and there’s
moral support. The sister shows Rachel McAdams as her cha- Written and directed by Tom felt more people would see it if ing to be like one of their fa- nowhere to hide.”
up and steals Everett’s heart. rades-sabotaging daughter. Bezucha, the movie made about it was sold as a Christmas com- vorites, “Meet Me in St. Louis.” Yet most Decembers, after
“There are 10 main charac- Why does he keep coming $93 million at the box office edy. It led the marketing cam- “How does this exist?” Cody staples such as “Elf” and “A
ters in this film, and nine of back? “I think it’s the tempest worldwide, according to Box paign with a scene where Mer- remembers thinking. Christmas Story” are checked
them are detestable,” Kyle Ko- of conflict of emotions it causes Office Mojo. edith spills a casserole. The siblings watched it off the list, he winds up back in
ster, editor in chief of The Big in me when I watch it,” said Other shows and movies are “And then I kill the mother again the following year, and the Stone house. “Whether it’s
Lead, said on an episode of the Ginder, 41, who teaches writing full of hateable characters. Ev- with cancer,” Bezucha said. the year after. “We kept getting out of some cynical reaction to
sports and pop-culture web- at New York University. “I hate eryone on “Succession” is the “Happy holidays.” more mad at it,” Cody said. By the intrinsic sweetness of those
site’s podcast. these people but I want to live worst. But viewers of the HBO Bezucha said he under- the time they got to young movies, or maybe I’m a holiday
Koster, 39, has watched the in their house. I love Diane drama revel in the awfulness. stands the range of strong feel- adulthood, a tradition had movie masochist, I’m invariably
movie every year since his Keaton. I want her to be my Viewers of “The Family Stone” ings about the movie. “Every- taken hold. Most years before drawn back to the Christmas
now-wife introduced it to him mother. But not this mother.” seem to take it personally. “You body has their own Christmas, he and his siblings hell that is the Stone family,”
more than a decade ago. She Ginder and his friend Eliza- don’t hate watch the family experience,” he said. “I fully gather, make soup and watch he said.
THE WALL STREET JOURNAL. NY Monday, December 4, 2023 | A12A
It can be tough
keeping your family
safe online.
We automatically turn
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features for kids and teens, visit families.google
Making the internet safer for kids and teens.

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PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Monday, December 4, 2023 | A13
ON THE
CLOCK
CALLUM
To Thrive as a No. 2, Keep
BORCHERS
The Ambition, Hide Your Ego
C
harlie Munger was
Robin to Warren Buf-
fett’s Batman, a business Warren Buffett’s longtime deputy, Charlie Munger, showed that rising to the top isn’t everything
equivalent of the Edge
rocking with the Bono of
investing.
Munger, who died last Tuesday
at age 99, played one of the tough-
est roles in the corporate (or any)
world: No. 2.
Succeeding as second in com-
mand takes a rare blend of confi-
dence and humility, say people
who’ve done it. The consummate
right-hand person must be devoted
to organizational success while ac-
cepting that someone else’s star
will always shine brighter.
At a time when many American
workers are reconsidering whether
the race to the top is worth run-
ning at all, Munger’s apparent sat-
isfaction with being the ultimate
sidekick could be a model.
It helped that Warren and Char-
lie, as the duo was known, shared a
personal friendship. And being a
wingman is presumably more fun
when you’re a billionaire, as
Munger was. Most important, say
those who knew him: Munger knew
he was respected and appreciated.
Buffett made sure of it.
Harry Kraemer, former chief
executive of the healthcare com-
.
pany Baxter International, recalls
a conversation with Buffett at a
ly
CEO gathering around the year
2000: “I said, ‘Boy, you’ve got an
amazing track record.’ And he
goes, ‘It isn’t just me. Never men-
tion my name without Charlie’s.’”
In a recent annual letter, Buf-
fett wrote: “I never have a phone
on
call with Charlie without learning
us ,
something.”
l
There aren’t many pairs like

e
al a
Buffett and Munger. An analog

might be the late Canadian telecom
mogul Ted Rogers and his longtime
ci on
ILLUSTRATION: SAM KELLY/THE WALL STREET JOURNAL, VISUAL CHINA GROUP/GETTY IMAGES; ISTOCK
lieutenant, Phil Lind, who died in

August at age 80. Robert Brehl, School and co-founded a law firm, Munger told CNBC in 2021. “But  Berkshire Hathaway’s Charlie of power, you realize that that top
who co-wrote Lind’s 2018 memoir, Munger, Tolles & Olson, where his he finally convinced me that I was Munger, left, and Warren Buffett. position doesn’t necessarily come
“Right Hand Man,” says loyalty is name was first on the door. wasting my time.” Munger died last Tuesday at 99. with more influence—it just comes
essential to a relationship like Rog- Even though his results as an in- Not that it was easy to set with more publicity and a lot more
er s
ers-Lind or Buffett- vestor were strong, aside his ego to take the No. 2 role gent, but they are learning ma- reputational risk,” she says. “The
Munger. over time, he real- and play to what his No. 1 needed. chines,” Munger said in his com- way I see it, Munger got to have
m er
Having comple- ized he could be Buffett was Berkshire Hathaway’s mencement address to the his cake and eat it too. He had sta-
mentary strengths ‘It isn’t just me. more successful— public face and larger-than-life University of Southern California’s tus without all the headaches.”
and interests helps Never and happier—in a persona. Munger seemed to relish law school in 2007. “They go to bed He also had a life outside of
ward off resentment, partnership. Under- his freedom from talking to re- every night a little wiser than they Berkshire and Buffett. One of
Brehl adds. mention my standing his own porters and investors. In the back- were when they got up and, boy, Munger’s pet projects was a quest
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“You have to have shortcomings con- ground, he could be sharper, more does that help, particularly when to design the perfect college
the yin and yang,” he
name without tributed to his will- direct and funnier. you have a long run ahead of you.” dormitory.
says. “Ted wouldn’t Charlie’s.’ ingness to become The durability of the Buffett- Savvy runners also know it can He’ll be remembered as the
have been as effec- Buffett’s running and-Munger duo act stemmed, in be best to let someone else take consummate consigliere, but that
tive without Phil, mate, he has said. He part, from a shared intellectual cu- the lead to break the wind. A cer- wasn’t his whole identity.
co Fo
and the same thing rejected Buffett’s ini- riosity, a measure of humility—for tain type of person prefers to run
with Warren and Charlie.” tial overtures before agreeing to billionaires, anyway—and willing- second, says social psychologist Geoffrey Rogow
Before meeting Buffett, come aboard. ness to learn from their mistakes. Tessa West, who is studying peo- contributed to this article.
Munger was already a profes- “It took me a long time to wise “I constantly see people rise in ple she calls “runners up” for a
sional success. He served in World up that [Buffett] had a better way life who are not the smartest, forthcoming book.  Charlie Munger’s donations
War II, went to Harvard Law of making a living than I did,” sometimes not even the most dili- “Once you get to a certain level came with blueprints .................. B1
The Lipstick Effect: People Splurge on $88 Compact

n-
How did a relative unknown kind of traction so quickly. “When I saw it, I just
no
manage to create one of the year’s In a cosmetics market fell in love instantly with
OFF BRAND buzziest cosmetics products, with- that is dominated by con- it,” said Fanni Szokoli, one
RORY out the support of a major backer? glomerates like Coty and of the many new fans
SATRAN Homidi, who is hardly a household Puig and superstores like who have purchased the
name like Tilbury or McGrath, is in- Sephora and Ulta, the bar- lip compact. Based in Bu-
F
dependent. She works from offices rier to entry to launch a dapest, Szokoli couldn’t
ara Homidi calls herself a in New York and Newport Beach, Ca- line independently is pro- check out the product be-
“mouth watcher.” The makeup lif., with a skeleton team that in- hibitive for most aspiring fore buying it, but she or-
artist has always loved observ- cludes her husband, president Aaron Gucci Westmans. Homidi dered it online from Do-
ing people talk, smile, laugh. Do Yoo; and her best friend, COO and her husband are self- ver Street Parfums
their lips quiver when they talk Samira Tasooji. Within its first year, funding their line along Market, where it sells for
about a certain someone? What do the lip compact was picked up by with friends and family. €93, equivalent to around
their teeth look like? She finds that the most discerning boutique cos- To start a brand like this, $101. She was wooed by
people display a lot of personality metics retailers around: Moda Ope- said Homidi, “you need a the promise of “clean” in-
with their mouths. So when she de- randi, Violet Grey and Goop. Hailey million-plus.” gredients and the pack-
cided to launch her first makeup Bieber (not a spokesperson) posted By trusting her gut, aging alone.
line this year, she knew it had to be about the brand on Instagram. Influ- Homidi developed a prod- Growing up in Fremont,
lip-focused. encer Cheyenne Grenaway (also not uct that fits squarely Calif., as an Afghan immi-
What she didn’t know was that a spokesperson) said it was a brand within a rising category in grant, Homidi worked in
her $88 sky-blue lip compact “everyone should be obsessing over.” the beauty industry: ultra- her mother’s beauty salon.
would become an immediate object It’s rare for an upstart to get this luxe, refillable products, Then she worked in cos-
of desire. The refillable mostly for lips. Today, sustainability  The refillable metal compact, metics retail, for brands like Prescrip-
metal compact, which in- is equated with luxury. For environ- which includes a lip balm and a tives, before moving to New York to
cludes a lip balm and a mentally conscious consumers, reus- colored pigment, comes in just two become an artist working backstage
colored pigment, comes able packaging is a selling point; nudes and two reds. at fashion shows and on shoots.
in just two nudes and companies can also justify previ- Homidi’s heritage is a driving
two reds. Homidi also ously unimaginable prices. Hermès force in her new business. She was
sells a $36 lip pencil, a offers a $78 refillable lipstick. West- “Having a packaging that is initially unsure about using her own
$58 lip brush and a $298 man Atelier has an $85 refillable unique, that stands out, somehow name for the brand, but ultimately
pouch. There’s more on multi-shade lip compact. The French supports the luxury experience of she felt it was important to reflect
the horizon—she wants brand La Bouche Rouge makes $80 such a good,” he said. where she came from. “One thing
to play on the same field refillable lipstick cases. Chanel does Cue Homidi’s robin’s-egg blue that emboldened me to have my
as fellow artists Char- a $195 refillable glass-cased lipstick. compact that looks great both on name on the products is that you
lotte Tilbury and Pat Unlike skincare or haircare, which Instagram and in person when you don’t really see a lot of ethnic
McGrath, both of whom stay in your bathroom, lipsticks are pop it out for touch-ups. That blue names in luxury. It’s radical, even
have built billion-dollar their own best advertisement. is Homidi’s own version of the dis- though it shouldn’t necessarily be.”
businesses. But for now, Achim Berg, a senior partner at tinctive Hermès orange or the Alaïa In an uncertain economy, starting
all the hype is swirling McKinsey leading its apparel, fash- dusky rose. She combed through a brand around a viral lip product is
around that one shiny ion and luxury group, spoke about her makeup work from the past and not such a bad idea. Berg, the
FROM TOP: HANNA TVEITE; AARON STERN
blue lip compact. lipstick’s position as a visible status noticed a through-line of blue. It felt McKinsey partner, said that beauty
“Her brand is still new, symbol “that other people can see.” right: “This specific cool-tone blue “is perceived as a very resilient cat-
but what she’s created is makes me feel energized and re- egory during a downturn.”
a status item,” said Jes- freshed, and hopefully other people Matlin said that on Moda Ope-
sica Matlin, director of  Fara Homidi felt it was feel that way.” randi’s website, customers were
beauty at retailer Moda important to use her name for the Homidi designed the packaging clamoring for color cosmetics. “It’s a
Operandi and the co-host brand. ‘You don’t really see a lot of herself and worked with manufactur- tale as old as time,” she said. “When
of beauty podcast “Fat ethnic names in luxury. It’s radical, ers in France and Japan. Parisian art the economy gets rough, people will
Mascara.” She called it even though it shouldn’t directors Carina Frey and Stefanie still buy lipstick.” Even one that’s
“the next big thing.” necessarily be,’ she said. Barth helped crystallize her vision. $88. Hey, the refill is only $48.
PERSONAL JOURNAL.
BY OYIN ADEDOYIN
Families in a Bind
A
What is Fafsa? Why do I have to
fill it out? When is it due?
pplying for college fi- “These are not complex ques-
nancial aid will be tions but they are really door
more confusing this openers for students who don’t
year for many parents
and students, who will
also have to fill out the
forms on a much tighter deadline.
Over College Aid know what it means to fill out this
kind of application,” said Neeta
Sonalkar, BDT’s director of higher
education innovation.
Changes were made to the Free Revamped Fafsa and rushed timeline are complicating planning There are also tools to estimate
Application for Federal Student financial aid before completing the
Aid, or Fafsa, this year as the re- application. The federal Student
sult of a 2020 law. A new form Aid site can provide a rough idea
was designed to be shorter and of how much aid applicants may
simpler to fill out, but it won’t be qualify for. Families should be
available for families to complete aware that this is a ballpark figure
until Dec. 31, nearly three months since that calculator is missing
later than normal. some aspects of the new formula,
This year’s rushed timeline Kelly at Nasfaa said.
could leave families scrambling to
complete the form and some
might have to delay college deci-
Check each college’s
sions, said Rick Castellano, vice financial-aid policy
president at Sallie Mae, a student- Some universities are creating
loan lender. Others will have to ac- their own financial-aid formulas in
cept college decisions without response to the delayed Fafsa.
knowing how much the school will Assumption University in Mas-
cost them. sachusetts developed its own
As part of the Fafsa modifica- questionnaire and formula. As of
tions, the Education Department November, more than 200 families
changed the formula they use to have completed the university’s
calculate a family’s needs. Pretax form, and half of them received fi-
contributions to retirement ac- nancial-aid award letters, Assump-
counts will no longer be consid- tion’s administrators said.
ered part of a family’s income but After the sibling discount was
the value of family farms and removed in the new Fafsa form,
small businesses will now be re- the University of Dallas set up a
garded as assets. grant to help the families of fresh-
The changes were aimed at men with siblings in college. These
boosting grants and streamlining students will be eligible to receive
the process of determining how $5,000 from the university in the
much aid families qualify for. fall of 2024. The grant doesn’t
About 610,000 more students take into account family income or
from low-income backgrounds where the sibling attends college.
will receive federal Pell grants  The new Fafsa form won’t be available until Dec. 31, three months later than normal.
and 1.5 million more students will
Reporting on
.
have access to the maximum
award, according to the Education Expect awards parents and students should com- Those filling out the form can separate accounts
ly
Department’s office of Federal in March or later plete the form as soon as it comes request an FSA ID through the Families were previously required
Student Aid. Students and families will gain out, financial-aid administrators Federal Student Aid website using to report all the 529 accounts they
Earlier this year, Nichole Rus- access to the Fafsa on Dec. 31, but say. their Social Security number, full had on each of their children’s
sell accepted an offer to play soc-
cer for a private Division III uni-
versity where
tuition is roughly
on
many colleges won’t receive that
data until later in January, said
Dana Kelly, a vice
president at the Na-
Don’t wait to
create an FSA ID
name and date of birth.
Parents and students who have
an FSA ID from previous years will
be able to use the same creden-
Fafsa.
For example, if a family had three
children with 529 accounts holding
$10,000 each, they would have to
$53,000 a year. tional Association Even before the new Fafsa is avail- tials to submit this year’s Fafsa. report the total of $30,000 in in-
us ,
She will qualify A new form of Student Financial able, parents and students should vestments on one child’s Fafsa.
l
for some outside was designed Aid Administrators, request their FSA ID, the user-
Use online tools Now, families only need to re-
e
al a
and merit scholar- or Nasfaa. Colleges name and password required to port the 529 account for the child
ships, but with the to be shorter will then have to log into and sign the application. for Fafsa advice applying for financial aid. So that
Fafsa delay, Rus- process that infor- In the past, applicants were able Benefits Data Trust, or BDT, a same family would only need to re-
ci on
sell’s mother, Chris-

and simpler to mation through to start their form without an FSA nonprofit that focuses on benefits port $10,000 in 529 investments.
tine, is unclear fill out. their systems, ID. Now, anyone filling out the access, developed a chatbot called “If you’ve been holding all of
about how much the which might push form, including parents, step par- Wyatt to answer questions and your college savings in one 529
schooling will cost the delivery of fi- ents and students, will each need send reminders about the Fafsa to with your oldest listed as the ben-
her daughter. nancial-aid awards a separate FSA ID. students and parents. Last year, eficiary, move the money for the
er s
“It’s a Catch-22: You want your to March or later. It can take about three days to 45% of students who used the younger kids to their own ac-
child if they have an offer to be “It’s just going to be depen- receive an FSA ID upon request, so chatbot completed the Fafsa com- counts,” said Shannon Vasconce-
m er
where they’re happy,” Russell said. dent on what the school’s process start the process sooner to avoid pared with 15% of students who los, senior director of college fi- GETTY IMAGES
“But there will be some kind of is and how comfortable they are any hiccups while completing the didn’t use it, according to BDT. nance for Bright Horizons College
loans and right now we don’t with their systems,” Kelly said. application, college-admissions ad- The most frequently asked Coach, a college-admissions advis-
know what they are yet.” To limit any further holdups, visers say. questions are relatively simple: ing firm.
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MY RIDE BY A . J. BAIME
no
Lowrider Pioneer
Hopes to Inspire
Tina L. Blankenship-Early, a street models in the lowriding world. Tina L. Blankenship-Early’s Caprice, V-8 engine from a 2001 Camaro. There’s a flow to it.
sweeper operator living in Los An- My unicorn car, as I call it (be- called ‘Game Killa,’ made an When I took the car to the paint When I was almost done with
geles who is the first woman in- cause it is a tribute to myself), is a appearance in the opening scene shop, I told the guys I wanted the the Caprice, one of the members of
ducted into the National Lowrider 1961 Impala low rod—which is a of the film ‘Straight Outta frame and the exterior to be the the Super Natural Lowriders club
Hall of Fame, on her 1966 “Game combination between a lowrider Compton.’ same color. That’s why the insides said, “Man, you killing the game
Killa” Chevrolet Caprice, as told to and a hot rod. I call it the “1st Lady.” of the wheel wells are the same as with this car. You should call it
A.J. Baime. Not only am I the first lady in- bought this Caprice in 2003, and it the body panels—a soft sky blue. I ‘Game Killa.’” So that’s how that
I
ducted into the National Lowrider was just a shell on wheels. No hood, recently had the paint and the pin- name came about.
started out doing car audio for Hall of Fame, I am the first female no interior, no dashboard, no motor striping redone because I scratched I have had this car in a lot of
my best friend’s dad on a 1966 in the Super Natural Lowriders club or transmission. It took me almost the car. music videos. It also made an ap-
Chevrolet Impala in his garage in L.A. and the first named Woman two years to find everything I Hopping [making the car bounce pearance in the movie “Straight
many years ago. Then, he let me of the Year by Lowrider Magazine. needed, and once I had all the on its wheels] is a big part of low- Outta Compton,” in the opening
work on other cars in his garage. I I have a 1964 Chevy Impala low- pieces, it took another three to four riding. There’s a panel in the car scene. We filmed that right down
had always wanted a lowrider be- rider I recently finished. I went to years before I brought it out in with switches on it, and also an ex- the street from my house.
cause I grew up around them in the Facebook and asked some of my 2010. tension cord called a “hopping cord” I like to inspire other women to
Watts neighborhood of Los Ange- followers what I should call it. They Like with my other cars, my hus- that comes out of the car, so you learn the craft and hop their cars.
les. One day, my friend’s dad said, came up with some nice names. But band and I did probably 60% of the can make it hop from inside the car They call me 1st Lady, but I won’t
“You need to build a car.” He helped this one guy said I should name it work ourselves. I installed every- or out. It looks easy, but it’s not. be the last.
me find a 1965 Impala, and that’s “Foe-Nominal.” Foe is short for four, thing from the fuel lines to the disc
how it all started. and it’s a 1964. I liked that. So that brakes to the suspension. I wired all
Today, I have three custom cars is the car’s name. the electrical from the headlights to
built out of Chevy Impalas and a The 1966 “Game Killa” Caprice is the taillights. My husband installed
Caprice, those being traditional the car I am most known for. I the transmission and a fuel-injected
MORGAN LIEBERMAN FOR THE WALL STREET JOURNAL (5)
THE WALL STREET JOURNAL. NY Monday, December 4, 2023 | A14A
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A14B | Monday, December 4, 2023 NY / NE THE WALL STREET JOURNAL.
UNDER
THE DEBRIS OF A COLLAPSED
STRUCTURE, HE’S TRAINED
TO FIND SOMEONE ALIVE.
HARD TO BELIEVE NO ONE
WANTED THIS FEARLESS
DOG
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Dempsey
Rescued on the streets
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From shelter dog to search dog, help us write the next underdog story.
Your donation helps us train dogs like Dempsey to strengthen
America’s disaster response system.
Donate Now. Call (888) 4K9-HERO or visit SearchDogFoundation.org.
UNDERDOGS OVERCOME. Not a real disaster site.

ARTS IN REVIEW
ART REVIEW
Riches and Religion

At the Morgan Library
Two shows focus on the Bible and the conflict between wealth and faith
BY DIANE COLE
G
New York
od and Mammon take
center stage in two ex-
quisite exhibits at the
Morgan Library. “Mor-
gan’s Bibles: Splendor in
Scripture” highlights the
collector’s devotion to the Bible and
his Episcopal faith as manifested in
a sumptuous selection from his li-
brary’s holdings. “Medieval Money,
Merchants, and Morality” conjures
the theological duel for the soul be-
tween conflicting claims of faith and
wealth. Seen in succession, the ex-
hibits seem to be in conversation
with each other—and perhaps with
J.P. Morgan himself.
“Morgan’s Bibles” provides a
mini-timeline of the Bible, going
back to its pre-history in the form
of an ancient clay tablet whose Ak-
kadian cuneiform script details the
story of the deluge as recounted in
the ancient Mesopotamian Epic of
Gilgamesh. The story was later re-
capitulated in Genesis; but this
fragment, dating from 1646-26 B.C.,
is older than any known biblical
.
text. Also displayed is a tattered
papyrus scrap from the third cen-
ly
tury A.D., containing the earliest
surviving text of the first five
verses of Genesis from the Greek
translation of the Bible, known as
the Septuagint. It, too, is a histori-
cal artifact, of the transition period
in which scrolls of holy writ would
on
soon be replaced by more trans-
us ,
portable and easier-to-use book

l
manuscripts known as codices.

e
al a
Jumping forward to ninth-cen-

tury Egypt, we see pages from illu-
minated Coptic manuscripts: One neer Henry VIII’s marriage to Anne
ci on
‘The Nativity and Annunciation in

contains a large cross in red, green Boleyn and replace Catholicism with an Initial P‘ (1392-99), illuminated
and yellow; another shows ornamen- the Anglican church as England’s of- by Silvestro dei Gherarducci, above;
tal initials and a lower border deco- ficial religion. Morgan owned a copy ‘Death and the Miser’ (c. 1485-90),
ration of birds with angel-like wings. of the first and each of its six subse- by Hieronymus Bosch, right
Beyond splendor is the bejew- quent editions. By the time the 1541
er s
eled, golden treasure binding of the edition, displayed here, appeared,

Lindau Gospels, from eighth- and Cromwell had been beheaded, but ments, in a wealth of masterpieces
m er
ninth-century Europe. At its center because his portrait in the woodcut (many from the Morgan collection),
lies the gold relief figure of Christ was too prominent to erase, only his the ethical dilemma that pervaded
on his cross; squint and you can see coat of arms was removed. Medieval Europe: Can the posses-
the tiny drops of blood trickling The exhibit also chronicles Mor- sion of material riches be recon-
from his wounds. Each of the four gan’s passion for collecting and ac- ciled with spiritual grace?
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surrounding quadrants features a quiring. We learn It was an era that

raised cluster of sparkling gems; that the three Rem- introduced commer-
and each of these in turn is encir- brandt prints on cial banking, lending
cled by golden angels among other view (among them, Competing and other modern
figures, all in mourning. Its wealth the luminous “The impulses, all business practices
co Fo
of rubies, emeralds, sapphires, Hundred Guilder into everyday life and

pearls, diamonds and amethysts Print” that depicts through the witnessed the growth
makes this an unquestionable mas- Christ preaching and of a newly wealthy
terpiece of luxuriant beauty placed enacting various
eyes of one merchant class. But
in service to devotion. other scenes from collector what if money cor-
Only one of Morgan’s three Gu- the Gospel of Mat- rupted the soul? Or
tenberg Bibles is on display, this one thew) represent a as the opening wall
showing the printer’s marks and cor- small fraction of the text bluntly demands,
rections. Charted here, too, is the roughly 400 Rembrandt prints that “Your money or your eternal life?”
history of the Bible in English trans- Morgan owned. We also see the Viewers can ponder their an-
lation, starting with editions from 1909 invoice for Morgan’s purchase swers as they contemplate Hierony-
the 1400s condemned by the Arch- en masse of a British collection mus Bosch’s ghoulish allegorical
bishop of Canterbury as “subversive” containing about 1,500 prints and painting “Death and the Miser” (c.
n-
because in Catholic, pre-Henry VIII drawings, many of them from the 1485-90). The dying money-hoarder often stereotyped—and scape- to dominate centuries later appear
England laypersons were forbidden Italian Renaissance and from the lies naked on his bed as a skeletal, goated—as such. Several illustra- in the form of historic coins, box
to read and interpret Scripture on Netherlands in the 1600s. white-cloaked angel of death pushes tions demonstrate the vicious anti- scales, purses and ledgers. We also
their own. Nearby is an English Bible These habits serve as a natural the door ajar to point a dagger at semitism of the era, echoed in see one of his most prized posses-
no
originally commissioned in 1539 by segue to “Medieval Money, Mer- him. Bosch sets the scene with élan: renditions of the story of Judas. sions, Hans Memling’s handsome
Thomas Cromwell, who helped engi- chants, and Morality,” which docu- The miser is importuned both by an Many items highlight charitable “Portrait of a Man With a Pink” (c.
angel to repent and giving as the go-to antidote to the 1475), whose banker subject proba-
by a rat-faced demon evils of money, including a 15th- bly lived in the financially active
to accept a bag of century cylindrical brass alms box city of Bruges, and who is human-
riches that seems to from the Netherlands, replete with ized by the delicate carnation he
bulge with coins. a slot to slip in coins and a padlock holds, symbolizing his betrothal. As
Meanwhile, a youn- to secure against theft. Two sets of I gazed into the figure’s sensitively
ger iteration of the crowned figures—Christ and the probing eyes, I felt I had begun to
miser stands at the Virgin—sit atop the object to bring grasp how this avatar of modern fi-
foot of the bed before home the association between self- nance—and how Morgan himself—
a strongbox out of less giving and eternal life. had gone about balancing their per-
which crawl still Voluntary poverty was another sonal books, both fiscal and sacred.
more demons. pathway to enrich the spirit. “St.
Various illumi- Francis Renouncing His Worldly Morgan’s Bibles: Splendor in
nated manuscripts Goods” (c. 1500), a boldly dramatic Scripture
present pointed cau- Belgian painting, attributed with a Morgan Library & Museum, through
tionary tales about question mark to the master of St. Jan. 21, 2024
the evils spawned by Augustine, shows the young Francis
greed. In facing pages stripping off his shirt, even as the Medieval Money, Merchants, and
from “Le Roman de la richly textured mantle drops from Morality
Rose” (Paris, c. 1350), his shoulders. As for worldly kings, Morgan Library & Museum, through
we see female em- we see illuminated vignettes (Paris, March 10, 2024
bodiments of covet- c. 1347-50) advising liberal alms-
ousness, a blonde giving combined with abstinence Ms. Cole is the author of the mem-
beauty clutching a from “corporeal delights.” oir “After Great Pain: A New Life
moneybag with each The material manifestations of Emerges” and writes on art and
hand; avarice, a sad the burgeoning growth of a finan- culture for the Journal and other
and solitary gray fig- cial world that Morgan would come publications.
ure holding only her
moneybag for com-
pany; and envy, por-
trayed as a forlorn,
empty-handed hag.
The images make
clear the stark choice
between sterile gold
coins and the genera-
tive life of the soul.
Although only a
THE MORGAN LIBRARY & MUSEUM (4)
small percentage of
Jews were money-
lenders, they were
Front cover of the

Lindau Gospels, left;
installation view,
right
SPORTS
Alabama Is In, Florida State Is Out
The undefeated
Seminoles were left
out of the College
Football Playoff
BY LAINE HIGGINS
For most of its more than 150

years of existence, college football
has been defined as much by con-
troversy and contention as what
happened when a bunch of stu-
dents squared off on the field. This
is a sport where 34 national titles
have been disputed or vacated—
and sometimes both.
Then, 10 years ago, the sport’s
leaders decided to change all that.
College football went from the
murky selection process of the
Bowl Championship Series era to a
BRETT DAVIS/USA TODAY SPORTS/REUTERS

playoff format, allowing four teams
to duke it out for the national title.
The days of controversy were sup-
posedly over.
For the most part, the next de-
cade played out exactly like that.
The College Football Playoff Selec-
tion Committee huddled at the end
of every season in a hotel confer-
ence room in Grapevine, Texas, be-
fore emerging to announce that The Alabama Crimson Tide beat the Georgia Bulldogs, 27-24, to win the SEC championship. No. 4 Alabama plays No. 1 Michigan in the Rose Bowl.
they had picked the same four
teams that everyone else had on
their bracket. Over the span of a No. 1 Michigan, No. 2 Washington, The answers to those questions really important. You can lose a The Longhorns picked up one of
decade, they had barely a single No. 3 Texas and No. 4 Alabama. proved controversial, as the selec- running back, you can lose a wide the best wins of the season in
tough call to make. One team that won’t is Florida tion committee decided to rank receiver, but a quarterback as dy- Week 2 when they traveled to Tus-
.
Then the 2023 season came State, a major conference champion two 12-1 teams above Florida State, namic as Jordan Travis, it changes caloosa and beat Alabama by 10
along, and chaos elbowed its way that wrapped up an undefeated who finished their season with a their offense in its entirety.” points—their worst home loss to a
ly
into the college football playoff. By season just a few hours earlier. perfect 13-0 record as ACC champi- On Sunday morning, Florida team outside of the SEC since Nick
the time the final slate of games “It’s unfathomable,” Atlantic ons. Up until this year, no unde- State was hoping that the selection Saban’s first year.
had been played Saturday night, Coast Conference commissioner feated conference champion had committee would keep 2014 in At the time, the coach described
seven teams had viable claims to
be included in the final four. Three
powerhouse schools—Texas, Ala-
bama and Florida State—appeared
on
Jim Phillips said of the decision to
pass over the Seminoles. “Their ex-
clusion calls into question the se-
lection process and whether the
ever been left out of the four-team
field.
The committee justified their
unprecedented choice by pointing
mind when picking the top four.
That year, they chose a one-loss
Ohio State playing with its third-
string quarterback over Texas
the game as “the midterm, not the
final.” To use Saban’s metaphor,
the Crimson Tide passed the final
exam with flying colors by snap-
to be competing for a single spot. Committee’s own guidelines were to player availability. The Semi- Christian and Baylor teams with ping then-No. 1 Georgia’s 29-game
us ,
For once, nobody knew anything. followed.” noles lost their electric playmaking the same number of losses. The winning streak in a 27-24 takedown
l
“It’s been a long couple of The Wolverines and the Crim- quarterback Jordan Travis to a sea- Buckeyes vindicated their decision in Atlanta.
e
al a
days,” said selection committee son Tide will face off in the Rose son-ending injury in November. by winning the national title. “We beat the No. 1 team in the
chairman and North Carolina State Bowl on Jan. 1, followed by a meet- They managed to win with backup The problem is the Seminoles country,” Saban said on Saturday.
athletic director Boo Corrigan. ing between the Huskies and the Tate Rodemaker and his backup, didn’t look much like that Ohio “If we needed to do something to
ci on
The committee chewed this over Longhorns in the Sugar Bowl. freshmen Brock Glenn, but they State team on the field. That 2014 pass the eye test, I guess that
into the wee hours of the morning. The committee’s decision came never really looked like the same Buckeyes won the Big Ten with a probably contributed to it signifi-
And then announced a playoff down to a handful of questions. team. dominant 59-0 dismantling of Wis- cantly.”
bracket that reverberated through Can a team still be considered one “Florida State is a different consin. Florida State’s conference The Longhorns throttled Okla-
college football like a grenade blast. of the four best if it is missing its team than they were through the championship game was a much homa State, 49-21, to win their
er s
The quartet of teams that will con- best player? Can a one-loss team first 11 weeks,” Corrigan said. more closely contested affair, as first—and last—Big 12 title. (Texas
test the postseason came down to be better than an undefeated one? “Looking at player availability was they squeaked by Louisville 16-6. will join the SEC in 2024.)
m er
The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 18 San Francisco,
m rp
colloquially
13 14 15 16 25 “Mazes and
Monsters”
17 18 19 writer Jaffe
26 Miles, meters
co Fo
20 21 22
and microns
23 24 25 26 28 Sunrise
direction
27 28 29 30 So yesterday,
so to speak
30 31 32 33
31 Letters on
sunscreen
34 35
bottles
36 37 32 Leads, as
JEFFREY PHELPS/ASSOCIATED PRESS
from a state
38 39 40 41 42 capital
n-
33 Again from
43 44 45 46 47 48 the top
34 Yields from
49 50 51 52
fields
no
53 54 55 35 Lyft lift
36 Aligned, as in Milwaukee celebrated with a parade after the Bucks won the NBA championship in 2021.
56 57 58 a wood shop
38 Trimming the
59 60 61
borders of a
lawn The NBA Tournament Winner:
ENDER’S GAME | By Rich Katz & Jeff Chen 40 Mock
Across
1 Middle sister
27 Plopped down
28 Environment-
53 Requests at
airports and
7 Kitchen
cooker
41 Peter of
“Lawrence of
Is It Worth a Victory Parade?
bars, for short 8 In an unusual Arabia”
in Chekhov’s related prefix
“Three 54 Part of speech way 42 Poem from BY JOSHUA ROBINSON for the championship next Zach Seidl, deputy mayor
29 Brooklyn’s Shakespeare AND ANDREW BEATON Saturday. of communications for Los
Sisters” NBA team some say 9 Traffic snarl
44 Contents of a What happens next for Angeles Mayor Karen Bass,
6 Moderate gait shouldn’t end 10 Pepper that
30 Kin of aches jar near a In the first year of the whichever team wins then indicated there would be
for a horse a sentence, might be NBA’s In-Season Tourna- becomes a matter for city of- some sort of party.
32 Investors’ but that does cashier
10 Sail on the goals made into a ment, basketball fans have ficials. “The Mayor looks for-
end each popper 45 Reef makeup become used to a few new “Of course, we don’t want ward to planning a celebra-
front of a boat
34 •Spanish starred 46 Have a loan things: purple courts, weird to get too far ahead in plan- tion in collaboration with
13 Unmasked 11 Restaurants
“See you answer from scheduling, the concept of a ning—that’s bad luck,” a the Lakers and Laker Nation
14 Medium for a with
soon!” 56 Almond or 47 Empty- group stage. spokesman for Milwaukee WHEN the Lakers win the
ham monthlong
36 Yummy in cashew waiting lists, headed But they’re still wrapping Mayor Cavalier Johnson in-season tournament,” Seidl
16 Darth Vader’s your tummy 57 Shiny fabric their minds around how wrote in an email. “If the wrote in an email.
e.g. 48 All-important
childhood much they should really care team wants a parade, we’re A spokesperson for New
37 Bills with 58 Soup server 12 Joe and Jill in 52 Palette paints
nickname about this whole competi- happy to work with them on York Mayor Eric Adams
Lincoln’s 59 Route-finding Washington
17 •Person portrait
55 Bill with tion. that kind of celebration.” didn’t respond when asked
tech, for short 15 Dunkable Washington’s Now, as the inaugural The season before the whether the city would open
raising money
38 Screws up 60 Mineral vein cookie portrait event moves into the quar- Bucks won the up the Canyon
on Kickstarter,
maybe 39 Morning 61 Wintry terfinals and gets ready for NBA champion- of Heroes
Previous Puzzle’s Solution this week’s Final Four in Las ship, the Lak- should the
moisture in precipitation
19 Hallucinogen
a meadow A P P L E M T M S T R O H Vegas, officials at eight city ers lifted the The final four Knicks make
that’s Down Q U E E G O H O AWA K E
“dropped” 40 Two, in 1 Chocolaty U N D E R G I R D S E V E R halls across the country are trophy. But will head to Las their fans
A S S E L S E S H E E D wondering the same thing. they couldn’t happy for
20 “Fingers Tijuana Starbucks S T A T E E A T The question that at least celebrate out- Vegas to play once.
crossed!” 43 •Decorative orders I G U E S S B E V Y C A P one of them will have to an- doors because But there’s
exterior for a 2 ___borealis D U N E S K Y P E T AM E
swer: Is winning the in-sea- that was the
for the no major city
21 Sticky stuff AM I D E L F I N E R I C
22 Member of
comforter (colorful sky H U T S D E I C E V E G A son tournament worth a pa- season of the championship. starved for
48 Presidential display) O P S L I E V D A Y T O N rade? NBA’s pan- one of its
the primates K I N E MO T E
power 3 “Quit that!” The eight remaining teams demic bubble. teams winning
23 Like deserts R I O T S C O U T L O U are the Los Angeles Lakers, In fact, the a title quite
49 “___whiz!” 4 Chopped F I G H T T A S T E B U D S
24 •Mustard A T O L L O R E S A R I S Phoenix Suns, Sacramento Lakers haven’t held a parade like New York.
passed 50 Davenport’s 5 Calculates a T E R S E P D S T O K E R Kings, and New Orleans Peli- since Phil Jackson was the The last sports squad to
between two state total The contest answer is GRIFT. As hinted at by cans in the West and the Mil- team’s coach. (Los Angeles earn one of New York’s
Rolls-Royces 51 Wrinkle- 6 Author the clue for 7-Down, find an answer that’s one waukee Bucks, New York was robbed of another pa- ticker-tape parades doesn’t
in a classic resistant, Capote, to letter off from a playing card in each of the five Knicks, Indiana Pacers, and rade that same month after even play in New York: It
3-by-5 areas of the grid: QUEEG/QUEEN,
commercial as a shirt his friends SEVER/SEVEN, DEICE/DEUCE, FIGHT/EIGHT,
Boston Celtics in the East. the Lakers’ 2020 title: the was the 2019 World Cup-
TOKER/JOKER. The pre-change letters of The final four will head Dodgers won the pandemic winning U.S. women’s na-
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. those five answers spell the contest answer. to Las Vegas to duke it out World Series.) tional soccer team.
OPINION
Spinning in Circles in 2023 BOOKSHELF | By Tunku Varadarajan
My head is
spinning from
all of 2023’s
ting elected, presidential can-
didates must fly to Iowa and
promise corn subsidies—al-
getting that communism and
capitalism are like oil and wa-
ter. A combination of Chinese
frastructure money before re-
opening. At her April congres-
sional testimony, Ms.
Lost in a Sea
confusing cir-
cular circum-
stances.
O p e n A I ’s
most $100 an acre. This leads
to an overabundance of cheap
high-fructose corn syrup
that’s used in processed foods
government crackdowns on
high tech and a deteriorating
overbuilt real-estate sector—
which funds local govern-
Weingarten then said we must
“secure the resources” to help
students recover “from learn-
ing loss.” It never ends.
Of Corruption
INSIDE
VIEW Sam Altman
has often said
and sodas. This causes higher
rates of diabetes and obesity.
ments—may send China into a
Japan-like lost decade.
In December 2021, Allianz
chief economic adviser Mo-
A Death in Malta
By Andy
that artificial The Biden administration had The Trump administration’s hamed El-Erian correctly By Paul Caruana Galizia
Kessler
intelligence to cap insulin prices, which tariffs on Chinese imports noted the Federal Reserve’s Riverhead, 304 pages, $29
I
will take jobs caused shortages. Also, Medi- were dumb. The Biden admin- “transitory inflation” forecast
away. He was right. It took his care has to pay for Ozempic to istration has mainly done the was “the worst inflation call in magine the corrupt Tammany Hall of old reborn in a
job away—if only for 100 treat diabetes and obesity. opposite of the Trump admin- the history of the Federal Re- sovereign state in postwar Europe—a tiny archipelago,
hours until he circled back. He Thanks to the Obama ad- istration, except on tariffs. serve.” Last month, with inter- no more, in the southern Mediterranean. After
is no fan of capitalism, fa- ministration, the U.S. has re- est rates tipping down, econo- independence from Britain in 1964, its anti-Western leaders
mously saying, “The incen- leased billions of dollars to mist Joseph Stiglitz declared courted Muammar Gaddafi as ally and benefactor. The
tives of capitalism to create Iran, which funds terrorist Our leaders worked at “A Victory Lap for the Transi- national passport used to be colored green in homage (it
and capture unlimited value groups like Hamas and Hez- tory Inflation Team.” Does he was said) to the Libyan panjandrum, and there was a time
I’m a little afraid of.” OpenAI, bollah, forcing the U.S. to pro- cross purposes while not think that interest rates when you couldn’t study at a local university without
given worries about AI’s “exis- vide Israel with Iron Dome pretending to solve rising from zero to 5.25% had sponsorship from the dominant (leftist) political party.
tential risk,” was created as a missiles and send aircraft car- an effect? Cogent economic Since its admission to the European Union in 2004, the
nonprofit that “benefits all of riers to the Mediterranean. our problems. analysis is a terrible thing to country has been the smallest by area (121 square miles) and
humanity.” But generative AI After the Soviet Union fell, waste. population (542,000) in the bloc. It sells passports-of-
requires oodles of capital to the U.S. brokered a deal that If you’re doing year-end convenience to foreigners of high net worth—often from
run. So, as a born-again capi- took nuclear weapons away Now candidate Trump has performance reviews or won- post-Soviet republics.
talist, Mr. Altman had the non- from the newly independent proposed 10% tariffs for all der why China’s social-credit Meet murky little Malta, democratic Europe’s notable
profit OpenAI create a “capped Ukraine, and now we have to imports—as smelly as soon-to- system is doomed to fail, outlier—not just geographically and linguistically (having
profit” OpenAI that raised $13 send Javelins and Himars and be-more-expensive imported check out the new book “The the only Semitic official language in the EU) but morally
billion from Microsoft and tanks and F-16s so the coun- Limburger cheese. Fund” by former Journal re- and ethically. Its politicians are in a venal class of their
now, lo and behold, actually try can defend itself against Michael Bloomberg calls porter Rob Copeland. It’s own, more unaccountable than any others in the eurozone.
benefits humanity. Russia. universities “bastions of intol- about Ray Dalio and his And its rule of law, rickety at best, is shockingly derelict for
The U.S. doesn’t have diplo- At the recent Asia-Pacific erance.” Of course they enjoy Bridgewater hedge fund’s an EU country. This isn’t just the judgment of fastidious
matic relations with Taiwan, Economic Cooperation meet- a special 1.4% tax on invest- cuckoo “radical transparency” outsiders, predisposed to look
so as not to upset mainland ings in San Francisco, Joe Bi- ment income from their en- and its Dot Collector real-time askance at Malta. It’s how Paul
China, but it will defend Tai- den declared California Gov. dowments, unlike the 23.8% employee-rating app. Employ- Caruana Galizia, a young
wan if China attacks so such Gavin Newsom his successor: long-term capital-gains rate ees would watch how Mr. Da- Maltese journalist, portrays his
companies as OpenAI can get “He could have the job I’m the rest of us pay. That, along lio rated others and then native land in “A Death in
the advanced chips for genera- looking for.” Asked about or- with inflation-beating tuition quickly pile on. Circularly, bad Malta.” And he does so for
tive AI that will allegedly “ex- dering the removal of home- hikes, helps universities over- ratings led to more bad rat- reasons that are both personal—
istentially” end humanity. less tents before the meeting, pay humanities professors ings and show trials. It would specifically, the 2017 murder of
The U.S. funded “gain of Mr. Newsom said, “You have who turn non-taxpaying stu- be funny if it weren’t so tragic. his mother by hitmen with links
.
function” research in Wuhan, people over to your house, dents into terrorist-support- See why I’m dazed and con- to the country’s ruling Labour
which led to the pandemic and you’re going to clean up the ing protesters. fused? And in emails and Party—and fiercely principled.
ly
caused politicians, three years house.” San Francisco’s Against the howling of par- tweets I’m often accused of More than six years after the
on, to restructure supply 716,000 residents (it was ents and anyone with half a being a privileged cisgender assassination of Daphne Caruana
chains completely and move 874,000 in 2020) are not brain concerned about learn- patriarchy-empowered pale Galizia, an anti-corruption
away from free trade so that
the U.S. could make masks to
respond to a pandemic we es-
sentially paid for.
amused.
In 2010, Goldman Sachs
forecast that China would
overtake the U.S. in gross do-
on
ing loss, American Federation
of Teachers President Randi
Weingarten promoted Covid-
induced school closures and
male. Privileged? Heck, I’m
only Silver status on United
MileagePlus. Keep those cards
and letters coming.
crusader who was the country’s
best-known journalist, the man
accused of having conceived and paid for the car bombing
that killed her is fighting the charges in court. He is one of
To have any chance at get- mestic product by 2030, for- then demanded buckets of in- Write to kessler@wsj.com. Malta’s richest businessmen, and he is politically well-
us ,
connected. Echoing a belief widely held in Malta, Mr.

l
Caruana Galizia suggests that the businessman arranged

e
al a
Venezuela Covets Guyana’s Oil Fields the hit to prevent his victim from revealing—on her
fearless blog, which amounted to the Maltese “corruption
encyclopedia”—details of a business deal in which he was
ci on
Sunday’s ref- dards, once the envy of South In 1966 Venezuela and Guy- Perhaps Mr. Maduro has involved. Mr. Caruana Galizia quotes his own father—
erendum in America, are in the tank. Some ana agreed to disagree about that Galtieri adventure in mind Daphne’s husband—saying that hers was a “political
Venezuela 7.5 million people, or a quarter the territory in the Geneva since there is no Thatcher killing”: “She was murdered,” he said, “for what she had
asked the of the population, have emi- Agreement. In March 2018 the equivalent these days. Deter- written or what she was about to write.”
electorate if it grated, tearing families apart. United Nations used the au- rence, particularly from the “A Death in Malta” is a chronicle of the sort of silencing-
er s
agrees that Pressure is increasing on the thority provided by that ac- U.S., seems to be lacking. by-murder that we might have thought happens only in
AMERICAS two-thirds of dictatorship to lift the ban on cord to assign the case to the Military aggression against Vladimir Putin’s Russia. As Mr. Caruana Galizia asks:
m er
Guyana actu- the 2024 presidential candi- International Court of Justice a smaller sovereign nation “Hadn’t Europe consigned car bombs to history?” The book
By Mary
ally belongs to dacy of popular opposition in The Hague, which is ex- won’t go over well, even is also a son’s distraught but beautiful tribute to his
Anastasia
Ve n ez u e l a . leader Maria Corina Machado. pected to rule on the matter among the usual Maduro allies. journalist-mother, known throughout Malta simply as
O’Grady
The dictator- The other reason Mr. Ma- early next year. Brazil’s President Luiz Inacío “Daphne,” the name given to her on the prompting of a
ship of Nico- duro held the referendum is Sunday’s referendum sug- “Lula” da Silva is a supporter doctor on the day of her birth in 1964. He’d seen the
m rp
lás Maduro sought a “yes” vote that the disputed Guyanese gests that Venezuela, which of both the Cuban and Venezu- newborn’s mother reading “Rebecca”—the novel by Daphne
and thought it had a lay-up. land corresponds to what is more than once has asserted elan military dictatorships. But du Maurier—in her hospital bed and had asked: “So then,
Guyana was a British colony believed to be enormous oil re- that the court has no jurisdic- he’s also an advocate of the are you going to call her Daphne so that she’ll be a writer?”
in 1899 when a Paris tribunal serves off its coast. Venezu- tion to rule on the dispute, peaceful resolution of cross- Daphne did, indeed, become a writer, of a kind that a
ratified its dominion over the ela’s incompetence and corrup- border disputes using interna- startled Malta hadn’t seen before. People read her, she once
co Fo
Essequibo region. Caracas has tion mean it can’t even extract tional courts. said, to “feel normal in a sea of insanity.” Her last pub-
long disputed the ruling. From the oil it has within its own Would Biden stop the Nor can Mr. Maduro count lished words were: “There are crooks everywhere you look,”
early childhood Venezuelans borders. But Mr. Maduro sees on Havana to back him. Cuba a line that came to be emblazoned on the T-shirts of pro-
marinate in the doctrine that the nation next door getting Maduro regime from has long leaned on the English- testers after her death.
the land was stolen from them. rich and reflexively needs to invading a much speaking Caribbean for support For most of its modern existence, Malta has been a
So approval on all five referen- object. Envy, after all, is the at the U.N. and in other inter- squalid place of bribes and kickbacks, with a civil society too
dum questions—including one mother of communism. weaker neighbor? national forums. Their first al- cowed to protest. Mr. Caruana Galizia writes that “in a small
that proposed the creation of a In 2015 Exxon Mobil made legiance is to Guyana. Even country, you are never far from your enemies.” Daphne knew,
new Venezuelan state—was the first crude discovery in the China, which is making oil in- he tells us, that “the culture of silence was the product of
the heavy favorite. Stabroek Block in Guyanese wa- doesn’t like its odds and is vestments in Guyanese waters, the fear of reprisal.” The expression of contrarian opinions
Late Sunday morning, the ters. The “gross recoverable re- prepared to take matters into doesn’t want an invasion. and public demands for transparency—both of which were
regime claimed robust turn- source,” according to the com- its own hands. Last week a to- Finally, one of the most im- Daphne’s stock-in-trade—could result in ostracism or worse.
out; by afternoon, the opposi- pany, “is now estimated to be ken number of Venezuelan mil- portant tests of jurisdiction is
n-
tion posted photos of empty more than eight billion oil itary were rumored to have the self-determination of the
polling stations and reported equivalent barrels” from more moved close to the border. local population. It’s unlikely A brave journalist is remembered by her son. Her
high abstention. As we went to than a dozen successful wells. Brazil put its military on high that the Guyanese living in the last published words, before her assassination:
press, official results weren’t In all there are an estimated 11 alert in the region. U.S. Army Essequibo want to become
‘There are crooks everywhere you look.’
no
in. But it almost doesn’t mat- billion oil equivalent barrels in special forces leadership met Venezuelans.
ter. The failing Mr. Maduro Guyanese waters, and at least with its Guyanese counterparts Yet despite widespread dis-
seems intent on picking a fight five other international oil com- last week, but U.S. Southern approval of what the world
with a neighbor. The only panies are working in the area. Command declined to com- seems to have already judged On one occasion, someone slit the throat of Daphne’s border
questions are how far he will In September Guyana re- ment on Friday. The State De- as a provocation against a collie. On another, her house was set on fire by arsonists
go and what it will cost him. ceived bids for exploration and partment didn’t respond to re- peaceful neighbor, it would be enraged by her writing. These assaults shook her, Mr.
The referendum was a call exploitation of eight new quests for comment. unwise to underestimate the Caruana Galizia says. But they did not deter her from raking
to Venezuelans to rally ’round blocks. But unlike the existing The invasion of the Falkland desperation building up in Ca- tirelessly through government corruption. In her son’s
the flag, which is the oldest wells, where Exxon, its part- Islands might have bought un- racas. If Mr. Maduro finds he words, she believed that the triumph of the unscrupulous
trick in the tyrant’s manual for ners, and some competitors popular Argentine dictator has painted himself into a cor- was “inevitable, unless you actively campaigned against it.”
what to do when things are go- are already bringing up crude, Leopoldo Galtieri some sup- ner, desperate measures won’t Although Mr. Caruana Galizia tells Daphne’s story with
ing badly. And they are. the oil resources in the report in 1982—if British Prime be out of the question. Cuba, unabashed filial devotion, he’s never mawkish, managing
The economy has collapsed cently auctioned blocks are off Minister Margaret Thatcher Brazil and China are unlikely his deep-seated anguish with an admirable restraint and
since Mr. Maduro took office in the coast of the Essequibo re- hadn’t been so determined to to stand on principle. elegance. Alongside his account of her life, we are given,
2013. Venezuelan living stan- gion. Mr. Maduro wants them. wave the Union Jack. Write to O’Grady@wsj.com. also, a history of the islands, in which he describes the
culture and patterns of corruption, violence and impunity
that predate independent Malta and that found their most
Around the World With Henry Kissinger unrestrained expression in the comportment of the coun-
try’s postcolonial politicians, judges, cops and businessmen.
For three decades, until she was blown to smithereens one
By Joe Lieberman Henry’s sonorous voice: “You logue—an avenue for back- with Russia, I have thought of October afternoon in 2017, Daphne was (in her own words) a
G
know, Joe, I was raised reli- channel diplomacy—between Henry and President Nixon’s beacon for “decent people who feel frightened and threatened
etting to know Henry gious in Germany and put on former U.S. and Chinese gov- accomplishment in drawing at the rise, growth and spread of amorality.” When Malta
Kissinger was a wonder- tallit and tefillin every morn- ernment officials. I called Beijing away from the Soviet joined the EU two decades ago, she had hoped that
ful bonus of serving in ing for a long time after my Henry to ask if I should partic- Union in the 1970s—an essen- membership in a union of civilized democracies would usher
the U.S. Senate. Some of the bar mitzvah. I must tell you, I ipate. When I told him the Chi- tial component of our victory in an era of civic modernity. Instead Malta became the back
most memorable times I had am very moved to have seen nese delegation would be in the Cold War. door through which illicit money washed through Europe:
with him were when he trav- you do that this morning.” sponsored by the Chinese Peo- Henry had a surprisingly “Becoming European,” writes Mr. Caruana Galizia, “was
eled with John McCain and me ple’s Institute of Foreign Af- good sense of humor, which only about becoming richer faster.” And so Daphne went
to the annual security confer- fairs, he told me that the or- was at its best in jokes about from writing about insular venality to exposing corruption
ence in Munich. On one over- Getting to know this ganization had been founded his ego. At a conference I at- on a grander scale, which reached its apogee with the leak
night flight, John and I pep- by former premier Zhou Enlai, tended long ago in Washington of the so-called Panama Papers in 2016, in which senior
pered Henry with questions brilliant statesman with whom he had personally where he was the keynote Maltese politicians were found to have set up shadow
about his peace efforts in the was a perk of being discussed its purposes. “You speaker, the event’s chairman companies that enriched them.
Mideast, the opening with have asked me whether you said: “If there is anyone in the Yet membership in the EU had its downside for Malta’s
China, ending the Vietnam a U.S. senator. should participate. I will an- world who needs no introduc- grubby political class, which had to bow—after much
War and reducing tensions swer you by saying you must tion, it is Henry Kissinger, and resistance—to demands from European legal bodies that
with the Soviet Union. participate.” so I give you Dr. Henry Kissin- Daphne’s murder be investigated with due diligence. The
Sunlight spilling in through Although Henry lost many I took Henry’s advice—more ger.” government was forced to hold a public inquiry into her
the plane’s windows awakened relatives to the Nazis, it was accurately, I obeyed his or- Henry walked slowly to the death, which Mr. Caruana Galizia describes as “Malta’s first
me the next morning, and as a clear in Munich that he was der—and have participated in podium and began: “I suppose truth and justice commission.” This was announced in
religiously observant Jew, I proud of his German heritage these private dialogues every it is true that I need no intro- September 2019. Four years later, her family still awaits
put on my tallit (prayer shawl) and that the Germans were year since. Sometimes they’re duction, but you know, I like a both truth and justice. But as her son’s exquisite book
and tefillin (small black leather proud of him. Henry had be- merely talk, but sometimes good introduction.” makes clear, they will not rest until Daphne’s story gets the
boxes containing excerpts come a national hero in the we’ve had an influence, as ending of which she herself would have approved.
from the Bible that are worn country his family was forced Henry hoped, on the policies of Mr. Lieberman, a Democrat
on the head and arms) and to escape in the 1930s. our two governments. and independent, served as a Mr. Varadarajan, a Journal contributor, is a fellow at
said my prayers. When I fin- About five years ago, I was As China has embraced a U.S. senator from Connecticut, the American Enterprise Institute and at NYU Law School’s
ished, I was surprised to hear asked to join a Track II dia- closer and more public alliance 1989-2013. Classical Liberal Institute.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Can Washington Still Do Anything? Sen. Sullivan on Deterring China on Taiwan
C
an the United States government still The surge of migrants is overwhelming For the past three months I’ve sive in keeping the Taiwanese people
act to solve problems and aid allies in border communities and big cities like New been pressing my colleagues to sig- free over the decades. Unfortunately,
nificantly strengthen the weapons Mr. Biden’s budgets have eroded this
the national interest? It’s hard to believe York and Chicago, which don’t have the re-
systems provided to Taiwan so it can important element of deterrence.
it has come to this, but that’s sources to care for them until prevail in a conflict in the Taiwan The third layer is rarely discussed,
the underlying question as A border security and they receive work authoriza- Strait (“How Joe Biden Can Deter but it could be the most powerful.
President Biden and Congress Ukraine-Israel aid deal tions or get on the federal China,” Review & Outlook, Nov. 18). This achieves deterrence through our
struggle to pass a spending dole. The border mess has The national security supplemental global economic, energy and financial
bill to help Ukraine and Israel is too important to fail. become a political liability request that the White House sent to strengths. China should understand
while improving U.S. border for the President and Demo- Congress in October fails to do this. that we are prepared to respond to
security. crats in Congress. Out of $106 billion, there is a mere any military invasion of Taiwan with
President Biden has asked Congress for $106 The inchoate Senate compromise would raise $5.4 billion to deal with the aggres- debilitating economic, financial and
billion in supplemental spending, but he needs the initial asylum screening standard, limit sive Chinese Communist Party, which energy sanctions.
Republican votes to do it. Republicans want to grounds for parole, and deny asylum to migrants is undertaking the largest peacetime This is what my Stand with Taiwan
military buildup in history with a Act does. It puts the Chinese Commu-
do something to reduce the flood of migrants who cross through other safe countries.
clear goal of conquering Taiwan. nist Party and its military on notice
pouring across the border and burdening Ameri- Yet some on the right say these significant President Biden’s anemic request that if it attacks Taiwan, no corner of
can cities, but they need Democratic votes to reforms aren’t enough. They demand that Con- was almost certainly the result of China’s economy will be left untouched
pass it. The necessity for compromise is obvious, gress pass H.R. 2, which mandates that employ- doves in the administration not want- by sanctions. And we’ll go after Com-
but America’s polarized politics and Mr. Biden’s ers use e-Verify to confirm legal status of em- ing to spoil the mood music during munist Party officials responsible for
political weakness may tank the effort. ployees, requires that DHS build at least 900 President Xi Jinping’s recent visit. aggression, casting a wide net.
i i i miles of physical barriers along the border, and Your editorial succinctly lays out One of the lessons we learned from
Mr. Biden’s aid request for Ukraine, Israel codifies many Trump immigration regulatory critical immediate needs to bolster Russia’s invasion of Ukraine is that
and the Pacific theater is urgent. But House Re- changes, among other things. deterrence in the Taiwan Strait. But sanctions have the best chance of de-
publicans moved first to pass $14 billion for Is- Conservatives for years have railed against equipping Taiwan with the arms it terring conflict when they are ready
rael offset by cuts to the Internal Revenue Ser- “comprehensive” immigration reform, and needs to defend itself is only one to go before the conflict begins. Mr.
layer of a three-layered approach to Xi has to know that if he moves to
vice. That bill has no chance in the Senate. Yet here’s an opportunity to pass discrete mea- deter a military conflict over Taiwan. conquer Taiwan, he and the economy
a bipartisan group of Senators has been work- sures that finally fix some of the problems at The second layer involves Amer- that supports him would face devas-
ing on a deal that includes border reforms in re- the border. But some on the Trumpian right ica’s own capability to defend Taiwan tating consequences.
turn for the foreign funding that should be more don’t want to solve the problem; they want to militarily should the president decide SEN. DAN SULLIVAN (R., ALASKA)
palatable to the GOP House. keep the border as a political issue to bludgeon to do so. This layer has proven deci- Washington
Republicans rightly note that the Adminis- Democrats.
tration has abused provisions in immigration Meantime, some progressives oppose any
law that let the Department of Homeland Secu- changes to immigration law because they favor
rity (DHS) grant parole to migrants for “urgent open borders. Some Senate Democrats also are Take Biden’s Advice on How Not to Win a War
humanitarian reasons” and “significant public refusing to support a deal that doesn’t provide
Regarding your editorial “Demo- millions displaced by Syria’s Assad
benefit.” Most migrants apprehended at the legal status to young adults who were brought
crats Want ‘Conditions’ on Israel” regime, the 300,000 murdered and
border are released into the U.S. and allowed to the U.S. illegally as children. But House Re- (Nov. 28): Having already orches- starved in Ethiopia’s Tigray war, the
to stay for years while awaiting asylum hear- publicans won’t accept this, and the immediate
.
trated the humiliating withdrawal nearly 400,000 Yemenis dead in that
ings. Some never show up. political need is to persuade them to vote for from Afghanistan; a Ukraine policy civil conflict and so on? What ex-
ly
Migrants who intend to apply for asylum Ukraine aid. that, after more than 18 months and plains the unique outcry against a
merely have to demonstrate a “credible fear” i i i $100 billion, still leaves unclear people committed to “never again”?
of persecution in their home country to gain en- Both President Biden and Republicans have whether the goal is for Ukraine to BENNETT RAMBERG
on
try. This initial screening standard is too easy a chance to claim a substantive and political vic-
to pass. Many migrants could instead seek asy- tory here. Mr. Biden would somewhat reduce his
lum in Mexico or other countries they pass immigration problem and avoid the humiliation
win or to lose more slowly; and re-
peated, degrading efforts to renew
the failed Iran nuclear deal, the Biden
administration is increasingly pres-
Los Angeles
In wartime, rules of engagement,

as set forth by military and civilian
through, but they want to live in the U.S. for of losing aid that could hand Vladimir Putin a
suring Israel on how it should re- leaders, should be the first signal as
us ,
economic reasons. victory in Ukraine in 2024. Republicans would

spond to the Oct. 7 attacks by Hamas. to compliance with U.S. and interna-
l
DHS has released more than 1.5 million mi- rightly claim the accomplishment of forcing Mr. Unquestionably, the Israeli govern- tional law. But I see Connecticut Sen.
e
grants on parole in the U.S since the start of fis- Biden to shore up border security.
al a
ment has many difficult decisions Chris Murphy “thinks” he knows of a

cal 2022. The Congressional Budget Office proj- Gridlock in Washington is often a virtue. But ahead of it. In dealing with Hamas, better way to conduct Israeli military
ects that more than 4.5 million migrants will be every so often Congress needs to act in the na- however, the course forward should operations. Does he have any type of
ci on
paroled over the next decade, and about tional interest. This is one of those times. Fail- be clear: Take any and all diplomatic military experience or education? If
500,000 will eventually receive asylum. Most ure to strike a deal would signal that the U.S. and military advice from the Biden so, then offer a plan of action. If not,
qualify for federal welfare benefits after being system really is as dysfunctional as its critics administration and do the opposite. then think silently. The same goes for
in the U.S. for one year. claim. JAMES SPIRO Vermont Sen. Bernie Sanders.
New Orleans On Oct. 7, Hamas demonstrated its
er s
rules of engagement. Based on my 22

About Those Non-Terrorist Houthis Student and public demonstrations years of military experience, I “think”
m er
condemning Israel’s reaction to the those actions are war crimes.
I
barbarism Hamas inflicted on Oct. 7 RICHARD STOFEN
ran’s proxies continue to threaten U.S. as- Iran’s Islamic Revolutionary Guard Corps. It’s raises questions of selective outrage. Naperville, Ill.
sets in the Middle East, and the latest effort part of Iran’s proxy campaign to harass allies The loss of Palestinian innocents in
comes from the Houthi militia in Yemen. On of Israel, including U.S. troops. Jerusalem’s response is beyond tragic, Based on our outstanding experi-
m rp
Sunday the Houthis opened Readers may recall that and military necessity strains to jus- ence in Vietnam, Somalia, Iraq and
fire on commercial ships in the A U.S. warship has to soon after taking office the Bi- tify it. But the intense critique of Is- Afghanistan, we want to teach Israel
Red Sea, and a U.S. warship den Administration took the rael’s actions has an air of hypocrisy. how to lose the American way.
had to respond in self-defense.
defend itself against Houthis off the U.S. list of for- What explains the absence of pub- TOM HAFER
U.S. Central Command said Iran’s Yemen militia. eign terror organizations. lic outrage to the 500,000 killed and Arlington, Va.
co Fo
in a tweet on Sunday that the That was part of the White

USS Carney responded to dis- House courtship of Iran, and
tress calls from commercial ships, while track- we can now see how that turned out. White How to Help Offenders Rejoin the Community
ing attacks on three different commercial ves- House spokesman John Kirby said recently the Regarding Barry Latzer’s op-ed of any faith during incarceration; the
sels. The Carney, an Arleigh Burke-class guided- U.S. might return the Houthis to the terror list. “Tech Can Keep Ex-Offenders Out of second is working with teams of re-
missile destroyer, shot down two drones in self- If the purpose of that warning was to deter the Jail” (Nov. 20): Having worked in cor- entry volunteers following release.
defense. No one was injured. Houthis from further attacks on U.S. or allied rectional facilities for several de- Beneficial relationships are formed
The Associated Press reported that a Houthi ships, it appears to have failed. cades, first as a layman and then as while assistance is provided in finding
spokesman took credit for the attack and said The Houthis pose a significant threat to cru- an ordained minister, I have seen two housing, transportation, employment
the militia will “continue to prevent Israeli ships cial Red Sea shipping lanes. Sooner or later one additional forms of “treatment” and general support. These faith-
from navigating the Red Sea (and Gulf of Aden) of its missiles may sink a commercial ship, and greatly improve a citizen’s chance of based and ecumenical organizations
success when he or she returns to a wouldn’t replace electronic monitor-
until the Israeli aggression against our steadfast perhaps even harm American sailors. This
n-
community. The first is participation ing on parole or probation, but they

brothers in the Gaza Strip stops.” The Houthi marks another failure of deterrence by the Bi- in interdenominational congregations could complement current programs
spokesman didn’t mention the role of a U.S. den Administration. It is reluctant to strike with that help releasees succeed. The non-
warship, but you can bet it knows who shot anything but a token response to Iranian proxy profit Prison Congregations of Amer-
down the drones. forces for fear of escalation that could spread Three Reasons That College
no
ica, based in Sioux Falls, S.D., helps

The Houthis, who count on Iran for weapons the Hamas-Israel war throughout the Middle facilitate startups of congregations in-
and training, would never undertake these at- East. But it’s getting the escalation anyway, and
Grads Win in the Job Market side and re-entry teams outside.
tacks without the tacit or explicit approval of Iran is at the heart of it all. Regarding Allison Schrager’s re- PASTOR PAUL E. STONE
view of “The Accidental Equalizer” by Eagle Grove, Iowa
Jessi Streib (Bookshelf, Nov. 29): In
Treasury’s Hidden Stash of Covid Cash over three decades of recruiting at
universities, I found three significant Schumer, Meet Nietzsche
I
reasons that college graduates, as a
f you thought Washington’s pandemic-cash pandemic growth trend since late 2020, and It is endearing to read Sen. Chuck
group, outearn noncollege graduates.
bonanza was behind us, keep an eye on the states like California set new records for discre- Schumer’s incredulity at his fellow
Graduates had the ambition or initia-
Treasury Department. The Biden Adminis- tionary spending that is now catching up to them. progressives’ support for Hamas and
tive to go to college in the first place;
tration made a quiet move late The quick economic recovery hatred for Jews, particularly among
the intelligence or mental horsepower
It wants to let states the privileged young (Notable &
last month to let states spend means stimulus funds after to gain admittance; and, most impor-
Quotable: Nov. 30). What did he think
up to $90 billion of leftover use billions of unspent 2020 have added to blowout tant, by graduating they proved they
was going to result from decades of
“emergency” money. spending, rather than replacing could finish what they had started.
progressive political indoctrination in
The rule change pushes ‘emergency’ dollars. lost state revenue as the Ad- The population with those traits
public schools? In a revaluation of
back the deadline for states ministration claims. inevitably will outperform the popu-
values that would make Nietzsche
lation missing one or more of them.
to claim cash from the State Democrats want to make blush, the U.S. government, at the
What they study in the process is of
and Local Fiscal Recovery Funds, a pandemic sure the leftover cash is committed before little relevance.
bidding of Mr. Schumer and others,
aid giveaway that President Biden set up there’s a chance to rescind it. Former House has created a cohort of citizens
LOUIE DELEON
through the 2021 American Rescue Plan Act. Speaker Kevin McCarthy struck a deal with whose greatest aspiration is to de-
St. Joseph, Mo.
The law set aside $350 billion for Covid-re- President Biden to rescind about $30 billion of stroy the very society that provided
their privileged upbringing.
lated spending until the end of 2024. Now unspent Covid funds during last spring’s debt-
PETER HABIC
Treasury plans to give out unspent cash be- ceiling increase, and Democrats agreed to re- My Dad’s Advice for College Nokomis, Fla.
yond next year, as long as states say what scind up to $21 billion of the $80 billion wind- Education Secretary Miguel Car-
they’ll spend it on by April. fall for the Internal Revenue Service in the dona’s misquotation (Notable & Quot-
The change bends the law’s purpose, be- Inflation Reduction Act. These clawbacks help able, Nov. 29) brings to mind the ad-
cause by now it’s even less possible to justify taxpayers, but progressives want to keep vice my father gave me. As I was
Pepper ...
new spending as a pandemic response. The spending as much as possible. preparing to leave home for college, And Salt
economist Paul Winfree has tracked the money House Republicans can move to block the he warned me that many people
THE WALL STREET JOURNAL
that’s already been misspent. “More than $185 waste with a Congressional Review Act resolu- would lie to me. The three most com-
million has been approved for projects related tion, which lets Congress repeal regulations. mon lies that I should listen for were:
to golf courses,” he writes in a new report for Treasury tried to insulate the new rule against “Of course I’ll respect you in the
morning,” “the check is in the mail”
the Economic Policy Innovation Center, along a challenge by saying it isn’t the type of “signif-
and “I’m from the government, and
with millions more for diversity coordinators icant regulatory action” that Congress can re- I’m here to help.” Needless to say, he
and a literal circus. Extending the deadline will peal. Yet as Mr. Winfree’s report notes, the rule was right then and more so now.
keep the party going. is likely to allow at least $13 billion in spend- HELEN PARMETER
Treasury released the interim final rule on ing—well above the $100 million threshold that Kansas City, Mo.
the Friday morning before Thanksgiving, one makes a rule significant.
of many quiet regulatory changes during the The federal government reached a new low
Letters intended for publication should
Biden Administration. Treasury allowed only in needless spending during the pandemic, and be emailed to wsj.ltrs@wsj.com. Please
a month for public comments to which the taxpayers will never get back trillions of dol- include your city, state and telephone
agency must respond, and the press has barely lars. Yet lawmakers can at least try to prevent number. All letters are subject to
mentioned the change. the still unspent funds from again bailing out editing, and unpublished letters cannot “Buy on the dip, ignore the blip, and
be acknowledged.
State revenue overall has exceeded the pre- reckless states. sell before the bubble bursts.”
OPINION
The New Antisemitism Is the Oldest Kind

By Lance Morrow his troops to watch. In Elia Kazan’s Why did Hamas attack on Oct. 7?
I
1947 movie based on the Laura Hob- Israeli oppression? Hamas has ruled
remember a dinner party on son novel “Gentleman’s Agreement,” Gaza since 2007, two years after the
Martha’s Vineyard in the desk clerks fidget and look away Israelis withdrew. Under decent, in-
1970s when I and my first when Gregory Peck, as a journalist telligent leadership—with a touch of
wife, who was Jewish, shared pretending to be Jewish, pushes vision, with investment by oil-rich
lobster with a half-dozen them about renting a room. Arab states—Gaza might now be a
nicely tanned Protestants in sherbet- America’s antisemites in those Mediterranean Singapore. Instead,
colored golfing trousers. They chat- days were more fools than monsters. Hamas has maintained Gaza as an
tered about what pests “those peo- With exceptions—Henry Ford, Father anguished slum, an ongoing dramati-
ple” were, who kept “pushing” to Coughlin, et al.—their antisemitism zation of the Palestinian victimhood
join the local beach club, even seemed more snobbery than hate that is the source of Hamas’s power
though they were “not wanted.” crime. It wasn’t political, program- and raison d’être.
“Gee,” said a middle-aged Prince- matic or fanatical. One evening in Although it seems grotesque to
BRUCE COTLER/ZUMA PRESS

ton man—pronouncing the word 1918, Eleanor Roosevelt (of all peo- say so, the casualties in Gaza have
“jay”—“why don’t they stick to their ple) came home from a Washington been relatively light by neighbor-
own clubs?” dinner party for the financier Ber- hood standards. More than 300,000
My then-wife and I left the party nard Baruch and wrote to her of Saddam Hussein’s own people
early, and in the car she burst into mother-in-law that “the Jew party ended up dead or missing during his
tears. was appalling.” 24-year rule. In Syria under the re-
The antisemitism that has poured A protest at New York City Hall Plaza. gime of the Assads, father and son,
forth onto the country’s streets and hundreds of thousands of Syrians
This isn’t the midcentury campuses in the autumn of 2023 is a black man who has been falsely ac- call them “the best” anymore?), Jem have been killed and nearly 13 mil-
different thing—a reversion to a pol- cused of raping a white girl. Peck’s and Scout are leading the lynch lion people—more than half the
‘Gentleman’s Agreement’ itics of aggressive, unapologetic Atticus Finch sits in front of the lo- mobs. country’s prewar population—have
variety. It’s the return of hate. The ominous historical regres- cal jail, reading a book. The moment Sympathy for innocent Palestinian been turned out into the world as
sion at work in the latest Jew-hatred is tense. Just then, the children, civilians who have been killed under refugees.
pure hatred of the Jews. takes up the themes of the Jem, Scout and Dill, step forward the Israeli bombardment of Gaza? By Students at Harvard and Colum-
mid-1930s, the spirit of Hitler’s and, in the most innocent way, greet all means. Who doesn’t feel that? bia don’t protest the region’s routine
brown shirts and Kristallnacht. Of the leader of the lynch mob. Scout The mirror neurons of any decent inhumanities. They do so only when
How innocent the moment seems. course, the new Jew-haters—espe- says, “Hey, Mr. Cunningham,” and person must respond at the sight of there are Jews around to blame and
That was the postwar “Gentleman’s cially young people on campuses— she mentions Cunningham’s son, child-sized body bags in the ruins of to hate. It’s the Israelis’ Jewishness
Agreement” version of American an- think of themselves as perfectly vir- whom she knows from school. His a Palestinian hospital; the stunned, that brings the demonstrators out.
tisemitism—gentiles relaxing up-is- tuous. What is a thousand times brutal face grows suddenly embar- unbearable grief on the faces of This isn’t “a new antisemitism.” An-
land, on their fourth glass of Chablis. worse, they think of their Jew-ha- rassed. The children have shamed those still alive. The conscience re- tisemitism is never new. It’s an an-
The word “Jew” wasn’t mentioned. tred as righteous. It’s morally fash- him out of his violence. The mob coils and cries, “Stop!” cient beast that awakens from time
In the Martha’s Vineyard iteration— ionable among them. backs off and dissolves into the Ala- But wait. Draw back. Who-whom, to time and exhales such filth as
post-Auschwitz—American antisemi- To frame this in American terms, bama night. as Lenin said: How you assign blame “Gas the Jews” and “Hitler was
tism often had a discreetly covert you might recall another Gregory The most disgraceful and danger- for violence depends on who has right.”
quality. It emerged from a kind of sly Peck movie, “To Kill a Mockingbird” ous change that has occurred in the done what to whom. The Americans
politesse because, after all, everyone (1962). Remember the scene in character of America’s “elites” dur- didn’t bomb Yokohama on Dec. 7, Mr. Morrow is a senior fellow at
at some time or other had seen the which, in the middle of the night, a ing my lifetime is this: In 2023, at 1941; the Japanese attacked Pearl the Ethics and Public Policy Center
.
films from the Nazi camps—the ones mob of whites comes into town with some of the most expensive universi- Harbor. And the Japanese were re- and author of “The Noise of Type-
that Gen. Eisenhower had ordered intent to lynch Tom Robinson, a ties in the country (who bothers to sponsible for what followed. writers: Remembering Journalism.”
ly
First They Came for the Cars, Then the Cows
on
Climate has become house-gas emissions and about 32% been taxed based on the size of their farmers out of business. Consider the methane rather than milk.”
religion for the of the world’s methane, which is 28 land, the amount of livestock they state’s mandates that more space be The climate lobby knows that re-
global left. Yet un- times as potent as carbon dioxide. own, their overall production and given to farm animals under the stricting people’s consumption of
us ,
like most organized Pound for pound of protein, beef their use of nitrogen fertilizer. guise of improving animal welfare. meat and dairy products would be
l
religions that are production generates nearly 18 times The Netherlands, the world’s sec- The real purpose of these regulations unpopular, if not unconstitutional, in
e
al a
genuinely commit- as much greenhouse gas—and pork, ond-largest exporter of agricultural is to increase the cost of livestock most countries. Instead they urge
ted to helping our four times as much—as tofu. Blame products after the U.S., plans to pay production and thus reduce farmers’ that governments use regulation,
LIFE
fellow man, today’s cow burps and manure. livestock farmers to shut down to output. taxes and subsidies to reduce the
ci on
SCIENCE
climate movement Methane is the natural byproduct California’s farming rules will supply and increase the cost of meat,
By Allysia
figuratively burns of cow digestion. Each cow emits as have a national effect, because they as they are doing with fossil fuels.
Finley
heretics at the much carbon in a year as a gasoline- The climate lobby is now apply to any livestock raised in the Elites convening at COP28 will
stake and demands powered car. Unlike cars, however, U.S. and then sold in the state. Thou- still be able to eat $100 prime rib,
communal sacrifices that serve no cows can’t be engineered to become aiming to use taxes and sands of pork producers nationwide but the masses will have no choice
er s
purpose but to immiserate humanity. more “fuel efficient.” While scien- regulation to restrict your warn they may be forced to shut but to sacrifice their sirloin. The
Consider the calls at the United tists experiment with feeding cows down because of the high cost of world’s poor will have to continue
meat consumption.
m er
Nations’s COP28 climate confab this seaweed to reduce their flatulence, compliance. Congressional members subsisting on nonnutritious gruel,
month in Dubai to reduce meat con- changing a cow’s diet could impair from 21 farm states this summer in- just as they will have to do without
sumption. Banishing fossil fuels and the nutritional quality and taste of troduced legislation to block Califor- cars, air conditioning and refrigera-
gasoline-powered cars isn’t enough its meat and milk. Seaweed also has bring the country into compliance nia from regulating farmers outside tors, to achieve the global left’s net-
to achieve the climate lobby’s net- a high level of a compound that dam- with European Union emissions reg- its borders—much to the consterna- zero nirvana.
m rp
zero promised land. Now people ages the ozone layer. All of which is ulations. More than 750 Dutch farm- tion of green groups. But make no mistake: The climate
must give up their rib-eye steaks and why the U.N. report proposed taxing ers have reportedly signed up for California and the federal govern- religion’s ultimate goal isn’t to re-
pepperoni pizza. foods based on their carbon emis- this buyout scheme. Naturally, the ment also provide regulatory credits duce carbon emissions or stop
This crusade to stamp out meat is sions with the goal of making meat result will be reduced meat supply for dairy farms to capture methane global warming. It is to force people
gaining force. A U.N. report last year so expensive that people will have no and higher prices. from manure. These credits are lit- to give up material joys and live as
co Fo
held that about 7 gigatons of CO2 re- choice but to go vegan. The same anti-bovines are at work eral cash cows, worth nearly $2,000 ascetics. Today’s climate clergy are
ductions—about as much emissions This is what New Zealand’s La- in America. California requires dairy a head. An April 2022 presentation like the wanton, well-dressed friar
generated from global natural-gas bour government sought to do be- and livestock operations statewide to at the California Air Resources in Geoffrey Chaucer’s “The Canter-
combustion—would have to come fore the party lost its governing ma- reduce methane emissions to 40% Board titled “What’s Worth More: A bury Tales,” ostensibly begging for
from people eating less meat. jority in October’s elections amid a below 2013 levels by 2030. Sacra- Cow’s Milk or Its Poop?” mused that the poor while living sumptuously.
Livestock production accounts for revolt by dairy farmers. Under the mento plans to achieve this target these subsidies might become so They want to have their meat and
about 11% to 17% of global green- Labour plan, farmers would have with costly regulations that drive rich that farmers may begin to “farm eat it too.
Revive Trump’s ‘Vision’ for Israeli-Palestinian Peace

By Michael Oren supports the atrocities of Oct. 7 and ians would be forced out of their attacked or murdered Israelis. Today, peace between Israel and Saudi Ara-
n-
And Jason Greenblatt wants to eliminate Israel entirely. homes, and both would be given ac- in the 19th year of his four-year bia. He ought to extend similar sym-
B
Yet if speaking about peace is cess to their holy sites. Jerusalem term, Mr. Abbas opposes the vision’s pathy, and exert equal political capi-
y agreeing to exchange a mul- helpful to Mr. Biden, it’s vital to re- would remain united under Israeli requirements for democratization. tal, to advance the vision.
tiday cease-fire for the release call that a U.S. proposal for a realis- sovereignty with a capital created The Palestinians weren’t alone in Talking about peace while Hamas
no
of hostages, Israel is likely to tic two-state solution already exists for the Palestinians in its eastern rejecting the proposal. Most of the continues to hold more than a hun-
come under mounting pressure to and was approved by a previous Is- suburbs. media denounced it as too pro-Israel, dred people hostage strikes many as
accept a more permanent truce. This raeli government led by Benjamin The vision also called for the con- despite its several territorial conces- tone-deaf. But at least 20 Democratic
would enable Hamas to get away Netanyahu. struction of a high-speed rail line be- sions to the Palestinians. Many com- senators think otherwise and may
with one mass murder while actively The proposal is called “Peace to tween the West Bank and Gaza, as mentators likewise overlooked that seek to revive a failed two-state for-
preparing for the next. Nevertheless, Prosperity: A Vision to Improve the well as a system of bridges, roads mula. To give Mr. Biden the backing
some policy makers viewed the Lives of the Palestinian and Israeli and tunnels between noncontiguous he needs to maintain his principled
agreement as a way to end the war, People”—or simply the vision. Pre- Palestinian territories in the West Palestinians rejected this opposition to a total pause—and pro-
secure the remaining hostages’ free- sented by the Trump administration Bank. The Palestinians would have vide time and space for Israel to de-
dom and alleviate the Palestinians’ in 2020, it called for the establish- their own port in Gaza as well as ac- two-state solution that’s feat Hamas—the U.S. should renew
suffering. President Biden has sig- ment of a Palestinian state similar in cess to Israeli ports, and designated the only proposal Israelis the vision, at least as the basis for
naled his opposition to a complete size to the pre-1967 area of the West roads would connect the Palestinians future negotiations. It is the only
pause—but that opposition may not Bank and Gaza, with unprecedented to Jordan and the broader Arab might accept. proposal Israelis might approve if
be so steadfast. The White House is investment in the Palestinian econ- world. Under the vision, Palestinians and when the time is right, and it is
reportedly asking Israel to allow omy. The vision estimated that would be able to chart their own des- an opportunity the Palestinians
more humanitarian aid to enter within a decade a million new jobs tiny, supported by massive sums of right-wing Israelis rejected the vision would be wise not to miss.
Gaza and agree to a “day after” plan would be created, doubling Palestin- money. precisely because it would result in a
that includes a so-called two-state ian gross domestic product and sig- Mr. Netanyahu hailed the plan as Palestinian state—albeit one without Mr. Oren has served as Israel’s
solution. nificantly reducing the poverty rate. an opportunity “Israel will not miss,” full sovereignty and subject to over- ambassador to the U.S., a Knesset
Israel can expand aid shipments to The vision provided for the integra- but Palestinian Authority President riding Israeli security control. member and deputy minister in the
Gaza, but it should unequivocally re- tion of Palestinians into the regional Mahmoud Abbas rejected it with “a Mr. Biden has no doubt satisfied prime minister’s office. Mr. Green-
ject the creation of a Palestinian and global economy and for major thousand no’s.” The vision, he his party’s progressive base by aban- blatt is director of Arab-Israel diplo-
state while Hamas rules Gaza and a development projects in Gaza. claimed, would give the Palestinians doning many of his predecessor’s ini- macy for the Jerusalem Center for
corrupt Palestinian Authority con- Israel, for its part, would receive less land than previous proposals tiatives. Yet his administration con- Public Affairs and author of “In the
trols large parts of the West Bank. A the security provisions it needs to would have and prohibit the Palestin- tinues to maintain the Abraham Path of Abraham.” He served as
Nov. 14 survey found that 75% of the prevent attacks akin to Hamas’s Oct. ian Authority from paying stipends Accords, which Mr. Trump forged, White House Middle East envoy,
public in the West Bank and Gaza 7 assault. Neither Jews nor Palestin- to reward Palestinian terrorists who and hopes to expand it by creating 2016-19.
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Lachlan Murdoch
Notable & Quotable: Covid ‘Misinformation’
Executive Chairman, News Corp From “Orwell and Monroe Got It down hard on “misinformation” formation” operatives—by writers
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp Right” by Michael Barone in the about mandatory masking and ex- in the New York Times: solidarity
Emma Tucker Almar Latour Washington Examiner, Nov. 29: tended lockdowns initiated in this forever. But last week, as the New
Editor in Chief Chief Executive Officer and Publisher country. Once again, inconvenient York Post gleefully notes, a New
Liz Harris, Managing Editor DOW JONES MANAGEMENT: George Orwell, call your office. truths were suppressed. . . . York Times editorial admitted, “the
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; That’s my initial and slightly out-of- Most negatively affected were startling evidence on learning loss
Elena Cherney, News; Chip Cummins, Newswires; Mae M. Cheng, EVP, General Manager,
Andrew Dowell, Asia; Taneth Evans, Associate Leadership; David Cho, Barron’s Editor in Chief;
date response to news stories about children. Though it was clear from is in.”
Editor; Brent Jones, Culture, Training & Jason P. Conti, General Counsel, Chief the Biden administration’s efforts to the beginning that COVID posed Startling, that is, to media re-
Outreach; Alex Martin, Print & Writing;
Michael W. Miller, Features & Weekend;
Compliance Officer; Dianne DeSevo, Chief People stamp out “misinformation.” It’s an almost no risk to children, pres- porters and opinion writers who
Officer; Frank Filippo, Chief Transformation
Emma Moody, Standards; Prabha Natarajan, interesting irony that covert censor- sure from the teachers unions toed the line of administration
Officer; David Martin, Chief Revenue Officer,
Professional Products; Bruce Orwall, Enterprise;
Business Intelligence; Dan Shar, EVP, General ship should be undertaken enthusi- which staff and fund the Demo- “misinformation” apparatchiks, but
Philana Patterson, Audio; Michael Siconolfi,
Investigations; Amanda Wills, Video Manager, Wealth & Investing; Ashok Sinha, SVP, astically by those who call them- cratic Party resulted in extended painfully apparent for three years to
Head of Communications; Josh Stinchcomb, EVP selves “liberal” or “progressive” school lockdowns and unenforce- angry conservatives and dissenting
Paul A. Gigot & Chief Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page Sherry Weiss, Chief Marketing Officer
and who claim the opposition would able mask mandates in Democratic epidemiologists who were dismissed
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
threaten the survival of liberal constituencies. as “conspiracy theorists,” and to an-
1211 Avenue of the Americas, New York, N.Y., 10036 democracy. . . . These were hailed—perhaps at guished liberals like the New
Telephone 1-800-DOWJONES The government . . . clamped the urging of administration “misin- Yorker’s Alec MacGillis.
.
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Alaska Air to Buy Hawaiian Rival Wars Spur

Socially
Carriers would
retain separate
unite carriers that largely
serve destinations in the Pa-
cific region and operate com-
U.S. and giving Alaska Air a
new hub in Honolulu for
flights to Asia.
solidation among airlines. Af-
ter a wave of deals, four major
U.S. carriers account for
ship between JetBlue and
American Airlines.
Alaska Airlines and Hawai-
Minded
brands under terms
of billion-dollar deal
peting flights to Hawaii. Exec-
utives said the deal would
solidify Alaska Airlines’ posi-
“It’s a step change for us,”
Alaska Air Chief Executive Ben
Minicucci said in an interview,
around 80% of the domestic
market, which smaller airlines
have said makes it harder for
ian Airlines overlap on just 12
routes, executives told ana-
lysts on a conference call Sun-
Investors
BY ALISON SIDER
tion as the fifth-largest U.S.
carrier. But they will have to
win over antitrust authorities,
sporting a blue Hawaiian shirt
sitting alongside Hawaiian’s
CEO. “We will be the clear
them to compete.
The Justice Department
filed a lawsuit to block the
day, expressing optimism that
regulators will view the deal
favorably.
To Diversify
Alaska Air reached a who have challenged recent market leader in Hawaii…And merger between JetBlue Air- The Hawaiian market, with
roughly $1 billion deal to buy airline tie-ups. we believe the loyalty pro- ways and Spirit Airlines this roughly $8 billion in annual BY HANNAH MIAO
Hawaiian Airlines, a combi- The airlines will retain gram that we can offer makes year. A federal judge in Boston passenger revenue, was a big
nation of two nearly century- their separate brands but said Alaska a real choice in compe- is set to hear closing argu- part of the allure for Alaska When Shiva Chidambaram
old rivals that are dwarfed by together they will have tition amongst the big four.” ments in that case this week. Air, executives said. Hawaiian started putting money into his
the biggest players in a time broader reach, connecting Ha- The proposed merger will Earlier this year, the Justice Airlines is already the state’s 401(k) a couple of years ago,
of travel upheaval. waii to three times as many test antitrust authorities’ will- Department succeeded in its largest carrier and the airlines he didn’t think much about his
The proposed deal would destinations in the continental ingness to allow further con- efforts to break up a partner- Please turn to page B2 investments. Then the war in
the Middle East began.
Chidambaram came across
a tweet about U.S. weapons
manufacturers last month that
prompted him to investigate
the stocks in his retirement ac-
count. He discovered his
401(k) contributions were held
in a target-date fund that
owns shares of military con-
tractors such as Lockheed
Martin and Northrop Grum-
man.
The 30-year-old mathemati-
cian in Cambridge, Mass., dis-
approves of companies in-
.
volved with nuclear weapons
or controversial munitions
ly
that are restricted under inter-
national conventions. He
moved most of his money into
on the only index fund available
in his 401(k) plan that doesn’t
MAX WHITTAKER FOR THE WALL STREET JOURNAL (2)
invest in any weapons makers.

To keep his retirement savings
relatively diversified, he
us ,
moved the rest into other

l
funds offered in the plan that

e
al a
have a smaller allocation to

arms manufacturers.
“I never realized that even
ci on
retirement funds will be di-

rectly invested in military con-
tractors,” Chidambaram said.
“I cannot imagine that my
Bayer is developing processing tomatoes, meant for sauces and ketchup, that use less water money is being invested in
er s
but still maintain taste and juiciness. RIght, Bayer’s vegetable lab in Woodland, Calif. that.”
The wars in Gaza and
m er
Race Is On to Breed a Tomato to Save Ketchup

Ukraine have renewed atten-
tion on environmental, social
and corporate-governance in-
vesting for some everyday in-
vestors. The approach to so-
m rp
BY PATRICK THOMAS Harvested acres of tomatoes Total water use among drought-tolerant tomato seeds ahead of a changing climate cially responsible or
in California that could disrupt the food- sustainable investing is better
In the heart of one of the Typical growing season amt. supply chain and drive up known for a focus on clean en-
1991 2001
world’s top vegetable-growing 254,000 169 billion prices for consumers. ergy, but some strategies also
312,000 acres
regions in California, scien- Partly it is defense. avoid investing in industries
co Fo
tists are on a mission to save 2021 2011 Droughts and rising tempera- such as weapons manufactur-
ketchup. 228,000 250,000 tures globally have taken a ing, tobacco and prisons.
Plant breeders at the Drought-tolerant heavy toll on agriculture in re- ESG investors often face an
Woodland, Calif., facility of seed range† cent years, and some scien- uphill battle. Among the most
German pharmaceutical and 120-136 billion gallons Annual water tists and agriculture officials popular and low-fee set-it-and-
agriculture giant Bayer are use of N.Y.C. expect a changing climate to forget-it investment choices
testing whether tomatoes (2022)* make extreme weather events for individuals are funds track-
meant for processing into Daily water use 365 billion more common. ing broad stock indexes like
pizza sauces and ketchup can of N.Y.C. (2022) In California, droughts and the S&P 500, or target-date
survive on a fraction of their *Based on daily amount 999 million severe weather conditions in funds, which hold a wide-rang-
†Range made up of continuous drought, late drought
traditional water needs, with- and extreme late drought stress. Estimates based on recent years have wrecked ing mix of stocks and bonds
out sacrificing taste or juici- current testing that could be achieved if broadly adopted some of the state’s most valu- that go from riskier to more
ness. when commercialized. able crops, such as tomatoes, conservative over time. These
Sources: Agriculture Department (harvested acres of
n-
Using a small set of twee- tomatoes); Bayer (typical amt., drought-tolerant seed ranges); almonds and alfalfa. California funds hold shares of hundreds
zers, Taylor Anderson care- City of New York (N.Y.C. water usage) produces more than 90% of or thousands of companies and
fully removes the part of a to- U.S. processing tomatoes, used often have some exposure to
mato plant that allows it to breeder at Bayer, leads a team to produce varieties capable of basic agricultural needs,” said for sauces and pastes. areas of concern for ESG in-
no
self-pollinate. He extracts pol- that is mixing and matching growing with 20% or 50% less Anderson, “but that day is That is powering a race vestors.
len from the flower of a sec- tomato varieties that have his- water. coming and it’s coming soon.” among seed companies, where Investors also risk missing
ond plant and places it on the torically done well under “We haven’t hit the dooms- Bayer’s tomatoes are one executives say they are har- out on investment gains: De-
first, creating a new hybrid. drought conditions or have a day scenario of just not hav- example of how the agricul- nessing their billion-dollar re- fense stocks typically rally at
Anderson, a vegetable stronger root system, aiming ing enough water to do our ture industry is trying to stay Please turn to page B4 Please turn to page B2
Repairing EVs After INSIDE Munger’s Donations Came

A Crash Can Be Pricey With Plans Down to the Details
KEVIN MAZUR/WIREIMAGE FOR PARKWOOD
BY SEAN MCLAIN Last year, repairing an EV

after a crash cost an average BY KAREN LANGLEY
Electric-vehicle owners are $6,587 compared with $4,215
finding a surprising downside for all vehicles, according to Charlie Munger knew the
to their new wheels: They CCC Intelligent Solutions, a power of collaboration.
tend to be expensive to repair company that processes insur- Over nearly 50 years, the
after a crash. ance claims for auto repairs in billionaire investor helped build
When Scott MacFiggen’s the U.S. Berkshire Hathaway into one
neighbor backed into his Riv- The costs contrast with the BOX OFFICE of the most valuable U.S. com-
ian R1T pickup truck last sum- maintenance savings that panies through his partnership
ERIC BRONSON/UNIVERSITY OF MICHIGAN
Beyoncé, like Taylor

mer, the vehicle was left with dealers and automakers pro- with Chairman and Chief Exec-
a dent the size of a bowling mote when trying to get buy-
Swift, sees her concert utive Warren Buffett.
ball under a rear taillamp. ers to switch to electric cars film open at No. 1 for In his philanthropic efforts,
MacFiggen was expecting a and trucks. In addition to not its first weekend. B2 Munger often sought to create
couple-thousand-dollar bill needing gas, EVs tend to re- spaces where others could
from the repair shop and to be quire less upkeep. Not needing share ideas and work together.
without his truck for a couple to do regular chores like oil He donated more than $500
of weeks. “I guess I was a lit- changes, engine tuneups or re- million to schools, universities
tle naive,” said the 51-year-old placement of timing belts and other institutions, includ-
San Francisco resident. means electric-vehicle owners ing gifts to construct resi- Charles Munger touring the Munger Graduate Residences
The actual bill came to spend half as much maintain- dences for students and re- under construction at the University of Michigan.
$22,000, and the vehicle took ing their vehicles as their gas- searchers, and became
2½ months to fix. oline-owning counterparts, ac- involved in granular details of like for buildings with curves. versity of California, Santa
For EVs, repairs after a col- cording to Consumer Reports, building design. Munger died “He saw housing as a compo- Barbara, Munger gave about
lision can cost thousands of a nonprofit organization. Tuesday at 99 years old. nent of education,” said Kathleen $66 million to build a resi-
dollars more than their gas- Still, when EVs need repair, Munger didn’t just write M. Sullivan, a former dean of dence for visiting physicists. At
H&M
powered counterparts because it can be costly. Rental-car checks. His giving showed his Stanford Law School and partner Stanford University, he and his
the fixes tend to require more company Hertz Global Hold- deep interest in architecture at Quinn Emanuel Urquhart & second wife, Nancy B. Munger,
replacement parts, the vehi- ings, which operates a large RETAILING as he weighed in on decisions Sullivan. “It’s where young peo- contributed $43.5 million to-
cles are more complicated and electric fleet mostly composed Fashion chains go for large and small in planning ple meet and learn to exchange ward new housing for graduate
fewer people do such repairs. of Tesla vehicles, said its third- the buildings he funded. Offi- ideas and form business rela- students, Sullivan said.
While those issues may ease quarter profit was pinched in
fewer but more cials he worked with remem- tionships that they’ll then have His gifts to the University
over time, first-time electric part because of the cost of re- spacious stores in the ber that he pushed for high for the rest of their lives.” of Michigan included $110 mil-
owners may be startled by the pairing electric models. mold of Apple. B3 ceilings and plentiful common At the Kavli Institute for lion to build graduate-student
cost and longer wait times. Please turn to page B6 areas and expressed his dis- Theoretical Physics at the Uni- Please turn to page B6
B2 | Monday, December 4, 2023 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
Beyoncé Concert Film Debuts at No. 1

today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A Federated Hermes L
Kaufmann Large Cap
Alaska Air......................................B1 Lockheed Martin.....................B1
Fund...............................................R6
Adyen.............................................B10
Foot Locker..................................A1 M BY GINGER ADAMS OTIS
AEye................................................B10
Ford Motor..........................A6,B6
Affirm Holdings....................B10 Macy's..............................................B3
G-H Beyoncé’s concert film
AMC Entertainment............B2 R
General Dynamics..................B1 dominated the box office on
Apple.................................................B3
H&M..................................................B3
Rivian Automotive................B7 its debut weekend, with an es-
B RTX.....................................................B2 timated $21 million in U.S.
Hawaiian Airlines....................B1
Bayer..................................................B1 S ticket sales.
Hertz Global Holdings........B1
Berkshire Hathaway.............B1 The 42-year-old pop singer’s
I Syngenta.......................................B4 “Renaissance: A Film by Be-
D
Inditex..............................................B3 T yoncé” gave a strong showing
Diamond Hill Small Cap
Inpixon..........................................B10 for the first weekend in De-
Fund...............................................R6 Tesla............................................B1,B7
J cember, historically a slow one
Dollar Tree....................................A1 U for movies. It is the first time
DWS Equity 500 Index JPMorgan Tax Aware
Ulta Beauty..................................A1 in two decades a film has
KEVIN MAZUR/WIREIMAGE FOR PARKWOOD

Fund...............................................R6 Equity Fund............................R6
opened to more than $20 mil-
F K V
lion on the weekend after the
Fast Retailing............................B3 Kraft Heinz..................................B4 Victoria’s Secret.......................A1 Thanksgiving weekend, accord-
ing to AMC Theatres, which
distributed the film.
INDEX TO PEOPLE “Renaissance” made its de-
but ahead of several other
newly released feature films,
A F Morikawa, Taku.......................B3 including “Godzilla Minus
Aiken, Jason................................B2 Fredman, Marc.........................B6 Musk, Elon............................B3,B7 One,” a Japanese film distrib-
N uted by Toho that took in an Beyoncé, like Taylor Swift, capitalized on the success of a hugely popular summer tour.
Augustine, John......................A6 G
estimated $11 million over
B Goodwin, Lauren.....................R2 Nordvall, Henrik.......................B3 three days domestically. Estimated Box-Office Figures, Through Sunday yoncé and Taylor Swift have,”
Bankman-Fried, Sam..........R2 H P The concert film also held Sales, in Millions Dergarabedian said.
Benarroch, Joe..........................B3 Helmersson, Helena.............B3 Patricio, Miguel........................B4
off “Hunger Games: The Bal- Film Distributor Weekend* Cumulative % Change Both superstars were in a
Benavidez, Scott.....................B6
lad of Songbirds & Snakes,” Renaissance: A Film Variance position to capitalize on the
I R now in its third week. The Li- 1. $21.0 $21.0 — success of summer tours that
Ben-David, Itzhak...................R8 by Beyoncé Films
Iger, Bob.........................................B7 Rademacher, Ida.....................R4 onsgate feature earned an es- set new precedents for pricing
Buffett, Warren..............A13,B1
Ingram, Peter.............................B2 timated $14.5 million in the The Hunger Games: and clout and spotlighted the
Rekenthaler, John..................R8
Bufka, Lynn.................................R4 U.S. this weekend, bringing its 2. The Ballad of Lionsgate $14.5 $121.2 -50 economic force their fan bases
K Rossouw, J.D..............................B4
Songbirds & Snakes
C cumulative domestic ticket wield.
Krosby, Quincy..........................R2 Rowe, Jeff....................................B4
sales to $121 million, accord- 3. Godzilla Minus One Emick $11.0 $11.0 — Both performers also cut
Campbell, Brock.......................A6
L S ing to Comscore, which tracks out studio middlemen and re-
Trolls Band
D Scherr, Stephen.......................B6 movie-ticket sales. 4. Universal $7.6 $74.8 -57 leased their concert films di-
Li, Jiacui.........................................R8 Together
Dimon, Jamie............................A6 Srnic, Wendy..............................B4 Beyoncé wrote, directed rectly with AMC Entertain-
M and produced “Renaissance,” 5. Wish Disney $7.4 $42.0 -62 ment.
E Maceiras, Oscar Garcia.....B3 W which turned her ultra-popu- *Friday, Saturday and Sunday in North American theaters Source: Comscore In opting to take their con-
Earle, Pete....................................R2 Minicucci, Ben............................B1 Walker, Xander.........................B6 lar summer tour into a big- cert footage to theaters in-
.
screen event. The film opened concert film has earned $178 Swift’s concert film has stead of streaming services,
Friday in 2,539 theaters across million in domestic ticket earned about $247 million the two stars are cashing in
ly
Canada, Mexico and the U.S., sales as of Sunday, according worldwide as of this weekend, on the communal, in-person
according to AMC Theatres. to AMC. according to Paul Dergara- experience fans have been
“Renaissance” also took in The prior domestic ticket- bedian, senior media analyst craving—and shelling out
on an estimated $6.4 million in
94 markets internationally in
its first three days, AMC said,
giving it a global weekend
sales record for a music-con-
cert film was set in 2011 by
“Justin Bieber: Never Say
Never,” which took in $73
at Comscore.
Having both Beyoncé’s and
Swift’s concert films debut at
No. 1 in the same year is un-
for—since the pandemic lock-
downs ended.
Beyoncé’s movie covers her
creative process and includes
gross of $27.4 million. million. precedented, he said. concert footage from her popu-
us ,
Although it landed in the Globally, no music concert “It’s really amazing to see lar tour, which ran from May to
l
top spot for its opening week- film has topped “Michael how these films are perform- October to promote her 2022
e
al a
end, “Renaissance” fell far Jackson’s This Is It,” from ing in theaters. Music labels album “Renaissance.” It was an
short of the $92.8 million do- Sony Pictures, which opened must be looking at this as a event to see and be seen at,
mestic debut of “Taylor Swift: in 2009 and took in $262 mil- potential gold mine for other with celebrities and fans—
ci on
The Eras Tour,” which opened lion in cumulative domestic artists, but then again, not ev- known as the BeyHive—attend-
in theaters in October. Swift’s and international sales. ery artist can do what Be- ing in bedazzled costumes.
BAYNE STANLEY/ZUMA PRESS
Wars Spur U.S. mutual and exchange- Share-price performance

er s
traded funds’ exposure to

weapons manufacturers* 20%
Investors
m er
RTX
12,500 funds
General
15
To Diversify
Dynamics
The airline has faced unique challenges, including Maui fires. 10,000 Northrop
m rp
Grumman
Alaska Air
Hold shares of
demic, but Hawaiian has faced 10 Lockheed
military contractors
challenges including recent 7,500 Martin
wildfires in Maui, growing com- Continued from page B1
To Purchase
S&P 500
petition from Southwest Airlines the onset of any conflict. 5
5,000
on its flights between Hawaiian Shares of General Dynamics
co Fo
islands, the slow recovery of have gained 14% since Hamas
A Rival tourism from Asia and the recall militants’ Oct. 7 attacks on Is- 2,500 0
of hundreds of Pratt & Whitney rael and Israel’s subsequent
engines. military campaign in Gaza. Don’t hold shares of
military contractors
Hawaiian Chief Executive RTX has rallied 18% and Lock- 0 –5
Continued from page B1 Peter Ingram said those are heed Martin has risen 12%, Oct. 6 Nov. Dec.
said that together they would short-term concerns and that outperforming the S&P 500 *Analysis of funds with 50% or more of fund assets in equity holdings.
have more than 50% market the merger will help both air- over the same period. Sources: As You Sow, Morningstar (funds); FactSet (performance)
share there. lines in the long run. ESG became a craze on Wall
Alaska Air “One thing Street just a few years ago but ual investors say they want to
would pay $18 a that it’ll bring has since lost some of its lus- put their money where their
share in a deal to the guests ter. The third quarter was the values are. About two-thirds of
the two compa- Antitrust who travel on first time more sustainable exchange-traded-fund inves-
n-
nies announced authorities have our flights to- funds liquidated or removed tors surveyed by Charles
Sunday. Alaska day is the abil- ESG criteria from their invest- Schwab this year said they are
Air valued the challenged ity to get to ment practices than were likely to divest themeselves
deal at $1.9 bil- more destina- added, according to Morning- from companies or funds that
recent airline "#$ %&' ( )&
no
lion, including tions than we star. Higher interest rates and don’t align with their personal

about $900 mil- tie-ups. can offer just elevated borrowing costs have values. Nearly nine of 10 par-
lion of Hawai- with our non- cramped clean-energy stocks, ticipants in retirement plans

ian’s debt it will stop flights,” he while ESG investing turned like 401(k)s want their invest-

absorb. The said. into a political target. ments to be aligned with their
share price of airline parent Hawaiian, which operates Geysar Gurbanov, 37, used values, according to a 2022 ! " # $%& $%$'
Hawaiian Holdings has tumbled about 60 Boeing and Airbus to be interested in ESG invest- Schroders survey. ! ! " # $(& $%$'
roughly 50% this year, to $4.85 aircraft, got its start flying being but now views the strategy Nonprofit As You Sow runs ) ! ! * ('& $%$'+
at Friday’s close, giving it a tween the Hawaiian islands as shortsighted. The business several databases geared to- * + ! ,-
market value of about $250 before statehood—a business owner in Dayton, Ohio, said he ward helping everyday inves- +, !!
million. Alaska Air’s market challenged by the entrance of believes U.S. weapons makers tors with an interest in ESG
cap is around $5 billion. Southwest in 2019. Hawaiian help protect the country and analyze mutual funds and
Airlines have enjoyed a resur- has posted net losses for 14 of its allies. ETFs using Morningstar data.
gence in travel since the pan- the past 15 quarters. Gurbanov said he increased One is Weapon Free Funds,
his position in defense stocks which flags shares of arms
at the onset of Russia’s inva- makers in funds. In the seven
How Shein’s On-Demand Model sion of Ukraine last year. He weeks since Oct. 7, Weapon Call Toll-Free:
Created a $66 Billion Empire used the recent rally in the Free Funds averaged about
shares to trim some of his 1,250 weekly visitors, com-
holdings and take some prof- pared with an average of 250 a
its, while maintaining an out- week in the seven weeks prior,
size position in the industry. according to As You Sow. Dealer Manager
“Pretty much anytime I see One recent visitor was !, 2023
strong geopolitical risks, I add Amanda Jacobsmeyer, a 30-

to those stocks,” Gurbanov year-old media strategist in !" ! # $%!
said of military contractors’ New York. She said she doesn’t & !" #$" " #!#"
shares. He focuses on investing support war and has been call- ' ( " )"" "!' *
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in companies that increase ing elected officials to ask for
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dividend payouts and repur- a cease-fire in the war in Gaza. " )"" $ $ $ !" $ "" !
chase shares. Energy stocks When she used Weapon Free " !" ) +! ' *
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make up the biggest portion of Funds to assess her 401(k), she
GILLES SABRIÉ FOR THE WALL STREET JOURNAL
! . ) ! $ ! &
his stock portfolio. found only one fund offered )"" "#'
Executives of some military through the plan that doesn’t ( " ! "" ! / $%! #"!
contractors signaled to share- invest in any arms makers: a & ! +# $ ' * / ##!
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holders on their recent earn- real-estate fund. ! $ $ ) "$" $ !""
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ons. General Dynamics Chief fund, as well as two other "" ! "! $
Financial Officer Jason Aiken funds with lower exposure to ! "" $ " ! )
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said the company has already weapons companies. Because
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apparel by predicting customer demand and is only going to put upward about adding additional fund 6 01- 7879' "" '
producing items in small quantities. Scan pressure on that demand,” Ai- options for 401(k) participants.
this code for a video on how Shein has ken said on the company’s Oct. “I’m doing the best I can do
dominated the global fast-fashion market. 25 conference call. with the very limited options,”
Nonetheless, many individ- said Jacobsmeyer.
THE WALL STREET JOURNAL. Monday, December 4, 2023 | B3
BUSINESS NEWS
Fashion Retailers Get a New Look Walmart

Has Halted
Zara, H&M, Uniqlo
aim for fewer, better
H&M has shrunk its store
count 14% from its 2019 peak to
4,375 outlets today. The com-
Advertising
stores, add salons,
new digital features
pany doesn’t break down reve-
nue into physical and online,
and says the two parts of the
On X
business are complementary.
BY TREFOR MOSS Increasingly, stores “are a way BY SARAH NASSAUER
for our customers to get inspi-
Fashion retailers found a ration,” CEO Helena Helmers- Walmart said it had
way to make their shops daz- son said in a recent interview. stopped advertising on Elon
zle customers again: make H&M upped its capital- Musk’s X, joining the parade
FROM TOP: CHRIS RATCLIFFE/BLOOMBERG NEWS; H&M
them more like Apple stores. spending budget 43% for 2023 of major marketers that have
Brands including H&M and to roughly $1 billion, partly to left the social-media platform
Zara closed hundreds of stores push ahead with store modern- in recent weeks.
in recent years to cut costs as ization. Even before the The retail behemoth said
more shoppers turn to e-com- Covid-19 pandemic, H&M’s lead- the halt—in the middle of its
merce. Now they are investing ers recognized it was time to critical holiday shopping sea-
in those that remain to woo update the physical store to of- son—wasn’t because of a
customers in ways they can’t fer a more engaging experience, change in its advertising poli-
online. said Nordvall, the U.K. manager. cies, but about how well ad-
The new-look stores are When the pandemic led to a vertisements on X have per-
typically larger and more spa- surge in online formed. Walmart largely
cious, offer services such as sales, the com- stopped purchasing ads in Oc-
beauty salons, repair stations Above, the Uniqlo store in the London’s Covent pany acceler- tober and the last ones ran
and coffee shops, and enable Garden. Right, an H&M celebration marking a ated its effort to around Thanksgiving.
new digital features such as collaboration with fashion house Rabanne. redesign stores, “We’ve simply decreased
apps that allow shoppers to he said. spend over time to align with
rummage virtually through in—a model Apple honed with revenue from Japanese performance,” said a Walmart
the storeroom. its roomy stores filled with us- stores in- brand Uniqlo— spokeswoman. Walmart could
“Now it’s about engaging able gadgets—the fashion re- creased 8% in owned by advertise on X in the future,
with consumers and giving tailers are redefining the cloth- 2022 com- Japan’s Fast she said. “This has nothing to
them an experience,” said ing store for the digital age. pared with Retailing—is do with Musk’s statements on
Henrik Nordvall, manager of Retailers once needed a four years ear- still expanding or off the platform.”
H&M’s U.K. business. large network of stores “to lier, with each in Western Joe Benarroch, head of
At the brand’s recently re- reach people, but now they store selling markets, where business operations at X, said,
designed store on London’s have the internet for that,” 30% more on its footprint is “Walmart has not advertised
Regent Street, foot traffic said Patricia Cifuentes, an an- average, Chief smaller than on X since October so this is
matters more than sales fig- alyst at asset manager Bestin- Executive Offi- H&M and Zara. not a recent pause, the com-
ures, Nordvall said. While in- ver. “Now stores are about cer Oscar Gar- The chain’s pany has just been organically
store sales are still strong, brand image. They’re like cia Maceiras recently opened connecting with its commu-
.
many customers spend time tourist destinations.” said on a re- store in Lon- nity of more than one million
there developing an affinity Not every retailer is follow- cent earnings call. outs is making stores feel don’s Covent Garden is located people on X.” Benarroch said
ly
with the brand and then buy ing the approach of the big After closing weaker loca- roomier by having more open in a Victorian-era carriage that every year the platform
online later, he added. global brands. Macy’s is open- tions and upgrading the rest, space between displays so works building, where shop experiences 15 billion impres-
The store is home to a ing smaller stores as a way of “We have been left with a net- customers don’t feel crowded. floors loop around a courtyard sions about the holidays and
floor-to-ceiling TV screen, a
beauty bar for customers to
book nail or eyelash treat-
ments and a rental section
bringing its brand to places
where customers run their
daily errands.
But for global fashion’s
on
work of bigger, better and
more beautiful stores in the
best retail destinations glob-
ally,” Garcia said.
The Zara store in Miami is
doubling in size, according to
Garcia, to provide the more
spacious experience the com-
beneath a vaulted glass roof.
There is a Japanese tea shop
and a florist.
Visitors can use a machine
that more than half of X users
do most or all of their shop-
ping online. Reuters earlier re-
ported on Walmart’s decision.
where shoppers can borrow heavy hitters, the shift toward Despite operating fewer pany wants to deliver. Bigger to print their own T-shirt de- Disney, Apple and several
us ,
selected items, especially rela- fewer but better stores is well stores, Inditex increased its stores are more productive, signs, have clothes altered at entertainment companies
l
tively expensive clothes from under way. While the invest- capital-expenditure budget for Zara has found. Though stores the store’s repair station, and stopped advertising on X in
e
al a
H&M’s designer collabora- ment could backfire if the 2023 by 14% to 1.6 billion eu- are getting larger, sales per lounge in comfy chairs while November after Musk de-
tions. stores fail to draw sustained ros, equivalent to about $1.7 square foot is up 16% relative browsing coffee-table books. scribed an antisemitic post as
Since the changes, the aver- traffic, for now the strategy billion, half of which is ear- to 2019, Garcia said. While online sales are “the actual truth” and again
ci on
age duration of a customer appears to be working. marked to make improve- Zara is cramming stores growing, destination stores lashed out at the Anti-Defa-
visit has increased substan- Inditex, parent of Zara, ments to stores. with new tech such as auto- “have become the driver of mation League.
tially, said Nordvall, who de- has eliminated a quarter of Much of that is being spent matic return and collection European earnings,” as well as Since Musk purchased what
clined to provide specific its stores since 2018 and now on the rollout of a new Zara points, as well as self-checkout places where the brand com- was then called Twitter last
numbers. has 5,745 locations across its store design—including at areas. Customers can use the municates what it stands for, year, the platform has struggled
er s
By turning their stores into brand stable, which includes new U.S. locations in Baton Zara app to check the contents said Taku Morikawa, CEO of to keep advertisers concerned
destinations that shoppers ac- Bershka and Massimo Dutti. Rouge, La., and San Antonio. of the storeroom to see if an Uniqlo Europe, during a recent about his approach to manage-
m er
tively seek out and spend time Yet the Spanish group’s total Essential to the new lay- item is available in their sizes. earnings presentation. ment and content moderation.
m rp
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no
Petrobras celebrates its 70th anniversary,

producing energy today to build a better tomorrow.
Our Strategic Plan highlights this movement
as we commit to new investments in renewable
energy sources while maintaining our current
energetic security. With feet planted in the
present, and eyes set on the future,
we aim to go further, innovating, creating
more sustainable solutions, and harnessing
all of Brazil’s potential, in order
to lead a fair energy transition.
Learn more at petrobras.com
This material has been prepared for informational purposes only and does
not constitute a recommendation or offer to buy or sell securities. For more
information about the company, we recommend reading the 2022 Reference
years
Form and the 2022 Form 20-F, and especially the sections on Risk Factors;
both forms are available at www.investidorpetrobras.com.br/en/
B4 | Monday, December 4, 2023 THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
MAX WHITTAKER FOR THE WALL STREET JOURNAL (4)

Scientists at work at Bayer’s Vegetable Research & Design Lab in Woodland, Calif. In photos
at left, a worker hand-pollinates tomatoes. Above, processing tomatoes are tested.
Race Is On seeds for 40% of all tomato

products sold in grocery
stores worldwide.
plants built around crops such
as corn and soybeans in the
Midwest would have to com-
ern Canada. Syngenta is devel-
oping new pest-resistant
cabbage for European farmers
Planting acreage for pro-
cessing tomatoes fell more
than 20% from 2014 to 2022,
served about 40 new breeds of
tomato in hundreds of plots,
testing them under different
To Breed “It is very hard right now,”

said Kraft Heinz Chief Execu-
tive Miguel Patricio in an in-
pletely change, he said.
“Innovation has never been
more important,” Rowe said.
meant to stave off insects and
diseases once unique to Africa
but that have spread north
largely because of persistent
drought in the region, accord-
ing to the Agriculture Depart-
growing conditions, such as
20% or 50% less water. The
three or four breeds that per-
New Tomato terview. “There’s a lack of to-

matoes in the world.”
The industry has already
spent years developing
from climate change, the com-
pany said.
ment. If water becomes more
scarce, the long-term viability
form best will move to the
next round of testing in 2024.
.
It can take companies more drought-resistant corn and California farmers are ea- of California tomatoes could So far, Anderson said, the
than a decade to develop new soybeans, specifically by fo- ger for a solution. Jim Beecher be in jeopardy. results are promising. The
ly
Continued from page B1 seed varieties, and there is no cusing on creating stronger p ro d u c e s “It’s been physical appearance of plants
search and development bud- guarantee they would be root systems. roughly 160,000 dire,” Beecher weren’t markedly different
gets to create hardier crops. enough to help farmers miti- More resilient plant genet- tons of toma- said, adding and none had shriveled up and
Those efforts include less-wa- gate the effects of climate on
ics have been credited by ana- toes a year 45 ‘There’s a lack of that more resil- died. If successful, Anderson
ter-intensive rice and shorter change in the long term. lysts with helping the two miles south- tomatoes in the ient tomato va- estimates that based on cur-
corn that can handle higher Developing hardier plants largest crops in the U.S. sur- west of Fresno, rieties are one rent testing it is possible the
winds, as well as chemicals to is one way to help farmers vive hotter and dryer growing Calif. He said world,’ said of the few solu- seeds could save California
battle pests that spread in cope without migrating crops conditions in the Midwest this most Ameri- tions that will farmers roughly 34 billion gal-
us ,
warmer temperatures. from one growing region to summer. cans have prob-
Kraft Heinz’s keep tomato lons of water a year, assuming
l
“There is a unique sense of another, which would be ex- “The challenge we’re facing ably tasted his Miguel Patricio. production in they are broadly adopted.
e
al a
urgency,” said Bayer’s head of cruciatingly difficult or impos- is the speed at which [cli- tomatoes, the area viable He said his team even con-
vegetables R&D, J.D. Ros- sible, industry officials say. mate] is changing,” said which will long term. templated ramping up the
souw——to stay ahead of the Moving crops would re- Wendy Srnic, seed company eventually be Bayer’s ef- challenge by testing the toma-
ci on
changing climate, and the quire purchasing new equip- Corteva’s vice president of turned into ketchup for Kraft forts to improve tomato seeds toes’ performance in places
competition. ment that could cost hundreds biotechnology, referencing Heinz. revolve around traditional like Yuma, Ariz. Finding the
At Kraft Heinz, executives of thousands of dollars, said various issues farmers are fac- Drought the past few years plant-breeding techniques, right match of tomato genet-
said conditions in California Jeff Rowe, incoming chief ex- ing. has made it hard for Beecher crossing two plants to pro- ics and testing their effective-
have prompted the ketchup ecutive of seed and pesticide Corteva is working on new to make his farm profitable. duce offspring that share the ness could still take years, An-
er s
maker to consider Washington company Syngenta. corn varieties that can be Some members of his family best characteristics of their derson said.
state for growing tomatoes The supply-chain infra- grown in places that were pre- business have talked about parents. Over the past few —Jesse Newman
m er
needed to help produce the structure and processing viously too cold, such as west- selling the farm, he said. months, Bayer’s Anderson ob- contributed to this article.
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B6 | Monday, December 4, 2023 NY THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Why EV cluding Tesla and Ford Motor

slashed prices this year in
hopes of luring customers.
data from CCC Intelligent So-
lutions. Those repairs tend to
take roughly 57 days com-
shops. Those additions helped
half the cost of repairs on Tes-
las over the past decade as
Repairs Are Last year, on average, an EV

repair required roughly double
the replacement parts com-
pared with 45 days for non-
EVs, the data showed.
In the case of MacFiggen’s
more shops became equipped
to work on the vehicles, said
Xander Walker, a former Tesla
So Pricey pared with a conventional vehi-

cle, according to CCC Intelligent
Solutions. The way many elec-
Rivian truck, the cost of the
repair reflected deeper, struc-
tural damage that wasn’t im-
employee who worked on re-
furbishing leased vehicles and
trade-ins.
tric models’ parts are bolted or mediately visible, a Rivian Today, Tesla says the costs
Continued from page B1 welded in the vehicles often representative said. MacFig- of operating a Model 3 sedan
Higher repair costs are means the components cannot gen said his insurance covered are similar to those of a Toyota
NICK CAREY/REUTERS
helping to drive up insurance be repaired and have to be re- the five-figure repair bill. The Corolla over a five-year period,
premiums for electric owners, placed, Fredman said. price of repairing body panels in part because of lower main-
who pay on average $357 a When these vehicles do get on any vehicle can vary tenance and repair costs.
month for coverage compared into a crash, repairs can be widely, but it typically costs Hertz Chief Executive Ste-
with $248 for gas vehicle own- more complex for many rea- between $100 and $3,000, J.D. phen Scherr said he expects
ers, according to insurance sons. The bodies can be more When EVs get into a crash, repairs can be more complex. Power data found. repair costs to come down as
comparison website Insurify. complicated to disassemble, Above, an electric-vehicle repair course. “Our top priority is build- replacement parts become
“People are used to hearing and the repairs tend to re- ing safe vehicles,” the Rivian more readily available, and as
that EVs have fewer parts quire more steps and precau- pair process, he added. “Those shops will charge representative said. “Repair- Hertz buys more vehicles from
than a combustion vehicle, but tions, Fredman said. The vehicle bodies can re- more because they’re taking ing Rivian vehicles is in line traditional carmakers with a
that is not the case in collision Vehicles containing lithium- sult in higher parts and labor on the risk of working on with similar repair costs to broader network of suppliers.
repair,” said Marc Fredman, ion batteries require special costs because EVs tend to use them and retrofitting their other EV manufacturers.” Meanwhile, Scherr said the
chief strategy officer for CCC storage consideration because more exotic materials than shop,” Benavidez said. There are signs that costs rental-car company is at-
Intelligent Solutions. of the risk of fire when they traditional steel, collision-re- Repairing an electric car could come down as automak- tempting to lower the price of
Bringing down repair costs are damaged, said Scott Be- pair specialists said. Some of tends to take longer in part ers build up a supply of spare spare parts and planning to
is another complication for navidez, chairman of the trade these materials, like alumi- because there are a limited parts and more independent perform more repair work in-
automakers as they try to at- group Automotive Service As- num, require specialized tools number of shops capable of repair shops become trained. house to bring down costs.
tract first-time buyers and re- sociation and owner of a colli- and storage facilities, narrow- doing this type of work. It EV market leader Tesla has Ford expects repair costs
ignite sales growth of electric sion-repair business in New ing the number of shops that takes 25% longer to get an EV company-owned collision re- will come down as technicians
models, which slowed in re- Mexico. Those precautions can perform the work, they into a body shop than a tradi- pair centers, as well as a net- are trained and components
cent months. Companies in- add time and cost to the re- said. tional vehicle, according to work of privately owned body become more readily available.
Munger wide as they need to be,” said

Lars Bildsten, the institute’s
director. “Charlie felt strongly
Gave Down they should be wider than

that such that when people
see each other they are com-
To Details fortable interacting wherever

they bump into each other.”
Bildsten said designing the
residence was a collaboration
Continued from page B1 and Munger was open to sug-
housing and fund fellowships. gestions.
.
At the Huntington Library, Art
Museum, and Botanical Gar-
ly
dens in San Marino, Calif., Faking windows
Munger most recently donated Another housing develop-
$40 million in October to con- ment Munger wanted to back at
WHERE on VOLATILITY
struct housing for visiting re-
search fellows.
Munger had personal or
UC Santa Barbara ran into re-
sistance. At a 2016 meeting of
the Board of Regents of the
RISK MEETS
family ties to many of the in- University of California, Munger
stitutions to which he do- proposed a high-rise project to
us ,
nated. He studied math at the house thousands of students.

l
University of Michigan before “The buildings would be so

e
al a
OPPORTUNITY
leaving to enlist in the mili- large that it would be impossi-
tary during World War II. ble to have windows in every
Nancy B. Munger was a Stan- bedroom,” the meeting min-
ci on
ford graduate who served on utes state. “He would solve

the university’s board of the window problem by hav-
trustees. A grandson gradu- ing artificial windows with
ated from UC Santa Barbara. LED lighting that would mimic
Forbes estimated Munger’s natural daylight.”
Whatever the conditions, CME Group provides
er s
net worth at $2.6 billion. He The plan received national

owned Berkshire shares that attention after an architect re-
the tools that global market participants need UNCERTAINTY
m er
were worth $2.2 billion on the signed from the university’s de-
to manage risk and capture opportunities. With day of his death, according to sign review committee in 2021,
Dow Jones Market Data. writing that the concept was
24-hour access to trading in futures, options, unsupportable and that it was
clear the committee’s involve-
m rp
cash and OTC across all major asset classes, Giving Pledge ment was a mere formality.
Munger didn’t sign the Giv- UC Santa Barbara said the
you can determine your best position and ing Pledge—a campaign project would be an important
started in 2010 by Bill Gates step in addressing the cam-
take action at just the right moment. with his now ex-wife, Melinda pus’s housing needs and plac-
co Fo
French Gates, and Buffett— ing bedrooms in the center of

whereby billionaires commit the structure would allow for
VISIT CMEGROUP.COM/OPPORTUNITY to donating the majority of more bedrooms and amenities.
their wealth to charitable In July, a student-housing team
causes during their lifetimes sent a message to the campus
or in their wills. community saying it was con-
He told Yahoo Finance in a tinuing to work on planning
2019 interview that he Munger Hall but that it was
couldn’t meet the pledge’s re- moving forward with plans for
quirements because he had other housing options.
transferred too much money
to his children. He and his
second wife had four children Hospital donations
n-
together and two each from Over the years, Munger do-
their prior marriages. Munger nated nearly $40 million to
had a son from his first mar- Good Samaritan Hospital in
riage, Teddy, who died of leu- Los Angeles, including a 2018
no
kemia at age 9. gift of $21 million that sup-

“I’m seeking false credit if I ported an expansion of the
join them and emergency de-
STRATEGY say I’m a big partment, a
philanthropist spokeswoman
that’s going to ‘I’ve patterned said. He served
give more than my life after as chairman of
half of my the hospital’s
wealth to char- Franklin,’ Munger board from
ity,” Munger 1987 until the
said, according
said in a Journal hospital’s ac-
POSITION to a transcript interview. quisition by
of the interview. PIH Health in
“I’ve already 2019. He had
given more than been a member
half of it to my children. So I of the board since 1979.
can’t join them. It’s like coming He spent decades on the
back from the dead. I can’t do board of Harvard-Westlake
it.” School, a private school in Los
When Munger donated to Angeles, and donated more
fund campus projects, he be- than $50 million, said the
came deeply involved in their school’s president, Richard
design. Commons. Munger also gave
Mohnish Pabrai, an investor money to Polytechnic School in
and friend, recalled arriving at Pasadena, Calif., and sketched a
Munger’s home to join him for new plan for student pickup
dinner and finding the Berk- and drop-off that allowed the
shire vice chairman marking school to move its parking un-
changes on blueprints for a derground so it could increase
Laird Hamilton university dorm. classroom, lab and office space,
“Of all of the art, I think ar- said Debbie Reed, a former
World-Class Big Wave Surfer chitecture is the best because head of the school.
it gives you not only the pleas- In the interview with the
ant views and all that but it Journal in October, Munger
makes the civilization work described his contributions to
better,” Munger said in an in- universities and schools as a
terview with The Wall Street way in which he had tried to
Journal in late October. “It’s emulate Benjamin Franklin,
the space in which they live. whom he greatly admired.
And if it’s organized intelli- “I’ve patterned my life after
gently, it really helps them.” Franklin. I stopped trying to
At UC Santa Barbara’s Kavli make more money when I had
Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally Institute, Munger wanted the enough. He did the same damn
deposited and profit you might have made. This communication is not a recommendation or offer to buy, new residence designed in such thing,” Munger said. “He didn’t
sell or retain any specific investment or service. Copyright ©2021 CME Group Inc. All rights reserved. a way that visiting scientists try and die with all his money,
would feel at ease mingling as he gave away a lot of it…I’ve
they moved through the space. done the same thing.”
“If you go to a normal ho- —Nicole Friedman
tel, the corridors are just as contributed to this article.
BUSINESS & FINANCE THE TICKER
How Tesla’s New Cybertruck

Compares With Other Pickups
BY NATE RATTNER Pickup truck prices Starting price
AND REBECCA ELLIOTT
DAVID PAUL MORRIS/BLOOMBERG NEWS

Tesla Cybertruck Rear-wheel drive All-wheel Cyberbeast
Tesla’s long-awaited Cy- $0 25,000 50,000 75,000 100,000
bertruck has hit the road, but
how does it compare with its ri- Average price of
vals? ELECTRIC Starting price vehicles sold
With the unusual, stainless-
GMC Hummer EV
steel pickup, Tesla is aiming to
tap in to demand from consum- Rivian R1T
ers who want a head-turner Ford F-150 Lightning
that is quick and capable of $0 25,000 50,000 75,000 100,000 125,000 Toll Brothers is expected to post $3.71 in per-share earnings.
towing cargo or taking a beat-
ing off road. GAS-POWERED MARKET EVENTS COMING THIS WEEK
“What we have here is some- GMC Sierra 1500 Note: Figures for vehicles other
than the Cybertruck and Rivian
thing that is a better truck than Nissan Titan R1T are as of October. Starting Monday Int’l trade deficit in Freddie Mac mortgage
a truck while also being a better prices for those vehicles are the
Toyota Tundra Factory orders billions survey
sports car than a sports car, in manufacturer’s suggested retail
Previous weekly averages
Ram 1500 prices for base 2024 models, Sept., previous up 2.8% Sept., previous
the same package,” Chief Execu- while average transaction 30-year fixed 7.22%
Oct., expected $61.54 bil.
tive Elon Musk said Thursday, Chevrolet Silverado 1500 prices include any sales of new 15-year fixed 6.56%
down 3.5% Oct., expected $64.0 bil.
speaking at an Austin, Texas- Ford F-150 vehicles across model years.
Average transaction price isn’t Earnings expected
area event to mark the start of $0 25,000 50,000 75,000 available for the R1T. Consumer Credit
Estimate/Year Ago Unit labor costs
sales. Sept., previous
Gitlab (0.01)/(0.10) 2nd qtr., prev
With a starting price of up $9.0 bil.
Science Applications down 0.8%
around $61,000, Tesla’s Cy- Battery range on a full charge, minimum and maximum across vehicle options Oct., expected
Intl 1.69/1.90 3rd qtr. prel, exp.
bertruck is listed in a similar up $8.0 bil.
Minimum Maximum down 0.9%
ballpark as other battery-pow-
ered pickups. However, the Tesla Cybertruck* Tuesday Earnings expected Earnings expected
least-expensive configuration Earnings expected Estimate/Year Ago Estimate/Year Ago
won’t be available until 2025, 250 miles 300 350 400 450 Estimate/Year Ago Brown-Forman Broadcom
Tesla said. AutoZone 31.56/27.45 0.51/0.47 10.96/10.45
Configurations expected to TESLA'S MOST POPULAR VEHICLE Core & Main 0.65/0.65 Campbell Soup Cooper Cos 3.48/2.75
be available next year include Descartes Systems 0.88/1.02 DocuSign 0.63/0.57
an all-wheel-drive version that Minimum Maximum Cybertruck 0.34/0.31 GameStop Dollar General
starts just below $80,000, J.M. Smucker 2.47/2.40 (0.08)/(0.31) 1.20/2.33
Tesla Model Y
meaning buyers may be eligible MongoDB 0.51/0.23 Ollie’s Bargain Outlet Lululemon Athletica
for a $7,500 federal tax credit. A 250 miles 300 350 400 450 Toll Brothers 3.71/5.63 0.45/0.37 2.28/2.00
.
high-end version, called the Cy- Thor Industries Vail Resorts
berbeast, costs nearly $100,000
ly
1.05/2.53 (4.59)/(3.40)
and should be available for de- OTHER ELECTRIC PICKUPS Wednesday Veeva Systems
livery in 2024, according to EIA status report 1.29/1.13
Tesla’s website.
Ford F-150 Lightning
Previous change in stocks in Friday
millions of barrels
The Cybertruck’s more read-
ily available configurations are
in a similar price range as Riv-
ian Automotive’s R1T electric
Rivian R1T
GMC Hummer EV
on Crude-oil stocks up 1.6
Gasoline stocks up 1.8
Distillates up 5.2
Thursday
Initial jobless claims
Previous 218,000
Nonfarm payrolls
Oct., previous
Nov., expected
150,000
Chevrolet Silverado EV
truck—and much more expen- 190,000
us ,
Mort. bankers indexes Expected 224,000

sive than many popular gas-
l
250 miles 300 350 400 450 Purch., previous

powered pickups. Wholesale inventories Unemployment rate
e
up 5.0%
al a
*On its website, Tesla says an add-on ‘range extender’ could increase Cybertruck range to 470 miles or more, but it doesn’t list a price for this feature.
Tesla made a splash in 2019 Sept., previous up 0.2% Oct., previous 3.9%
That figure isn’t included in this graphic; a maximum value of 340 miles for the Cybertruck is shown. Refinan., prev.
when it said the top-of-the-line Sources: the companies (Cybertruck and R1T prices); Edmunds (all other vehicle prices); the companies (battery range) Oct., expected Nov., expected 3.9%
down 9.0%
Cybertruck would be able to down 0.2%
ci on
travel 500 miles or more on a very quick. Its towing capacity line, partly because it relies on likely to reach that level of out- Productivity U.Mich. consumer
EIA report: natural-gas
single charge. The pickup Tesla is on par with that of Rivian’s new technologies, including bat- put before 2025. 2nd qtr., prev up 4.7% Previous change in stocks in index
is bringing to market falls short R1T. However, the Cybertruck tery cells made in-house and a And so, with more than one 3rd qtr. prel, exp. billions of cubic feet Nov., final 61.3
of that, with ranges comparable falls short in this category com- stainless steel exterior. million reservation-holders in up 4.8% up 10 Dec., prelim 62.3
with those for its most popular pared with many gas-powered The company aims to make line for the truck, according to
er s
* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in paren-
vehicle, the Model Y crossover. pickups. The truck spent an un- around 250,000 Cybertrucks a Musk, the wait continues for theses) u Adjusted for stock split
The Cybertruck is quick— usually long time in the pipe- year, but Musk has said it is un- many customers. Note: Forecasts are from Dow Jones weekly survey of economists
m er
Storm in Musk’s Mind Casts

m rp
Shadow on Vehicle Launch

Hope is what we do.
co Fo
BY TIM HIGGINS
The complicated mind of

Elon Musk has taken center
stage—intentionally or not.
This could have been—
should have been—a week all
about Musk’s goodwill trip to
Israel that he made last week
after an outcry over his tweet-
ing in support of antisemitic
vitriol. Or, it could have
n-
been—should have been—all

about Tesla delivering his Cy-
bertruck pickups Thursday af-
ter years of delays. But he
TESLA
no
overshadowed that all when

he told advertisers—jittery Elon Musk at the Tesla Cybertruck event on Thursday.
over that tweet of his—to go
f— themselves while conced- be overcome to reach success. many respects and his name is
ing his tweet was foolish. For Musk, the challenge to very much tied to the compa-
Another person might have overcome is being able to han- nies he either has founded or
picked an approach: defiant, dle switching between rockets he owns,” Iger said. “By him
or sorry. But both? and tweets and cars and brain taking the position that he
“My mind often feels…like a computers. took, in quite a public manner,
very wild storm,” Musk said Musk has developed a repu- we just felt that the associa-
Wednesday. “I’m a fountain of tation for a Dr. Jekyll and Mr. tion with that position and
ideas. I mean I have more Hyde personality—intense Elon Musk and X was not nec-
ideas than I could possibly ex- mood swings between charm- essarily a positive one for us.”
ecute. … Innovation is not a ing visionary and raging ty- To Musk, the likes of Dis-
problem, execu- rant. On Wednesday, during the ney are trying to squelch his
ANALYSIS tion is a prob- roughly 90-minute appearance freedom of speech. To others,
lem.” on stage, Musk cycled through they are simply exercising
He was speaking at the angry Elon, aggrieved Elon, vul- their rights to walk away.
New York Times DealBook nerable Elon, jokester Elon, phi- “Go. F—. Yourself,” Musk
Summit on Wednesday in New losopher Elon, grandiose Elon. said to a stunned audience. “Is
York City, a high-profile event He talked about the importance that clear? I hope it is. Hey,
run by one of the media jug- of searching for meaning in Bob, if you’re in the audience.”
gernauts he has been openly reaching for life beyond this What’s been so jarring for
needling. He was only there, planet; he stated that he has no so many watching Musk over
Musk said, because of his problem if people hate him the past 18 months has been
friendship with the host, An- while complaining how hurtful his seeming self-inflicted mis-
drew Ross Sorkin. it was that President Biden takes as he tried to remake X
For years, Musk has daz- snubbed him at event honoring into his liking and struggled
zled fans with engineering the electric-car industry. at it so publicly, all while un-
feats at Tesla and SpaceX, In the moment that rico- dercutting successes at his
while confounded them with cheted around the world, other companies.
his antics like getting into Musk told advertisers un- For Musk, the problem may
nasty fights with randos on happy with him to go f— well be that what made him
Twitter-turned-X. themselves, saying he was un- successful with SpaceX and
Musk has been hinting at willing to pander to their Tesla required a different At ChildFund, hope is about helping kids everywhere
the challenge of balancing it “blackmail” and warned they mindset than running X. With grow up healthy, educated, skilled and – above all –
all in his mind. threatened to bankrupt the so- space and cars, there have
“Context switching is the cial-media platform. And if been painful, public failures as safe. Hope is about keeping children safe wherever
mindkiller,” he tweeted the they were successful, he he learned, adjusted and tried
day after Thanksgiving, a fa- warned, “See how Earth re- anew.
they are: at home, in school, online. Hope is about all
vorite axiom of his that mixes sponds to that.” Musk suggested the swirl- of us – including children – writing our story together.
a quote from the sci-fi book Earlier in the day, Disney ing storm in his head has
“Dune” with computer lingo Chief Executive Bob Iger, on helped make him who he is—
for multitasking. the same stage, carefully ex- good and bad. “These demons
In “Dune,” fear is the mind- pressed respect for Musk’s ac- of the mind…are, for the most ChildFund.org
killer—the idea that the pri- complishments as he explained part, harnessed to productive
mal reaction to fear is to re- why his company recently ends,” he said. “That doesn’t
coil rather than go forward. In stopped advertising on X. mean, once in a while they,
essence, fear is an obstacle to “Elon is larger than life in you know, go wrong.”
MARKETS DIGEST
New to the Market Continued on page B9 Dow Jones Industrial Average S&P 500 Index
Last Year ago Last Year ago
Public Offerings of Stock 36245.50 s 855.35, or 2.42% last week Trailing P/E ratio 26.23 21.43 4594.63 s 35.29, or 0.77% last week Trailing P/E ratio * 20.43 19.65
High, low, open and close for each of P/E estimate * 19.77 18.83 High, low, open and close for each of P/E estimate * 20.47 18.36
IPOs in the U.S. Market the past 52 weeks Dividend yield 2.01 1.99 the past 52 weeks Dividend yield * 1.52 1.66
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22
None expected this week
Lockup Expirations Current divisor 0.15172752595384 65-day moving average

Week's high 35900 4700
None expected this week
DOWN UP 65-day
t
Monday's open Friday's close
IPO Scorecard moving average
35000 4500
Friday's close Monday's open
t
Performance of IPOs, most-recent listed first
% Chg From % Chg From
Friday's Offer 1st-day Week's low
Company SYMBOL Company SYMBOL Friday3s Offer 1st-day 34100 4300
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
Garden Stage 10.20 155.0 ... Hamilton Insurance Group 15.29 1.9 1.9
GSIW Dec. 1/$4.00 HG Nov. 10/$15.00 33200 4100
Fenbo Holdings 5.01 0.2 12.8 Agriculture&NaturalSolutionsAcquisition 10.10 1.0 0.5
FEBO Nov. 30/$5.00 ANSCU Nov. 9/$10.00
200-day moving average
Colombier Acquisition II 10.01 0.1 0.2 AI Transportation Acquisition 10.17 1.7 0.1 200-day moving average 32300 3900
CLBR.UT Nov. 21/$10.00 AITRU Nov. 9/$10.00
Elevai Labs 2.86 –28.5 –15.9 Globavend Holdings 1.31 –67.3 –49.2
ELAB Nov. 21/$4.00 GVH Nov. 8/$4.00 31400 3700
DDC Enterprise 6.12 –28.0 –1.4 Lexeo Therapeutics 15.35 39.5 52.7
DDC Nov. 17/$8.50 LXEO Nov. 3/$11.00 Bars measure the point change from Monday's open
Richtech Robotics 4.48 –10.4 –14.7 Pineapple Financial 2.20 –45.0 –2.2 30500 3500
RR Nov. 17/$5.00 PAPL Nov. 1/$4.00 D J F M A M J J A S O N D D J F M A M J J A S O N
Global Lights Acquisition 10.21 2.1 0.4 Alpha Technology Group 14.20 255.0 222.7 Primary
NYSE weekly volume, in billions of shares market Composite
t
t
GLACU Nov. 14/$10.00 ATGL Oct. 31/$4.00
Scan this code
Shimmick 6.14 –12.3 –4.1 Mach Natural Resources LP 17.79 –6.4 –3.0 36
SHIM Nov. 14/$7.00 MNR Oct. 25/$19.00 24 Get real-time U.S. stock quotes and track
Signing Day Sports 1.10 –78.0 –43.0 reAlpha Tech 3.40 –66.0 –99.2 12 most-active stocks, new highs/lows, mutual
SGN Nov. 14/$5.00 AIRE Oct. 23/$10.00 0 funds and ETFs..
CARGO Therapeutics 16.29 8.6 12.1 Northann Corp. 9.20 83.9 99.9 D J F M A M J J A S O N Available free at WSJMarkets.com
CRGX Nov. 10/$15.00 NCL Oct. 19/$5.00 *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
Sources: Dow Jones Market Data; FactSet
Major U.S. Stock-Market Indexes Nasdaq Composite
Latest Week 52-Week % chg s 54.18, or 0.38%
A Week in the Life of the DJIA Dow Jones
High Low Close Net chg % chg Low Close (l) High %chg YTD 3-yr. ann. last week
A look at how the Dow Jones Industrial Average component stocks Industrial Average 36264.85 35280.57 36245.50 855.35 2.42 31819.14 • 36245.5 5.3 9.3 6.7
did in the past week and how much each moved the index. The DJIA Transportation Avg 15471.78 14687.69 15463.76 369.56 2.45 13298.36 • 16695.32 6.5 15.5 7.4
14400
gained 855.35 points, or 2.42%, on the week. A $1 change in the price Utility Average 876.06 858.17 876.01 10.03 1.16 783.08 • 1002.11 -10.2 -9.4 0.3
of any DJIA stock = 6.59-point change in the average. To date, a
$1,000 investment on Dec. 31 in each current DJIA stock component
Total Stock Market 45825.48 45071.70 45805.16 527.23 1.16 37910.34 • 45969.67 11.9 18.9 6.5
would have returned $33,639, or a gain of 12.13%, on the $30,000 Barron's 400 1010.21 978.24 1009.51 20.70 2.09 881.58 • 1036.97 2.7 9.7 7.6 14300
investment, including reinvested dividends. Nasdaq Stock Market

Nasdaq Composite 14423.22 14127.06 14305.03 54.18 0.38 10213.29 • 14358.02 24.8 36.7 5.0
14200
.
The Week’s Action
Pct Stock price Point chg $1,000 Invested(year-end '22) Nasdaq-100 16166.51 15825.67 15997.58 15.57 0.10 10679.34 • 16027.06 33.4 46.2 8.7
ly
chg (%) change in average* Company Symbol Close $1,000
14100
15.87 35.62 234.76 Salesforce CRM $260.00 $1,961 S&P
24 27 28 29 30 1
6.30 13.87 91.41 Boeing BA 233.87 1,228 500 Index 4599.39 4537.24 4594.63 35.29 0.77 3783.22 • 4594.63 12.8 19.7 7.9 November
5.68 9.34 61.56 American Express AXP 173.76 1,194 MidCap 400 2626.38 2537.38 2625.58 65.25 2.55 2326.82 • 2728.44 2.0 8.0 6.2 DJ US TSM
5.43
4.06
3.86
5.84
3.90
5.88
38.49
25.70
38.75
Nike
3M
NKE 113.48
MMM 99.85
Johnson & Johnson JNJ 158.38
on982
883
924
SmallCap 600
Other Indexes
Russell 2000
1205.09 1160.90 1204.52
1863.66 1789.20 1862.64

30.71
55.14
2.62 1068.80
3.05 1636.94
•
•
1315.82 -3.3
2003.18 -1.6
4.1
5.8 0.5
4.8
s 527.23, or 1.16%
last week
3.80 9.40 61.95 Caterpillar CAT 256.76 1,094 NYSE Composite 16271.70 15897.47 16263.75 279.93 1.75 14599.05 • 16427.29 3.2 7.1 4.8
us ,
3.46 5.37 35.39 IBM IBM 160.55 1,196 Value Line 559.26 539.75 559.13 14.73 2.71 498.09 • 606.49 -2.1 4.2 0.9 45750
l
3.13 1.17 7.71 Verizon VZ 38.58 1,052 NYSE Arca Biotech 4923.58 4726.83 4923.58 83.72 1.73 4544.40 • 5644.5 -9.4 -6.8 -4.0
e
•
al a
2.87 8.92 58.79 Home Depot HD 319.62 1,040 NYSE Arca Pharma 890.02 873.73 885.90 -3.77 -0.42 791.91 925.61 1.7 2.1 9.5
45500
2.74 9.28 61.16 Goldman Sachs GS 348.43 1,047 KBW Bank 87.35 81.68 87.26 4.58 5.54 71.71 • 115.1 -18.0 -13.5 -1.9
PHLX§ Gold/Silver 125.94 117.16 125.80 9.13 7.82 103.31 • 144.37 1.1 4.1 -3.5
ci on
2.63 6.99 46.07 Amgen AMGN 272.45 1,073

2.50 4.44 29.26 Travelers TRV 181.98 987
PHLX§ Oil Service 84.31 81.26 82.73 -0.829 -0.99 69.29 • 98.76 -2.3 -1.3 26.7 45250
2.26 4.37 28.80 Honeywell HON 197.78 943

PHLX§ Semiconductor 3809.71 3675.29 3738.27 -9.65 -0.26 2453.49 • 3861.63 34.9 47.6 11.3
2.15 3.30 21.75 JPMorgan Chase JPM 156.84 1,204
Cboe Volatility 14.30 12.48 12.63 0.17 1.36 12.46 • 26.52 -33.7 -41.7 -15.3 45000
Nasdaq PHLX 24 27 28 29 30 1
1.56 1.59 10.48 Merck MRK 103.46 952 Sources: FactSet; Dow Jones Market Data November
er s
1.22 0.63 4.15 Dow DOW 52.30 1,094

1.21 3.42 22.54 McDonald’s MCD 285.96 1,110
0.85 2.15 14.17 V 256.45 International Stock Indexes Commodities and
m er
Visa 1,244
0.85 1.28 8.44 Procter & Gamble PG 152.66 1,033 Latest Week 52-Week Range YTD
Currencies
Region/Country Index Close % chg Low Close High % chg
0.67 1.27 8.37 Apple AAPL 191.24 1,480 Last Week YTD
0.23 0.11 0.72 Cisco CSCO 48.47 1,049 World MSCI ACWI 697.51 0.77 599.97 • 707.11 15.2 Close Net chg %Chg % chg
302.19 0.48 276.65 • 314.69 7.4
m rp
0.12 0.07 0.46 Coca-Cola KO 58.64 951 MSCI ACWI ex-USA DJ Commodity 979.10 0.58 0.06 -6.64
0.01 0.06 0.40 UnitedHealth Group UNH 547.16 1,048 MSCI World 3040.70 0.85 2575.16 • 3064.30 16.8 Refinitiv/CC CRB Index 270.77 -1.23 -0.45 -2.51
–0.06 –0.09 –0.59 Chevron CVX 144.81 839 MSCI Emerging Markets 982.14 0.18 910.91 • 1052.46 2.7 Crude oil, $ per barrel 74.07 -1.47 -1.95 -7.71
–0.29 –0.06 –0.40 Walgreens WBA 20.79 597
Americas MSCI AC Americas 1743.96 1.02 1436.41 • 1743.96 19.7 Natural gas, $/MMBtu 2.814 -0.185 -6.17 -37.12
–0.50 –0.22 –1.45 Intel INTC 43.74 1,694
Canada S&P/TSX Comp 20452.87 1.74 18737.39 • 20767.38 5.5 Gold, $ per troy oz. 2071.00 68.00 3.39 13.81
Latin Amer. MSCI EM Latin America 2494.08 1.54 2043.57 • 2570.27 17.2
co Fo
–0.77 –2.92 –19.25 Microsoft MSFT 374.51 1,575 U.S. Dollar Index 103.23 -0.18 -0.17 -0.28
–1.10 –1.72 –11.34 Walmart WMT 154.34 1,101
Brazil BOVESPA 128184.91 2.13 97926.34 • 128184.91 16.8
WSJ Dollar Index 97.53 -0.58 -0.59 1.01
–3.62 –3.48 –22.94 Walt Disney DIS 92.58 1,066
Chile S&P IPSA 3308.36 1.89 3048.00 • 3629.67 4.3
Euro, per dollar 0.9188 0.0054 0.59 -1.66
Mexico S&P/BMV IPC 53901.43 1.82 48197.88 • 55534.68 11.2
Yen, per dollar 146.81 -2.63 -1.76 11.97
*Based on Composite price. DJIA is calculated on primary-market price.
Source: Dow Jones Market Data; FactSet.
EMEA STOXX Europe 600 466.20 1.35 424.18 • 471.74 9.7
U.K. pound, in dollars 1.27 0.0107 0.85 5.07
STOXX Europe 50 4019.73 0.95 3651.83 • 4079.60 10.1
52-Week
Eurozone Euro STOXX 463.33 1.24 409.90 • 470.38 13.0 Low Close(l) High % Chg
ADVERTISEMENT Euro STOXX 50 4418.51 1.06 3793.62 • 4471.31 16.5
DJ Commodity 930.59 1058.44 -6.31
Austria ATX 3316.68 1.94 3020.72 • 3557.01 6.1 l
•
The Marketplace Belgium Bel-20 3578.91 0.04 3290.68 3954.16 –3.3 Refinitiv/CC CRB Index 253.85 l 290.29 -2.14
France CAC 40 7346.15 0.73 6450.43 • 7577.00 13.5 Crude oil, $ per barrel 66.74 l 93.68 -7.39
To advertise: 800-366-3975 or WSJ.com/classifieds Germany DAX 16397.52 2.30 13884.66 • 16469.75 17.8 Natural gas, $/MMBtu 1.991 l 6.970 -55.20
Greece Athex Composite 1280.11 1.70 903.25 • 1345.95 37.7 Gold, $ per troy oz. 1767.40 l2071.00 15.32
Israel Tel Aviv 1774.13 –1.28 1605.20 • 1902.91 –1.3
n-
COMMERCIAL REAL ESTATE Italy FTSE MIB 29928.45 1.69 23684 • 29928 26.2 U.S. Dollar Index 99.77 l 107.00 -1.26
Netherlands AEX 771.37 0.75 689.01 • 794.27 12.0 WSJ Dollar Index 94.37 l 100.92 0.26
UCC PUBLIC SALE NOTICE
Norway Oslo Bors All-Share 1521.36 –1.06 1293.45 • 1537.61 11.6 Euro, per dollar 0.8897 l 0.9555 -3.13
Please take notice that RBC Real Estate Capital Corp. (“Secured Party”) shall sell collateral described below Portugal PSI 20 6527.07 3.04 5689.36 • 6527.07 14.0 Yen, per dollar 127.86 l 151.72 9.31
no
(“Collateral”) to the highest or otherwise best bidder at a public auction (“Sale”) on Monday, December 18, 2023,
at 2:30 p.m. (ET) at the offices of Kasowitz Benson Torres LLP at 1633 Broadway, 21st Flr, New York, NY 10019. The South Africa FTSE/JSE All-Share 75705.85 –0.01 69451.97 • 80791.36 3.6 U.K. pound, in dollars 1.18 l 1.31 3.39
Collateral will include the outstanding equity interests in 1812 Holdings, LLC, a Delaware limited liability company
(“Pledged Entity”) and certain related rights. Secured Party’s understanding, without making any representation or
Spain IBEX 35 10140.80 2.03 8112.5 • 10140.8 23.2
warranty as to accuracy or completeness, is the principal asset of Pledged Entity is real property and improvements
located at 1812 North Moore Street, Arlington, Virginia 22209 (“Property”). The Property is subject to a mortgage
Sweden OMX Stockholm 841.16 0.86 753.35 • 886.59 7.6 Go to WSJMarkets.com for free
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Borrower, LLC (“Borrower”), and Secured Creditor is offering the Collateral for sale in connection with a foreclosure on
the pledge of such Collateral by Borrower to Secured Creditor.
U.K. FTSE 100 7529.35 0.55 7256.94 • 8014.31 1.0
At the Sale, the Collateral will be offered as a single block to a single purchaser and will be subject to transfer
restrictions and certificate legends to comply with applicable laws and contracts. Copies of the latter will be provided Asia-Pacific MSCI AC Asia Pacific 161.77 0.18 150.1 • 170.8 3.9
as diligence materials subject to requirements below. The Collateral includes limited liability company interests
that have not been registered under the Securities Act of 1933 as amended (“Securities Act”) or qualified under
Australia S&P/ASX 200 7073.20 0.46 6772.9 • 7558.1 0.5
the securities laws of any state, and may not be sold, transferred, or otherwise disposed of unless registered and China Shanghai Composite 3031.64 –0.31 2939.29 • 3395.00 –1.9
qualified in accordance with applicable laws or in compliance with an applicable exemption thereto. This notice does
not constitute an offer for sale of the Collateral in any jurisdiction in which such an offer is contrary to law. The Sale Hong Kong Hang Seng 16830.30 –4.15 16830.30 • 22688.90 –14.9
has not been and will not be registered under the Securities Act and is being made in reliance upon federal and state
exemptions for transactions not involving a public offering. Any potential bidder will be required to provide evidence
India S&P BSE Sensex 67481.19 2.29 57527.10 • 67838.63 10.9
that such potential bidder is an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Japan NIKKEI 225 33431.51 –0.58 25716.86 • 33753.33 28.1
Act.
The Sale of the Collateral will be subject to all applicable third-party consents and regulatory approvals, if any. A Malaysia FTSE Bursa Malaysia KLCI 1456.38 0.17 1374.64 • 1500.33 –2.6
potential bidder will be required to certify to the Secured Party, in a writing in form and substance acceptable to the
Secured Party in its sole discretion, that the Collateral is being acquired for that Potential Bidder’s own account, is not
Singapore Straits Times 3090.31 –0.15 3053.36 • 3394.21 –5.0
being acquired with a view to the sale or distribution thereof in violation of the Securities Act, and will not be sold by South Korea KOSPI 2505.01 0.34 2218.68 • 2667.07 12.0
the potential bidder except pursuant to an effective registration statement under the Securities Act or pursuant to a
valid exemption from the registration requirements of the Securities Act. Taiwan TAIEX 17438.35 0.87 14085.02 • 17438.35 23.3
The Sale will be conducted by auctioneer Matthew D. Mannion, of Mannion Auctions, LLC, New York City Division of
Consumer Affairs Licensed Auctioneer, License No. 1434494. Source: FactSet; Dow Jones Market Data
There are specific requirements for any potential successful bidder in connection with obtaining information and
bidding on the Collateral, including but not limited to execution of a confidentiality agreement, submission of a
cash deposit, making certain certifications and disclosures, and a requirement that each bidder must be a Qualified
Transferee as defined in that certain Intercreditor Agreement dated as of September 8, 2020 between Secured Party
Consumer Rates and Returns to Investor Benchmark Yields and Rates
and certain other lenders.
At the Sale, the Collateral shall be offered for sale to qualified bidders, and sold to the qualified bidder presenting U.S. consumer rates Selected rates Treasury yield curve Forex Race
the highest or otherwise best bid. The Secured Party, in its sole discretion, shall determine the highest or otherwise
best bid, taking into account all factors it reasonably determines relevant, including factors affecting the speed and A consumer rate against its New car loan Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs.
certainty of consummating the Sale. The Secured Party’s decision in this regard will be final. The Auction Collateral benchmark over the past year notes and bonds major U.S. trading partners
shall be sold for cash at such price and on such other commercially reasonable terms as the Secured Party may Bankrate.com avg†: 7.70%
determine in its sole discretion. The Secured Party shall be entitled to bid at the Sale and, notwithstanding the
requirement herein that the sale of the Collateral be for cash, may credit its bid against all or a portion of its secured First Command Bank 5.99% 6.00%
claim and become the purchaser of the Collateral. Prime rate 9.00% Tradeweb ICE 14%
The Secured Party expressly reserves all rights pursuant to applicable law. The Secured Party reserves the right Fort Worth, TX 888-763-7600 Euro
to postpone or continue the Sale to a later date, time and place, or to cancel the disposition, by announcement prior t Friday Close 5.00
Firstrust Bank 5.99%
s
to or at the disposition. The Secured Party reserves the right to withdraw and remove any portion of the Collateral
8.00 t 7
from the sale. Philadelphia, PA 800-220-2265 4.00
The successful bidder shall have until 5:00 p.m. (ET) on the Business Day following the Sale (presently December t
19, 2023) to pay the entire purchase price at the Sale, less such successful bidder’s deposit. Payment of the entire t
Eastern Bank 6.54% 0
purchase price will be accepted in (1) electronic fund (“wire”) transfer, (2) certified check, or (3) bank cashier’s check,
7.00 One year ago 3.00
in each instance made payable to the Secured Party, or, in the case of purchase by the Secured Party, credit against New car loan Boston, MA 781-599-2100 s
obligations due to Lender. If the successful bidder fails to complete the payment in full of the purchase price in Yen
accordance with the foregoing, then the Secured Party shall have the right to retain such successful bidder’s Deposit.
6.00 WilmingtonSavingsFundSociety,FSB 6.99% 2.00 –7 WSJ Dollar Index s
The Secured Party shall return to any qualified bidder that is not the successful bidder such bidder’s deposit within
five (5) Business Days following the Sale. Wilmington, DE 888-973-7226
5.00 1.00 –14
The Secured Party, in its sole and absolute discretion, reserves the right to modify, waive or amend any terms or
conditions or impose any other terms or conditions on the Sale. D J F M A M J J A S O ND Cambridge Savings Bank 7.06% 1 3 6 1 2 3 5 7 10 20 30
THE COLLATERAL WILL BE SOLD “AS IS,” “WHERE IS,” AND “WITH ALL FAULTS” WITHOUT REPRESENTATION, 2023
2023 Cambridge, MA 888-418-5626 month(s) years
WARRANTY OR INDEMNITY, EXPRESS OR IMPLIED, OF ANY KIND. Any statement or description of the Collateral is
for identification purposes only and is not a representation or warranty. maturity
Further information concerning the sale, the collateral, bidder qualifications and the terms of public auction can Yield/Rate (%) 52-Week Range (%) 3-yr chg
be obtained from Nick Seidenberg (Email: nseidenberg@eastdilsecured.com | Phone: 202-688-4040) at Eastdil in Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data
his role as representative of the Secured Party, or visit //www2.eastdilsecured.com/offerings/public/ETT23_U/
ETT23_U.html Federal-funds rate target 5.25-5.50 5.25-5.50 3.75 l 5.50 5.25 Corporate Borrowing Rates and Yields
Prime rate* 8.50 8.50 7.00 l 8.50 5.25 Spread +/- Treasurys,
SOFR 5.33 5.31 3.80 l 5.35 5.24 Yield (%) in basis pts, 52-wk Range Total Return
BUSINESS OPPORTUNITIES Bond total return index Last Wk ago Last Low High 52-wk 3-yr
Money market, annual yield 0.48 0.64 0.31 l 0.64 0.27
THEMARKETPLACE Five-year CD, annual yield 2.83 2.87 2.59 l 2.87 2.25 U.S. Treasury, Bloomberg 4.410 4.730 -0.05 -4.53
Escape The City ADVERTISE TODAY 30-year mortgage, fixed† 7.74 7.84 6.36 l 8.28 4.80 U.S. Treasury Long, Bloomberg 4.550 4.770 -7.81 -13.14
Long-term highly profitable Building and (800) 366-3975 15-year mortgage, fixed† 6.98 7.15 5.54 l 7.42 4.59 Aggregate, Bloomberg 4.910 5.240 45 44 62 1.03 -4.09
Supply Company located in beautiful Jumbo mortgages, $726,200-plus† 7.82 7.90 6.35 l 8.33 4.86 Fixed-Rate MBS, Bloomberg 5.100 5.460 52 36 82 0.40 -3.78
COLORADO for sale, includes Real Estate. For more information visit:
Five-year adj mortgage (ARM)† 6.82 6.86 5.33 l 7.16 3.61 High Yield 100, ICE BofA 7.796 8.169 328 321 459 8.716 1.547
“Owner Retiring.” wsj.com/classifieds
NO AGENTS, NO BROKERS New-car loan, 48-month 7.70 7.60 6.44 l 7.70 3.66 Muni Master, ICE BofA 3.363 3.639 4 -9 11 3.171 -0.872
Contact Andy at (719) 304-9940 © 2023 Dow Jones & Company, Inc. Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
All Rights Reserved. EMBI Global, J.P. Morgan 7.810 8.046 345 334 421 4.640 -3.978
— Serious inquiries only — banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Fixed Income Indices; ICE BofA
CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo 52 wk Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not Allspring Multi-Sector ERC 9.87 9.32 -5.6 8.7 InvDYCrOpp:R6 11.14 NA NA 10.3
buy their shares back from investors who wish to cash BlackRock Innov&Gro Term BIGZ 8.58 7.41 -13.6 10.8 V Art Int&Tech Opps AIO 19.53 17.51 -10.3 11.2 Apollo Tactical Income AIF 14.66 12.88 -12.2 11.4 General Equity Funds InvDYCrOpp:Y 11.13 NA NA 10.1
in their holdings. Instead, fund shares trade on a stock BlackRock Res & Comm BCX 10.45 9.01 -13.8 -3.6 Income & Preferred Stock Funds Ares Dynamic Crdt Alloc ARDC 14.19 12.90 -9.1 10.4 Alternative Strategies:I 17.63 NA NA -8.1 Invesco Sr Loan A 5.81 NA NA 12.0
exchange. NA signifies that the information is not
available or not applicable. NS signifies funds not in BlackRock Sci&Tech Term BSTZ 20.87 17.18 -17.7 8.0 CalamosStratTot CSQ 14.79 14.52 -1.8 8.4 BlackRock Mlt-Sctr Inc BIT 14.41 15.15 +5.1 9.8 First Trust Hdg Strat;A 10.12 NA NA N Invesco Sr Loan C 5.83 NA NA 11.2
existence for the entire period. 12 month yield is BlackRock Sci&Tech Trust BST 33.80 34.08 +0.8 16.6 CohenStrsLtdDurPref&Inc LDP 19.89 18.74 -5.8 5.1 BlackRock Tax Muni Bd BBN 17.31 15.85 -8.4 7.5 First Trust Hdg Str;I 10.14 NA NA N Invesco Sr Loan IB 5.81 NA NA 12.2
computed by dividing income dividends paid (during BlackRock Utl Inf & Pwr BUI 21.89 20.70 -5.4 1.5 CohenStrsSelPref&Income PSF 19.64 20.15 +2.6 9.1 DoubleLine:Oppor Crdt Fd DBL 14.62 14.81 +1.3 8.9 Specialized Equity Funds Invesco Sr Loan IC 5.81 NA NA 12.1
the previous 12 months for periods ending at month- CLEARBRIDGEENGYMDSOPP EMO NA 34.94 NA 24.6 CohenStrsTaxAvPreSecs&I PTA 19.42 18.60 -4.2 8.0 EVLmtDurIncm EVV 10.45 9.32 -10.8 11.0 Apollo Diversified RE:A 25.81 NA NA -6.5 Invesco Sr Loan Y 5.81 NA NA 12.2
end or during the previous 52 weeks for periods
ending at any time other than month-end) by the CLEARBRIDGEMLP&MDSTMTR CTR NA 35.10 NA 24.4 Dividend and Income DNIF 17.61 NA NA NA Franklin Ltd Dur Income FTF 7.05 6.35 -9.9 11.5 Apollo Diversified RE:C 24.26 NA NA -7.2 Lord Abbett FR Hi Inc:A 10.14 NA NA NS
latest month-end market price adjusted for capital ClearBridge MLP & Midstm CEM NA 38.89 NA 18.7 FirstTrIntDurPref&Inc FPF 17.85 15.98 -10.5 0.2 J Han Investors JHI 14.26 12.76 -10.5 6.9 Apollo Diversified RE:I 26.36 NA NA -6.3 Lord Abbett FR Hi Inc:I 10.14 NA NA NS
gains distributions. Depending on the fund category, ChnStrInfr UTF 22.25 22.38 +0.6 -3.6 JHanPrefInc HPI 15.03 15.21 +1.2 0.0 MFS Charter MCR 6.74 6.17 -8.5 0.0 ARK Venture 22.63 NA NA 18.7 Monachil Credit Income:I 10.12 NA NA NS
either 12-month yield or total return is listed. Cohen&SteersQualInc RQI 12.34 11.74 -4.9 -1.9 JHPrefIncII HPF 14.91 15.50 +4.0 4.8 NuvCorePlusImpact NPCT 11.42 9.88 -13.5 10.9 ArrowMark Financial Corp BANX NA 17.13 NA NA Nomura Alt Inc;I 10.44 NA NA NS
Source: Lipper Bluerock Total Inc+ RE:A 30.58 NA NA -12.5
CohenStrs Real Est and I RLTY 15.47 13.76 -11.1 1.3 HnckJPfdInco III HPS 13.44 13.42 -0.1 -2.6 Nuveen Taxable Muni Inc NBB NA 15.28 NA 5.6 OFS Credit Company OCCI NA 6.54 NA NA
Friday, December 1, 2023 Cohen&Steers TotRet RFI 11.48 11.70 +1.9 -0.7 J Han Prm PDT 11.69 11.08 -5.2 -12.8 PIMCO Corp & Inc Oppty PTY 10.95 13.96 +27.5 11.4 Bluerock Total Inc+ RE:C 28.48 NA NA -13.1 SEI Alternative Income:F 10.08 NA NA NS
52 wk CohenStrsREITPrefInc RNP 19.83 19.23 -3.0 -9.1 LMP CapInco SCD 15.03 13.23 -12.0 15.1 PIMCO Corp & Inc Strat PCN 11.26 12.40 +10.1 12.2 Bluerock Total Inc+ RE:I 31.40 NA NA -12.3 SEI Alternative Income:Y 10.08 NA NA NS
Prem Ttl Columbia Sel Prm Tech Gr STK 27.68 31.29 +13.0 31.3 Nuveen Multi-Asset Inc NMAI 13.66 11.87 -13.1 7.4 PIMCOHilnco PHK 4.52 4.79 +6.0 12.3 Bluerock Total Inc+ RE:L 30.09 NA NA -12.7 Yieldstreet Prism NA NA NA 8.5
Fund (SYM) NAV Close /Disc Ret DNP Select Income DNP 8.07 9.03 +12.0 -10.9 Nuveen Pref & Inc Opp JPC 7.51 6.50 -13.4 -8.3 PIMCO IncmStrFd PFL 7.88 8.18 +3.8 12.1 Bluerock Total Inc+ RE:M 28.62 NA NA -12.9 High Yield Bond Funds
General Equity Funds Duff&Ph Uti&Infra Inc Fd DPG 10.91 9.64 -11.6 -21.6 Nuveen Pref & Inc Term JPI 18.64 17.76 -4.7 0.0 PIMCO IncmStrFd II PFN 6.93 7.07 +2.0 12.5 CBRE GlbRlEst IGR 5.55 4.89 -11.9 -5.6 Apollo Diversified Cd:A 21.63 NA NA 8.9
Adams Diversified Eq Inc ADX 19.81 17.06 -13.9 18.7 EtnVncEqtyInc EOI 16.69 16.06 -3.8 3.5 Putnam Prem Inc PPT 3.78 3.48 -7.9 9.0 CIM RA&C A 23.86 NA NA -1.1 Apollo Diversified Cd:C 21.63 NA NA 8.2
Nuveen Var Rate P&I NPFD 18.90 16.25 -14.0 -1.8
Central Secs CET 45.25 37.07 -18.1 8.8 EtnVncEqtyIncoII EOS 19.12 18.51 -3.2 15.4 Western Asset Dvsfd Inc WDI 15.06 13.44 -10.8 11.0 CIM RA&C C 23.23 NA NA -1.9 Apollo Diversified Cd:F 21.63 NA NA 11.9
TCW Strat Income TSI NA 4.70 NA 6.7 24.07 NA NA -0.9
CohenStrsCEOppFd FOF 10.69 11.25 +5.2 7.4 EVRskMnDvsEqInc ETJ 8.39 7.95 -5.3 4.3 World Income Funds CIM RA&C I Apollo Diversified Cd:I 21.63 NA NA 9.1
Convertible Sec's. Funds 23.63 NA NA -1.4
EVTxAdvDivIncm EVT 23.43 21.11 -9.9 -6.9 ETnVncTxMgdBuyWrtInc ETB 14.02 13.00 -7.3 0.7 abrdn AP IncFd FAX 3.00 2.76 -8.0 12.3
CIM RA&C L Apollo Diversified Cd:L 21.62 NA NA 8.7
AdvntCnvrtbl&IncFd AVK 11.93 10.65 -10.7 -1.5 Clarion Partners REI D 11.86 NA NA -0.2 Apollo Diversified Cd:M 21.63 NA NA 8.4
GabelliDiv&IncTr GDV 24.42 20.51 -16.0 0.5 EtnVncTxMgdBuyWrtOpp ETV 13.06 12.44 -4.7 3.3 CalamosConvHi CHY 10.28 11.43 +11.2 10.1 MS EmMktDomDebt EDD 5.42 4.79 -11.6 6.8
Gabelli Equity Tr GAB 5.04 5.13 +1.8 -6.4 EvTxMnDvsEqInc ETY 12.46 11.86 -4.8 8.3 Clarion Partners REI I 11.87 NA NA 0.1 Opprtnstc Crdt Intrvl;I 11.88 NA NA 10.7
CalmosConvOp CHI 9.73 9.98 +2.5 0.9 PIMCO Access Income PAXS 14.46 14.45 -0.1 16.0 Clarion Partners REI S 11.87 NA NA -0.8
GeneralAmer GAM 50.81 42.14 -17.1 17.1 EtnVncTxMgdGlbB ETW 8.87 7.86 -11.4 3.5 PIMCO Dynamic Income PDI 16.89 17.96 +6.3 18.5 PIMCO Flexible Cr I;A-1 6.82 NA NA 15.3
V Conv & Inc NCV 3.69 3.18 -13.8 -1.1 Clarion Partners REI T 11.85 NA NA -0.8 PIMCO Flexible Cr I;A-2 6.82 NA NA 15.3
JHancockTaxAdvDiv HTD 21.02 19.04 -9.4 -13.1 EVTxMnGblDvEqInc EXG 8.63 7.74 -10.3 5.3 PIMCO Dynamic Inc Opp PDO 12.06 12.33 +2.2 20.5
V Conv & Inc II NCZ 3.28 2.84 -13.4 4.4 First Tr Real Assets;I 9.41 NA NA -0.8 PIMCO Flexible Cr I;A-3 6.82 NA NA 15.1
Liberty All-Star Equity USA 6.46 6.18 -4.3 10.1 Ecofin S&S Impact Term TEAF 14.90 11.96 -19.7 -5.2 V Div Inc & Conv ACV 20.41 20.07 -1.7 6.1 PIMCO Stratg Inc RCS 4.29 5.68 +32.4 10.8
Liberty All-Star Growth ASG 5.44 5.07 -6.8 0.6 First Trust Energy Inc G FEN 16.13 14.67 -9.1 8.4 Forum RE Income;I 9.30 NA NA NS PIMCO Flexible Cr I;A-4 6.82 NA NA 15.1
V Eqty & Conv Inc NIE 23.40 20.96 -10.4 17.7 Templeton Em Inc TEI 5.68 5.03 -11.4 11.3 GS Real Est Div Inc:A 9.11 NA NA -4.9
Royce Micro-Cap Tr RMT 9.85 8.65 -12.2 -0.3 First Tr Enhanced Eq FFA 18.55 17.65 -4.9 14.7 PIMCO Flexible Cr I;Inst 6.82 NA NA 15.9
World Equity Funds Templtn Glbl Inc GIM 4.42 3.95 -10.6 9.3 GS Real Est Div Inc:C 9.10 NA NA -5.5
Royce Value Trust RVT 15.44 13.73 -11.1 -1.8 FirstTrEnergyInfra FIF 17.62 16.45 -6.6 16.4 Other Domestic Taxable Bond Funds
abrdn Emg Mkts Eq Inc AEF NA 4.92 NA 0.7 WstAstEmergDebt EMD 10.07 8.93 -11.3 10.4 GS Real Est Div Inc:I 9.60 NA NA -4.6 AFA Private Credit;Fndr 9.56 NA NA 9.0
Source Capital SOR 43.45 40.38 -7.1 13.5 FirstTrMLPEner&Inc FEI 9.54 8.69 -8.9 16.2 Western Asset Gl Cr D Op GDO 12.69 12.15 -4.3 10.1
Gabelli Healthcare GRX 10.98 8.88 -19.1 -11.3 abrdn Glbl Dyn Div AGD NA 9.23 NA 2.9 GS Real Est Div Inc:L 9.12 NA NA -5.2 AFA Private Credit;Inst 9.59 NA NA 9.0
Sprott Focus Trust FUND 8.49 7.70 -9.3 -4.1 National Muni Bond Funds
2.93 6.08 107.5 -1.4 abrdn Tot Dyn Div AOD NA 7.92 NA 3.6 GS Real Est Div Inc:P 9.61 NA NA -4.6 Alternative Credit Inc:A 9.82 NA NA 7.1
SRH Total Return STEW 16.90 13.57 -19.7 6.7 Gab Utility GUT AllBerNatlMunInc AFB 12.37 10.70 -13.5 3.7
GAMCOGlGold&NatRes GGN 3.98 3.75 -5.8 15.4 Allspring Gl Div Oppty EOD 4.93 4.24 -14.0 -7.0 GS Real Est Div Inc:W 9.28 NA NA -4.9 Alternative Credit Inc:C 9.92 NA NA 6.3
Tri-Continental TY 31.70 28.06 -11.5 6.5 BlckRk Inv Q Mun BKN 12.90 11.37 -11.9 4.3
J Han Finl Opptys BTO 27.84 28.09 +0.9 -15.5 BlackRock Cap Alloc Term BCAT 16.91 14.98 -11.4 13.3 NexPointRlEstStrat;A 17.51 NA NA -9.5 Alternative Credit Inc:I 9.84 NA NA 7.3
Specialized Equity Funds BlackRock Muni 2030 Tgt BTT 23.62 20.93 -11.4 3.1
Neuberger Brmn Enrgy I&I NML 8.08 7.05 -12.7 10.1 Calamos GloDynInc CHW 6.54 5.67 -13.3 -2.9 NexPointRlEstStrat;C 17.73 NA NA -10.1 Alternative Credit Inc:L 9.81 NA NA 6.8
abrdn Glb Prem Prop AWP 4.06 3.73 -8.1 -2.9 BlackRock Muni BFK 11.37 9.99 -12.1 3.9
Neuberger Nxt Gen Conn NBXG 13.12 10.86 -17.2 23.1 EV TxAdvGlbDivInc ETG 18.77 16.67 -11.2 10.6 NexPointRlEstStrat;Z 17.74 NA NA -9.3 Alternative Credit Inc:W 9.81 NA NA 7.1
abrdn Global Infra Inc ASGI 20.38 17.31 -15.1 5.4 BlackRock Muni II BLE 11.98 10.44 -12.9 4.1
NuvDow30DynOverwrite DIAX 16.06 13.98 -13.0 -6.3 EtnVncTxAdvOpp ETO 25.25 22.88 -9.4 10.8 PIMCO Flexible REI;Inst 10.19 NA NA 8.0 Angel Oak Str Crdt:FI 20.62 NA NA 8.2
Adams Natural Resources PEO 24.79 20.51 -17.3 -3.0 BlckRk Muni Inc Qly BYM 12.54 10.97 -12.5 4.2
NuvCorEqAlpha JCE 13.26 13.17 -0.7 8.2 Gabelli Multimedia GGT 3.71 5.91 +59.3 11.6 PREDEX;I 26.03 NA NA -13.6 Angel Oak Str Crdt:Inst 20.61 NA NA 8.8
ASA Gold & Prec Met Ltd ASA 17.79 15.75 -11.5 7.6 BR MuniAssets Fd MUA 11.22 10.28 -8.4 5.1
NuveenNasdaq100DynOv QQQX NA 22.99 NA 12.9 GDL Fund GDL 10.20 7.87 -22.8 4.8 PREDEX;T 26.15 NA NA -13.7 BR Credit Strat;A 8.71 NA NA 7.5
BR Enh C&I CII 19.18 18.65 -2.8 14.6 BR MH Qly 2 MUE 11.43 9.87 -13.6 3.7 PREDEX;W 26.15 NA NA -13.7
BlackRock Energy & Res BGR 14.31 12.73 -11.0 4.5 Nuv Real Est JRS 8.36 7.33 -12.3 -5.4 Highland Global Alloc HGLB 11.49 8.32 -27.6 -5.3 BR Credit Strat;Inst 8.69 NA NA 8.3
India Fund IFN 16.89 17.17 +1.7 17.5 BR MuniHoldngs MHD 13.41 11.62 -13.3 3.8 Principal Real Asst A 25.07 NA NA -0.5 BR Credit Strat;U 8.71 NA NA 7.5
BlackRock Eq Enh Div BDJ 8.68 7.91 -8.9 -4.5 NuvS&P500DynOvFd SPXX 16.17 14.78 -8.6 -10.6 BR MuniVest Fd MVF 7.90 6.87 -13.0 3.7 Principal Real Asst Ins 25.17 NA NA -0.1
BlackRock Enh Glbl Div BOE 11.53 9.94 -13.8 7.0 NuvSP500BuyIncFd BXMX 13.92 12.86 -7.6 1.6 Japan Smaller Cap JOF 9.11 7.35 -19.3 14.9 BR Credit Strat;W 8.71 NA NA 7.5
LazardGlbTotRetInc LGI 17.26 14.68 -14.9 3.5 BR MuniVest 2 MVT 12.26 10.56 -13.9 3.7 Principal Real Asst Y 25.41 NA NA 0.0 BlackRock Mlt-Sctr Oppty 66.71 NA NA 9.1
BlackRock Enh Intl Div BGY 6.00 5.18 -13.7 6.3 ReavesUtilityIncome UTG 26.83 26.77 -0.2 -3.7 BR MuniYield Fd MYD 12.03 10.52 -12.6 4.3
Mexico MXF NA 17.82 NA 21.6 Redwood Rl Est;I 25.04 NA NA NS CION Ares Dvsfd Crdt;A NA NA NA 7.8
BlackRock ESG Cap All T ECAT 17.61 15.81 -10.2 21.7 Tortoise Enrgy Infra Crp TYG 35.86 28.50 -20.5 -6.0 BR MuniYield Qlty MQY 13.07 11.62 -11.1 4.6 The Private Shares;A 38.82 NA NA -7.3
BlackRock Hlth Sci Term BMEZ 16.78 14.07 -16.2 -5.5 Tortoise Midstream Enrgy NTG 43.14 34.84 -19.2 1.1 Miller/Howard High Inc E HIE NA 10.34 NA 0.2 CION Ares Dvsfd Crdt;C NA NA NA 7.1
MS ChinaShrFd CAF NA 12.11 NA -14.7 BR MuniYld Qlty2 MQT 11.53 10.08 -12.6 4.3 The Private Shares;I 39.44 NA NA -7.1 CION Ares Dvsfd Crdt;I NA NA NA 8.1
BlackRock Hlth Sciences BME 41.09 38.61 -6.0 -7.7 VDivInt&PremStr NFJ 14.10 11.84 -16.0 6.6 BR MuniYld Qly 3 MYI 12.45 11.06 -11.2 4.4 The Private Shares;L 38.23 NA NA -7.5
MS India IIF 28.52 22.95 -19.5 10.8 CION Ares Dvsfd Crdt;L NA NA NA 7.6
BNY Mellon Muni Bd Infra DMB 11.69 10.10 -13.6 4.7 Thirdline Real EstateI 10.19 NA NA 7.7 CION Ares Dvsfd Crdt;U NA NA NA 7.3
MS CBRE Gl In Mg Term MEGI 14.91 12.83 -14.0 -2.4
BNY Mellon Str Muni Bond DSM 6.49 5.56 -14.3 4.5 USQ Core Real Estate:I 25.26 NA NA -12.1 CION Ares Dvsfd Crdt:U2 NA NA NA 7.3
Nuveen Rl Asst Inc & Gro JRI 13.13 11.28 -14.1 0.5
New to the Market Templeton Dragon TDF 9.63 8.58 -10.9 -14.0 BNY Mellon Strat Muni LEO 6.76 5.78 -14.5 4.5
DWS Muni Inc KTF NA 8.62 NA 3.7
USQ Core Real Estate:IS 25.32 NA NA -12.0
Versus Cap MMgr RE Inc:I 26.16 NA NA NE
CION Ares Dvsfd Crdt;W NA NA NA 7.6
CNR Select Strategies 13.72 NA NA 0.0
Templeton Em Mkt EMF 13.78 11.74 -14.8 4.9 Versus Capital Real Asst 27.57 NA NA 4.0
EVMuniBd EIM 11.32 9.88 -12.7 4.2 First Eagle Crdt Opps A 23.62 NA NA 10.5
Prem12 Mo Wildermuth:I 8.74 NA NA -32.0
Public and Private Borrowing Fund (SYM) NAV Close /Disc Yld
EVMuniIncm EVN 11.15 9.72 -12.8 4.9
EVNatMuniOpp EOT 17.98 16.67 -7.3 4.5 Income & Preferred Stock Funds
First Eagle Crdt Opps A2 23.59 NA NA 10.2
First Eagle Crdt Opps I 23.54 NA NA 11.0
U.S. Mortgage Bond Funds InvAdvMuIncTrII VKI NA 8.28 NA 4.8 Alpha Alternative Assets 6.22 NA NA 2.3 First Trust Private Cr;A 10.38 NA NA NS
Treasurys BlckRk Income BKT 12.34 11.72 -5.1 9.1 Invesco MuniOp OIA NA 6.20 NA 5.3 Calamos L/S Eqty and DI CPZ 17.20 14.63 -14.9 1.4 First Trust Private Cr;I 10.40 NA NA 7.7
Invesco HI 2023 Tgt Term IHIT 6.94 NA NA 5.4 InvescoMuOppTr VMO NA 9.31 NA 4.7 Carlyle AlpInv Pvt Mkt:A NA NA NA NS Franklin BSP Pvt Cr:A 10.39 NA NA 5.9
Monday, December 4 Thursday, December 7 Investment Grade Bond Funds InvescoMuTr VKQ NA 9.33 NA 4.8 Carlyle AlpInv Pvt Mkt:I NA NA NA NS Franklin BSP Pvt Cr:Adv 10.39 NA NA 6.5
Angel Oak FS Inc Trm FINS 13.59 12.20 -10.2 9.7 InvescoQual Inc IQI NA 9.33 NA 4.9 First Trust Alt Opps;A 26.19 NA NA 7.7 FS Credit Income;A 11.92 NA NA 8.3
Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; First Trust Alt Opps;A 26.65 NA NA 8.6
BlRck Core Bond BHK 10.54 10.48 -0.6 8.6 InvTrInvGrMu VGM NA 9.62 NA 4.6 FS Credit Income;I 11.95 NA NA 8.5
announced on November 30; settles on December 7announced on December 5; settles on December 12 BR Credit Alloc Inc BTZ 11.25 10.17 -9.6 10.0 InvescoValMunInc IIM NA 11.51 NA 4.9 Flat Rock Opportunity 18.81 NA NA 14.9 FS Credit Income;T 11.94 NA NA 8.0
Insight Select Income INSI 17.16 15.41 -10.2 4.9 MAINSTAY:MKDEFTRMUNOP MMD 16.80 15.81 -5.9 5.5 Lord Abbett Spec Sit I:A 9.09 NA NA 11.8 FS Credit Income;U 11.90 NA NA 7.7
Wednesday, December 6 Lord Abbett Spec Sit I:I 9.10 NA NA 12.7 FS Credit Income;U-2 11.99 NA NA 8.0
J Han Income JHS 11.78 10.69 -9.3 3.9 NeubrgrBrm NBH NA 10.06 NA 4.8
Auction of 17 week bill; MFS Intmdt MIN NA 2.69 NA 0.0 Nuveen AMT-Fr Mu Val NUW NA 13.46 NA 3.6 Variant Altrntv Inc:Inst 29.62 NA NA 9.2 GL Beyond Income 0.40 NA NA NE
Western Asset Inf-Lk Inc WIA 9.29 8.03 -13.6 14.0 Nuveen AMT-Fr Qlty Mun I NEA 12.55 10.72 -14.6 4.1 Variant Impact;Instl 28.32 NA NA 12.2 KKR CREDIT OPPTY;D 21.64 NA NA 8.3
announced on December 5; settles on December 12 Convertible Sec's. Funds KKR CREDIT OPPTY;I 23.30 NA NA 8.5
Western Asset Inf-Lk O&I WIW 10.00 8.59 -14.1 12.6
.
Nuveen AMT-Fr Mu CI NVG 13.36 11.46 -14.2 4.6
Westn Asst IG Def Opp Tr IGI 17.22 16.65 -3.3 4.9 Calmos Dyn Conv and Inc CCD 18.76 18.97 +1.1 1.0 KKR CREDIT OPPTY;T 23.09 NA NA 7.8
Nuveen Dyn Muni Opp NDMO 10.70 10.11 -5.5 8.0
World Equity Funds
ly
Loan Participation Funds Nuveen Mu Crdt Opps NMCO 11.11 10.15 -8.6 6.1 KKR CREDIT OPPTY;U 22.21 NA NA 7.8
Currencies Apollo Senior Floating AFT 14.97 13.02 -13.0 11.1
BR Debt Strategy DSU 10.76 10.45 -2.9 9.7
Nuv Muni Credit Income NZF 13.45 11.64 -13.5 4.6
ACAP Strategic:A
ACAP Strategic:W
17.53 NA NA 19.0
13.14 NA NA 20.0
Palmer Square Opp Inc 17.61 NA NA 8.8
World Income Funds
NuvMuniHiIncOpp NMZ 10.74 9.94 -7.4 5.6 CalamosGlbTotRet CGO 9.97 9.08 -8.9 5.9
BR F/R Inc Str FRA 13.15 12.01 -8.7 10.6 Nuveen Muni Val NUV NA 8.50 NA 4.0 BlueBay Destra Itl E:A 22.89 NA NA 12.1
U.S.-dollar foreign-exchange rates in late New York trading Cantor Fitzgerald SI:A 10.45 NA NA -1.7 BlueBay Destra Itl E:I 22.91 NA NA 12.3
BlackRock Floatng Rt Inc BGT 12.77 12.00 -6.0 10.3 Nuveen Quality Muni Inc NAD 12.93 11.07 -14.4 4.3
US$vs, US$vs, Cantor Fitzgerald SI:C 10.38 NA NA NS BlueBay Destra Itl E:L 22.86 NA NA 11.9
Country/currency
Americas
Argentina peso
in US$
Fri YTDchg
per US$ (%)
.0028360.8471 104.2
Country/currency
Vietnam dong
Europe
in US$
.00004115
Fri
24300
on
YTDchg
per US$ (%)
2.8
BS SFR 2027 T BSL 14.52 13.10 -9.8 10.0
BS St Cr 2027 Tm BGB 12.49 11.05 -11.5 10.1
Eagle Point Credit ECC NA 9.51 NA 21.6
EtnVncFltRteInc EFT 13.19 12.30 -6.7 10.3
EV SenFlRtTr EFR 12.94 12.52 -3.2 9.98
FT/Sr Fltg Rte Inc 2 FCT 11.03 9.82 -11.0 10.6
Nuveen Sel TF NXP
Pimco Muni III PMX

NA 14.15 NA 4.1
PIMCO MuniInc PMF 9.37 9.27 -1.1 5.6
PIMCOMuniIncII PML 8.71 8.18 -6.1 6.1
8.00 7.51 -6.1 5.5
PioneerHilncAdv MAV 8.89 7.71 -13.3 5.1
PionrMuniHiIncOppty MIO 12.04 10.34 -14.1 5.3
Cantor Fitzgerald SI:I 10.45 NA NA NS
Primark Priv Eq Inv:I 12.05 NA NA 7.6
Sweater Cashmere 21.23 NA NA 5.7
Thornburg Inc Bldr Opps TBLD 17.58 15.27 -13.1 10.8
VirtusTotalRetFd ZTR 6.34 5.44 -14.2 -4.2
BlueBay Destra Itl E:T 22.75 NA NA 11.7
Calamos-Aksia ACI:A 10.34 NA NA NS
Calamos-Aksia ACI:C 10.33 NA NA NS
Calamos-Aksia ACI:I 10.34 NA NA NS
Calamos-Aksia ACI:M 10.33 NA NA NS
Highland Oppty & Income HFRO 12.73 8.57 -32.7 11.0 Prem12 Mo Carlyle Tact Pvt Cred:A 8.42 NA NA 9.99
Brazil real .2049 4.8805 –7.7 Czech Rep. koruna .04481 22.315 –1.1 PioneerMunHiIcm MHI 9.60 8.30 -13.5 5.1
us ,
InvDYCrOpp:AX VTA 11.13 NA NA NA Fund (SYM) NAV Close /Disc Yld Carlyle Tact Pvt Cred:I 8.45 NA NA 10.4
Canada dollar .7409 1.3498 –0.4 Denmark krone .1460 6.8501 –1.4 Putnam Mgd Inc PMM 6.45 5.85 -9.3 5.5
Carlyle Tact Pvt Cred:L 8.41 NA NA 9.9
l
InvSnrIncTr VVR NA 4.04 NA 14.6 Putnam Muni Opp PMO 11.07 10.01 -9.6 4.9 U.S. Mortgage Bond Funds
Chile peso .001164 859.21 1.3 Euro area euro 1.0884 .9188 –1.7 Arca US Treasury NA NA NA NE Carlyle Tact Pvt Cred:M 8.45 NA NA 9.7
Nuveen Credit Strat Inc JQC 5.84 5.10 -12.7 11.7 RiverNorth Flx Mu Inc II RFMZ 15.29 13.40 -12.4 7.9
e
.000252 3962.50 –18.3 .002873 348.01 –6.8 Carlyle Tact Pvt Cred:N 8.41 NA NA 10.5
al a
Colombiapeso Hungary forint NuvFloatRateIncFd JFR 9.14 8.06 -11.8 11.7 RiverNorth Mgd Dur Mun I RMM 16.08 14.56 -9.5 7.6 Ellington Inc Opp:A 9.09 NA NA 2.5
Ecuador US dollar 1 1 unch Iceland krona .007206 138.77 –2.0 Ellington Inc Opp:M 8.97 NA NA 2.7 Carlyle Tact Pvt Cred:U 8.46 NA NA 9.8
High Yield Bond Funds Western Asset Mgd Muni MMU 11.50 9.88 -14.1 4.5 Carlyle Tact Pvt Cred:Y 8.42 NA NA 10.2
Mexico peso .0582 17.1878 –11.8 Norway krone .0934 10.7050 9.1 abrdn Inc Credit Str ACP 6.78 6.31 -6.9 19.4 Single State Muni Bond Loan Participation Funds
AllianceBernGlHiIncm AWF 10.84 9.91 -8.6 9.0 1WS Credit Income;A2 18.71 NA NA 6.4 Fid MS Cr;A NA NA NA NS
BlackRock CA Mun BFZ 12.87 11.36 -11.8 4.0
ci on
Uruguay peso .02555 39.1350 –2.1 Poland zloty .2516 3.9740 –9.2 Fid MS Cr;C NA NA NA NS
Allspring Income Oppty EAD 7.13 6.41 -10.1 9.3 BR MH CA Qly Fd Inc MUC 12.55 10.77 -14.2 3.9 1WS Credit Income;Inst 19.04 NA NA 6.3
Asia-Pacific Russia ruble .01096 91.225 23.7 Axonic Alternative Inc NA NA NA 8.9 Fid MS Cr;I NA NA NA NS
Barings Glb SD HY Bd BGH 14.74 13.09 -11.2 11.0 BR MH NJ Qly MUJ 13.03 11.18 -14.2 4.1
Sweden krona .0962 10.3961 –0.4 AXONIC ALTERNATIVE INC;A NA NA NA NS Fid MS Cr;L NA NA NA NS
Australiadollar .6675 1.4981 2.1 BR Corporate HY HYT 9.43 8.83 -6.4 10.7 BR MH NY Qly MHN 12.01 10.31 -14.2 4.0 Jackson Credit Opps:I 10.00 NA NA NS
Switzerland franc 1.1505 .8692 –6.0 BlackRock Ltd Dur Inc BLW 13.76 13.16 -4.4 9.0 BR MuniYld MI Qly MIY 12.95 11.13 -14.1 3.9 Blackstone FR EI D 21.60 NA NA 9.4
China yuan .1404 7.1240 3.3 Blackstone FR EI I 21.57 NA NA 9.7 Lord Abbett Cred Opps Fd 8.73 NA NA 8.8
Turkey lira .0346 28.8936 54.6 BNY Mellon Hi Yield Str DHF 2.62 2.26 -13.7 8.1 BR MuniYld NY Qly MYN 11.64 10.07 -13.5 3.9 Lord Abbett Cred Opps Fd 8.73 NA NA 9.5
Hong Kong dollar .1280 7.8146 0.1 Brookfield Real Asst Inc RA NA 12.69 NA 17.4 Blackstone FR EI T 21.53 NA NA 9.2
Ukraine hryvnia .0274 36.5500 –0.8 BlackRock NY Mun BNY 11.95 10.25 -14.2 3.8 Blackstone FR EI T-I 22.06 NA NA 9.2 Lord Abbett Crd Op:U 8.74 NA NA 8.8
India rupee .01202 83.178 0.5 CrSuisHighYld DHY 2.11 1.91 -9.5 9.7 EVCAMuniBd EVM 10.27 8.89 -13.4 4.0
UK pound 1.2711 .7867 –4.8 Blackstone FR EI U 22.48 NA NA 9.2 Oaktree Dvsfd Income;D 8.98 NA NA 8.7
er s
Indonesia rupiah .0000646 15485 –0.5 DoubleLine Inc Sol DSL 11.85 11.98 +1.1 12.6 Eaton Vance NY Muni Bd ENX 10.62 9.21 -13.3 3.8 PIMCO Flexible EM I;Inst 7.99 NA NA 9.1
Middle East/Africa DoubleLine Yld Opps DLY 15.35 14.56 -5.1 9.6 Bluerock HI Inst Crd:A 24.28 NA NA 8.4
Japan yen .006811 146.81 12.0 InvCaValMuIncTr VCV NA 9.49 NA 4.4 Bluerock HI Inst Crd:C 24.28 NA NA 8.4 National Muni Bond Funds
Kazakhstan tenge .002166 461.65 –0.3 Bahrain dinar 2.6536 .3769 –0.1 First Tr Hi Inc Lng/Shrt FSD 12.42 11.29 -9.1 11.0 InvPAValMuIncTr VPV NA 9.82 NA 4.0 Ecofin Tax-Exempt Prv Cr 8.31 NA NA 4.2
Bluerock HI Inst Crd:F 24.28 NA NA 8.4
First Trust HY Opp:2027 FTHY 15.54 13.58 -12.6 11.4 InvTrInvGrNYMu VTN NA 10.13 NA 4.0
m er
Macau pataca .1242 8.0530 0.1 Egypt pound .0324 30.9056 24.9 Bluerock HI Inst Crd:I 24.28 NA NA 8.4 Lind Cap Pt Mun Cred Inc 8.81 NA NA 4.5
Franklin Univ FT 7.39 6.60 -10.7 7.8 Nuveen CA AMT-F Qual MI NKX 12.98 11.34 -12.6 4.5 BNYM Alcntr Glb MS Cr Fd 90.92 NA NA 6.3 Nuveen En HY Muni Bd:A1 7.08 NA NA 5.5
Malaysia ringgit .2140 4.6730 6.1 Israel shekel .2691 3.7162 5.4 KKR Income Opportunities KIO 12.96 12.09 -6.7 11.6 Nuveen CA Val NCA NA 8.35 NA 4.1 CliffwaterClFd;I 10.73 NA NA 10.2 Nuveen En HY Muni Bd:A2 7.09 NA NA 5.7
New Zealand dollar .6211 1.6100 2.2 Kuwait dinar 3.2411 .3085 0.8 NeubHgYldStrt NHS 7.92 7.59 -4.2 14.6 NuveenCAQtyMuInc NAC 12.51 10.71 -14.4 4.2 Nuveen En HY Muni Bd:I 7.08 NA NA 6.2
CliffwaterElFd;I 10.88 NA NA 10.2
Pakistan rupee .00350 285.365 25.9 Oman sul rial 2.5974 .3850 unch New Amer Hi Inc HYB 8.02 6.91 -13.8 7.3 NuvNJ Qual Muni Inc NXJ NA 11.56 NA 3.3 CNR Strategic Credit 7.42 NA NA 21.4 PIMCO Flex Mun Inc;A-3 9.93 NA NA 3.6
Philippines peso .0180 55.470 –0.4 Qatar rial .2744 3.644 –0.6 Nuveen Global High Inc JGH 12.87 11.41 -11.3 11.1 Nuveen NY AMT/Fr Qual MI NRK NA 10.17 NA 4.2 Floating-Rate Opps;I 10.05 NA NA NS PIMCO Flex Mun Inc:A1 9.93 NA NA 3.9
PGIM Global High Yield GHY 12.53 11.21 -10.5 11.4
m rp
Singapore dollar .7499 1.3335 –0.6 Saudi Arabia riyal .2666 3.7514 –0.2 Nuveen NY Qual Muni Inc NAN NA 10.52 NA 4.3 Equalize Community Dev 9.23 NA NA 3.5 PIMCO Flex Mun Inc;A2 9.93 NA NA 3.9
PGIM High Yield Bond ISD 13.54 12.08 -10.8 10.5 Nuveen PA Qual Muni Inc NQP 13.20 11.15 -15.5 3.2 FedProj&TrFinanceTendr 10.06 NA NA 7.3 PIMCO Flex Mun Inc;Inst 9.93 NA NA 4.4
South Korea won .0007723 1294.86 2.6 South Africa rand .0536 18.6500 9.5 PGIM Sh Dur Hi Yld Opp SDHY 17.14 14.91 -13.0 8.8 Nuveen VA Qlty Mun Inc NPV NA 10.65 NA 4.0 Flat Rock Core Income NA NA NA 8.4 Single State Muni Bond
Sri Lanka rupee .0030453 328.37 –10.6 PioneerHilncm PHT 7.78 7.22 -7.2 9.5 PIMCO CA PCQ NA 9.35 NA 5.0 Flat Rock Enhanced Inc 21.31 NA NA NS PIMCO CA FMI;A-1 10.03 NA NA NS
Taiwan dollar .03197 31.275 2.1 Close Net Chg % Chg YTD%Chg WstAstHIF II HIX 4.67 4.75 +1.7 12.7 PIMCOCAMuniII PCK NA 5.67 NA 4.8 InvDYCrOpp:A 11.13 NA NA 9.9 PIMCO CA FMI;Inst 10.03 NA NA 3.6
Thailand baht .02866 34.890 0.8 WSJ Dollar Index 97.53 –0.45–0.46 1.01 Western Asset Hi Inc Opp HIO 4.18 3.83 -8.4 9.8
Western Asset Hi Yld D O HYI 12.19 11.79 -3.3 9.7
Sources: Tullett Prebon, Dow Jones Market Data Other Domestic Taxable Bond Funds
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
co Fo
Insider-Trading Spotlight Money Rates December 1, 2023

Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys
new information about the prospects of a company. Insiders are required to report large trades to the SEC Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by guide to general levels but don’t always represent actual transactions.
Refinitiv on December 1, and year-to-date stock performance of the company Inflation Week —52-WEEK— Week —52-WEEK—
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Latest ago High Low Latest ago High Low
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Oct. index Chg From (%)
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: level Sept. '23 Oct. '22 Federal funds Other short-term rates
unknown VP: vice president Excludes pure options transactions Effective rate 5.3400 5.3300 5.3500 3.8300
U.S. consumer price index Week 52-Week
High 5.6500 5.6500 5.6500 4.0500 Latest ago high low
All items 307.671 –0.04 3.2 Low 5.3100 5.3200 5.3300 3.8000
Biggest weekly individual trades Core 311.380 0.18 4.0
Bid 5.3300 5.3300 5.3300 3.8200 Call money
Based on reports filed with regulators this past week
n-
International rates Offer 5.3500 5.3600 5.3700 3.8400 7.25 7.25 7.25 5.75
No. of shrs in Price range ($) $ Value
Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Week 52-Week Treasury bill auction Commercial paper (AA financial)
Latest ago High Low 4 weeks 5.290 5.300 5.840 3.190 90 days 5.39 n.a. 5.54 4.29
Buyers 13 weeks 5.280 5.270 5.345 4.270
Prime rates Secured Overnight Financing Rate
no
Nov. 27-28 Spectrum Brands Holdings SPB D. Maura CEO 40 66.23-67.27 2,669 71.15 16.8 26 weeks 5.240 5.230 5.350 4.550
U.S. 8.50 8.50 8.50 7.00 5.33 5.31 5.35 3.80
Nov. 27 Exelixis EXEL D. Johnson DI 120 21.61 2,602 21.94 36.8 Canada 7.20 7.20 7.20 5.95
Nov. 24-28 Sight Sciences S. Encrantz DO 522 3.09-3.46 1,761 2.90 -76.2
Secondary market Value 52-Week
SGHT Japan 1.475 1.475 1.475 1.475
Latest Traded High Low
Nov. 28 Pulse Biosciences PLSE R. Duggan DO 124 8.98 1,117 9.16 230.7 Fannie Mae
Policy Rates
Nov. 27-28 Y-mAbs Therapeutics YMAB J. Wedell-Wedellsborg DI 93 5.49-5.81 521 6.16 26.2 30-year mortgage yields DTCC GCF Repo Index
Euro zone 4.50 4.50 4.50 2.00
Nov. 27-29 Arbor Realty Trust ABR I. Kaufman CEO 40 11.86-12.05 480 13.44 1.9 Switzerland 2.25 2.25 2.25 1.00 30 days 6.478 6.711 7.495 5.244 Treasury 5.435 25.450 5.435 3.804
Nov. 21-24 I. Kaufman CEO 35 12.15-12.23 426 60 days 6.484 6.722 7.554 5.250 MBS 5.449 57.970 5.449 3.854
Britain 5.25 5.25 5.25 3.00
Nov. 27 Qorvo QRVO W. Rhines D 5 93.19 466 97.42 7.5 Australia 4.35 4.35 4.35 2.85 Notes on data:
Nov. 28-30 RE/MAX Holdings RMAX A. Peterson BI 37 8.84-8.88 325 9.67 -48.1
Overnight repurchase U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
Nov. 22 Dentsply Sirona XRAY G. Lucier D 10 31.44 314 32.55 2.2 and is effective July 27, 2023. Other prime rates aren’t directly comparable; lending practices vary
U.S. 5.42 5.39 5.42 3.81 widely by location; Discount rate is effective July 27, 2023. Secured Overnight Financing Rate is as
Nov. 28 3D Systems DDD T. Erickson D 50 5.30 265 5.80 -21.6
of November 30, 2023. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted
Nov. 27 Sezzle SEZL P. Purcell DI 25 9.94 253 10.00 U.S. government rates average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-
Nov. 21-22 Ondas Holdings ONDS J. Popolo B 216 1.14-1.19 251 1.10 -30.8 funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
Discount Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Nov. 29 agilon health AGL J. Schwaneke D 22 11.22 250 11.28 -30.1 5.50 5.50 5.50 4.00 Tullett Prebon Information, Ltd.
Nov. 22 German American Bancorp GABC T. Seger DI 8 29.33 235 30.07 -19.4
Nov. 21-22 Runway Growth Finance RWAY T. Raterman PI 17 12.53-12.64 218 12.64 9.1
Nov. 21-22 D. Spreng CEOI 17 12.53-12.64 218 Cash Prices | wsj.com/market-data/commodities Friday, December 01, 2023
Nov. 28 Kemper KMPR J. Lacher CEOI 5 43.20 216 44.57 -9.4
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Sellers separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Nov. 27-29 Walmart WMT S. Walton DOI 767 156.04-157.09 119,922 154.34 8.9 months.
Nov. 27-29 A. Walton BI 767 156.04-157.09 119,922 Friday Friday Friday
Nov. 27-29 J. Walton BI 767 156.04-157.09 119,922
Nov. 22-24 S. Walton DOI 753 154.77-155.88 116,886 Copper,Comex spot 3.9090 Wheat,No.2 soft red,St.Louis-u 5.9525
Energy *132.1 Wheat - Hard - KC (USDA) $ per bu-u 6.8175
Nov. 22-24 A. Walton BI 753 154.77-155.88 116,886 Iron Ore, 62% Fe CFR China-s
Nov. 22-24 J. Walton BI 753 154.77-155.88 116,886 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 73.450 Steel, HRC USA, FOB Midwest Mill-s *1000.0 Wheat,No.1soft white,Portld,OR-u 6.9250
Nov. 27 DoubleVerify Holdings DV R. Noell DOI 1,875 30.28 56,766 33.40 52.1 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.950 Battery/EV metals Food
Nov. 24-27 Palo Alto Networks PANW N. Arora CEO 209 266.15-269.62 56,030 296.16 112.2 BMI Lithium Carbonate, EXW China, =99.2%-v,w 18400
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 17350 Beef,carcass equiv. index
Nov. 21 DraftKings DKNG J. Park CFO 750 38.27 28,703 39.00 242.4 274.81
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4690 choice 1-3,600-900 lbs.-u
Nov. 28 Airbnb ABNB B. Chesky CEO 203 125.96-129.25 25,795 135.02 57.9 BMI Nickel Sulphate, EXW China, >22%-v,m 3885 select 1-3,600-900 lbs.-u 246.17
Nov. 27 J. Gebbia DO 174* 126.78-127.45 22,229 Engelhard industrial 2037.00
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 560 Broilers, National comp wtd. avg.-u,w 1.1669
Handy & Harman base 2045.40
Nov. 27-28 Applovin APP A. Foroughi CEO 654 38.30-40.01 25,592 38.25 263.2 Butter,AA Chicago-d 2.6550
Handy & Harman fabricated 2270.39 Fibers and Textiles
Nov. 29 Snowflake SNOW F. Slootman CEO 113 175.54-177.17 19,789 185.97 29.6 Cheddar cheese,bbl,Chicago-d 152.00
LBMA Gold Price AM *2037.85 Cheddar cheese,blk,Chicago-d 152.00
Nov. 27-28 NVIDIA NVDA D. Shoquist OI 40 475.90-485.08 19,199 467.65 220.0 LBMA Gold Price PM *2035.45 Burlap,10-oz,40-inch NY yd-n,w 0.7300 Milk,Nonfat dry,Chicago lb.-d 118.00
Krugerrand,wholesale-e 2153.22 Cotton,1 1/16 std lw-mdMphs-u 0.7642
Nov. 22 RB Global RBA A. Fandozzi D 238 62.09-62.24 14,824 66.50 15.0 Coffee,Brazilian,Comp-y 1.8084
Maple Leaf-e 2173.92 Cotlook 'A' Index-t *89.70
Nov. 28-29 RxSight RXST B. Tammenoms DI 494 29.62-29.77 14,696 29.46 132.5 Coffee,Colombian, NY-y 2.0620
American Eagle-e 2173.92 Hides,hvy native steers piece fob-u n.a. Eggs,large white,Chicago-u 2.2950
Nov. 29 Progressive PGR S. Griffith CEO 90 162.89 14,660 162.46 25.2 Mexican peso-e 2504.28 Wool,64s,staple,Terr del-u,w n.a.
Flour,hard winter KC-p 18.10
Nov. 27-28 Medpace Holdings MEDP A. Troendle CEOI 47 273.66-276.10 12,877 275.41 29.7 Austria crown-e 2032.41 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.86
Austria phil-e 2173.92 Hogs,Iowa-So. Minnesota-u 70.22
* Half the transactions were indirect **Two day transaction Bran,wheat middlings, KC-u,w 138
Silver, troy oz. Pork bellies,12-14 lb MidUS-u n.a.
p - Pink Sheets Engelhard industrial 25.2500 Corn,No. 2 yellow,Cent IL-bp,u 4.4000 Pork loins,13-19 lb MidUS-u 1.0413
Handy & Harman base 25.3410 Corn gluten feed,Midwest-u,w 165.0 Steers,Tex.-Okla. Choice-u 173.92
Handy & Harman fabricated 31.6760
Corn gluten meal,Midwest-u,w 595.3 Steers,feeder,Okla. City-u,w 272.00
Buying and selling by sector LBMA spot price *£19.7900
Cottonseed meal-u,w 350
Hominy feed,Cent IL-u,w 146 Fats and Oils
Based on actual transaction dates in reports received this past week (U.S.$ equivalent) *25.0200
Meat-bonemeal,50% pro Mnpls-u,w 388
Coins,wholesale $1,000 face-a 21371 n.a.
Oats,No.2 milling,Mnpls-u 4.2975 Degummed corn oil, crude wtd. avg.-u,w
Sector Buying Selling Sector Buying Selling Other metals Rice, Long Grain Milled, No. 2 AR-u,w 35.88 Grease,choice white,Chicago-h n.a.
Basic Industries 370,452 10,443,558 Finance 2,895,887 91,968,624 LBMA Platinum Price PM *937.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 934.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 447.50 Soybean oil,crude;Centl IL-u,w 0.5392
Capital Goods 436,234 24,745,218 Health care 5,552,969 58,670,613 1015.0
Palladium,Engelhard industrial Soybeans,No.1 yllw IL-bp,u 12.8400 Tallow,bleach;Chicago-h n.a.
Consumer durables 2,957,873 1,388,012 Public Utilities 21,791 659,496 Aluminum, LME, $ per metric ton *2157.5 Wheat,Spring14%-pro Mnpls-u 9.4025 Tallow,edible,Chicago-u n.a.
Consumer non-durables 372,103 39,858,799 Technology 824,206 314,824,365
Consumer services 489,331 98,798,636 Transportation 24,678 1,717,790 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Energy 394,320 10,849,605 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 11/30
Sources: Refinitiv; Dow Jones Market Data Source: Dow Jones Market Data
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE
Digital Payments Have a Jolly Holiday

Investors might be warming again to the growth potential of alternative ways to pay
This year’s Black Friday might Share-price performance,

not have been marked by stories past three years
of mobs of shoppers like in past
75%
years, but it made up for that
drama digitally. Shopify
50
In-store U.S. retail sales on Adyen
Black Friday rose 1.1% over last Affirm
25
year, according to Mastercard
SpendingPulse, and e-commerce
0
sales were up 8.5%. That might
help give a second wind to digital-
–25
payments stocks whose shares
have struggled at times in the
postpandemic era. –50
There was a big shift in how
people paid and where they –75
shopped during the pandemic, but
–100
BENNETT RAGLIN/GETTY IMAGES FOR SHOPIFY

the past couple of years have seen
expectations tumble. The momen- 2021 ’22 ’23
tum for disruption in payments Source: FactSet
hasn’t dried up, and there might
still be significant opportunities Friday-Cyber Monday weekend
for the players in the best spots. sales over last year. Shares of
There has been a continuing Shopify were up over 50% in No-
shift away from traditional “store vember.
cards.” Buy now, pay later point- People did more of their shop-
of-sale lending generated 42.5% ping on their phones. A record
more online spending on Cyber 79% of e-commerce traffic was on
Monday this year than last year, mobile phones from Nov. 21 to Shopify said its merchants saw a 24% boost in Black Friday-Cyber Monday weekend sales over last year.
or some $940 million, according to Nov. 27, up from 76% last year, ac-
.
Adobe Analytics data on U.S. retail cording to global data from Sales- for all payments players? Perhaps are strongest there. Adyen shares Apple has been a demanding part-
sites. Overall, BNPL-driven spend- force. not. If Apple is taking a share of were up nearly 70% in November. ner, the Journal reported, asking
ly
ing in November, through Nov. 27, And usage of mobile wallets checkout-cart wallet transactions, One thing to watch might be for things like approving nearly all
grew 17% year over year to $8.3 was up 54% year over year in the that means someone is losing it, or what happens next with Apple’s applicants and insisting cardhold-
billion, according to Adobe. Shares U.S., according to Salesforce. at least not growing as quickly as banking relationship for its Apple ers get bills at the beginning of
of Affirm, a major provider of
these loans, nearly doubled in
price in November.
E-commerce sales help boost
Among those wallets, Apple Pay on
accounted for 54% of the increased
usage, Salesforce data showed. It
was holiday-season data last year
they could be. And the pricing
pressure reported earlier this year
by European payments giant
Adyen might also not be abating
Card. The technology giant re-
cently sent a proposal to Goldman
Sachs to exit their contract in the
next roughly 12 to 15 months, The
the month.
Whatever tech companies with
digital wallets like Apple do next,
with whichever partners, could be
the platforms that stores and sell- that helped alert the market that for the players that sit behind the Wall Street Journal reported. further evidence that these play-
us ,
ers use for digital payments and Apple had truly arrived in pay- scenes in payments. Still, a shift to- Goldman is the bank that issues ers are the ones driving the future
l
shopping. Shopify said its mer- ments. ward e-commerce would dispropor- the Apple Card and provides of payments.
e
al a
chants saw a 24% boost in Black So is this going to be good news tionately help those whose volumes linked high-yield savings accounts. —Telis Demos
ci on
Rising Profits Could Prevent

Before-tax corporate profits, change from a year earlier
100%
RECESSION
er s
75
The Economy From Faltering 50

m er
25
Profits have been making a companies, too. With most results just come to a close—or there was
comeback. That makes a come- in, earnings per share at compa- no recession at all. An exception
m rp
0
down for the U.S. economy seem nies in the S&P 500 look to have was in 1990, when the shock of
less likely. risen 7.1% in the third quarter the first Gulf War coupled with
–25
The Commerce Department on from a year earlier, according to the savings-&-loan crisis helped
Wednesday reported before-tax London Stock Exchange Group, af- push the U.S. into a downturn
–50 Quarterly
corporate profits rose 1.1% from a ter slipping 2.8% in the second. even as profits recovered.
co Fo
year earlier in the third quarter. The profit gains look likely to con- The reason an economy that 1950 ’55 ’60 ’65 ’70 ’75 ’80 ’85 ’90 ’95 2000 ’05 ’10 ’15 ’20
This compares with a decline of 6% tinue: Analysts, whose estimates isn’t already in recession tends Source: Commerce Department via St. Louis Fed
in the second quarter. Moreover, tend to be too dour this far along not to drop into one during a prof-
that profit figure includes the in- into a quarter, expect S&P 500 its recovery probably owes some- keep growing for a while, the have called for a recession ever
come of Federal Reserve banks, earnings to grow 5.2% in the thing to employment: Companies economy maintains its footing and since the yield on the 10-year Trea-
which lately have been losing fourth quarter. that are watching earnings rise recession risks fade. sury note slipped below the 2-year
money owing to the combination of The rebound in profits might again aren’t all that eager to fire Of course, just because profits yield in July 2022—the dreaded
their big holdings of Treasury and matter a lot not just for the stock people, so the job market stays are growing doesn’t preclude a re- yield curve inversion—for example.
mortgage securities and the sharp market but also for the economy. healthy and consumers don’t recession next year. Putting complete What the profits recovery does
increase in rates. Exclude the Fed, That is because available Com- trench. This is particularly true of faith in a one-factor prediction for do, however, is boost the chances
and corporate profits rose 6.7% in merce Department data back to more cyclical industries—such as something as complex as the U.S. that a recession doesn’t happen.
the third quarter compared with a the late 1940s show that by the manufacturing—that often drive economy is perilous, especially in Almost any hand can lose, but it
gain of 1.6% in the second. time corporate profits are growing profit, and economic, cycles. light of all the continuing distor- helps that the economy has been
n-
The profit rebound has been again after a decline, a recession Moreover, because once profits tions the pandemic introduced. dealt an ace.
more than evident at big public is either well under way or has start growing again they tend to Consider those forecasters who —Justin Lahart
no
MARKETS
Hundreds of Nasdaq Stocks Have Fallen Below $1

BY ALEXANDER OSIPOVICH proved by the Securities and 600 choice. hands—representing 2.7% of
Exchange Commission and Number of U.S. stocks below $1 Under Nasdaq rules, a com- the shares traded in the entire
Hundreds of stocks have provide specified periods for 500 pany whose shares fall below U.S. stock market that day and
Total
broken the buck this year, fol- companies to regain compli- $1 for 30 days gets a warning more than 300 times the pre-
400 Listed on Nasdaq
lowing a slump in the once- ance with the applicable re- stating that it is noncompliant vious day’s volume, according
hot market for buzzy startups quirements.” 300 and has 180 days to get its to Bloomberg Intelligence. On
seeking rapid growth. Companies with a share share price back above the Friday, Inpixon closed at 7
As of Friday, 557 stocks price below $1 can stay listed 200 threshold. At the end of that cents a share.
listed on U.S. exchanges were more than a year before Nas- period, many companies get Nasdaq has required listed
trading below $1 a share, up daq kicks them off. Largely 100 an additional 180-day grace companies to maintain a $1
from fewer than a dozen in owing to the pileup of stocks period if they say they are share price since the 1990s,
0
early 2021, according to Dow below $1, around one in six considering a reverse split or though it suspended the rule
Jones Market Data. The ma- Nasdaq-listed companies is 2020 ’21 ’22 ’23 some other way to get back during market crashes in
jority of these stocks—464 of running afoul of the ex- Source: Dow Jones Market Data above $1. 2001, 2008 and 2020. The
them—are listed on the Nas- change’s rules, Nasdaq data At the end of the second NYSE has a similar minimum-
daq Stock Market, whose rules show. pliant” with its own listing The company plans a re- 180-day period, companies can price rule on its flagship ex-
require companies to maintain “Exchanges are supposed to rules. Besides falling below $1 verse stock split before the still avoid getting kicked off change. But the Big Board has
a minimum share price of $1 be gatekeepers and list only a share, common reasons for end of this year to regain Nasdaq by requesting a hear- far fewer companies trading
or risk being delisted. bona fide companies that have companies to become noncom- compliance, an AEye spokes- ing to appeal the delisting de- below $1, because Nasdaq at-
Investor-protection advo- investor interest,” said Rick pliant include failing to meet woman said. cision. Until the hearing, they tracts the majority of compa-
cates say many of these sub-$1 Fleming, a former SEC inves- minimum targets for float, Reverse stock splits have won’t be delisted. Companies nies with small market caps,
stocks belong to risky small tor advocate. “If a bunch of stockholders’ surged as must pay Nasdaq a $20,000 which are more likely to fall
companies that should be on companies aren’t really meet- equity or num- struggling com- fee for the hearing. below the threshold.
464
the over-the-counter market, ing those standards, it under- ber of share- panies seek to Some of the sub-$1 stocks The recent surge in ex-
the traditional home of mines the seal of approval holders. boost their have enjoyed bursts of heavy change-listed stocks trading
“penny stocks” not ready for that the exchanges are sup- AEye, a share price trading volume as individual for pennies raises concerns
the prime time of Nasdaq or posed to be imparting.” maker of sen- above $1. There investors pile into them, about market integrity, said S.
the New York Stock Exchange. Many of today’s sub-$1 sor technology Number of stocks on have been 255 driven by social-media chat- Ghon Rhee, a finance profes-
But instead of being de- stocks went public in 2020 for self-driving reverse splits ter. sor at the University of Hawaii
listed, the companies are ma- and 2021 during a boom in cars, is on the
Nasdaq that were so far in 2023, Inpixon, a maker of loca- and co-author of a 2011 aca-
neuvering to maintain their initial public offerings and list because its trading below $1 a up from 159 tion software for factories and demic study on Nasdaq’s $1
Nasdaq spots—alongside blue deals with special-purpose ac- shares have share as of Friday. last year, ac- warehouses, unleashed a brief rule.
chips such as Apple and Mi- quisition companies. Mergers been stuck be- cording to data trading frenzy this summer “When it comes to risks as-
crosoft—as long as they can. with SPACs were a popular low $1 for provider Wall after announcing a merger, sociated with stocks falling
“Any company that looks to way for startups to go public nearly a year. Street Horizon. even though it is a relatively below $1, our findings suggest
list and remain listed on Nas- until a regulatory crackdown They closed at 15 cents on Fri- Some investors view re- obscure company whose that noncompliant stocks were
daq must satisfy certain re- in 2021 slowed the SPAC day, down more than 98% verse splits as a black mark on shares have traded below $1 much more vulnerable to cata-
quirements,” a Nasdaq repre- craze. since AEye made its debut on a company’s reputation, so since January. strophic losses,” Rhee said.
sentative said. “Our rules, like Nasdaq’s website lists 583 Nasdaq through a SPAC companies often avoid doing On July 25, about 267 mil- “Investors could have their
any other exchange, are ap- companies that are “noncom- merger in August 2021. them until there is no other lion shares of Inpixon changed entire investment wiped out.”
MUTUAL
FUNDS
& ETFS
MONTHLY DATA
R6, R7
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, December 4, 2023 | R1
.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
ALEX NABAUM
There are a host of

Tax Deductions That tax breaks available
to retirees and older
Seniors Often Overlook Americans, but

n-
they’re easy to miss
M
no
BY LORI IOANNOU
ANY OLDER Americans payer to know about the array of tax breaks
are missing out on valu- available to them.”
able tax breaks offered by Since 2017, O’Saben says, there have been
the IRS, leaving behind five big tax-law changes, including the over who are usually in low-to-moderate in-
savings that could make Trump-era Tax Cuts and Jobs Act, the pan- come brackets.
a difference for their fi- demic-era Cares Act, and President Biden’s Here’s a look at four often-overlooked tax
nancial well-being. Inflation Reduction Act. These changes have deductions for seniors that can offer poten-
“The reason this is happening is because brought new tax breaks, diminished the use tially lucrative savings.
the tax code is complicated, and rules on tax of others, and otherwise muddled the tax-
exemptions are constantly changing,” says filing process. Extra standard deduction
Tom O’Saben, director of tax content and The Internal Revenue Service offers Tax Each filing season millions of Americans
government relations at the National Associ- Counseling for the Elderly, a community- take the standard deduction—a flat dollar
ation of Tax Professionals in Washington, based program that includes free tax-return amount determined by the IRS that reduces
D.C. “This makes it hard for the average tax- preparation for seniors who are age 60 and Please turn to page R4
Inside
Financial Gift Ideas gifts can help to position
young people for success or
help seniors to enjoy their re-
RETIREMENT ROOKIES TAXING TIDINGS
Charitable giving changes when Investors who hold mutual funds

For Your Loved Ones tirement, financial advisers say.
Here are some of their fi-
the paychecks stop rolling in, but
our columnists are ready to push
in taxable accounts could face big
distributions—and a big tax bill. R6
nancial gift ideas, broken
aside the Grinch and give back. R5
down by age.
Helping somebody pay off debt or paying for a
bucket-list vacation for older relatives are just Children
Contributing to a “529” edu-
two options that gift givers might consider cation-savings plan, or a qual-
ified tuition program, for a
child or grandchild is a good SCOREBOARD
BY NICK FORTUNA and games, according to the gift option because those af- November 2023 fund performance,
Conference Board Holiday ter-tax contributions grow total return by fund type. More on R2.
Spending Survey. tax-free, and distributions are U.S. Intl. Bonds
U.S. CONSUMERS entered Instead of giving these tra- tax-free as long as the money stocks* stocks* (intmd.)
this holiday season planning ditional gifts, wealth advisers is used for the beneficiary’s Scan this code to learn
to spend an average of $654 say a financial-related gesture qualified education expenses, how interest rates and
on gifts, with the likeliest pur- or present might be the best financial advisers say. other factors affect 9.1% 8.6% 4.5%
chases going to gift cards, va- gift of all—the one that keeps And if the recipient decides whether it’s better to *Diversified funds only, excluding sector
cation and travel, and toys on giving. Even small financial Please turn to page R2 buy or lease a new car. and regional/country funds Source: Refinitiv Lipper
R2 | Monday, December 4, 2023 THE WALL STREET JOURNAL.
JOURNAL REPORT | INVESTING MONTHLY
JR
A Journal Report U.S.-stock funds (monthly)
special look at the 9.1
numbers and news about 3.8% A S O
this month’s investing
J N
2023 –2.6 –4.9 –4.0
l
l
Insight
Financial plan for a student is consid-

ered an asset of the parent
Gift Ideas— on the Free Application for

Federal Student Aid, and 529
plans owned by grandparents
For Children and other nonparents don’t
affect aid eligibility, she says.
To Retirees
Young adults
Expenses such as student
Continued from Page One loans and rent leave many
 not to go to college or young adults with little to
11/24/23
doesn’t need the 529 for save for retirement, even if
.
Macy’s in Manhattan was bustling on Black Friday. The retailer reported larger crowds this year than last. other education expenses, their jobs encourage them to
ly
the contributions can jump- save through matching
2.5% 7.4%
start retirement savings. 401(k) contributions. To get
Year-over-year increase in U.S. Year-over-year increase in U.S.
Black Friday retail sales online online-only retail sales on Black Friday Before the Secure 2.0 Act the ball rolling, parents or
and in stores, according to
Mastercard Spending Pulse.
on through 6:30 p.m. Eastern time,
according to Adobe Analytics.
was signed into law a year
ago, most withdrawals from
529 plans for anything other
than qualified education ex-
grandparents could open a
Roth IRA for a young profes-
sional and pledge to match
that child’s contributions, up
us ,
penses were subject to income to the $7,000 annual cap for

Out While holiday-season sales continue to trend toward online venues,
l
tax and a 10% penalty. How- 2024, according to Nick

e
shoppers are still eager to get out to bricks-and-mortar stores. ever, the new law allows 529 Strain, senior wealth adviser
al a
And Foot traffic at U.S. retailers rose 2.1%, according to store-traffic account owners—typically par-
ents and grandparents—to roll
at Halbert Hargrove in Long
Beach, Calif.
ci on
analytics provider RetailNext, with health and beauty brands over money that isn’t spent on Matching contributions
About notching double-digit percentage increases from last year. education into a Roth individ-
ual retirement account for
give grandparents and par-
ents an opportunity to dis-
their child or grandchild. cuss their lifelong invest-
This eliminated one of the ment strategies and
er s
Monthly Monitor • William Power ‘2024 should be main drawbacks of a 529 ac- experiences with their adult
count—the possibility that children, he says.
the year of the
m er
Stock Funds Get Back on Their Feet bucking bull for

the beneficiary won’t pursue
higher education, says Dean
“I think the gift is impor-
tant, but you also can talk
stocks and Catino, president and co- about what you’ve learned
has completed its rate-hike cycle,” says founder of Monument over the years,” Strain says.
bonds as
m rp
Quincy Krosby, chief global strategist for Wealth Management in Alex- “Putting those two pieces to-
LPL Financial in Charlotte, N.C. “More- investors andria, Va. gether makes it more per-
over, markets are even more sensitive to challenge the Owners of 529 accounts sonal.”
the possibility that the Fed will initiate may now roll over a lifetime
an interest-rate cutting campaign by bull market in limit of up to $35,000 into a Middle-aged workers
co Fo
mid-2024, if not sooner,” she says. stocks alongside Roth IRA for the designated They may be at the height of
Large tech stocks again asserted their worries about account beneficiary. Rollovers their earning power, but mid-
dominance in November. The Nasdaq are subject to the annual cap career workers also may be
Composite Index is up nearly 37% so far inflation and on Roth IRA contributions, weighed down by their own
this year. Riding that tech-stock wave, interest rates. which is $7,000 in 2024 for student loans, mortgage pay-
Stock funds might have a decent year Lipper’s large-cap growth fund category—
We expect people under the age of 50. ments, auto loans, personal
after all. focusing on stocks that are powered by Some limits apply. The loans and credit-card debt.
After three straight months of de- corporate-earnings potential—rallied 11% periods of 529 plan must have been es- Eliminating interest-bearing
clines, stocks rallied, for the most part, in in the month, to expand the year-to-date volatility—or tablished at least 15 years debt, helping to pay for chil-
November—adding to stock-fund inves- gain to 34%. International-stock funds before the rollover, for exam- dren’s education expenses or
tors’ 2023 gains. The average U.S.-stock rose 8.6% in November, to leave them
bucking—as ple, and any contributions contributing to Roth IRAs all
fund rose 9.1% in November, according to with a 10.8% gain so far this year. investors try to within the past five years can relieve some financial
n-
Refinitiv Lipper data, to expand the year- Bond funds exploded in their biggest determine when can’t be rolled over. stress on middle-aged work-
to-date gain for stock funds to 13.4%. rally in years. Funds focused on invest- Alternatively, a 529 ac- ers, says Miser.
So while the average fund isn’t on ment-grade debt rose an average of
the Fed is done count owner could change Paying down high-interest
pace for a spectacular year, it appears 4.5%, to push them into the black this raising rates.’ the beneficiary to another debt for a loved one can be a
no
that double-digit gains could be had if year at 2.0%. child who likely will have ed- thoughtful gesture, says Eck-
Mary Ann Bartels
December is productive—something that The Fed relief rally is here, says Lauren ucation expenses. els. “It relieves a lot of stress
seemed unlikely just a few weeks ago. It Goodwin, economist and portfolio strate- Chief investment strategist for people,” she adds.
would be a turnaround from last year, gist at New York Life Investments. “We
at Sanctuary Wealth Teenagers A universal life insurance
when the average U.S.-stock fund fell agree with the bond market that Fed Contributing to a 529 plan is policy also holds appeal be-
18.4%, breaking a three-year win streak. cuts may be possible next year,” she adds. an option for older children, cause gains on the cash-
As always, it’s mainly about the Fed. “But that will only be possible if inflation but with the college years value component of the pol-
Investors were satisfied that the latest and wage conditions are on track to be drawing nearer, the money icy grow tax-free, Miser says.
inflation and economic data will allow the significantly tamer than they are today.” won’t have much time to The cash-value portion earns
Federal Reserve to tamp down inflation grow. Instead, consider cus- interest tied to the perfor-
without inviting a recession. Maybe the William Power is deputy section editor of todial brokerage accounts for mance of a stock-market in-
Fed will even cut interest rates next year. Journal Reports in South Brunswick, N.J. teenagers, exposing them to dex such as the S&P 500. It
Markets “have factored in a Fed that Email him at william.power@wsj.com. principles of long-term in- is typically shielded from
vesting, Catino says. market losses, though the
Through a custodial ac- gains are likely to be capped.
count, teenagers can learn The policy also provides a
about the importance of death benefit to survivors.
l building their investments
Financial Flashback of many too-big-to-fail Wall Street over time, regardless of how Seniors
A look back at Wall Street Journal firms, plus the collapse of Lehman
Brothers. “Everything was called into
the market is performing,
says Derek Miser, chief man-
Sometimes the best gift for
a senior relative is a splurge
headlines from this month in history question because everything else was
collapsing,” he says.
aging partner of Miser Wealth
Partners in Knoxville, Tenn.
on a traditional gift he or she
wouldn’t otherwise consider.
Fast forward to 2023, another “That educational piece, Paying for a bucket-list vaca-
15 YEARS AGO  fraud is in the news: Sam Bankman- introducing teenagers to in- tion, for example, and having
Before news of the world’s biggest Fried, founder of cryptocurrency ex- vesting, is a valuable gift,” he multiple generations of the
PHOTO: DAVID DEE DELGADO/REUTERS; ALEX NABAUM: MONITOR: GIACOMO BAGNARA
Ponzi scheme broke, Bernie Madoff change FTX, was recently found says. “Financial responsibility family along for the trip can
was a respected figure on Wall guilty of a multibillion-dollar fraud. and the power of compound create memories that tran-
Street, playing a prominent role with There are similarities. “Madoff and interest is something every- scend price, says Eckels.
the securities industry’s self-regula- SBF both became accepted as stan- body should learn earlier in If seniors don’t have spe-
tory body and serving as chairman of dard-bearers of their chosen mar- life rather than later, and cific wants or needs, consider
the Nasdaq market in the early 1990s. kets,” Earle says. “They had privileged since they are young, they a donation to their favorite
But that ended when he got ac- access that shielded them from scru- can handle the volatility of charities, she says. “A lot of
cused of a $50 billion fraud, a figure tiny for longer than anyone else.” the stock market.” times, they’re decluttering at
that grew to $65 billion, including —Simon Constable When it comes time to that point in their life and
fake profits. The scam involved ficti- apply for financial aid, how- are trying to get rid of
tious returns and paying off existing 40 YEARS AGO  ever, custodial bank and bro- things, so this allows you to
customers wanting to cash out with kerage accounts are consid- do something meaningful
money from new ones. Another insid- Wall Street Journal, Dec. 12, 2008
Wesco Financial Corp. Elects ered assets of students and and nice for them that also
ious tactic he used was affinity fraud,
Munger Chairman, President might affect their eligibility benefits others,” Eckels says.
or targeting an identifiable group, in Earle, an economist at the American for aid, says Jaime Eckels,
5 YEARS AGO 
this case, affluent Jewish investors. Institute for Economic Research and partner at Plante Moran Fi- Nick Fortuna is a writer in
“It is critically important to look at a former Nasdaq market maker. The Dow Industrials Leap 1,000 nancial Advisors in Auburn Ocala, Fla. He can be reached
the timing of the scandal,” says Pete charges came weeks after the bailout Points for the First Time Hills, Mich. Conversely, a 529 at reports@wsj.com.
THE WALL STREET JOURNAL. Monday, December 4, 2023 | R3
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SCHWAB CHARITABLE™
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Help your
e
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Tom Myers
Bordeaux Wealth Advisors
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A Schwab Charitable donor-advised fund account can do so much for your clients’
giving and help you deepen client relationships. Our giving solution allows you to help
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Young Money • Will Flannigan
ety, says that “we were built for
I Thought Living Paycheck to short-term stress. But when we’re

dealing with more chronic stres-
sors, your body gets activated,
Paycheck Was Behind Me

you have more inflammation in
your system. It leads to other
health symptoms. It can even lead
to aging in your cells.”
Did I mention that my beard is
Thanks to our move to New York and some unexpected expenses, it wasn’t turning white?
Changing my mindset
I
T BEGINS AS a count- Despite all this, we are here in
down—six, five, four, New York to stay. So we are de-
three…days to payday. Then, termined to break the cycle.
it becomes a countdown to To start, we’ve cut back. A lot.
the next payday. That includes a subscription-killing
Next, it’s counting the spree and curtailing restaurant
days to the first of the outings. If we do eat out, we try
month when the rent is to get at least two meals out of
due. Is this month a three-pay any order. The only things left to
month? Nope. That’s a shame be- cut are our modest 401(k) contri-
cause those are real gifts. butions—a last resort—and the
That’s the paycheck-to-pay- $15 I spend weekly on coffee. I’ve
check cycle that my wife and I also taken on extra work to help
find ourselves in—again. boost my earnings.
At this point, nearly anything Here comes the “but.”
can derail our monthly budget be- Even taking a buzz saw to our
cause we are living on the finan- spending hasn’t insulated our ac-
cial edge. It started with an ex- counts from unplanned expenses.
pensive move for a new job, then Among them: a family emergency
it was a sick pet, then a death in that required a plane ticket and
the family and the resulting emer- pricey Uber rides.
gency trip home. If something un- Oh, and student-loan payments
expected happens, our current restarted, yanking an additional
thinking goes, we’ll make some $500 monthly from our budget.
tough choices and say a prayer or, It feels like we need to spend
more likely, say “Put it on credit.” two dollars on necessities for ev-
This cycle isn’t new to me. As ery dollar we’ve saved. Everything
I’ve written about before, I was a is more expensive: food, clothing,
hardscrabble working-class latch- is a significant stressor for 77% of turned a corner while living in Metro card stuffed in my wallet, cleaning supplies, utilities. Digging
.
key kid with a single mom who Americans aged 35 to 44. And Cleveland and felt financially sta- hoping one has a few bucks left. out has felt Sisyphean.
ly
worked in manufacturing. My wife among those who said money ble after years of struggle. We I’m having flashbacks to years To help cope, Bufka says to fo-
and I have had years of walking fi- was a significant source of stress, regularly set aside money in our ago when I found it difficult to cus on what is within my power
nancial tightropes. What is new— 67% of my cohort said paying for savings and investment accounts. justify spending $100 on a good to change. To me that means fo-
and disheartening—is that despite
all the financial progress I’ve
made over the years, I find myself
back in this spot. And as so many
essentials was a stressor. on
“The financial headwinds your
generation is facing really are
more multifaceted and extreme
And we even took our first real
vacation as a couple after more
than 10 years of being together.
Then came our move to New
winter coat or visiting the eye
doctor for a new pair of glasses
because mine were being held to-
gether by super glue.
cusing on the spending cuts we’ve
implemented. She also recom-
mends asking myself: “Can I con-
trol my response to the stressor?”
us ,
people know, paycheck to pay- than those of prior generations,” York City for my new job. Yes, we I feel like I’m suffering from fi- In other words: I should stop
l
check is a difficult way to live, says Ida Rademacher, co-execu- knew that the cost of living would nancial impostor syndrome. De- stewing in my financial anxiety.
e
practically and psychologically. tive director of the Aspen Insti- be much higher. Our expenses in spite my higher income, better job She recommends being in nature
al a
For many older millennials like tute Financial Security Program. New York are about three times and big-city life, I still feel like that or being with people I have close
myself, it seems to be an endless as much as in Cleveland. We an- kid from Northeast Ohio scroung- connections to help me cope with
ci on
loop of one step forward and two Progress comes undone ticipated taming our spending, but ing for change to buy a gallon of the worry. “It’s good to make time
steps back. While we move up the Honestly, this isn’t an easy topic we just didn’t realize how far we gas. I’m still that guy who held my for a mental reset,” she says.
ladder and get higher-paying jobs, to talk or (in this case) write would need to go. breath when buying a new coat. Meantime, I’m going to stop
inflation, housing prices, interest about. It’s humiliating especially It took only a couple of months My wife and I are exhausted, counting down the days to my next
rates and student debt keep many because I’m aware my wife and I living in the city for us to overdraw and so are our wallets. paycheck and instead count up the
er s
of us from truly making financial are fortunate in many aspects. For our accounts. It had been years My beard is turning white. It’s. things I should be grateful for.
progress. We keep living paycheck starters, we both have steady jobs since we experienced that kind of Turning. White! One, two, three…
m er
to paycheck because our expenses and steady paychecks. shame. Hitting the overdraft wall, Lynn Bufka, associate chief for MARTIN TOGNOLA
keep outpacing our paychecks. Still, our current reality is that I’ve sheepishly grabbed another practice transformation at the Will Flannigan is an SEO editor
According to the American Psy- we could be one paycheck away credit card at the grocery-store American Psychological Associa- for The Wall Street Journal in
chological Association’s recent from financial disaster. checkout. I’ve held up the line at tion and a clinical psychologist New York. Email him at
m rp
“Stress in America” survey, money A few years ago, we had the subway while trying every old with expertise in stress and anxi- william.flannigan@wsj.com.
co Fo
duction if his or her spouse item- bite,” says Nathan Anderson, a then write a check to the non- as IRAs aren’t required to break
Potentially izes deductions, and an estate or
trust, common trust fund or part-
certified public accountant and
certified financial planner at Prai-
profit or organization of their
choice. As a result, they are miss-
down what distributions from an
account went to charity. They just
Lucrative Tax nership can’t claim it.
If you are 65 and older and
riewood Wealth Management in
West Fargo, N.D.
ing a valuable tax deduction.
Instead, tax pros say they
provide the number of distribution
transactions and the gross dollar
Deductions blind, the extra standard deduction
is $3,700 if you are single or filing
For the 2023 tax year, married
couples who file jointly can con-
should use a qualified charitable
distribution, or QCD, which allows
amount withdrawn during the
year on the 1099-R tax form.
That Seniors as head of household, and if mar-
ried $3,000 for each spouse, filing
tribute $6,500 to a spousal IRA
per individual for a total of
individuals over 70½ to transfer up
to $100,000 a year from their tra-
“It’s up to the taxpayer to sort
this out and make sure it is re-
Often Overlook jointly or separately. This deduction $13,000. If they are both 50 and ditional IRA directly to a charity ported correctly with his or her
n-
is available to those who are le- older, each individual is allowed an tax-free, even if they aren’t itemiz- tax preparer,” Koeppel says. You
gally blind and it requires a doc- extra $1,000 catch-up contribution ing deductions. Married couples fil- need to keep track of what chari-
Continued from Page One tor’s confirmation in cases where for a total of $15,000. ing jointly can donate $200,000 ties are getting distributions and
taxable income—instead of itemiz- the taxpayer has less Keep in mind the annually and neither can contribute have documents that state they
no
ing deductions such as mortgage than total IRS has specific more than $100,000. received your funds, he explains.
interest and charitable donations blindness. guidelines These contributions must be
on their 1040 tax form. According made to a qualified 501 (c)(3) Medicare premium
to the IRS, 87.3% of tax filers charity defined by the IRS such as deduction
claimed the standard deduction private foundations and religious “If you are a retiree who is self-
during fiscal year 2020. organizations and schools. They employed, you can deduct your
“Taking a standard deduction can’t be to donor-advised funds. Medicare premiums even if you
makes sense if the amount is You can check what types of insti- don’t itemize,” Koeppel says. This
higher than the total itemized de- tutions are qualified on IRS.gov. includes Medicare Part B and D,
ductions that can lower your tax “This is one of the biggest tax plus the cost of supplemental Me-
bill,” says Lisa Greene-Lewis, a breaks for seniors and a great op- digap policies or the cost of a
certified public accountant and tax portunity to lower taxable income,” Medicare Advantage plan.
expert at TurboTax who says the says Brett Koeppel, president of The IRS considers you self-em-
IRS has increased this tax break Eudaimonia Wealth, a financial- ployed for this deduction if you
by 7% for the 2023 tax year. planning firm in Buffalo, N.Y. own a business as either a sole
This tax year the total standard In years when you need to take proprietor (Schedule C), partner
deduction is $13,850 for single fil- the annual withdrawal known as a (Schedule E), limited liability com-
ers, and $27,700 for married cou- required minimum distribution, or pany member, or S corporation
ples filing jointly. RMD—currently, this typically ap- shareholder with at least 2% of
In the 2023 tax year, seniors plies to people 73 or older—you can the company stock. Other special
who are age 65 or over or blind direct your administrator to direct rules apply. See the instructions
and meet certain qualifications are According to on spousal your distribution as a QCD to an elon the 1040 form for details.
now eligible for an extra standard IRS spokesman Eric Smith, IRAs. A working igible charity. That would exclude This tax benefit isn’t subject to
deduction on top of the regular de- “about 25.3 million seniors and blind spouse must earn at least as much the RMD from your taxable income, the 7.5% of adjusted gross income
duction. This is one of the annual tax filers claimed the additional tax money as he or she contributed to he notes. Keep in mind the IRS has test that applies to itemized medi-
inflation adjustments under tax deduction in tax year 2020.” both of the couple’s IRAs. Married specific age formulas on RMDs so cal expenses. (Under that rule, you
law that can help older Americans couples must file a joint tax return you’ll need to check those rules. can claim medical deductions for
with low annual gross income. IRA contributions by a to be eligible, and there is no age The good news is that these amounts paid for everything from
The extra standard deduction spouse limit as long as at least one person payouts don’t add to adjusted dental bills to nursing-home care
for seniors for 2023 is $1,850 for Many people don’t know they can has earned income. gross income, which is used by that exceed 7.5% of gross income.)
single filers or who file as head of contribute earned income to a non- “Remember this is not for every Medicare to determine the cost of There are caveats. You must
household, and $3,000 for married working, or low-earning, spouse’s retiree,” says Sean Mullaney, presi- your monthly premiums. (The have business income since you
couples—if each spouse is 65 or individual retirement account if dent of Mullaney Financial & Tax in higher your adjusted gross income, can deduct your premiums by only
over—filing jointly. Those increases they file a joint tax return as a Los Angeles. “If you have no the higher your Income-Related as much as you earn from your
boost the total standard deduc- married couple. These so-called earned income and you just have Monthly Adjustment Amounts, or business, say tax experts. You also
tion for single filers and married spousal IRAs are just like tradi- Social Security, you cannot do this.” Irmaa, can be, although these can’t claim this deduction when
couples filing jointly—to $15,700 tional IRAs, reducing pretax income. amounts are usually based on a re- your health insurance is covered
and $30,700, respectively. They aren’t joint accounts; each Qualified charitable cipient’s income from two years be- by a retiree medical plan hosted
To qualify, a senior can’t be IRA is set up in the name of the in- distributions fore, so 2023 premiums are based by a former employer, or by your
claimed as a dependent by another dividual spouse. And Roth IRAs Seniors who give money to char- on an individual’s 2021 income.) spouse’s employer’s medical plan.
taxpayer. There are also other IRS aren’t eligible for this strategy. ity to lower their taxable income But tax professionals caution
ALEX NABAUM
rules for eligibility. Among them: A “This spousal IRA strategy can often make a mistake. They with- that this QCD issue can be tricky. Lori Ioannou is a writer in New
married individual filing separately double retirement savings for the draw a large sum from their bank That is because custodians of York. She can be reached at
can’t take the extra standard de- year while reducing a couple’s tax account or a traditional IRA and qualified retirement accounts such reports@wsj.com.

Retirement Rookies • Karen Kreider Yoder and Stephen Kreider Yoder
can you really afford more than
How Much to Give to Charities before?”

I’m embarrassed to even admit
the presence of the voice. Our up-
Now That We’re Retired?

bringing, as Karen notes, enjoins
us to share our blessings freely
with others and frowns on the
open stockpiling of wealth.
That miserly sounding voice,
We’re grateful and want to give back. But it feels different without a paycheck. though, betrays an inner tension
that I suspect haunts many retir-
ees. As our salaries trickled in dur-
The first year in retirement is of- ing the working decades, we
ten the most difficult. But it also heeded admonitions to be the
can set the stage for how you’ll fill grasshopper, saving more than
the years ahead—both financially spending, while giving to charity
and psychologically. Stephen as we felt we could.
Kreider Yoder, 66, a longtime Wall We know it is still more blessed
Street Journal editor, joined his to give than to receive. But we ha-
wife, Karen Kreider Yoder, 67, in re- ven’t gotten over the shock of
tirement last year. In this monthly watching our direct-deposited pay-
Retirement Rookies column, they checks evaporate, and yet we are
chronicle some of the issues they urged to continue—even increase—
are dealing with early in retirement. our charitable giving.
I may safely ignore my Grinch,
• KAREN: I was looking forward says our financial planner, who
to a date with Steve one evening has long (and patiently) assured
a few weeks ago. We had it on me, as we’ve written in this col-
our calendars, something special umn before, that we won’t run out
we do each year. of money before we die if we stick
We sat close together and to our lifestyle.
clinked our glasses of bubbly. In fact, he says, we can have
Then we pulled up the spread- more left in the end by giving
sheet I had prepared and brought more now. We can increase our tax
out our credit cards. deductions over the next few years
It was our annual year-end through charitable contributions,
charitable-giving session, in which allowing us to transfer more
we sit in front of the computer, money into our Roth IRA from tax-
discuss which nonprofits to sup- able retirement funds before the
port again, which new ones to law forces us to start withdrawing
add, and which to drop. It’s a feel- at age 73. The IRS considers those
.
good time, because it feels good transfers to be income, and taxes
ly
to give away money. them accordingly after deductions
This year was a little different. such as charitable giving.
Our date used to happen im- We can, in essence, enjoy do-
promptu on Dec. 30 or 31, when
we had only a day left—or a few
hours—before the new year. We
would log onto nonprofits’ web-
on
ery year of age. At age 6, my 60
cents went to designated line
items: 10 cents for Sunday school,
spreadsheet. A sampling of our
beneficiaries:
• Those that got us here. We are
saster-relief organization, and inter-
national relief organizations that
bring clean water to villages and
nating now some of what other-
wise would go to the tax collector
later in life. It’s a win-win for ev-
eryone but Uncle Sam.
us ,
sites to dash off payments. 10 cents for orphan support, 10 retired from gratifying careers help locals sustain their lives with- Rather than leaving assets to
l
This time, we met with many cents for my college fund and 10 thanks to people who shepherded out destroying rainforests. charities when we’re dead and
e
weeks to spare and a better- cents for savings. The rest was us. Among the most influential gone, then, why not give more
al a
planned agenda. In retirement, mine to do as I liked. were at our Midwestern alma • Groups that enrich our lives now. while we can see them put to good
we’ve agreed, we need to be more I watched my orphan support mater. Like many small colleges, it Regular readers know how bicy- use? The need is great right now.
ci on
thoughtful in our giving. add up as I inserted each dime needs outside funding now more cling continues to uplift us in retire- Karen and I have begun talking
For one thing, we have no sala- into a 3×5 cardboard sheet. I than ever. ment, whether we’re pedaling on of making a budget version of the
ries, so nearly everything we give is opened a savings account at the Our church is a welcoming cir- San Francisco bike lanes or touring Giving Pledge, the agreement
from our nest egg. The lack of pay- local bank and hand-deposited cle of friends, one of the crucial from California to Florida. Local and among several hundred billionaires
checks means a new mix of tax cash every few months. communities in our city that sus- national cycling-advocacy groups to commit the majority of their
er s
considerations that are above our We should have created a simi- tained us in our working years. can use our money to spread the wealth to charity.
pay grade—we need time to run our lar regimen as adults. But we Churches always need money. joy to others while striving to keep We’re short a few zeros to join
m er
giving level by our tax accountant. started our marriage nearly broke us safer on the road. them but can still pledge, as they
Meanwhile, our financial planner for several years, then let financial • Groups that enrich others’ lives. We depend more than ever on urge others, “to give more, estab-
says we could double our typical worries continue to influence our We are comfortably retired thanks the radio for news and entertain- lish their giving plans sooner, and
annual giving and not threaten our charitable giving more than we to good fortune, prudent decisions ment, now that we’re at home a give in smarter ways.”
m rp
financial outlook. That magnifies should have until recent decades. and accidents of history such as lot more—and don’t have a TV. I assuaged my Grinch, at least
our nagging feeling that we’ve Retirement has had a way of the families to which we were Our public-radio station is calling. for this year, as we sat before our
fallen short on giving over the making us more contemplative born. For those not blessed by Our spreadsheet grew, and we computer and finished a first
years. We were both raised with about the blessings that got us that combination, we can help, poured ourselves another glass. round of giving and the Cham-
the message that we should tithe— here and about our duty to give perhaps a little. pagne. We’ll need another round,
co Fo
give at least 10% of income to wor- back, so now’s the perfect time to We especially like to contribute • STEVE: My inner Grinch begins and another bottle, before Dec. 31.
thy causes. Back then, that meant start making up for past parsimo- to organizations where acquain- whispering this time of year, even
the church and aid organizations. niousness. tances work. Among them are local more insistently now that I’m re- The Yoders live in San Francisco
PAUL BLOW
When I was a child, my allow- We drained our glasses that nonprofits that house the home- tired. “Why, of course you should and can be reached at
ance was 10 cents a week for ev- night and set to work on the less, our denomination’s national di- give away money,” he croons. “But reports@wsj.com.
aging a women’s shelter, or a Professionals has a Donor Bill of a software company that develops
n-
6 Questions New Donors “backpack” program to route food

to schoolchildren who may face
Rights outlining what information
donors can expect to receive or
tools for matching campaigns.
hunger over the weekends. access when they begin a rela- How should I give?
Should Ask Themselves Other organizations work up- tionship with a nonprofit. Many donors give online and or-
no
stream to curb the need for these ganizations appreciate electronic

About Charitable Giving “Band-Aid” measures, perhaps ad-
vocating for environmental policy
How can I maximize my
modest donation?
donations as they clear faster than
personal checks and are convenient
to curb the pace of climate-related One reason year-end donation for donors. However, not all online
weather events, or investing in rushes are effective is that many donations have an equal impact.
Among other things, take advantage of matching- programs that help individuals and nonprofits use matching cam- Social media-based online do-
families achieve housing stability. paigns in which one donor—often nations may take longer for a
donation opportunities and give directly to nonprofits an anonymous individual, a corpo- nonprofit to collect from the plat-
What do I get when I ration, or foundation—will form where they were solicited,
donate to a nonprofit? match others’ gifts up to a certain and the nonprofit may not get
BY JANE HODGES their mission, vision, programs and At a minimum, you’ll get an ac- amount to motivate giving at all sufficient data on who donated
Y
financial data. knowledgment. This typically levels. This can double your dona- such that they can build a rela-
The organization Candid offers comes in the form of a thank-you tion to a nonprofit immediately. tionship with those new donors.
EAR-END charita- resources including GuideStar, a da- letter or email that counts as a Matching is often available When your friends request do-
ble initiatives like tabase where you can look up a receipt for your tax records. Ad- year-round via employers, too, up nations for their birthday on Face-
Giving Tuesday have nonprofit’s financials and Internal ditionally, you can expect to be to a company maximum. Some book, for example, and you give to
become so common Revenue Service Form 990 reports. named in annual donor reports— 65% of Fortune 500 companies those efforts, you’re generally do-
that it can be over- Charity Navigator ranks non- unless you requested anonymity— make matching gifts available to ing so for your friend rather than
whelming. If you’re profit efficacy among U.S.-based and to begin receiving newsletters employees but between $4 billion the cause. “In this instance, the
newer to making charitable contri- 501(c)(3) organizations—those and appeals about further fund- and $7 billion in giving goes un- stickiness of the donor is lost,”
butions, especially, it can be diffi- recognized as tax-exempt by the raising initiatives or events. claimed annually, according to At- Garry notes. If you’re really inter-
cult to choose where to put your IRS. It produces a ranking based The Association of Fundraising lanta-based Double the Donation, ested in your friend’s cause, she
funds to work and to understand on factors such as the impact a adds, give directly to it.
how the nonprofit sector uses nonprofit’s programs have relative
them. to their operating costs, an organ- What do I need to know
“Choosing where to give is a ization’s financial health, its lead- about tax breaks?
heart argument, not a head argu- ership and board strength, and its Generally, to claim tax deductions
ment,” says Joan Garry, a New culture and community. from charitable giving you will
York-based former nonprofit chief need to make sure your gift goes
executive who runs the Nonprofit What types of charities to a 501(c)(3) organization—not a
Leadership Lab. “Making a gift is need my support? crowdfunding campaign for an in-
the beginning of your relationship A donor motivated by direct ser- dividual in need or a startup—and
with an organization and its work.” vice might give to a food bank. save your receipts for tax season.
Here are some questions new Another donor might fund a non- While a Covid-era rule that let
donors should ask themselves to profit research initiative that those who don’t itemize deduct be-
ensure that their giving is effec- spots problems in the food supply tween $300 (individual) and $600
tive for the causes they support. chain and makes more or better (married household) has ended,
food available to the food bank. those who itemize may deduct as
How can I learn about Which one you give to will depend much as 60% of adjusted gross in-
various charities? on what you’re hoping to achieve. come.
Before you give, know that you Direct-service organizations do
ALEX NABAUM
can easily research nonprofits, as work that is immediately tangible Jane Hodges is a writer in Seattle.
they are expected to maintain and that may save lives, such as She can be reached at
publicly accessible information on natural-disaster recovery or man- reports@wsj.com.

for a year or less, they’ll be taxed
These Mutual-Fund Holders Should at ordinary income rates.

It may pay to calculate the
price you paid for the fund, or
your cost basis, as the actual
Brace Themselves for a Big Tax Bill cost of each lot of shares you
purchased, rather than as a per-
share average of all purchases,
says Glassman. That will allow
you to sell specific, higher-cost
The good news for investors: There are steps to year through October, according will receive their share of its shares, which may either reduce
to Morningstar—estimated mak- capital-gains distribution on its your realized gain or provide a
mitigate the damage now and avoid it in the future ing a distribution of 21.4% on payable date no matter how long capital loss, he says.
Dec. 14 and it has since indicated they have held it. Selling before a big distribu-
it will liquidate the fund on Dec. Also note whether your fund tion won’t always save you
BY DAISY MAXEY year will be BNY Mellon US Eq- 19. (J.P. Morgan Asset Manage- plans to make a short- or long- money, warns Wilson. “I can own
F
uity Fund’s (DPUAX) 38.6% distri- ment had no comment on the term distribution. Capital gains a fund that plans a 20% distribu-
bution set for Dec. 13. About 38% distribution or the liquidation.) from sales of securities held by tion, but my embedded gain in
OR SOME of the mil- of the now $232.7 million fund’s Fundholders may choose the fund for one year or less are the fund could be 80% because
lions of investors who assets have flowed out this year whether to take the payouts in considered short-term gains and I’ve held it for 20 years,” he says.
hold mutual funds in through October, according to cash or to reinvest them in addi- taxed at the same rates as ordi- “In this case, the better solution
taxable accounts, Morningstar. (BNY Mellon Invest- tional fund shares. Either way, nary income. Gains on sales of se- is probably to hold it and look for
there may be an un- ment Management had no com- they must pay taxes on capital- curities held for more than one loss-harvesting opportunities in
welcome surprise in ment on the fund’s distribution.) gains distributions even if they year are taxed at the often much other areas of my portfolio.”
their year-end fund The $1.6 billion Federated haven’t sold any fund shares. And lower capital-gains rate, which If you sell a fund at a loss, you
statement: a large Hermes Kaufmann Large Cap funds may make distributions depends on an individual’s tax- will avoid the payout and any
capital-gains distribution. Fund (KLCKX) is expected to pay even if they have fallen in value. able income and tops out at 20%. taxes on it. But you should also
The payouts could be painful about 25% of its net asset value “Unfortunately most people consider how important it is to
for some shareholders. If a mu- in capital gains on Dec. 8. About don’t pay attention to this, and your portfolio’s diversification. If
tual fund is held in a tax-deferred 26% of the fund’s assets have Do your research the first they know about it is in you repurchase the same fund
account, such as a traditional in- been redeemed this year through The good news, financial advis- March or April when they go to within 30 days of the sale, the
dividual retirement account or a October, according to Morning- ers say, is that there are steps prepare their taxes,” says Barry wash-sale rule prevents you from
401(k), the distribution may not star. (Federated Hermes had no investors can take to minimize Glassman, founder and president claiming a capital loss for that tax
be subject to tax until the fund comment on the distri- year. However, you may
shares are sold. But if the fund is bution.) buy a similar, but not
held in a taxable account, any It isn’t just large-cap substantially identical,
capital-gains distributions may be growth funds that are fund within that time
subject to federal and state in- being hit. The $243.8 frame.
come taxes come tax time. million Diamond Hill
As investors pulled money Small Cap Fund (DH-
from actively managed mutual SCX) anticipates mak- Hold off on
funds for much of this year, con- ing a 23.9% distribution investing
tinuing a trend favoring passive on Dec. 15. Its assets If you want to invest in a
.
index funds, many fund manag- have shrunk by about fund that plans to dis-
ly
ers were forced to sell winning 25% due to outflows tribute capital gains
holdings to meet redemptions. this year through Octo- shortly and you’re doing
Mutual funds are required to dis- ber, according to Morn- so within a taxable ac-
tribute the capital gains gener-
ated by those sales to remaining
fundholders by year’s end if they
can’t offset them with losses.
ingstar. (Diamond Hill
Capital Management
had no comment on the
distribution.)
on count, consider waiting
until after that payout.
You will avoid being
taxed on the payout and
us ,
When it comes to large distri- While actively man- will be investing at a

butions, this year won’t be as bad aged equity funds ac- lower net asset value.
l
e
as last year, when a broadly tum- count for most of this Of course, there is al-
al a
bling stock market triggered year’s large capital- ways the risk that the
losses and redemptions, and vola- gains distributions, fund will appreciate be-
ci on
tility triggered increased trading, there are some passive fore the payout is made.
says Mark Wilson, a financial ad- funds making large “A 1% distribution, I
viser with Mile Wealth Manage- payouts, says Stephen wouldn’t worry about; if
ment, who tracks large fund dis- Welch, senior analyst it’s a 15% distribution, I’d
tributions at CapGainsValet.com. at Morningstar Re- delay buying it,” says
er s
In some cases, fund managers will search Services. Wilson.

be able to use losses they realized DWS Equity 500 In- Investors may con-
m er
last year to offset this year’s dex Fund (BTIEX), for sider selling other in-
gains, lowering capital-gains dis- example, plans to dis- vestments in their port-
tributions, he says. tribute roughly 20% of folios that are now
Wilson says he expects to find its net asset value on Dec. 18. their taxes from mutual-fund of Glassman Wealth Services. valued at less than their cost ba-
m rp
a bit less than 100 funds, possi- About 35% of its assets have capital-gains distributions. “That’s when they realize that sis to offset their long-term capi-
bly including some exchange- flowed out this year through Oc- If you hold a fund within a tax- they are being clobbered with a tal-gains distributions, a strategy
traded funds, with estimated dis- tober, according to Morning- able account, check the fund’s capital-gains distribution.” known as tax-loss harvesting.
tributions of more than 10% of star. (DWS Group had no com- website to see if it plans a payout Losses taken in one year can be
their net asset value this season ment on the distribution.) and when. That information is used that year or saved indefi-
co Fo
versus 360 funds last year. Firms One ironic inclusion on Wil- usually posted from mid-Novem- Consider selling nitely to offset gains made in fu-
continue to release their distri- son’s list this year is JPMorgan ber to the last half of December. If Investors facing a large distribu- ture years.
butions, but he has already Tax Aware Equity Fund (JP- you can’t find it online, call inves- tion may want to consider sell- Short-term capital-gain distri-
found five funds that expect to DEX), which seeks to minimize tor relations. Keep in mind that ing before the payout is made. butions from mutual funds can’t
pay out more than 30% of their shareholders’ tax liabilities by fund companies sometimes revise But they should first weigh the be offset with losses, however.
net asset value in capital-gains limiting capital-gains distribu- their distribution estimates. tax consequences. Realized gains
ALEX NABAUM
distributions and 14 that expect tions. The $828 million fund— A key date to look for is the from shares that are sold will be Daisy Maxey is a writer in Union
to pay out more than 20%. which experienced more than fund’s record date. Any investors taxable if the fund was held in a City, N.J. She can be reached at
Among the largest payouts this $240 million in outflows this who hold the fund on that date taxable account. If they were held reports@wsj.com.
n-
Mutual-Fund Yardsticks: How Fund Categories Stack Up How the Largest Funds Fared
Performance numbers are total returns (changes in net asset values with reinvested distributions) as of
no
Includes mutual funds and ETFs for periods ended Nov. 30. All data are preliminary. Nov. 30; assets are as of Oct. 31. All performance data are preliminary.
Performance (%) Performance (%)
Investment objective November YTD 1-yr 5-yr* Investment objective November YTD 1-yr 5-yr* Stock Mutual Funds and ETFs
Diversified stock & stock/bond funds World stock funds Total Return (%)
Assets Annualized
Large-Cap Core 8.9 19.0 12.7 11.6 Global 8.9 14.1 9.4 8.2 Fund Ticker ($ billions) November 1-year 3-year 5-year 10-year
Large-Cap Growth 11.1 34.4 24.6 13.4 International (ex-U.S.) 8.6 10.8 8.5 5.6
Vanguard TSM Idx;Inst+ VSMPX 1271.46 9.4 12.6 8.2 11.7 N.A.
Large-Cap Value 7.2 8.1 3.6 8.7 European Region 10.3 12.8 11.2 6.6
Vanguard 500 Idx;Adm VFIAX 851.80 9.1 13.8 9.7 12.5 11.8
Midcap Core 9.0 6.9 1.9 8.1 Emerging Markets 7.8 7.5 4.7 3.0
Fidelity 500 Index Fund FXAIX 407.60 9.1 13.8 9.7 12.5 11.8
Midcap Growth 10.8 12.3 5.8 8.3 Latin American 13.8 20.7 16.3 4.3
SPDR S&P 500 ETF SPY 393.77 9.1 13.8 9.7 12.4 11.7
Midcap Value 7.9 4.8 0.2 7.3 Pacific Region 4.3 –4.0 –3.6 1.4
Vanguard Tot I S;Inv VGTSX 354.44 8.5 7.5 2.0 5.2 3.6
Small-Cap Core 8.1 4.7 –1.1 6.0 Gold Oriented 11.0 4.5 5.2 10.6
iShares:Core S&P 500 IVV 341.27 9.1 13.8 9.7 12.5 11.8
Small-Cap Growth 9.2 6.1 –0.3 6.1 Global Equity Income 7.0 6.9 4.0 6.1
Vanguard Instl Indx;InsP VIIIX 235.40 9.1 13.8 9.7 12.5 11.8
Small-Cap Value 7.7 4.6 –1.2 6.8 International Equity Income 7.5 10.7 10.0 5.0
American Funds Gro;A AGTHX 215.17 10.9 20.6 4.2 11.7 11.5
Multicap Core 8.8 14.8 8.6 10.0 Taxable-bond funds Invesco QQQ Trust 1 QQQ 194.62 10.8 33.4 9.8 18.9 17.4
Multicap Growth 11.9 25.4 16.4 10.7 Short-Term 1.4 4.3 4.6 1.7 American Funds Bal;A ABALX 190.63 6.6 6.0 4.4 7.0 7.2
Multicap Value 7.3 6.5 1.9 8.0 Long-Term 5.8 3.2 2.6 1.6
Equity Income 7.1 6.0 1.8 7.9 Vanguard Gro Idx;ETF VUG 170.72 11.7 28.9 7.7 16.1 13.9
Intermediate Bond 4.5 2.0 1.5 0.8
S&P 500 Funds 9.1 20.3 13.3 12.0 Vanguard Dev Mkt;ETF VEA 155.32 9.1 9.0 3.6 6.0 4.2
Intermediate U.S. 2.7 1.2 0.4 1.9
Specialty Divers. Equity 9.1 19.2 13.1 7.3 American Funds Wash;A AWSHX 150.48 7.6 7.8 10.8 10.5 10.4
Short-Term U.S. 1.4 2.9 2.9 0.7
Balanced 6.5 8.2 5.2 5.3 Vanguard Val Idx;ETF VTV 139.38 6.7 0.6 10.1 8.5 9.4
Long-Term U.S. 5.3 –1.1 –2.1 –0.6
Stock/Bond Blend 6.8 9.1 5.9 5.8 Vanguard Md-Cp I;ETF VO 132.63 10.0 2.5 4.5 8.9 9.0
General U.S. Taxable 4.6 3.6 3.1 1.1
Avg. U.S. Stock Fund† 9.1 13.4 6.8 8.7 American Funds EuPc;R6 RERGX 121.80 8.5 6.8 –2.1 5.9 4.6
High-Yield Taxable 4.2 8.3 7.5 3.6 American Funds NPer;A ANWPX 111.19 9.2 12.1 3.2 11.0 9.4
Sector stock funds Mortgage 4.3 1.4 0.9 –0.2 American Funds ICA;A AIVSX 110.77 9.2 17.7 9.9 11.1 10.3
Science & Technology 14.0 40.4 29.2 15.5 World Bond 4.5 5.9 6.3 0.9 Vanguard S-C Id;Adm VSMAX 110.73 9.2 0.8 3.7 7.0 7.7
Telecommunication 8.1 17.6 11.4 3.8 Avg. Taxable-Bond Fund** 3.5 4.4 4.2 1.7 American Funds Inc;A AMECX 110.09 5.5 0.6 4.9 6.1 6.1
Health/Biotechnology 6.2 –4.7 –6.8 4.6 Municipal-bond funds
Utility 5.5 –6.4 –7.9 5.2 Short-Term Muni 1.0 2.5 2.5 0.7
Bond Mutual Funds and ETFs
Total Return (%)
Natural Resources –0.8 1.7 –3.1 6.9 Intermediate Muni 4.7 3.0 3.3 1.5 Assets Annualized
Sector 10.4 2.9 –3.0 3.8 Fund Ticker ($ billions) November 1-year 3-year 5-year 10-year
General & Insured Muni 6.6 3.8 3.6 1.5
Real Estate 10.7 3.5 –1.5 3.6 Vanguard Tot Bd;ETF BND 287.55 4.5 1.3 –4.5 0.8 1.4
High-Yield Muni 6.9 3.5 3.1 1.5
Vanguard Tot Bd II;Inst VTBNX 246.32 4.5 1.2 –4.5 0.7 1.3
PIMCO:Income;Inst PIMIX 125.55 4.0 5.8 0.6 2.9 4.1
Stock & Bond Benchmark Indexes All total return unless noted Vanguard Tot Itl B2;Inst VTILX 99.83 3.2 2.4 N.A. N.A. N.A.
Performance (%) Performance (%) iShares:Core US Agg Bd AGG 89.00 4.5 1.2 –4.5 0.7 1.3
Investment objective November YTD 1-yr 5-yr* Investment objective November YTD 1-yr 5-yr*
Vanguard Tot Itl BI;ETF BNDX 85.19 3.2 2.4 –3.4 0.5 2.0
Large-cap stocks Stock indexes American Funds Bond;F2 ABNFX 73.97 4.5 0.7 –4.1 1.5 1.8
DJIA 9.2 10.7 6.2 9.4 DJ U.S. TSM Growth 11.1 40.7 29.3 15.6 Vanguard Int-Tm TxEx;Adm VWIUX 66.20 5.1 3.8 –0.6 2.1 2.6
S&P 500 9.1 20.8 13.8 12.5 DJ U.S. TSM Value 7.7 3.4 –0.9 6.9 Dodge & Cox Income;I DODIX 63.25 4.9 3.1 –2.8 2.1 2.4
Fidelity SA Core Inc FIWGX 63.19 4.8 1.8 –3.7 1.6 N.A.
Midcap stocks Taxable bonds
S&P MidCap 400 8.5 7.1 1.2 8.1 Barclays Agg. Bond 4.5 1.6 1.2 0.7 Vanguard Sh-Tm B;ETF BSV 57.39 1.7 3.2 –1.1 1.4 1.2
Vanguard Sh-Tm Inv;Adm VFSUX 54.49 2.2 4.4 –0.6 1.9 1.8
Small-cap stocks Municipal bonds
MetWest:Total Rtn;I MWTIX 53.74 5.1 1.0 –5.0 0.7 1.4
Russell 2000 9.1 4.2 –2.6 4.8 Barclays Muni. Bond 6.3 4.0 4.3 2.0
Fidelity US Bond Index FXNAX 53.72 4.5 1.1 –4.5 0.7 1.3
Broad stock market International stocks Vanguard ST IPSI;Adm VTAPX 51.77 1.0 3.2 2.2 3.1 1.8
DJ U.S. Total Stock Market 9.4 19.7 12.6 11.6 MSCI EAFE†† (price return) 9.1 9.3 9.3 3.3 PIMCO:Tot Rtn;Inst PTTRX 51.11 4.7 1.9 –4.4 0.8 1.4
Russell 3000 9.3 19.6 12.6 11.8 Dow Jones World (ex. U.S.) 9.0 10.1 9.4 5.1 Fidelity Str Adv Cre Inc FPCIX 45.55 4.8 1.5 –4.3 1.1 1.7
*Annualized †Diversified funds only **Excludes money-market funds ††Europe, Australia, Far East Source: Refinitiv Lipper Note: For funds with multiple share classes, only the largest is shown. N.A.: Not applicable; fund is too new or data not available Refinitiv Lipper

How can I find a credit fered by some banks, credit
counselor? unions and installment-loan lend-
There are two primary nonprofit ers, convert many of your debts
organizations that match with into a single payment, possibly at
counseling and other consumer- a lower interest rate than what
credit services, at little to no you’re currently paying. But they
cost. Borrowers can learn more could also be “teaser rates” that
about the services provided, last only for a certain time, ac-
costs, if any, and find an accred- cording to the Consumer Finan-
ited counselor in their area by cial Protection Bureau.
visiting the websites of the Na- Counselors at nonprofit coun-
tional Foundation for Credit seling groups also won’t dispute
Counseling (NFCC) or the Finan- items on your credit report for
cial Counseling Association of you. That is a different type of
America (FCAA). service “called credit repair and
that’s not something that non-
What types of services do profit counseling agencies will
counseling firms offer? offer,” McClary says. Consumers
Credit counselors affiliated with can dispute inaccurate items on
nonprofit groups offer a compre- their credit reports on their own.
hensive financial review, which
can be a first step to getting back Will credit counseling hurt
on track, says Bruce McClary, se- my credit score?
nior vice president of communica- Simply working with a credit
tions at the NFCC. “It’s an eye- counselor won’t hurt your credit
opening moment for a lot of score. The meeting won’t be re-
people,” he says. ported to credit-rating firms,
Martin Lynch, president of the “and it stands to help in the long
FCAA, often helps people with term,” Griffin says.
budgeting issues find ways to save Some people are concerned
more and spend less. In many that being on a debt-management
Could You Benefit From cases, slight tweaks can go a long

way, he says. Some consumers can
also benefit from a low-cost pro-
plan will hurt their credit score,
but they shouldn’t worry. Though
individual creditors may note
gram known as debt management your enrollment in such a plan, it
Credit Counseling? to help them reduce the interest

rates on their credit cards.
The average person he works
with has five or six credit-card
isn’t part of a FICO score calcula-
tion, according to the NFCC.
What red flags should I be

accounts, with an average inter- aware of?
Perhaps. But answer these questions first. credit counselor, however, con- est rate around 24%. Many credi- Many companies say they help
sumers should understand what tors will drop the interest rates consumers with credit problems,
they can and can’t offer. Here are to single digits for people who but not all the services they pro-
.
BY CHERYL WINOKUR MUNK become overextended, with coun- answers to frequently asked ques- work with a nonprofit counselor, vide are the same, and some of
I ly
selors offering services that can tions about credit counseling. possibly to 7% to 8%, says Lynch. them can be costly if you opt to
help everyone from retirees with Nonprofit credit-counseling work with someone other than an
F EVER THERE were a reverse mortgages to over- Who can benefit from agencies may also offer housing accredited credit counselor affili-
credit counseling?
time to consider credit
counseling, this may be it.
U.S. households hold a re-
cord $17.29 trillion of debt.
their interest costs and manage
their repayments.
on
stretched families looking to cut
Credit counselors “aren’t just

Credit counseling can help any-
one who has mounting debt or
who wants to get a better handle
counseling, reverse-mortgage
counseling, student-loan counsel-
ing and bankruptcy counseling
services, among other things.
ated with the NFCC or the FCAA.
Be wary of high-pressure tac-
tics and high fees for services you
can do free on your own. Also
us ,
Student-loan repayments looking at your credit score,” on finances so that debt doesn’t know that there is no fast solu-
recently resumed after a says Rod Griffin, senior director spiral out of control. What can’t credit tion to credit troubles, so be skep-
l
counselors do?
e
3½-year pause. And interest of public education and advocacy It could be especially impor- tical if someone is making lofty
al a
rates remain uncomfortably high. for credit-reporting firm Expe- tant for some 43.4 million stu- Counselors at nonprofit counsel- assurances. “A good credit-coun-
Credit counseling through a rian. “They’re looking at your in- dent-loan borrowers owing a col- ing groups won’t offer you a seling program will not promise
ci on
nonprofit group can help people come, assets and debt to find lective $1.6 trillion. Among debt-consolidation loan. If some- you a quick fix,” Griffin says.
better understand their finances ways to help you manage the things a credit counselor can one is offering this, he or she
ALEX NABAUM
and their options for lowering or debts and improve your financial help borrowers figure out, for in- isn’t affiliated with the NFCC or Cheryl Winokur Munk is a writer
eliminating debt. And it isn’t just health in the long term.” stance, is if they are eligible for the FCAA, Griffin says. in West Orange, N.J. She can be
for low-income people who have Before starting to work with a plans that may reduce payments. Debt-consolidation loans, of- reached at reports@wsj.com.
er s
m er
Category Kings in 10 Realms Leaders and Laggards

Performance numbers are total returns (changes in net asset values with reinvested distributions) as of
m rp
Top-performing funds in each category, ranked by year-to-date total returns (changes in net asset values
with reinvested distributions) as of November 30; assets are as of October 31. All data are preliminary. November 30; assets are as of October 31. All data are preliminary.
Large-Cap Core Small-Cap Core Best-Performing Stock Funds

Total Return (%)
Assets Total return (%) Assets Total return (%) Assets Annualized
($ millions) Nov YTD 1-yr 5-yr* ($ millions) Nov YTD 1-yr 5-yr* Fund Ticker ($ millions) November YTD 1-year 3-year 5-year
co Fo
IMS Capital Value;Inst 38.4 10.7 39.8 29.4 10.2 Hennessy:Crnst MdCp;Inv 591.4 8.5 23.4 15.0 15.8 GrnShs:1.5x Lg NVDA Dly NVDL 193.8 21.6 391.9 N.A. N.A. N.A.
Roundhill MEME 2.3 20.0 37.8 11.1 N.A. GMO:Sm Cap Quality;VI 67.3 6.0 22.3 14.8 N.A. MS FANG+ Index 3x Lev FNGU 1,815.4 43.4 362.8 235.4 –2.4 38.1
Amer Cent:Sustainable Gr 10.7 10.7 37.6 27.6 N.A. Pacer US SC Csh Cws 100 3,922.0 9.1 21.5 11.2 12.5 GrnShs:1.5x Lg COIN Dly CONL 9.3 102.1 361.3 206.0 N.A. N.A.
IndexIQ:IQ US LC R&D Ldr 4.9 9.7 35.9 26.5 N.A. Distillate Sm/M Cash Flw 29.0 8.1 17.5 10.7 N.A. MS Sol FANG & Innov 3X BULZ 503.2 48.7 314.2 177.8 N.A. N.A.
Fidelity Contrafund 105,024.3 8.2 34.0 26.4 13.7 James Adv:Micro Cap 22.1 8.6 17.3 10.2 8.0 GrnShs:1.5x Lg META Dly FBL 12.2 12.1 295.5 N.A. N.A. N.A.
Invesco S&P500 Top50 2,510.0 9.3 33.7 24.3 14.7 FMI:Common Stock;Inst 1,433.1 8.6 15.9 12.1 11.5 MS FANG+ Index 2X Lev FNGO 162.1 27.7 202.0 146.3 10.4 39.8
Fidelity Contrafund K6 25,522.6 8.3 32.5 25.0 13.6 Wasatch:Sm Cap Val;Inst 1,155.6 8.9 15.6 7.0 7.0 ProShs II:UlS Blm Nat Gs KOLD 121.4 78.5 200.9 473.2 –53.3 –18.4
Category Average: 1,586.8 8.9 19.0 12.7 11.6 Category Average: 606.3 8.1 4.7 –1.1 6.0 Direxion:NYSE F+ BL2X FNGG 21.4 27.7 173.7 105.3 N.A. N.A.
Fund Count 706 704 679 678 560 Fund Count 1004 1009 993 993 886 Direxion:Tech Bull 3X TECL 2,040.4 41.4 171.8 104.3 20.4 39.7
ProShares:Ult Semicond USD 245.8 31.5 168.6 112.8 22.7 39.2
Large-Cap Value Small-Cap Value ProShares:UltP QQQ TQQQ 15,294.6 33.8 157.1 89.1 4.3 28.6
Assets Total return (%) Assets Total return (%)
VanEck:Digi Trans DAPP 44.4 22.1 151.9 98.3 N.A. N.A.
($ millions) Nov YTD 1-yr 5-yr* ($ millions) Nov YTD 1-yr 5-yr* Valkyrie Bitcoin Miners WGMI 19.6 17.8 149.5 96.9 N.A. N.A.
n-
Davis:Sel US Equity ETF 350.1 8.2 23.8 17.8 9.5 Bertolet:Pinnacle Val 31.6 5.0 19.8 19.1 8.4
Selected American Shs;D 1,477.8 8.6 23.6 17.6 9.2 Ancora MicroCap;I 15.4 1.7 16.0 10.1 8.4
Best-Performing Bond Funds
Total Return (%)
Clipper Fund 939.8 7.9 22.7 17.4 8.6 Invesco S&P MC400 PV 231.1 11.4 15.7 7.7 11.6 Assets Annualized
Fund Ticker ($ millions) November YTD 1-year 3-year 5-year
Davis:Research;A 53.2 9.2 22.4 18.0 10.3 Brandes Inv:SC Val;I 12.4 5.6 14.1 13.5 11.0
no
Fidelity Mega Cap Stock 1,823.6 8.3 21.4 15.0 13.3 Rydex:S&P MC 400 P Val;H 7.0 11.3 13.9 6.0 9.5 Glbl X Blckchn & Btc Str BITS 13.6 18.8 137.7 111.9 N.A. N.A.
Davis:NY Venture;A 5,608.4 8.1 20.9 15.4 8.2 Aegis Value;I 342.6 7.2 12.9 9.6 18.6 Simplify:BTC Str + I MAXI 28.8 7.8 119.0 115.7 N.A. N.A.
DoubleLine:Sh En CAPE;I 3,776.0 9.3 19.9 10.8 10.2 Longleaf Partners SC 772.2 9.6 12.3 9.5 2.6 ProShares:Bitcoin Strat BITO 1,093.3 8.2 115.6 110.6 N.A. N.A.
Hashdex Bitcoin Futures DEFI 2.1 8.0 115.2 110.2 N.A. N.A.
Category Average: 2,058.0 7.2 8.1 3.6 8.7 Category Average: 400.4 7.7 4.6 –1.2 6.8
VanEck:Bitcoin Strategy XBTF 56.9 7.6 114.3 110.3 N.A. N.A.
Fund Count 340 338 329 328 294 Fund Count 164 164 161 160 138 Valkyrie Bitcoin & Ether BTF 31.7 9.5 114.0 109.7 N.A. N.A.
ProFunds:Btcn Str PF;Inv BTCFX 70.0 8.1 112.3 107.3 N.A. N.A.
Large-Cap Growth Small-Cap Growth ProShs II:UlS Yen YCS 27.2 –3.4 40.7 27.1 29.6 13.9
Assets Total return (%) Assets Total return (%) Simplify:Intrst Rt Hdg PFIX 255.1 –17.6 24.0 30.1 N.A. N.A.
($ millions) Nov YTD 1-yr 5-yr* ($ millions) Nov YTD 1-yr 5-yr*
IDX R-M Bitcoin Str;Inst BTIDX 21.0 8.7 19.0 19.2 N.A. N.A.
Fidelity Blue Chip G ETF 753.5 11.7 49.9 35.2 N.A. Morg Stan I:Inc;I 341.8 11.4 28.9 19.6 9.5 ETFis:Virtus InfCp US PS PFFA 609.3 7.5 18.3 11.7 5.8 6.2
WisdomTree:US Qual Gro 60.0 12.0 48.7 N.A. N.A. Needham:Aggr Growth;Inst 277.2 8.7 26.7 20.6 20.8 WisdomTree:Alt Inc HYIN 11.8 9.5 16.4 8.3 N.A. N.A.
Fidelity Srs BlueChp G 8,146.8 11.8 48.7 35.0 19.0 Virtus:KAR SmCp Cr;I 1,673.9 10.3 23.3 16.0 14.8 HCM Income Plus;A HCMEX 581.0 6.5 16.2 12.5 0.3 8.27
PGIM Jennison Foc Gro 54.3 12.6 48.1 N.A. N.A. Invesco S&P MidCap Qlty 1,638.7 7.9 20.5 12.4 13.2
Virtus:Silvant FG;A 958.6 11.9 47.8 35.4 16.2 Fuller&Thaler BSCG;Inst 324.7 10.2 20.3 12.0 12.0 Worst-Performing Stock Funds
Total Return (%)
Dunham:Focused LC Gro;N 149.7 14.4 47.7 35.2 13.7 Wasatch:Core Gro;Inst 3,016.5 11.8 18.9 10.6 9.8 Assets Annualized
Invesco ESG NASDAQ 100 20.3 11.2 47.5 34.6 N.A. Conestoga SMid Cap;Inst 361.8 11.0 16.2 9.5 7.8 Fund Ticker ($ millions) November YTD 1-year 3-year 5-year
Simplify:Tail Risk Strat CYA 8.8 –83.4 –95.5 –95.6 N.A. N.A.
Category Average: 2,306.4 11.1 34.4 24.6 13.4 Category Average: 493.9 9.2 6.1 –0.3 6.1
VS:2x Long VIX Futures UVIX 80.9 –47.2 –94.0 –94.8 N.A. N.A.
Fund Count 699 697 675 671 588 Fund Count 641 651 645 644 569 ProShs II:Ult Blm Nat Gs BOIL 846.3 –46.7 –90.0 –95.9 –60.2 –68.7
MS FANG+ Idx -3X Inv Lev FNGD 253.0 –31.9 –88.3 –85.2 –62.8 –74.5
Midcap Core Multicap Core KraneShs:Glb Crbn OffStr KSET 0.9 –23.6 –87.3 –89.9 N.A. N.A.
Assets Total return (%) Assets Total return (%) MS Sol FANG & Innov -3X BERZ 18.7 –35.3 –86.6 –81.4 N.A. N.A.
($ millions) Nov YTD 1-yr 5-yr* ($ millions) Nov YTD 1-yr 5-yr*
ProShs II:UltVIX STF ETF UVXY 316.5 –37.3 –85.5 –86.8 –79.2 –71.3
Madison:Mid Cap;I 816.6 9.5 19.7 13.3 N.A. Simplify:US Eqty + GBTC 4.9 10.3 39.8 30.7 N.A. AXS 1.25X NVDA Bear Dly NVDS 83.6 –16.0 –81.9 –79.0 N.A. N.A.
Hodges;Rtl 139.9 13.9 19.4 7.6 9.0 Goldman:Hdg Indus VIP 129.3 11.5 33.8 24.8 11.5 Direxion:Semicnd Bear 3X SOXS 773.8 –37.5 –77.8 –70.7 –65.4 –77.0
Alp Arc US Quant Value 293.7 6.7 18.8 8.6 7.5 Permanent Port:Aggr Gr;I 32.8 10.7 28.2 20.0 12.9 ProShares:UlS Semicond SSG 9.7 –25.4 –73.6 –67.9 –52.3 –59.2
Touchstone:Mid Cap;Y 4,337.1 9.9 17.9 12.3 10.5 J Hancock II:Fdm ACC;I 314.9 12.8 26.5 18.4 14.5 Direxion:Reg Bnk Bull 3X DPST 447.8 40.5 –71.5 –78.5 –28.9 –42.5
IndexIQ:IQ US MC R&D Ldr 4.0 12.4 15.7 7.0 N.A. Ave Maria Focused 48.9 10.8 26.2 17.1 N.A.
Direxion:Tech Bear 3X TECS 116.9 –30.5 –71.4 –63.7 –51.8 –65.0
Tarkio 120.5 10.0 14.7 10.0 6.9 Sparkline Intangible Val 28.2 11.2 26.2 17.2 N.A.
ProShs II:VIX ST Fut ETF VIXY 183.3 –26.4 –69.8 –71.4 –60.6 –50.1
Needham:Growth;Retail 120.9 12.2 14.4 7.6 12.1 Glbl X Millennial Consmr 94.2 12.6 25.8 15.9 9.1
Category Average: 1,281.3 9.0 6.9 1.9 8.1 Category Average: 3,098.4 8.8 14.8 8.6 10.0 Worst-Performing Bond Funds
Total Return (%)
Fund Count 372 373 365 364 328 Fund Count 655 660 644 643 526 Assets Annualized
Fund Ticker ($ millions) November YTD 1-year 3-year 5-year
Midcap Value Multicap Growth ProFunds:Sh Btcn Str;Inv BITIX 0.4 -8.6 -63.5 -63.1 N.A. N.A.
Direxion:20+Y Trs Bl 3X TMF 2,296.3 29.9 -30.9 -37.6 -47.4 -19.7
Assets Total return (%) Assets Total return (%)
($ millions) Nov YTD 1-yr 5-yr* ($ millions) Nov YTD 1-yr 5-yr* ProShs II:Ult Yen YCL 18.1 3.8 -27.4 -20.4 -24.7 -14.2
Vident US Equity Strat 495.6 7.4 17.9 11.4 10.5 Zevenbergen Genea;Inv 70.6 17.0 58.6 38.3 11.5 ProShares:Ult 20+ Yr Tr UBT 64.2 19.6 -17.7 -22.9 -32.2 -10.0
Longleaf Partners 1,220.0 8.0 16.4 10.6 4.1 One Rock Fund 11.4 18.0 56.5 43.0 N.A. Quantified GI Tact;Inv QGITX 19.9 -1.8 -12.3 -18.4 N.A. N.A.
Vanguard Sel Value;Inv 5,777.6 10.1 15.4 11.5 10.6 Virtus:Zeven Inn GrSt;I 431.1 15.8 54.2 34.0 10.6 Direxion:7-10Y Trs Bl 3X TYD 44.3 12.9 -12.0 -16.7 -24.1 -6.3
Pzena Mid Cap Value;Inst 122.0 12.4 11.9 5.9 10.5 Zevenbergen Growth;Inst 91.5 15.6 53.1 33.7 11.4 Invesco:Japanese Yen FXY 226.8 2.4 -11.2 -6.2 -11.5 -5.7
Invesco Zacks MA Inc 92.1 6.9 11.2 5.2 5.4 Baron Fifth Ave Gro;Inst 425.8 17.4 47.5 34.1 8.6 PIMCO ETF:25+ Yr US Tres ZROZ 986.0 16.0 -10.7 -14.0 -21.3 -4.1
Hotchkis:Mid Cap Val;I 433.2 6.6 10.6 5.1 8.5 Value Line Lg Co Fc;Inv 255.5 14.2 46.8 33.4 9.3 Simplify:Int Trm Trs Ft TYA 44.2 10.1 -10.6 -13.3 N.A. N.A.
T Rowe Price MC Vl;I 11,828.2 9.3 8.9 4.1 9.2 AOT Growth & Innovation 23.7 12.9 43.9 30.1 N.A. iShares:25+ Trs STRIPS B GOVZ 132.7 16.0 -10.5 -14.0 -21.1 N.A.
ProFunds:US Gov Pl;Inv GVPIX 14.3 11.9 -10.5 -13.5 -21.88 -5.8
Category Average: 787.7 7.9 4.8 0.2 7.3 Category Average: 703.9 11.9 25.4 16.4 10.7
Rydex:Gv LB 1.2x Str;Inv RYGBX 29.7 11.7 -9.8 -12.4 -21.2 -5.2
Fund Count 143 141 137 137 125 Fund Count 436 435 428 427 367 AlphaCentric Inc Opps;I IOFIX 389.8 0.4 -9.8 -8.7 -6.04 -4.1
N.A.: Not applicable; fund is too new * Annualized Note: For funds with multiple share classes, only the largest is shown. Source: Refinitiv Lipper Note: For funds with multiple share classes, only the largest is shown. N.A.: Not applicable; fund is too new or data not available Source: Refinitiv Lipper

iary, is skeptical. While acknowl-
Momentum Investing Has Struggled edging in an email the “logic for

the argument that the change in
Morningstar ratings softened the
tendency of fund investors to
For Two Decades. Here’s Why. chase recently successful invest-

ment styles,” he says that mu-
tual funds represent only “a mi-
nority of the moneys that flow
into stocks from pensions, insur-
A mutual-funds rating company changed its methodology two decades ago, their prices even higher and am- ance companies, foreign buyers
plifying the momentum effect. and retail investors who buy
and that apparently has made all the difference After Morningstar’s mid-2002 stocks directly.” The change in
methodological change, mutual- Morningstar’s rating methodol-
fund investors still allocated new ogy therefore can’t be the sole
BY MARK HULBERT egy that has promise employs no longer being compared with money to top-rated Morningstar reason why the momentum ef-
N
certain single-industry ex- funds of other styles that had funds. But because fund ratings fect became less profitable over
change-traded funds. Please see higher returns. were now based on performance the past two decades, he says.
EW RESEARCH accompanying article.) The change in the rating relative to peers rather than ab- Ben-David says he and his co-
suggests a sur- methodology shifted how capital solute best historical perfor- authors aren’t saying there were
prising reason was allocated across mutual mance, this new money was no other factors at work in the
why momentum- Rating change funds, according to Itzhak Ben- “equally spread across the entire lessening of the momentum ef-
stock investing Before its mid-2002 rating-sys- David, a finance professor at spectrum” of mutual-fund in- fect. But he emphasizes that
strategies have tem change, Morningstar com- Ohio State University and one of vestment styles, Ben-David says, their argument is based on more
struggled over pared all U.S. stock funds with the study’s authors. even in styles that weren’t per- than just the superficial correla-
the past two de- each other based on their past Before mid-2002, Ben-David forming well overall. That in tion between the Morningstar
cades: a seemingly innocuous performance, regardless of their says, Morningstar primarily gave turn meant that this new money methodology change and the mo-
change in the methodology of investment focus. The best per- top ratings to the funds that had wasn’t concentrated in the funds mentum strategy’s deterioration.
Morningstar’s mutual-fund rat- formers got a 5-star rating and the best performance overall. holding the best-performing The researchers document that a
ings. the worst ones got a 1-star rat- These top-rated funds “often in- stocks, and therefore was dis- Morningstar rating increase “re-
Momentum strategies sults in a surge in mutual-fund
are based on the tendency flows, and that flow increases
for stocks that have beaten lead to contemporaneous stock-
the market over the trail- price appreciation,” Ben-David
ing year to continue doing says. Given this, he says, it
so for several more would be surprising if a change
months, and for the lag- in Morningstar’s rating method-
gards to continue lagging ology did not lead to significant
behind. changes in the success of mo-
From 1940 through mentum investing.
mid-2002, a portfolio rebal-
anced monthly owning the
10% of stocks with the Investment implications
.
greatest trailing-year re- The new research doesn’t mean
ly
turns, while simultaneously that the momentum effect has
shorting the 10% of stocks completely disappeared; it just
with the trailing year’s isn’t as strong a force as it was
worst returns, appreciated
at an annualized pace of
17.4%, before transaction
costs. Since then, this port-
on before because it isn’t as nar-
rowly focused, Jiacui Li, a fi-
nance professor at the University
of Utah and another of the
us ,
folio has declined at a 3.6% study’s authors, said in an inter-

annualized pace. In con- view.
l
e
trast, the trend of the over- A broader takeaway from the
al a
all stock market remained new research, he says, is that

steady throughout both pe- “financial systems are complex”
ci on
riods: 11.4% annualized ap- and “a small and innocuous

preciation before mid-2002 change can have large unin-
and 10.4% thereafter. tended consequences on the en-
What changed? A new tire system.”
study attributes the shift When pursuing a strategy
er s
primarily to Morningstar in with a stellar historical record,

mid-2002 changing the investors are implicitly betting
m er
methodology for its mu- that nothing will change and all
tual-fund star-rating sys- the complex factors that led to
tem. The researchers’ find- past performance will persist
ings illustrate how into the future. The new re-
m rp
sensitive once-successful investing. After 2002, Morningstar be- vested in similar stocks,” he tributed “too thinly to boost search reminds us that this is a
ment strategies can be to seem- gan comparing each fund only says—such as internet stocks in those stocks further,” he says. risky bet.
ingly insignificant changes in fi- with others of the same invest- the late 1990s during the inter-
nancial markets. ment style, like large-cap growth net bubble. As a result, new in- Mark Hulbert is a columnist
(Note that this new research or small-cap value. This meant vestments in these top-rated Reality checks whose Hulbert Ratings tracks
co Fo
doesn’t mean that momentum some funds got higher star rat- funds created concentrated price John Rekenthaler, director of re- investment newsletters that pay
strategies have stopped working ings than they did under the pre- pressure for this small set of search for Morningstar Research a flat fee to be audited. He can
altogether. One momentum strat- vious system, because they were top-performing stocks, pushing Services, a Morningstar subsid- be reached at reports@wsj.com.
market data for those years, then

isolated four distinct bear-market
It’s Possible to Use These periods in U.S. stocks: June 2000
n-
to January 2003; October 2007 to
Industry ETFs to Make March 2009; January 2020 to

March 2020; and January 2022 to
November 2022.
Momentum Work
no
These were the major down-

turns in U.S. markets over the past
quarter-century. All other periods
we categorized as upturns. Before
Research identifies the industry-focused ETFs that continuing, it should be noted that
the inclusion of smaller market-
investors should buy during upswings and downturns correction periods into the down-
turn category didn’t alter results.
The first interesting finding
BY DEREK HORSTMEYER ket downturn, if you think declines from the data is during market
will continue, consumer staples or upturns there is far less disper-
M
industrial stocks are best. sion in returns among industries
OMENTUM-trad- My research assistants Swikrit compared with during downturns. sumer staples, averages an annu- market upturns, we see that the
ing mutual funds, Acharya and Abdullah Khalid and I The best segment is tech, which alized return of 10.5%. This sug- energy sector had the highest re-
which try to hold came to these conclusions based averages an annualized return, in- gests that no matter what alized volatility, or standard devia-
stocks that bene- on returns of all industries going cluding dividends, of 21.2%. But industry you bet on in an upturn, tion of returns, of 22.7% annual-
fit most from up- back 25 years. We pulled all of the even the worst segment, con- you will experience positive re- ized, and the consumer-staples
ward market trends, first ap- turns. For comparison, the average sector had the lowest realized vol-
peared in the 1980s. There are return of the S&P 500 during up- atility, of 11.9% annualized.
still some out there. But these Riding the Ups and Downs turns was 17%. During market downturns, en-
days, investors who want to ride Performance differences across changing market conditions, by industry During a market downturn, we ergy again had the highest risk
market upturns—or bet on market see a much greater difference in with an annualized volatility of
reversals—are turning more to sin- During upturns During downturns the returns of different industries. 41.2%, and consumer staples again
gle-industry ETFs. Industry Average annualized return Volatility The best-performing segment had the lowest, at 15.6%. This
Investors over time have –50% –40 –30 –20 –10 0 10 20 30 0% 10 20 30 40
when the market is going down is highlights that even though re-
shifted to industry exchange- consumer staples, which averages turns shift as economic conditions
traded funds as a low-cost alter- Technology an annualized return of 3.4%. And change, risk levels stay relatively
native to momentum mu- this is the only industry that aver- constant at the two extremes of
Healthcare
tual funds, whose returns have aged a positive return during the market performance—upswings
faltered over the past 20 Financial and market reversals that we looked at. and down.
years. (Please see related article real estate The worst industry performer All in all, if you wish to ride the
above about research into why Energy during market downturns was positive wave during an upturn,
momentum mutual funds have tech, with an annualized return of then tech stocks are the go-to for-
struggled over the past two de- Industrial negative 47.2%. The second-worst mula. But if you think a market
cades.) Consumer was energy, with a negative 19.1%. downturn is just around the cor-
But which industry-focused discretionary With tech, even if we remove the ner and you want to protect your-
ETF should you get into during a sharply negative returns of the self, then consumer staples are
Utilities
market upswing? And which dot-com bust, we still see an an- best to keep you above water.
should you get into when the mo- Consumer staples nualized negative 16.6% return
mentum is negative? during downturns. Derek Horstmeyer is a professor
ALEX NABAUM (2)
Examining the past 25 years of Materials We also examined how levels of finance at Costello College of
data, we see two trends. To ride a of risk within specific industries Business, George Mason
market upturn, it is best to be in Note: Represents the annualized returns to various industries across market downturns and upturns for stock ETFs change in market upturns com- University, in Fairfax, Va. He can
technology stocks. But in a mar- Source: Derek Horstmeyer, George Mason University pared with downturns. During be reached at reports@wsj.com.

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