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What’s
News
Business & Finance
usinesses on both sides
B of the Pacific are skittish
about rushing to revive for-
mer levels of U.S.-China in-
vestment, despite the bene-
fits a trade deal may bring. A1
 Banks want changes to a
law that prevents them from
hiring employees with certain
types of criminal records. B1
 Major U.S. stock indexes
are approaching fresh re-
cords, leaving investors to
decide when, or whether,
to leave the market. B1
 Musk is preparing to re-
veal to investors Tesla’s latest
efforts to develop self-driv-
ing-car technology and his
strategy for deploying it. B1
 An accident involving a
SpaceX capsule during en-
gine ground tests could de-
lay the firm’s first crewed
space flight by months, in-
dustry officials said. B3
 Huawei revenue rose
39% to $26.8 billion for
the first quarter as it
made further inroads in
the 5G wireless market. B4
 Ship orders world-wide
have shrunk to the lowest
level in 15 years as owners
of vessels struggle with
excess capacity. B3
World-Wide
 Blasts tore through
churches and luxury hotels
in Sri Lanka, killing at least
290 people and wounding
more than 400 in coordi-
nated attacks on tourists
and the country’s minority
Christian community. A1, A6
 The State Department is
set to announce the end of
waivers for countries to im-
port Iranian oil Monday. A1
 U.S. authorities have ar-
rested a member of an
armed civilian militia group
that has been detaining ille-
gal border crossers entering
the U.S. from Mexico. A3
 Democratic presidential
hopefuls are calibrating how
to respond to Mueller’s report
with an eye on swing voters
and their broader agendas. A4
 Nearly 20 states are
trying a new legislative
tack to lure recent college
graduates: paying off their
student loans. A3
 In Ukraine’s presidential
race, a comedian with no polit-
ical experience led with about
73% of the vote in exit polls. A5
 Islamic State said it
carried out a deadly raid
on a government building
in Kabul on Saturday. A5
Journal Report
The Case
Against Early
Retirement
ENCORE
R1-12
CONTENTS
Business & Finance...B2
Business News... B3,6
Crossword.............. A12
Heard on Street..... B9
Outlook....................... A2
Life & Arts........ A9-11
s 2019 Dow Jones & Company, Inc.
All Rights Reserved
REUTERS
Markets................... B10
Opinion.............. A13-15
Sports........................ A12
U.S. News............. A2-4
Technology............... B4
Weather Watch... A12
World News.......... A5-7
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Deadly Easter Blasts Jolt Sri Lanka
BY UDITHA JAYASINGHE
COLOMBO, Sri Lanka—A se-
ries of blasts tore through
churches and luxury hotels in
Sri Lanka on Easter morning,
killing at least 290 people and
wounding more than 400 in co-
ordinated attacks on tourists
and the country’s minority
Christian community.
At least eight explosions,
most blamed on suicide bomb-
ers, took place across the
country. Restaurants and
houses of worship that mo-
ments earlier were hosting
holiday feasts and joyful ser-
vices were plunged into chaos,
filled with rubble, broken fur-
niture, shards of glass and the
wounded and dead.
No one claimed responsibil-
ity for the bombings. Authori-
ties said the government had
received warnings about a
South Asia-based Islamist mili-
tant group, National Thowheeth
Jama’ath, possibly targeting re-
Please turn to page A6
 Social media blocked after
attack............................................. A6
 Catholics caught in enduring
The attacks struck churches, luxury hotels and other sites, killing at least 290. Soldiers guarded a church that was hit in Negombo. conflict........................................... A6
Businesses See Strains With China Lingering
BY JOSH ZUMBRUN two countries. investment flows between China or unwind Chinese investment production for the U.S. market
“There is no way any deal and the U.S., which plunged to in companies that could give it from China to Guadalajara,
WASHINGTON—The accord between China and the U.S. will just over $19 billion last year, a strategic advantage, including Mexico. The company was con-
now being drawn up to resolve cause everyone on both sides to from a 2016 peak of $60 billion. social-media companies. templating such a move any-
the trade fight between the say, ‘We were just kidding,’” Beijing clamped down on But the rounds of tariffs, in- way, but the tariffs served as
world’s two largest economies said Dan Harris, managing capital outflows, as authorities vestment restrictions and sharp the “catalyst to improve supply-
promises better treatment of partner at Harris Bricken, a law questioned expenditures such rhetoric have been the main chain efficiency,” said GoPro
U.S. companies in China and firm that specializes in invest- as Dalian Wanda Co.’s $3.5 bil- factor behind the slump, invest- spokesman Christopher Clark.
more Chinese orders for U.S. ment with China. “The tariffs lion purchase of Hollywood’s ment specialists said, as some Another U.S. company, bicy-
crops and other products. and the arrests and the threats Legendary Entertainment in Chinese and U.S. companies re- cle maker Kent International
But rattled businesses on and the heightened risk have 2016 as overpriced and ill-con- think their businesses through Inc., based in New Jersey, said
both sides of the Pacific are impacted companies and that sidered. And U.S. officials had the prism of prolonged U.S.- it was investing in Cambodian
skittish about rushing back in will not go away.” national-security concerns. The China trade tensions. factories to avoid the Chinese
to revive the once-booming in- The trade dispute isn’t the U.S. Committee on Foreign In- The camera maker GoPro tariffs.
vestment activity between the only factor driving a decline in vestment has moved to block has decided to move its camera Please turn to page A4
Online Grocery Upheaval Ukraine Comedian Leads Exit Polls
Hits America’s Biggest Chain
Kroger adjusts operations and invests in technology to hang on
to customers who avoid stores; ‘we’ve got to get our butts in gear’
BY HEATHER HADDON ment and a Kroger investor. “Does anyone’s
blood pulse through their veins with an en-
Nobody can say Rodney McMullen doesn’t trepreneurial bent?”
SERG GLOVNY/ZUMA PRESS
know the grocery business. He started as a Not since Walmart Inc. first pushed into
bagger at Kroger Co. when he was in college, groceries in the late 1980s have traditional
rising through the ranks to become chief fi- chains faced so many challenges. E-com-
nancial officer, then chief executive officer, merce is transforming the business, forcing
of America’s biggest supermarket chain. cash-strapped companies to overhaul their
But can he lead the 2,764-store Cincin- operations and invest heavily in technology
nati-based company through the changes up- and talent to keep customers from straying
ending the supermarket industry? to Amazon.com Inc. At the same time, they Exit polls on Sunday showed that Volodymyr Zelensky, who plays
“You are in Cincinnati. You are a conser- have to keep food prices as low as consum- a schoolteacher-turned-president in a Ukrainian TV series, had
vative bunch of people,” said Bill Smead, ers have come to expect. about 73% percent of the vote for president. A5
Please turn to page A8
chief executive of Smead Capital Manage-
Words for Killing a Romantic INSIDE U.S. to End Waivers
Mood: Let’s Watch Netflix
i i i On Iranian Oil Imports
SUE OGROCKI/ASSOCIATED PRESS
Is streaming video contributing to the
BY JESSICA DONATI receive a renewed waiver to
nation’s declining fertility rate?
WASHINGTON—The State
continue to buy Iran’s oil.
It wasn’t immediately clear
BY SHALINI RAMACHANDRAN his wife, Amber, stream- Department is expected to an- whether the decision to end
ing Netflix. She had been try- nounce the end of waivers for oil waivers would put a com-
Once upon a time, Net- ing to get pregnant again, and countries to import Iranian oil plete halt to permitted ex-
flix dates were synonymous he was in a romantic mood. on Monday, part of the Trump ports.
with romance, best cap-
tured by the viral
She made a coun-
terproposal. “Or we
THE NCAA’S administration’s effort to drive
Iran’s exports to zero, people
A “wind down” grace pe-
riod would allow certain cus-
hashtag #Netflixand- could watch ‘The FEEL-GOOD familiar with the decision said. tomers to continue to receive
Chill, a euphemistic sug-
gestion disguised as an
Prophet,’ ” she said,
referring to an ani-
SPORT The U.S. had previously
granted eight countries a 180-
the oil it had already pur-
chased, or agreed to buy, two
invitation to watch TV. mated movie based on day waiver to continue to buy people familiar with the mat-
SPORTS, A12
These days, the lit- a book by Lebanese- Iranian crude despite U.S. ter said. It wasn’t immediately
eral chill of the on-de- American author sanctions, provided that each clear how such a mechanism
mand streaming video
service is so great that
Kahlil Gibran.
“I’m a mom,” the
A GENETIC TEST took steps to reduce purchases
and move toward ending im-
would work.
The State Department
some young couples call 31-year-old digital- HELPED HEAL ports. The deadline for renew- didn’t immediately respond to
it the new birth control.
Consider this recent Death
marketing strategist
of kiss explains. “I literally
FAMILY RIFT ing the waivers was set to fall
on May 2.
a request for comment. The
decision was earlier reported
episode: Tony Lozzi, 35, just want to Net- China, India and Turkey by the Washington Post.
tucked his children into bed flix and chill. We stop there.” LIFE & ARTS, A9 were among Iran’s top custom- Earlier this month, the
and went downstairs to find Please turn to page A8 ers and had been expecting to Please turn to page A2
A2 | Monday, April 22, 2019 * **** THE WALL STREET JOURNAL.

U.S. NEWS
THE OUTLOOK | By Nick Timiraos

Fed Considers What Could Prompt a Rate Cut

Federal Re- restrictive, and we need to Inflation has run below the Fed's 2% inflation target change rates in 2019. from a year earlier, down
serve officials make an adjustment down in in recent years. Recent data indicate the from 1.8% in January. They
are starting to the funds rate,” Chicago Fed Personal-consumption expenditures price index, economy has rebounded see core inflation dipping to
talk about the President Charles Evans said excluding food and energy, change from a year earlier* from a slowdown at the start 1.5% in July.
conditions un- last Monday, referring to the of the year, which could Roberto Perli, a Fed ana-
der which central bank’s benchmark 2.2% make officials more comfort- lyst at Cornerstone Macro, is
they would cut interest rates, federal-funds rate. able with their wait-and-see among those who view an in-
including a scenario where Mr. Evans said his forecast 2.0 Fed’s 2 target posture. While muted infla- terest-rate cut as unlikely ab-
inflation drifts lower even if was for inflation to rise over tion may not warrant a rate sent broader economic dete-
the economic growth doesn’t the coming year, justifying a Median cut for some officials, it rioration. “It is a tough
1.8 scenario
falter. rate increase in late 2020 could raise the bar for others argument to make in the
Such a scenario isn’t seen and possibly again in 2021 to to consider additional in- near term…because while it
as particularly likely, and a keep price pressures under 1.6 creases. makes sense, what if all of a
rate cut isn’t imminent or control. Cutting rates also would sudden inflation comes back
under consideration for their But if it turns out that be complicated, coming after up,” he said. Being forced to
1.4
meeting April 30-May 1. But core inflation, which ex- President Trump has called later reverse the cuts by rais-
the thresholds for such ac- cludes volatile food and en- on the Fed to do so. Central ing rates more rapidly could
tion have been a topic of ergy categories, falls and 1.2 bank officials have said poli- raise the risk of a recession.
conversations in recent inter- stays near 1.5% for several 2016 ’17 ’18 ’19 ’20 tics never influence their de- On the other hand, if con-
views and public remarks. months, “I would be ex- cisions. But Mr. Trump’s sumers’ and businesses’ ex-
*February and March 2019 figures are estimated based on reports produced by the Labor
Inflation rose last year to tremely nervous about that, Department. Median scenario assumes monthly inflation of 0.16%, the median increase over the
commentary puts more pres- pectations of future inflation
the Fed’s 2% target after and I would definitely be last two years. sure on them to explain why were to drift lower, “the case
years of undershooting it. thinking about taking out in- Source: J.P. Morgan they are changing policy so becomes a lot stronger,” said
Central bank officials say the surance in that regard” by that doubts about their inde- Mr. Perli.
target is symmetric, meaning cutting rates, he said. pendence don’t erode their Fed officials believe infla-
they expect inflation will nomic outlook, which could some insurance cuts.” credibility in markets. tion expectations strongly in-

D
drift mildly above and below allas Fed President chill spending and invest- Over a 12-month period fluence actual inflation and

T
it at different times. Robert Kaplan didn’t ment. “We would need to be beginning in February 1994, he question of whether could partly explain why
Price pressures softened endorse such a move very careful,” said Mr. Evans. the Fed raised its benchmark to reduce rates if infla- price pressures have been
beginning last fall, although outright but said Thursday Fed Vice Chairman Rich- rate to 6% from 3.25%. It tion slows may not be soft. The University of Michi-
officials had expected infla- that inflation running persis- ard Clarida, speaking earlier then cut rates at three meet- hypothetical for much longer. gan’s April consumer survey
tion to keep rising amid tently around 1.5% or lower this month on CNBC, ap- ings between July 1995 and Inflation readings for Feb- showed expectations of an-
strong hiring and a burst of is “something I’m going to peared to be lowering the January 1996 after inflation ruary and March, measured nual inflation over the next
fiscal stimulus fueled by tax certainly take into account” bar for such a move. He vol- rose less than anticipated. by the Fed’s preferred gauge, five to 10 years fell to 2.3%
cuts and government spend- when setting rates. unteered that a recession Fed officials raised the will be released on April 29, from 2.5%, matching an all-
ing. Clearly communicating the wasn’t the only situation in rate four times last year, just before the coming policy time low for the 40-year se-
If inflation runs too far rationale for an interest-rate which the Fed had cut rates most recently in December to meeting. ries.
below 2% for a while, it cut would be especially im- in the past, pointing to in- a range between 2.25% and Forecasters at JPMorgan Central bank officials be-
would show “our setting of portant to avoid signaling stances in the 1990s in which 2.5%. They signaled last Chase expect to see that core lieve 2% inflation is consis-
monetary policy is actually alarm about the broader eco- the central bank “took out month they didn’t expect to inflation rose 1.6% in March tent with a healthy economy.

U.S. WATCH ECONOMIC

CALENDAR
ARMED FORCES
Air Force Member Monday: The National Asso-
Has Died in Qatar ciation of Realtors releases ex-
isting-home sales data for
The Department of Defense March. Sales of previously
said a member of the United owned homes rose strongly in
States Air Force died in a non- February, a sign that demand for
combat-related incident in Qatar. housing picked up as mortgage
The death on Friday of 24- rates eased. Economists sur-
year-old Staff Sgt. Albert J. veyed by The Wall Street Jour-
Miller of Richmond, N.H., at the nal forecast existing-home sales
Al Udeid Air Base in Qatar was fell 3.8% in March from February
announced Saturday. The inci- to a seasonally adjusted annual
dent that led to his death is un- rate of 5.30 million.
der investigation. Thursday: The Commerce
Sgt. Miller, a crew chief for a Department releases March du-
C-17 Globemaster transport rable-goods figures. In February,
plane, was assigned to the orders for long-lasting factory
736th Aircraft Maintenance goods fell after three straight
Squadron at Dover Air Force months of growth because of a
Base in Delaware. sharp decline in aircraft orders.
—Associated Press Economists surveyed by the
CLIFF OWEN/ASSOCIATED PRESS

Journal forecast durable-goods

TEXAS orders rose 0.8% in March from
a month earlier.
Scientists Dismissed Friday: The Commerce De-
Over Alleged Theft partment releases first-quarter
gross domestic product data.
A prominent cancer center in This broad measure of goods
Houston says it has dismissed and services produced across
three scientists who federal au- The remains of Staff Sgt. Albert Miller, who died last week in Qatar, were transferred Sunday at Dover Air Force Base in Delaware. the economy rose at a 2.2% an-
thorities suggested are involved nual rate in the fourth quarter,
in Chinese efforts to steal Amer- of them resigned ahead of ter- heightened concern in Wash- HAWAII protection program. down from an earlier estimate
ican research. mination proceedings, and the ington that foreign govern- “The latest data on sea level of 2.6%. Economists are expect-
Peter Pisters, president of third is challenging the dismissal. ments including China have Flood Concerns Spur rise is quite scary and it’s accel- ing a slightly stronger annual
MD Anderson Cancer Center, Officials determined termina- been using students and visit- Push for Protection erating faster than we ever growth rate of 2.4% for the first
said the National Institutes of tion wasn’t warranted for one of ing scholars to pilfer intellec- thought possible,” said state quarter.
Health wrote to the cancer cen- the remaining two and are still tual property from confidential Hawaii’s iconic Waikiki Beach Rep. Chris Lee, a Democrat and The University of Michigan re-
ter last year detailing conflicts investigating the other. grant applications. could soon be underwater as ris- lead author of a bill calling for leases final consumer-sentiment
of interest and unreported for- It isn’t clear if any face fed- At a gathering in Houston ing sea levels overtake its white the creation and implementation data for April. Preliminary April
eign income by five faculty eral charges or deportation. A last summer, FBI officials sand beaches and city streets. of the shoreline protection plan. sentiment data showed consum-
members, and gave it 30 days Federal Bureau of Investigation warned academic and medical Predicting Honolulu will start The measure proposes $4 mil- ers’ outlook on the U.S. economy
to respond. spokeswoman in Houston said institutions of the threat, partic- experiencing frequent flooding lion for the program’s develop- deteriorated. Economists sur-
MD Anderson received $148 Saturday that the agency ularly from insiders, and called within the next 15 to 20 years, ment over the next two years. It veyed by the Journal forecast
million in NIH grants last year. “does not confirm or deny the on them to notify the agency of state lawmakers are trying to also seeks more research into a the University of Michigan’s con-
The three dismissed scien- existence of any investigation.” any suspicious behavior. pass legislation that would carbon tax that might raise funds. sumer-sentiment index logged a
tists are ethnically Chinese. Two The dismissals come amid —Associated Press spend millions for a coastline —Associated Press final reading of 97.0 in April.

Mr. Trump and the team led
U.S. to by his national security ad-
viser, John Bolton, have
pushed for a more hard-line
End Iran strategy leading up to the May
2 deadline, urging a more
waivers comes after months of has outlined 12 demands that
pressure by Republican
hawks—such as Sens. Ted
include requiring Iran to give
up its right to enrich uranium,
Cruz (R., Texas), Tom Cotton which it retained under the
(R., Ark) and Marco Rubio (R.,
Fla.)—to act decisively to curb
2015 agreement; cease its sup-
port for militant groups like

Oil Waivers complete push to zero out Ira-

nian exports.
However, in recent weeks,
Iran’s finances.
Mr. Trump unilaterally
withdrew from the pact with
Hamas; and stop issuing
threats against Israel.
Iran’s leaders have said
IRANIAN PRESIDENCY/EPA/SHUTTERSTOCK

some State Department offi- Iran and six major powers last they have no interest in nego-
Continued from Page One cials had assured recipients of year, undoing the flagship for- tiating with the Trump admin-
State Department’s top envoy further waivers. eign policy effort that marked istration on those demands.
for Iran, Brian Hook, said that While U.S. sanctions on Iran his predecessor’s administra- —Timothy Puko
three jurisdictions out of the have hurt its economy and tion. and Benoit Faucon
eight that received oil waivers strained the regime’s budget, The Trump administration contributed to this article.
last year had already moved to they haven’t led Tehran to pull
zero imports. back from its military role in
Mr. Hook didn’t name them, Syria in support of President THE WALL STREET JOURNAL
but analysts that study the oil Bashar al-Assad or scale back (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
market have said Italy, Greece its paramilitary role in the re-
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
and Taiwan have halted im- Iranian President Hassan Rouhani, left, and Iranian oil minister gion.
ports this year. Published daily except Sundays and general legal holidays.
Bijan Zanganeh at Iran’s South Pars gas field in March. The U.S. Iran is on track to be a ma- Periodicals postage paid at New York, N.Y., and other mailing offices.
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Libyan officials have
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from the market.
Tehran.
Following the announce-
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warned that output risks drop-
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THE WALL STREET JOURNAL. Monday, April 22, 2019 | A3

U.S. NEWS

Parents’ Bets Parent spending on youth sports is soaring

Average cost per high school athlete* $10,000

On Athletics
$3,000 Elite and select 7,564
Hockey
youth teams 5,543
2,500
2,764
2,000

Miss the Mark

4,000
1,500
435
Football
1,000 Amateur 798 Average costs of
youth teams
500 553 participation in 2018,
by sport
0
College scholarships with high-cost equipment and 3,500
Special coaching
strenuous travel schedules. But 2008 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 223 and camps
are elusive for most, scholarships are rare.
Baseball
1,543
Ratio of high school athletes to college student Registration,
despite big spending Only 2% of high-school ath- athletes on scholarship, 2016-17, by sport 277 venues, uniform
letes will receive college schol-
on elite youth teams arships in their sport, accord- 458
Tournaments
and travel
Basketball 64 high school athletes to one college scholarship
ing to the National Collegiate
154 Equipment
BY JULIA CARPENTER Athletic Association. That in- Basketball
cludes awards well short of Soccer 59 654
For much of the past de- the “full ride” many parents 111
cade, Richard Ness traveled covet. In some cases, athletes Baseball 35
with his son Chip, a youth receive just a few thousand 176
wrestler, to events around the dollars to put toward tuition, Football 31 125
country. He estimated he spent housing and other expenses. Soccer
321
“likely close to six figures” on But in a 2019 survey on the Hockey 30 *Includes cost to parents and extended family.
cost of youth sports by TD 45
his son’s wrestling career. Sources: WinterGreen Research: NCAA research (ratio)
“I was a crazy parent, but Ameritrade, 40% of parents said
there were other ones just they felt confident their child cause many of the higher in the direction his ability was
like us, doing the circuit,” would get an athletic scholar- priced, more competitive taking him,” Mr. William said.
said Mr. Ness. ship. They also said they were leagues are picking off the They had been putting
Mr. Ness, a financial adviser willing to cut back on spending, best players. If a child is inter- money aside for college, but
in Duluth, Ga., said the invest- go into credit-card debt or de- ested in playing baseball, the still had to pay for items such
ment paid off in the way so lay retirement to fund their pricier club and travel teams as new rackets, which cost
many parents dream of: His son child’s sport, according to the may be one of the few options, more than $200. Clinics, lessons
earned nearly a full-ride wres- survey of about 1,000 parents. said Dev Pathik, founder and and one-on-one instruction set
tling scholarship for five years “It’s really a small fraction of chief executive of the Sports them back more than $4,000.
to the University of North Car- students get recruited to play in Facility Advisory, a sports and Mr. William realized they had

LUCY HEWETT FOR THE WALL STREET JOURNAL

olina. He will graduate in May college, and with that, the per- entertainment center manage- sunk $10,000 into their child’s
with degrees in economics and centage is even smaller of them ment consultant company. sport, all in a single year.
management and society. getting the sort of full ride, ath- “There’s nothing else for “It really snuck up on us,”
As the recent college-ad- letic scholarship people dream that kid who’s lit up about Mr. William said of the ex-
missions cheating scheme put of,” said Kathryn Randolph, basketball. There’s no free al- penses.
in stark relief, competition for contributing editor at Fastweb, ternative,” he said, especially Mr. William and his family
spots at top colleges is fierce. a service that helps match stu- for lower-income families, who hopped off the hypercompeti-
In addition, many families set dents with scholarships. may then be shut out. tive sports ride. They started
their sights on the Holy Grail: “They could be using that Costs depend on the sport. choosing tournaments more
athletic scholarships that earn money to save for college, to While baseball parents spend, selectively, so they could bud-
a place on the team and offer be blunt,” she said, of the ath- on average, $4,041 per child a get for travel. They enrolled
a break on tuition, too. letic spending. year, volleyball parents can their son in less expensive les-
Parents enroll their children Families with children who spend as much as $8,027 per Aidan William with his tennis trophies in West Lafayette, Ind. sons and instruction. His son
in sports for a variety of rea- take part in elite teams spent child, according to 2016 re- is 14 now, and Mr. William
sons, including to learn values an average of $3,167 per player search from Travis Dorsch, Mr. Dorsch said he had sor, sat down to calculate how says he doesn’t know if his son
like discipline, teamwork and in 2018, up from $1,976 in founding director of the Fami- seen some parents starting to much he and his wife had will ultimately play in college.
sportsmanship. And while par- 2013, according to Winter- lies in Sport Lab at Utah State pull back. spent that year traveling to The following year, their
ticipation in many youth sports Green Research, a market-re- University. An activity like vol- After a year of competitive competitions and funding their tennis spending had dropped
is falling, spending has been search firm in Lexington, Mass. leyball, while a less popular tennis play for his then-11-year- son Aidan’s tennis ambitions. by almost 35%. He says he is
skyrocketing as more young Participation in lower-cost sport, can require higher-priced old son, Colin William, an Indi- “We started out with small now better able to enjoy
athletes take part in elite teams local leagues are declining be- travel for faraway games. ana community-college profes- expenses and kept progressing watching Aidan play.

States Woo College Grads With Pledge to Pay Off Debt

BY MICHELLE HACKMAN age. Texas offers loan forgive-
ness to psychologists or other
Nearly 20 states are trying a mental-health professionals.
new legislative tack to lure re- Delaware covers loans up to
cent college graduates: paying $10,000 to residents teaching
off their student loans. in high-need areas.
The programs, many of The proliferation of student-
which were adopted in the past loan repayment as a benefit or
four years, offer debt forgive- incentive reflects growing anxi-
ness as a perk of relocating to ety that a generation of Ameri-
a state, or just not leaving it. cans are facing debt burdens
Many specifically tie loan pay- that threaten their economic
ments to a given profession, prospects. A recent report from
aiming to address workforce the Federal Reserve, for exam-
shortages in fields ranging ple, linked the rise in student
from nursing to teaching. debt to falling homeownership
Utah, for example, forgives among young Americans.
25% of a college graduate stu- Since 2015, 18 states have
dent’s loans for each year the passed 23 laws, seven of them
graduate remains in state and in 2018, creating or expanding
works in a field where the student-loan forgiveness pro-
state faces a workforce short- grams, according to the Na-
tional Conference of State Leg-
islatures. This year there are
145 bills pending in 36 states
that would expand state loan
repayment programs.
Many programs aim
to address shortages
in fields ranging from
nursing to teaching.
Republican Mike Grant, a
Florida state representative
whose district spans a rural
swath south of Tampa, is spon-
soring legislation offering to
pay down loans of dentists who
work in rural areas.
“We have a lot of dental
schools in Florida where people
come out with a lot of debt,” he
said. “And rather than settling
in a low-income area, they are
incentivized to set up private
practices to pay off that debt.”
Some progressive policy
makers disagree with the ap-
proach, pointing out that most
people with the largest debt
burdens attended elite private
colleges or earned graduate de-
grees. According to an Urban
Institute report, the highest-
earning quarter of the popula-
tion holds about half of all stu-
dent debt.
“This is clearly a way to po-
tentially pander to middle- and
upper-class voters,” said Ta-
mara Hiler, deputy director of years ago with about $350,000
education policy at Third Way, in debt. Her residency program
a Washington-based education in Denver connected her with a
nonprofit. “At the end of the state program, the Colorado
day, it’s not a progressive Health Service Corps, which ac-
policy.” cepts several physicians each
The federal government al- year to work in high-need areas
ready has several student loan in exchange for a significant
forgiveness programs, the larg- contribution toward their stu-
est of which offers forgiveness dent loans.
to public servants who work The program made a one-
for 10 years. But the rules gov- time $90,000 payment toward
erning that program are com- Ms. Lewis’s loans in exchange
plicated, and less than 1% of for three years at a community
applicants have had their debt health clinic serving low-in-
canceled, making forgiveness come patients. “I took this job
through state programs a knowing I was making a lot
promising alternative. less than most of my col-
Makenzie Lewis, a 30-year- leagues,” she said. “It encour-
old family physician in Lafa- aged me to do what I wanted
yette, Colo., graduated from to do without feeling the finan-
medical school nearly five cial stress of it.”

A Month Later, Floodwaters Keep Grip on Midwest Militia

BY JAKE HOLLAND Member
A month after severe
March flooding swept the
Midwest, the Missouri River
Arrested
is still running high, compli-
cating recovery for many BY JENNIFER LEVITZ
communities in the region.
Sections of Scott Olson’s Federal authorities have ar-
farm near Tekamah, Neb., re- rested a member of an armed
main underwater. Once the civilian militia group that has
water goes down, Mr. Olson, been detaining illegal border
62, said he has much work to crossers at the U.S.-Mexico
prepare his fields for planting border in southern New Mex-
before the end of June, after ico, according to officials.
which it might be too late. Larry Mitchell Hopkins is ex-
Still, he considers himself pected to appear in U.S. Dis-
lucky compared with other trict Court in Las Cruces on
farmers in the area who lost Monday after being arrested
their homes, grain storage, Saturday on a charge of pos-
NATI HARNIK/ASSOCIATED PRESS

livestock and machinery. sessing firearms and ammuni-

“The devastation and loss tion as a felon, according to the
of personal property of people Federal Bureau of Investigation.
is incredible,” Mr. Olson said. In a separate statement,
“The livelihood of thousands New Mexico Attorney General
of farmers is at stake here.” Hector Balderas said Mr. Hop-
Triggered by heavy rain, kins is a member of an armed
snow melt and the release of group of people detaining mi-
water from rain-swollen reser- Flooding around the Missouri River between La Platte, Neb., and Glenwood, Iowa, as seen April 12, weeks after the deluge began. grants near Sunland Park.
voirs in South Dakota, the flood “This is a dangerous felon
led to federal-disaster declara- Low, a National Weather Ser- River remains above flood aren’t able to return. Her base- after a nearby levee broke. who should not have weapons
tions in Iowa and Nebraska. vice hydrologist. stage in a 160-mile stretch ment was flooded, damaging Pat Kamman, a Hamburg around children and families,”
Chris Engelbrecht, emer- Tributaries and feeding from Nebraska City, Neb., to electrical equipment, flooring resident who owns one of the Mr. Balderas, a Democrat, said
gency manager for the Mis- rivers upstream remain swol- St. Joseph, Mo., and could and walls so badly that she town’s gas stations, said her Saturday.
souri Transportation Depart- len, and reservoirs in the Da- stay that way through the end will have to move away. That house was flooded “to the Mr. Hopkins is 69 years old
ment, said Interstate 29, which kotas are still being drained, of May because of increased means she will also have to eaves” in March. She hasn’t and lives in Flora Vista, N.M.,
runs parallel to the Missouri keeping water in the Missouri soil moisture and high water step down from her post. been able to return because the FBI said. He was booked
River, remains closed in north- River high. tables in the region. “I cried a lot thinking about parts of it remain underwater. into the Doña Ana County De-
ern Missouri and southern Towns and farmland with le- In Craig, Mo., where a levee how I’ll have to hand in my She and her husband are tention Center on Saturday,
Iowa. Some roads across the vee breaches are in some cases breach left water lapping at the resignation once I move,” said currently sleeping in a camper according to county records.
region are also impassable. still seeing water flow through steps of City Hall, life in the Ms. Hunziger, 61. “I went to they bought on Craigslist. Efforts to reach him for
It is unusual but not un- the breaches, Mr. Low said. The town of 250 people is gradually school here. I grew up here.” Hamburg Mayor Cathy comment were unsuccessful
precedented for towns in the water can then get trapped be- getting back to normal. Water Hamburg, Iowa, a town with Crain said with the levee still and it couldn’t be immediately
Missouri River basin to be hind the levees, blocking its no longer has to be boiled be- nearly 1,100 people in the damaged, the threat of addi- be determined if he had a law-
underwater a month after a flow back into the river and fore drinking it, and a town southwest corner of the state tional precipitation hangs yer. In a Facebook video Sun-
major storm. The region saw forcing towns to pump it or restaurant will reopen soon. that is bordered by the Mis- over the town. “If we have day, a spokesman for the group
similar problems from floods wait for it to evaporate. But many people, including souri and Nishnabotna rivers, is heavy rain, this could happen said he was confident Mr. Hop-
in 1993 and 2011, said Kevin Mr. Low said the Missouri Mayor Rhonda Hunziger, still partially flooded a month again,” she said. kins would be exonerated.
A4 | Monday, April 22, 2019 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL.

U.S. NEWS

Impeachment Divides Democratic Hopefuls

Sen. Elizabeth Warren wants this conduct is somehow com-
impeachment. Sen. Cory Booker patible with the office? Or is it
doesn’t want it on the table yet. in the best interest of the coun-
Many, including Sen. Bernie try not to take up an impeach-
Sanders, say Congress’s investi- ment that we know will not be
gations should continue. Mayor successful,” Mr. Schiff said on
Pete Buttigieg says the ultimate ABC’s “This Week.
arbiter should be the voters. Tad Devine, a Democratic
strategist who in 2016 worked
By Joshua Jamerson in on Sen. Sanders’s presidential

KRISTOPHER RADDER/THE BRATTLEBORO REFORMER/ASSOCIATED PRESS

Las Vegas and Ken campaign, noted that many
Thomas in Keene, N.H. voters tend to be concerned
about the economy and other
Democratic presidential kitchen-table topics. “The
hopefuls are calibrating how to greatest risk I see with pulling
respond to special counsel Rob- Mueller into the middle of the
ert Mueller’s report amid 2020 campaign is it takes you
concern that the issue could away from the issues that vot-
backfire with swing voters and ers are focused on,” he said.
drown out their broader Minnesota Sen. Amy Klobu-
agendas. char said in New Hampshire on
The moves on the campaign Friday that “I’ve only been
trail come as House Democrats asked four questions about the
are set to review their next Mueller report and I’ve been
steps on the Mueller report asked over 100 questions about
during a Monday conference health care,”
call. House Speaker Nancy Mr. Booker fielded a rare
Pelosi (D., Calif.) has said she voter question about Mr. Muel-
doesn’t support impeachment, Sen. Elizabeth Warren, shown campaigning Saturday in New Hampshire, says impeachment is the right response to the Mueller report. ler after the report came out.
calling it too divisive and a dis- Deb Lomando, a retired
traction from the Democratic port, which was released also describes efforts by Mr. taken off the table. this week, has yet to weigh in geologist, asked him in Las Ve-
Party’s efforts to win the White Thursday. Ms. Warren’s posi- Trump to curtail the probe and Other presidential hopefuls since the report’s release. gas: “As Democrats, where do
House in 2020. tion adds pressure on her rivals states why the special counsel have been more cautious. The debate by presidential we go?” Mr. Booker responded
Mrs. Pelosi is expected to 18 months ahead of the didn’t pursue obstruction of Asked if impeachment should candidates mirrors one that that Democrats should make
convey a continued wariness of election to take a stand on the justice charges. be considered at this point, Mr. party leaders face. House Judi- the argument in 2020 that Rus-
impeachment proceedings on matter. Mr. Trump has declared Booker of New Jersey told re- ciary Committee Chairman sia interfered in the election
the call, according to a House “There are a lot of folks who parts of the report “total porters: “No.” Like other candi- Jerry Nadler (D., N.Y.) has said and Mr. Trump’s associates
Democratic aide. It was unclear say, ‘This is politically charged, bullshit” and called the probe a dates skeptical of impeach- impeachment is an option but were willing to receive Russian
Sunday whether Democratic Democrats shouldn’t go here, “big, fat, waste of time, energy ment, Mr. Booker, who spent other Democrats urged caution, assistance—even if it didn’t
leaders would support another just stay from it, there’s an and money.” Russia has denied several days in the early-voting in part because the Republican- amount to conspiracy.
move, a formal reprimand, or election coming up,’” Ms. War- interfering in the election. state of Nevada after the report controlled Senate would almost Mr. Buttigieg, the mayor of
censure, of President Trump, ren said during a Saturday Some candidates are leaving dropped, called on Mr. Mueller certainly acquit Mr. Trump. South Bend, Ind., said Friday in
but some House Democratic voter forum in Keene, N.H. “But the door open to impeachment, to testify and for congressional House Intelligence Commit- New Hampshire that impeach-
aides thought it was unlikely. there are some things that are including former Housing Sec- probes to continue. tee Chairman Adam Schiff, (D., ment was less important to
Ms. Warren of Massachu- bigger than politics.” retary Julián Castro, who said Sen. Kamala Harris of Cali- Calif.), said Sunday that Demo- him than for “this president to
setts, the most prominent The report details extensive Friday on CNN it was “per- fornia called for the same in an crats face a tough decision be rejected powerfully at the
Democratic presidential candi- interference by Russia in the fectly reasonable” to pursue appearances in South Carolina about pursuit of impeachment. ballot box, and that’s going to
date to call for impeachment 2016 election but concludes that avenue now. Washington over the weekend. “Is it the best thing for the be my project as a presidential
proceedings, said she made the there was no criminal conspir- Gov. Jay Inslee and Rep. Eric Former Vice President Joe country to take up an impeach- candidate.”
decision after she finished acy between Russians and Swalwell of California have Biden, who may announce a ment proceeding, because to do —Kristina Peterson
reading the partly redacted re- Trump campaign officials. It said impeachment shouldn’t be White House bid as soon as otherwise sends a message that contributed to this article.

Mueller Relented After Trump Team Rebuffed Interview

BY REBECCA BALLHAUS the early-morning raid earlier
that month of former Trump Giuliani Criticizes statement in which Mr. Rom- legal?” He added, “There’s
WASHINGTON—When Pres- attorney Michael Cohen’s ney criticized the president for nothing wrong with taking in-
ident Trump’s lawyers met properties had “created a lot Romney for Remarks his campaign’s documented formation from Russians. It de-
with special counsel Robert of issues,” according to Mr. willingness to accept damaging pends on where it came from.”
Mueller’s team last April to Giuliani’s account. Mr. Muel- material about Hillary Clinton Another Republican who
negotiate the terms of a possi- ler’s team reminded Mr. Seku- Some of President Trump’s from Russia. A spokeswoman took to the airwaves to defend
ANDREW HARNIK/ASSOCIATED PRESS

ble interview with the presi- low that the raid had been car- surrogates have gone on the at- for Mr. Romney didn’t immedi- Mr. Trump took a gentler line
dent, investigators expressed ried out by the Manhattan U.S. tack against the few Republi- ately respond to a request for on Mr. Romney. But Sen. Mike
some annoyance. attorney’s office. Mr. Sekulow cans who have criticized the comment. Lee, a Republican and the se-
The two sides had come retorted that the special coun- president over the Mueller re- “Any candidate in the whole nior senator from Utah, didn’t
close to agreeing to terms for sel had referred the matter to port’s findings, especially Sen. world, in America, would take endorse his colleague’s criti-
an interview four months ear- that office, Mr. Giuliani said. Mitt Romney of Utah. information,” Mr. Giuliani said. cism. “Look,“ he said on CBS’s
lier, investigators reminded “I never discuss conversa- “What a hypocrite,” Rudy Pressed on CNN about ”Face the Nation,“ ”there’s noth-
the legal team. The interview tions we have had or have not Giuliani, a lawyer for Mr. Trump, whether that included informa- ing in this report that changes
was to be held in late January had with the special counsel,” said on CNN’s “State of the tion from Russia, Mr. Giuliani re- my view about this president.”
at Camp David for between Mr. Sekulow said Friday. Rudy Giuliani, a member of Union.” He was responding to a sponded, “Who says it’s even il- —Ted Mann
two and six hours. The episode, which hasn’t President Trump’s legal team
“Then you people backed previously been reported, un-
off,” investigators told the derscores the tug of war be- paid off, as Mr. Mueller has clear he wasn’t exonerating Mr. mately decided it wasn’t investigators had told the legal
lawyers at a meeting in the tween the president’s lawyers concluded his probe without Trump. worth prolonging the investi- team Mr. Trump wasn’t a target
special counsel’s office, ac- and the special counsel that establishing collusion between But legal experts also cred- gation to do so. of the investigation, it wasn’t
cording to Rudy Giuliani, a continued for more than a the Trump campaign and Rus- ited the president’s lawyers Mr. Trump’s lawyers “played purely because he couldn’t be
member of the president’s year over how and whether sia or that the president ob- for limiting their client’s own a game of chicken” with the charged. Investigators replied
team, who was paraphrasing Mr. Trump would respond to structed justice. interactions with Mr. Mueller special counsel and won, said affirmatively to both questions,
the comment. A spokesman investigators’ questions. Ulti- In part to thank for that is while cooperating elsewhere, Lawrence Robbins, a veteran Mr. Giuliani said.
for the special counsel’s office mately, Mr. Trump provided Mr. Mueller himself, who wrote providing more than a million Washington litigator who has Mr. Mueller laid out a de-
declined to comment. fewer than 2,500 words of in his report that he was documents and dozens of wit- defended clients in perjury and tailed rationale for why he
Jay Sekulow, another law- written responses and never guided by Justice Department nesses to the investigation and obstruction cases. He said the opted not to pursue charges
yer for the president, shot sat for an interview. That policy that prohibits indicting a declining to shield information legal team’s decisions undoubt- against the president, saying
back, telling investigators that strategy now seems to have sitting president and opted not on grounds of executive privi- edly helped the president. fairness concerns had guided
to pursue an investigation that lege. Mr. Mueller wrote in his In the April meeting with in- his approach. But, he wrote,
could result in criminal charges report that his team wanted to vestigators, Mr. Giuliani said he “The evidence we obtained
An opportunity to support and invest in world-class education against the president. Instead, ask the president more ques- sought an assurance that the about the President ’s actions
Mr. Mueller pointed to the abil- tions than the limited set he special counsel knew Mr. and intent presents difficult
University of Connecticut ity of Congress to investigate responded to in November Trump couldn’t be indicted in issues that prevent us from
$240,000,000* possible obstruction of justice 2018. They debated whether to accordance with Justice De- conclusively determining that
by a president, and he made pursue a subpoena but ulti- partment guidelines, and when no criminal conduct occurred.”
General Obligation Bonds, 2019 Series A
General Obligation Bonds, 2019 Refunding Series A
Investment Flows
The Honorable Shawn T. Wooden, Treasurer of the State of
Connecticut, on behalf of the University of Connecticut, announces the
sale of UConn General Obligation Bonds. The Bonds are being issued
Trade Spat Shandong Ruyi’s interest.
“This is the heart of the Mis-
sissippi Delta, an area that could Annual value of foreign direct
investment transactions
vested in an office and built
partnerships with several pig-
leather tanneries.
pursuant to the UConn 2000 Act, which provides for a $4.6 billion,
32-year program to renew, rebuild and enhance the University’s
campuses. UConn is a public instrumentality and
agency of the State of Connecticut.
Pain Seen really utilize the jobs,” said Mike
Preston, the executive director
of the commission. “But the
between the U.S. and China

China to U.S. U.S. to China

The company was hit by the
10% tariffs—imposed in Sep-
tember on about $200 billion of

Retail Order Period*

Monday, April 22, 2019 & Tuesday, April 23, 2019
Lingering timeline has been a moving tar-
get. It’s been delayed signifi-
cantly…they can get cotton from
$70 billion
60
Chinese goods, including leather
goods—and had to scale back
its investment by laying off 15%
other countries and I think that’s of its staff, said Cynthia Garden-
Institutional Pricing* Expected Maturities* Continued from Page One what they’ve been doing.” Shan- 50 hire, the firm’s vice president.
Wednesday, April 24, 2019 2020-2039
China’s Guangzhou Automo- dong Ruyi officials didn’t re- 40 To avoid tariffs, some Syn-
Interest is federally tax-exempt and state tax-exempt tive Group, citing trade ten- spond to requests for comment. 30 plus customers have switched
for Connecticut residents** sions, said it delayed plans to The yarn mill is just one of from western China pig leather
20
Expected to be rated Aa3/AA-/A+
export its Trumpchi line of cars the trade dispute’s casualties in to Pakistani lamb leather. Com-
by Moody’s, S&P and Fitch, respectively to the U.S. (The nameplate’s Arkansas. A $1 billion paper- 10 panies are “forced to create a
similarity to President Trump’s mill project in Arkadelphia by 0 new manufacturing channel”
For further information, including copies of the Preliminary Official Statement for
name is coincidental). another Chinese company from 1990 2000 ’10 and “if it’s successful, they
the Bonds, please call any of the firms listed below or visit The company didn’t put a Shandong province, Sun Paper won’t choose to come back,”
Source: Rhodium Group
buyCTbonds.com or uconnbonds value on the scotched invest- Industry Group, also has been Ms. Gardenhire said.
ment, but it had already in- postponed because of tariff Synplus has begun consider-
Piper Jaffray & Co. vested in research-and-develop- worries, Mr. Preston said. “We vestment flows going both ing investing in a Vietnamese
800-552-0614 ment operations in California, were very heavy into negotia- ways across the Pacific will be supply chain to remain compet-
J.P. Morgan Jefferies Siebert Cisneros Shank & and had begun taking steps to tions and then communication more stable and predictable,” itive and avoid future tariffs.
855-231-8873 800-567-8567 Co., L.L.C.
800-334-6800
recruit dealers and set up a U.S. completely dried up,” said Mr. Mr. Allen said. Rick Helfenbein, president of
Academy Securities Baird Barclays sales company. Preston, who added that he was Even with a truce in sight, the American Apparel and
855-212-3239 800-792-2473 888-227-2275 In Forrest City Ark., the optimistic that a trade deal the business community has re- Footwear Association, said the
Citigroup Estrada Hinojosa Fidelity Capital Markets trade chill can be seen in an would get the project get back mained uncertain. A late-Febru- decision faced by companies
855-644-7252 800-676-5352 800-544-5372
abandoned, 1.4-million-square- on track this year. Sun Paper ary survey from the American like Synplus is emblematic of
Goldman Sachs
& Co. LLC
Loop Capital Markets
888-294-8898
Morgan Stanley
877-937-6739
foot abandoned Sanyo TV fac- didn’t return calls for comment. Chamber of Commerce in trade frictions that have “al-
917-343-7900 tory. In 2017, China’s Shandong The U.S. and China are now Shanghai found that 65% of tered supply chains that won’t
Ramirez & Co., Inc. Rice Financial Products Roosevelt & Cross Ruyi Technology Group said it aiming to conclude a trade deal members said the tensions recover for, I would say, a mini-
855-289-2663 Company Incorporated planned to buy the ghost fac- in late May or early June, and were influencing their longer- mum of 10 years.”
888-740-7423 800-726-0971
tory and turn it into a cotton- that could bode well for an im- term strategy, with nearly a When apparel companies talk
Stifel UBS Financial Services Inc. UMB Bank, N.A.
800-679-5446 860-727-1527 844-446-3318
yarn mill that would employ proved business climate, said quarter delaying additional Chi- to analysts and investors, they
Wells Fargo Securities more than 800 people in a Craig Allen, president of the nese investments. are grilled on their exposure to
866-287-3221 town of about 14,000. U.S. China Business Council, That is true for Synplus Inc., Chinese uncertainties, Mr. Helf-
*Preliminary, subject to change and availability.
**Before purchasing Bonds, you should consult with your tax advisor concerning your particular tax situation.
The project is now on hold, which represents U.S. compa- a Pomona, Calif.-based supplier enbein said, and “the wrong an-
This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, the Bonds. The Bonds may be
offered for sale only by means of an Official Statement of the University of Connecticut, which may be obtained as stated in
according to officials with the nies doing business in China. of leather, fur and suede that swer is ‘90% of everything I do
this announcement. In no event shall there be an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale
of the Bonds, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification
Arkansas Economic Develop- “We are hopeful that the bilat- sources its materials from is China,’ and a good answer is,
under the securities law of such jurisdiction. The Bonds are general obligations of the University of Connecticut and are
payable only as and from the sources described in the Official Statement.
ment Commission, who blame eral trade negotiations will lead Chengdu, in China’s Sichuan ‘We’re working hard to reduce
the trade fight for cooling to an environment in which in- province. The company had in- our exposure to China.’”
THE WALL STREET JOURNAL. Monday, April 22, 2019 | A5

WORLD NEWS
Ukraine Comedian Leads Exit Polls ISIS
Attack
TV actor defeats
political heavyweight
in protest vote, early
Rattles
voter tally shows Kabul
BY GEORGI KANTCHEV Islamic State said it carried
out the deadly raid on a gov-
Ukrainians elected a come- ernment building in Kabul, an
dian with no political experience attack that brought a return of
as president, exit surveys of vot- large-scale violence to the Af-
ers showed, in a damning ver- ghan capital after months of
dict on their ruling class five relative calm.
years after a violent pro-West-
ern revolution. By Craig Nelson in
Volodymyr Zelensky, who Doha and Ehsanullah
plays a school teacher-turned- Amiri in Kabul
president in a Ukrainian TV
series, trounced incumbent The radical jihadists of Is-
President Petro Poroshenko lamic State are a rival to the
with about 73% of the vote, ac- Taliban, and Saturday’s mid-
cording to national exit polls day attack on the telecommu-
shortly after voting ended nications ministry, about a
Sunday. half-mile from the presidential
In the first round of voting palace, renewed concerns over
in March, Mr. Zelensky de- the threat they pose to U.S.,
feated Mr. Poroshenko and Taliban and Afghan govern-
BRENDAN HOFFMAN/GETTY IMAGES

former Prime Minister Yulia ment efforts to reach a negoti-

Tymoshenko, gaining more ated settlement of the 18-year
votes than both of the political Afghan war.
heavyweights combined. In the raid, four Islamic
Ukraine, Europe’s second State gunmen stormed the
poorest nation, has been a ma- ministry after a suicide at-
jor flashpoint in deteriorating tacker blew himself up at the
relations between the West and building entrance. When
Russia since Moscow annexed guards prevented them from
the Crimean Peninsula and Volodymyr Zelensky celebrated his apparent win Sunday in a presidential vote seen as a referendum on the country’s political class. entering the 18-story building,
launched a covert military oper- they retreated to an adjacent
ation in eastern Ukraine in 2014. aratists. tests. After voting, Mr. Zelensky tests toppled the country’s start politician told Ukrainian post office, where they were
Mr. Zelensky, who has a pro- “Thanks to all Ukrainians. I displayed his ballot to the cam- Kremlin-backed leader, a terri- TV that he would meet with shot and killed in a three-hour
Western platform but is largely promise I won’t let you down,” eras, a violation of Ukrainian tory larger than the U.S. state of Russian President Vladimir gunbattle with soldiers and po-
unknown in Washington and Mr. Zelensky said as dozens of voting regulations, which led to Connecticut remains under the Putin, but pledged to “never lice, Interior Ministry spokes-
Europe, could make the West cheering supporters threw him being fined by police. control of Moscow-backed sepa- sacrifice” Ukraine’s territories man Nasrat Rahimi said. Seven
uncomfortable while providing confetti at his campaign head- “This election has been ratists. The conflict has claimed and people. “The integrity of people, including three police
an opening for better relations quarters. “I want to say to all played as a farce, but it’s very more than 13,000 lives. Russia Ukraine should be con- officers, were killed during the
with Russia, some Western of- the post-Soviet countries who serious,” said Mark Simak- still holds 24 Ukrainian sailors stant,” he said. raid and three others later
ficials and Russia-watchers say. watch us closely: Everything is ovsky, a former U.S. Defense after it seized three Ukrainian For Moscow, Mr. Zelensky is died from their wounds, Mr.
He has said he would seek dia- possible.” Department official focused on naval ships in November during the more palatable choice given Rahimi said.
logue with Moscow. The 41-year-old, who con- Russia and the region. a tense standoff. Mr. Poroshenko’s militaristic On Sunday, the militant
For Mr. Zelensky’s support- tinued to do stand-up comedy “Ukraine’s future is at stake Mr. Zelensky has pledged a posture toward Russia, said Ta- group’s local affiliate, Islamic
ers, his lack of political-insider ahead of the elections, bene- and the West and Russia are firm line against Moscow, while tiana Stanovaya, founder of the State-Khorasan Province, con-
baggage gives him an edge in fited from a political campaign watching closely.” also suggesting the conflict political analysis firm R.Politik. firmed its involvement in the
Ukraine, where just 9% of the that has often veered into the Some officials in the West, needs to be resolved through di- “But whatever happens, the attack.
population has confidence in bizarre. Earlier Sunday, he said which has invested billions of alogue. He has promised to con- Kremlin understands there is With Islamic State an
their government, according to he listened to music by Ameri- aid dollars and significant politi- tinue Ukraine’s quest for Euro- no chance an overtly Russia- avowed enemy of the U.S. and
a 2018 Gallup survey. His critics, can rapper Eminem to get in cal resources in the nation, say pean Union integration and friendly leader in Ukraine will a rival for status, money and
however, counter that his inex- the mood for the polls. they are concerned whether Mr. North Atlantic Treaty Organiza- emerge in the near future,” members with the Taliban, it is
perience could be dangerous as At his request ahead of a de- Zelensky can stand up to Mos- tion membership, which he she wrote in a report to cli- a potential spoiler to any com-
he seeks to lead a country beset bate Friday with Mr. Porosh- cow and keep Ukraine on its wants to make subject to a ref- ents this month. prehensive peace accord
by corruption and mired in a enko, both candidates took tele- pro-European path. erendum. —Veronika Melkozerova in reached by the U.S., the Taliban
conflict with Russia-backed sep- vised drug and alcohol blood Five years after deadly pro- Earlier this month, the up- Kiev contributed to this article. and the Afghan government.

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 A6 | Monday, April 22, 2019
Social Media Blocked After Attack
Move aimed to curb
rumors, but some say it
can keep citizens from
checking on each other
BY NEWLEY PURNELL, JON EMONT
AND NIHARIKA MANDHANA
Sri Lankan authorities
scrambling amid a wave of
deadly bombings across the
country on Easter morning
blocked social media, includ-
ing Facebook and the popular
messaging service WhatsApp.
The curbs reflect growing
concerns in many parts of the
world about the spread of
false information and hate
speech on social media and
the use of online platforms to
incite or exacerbate tensions.
FROM TOP: THARAKA BASNAYAKA/NURPHOTO/GETTY IMAGES; ASSOCIATED PRESS
Bodies were carried away from St. Anthony’s in Sri Lanka’s capital, Colombo, above, and blood stained a statue of Jesus Christ at St. Sebastian’s in Negombo, below.
Blasts Kill
At Least
290 People
Continued from Page One
ligious sites or political figures.
But officials said the warnings
weren’t specific enough to ef-
fectively act upon and didn’t in-
clude hotels or tourist sites as
potential targets.
At least 37 international
tourists were killed, according
to police, including U.S., Chi-
nese, Danish, Pakistani and Bel-
gian visitors. The U.S. State De-
partment said several
Americans died.
Eight people were arrested
in connection with the bomb-
ings, said authorities, who
didn’t provide details about
those in custody.
State Minister of Defense
Ruwan Wijewardene said that
social media had been tempo-
rarily banned while a curfew
was imposed on the entire
country. Facebook, WhatsApp,
Viber and other social media
services were blocked as offi-
cials expressed concern about
the spread of misinformation
and rumors.
Sri Lanka, an island nation
of 21 million people dominated
by a Sinhalese-speaking Bud-
dhist majority, was torn for de-
cades by a brutal civil war be-
tween the government and a
Tamil-speaking militant group,
known as the Tamil Tigers,
which was among the first to
employ suicide bombings. The
country also has a number of
religious minorities, including
Muslims, who make up about
10% of the population, and
Christians, about 7%.
The civil war ended in 2009
when the government crushed
the Tamil insurgency. But ten-
sions rose last year when a Sin-
halese Buddhist leader who was
president when the war ended
made a bid to return to power
as prime minister. His bid was
ruled unconstitutional and he
ultimately backed down, but
the country has remained on
edge ahead of a presidential
election later this year.
After Sunday’s attacks,
scenes of destruction and suf-
fering were broadcast by local
news stations from churches,
one in the capital, Colombo,
The government’s step also
underscores concern that so-
cial media companies cannot
control harmful content them-
selves.
Prime Minister Ranil Wick-
remesinghe called on Sri Lank-
ans to “please avoid propagat-
ing unverified reports and
speculation. The government
is taking immediate steps to
contain this situation.”
But others say that cutting
off social media during a crisis
limits the ability of citizens to
seek assistance and confirm
the safety of family and
friends, while curbing the gov-
ernment’s capability to refute
rumors and disseminate emer-
gency information.
Facebook and other digital
spaces have come under sharp
criticism in recent years as ex-
Attack Sites
Explosions struck churches and international
hotels on Easter morning around Sri Lanka,
including the capital, Colombo, the nearby city
of Negombo, and Batticaloa, on the island
nation's eastern coast.
INDIA
Gulf of
Mannar
Negombo
SRI LANKA
St. Sebastian’s
Church
Colombo
30 miles
30 km
one just north of the capital
and a third in Batticaloa, in the
east of the country.
Father Edmond Tillekeratne,
director of the Catholic archdi-
ocese social communications
center at St. Sebastian’s Church
in the city of Negombo, north
of the capital, said bodies of
worshipers were still scattered
around the church. At least 600
people had been inside for Eas-
ter service, he estimated, when
the explosions occurred.
“The whole roof was shat-
tered and there was flesh all
WORLD NEWS
tremists have used them to
stoke violence in the real
world, including in Sri Lanka
and Myanmar. A number of
countries have focused atten-
tion on the gaps in social me-
dia companies’ policing of on-
line posts and are seeking to
impose regulations on them.
In March last year, Sri
Lanka’s government blocked
social media in parts of the
country after rumors and anti-
Muslim posts circulated un-
checked as sectarian violence
broke out. Facebook also has
been used to stir up hatred
and deadly attacks against
Muslims in Myanmar.
Facebook has taken some
steps to improve its ability to
remove harmful content relat-
ing to the two countries and to
respond faster to volatile situ-
The Kingsbury
hotel
Shangri-La hotel
Bay of
Bengal
Cinnamon
Grand hotel
Batticaloa
Zion Church
Laccadive
Sea
1 mile
1 km
over the walls and even outside
the church,” he said, adding
that the explosion seemed to
come from the crowd.
In a video posted on social
media, rescue workers could be
seen speaking with parishio-
ners at St. Sebastian’s amid the
carnage. The ceiling above was
blown apart and the morning
sky could be seen through most
of it. Other videos showed
bloodied bodies draped across
pews and piled atop each other
in between them.
Damage was also reported at
ations. Facebook Inc. Chief Ex-
ecutive Mark Zuckerberg has
said the company is investing
heavily in efforts to police
hate speech, including hiring
tens of thousands of content
moderators world-wide.
Still, companies like Face-
book face numerous chal-
lenges, from the limits of arti-
ficial intelligence tools to
uncover hate speech to the re-
ligious, ethnic and language
complexities in countries like
Sri Lanka.
On the flip side, social me-
dia can also be a powerful tool
in combating misinformation
that is sanctioned by govern-
ments. Last week, activists in
Sudan credited Facebook as a
key factor in helping to topple
an autocratic government, as
organizers used the platform
St. Anthony's Shrine
Mahawila Gardens
housing complex
Colombo
Dehiwala Zoological
Garden
Renée Rigdon/The Wall Street Journal
three hotels in Colombo popu-
lar with foreign tourists, the
Shangri-La, the Kingsbury and
the Cinnamon Grand. Sri Lanka
has a vibrant tourism industry,
with some 2 million visitors ar-
riving annually from around
the world in recent years.
Another blast occurred in a
tourist district near the city
zoo in Colombo, and another
near a housing complex on the
capital’s outskirts.
“We heard a deafening noise
and a shock wave knocked us
onto the ground. Initially I
* ***** THE WALL STREET JOURNAL.
to promote protests and refute
comments from officials that
the movement was losing mo-
mentum.
In Sri Lanka, government
officials confirmed that au-
thorities blocked social media
as part of a broader curfew or-
der. Economy Minister Harsha
de Silva called the ban tempo-
rary in a press conference, and
said access would be allowed
again early Monday morning.
“It’s been a while since we
saw a post-attack shutdown
like this,” said Alp Toker, di-
rector of NetBlocks, a London-
based digital-rights group.
“These disruptions are ex-
tremely problematic as they
limit the public’s ability to
seek assistance and check up
on friends and family in a time
of crisis.”
didn’t know what to do,” said
Sujeewa Perera, who was pass-
ing by the Cinnamon Grand
with a friend near Colombo’s
seafront when the blast went
off at one of the hotel’s restau-
rants. “There were people
screaming and running every-
where. Someone helped me into
a passing vehicle that dropped
me off at the hospital. I still
don’t know what happened to
my friend.”
Hours after the blasts, peo-
ple were still working to clear
bodies from the attack sites.
Helped by priests, they combed
through torn clothing, frag-
ments of wood from destroyed
pews and building debris in
search of survivors, and then to
remove the dead.
Authorities said they discov-
ered an explosive device near
the airport late in the day that
was disposed of in a controlled
explosion. No one was hurt.
The attacks began about 9
a.m. local time, with six of the
blasts taking place almost si-
multaneously. Analysts said
that targeting so many loca-
tions simultaneously with such
deadly results indicated sophis-
ticated planning.
“That eight separate suicide
bombings took place within a
matter of hours suggests the
presence of a sophisticated ter-
rorist infrastructure in the
country,” said Kamran Bokhari,
director of the Center for
Global Policy, an independent
think tank in Washington.
The attacks brought wide-
spread international condemna-
tion. President Trump offered
condolences in a tweet Sunday
morning and European Com-
mission President Jean-Claude
Juncker said it was with horror
and sadness that he heard of
the attacks.
U.S. Secretary of State Mike
Pompeo also denounced the
killings. “Attacks on innocent
people gathering in a place of
worship or enjoying a holiday
meal are affronts to the univer-
sal values and freedoms that
we hold dear, and demonstrate
yet again the brutal nature of
radical terrorists whose sole
aim is to threaten peace and
security,” Mr. Pompeo said.
“The U.S. Embassy is work-
ing tirelessly to provide all pos-
sible assistance to the American
citizens affected by the attacks
and their families,” he said.
—Eric Bellman, Saeed Shah
and Dion Nissenbaum
contributed to this article.
Catholics
Caught in
Enduring
Conflict
BY CORINNE ABRAMS
The Easter Sunday attacks
in Sri Lanka included blasts at
three churches where worship-
ers from the minority Catholic
population were attending ser-
vices.
The attacks highlight ten-
sions simmering in a country
where divides left by a civil
war that ended a decade ago
have yet to fully heal.
“What it means is that very
clearly the whole question of
reconciliation amongst ethnic
and religious minorities and
the majority has not suc-
ceeded,” since the end of the
civil war, said Paikiasothy Sar-
avanamuttu, executive director
of the Centre for Policy Alter-
natives, a think tank based in
Colombo. “Ten years now
since the war was over, the
conflict still continues.”
Tensions have long existed
between the country’s Bud-
dhist majority and minority
groups. Christians make up
just over 7% of the population.
The majority of Christians in
Sri Lanka are Roman Catholic.
Some academics argue
there is evidence that Chris-
tians were living in Sri Lanka
as early as the sixth century.
The Portuguese, who arrived
in the early 16th century, con-
verted locals to Catholicism.
Dutch colonialists, who came
in the 17th century, persecuted
Catholics.
Later, Christians enjoyed an
influential place in Sri Lankan
society as they were favored
by the British. After indepen-
dence in 1948, Christians’ in-
fluence diminished when legis-
lation, including laws that
made Sinhala the official lan-
guage of Sri Lanka in 1956, re-
duced their power, Mr. Sara-
vanamuttu said.
Sri Lanka’s constitution
now proclaims religious free-
dom, but gives Buddhism “the
foremost place” and commits
the state to protecting it.
During Sri Lanka’s 26-year
civil war, the Catholic commu-
nity—which is split between
the majority Sinhalese and the
minority Tamil ethic groups—
sided along ethnic rather than
religious lines. During the war,
the Liberation Tigers of Tamil
Eelam group fought the gov-
ernment for a state for the
mostly Hindu Tamils to sepa-
rate it from the largely Bud-
dhist Sinhalese. The war
ended in 2009 when govern-
ment forces crushed a retreat-
ing force of Tamil separatist
guerrillas.
Pope Francis expressed con-
dolences over the attacks at
the end of his traditional Eas-
ter Sunday blessing in Rome.
The pope expressed his “affec-
tionate closeness to the Chris-
tian community, struck while
it was gathered in prayer, and
to all the victims of such cruel
violence.”
The pope visited Sri Lanka
in 2015, and called for peace
and reconciliation. He canon-
ized the country’s first Catho-
lic saint, Giuseppe Vaz, a 17th-
century priest credited with
keeping Catholicism alive
there.
He also traveled to Madhu,
a predominantly Tamil town in
northern Sri Lanka with a
sanctuary where in the 16th
century, a local king killed 600
Christians in an effort to cur-
tail the power of the Portu-
guese. In 1999, the area was
shelled, killing 40 and spark-
ing global condemnation.
Hard-line Buddhist groups
have denounced conversions
by Christian evangelicals. Bud-
dhist militants, sometimes led
by monks, have attacked
Christian churches, particu-
larly evangelical churches in
the past.
Religious Mix
Sri Lankans, by affiliation
7.6% Christian
9.7 Muslim
12.6 Hindu
70.1 Buddhist
Source: Sri Lanka’s Department of Census and
Statistics, 2012
 THE WALL STREET JOURNAL. * * * * * NY Monday, April 22, 2019 | A7

WORLD WATCH WORLD

Exodus Drains Rural Guatemala

FRANCE
Easter Mass in Paris
Honors Firefighters
While Paris’s most famous
cathedral sat empty and sealed
off, some 2,000 worshipers
packed into a nearby church to
celebrate what should have been
Notre Dame’s Easter Mass.
Led by the Archbishop of
Paris Michel Aupetit, worshipers
flocked to the 17th-century
Church of Saint-Eustache, barely
a mile from the closed off site
of Notre Dame, for the holiest
day on the Catholic calendar.
Archbishop Aupetit dedicated
the service to the firefighters of
Paris who put out the blaze, res-
cued precious relics, and ap-
peared to save Notre Dame’s
structure.
the 44-page arrest document.
Using offshore companies, his
inner circle, including a man nick-
named Bandido by Odebrecht
executives, received payments
ranging from $10,000 to
$860,000 and expensive TV
sets in exchange for public-
works contracts, prosecutors al-
lege in the arrest order. Mr.
García had denied wrongdoing.
Efforts to contact Erasmo
Reyna, Mr. García’s lawyer, for
comment weren’t immediately
successful. Mr. Reyna said that
prosecutors hadn’t formally
charged Mr. García.
Mr. García shot himself
Wednesday during a police raid
on his house. In a suicide note
read by his daughter at his wake
on Friday, Mr. García said he
took his life to avoid the humili-
ation of other former presidents
BY JUAN MONTES
COLOTENANGO, Guate-
mala—Gloria Velásquez is used
to saying goodbye. Four of her
six siblings have migrated to
the U.S. and she, too, is think-
ing about heading north with
her 9-year-old daughter.
“Here, everybody has rela-
tives in the U.S. or knows
somebody who has gone. It
seems to be our fate,” said 30-
year-old Ms. Velásquez, whose
village in the mountains of
western Guatemala has been
depleted by migration. Resi-
dents here are seeing more
abandoned houses and fewer
young people.

JUAN MONTES/THE WALL STREET JOURNAL

“We will rise again like our
cathedral,” he said during the na-
tionally televised ceremony.
—Joshua Robinson
PERU
Prosecutors Allege
García Led Crime Ring Referendum Begins
On President’s Tenure
Alan García, the former Peru-
vian president who killed himself
to avoid arrest, led a criminal
group that received millions of
dollars in bribes from Brazilian
engineering conglomerate Ode-
brecht SA, according to a top of-
ficial in the attorney general’s of-
fice and an arrest order for Mr.
García and his associates.
Mr. García ran a criminal ring
of corrupt officials during his
second term from 2006 to 2011,
according to the top official and
EDUARDO CAVERO/EFE/ZUMA PRESS
who have been arrested in a
corruption scandal that has
rocked the country’s political es-
tablishment.
—Ryan Dube
EGYPT
Egyptians began casting bal-
lots on constitutional amend-
ments that would keep Presi-
dent Abdel Fattah Al Sisi in
power until 2030, a test of pop-
ularity for a leader who has
crushed political dissent and
sought to steer the nation out
of economic peril.
The result of the three-day
referendum is expected as soon
as next week.
—Amira El-Fekki
It is the other side of the mi-
gration story. Guatemala is the
leading country of origin
among children and families ar-
riving at the U.S.-Mexico bor-
der, data from the U.S. Customs
and Border Protection show.
More than 132,000 Guatema-
lans were apprehended in the
October-March period, with
March marking the highest
number of overall detentions at
the U.S.-Mexico border since
April 2007. President Trump is
threatening to close the border
as detentions increase.
Nearly 1.5 million people of
Guatemalan origin lived in the
U.S. in 2017, according to the
U.S. Census Bureau, 67% more
than did in 2007. The Pew Re-
search Center estimates some
575,000 of them are in the
country illegally.
In Colotenango, the Saturday
market remains a bustling, col-
orful spectacle, with mangos,
vegetables, animals and clothes
for sale. But most vendors are
women, children or older men.
Teenagers and men in their 20s
are hard to spot.
Unlike El Salvador and Hon-
duras, where many would-be
Gloria Velásquez, 30, with her 9-year-old daughter Helen Ixchel, in the town of Colotenango.
migration.
Colotenango’s population,
for example, is projected to
grow 0.9% this year, compared
with a national average of 2.2%
growth, estimates from
Guatemala’s statistics agency
show. Another nearby dozen
municipalities are in a similar
situation.
Huehuetenango, a semiarid,
isolated region near Mexico
containing Colotenango, is pop-
ulated by more than a dozen in-
digenous Maya groups. People
there look to the Mexican bor-
der, just an hour away by car,
with hope for a prosperous fu-
ture. Guatemala City, by con-
trast, is six hours away.
Chronic poverty has fueled
The two regions make up the
country’s leading source of mi-
grants.
In San Gaspar Ixchil, a dusty
village on a river bank near Co-
lotenango, 18-year-old Junior
Godínez complains that he has
a few friends left in town. His
grandmother, 61-year-old
Maruca López, has seen three
of her six sons leave for the U.S.
Nearly 1.5 million
people of Guatemalan
origin lived in the
U.S. in 2017.
them it was easier to enter the
U.S. this way.
Estuardo Resinos, the owner
of a private college in nearby
La Libertad, said three of his 48
students left in the past month.
“Most have no interest in
studying, but focus on when is
the best moment to migrate,”
he said, adding that most of his
accounting students earn start-
ing salaries of just $300 a
month—if they find jobs.
In towns like Colotenango,
the pull of migration is often
visible in people’s homes. Along
with abandoned houses, newer
homes, with bright colors, arch-
ways and Greek columns, stand
out in villages, paid for with
money earned in the U.S.

migrants come from urban ar-
eas, Guatemala is experiencing
migration largely from rural re-
gions, which account for
roughly half the country’s pop-
ulation, according to the World
Bank. While the national fertil-
ity rate remains high at three
children per woman, the popu-
A coffin bearing the body of former President Alan García, who lation in rural areas is growing
took his own life, was carried at his funeral in Lima on Friday. at a far-slower pace because of
emigration here for decades,
but recent severe droughts
have made things worse in re-
cent years.
Some 34% of the 94,500 im-
migrants the U.S. and Mexico
deported to Guatemala last
year came from Huehuetenango
and the neighboring border re-
gion of San Marcos, Guate-
mala’s interior ministry said.
“Here, it’s too much work
and little pay. In the U.S., it’s
too much work, but you earn
well,” said Mr. Godínez, adding
he planned to leave soon.
In recent years, a rising
number of younger teenagers
have migrated with one of their
parents, usually the father. Res-
idents say smugglers have told
Most of them are built by
deportees like Abner Gómez, a
33-year-old man who returned
in 2018 after four years in
Georgia and South Carolina.
“I built it with my own
hands, mostly with the money I
saved in the U.S.,” Mr. Gómez
said while finishing applying a
coat of paint to his new house
in La Libertad.

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A8 | Monday, April 22, 2019
Is Netflix
A Romance
Killer?
Continued from Page One
Demographers have lots of
theories about why the U.S.
fertility rate recently hit an
all-time low, ranging from the
aftereffects of the recession
that followed the financial cri-
sis to the broader use of long-
term birth control. It is hard
to ignore, anecdotally at least,
the impact of streaming enter-
tainment, popularized
by Netflix and available from
the likes of Amazon.com Inc.,
Hulu and HBO.
A 2017 paper in “Archives
of Sexual Behavior,” which re-
vealed that Americans were
having less sex, on average,
Online
Upheaval
Hits Kroger
Continued from Page One
The transition has proven
rough for Kroger, which stayed
focused on store sales long af-
ter mass-merchant competi-
tors were investing in online-
ordering technology and
delivery services. Executives
have debated which invest-
ments to make and how dras-
tically to change the com-
pany’s business model. Some
would-be technology partners
have been turned off by what
they see as the grocer’s con-
servative culture—including
members of one group who
stormed out of a meeting in
protest.
Mr. McMullen knows it is a
pivotal moment for the com-
pany and that investors are
concerned. “We’ve got to get
our butts in gear,” he said in
an interview. “There was no
doubt we were behind.” He
said he believes Kroger execu-
tives have devised a plan to
help it grow again.
Few American retailers
have managed the online tran-
sition smoothly. Target Corp.
and Walmart struggled before
improving stores and e-com-
merce operations. Sears Hold-
ings Corp. filed for bankruptcy
protection in October. Toys
“R” Us was liquidated in
March 2018.
Online growth
Online ordering and deliv-
ery has been around in the
U.S. grocery business for de-
cades, but it hasn’t caught on
as rapidly as it has in other
sectors. Many U.S. shoppers
live close to supermarkets and
prefer to select food from the
aisles. That is changing as
more young people form fami-
lies and older people get more
comfortable ordering online.
One option proving especially
popular is for consumers to
order groceries online for
pickup in a store’s parking lot.
Online purchases account
for just 5% of the roughly $1
trillion U.S. food and con-
sumer-product market, ac-
cording to Nielsen. Yet online
sales are growing 40% annu-
ally, while in-store sales have
been flat for years.
“It’s like driving on the au-
tobahn,” Mr. McMullen told
investors last fall. “It’s in-
credibly exciting. But there’s
a lot going on, and it’s going
on fast.”
Years ago Walmart became
the largest food seller in the
U.S., while Kroger remains the
biggest supermarket chain by
stores and sales. Walmart
boosted its delivery business
with its 2016 purchase of
Jet.com, bringing on Jet exec-
utives to accelerate online gro-
cery sales. Target bought Shipt
Inc., another grocery delivery
service, in 2017. And Amazon
broadened its reach into the
grocery business by buying
Whole Foods in 2017, although
it, too, has struggled with on-
line delivery of groceries.
To catch up, Kroger has
budgeted $4 billion for invest-
ments, including warehouses
managed by robots, a meal-kit
company and digitally enabled
shelves that market products
to customers through LED dis-
plays. Last year, it formed a
partnership with an autono-
mous-vehicle startup, Nuro
Inc., and started selling its line
of natural and organic prod-
ucts on Alibaba Group Holding
Ltd.’s Tmall site in China.
than they did three decades
ago, offered streaming video
as one possible culprit.
Dr. Jean Twenge, the lead
author and a professor of psy-
chology at San Diego State
University, says in the old days
a favorite TV show was done
at 10 p.m. sharp and commer-
cial breaks gave people an ex-
cuse to talk to their partners.
“Now, if you’re watching
something streaming, the next
episode is immediately avail-
able, and there are no com-
mercials where you could look
over and say, ‘Honey, you look
cute tonight,’ ” she said.
Ashley Aranda, a 36-year-
old who runs an online busi-
ness making stationery and
lives in Rockville Centre, N.Y.,
says that at least 25% of the
time, she and her husband
choose Netflix over sex—de-
spite their wish to conceive a
third child.
“There’s always a new epi-
sode of ‘Schitt’s Creek,’ ” she
E-commerce is transforming business for Kroger and other supermarket companies, forcing them to overhaul their operations.
Those investments are
denting its profits at a time of
intense competition to sell
groceries cheaply. Its shares
are down 17% since June 2017,
when Amazon said it would
buy Whole Foods, and have
dropped after five of Kroger’s
eight latest quarterly earnings
reports.
Sapphire Star Capital, an in-
vestment fund, sold a
$350,000 stake in Kroger in
September. “We just had to
cut them loose,” said Michael
Borgen, the fund’s chief execu-
tive. “They just got too vola-
tile.”
John San Marco, a research
analyst at Neuberger Berman,
an investment-management
firm that owns Kroger stock,
said the company is doing the
right thing by investing in on-
line operations, even if it
dents profitability in the near
term. “Kroger is in the very
early innings of a business
transformation,” he said. “This
isn’t a one and done.”
Mr. McMullen, who became
CEO in 2014, has acknowl-
edged that Kroger was slow to
invest online. He said many
competitors also avoided in-
vesting in online operations
until recently. On Kroger’s lat-
est earnings call in March, he
sought to reassure investors
that Kroger’s investments will
pay off. “You have to start
somewhere, and you have to
learn,” he said.
Kroger has a record of dab-
bling in digital projects with-
out committing to more sig-
nificant changes to its
business, current and former
employees say.
In 2000, when Mr. McMul-
len was CFO, Kroger canceled
a pilot delivery program in
Columbus, Ohio, because of
low demand. Another pilot
has been running at Kroger’s
King Soopers chain in Denver
for two decades without ex-
panding to additional parts of
the country.
Another such effort began
about seven years ago when
executives were told that Am-
azon had surpassed Kroger as
a top seller of Procter & Gam-
ble Co.’s diapers.
At the time, Kroger’s digi-
tal-operations staff fit into a
small room at its Cincinnati
headquarters. They started
meeting every Friday at 7 a.m.
to discuss ways to improve
Kroger’s digital efforts. The
operation soon expanded.
Kroger didn’t have the in-
frastructure to ship goods to
customers. Building ware-
houses and wooing tech talent
to build an online-grocery por-
tal would have cost hundreds
of millions of dollars, employ-
ees say.
FROM PAGE ONE
says. “We get so comfortable
with the blankets, and you got
a glass of wine going, and one
of us usually ends up falling
asleep.”
Trevor and Ronda Race, in
their mid-40s, sometimes doff
their clothes before streaming
at home in Scottsdale, Ariz.,
though their binge-worthy fa-
vorites—including “Narcos,”
“Breaking Bad” and “The
Ozarks”—hardly help set the
mood.
One in four people said they
turned down intimacy in favor
of binge watching in the prior
six months, according to a
March survey of more
than 1,000 people conducted
by SurveyMonkey for The Wall
Street Journal. Among people
18 to 38, the rate is higher,
with 36% of respondents say-
ing they opted for streaming
video.
Several sex therapists say
the problem is bigger
than Netflix. Technology writ
Online Era
Kroger’s stock has struggled compared with the shares of other large food sellers...
Stock performance since June 1, 2017
60%
40
20
0 in
–20
–40
2017 ’18
...and Kroger’s sales have grown more slowly than Walmart’s and Target’s, which have more
robust online operations.
U.S. same-store sales, change from a year earlier*
Kroger†
6%
4 4
2 2
0 0
–2
2016 ’17 ’18
*Excludes fuel †Includes Kroger Specialty Pharmacy and ship-to-home solutions
Sources: SIX (stock); FactSet (same-store sales)
Kroger managers remained
focused on their stores, where
sales determine their compen-
sation and chances for ad-
vancement. Some believed
boosting online sales would
create extra work and distract
the company from maximizing
store revenues, former execu-
tives said.
“Most of us, when we say
the digital world, automati-
cally conclude that e-com-
merce is where everything is
going,” then-CEO David Dillon
told investors in 2013. “I don’t
draw that same conclusion.”
Reaching customers digitally
also included things like on-
line coupons and social me-
dia, he said.
CEO Rodney McMullen says Kroger has a plan to restore growth.
* *
large, including phones, Insta-
gram, YouTube, Fortnite and
anything else people do on the
household. “We take pride in
being part of the cultural zeit-
geist, but getting credit for a
internet, is stealing Americans’
attention.
Netflix makes no secret of
decadeslong decline in sex is
beyond even our programming
abilities,” he said.
its desire to dominate every
free moment of its 149 million
subscribers’ time. Chief Execu-
Thanks to Netflix’s global
reach, the damping effect ap-
pears to be spreading. Around
Christmas, Singapore-based
Zaira Frank, 31, and her hus-
band were watching “Black
One in four people Earth Rising,” a war-crime
said they turned down drama on Netflix, when he be-
gan dropping hints. She de-
intimacy in favor of murred and kept watching.
binge watching. To combat the lure of me-
dia, Ms. Frank, who also has a
young daughter, proposed
making Thursdays a standing
tive Reed Hastings has said date night with no Netflix or
one of the streaming service’s screens of any kind. “It has re-
chief competitors is sleep. ally helped,” she says.
A Netflix spokesman denied Jillian Watson, a 31-year-old
any wrongdoing when it comes in West Kelowna, British Co-
to the fertility rate, noting lumbia, says she binge-
that the company’s American watches shows with her hus-
subscribers stream an average band at least three times
of just two hours a day per throughout the week, and they
Target
Walmart
Kroger
’19
Walmart Target
6% 6%
4 panies, and is spreading the
2 tial tech startup partners at
0 startup investment fund.
–2 –2
2016 ’17 ’18 2016 ’17 ’18
Amazon continued to si- Boca Raton, Fla., headquar-
phon diaper sales from Kroger ters soon after the deal closed
and other retailers, notching underscored the divide. Vita-
roughly $500 million in diaper cost employees suggested
sales last year, according to emailing promotions to cus-
estimates by market research tomers so that discounts
firm Edge by Ascential. could be tweaked more often
Kroger turned to acquisi- than through the paper circu-
tions to boost its digital reach. lars that Kroger planned
It bought Vitacost.com, an on- months in advance.
line retailer of natural foods Kroger executives balked,
and supplements, for $280 with one marketing head say-
million in 2014. But Kroger ing that Vitacost was a round-
was slow to integrate Vita- ing error in the company’s
cost’s technology into its oper- overall balance sheet and it
ations. That frustrated Vita- wouldn’t just change its pro-
cost’s founders and Kroger motional plans, according to
employees who had brokered people from both companies.
the deal, according to people Some Vitacost executives
from both companies. walked out in protest.
A meeting at Vitacost’s Kroger was slow to add a
link to Vitacost on its website
or place signs in its stores
promoting Vitacost. Officials
from the two operations
clashed over whether to let Vi-
SANGSUK SYLVIA KANG/THE WALL STREET JOURNAL
tacost accept Apple Pay or
PayPal, the people said. Vita-
cost’s revenue grew less than
that company had expected.
Engineers and executives left
the company. Other Vitacost
executives have remained at
Kroger and helped on various
technology initiatives.
Some at Kroger acknowl-
edge more could have been
done to make its Vitacost in-
vestment pay off. “Some look
at us and argue we haven’t
THE WALL STREET JOURNAL.
have been trying to have a
baby for years. “Netflix is not
going to get in the way of
that,” she says.
Whether Netflix or sex wins
the day depends on what
Brandon and Niki Howlett are
watching.
“Right now, we’re in the
midst of getting through ‘The
Punisher,’ and a lot of that
doesn’t really put us in the
frisky mood,” Mr. Howlett, 32,
says of the superhero drama.
“Sex Education,” a series
about a teen whose mother is
a sex therapist, is another
story, he adds.
Ms. Howlett, a 32-year-old
blogger in Springfield, Ill.,
whose grandmothers had eight
and five children, respectively,
suggests boredom may have
helped boost sexual frequency
among prior generations living
in the 20th century.
“It was the 40s and 50s and
60s,” she says. “They only had
like three channels.”
done much with Vitacost,” said
Michael Schlotman, who
stepped down as chief finan-
cial officer this month and will
retire at the end of the year.
“It’s a fair assessment.”
Kroger now accepts PayPal
on Vitacost but not its other e-
commerce sites. It uses Vita-
cost’s technology for a ship-to-
home grocery service that
made its debut last year. Exec-
utives hope the service will
win back business from Ama-
zon’s subscription service for
staple goods.
“It’s just starting to get
legs,” Mr. McMullen said.
Seeking help
LUKE SHARRETT/BLOOMBERG NEWS
Kroger recently tried to
partner with, invest in or ac-
quire three different startups:
Shipt, the online grocery deliv-
ery service; meal-kit company
Plated; and Boxed.com, a bulk
online retailer, according to
people familiar with those ef-
forts. None panned out.
Target bought Shipt in De-
cember 2017. National grocery
chain Albertsons Cos. pur-
chased Plated in 2017 for
more than Kroger offered, ac-
cording to people familiar
with the negotiations. Boxed
executives and investors
balked over terms offered by
Kroger in negotiations, talks
stalled and Kroger never made
a formal offer.
“They aren’t willing to pay
enough to buy technical tal-
ent,” said one person involved
negotiations between
Kroger and those startups.
Yael Cosset, Kroger’s chief
digital officer, declined to
comment on any negotiations.
He said the company tends to
be more conservative in roll-
ing out tech pilots that di-
rectly affect customers in
stores, but has moved faster
behind the scenes on other
efforts.
Kroger officials say the
company is now working with
Microsoft Corp., Oracle Corp.,
IBM Corp. and other tech com-
word about Kroger to poten-
the Cincinnati-based Cintrifuse
“Kroger has been very bold
in their vision,” said Luke Jen-
sen, chief executive of Ocado
Solutions, a division of U.K.-
based automated-grocery
company Ocado Group PLC
that Kroger has invested in to
build a network of automated
warehouses for online retail in
the U.S. “They are learning
from us, but we are learning
from them.”
Kroger spent years negoti-
ating with Instacart Inc. be-
fore Amazon’s Whole Foods
purchase spurred executives to
strike a deal. Instacart now
makes deliveries from more
than 1,600 Kroger stores.
Some suppliers give Kroger
executives credit for acknowl-
edging the challenges they
face. Last year, one grocery-
delivery vendor told a Kroger
technology executive that de-
spite the company’s invest-
ments in automated online
warehouses, it still wasn’t get-
ting digital orders to custom-
ers as fast as its competitors.
The executive agreed, ac-
cording to a person familiar
with the conversation. To fig-
ure out how to make same-day
deliveries, he told the vendor,
Kroger might need to make
another acquisition.
Mr. Cosset, the chief digital
officer, has set ambitious time
lines for opening online-pickup
locations and other goals. Yet
he has also been careful not to
drift too far from Kroger’s fo-
cus on its stores.
“The traditional brick-and-
mortar customer shouldn’t
feel neglected,” he said.
THE WALL STREET JOURNAL.
Pupils Denied Seats Fault Diversity Push
BY LESLIE BRODY
Seven New York City stu-
dents who didn’t get into spe-
cialized high schools are ask-
ing the state education
commissioner to ensure they
get spots, saying the city’s di-
versity push unfairly denied
them seats for the fall.
Their challenge argues the
city’s expansion of the so-
called Discovery program will
hurt the elite schools’ academic
excellence. That program offers
spots and free summer tutor-
ing to low-income students
with high potential who score
below the test-score cutoff for
admission. The petitioners ask
the commissioner to declare
the department’s implementa-
tion unlawful.
These petitioners, who are
mostly middle-income, are
black, Hispanic, Asian and
white. They just missed test-
score cutoffs for these presti-
Sonnet-Worthy Bonnets Take Center Stage at the Annual Easter Parade on Fifth Avenue
Subway Train Drags
Woman to Death
BY KATIE HONAN
An aspiring actress was
dragged to death by a subway
train at the Union Square sta-
tion in Manhattan this week-
end, the second dragging
death of a rider on a platform
this year.
The 21-year-old woman,
identified by her family as
Helen McDonald-Phalon, was
on the downtown 6 train plat-
form around 3:30 a.m. on Sat-
urday when she came into con-
tact with a train, according to
an official with the Metropoli-
tan Transportation Authority.
She got caught between the
train car and the platform and
was eventually pulled under
the train, the official said. She
died at the subway station.
The platform wasn’t
crowded, and the MTA is in-
vestigating what happened,
the official said.
Ms. McDonald-Phalon
moved to New York City from
South Carolina to become an
actress, according to her
mother, Ann McDonald-Pha-
lon. She worked at ThinkGeek
in Manhattan and recently
moved to Brooklyn, her
mother said.
“She was an amazing, beau-
tiful light, and I’m devas-
tated,” Ms. McDonald-Phalon
told The Wall Street Journal.
In February, a 39-year-old
man was killed after he was
dragged by a subway train
into a tunnel at Grand Central
Terminal in Manhattan, offi-
cials said. Initial reports said
his bag got caught on a mov-
ing train and dragged him un-
* * * *
GREATER NEW YORK
gious schools, which use an
exam to determine admission.
They say the city hasn’t com-
plied with key details of a state
law that governs entrance.
The petitions were filed last
week through an appeals pro-
cess that involves making a for-
mal request for the state com-
missioner’s review.
Doug Cohen, a spokesman for
the city Department of Educa-
tion, said his agency also would
review the filings. “We’re proud
to implement a plan that will
expand opportunity for New
York City students and make
our schools stronger,” he said.
The petitioners’ unusual
move comes at a time of in-
tense debate over Mayor Bill
de Blasio’s effort to overhaul
the admissions system. While
lobbying legislators to change
the state law, he vastly ex-
panded the Discovery program
for the coming school year, in
hopes that doing so would
der, but an MTA official said
Sunday the bag wasn’t the
cause of him getting caught on
the train.
The man was dragged into a
staircase and then into a tun-
nel, where he struck an elec-
trical power control box, ac-
cording to an New York Police
Department official at the
time. He was declared dead at
the scene.
Train systems in other large
cities, including London and
Paris, have barriers on the
platform that can stop riders
from falling onto the tracks.
A pilot program that would
have tested these type of bar-
riers at the Third Avenue L
train station in Manhattan was
postponed last June. The $30
million set aside for the proj-
ect was instead used to pay
for elevators at the L line’s
Sixth Avenue station.
Adding barriers could be
difficult. Some lines, such as
the A, C, J, and F, run several
different models of subway car
whose doors don’t always line
up. Some platforms would
have to be reinforced to take
the weight of screen doors and
operating with the doors could
slow down service.
The MTA in January warned
of the dangers of walking be-
tween subway cars. Seven peo-
ple died while walking or rid-
ing between subway cars in
2018, up from five in 2017.
The subway has an operat-
ing budget of $8.4 billion in
2018 with 7.8 million passen-
gers riding the subways a day,
according to its website. It has
472 stations and 27 lines.
NY
better integrate schools that
are predominantly Asian.
“The absurdity of the im-
plementation of the mayor’s
Discovery program is that it is
supposed to be directed to-
wards getting African-Ameri-
can and Hispanic kids into
these specialized high schools,
and it is so arbitrarily drawn
that even those kids are ad-
versely affected,” the students’
lawyer, Claude Millman, said.
The petitions say the city
ignored language in the 1971
law requiring that Discovery
operate “without in any man-
ner interfering with the aca-
demic level” of these eight
schools. The petitions include
signed statements from three
former principals of Stuyve-
sant High School and Bronx
High School of Science, saying
the current version of Discov-
ery admits many students
whose test scores are too low
for them to keep up.
STATE STREET | By Jimmy Vielkind
Ethnic Blocs Factor in Bronx District
The battle
to succeed the
country’s lon-
gest-serving
Hispanic con-
gressman
could show the strength of
ethnic voting blocs in one of
the country’s few majority-
Latino districts.
Democrats started jockey-
ing immediately when U.S.
Rep. José Serrano announced
in March that he wouldn’t
run again to represent the
15th District in the Bronx.
Mr. Serrano is battling Par-
kinson’s disease. He was first
elected to Congress in 1990.
Political operatives said
they expect the most serious
contenders will be City
Councilman Ritchie Torres
and Assemblyman Michael
Blake, who have both said
they are exploring bids. Mr.
Blake said he would an-
nounce a decision this week.
The son of Jamaican im-
migrants, Mr. Blake would be
the highest-profile black can-
didate in a Democratic pri-
mary field that could grow
to more than a half-dozen
candidates before the elec-
tion in June 2020.
He said he had national
experience as a vice chair-
man of the Democratic Na-
tional Committee, and
proved his campaign mettle
as a candidate in the Febru-
ary special election for New
York City public advocate.
He finished fourth in a field
of 17 candidates.
Mr. Torres said it was “ex-
tremely probable” he would
Stuyvesant’s current princi-
pal, Eric Contreras, didn’t
comment on the petitions but
expressed confidence in the
Discovery program.
Each school has a different
test-score cutoff for regular
admissions. The most selec-
‘Middle-class families
struggling to get by
in this city should
not be excluded…’
tive, Stuyvesant has a cutoff of
557 out of 800 points this
spring. The lowest threshold,
at Brooklyn Latin School, is
486. The petitioners argue if
Discovery hadn’t expanded,
the cutoffs would be lower,
and they would have gotten in.
By law, the Discovery pro-
become a candidate for Con-
gress, and pointed to his re-
cord fighting for public-
housing tenants.
The 15th District is 66.2%
Hispanic and 28.3% African-
American, according to a pro-
file based on 2012 census es-
timates. Mr. Blake pointed out
that the African-American
vote is bigger than any single
bloc of ethnic Latino voters:
26.2% of district residents are
Puerto Rican, while 23.7% said
they have Dominican ancestry.
Both Messrs. Blake and
Torres acknowledged the
contest could have ethnic
overtones. Mr. Torres de-
scribed himself as a “black
Puerto Rican” and said he
was “the only transcendent
candidate who can build the
kind of multiracial, multieth-
nic coalition that would win
the election.”
Mr. Blake said he had been
elected three times to lead
Ruben Diaz Sr., left, has already announced his run, while fellow
New York City Councilman Ritchie Torres is expected to join the race.
Monday, April 22, 2019 | A8A
gram serves disadvantaged stu- graders citywide could do so.
dents who score below the cut- One African-American peti-
off. The petitions say the law tioner scored 483, which would
intends for each school to pick have gotten him into Brooklyn
Discovery students, according to Latin if so many seats weren’t
its own cutoff. By contrast, the reserved for Discovery, Mr. Mill-
city Department of Education man said. That student’s mother,
manages the process centrally, who declined to be identified,
and uses the Brooklyn Latin said middle-class minority stu-
threshold for all of them. This dents were getting lost in the
spring, Discovery offers went to mayor’s diversity push.
low-income students scoring “We don’t qualify for pro-
458 to 485, the department said. grams because of income, but
That means a Discovery stu- because of how expensive it is
dent at Stuyvesant could have to live in the neighborhoods
a substantially lower score with great school districts, our
than classmates. However, crit- kids still go to schools in lower-
ics of test-based admissions, performing districts where
including Schools Chancellor more than half of students qual-
Richard Carranza, say that no ify for free lunch,” she said in a
single exam can capture all of statement. “Middle-class fami-
a student’s talents. lies struggling to get by in this
The petitions say the city im- city should not be excluded”
properly changed who is eligible from educational programs.
for Discovery without a public A spokeswoman for State Ed-
hearing. Now only students from ucation Commissioner MaryEl-
certain high-poverty schools can len Elia said the agency doesn’t
join. In the past, rising ninth- comment on pending appeals.
CLOCKWISE FROM BOTTOM LEFT: JOHANNES EISELE/AFP/GETTY IMAGES (2); STEPHANIE KEITH/REUTERS; JEENAH MOON/AP; STEPHANIE KEITH/REUTERS
HAT TRICK: Participants donned finery Sunday
at the Easter Parade and Bonnet Festival. The
tradition stretches back to the 1870s and was
celebrated in an Irving Berlin song and a 1948
movie starring Fred Astaire and Judy Garland.
an Assembly district that was CHARTER WARS: The
majority Latino. He said he United Federation of Teach-
understood all ethnic com- ers is responding to calls to
munities, and would bring “a increase the number of avail-
progressive, pragmatic, coali- able school charters by push-
tion-building vision.” ing for a bill that would place
Latinos have won two ad- additional reporting require-
ditional seats in New York ments on the publicly funded,
City’s 12-member congressio- independently run schools.
nal delegation since 2012, UFT President Michael
when district lines were last Mulgrew said his union will
drawn. Rep. Adriano Espail- lobby for a state Senate bill
lat, who was born in the Do- sponsored by Sen. Brad Hoyl-
minican Republic, succeeded man that imposes a number of
Charlie Rangel, who is black. requirements on charter
And Rep. Alexandria Ocasio- schools’ enrollment, caps com-
Cortez beat Joe Crowley, pensation for their employees
who is white, in a primary and restricts when they can
last year. use space in a public school.
There are likely to be mul- “We’re going to go on the
tiple Latino candidates. New offensive,” he said.
York City Councilman Ruben Democrats control both
Diaz Sr. has already an- the state Assembly and Sen-
nounced his run. State Sen. ate this year for the first
Gustavo Rivera, Assemblyman time in a decade. Assembly
Marcos Crespo and Amanda Speaker Carl Heastie said last
Septimo, a former aide to Mr. month he didn’t support an
Serrano, are all mulling bids. expansion of charter schools.
Republicans, when they
controlled the Senate, advo-
cated policies favorable to
charter operators. State law
FROM LEFT: BYRON SMITH FOR WSJ; RICHARD DREW/AP
allows for 460 charters, with
more than half in New York
City. There are 99 charters
still available, though current
law precludes them from be-
ing used in the five boroughs.
Mr. Mulgrew and other op-
ponents say charters siphon
funds from public schools.
James Merriman of the New
York City Charter School Cen-
ter, an advocacy group, said
they provide an alternative
for thousands of families.
jimmy.vielkind@wsj.com
A8B | Monday, April 22, 2019
Big Apple Goes on the Road
BY CHARLES PASSY
The Big Apple Circus is
looking beyond its namesake
home.
The circus, a fixture in the
city for 41 years, plans to
launch an arena tour in the
U.S. starting this summer, offi-
cials with the troupe said.
Among the first dates are
stops in four cities in Georgia,
including Savannah and Ma-
con, and one in South Caro-
lina.
In all, the circus plans to
tour for at least 20 weeks,
with a focus mainly on the
East Coast, according to Big
Apple Chief Executive Officer
Gregg Walker. After that, Mr.
Walker said the tour could
continue in other parts of the
country, even as Big Apple
launches its next show at Lin-
coln Center’s Damrosch Park,
its longtime home during the
fall and winter.
In effect, Mr. Walker said
the circus could run at least
two companies at once. And
while Mr. Walker said the
move isn’t necessarily a direct
response to the closure of the
Ringling Bros. and Barnum &
Bailey Circus two years ago,
he didn’t deny that there is a
void in the marketplace for
the family-friendly entertain-
ment that the centuries-old
circus art form represents.
Moreover, Mr. Walker said
that Big Apple is coming off
its most successful New York
engagement to date, having
sold nearly 200,000 tickets
during its three-month run.
That represents a 95% in-
crease over the previous year,
Mr. Walker added.
“We have a product that’s
valuable and needs to be ex-
posed,” he said.
The move marks the latest
chapter for Big Apple, a circus
that was successfully run as a
nonprofit organization for
many years, but ran into fi-
nancial difficulties within the
last decade. In 2017, BigTop-
Works LLC, a for-profit entity,
acquired Big Apple’s assets for
$1.3 million in a bankruptcy
auction and relaunched the
L E NOW
O N SA
I C K ETS
T
19-28
P R IL
A
JAVITS CENTER
MON-SAT 10AM-10PM
SUN 10AM-7PM
AUTOSHOWNY.COM
FOR SECURITY PURPOSES, NO BACKPACKS ALLOWED. RANDOM SECURITY AND BAG CHECKS. AN ACTIVITY OF THE GREATER NEW YORK AUTOMOBILE DEALERS ASSOCIATION.
NY * * THE WALL STREET JOURNAL.
GREATER NEW YORK GREATER NEW YORK WATCH
BROOKLYN
Suspect Arrested
In Fatal Ax Attack
Authorities arrested a man
on murder and attempted mur-
der charges in connection with
the death of a woman found
nearly decapitated in a New
York City apartment and the
wounding of another woman
who was hospitalized in critical
condition, police said Sunday.
Jerry Brown, 34 years old, of
Brooklyn, was taken into cus-
tody Saturday, hours after emer-
gency responders went to a
Brooklyn building in response to
a 911 call from a driver who
came across the surviving
woman, according to the New
York Police Department.
Police found the dead woman,
identified as Savannah Rivera,
20, inside the Flushing Avenue
apartment, part of Bushwick
Houses, about 1:30 a.m. Satur-
day. The 4-year-old daughter of
the wounded woman was in an-
Performers, above and below, at the Big Apple Circus last year. The circus, a New York fixture for other room, but was unharmed.
41 years, plans to launch an arena tour in the U.S., mainly on the East Coast, starting this summer. Ms. Rivera, who didn’t live in
the apartment, had multiple stab
company with a show that fea- wounds and deep cuts to her
tured high-wire artist Nik Wal- head and body. The surviving
lenda. woman was also cut. Authorities
For the touring production, said they recovered an ax from
Big Apple plans on featuring the crime scene.
much the same show it pre- Deputy Chief Michael Kemper
sented at Damrosch Park this said authorities believe Mr.
past season, which included Brown knew both victims.
everything from a husband- Mr. Brown was at a hospital
and-wife acrobatic act to tra- in police custody. He hadn’t yet
peze artists. been arraigned, and there was
Circus and entertainment- no information on any attorney
industry professionals said for him.
that Big Apple, which has done —Associated Press
some limited touring in the
MARK KAUZLARICH FOR THE WALL STREET JOURNAL (2)
past, is positioned to grow on BRONX
a national scale. In particular,
they note the company could Conductor Stabbed
benefit from economies of In Subway Station
scale, since it doesn’t need to
create a new production from A Metropolitan Transporta-
scratch when it hits the road. tion Authority conductor was
The tour “makes perfect stabbed during a dispute with
sense,” said Scott O’Donnell, another man at a subway sta-
executive director of Circus tion in the Bronx, police said.
World, a museum in Baraboo, It happened Sunday morning
Wis. at the 149th Street-Grand Con-
At the same time, Big Apple course train station. The conduc-
could face challenges as it tor was hospitalized in stable con-
moves into more markets, pro- dition and is expected to survive.
fessionals in the field said. to adapt its intimate big top- fabric and materials to essen- A suspect was arrested on
Among them is that it doesn’t style show for the much larger tially re-create the big-top en- assault and weapons possession
have the level of brand recog- arena spaces it will be playing. closure within the larger ven- charges. He was taken to a hos-
nition that Ringling once en- But Mr. Walker said Big Apple ues. pital where he was undergoing a
joyed. has plans to make those “Audiences will experience psychiatric evaluation.
The company will also have spaces feel less vast by using the intimacy,” he said. —Associated Press
!
I am the
beginning
of many
ideas.
MAX, AGE 11, BOSTON
826NATIONAL.ORG
STUDENTS WRITE THE FUTURE.
VOLUNTEER. SUPPORT. BE INSPIRED.
STATEN ISLAND
Elderly Woman
Killed in Hit-and-Run
Police are looking for a hit-
and-run driver responsible for
the death of an 89-year-old
woman on Staten Island.
Anastasia Diaz, of Staten Is-
land, died after being struck by a
vehicle while she was walking in
the crosswalk at the intersection
of Bradley and Purdy avenues at
about 10:30 p.m. Saturday, police
said. Police said the driver of the
vehicle, described as a dark col-
ored sedan, fled the scene.
—Associated Press
CONNECTICUT
Man Shot by Officer
In Critical Condition
A police officer shot and in-
jured a man who drove toward
the officer after an attempted
traffic stop in Connecticut, au-
thorities said.
Two Wethersfield police offi-
cers were trying to stop a car
on the Silas Deane Highway on
Saturday evening when the car
and a police cruiser collided, Con-
necticut State Police said.
Police said one officer got out
of his cruiser and the other car
drove toward the officer. The of-
ficer fired his gun, injuring the
driver, police said. The man was
identified as 18-year-old Anthony
Jose Vega Cruz of Wethersfield.
Police said Sunday that he is in
critical condition.
—Associated Press
NEW JERSEY
Gunfire Leaves Two
Dead, One Wounded
A shooting in a New Jersey
park left two people dead and
one wounded, authorities said.
The Camden County prosecu-
tor’s office said police responded
to Von Nieda Park in Camden’s
Cramer Hill section shortly after
12:30 a.m. Sunday. Officers
found two females inside a vehi-
cle and a male on the street, all
with gunshot wounds. All three
were taken to a hospital, where
a 17-year-old male and 19-year-
old Shirleen Caban were pro-
nounced dead. An 18-year-old
woman is being treated.
—Associated Press
THE WALL STREET JOURNAL.
BY AMY DOCKSER MARCUS
L
arry Alssid’s heart
pounded with doubt
as he readied for a
family dinner more
than a half-century in
the making.
“What if we made a mistake
coming?” he asked his cousin, Neal
Marcus.
Neal poured them each a shot of
whisky, then raised his glass: “To
Danny.”
Danny Marcus was the reason
the two nervous 64-year-old men
were in Florida. In memory, Danny
is forever 20. The lustrous black
pompadour. The leather jacket.
The silver mezuza he wore on a
chain around his neck the day he
drowned on a family outing.
For Larry and Neal and their
relatives, there was the time be-
fore Danny died, and there was the
cold time after. Now, chance and
science had brought the cousins to
Florida, to try to finally find out
what happened on the boat that
terrible day in 1964 that ruptured
their family.
“It leaves a shadow over your
life,” said Larry, who, like Neal,
was 9 years old when Danny died.
Larry named his first son Daniel.
Neal chose it as a middle name for
one of his sons.
The road to Florida started in
an unlikely place: a home DNA
test. Consumer DNA tests have un-
earthed extramarital affairs, non-
consensual sexual encounters and
sperm or egg donor conceptions—
secrets that can drive a wedge into
even the closest of clans. Yet, they
also have the power to heal.
In 2016, Larry Alssid took one
in hopes of learning more about
his ancestry. It turned up a cousin
he had never heard of before, the
first step in a roundabout journey
toward reconciliation.
A Beloved Uncle, Lost
Larry and Neal worshiped their
Uncle Danny growing up. They saw
him nearly every weekend at fam-
ily gatherings at Danny’s home on
Ocean Parkway in Brooklyn, where
he lived with his parents, Larry
and Neal’s grandparents.
Neal, who lived in Brooklyn, too,
said Larry, who lived not far away
in Long Island, was “like a
brother.”
Ten years older and a bit of a
rebel, Danny made time for his
young nephews, teaching Larry
how to ride a bike, buying Neal his
first baseball glove.
On Saturdays, when Larry’s fa-
ther, an accountant, went into
Brooklyn to see clients, he would
drop off Larry at his grandparents.
Danny spent the day with Larry,
making his favorite drink—water
mixed with sugar—and watching
the Bowery Boys on television.
Danny introduced him to Super-
man and Archie comic books and
they read comics together.
In 1963, Danny moved out to
Los Angeles, looking for a new ad-
venture. He hitchhiked to San
Francisco one weekend. He made
plans to go parachuting.
Neal’s family was also living out
West at the time. Danny and Neal
played tetherball and horseshoes
in the backyard. “Danny was cool,
and my father was not,” Neal said.
“I bonded with him.”
The next year, Neal and
Larry’s grandparents,
Danny, and their extended
family—the Marcuses and
the Greenbergs—gathered
for a bar mitzvah in Massa-
chusetts. Danny went for a
boat ride with Hy Green-
berg, a first cousin of Larry’s
mother and Neal’s father.
The boys heard bits and
pieces about the accident,
never a cohesive story. Larry
was told the waters were
rough, the boat was going
fast, and Danny was standing
up joking around. Neal heard
that there hadn’t been enough
life jackets so Danny gave his to a
younger female cousin.
What was clear was that Danny
drowned that day, and after the ac-
cident the Marcuses and the
Greenbergs were never the same.
The evening of Danny’s death, the
Greenberg side of the family had to
decide whether to hold the bar
mitzvah party for Hy’s nephew
scheduled for the next day. They
decided to go ahead. Devastated by
Danny’s death, the Marcuses left
town. In the shock and sadness
that followed, the Marcuses and
the Greenbergs stopped speaking.
Relatives who had gotten to-
gether to celebrate family mile-
stones for years ceased seeing
each other—some never again.
Neal and Larry each celebrated
their bar mitzvahs three years af-
ter the accident, but the Green-
LIFE&ARTS
The Tragic Rift a
DNA Test Healed
Young Danny Marcus’s death in 1964 ruptured his family. Decades later,
a home DNA test triggered a chain of events that led to a chance for closure.
bergs weren’t invited.
As the years went by, they
stopped asking about the accident.
Neal moved back to Los Angeles
and built a career as a computer
engineer before retiring recently.
Larry became a psychologist, prac-
ticing on Long Island. Then, three
years ago, Larry took a DNA test.
Listed among his top genetic
matches was Julie Lawson, a
woman he’d never heard of. The
two talked, and eventually they
pieced together a story that led
them to Hy Greenberg. Hy had un-
knowingly fathered Julie during a
brief affair.
Julie, eagerly pursuing her new
family connections, helped connect
Larry and Neal with relatives they
had never gotten to know.
When Hy’s family started mak-
ing plans for a party in March to
Clockwise from left: Danny Marcus; Danny age 9
at his brother’s wedding; Larry Alssid at his
1967 bar mitzvah as Neal Marcus stands left.
Clockwise from top left:
Neal and Larry reminisce
with Hy Greenberg; Hy
looks at family photos;
Neal hugs Hy; embracing
new connections with
Julie Lawson; the mezuza
that Danny was wearing
when he died; Julie clasps
Hy’s hand.
Danny; he was wearing it on a
chain when he died. Neal
hadn’t been certain he should
wear it to the dinner. “I am
meeting these people for the
celebrate his 90th birthday, Julie first time,” Neal said. “I don’t
reached out to Larry to come cele- want to bring up Danny’s death.”
brate. A birthday party, she said, But in the end, he put it on. “I
seemed “like a perfect time to feel Danny’s presence with me,” he
come together.” said.
Larry wasn’t sure he would go. As soon as the men arrived, Les
The pain from the events sur- Greenberg warmly embraced them.
rounding Danny’s death still lin- Larry said he felt his mood lift as
gered, he said. Ultimately, he and Les introduced the cousins to the
Neal decided to go together. family.
On a Thursday evening in March, Larry showed everyone a black-
two days before the birthday party, and-white family picture of the
the nervous cousins toasted Danny, Marcus and Greenberg families to-
downed their shots of Crown Royal gether at the 1952 wedding of
whisky, and headed to the West Neal’s mother and father. “There
Palm Beach, Fla., home of Les were as many Greenbergs in my
Greenberg, one of Hy’s nephews. mother’s wedding photo as Marcu-
Neal wore a shirt open at the ses,” Neal joked.
neck so that a silver chain with a The cousins hunched over the
pendant in the shape of a mezuza, picture, chiming in to identify the
a Jewish religious object, peeked relatives they knew. “There is
out. Danny,” said Neal, pointing out his
The mezuza had belonged to uncle.
Monday, April 22, 2019 | A9
As the weekend unfolded, some
of the Greenberg relatives asked
about Danny, so Neal told a few
stories. He repeated word-for-
word from memory a letter Danny
wrote to him two weeks before he
died, on stationery from the Man-
hattan Towers hotel, where Danny
had been working. Danny had left
Los Angeles and gone back to New
York, still searching for what he
wanted to do with his life.
Danny wrote that he was enjoy-
ing the nice weather in New York,
going out in his friend’s new car,
and playing a lot of paddle ball. He
asked Neal to write him back.
“He was a sensitive person,
writing to a 9-year-old boy,” Neal
said later. But hearing the words
aloud, he saw another side to his
uncle. “Maybe he was a little lost,”
Mr. Marcus said. “He never had a
chance to find out what he wanted
to do.”
As they were leaving Les’s home
that first night, Larry and Neal
looked over at Fred Greenberg, the
cousin whose bar mitzvah party
had gone on the weekend Danny
died. He smiled at them.
“Fred looks like Grandpa when
he smiles, doesn’t he?” Neal said
to Larry. After so many years of
disconnection, seeing the familial
resemblance moved them. “I had
chills,” Neal said.
A Chance for Answers
The next morning, Larry and
Neal drove to Hy Greenberg’s
home to have breakfast with him
and Julie Lawson. On the ride
over, Larry said he had decided
not to bring up the accident.
“I don’t want to upset Hy,” said
Larry. “I am enjoying meeting all
these people we didn’t know.”
Sitting in a brown leather re-
cliner, Hy regaled them with sto-
ries about trips with his mother to
visit the extended Marcus clan in
Brooklyn. The men’s conversation
rambled for more than an hour.
Finally, Julie decided to raise
the topic herself.
“Hy,” she said, “you
don’t have to talk about
this. It’s about Danny and
the boating accident.
Danny was very close to
Neal and Larry.”
“I will talk about any-
thing,” Hy replied.
“You are the only living
person we know who was
there,” Julie said. “No one
was able to tell them what
happened.”
The room grew quiet. Hy
recounted how on that Sat-
urday, he and the other fam-
ily members in town for the
bar mitzvah had gathered in
the backyard of the Green-
berg home in Newton, Mass.
Hy had asked Danny and two
young nieces if they wanted
to go for a ride on a motor-
boat he had just bought and fixed
up. They jumped at the chance.
TOP OF PAGE, CLOCKWISE FROM LEFT: RUTH MARCUS ALSSID; NEAL MARCUS; LARRY ALSSID; BOTTOM: JAYME GERSHEN FOR THE WALL STREET JOURNAL (4); JULIE LAWSON (HUG); NEAL MARCUS (NECKLACE)
They drove to Lake Cochituate
about 25 minutes away. Hy handed
each of them a life jacket, but, he
said, Danny didn’t want one.
“I wasn’t going to pursue it,” Hy
said, so he didn’t insist. He mo-
tored out to the middle of the lake.
They were idling there, enjoying
the day, when one of the girls, who
had never piloted a boat before,
asked to take the wheel. Hy
agreed. At first, he said, she drove
the boat straight, but then, she ac-
celerated, tried to make a sharp
left turn and lost control.
“All of a sudden, there was a
whack,” Hy said. The boat flipped
over, and everyone was thrown in
the water.
“I came up. The girls came up.
We shouted for Danny,” Hy said.
“Danny never came up.”
Larry and Neal both had tears
in their eyes. “It was a stupid, un-
fortunate thing,” Hy said. “It was
my fault. I shouldn’t have let her
drive.”
“I feel sad for you, that you had
to live with that,” Neal said.
“I have never gotten over it,” Hy
said.
Suddenly, quietly, Neal got up
and reached out followed by Larry.
They each hugged Hy tight.
“They wanted to know the
truth,” Hy said later. “It made me
feel better to help them know the
truth.”
The next day, Larry and Neal at-
tended the birthday party. Hy in-
sisted that they sit at his table.
On the way in, Les Greenberg
pulled Larry aside. Hy’s nephews
and Julie, his newfound daughter,
were going to give speeches, he
said, and he wanted Larry to say a
few words, too. For a moment,
Larry felt uncertain. But he de-
cided to do it. The old feelings
were gone, he realized, replaced by
something different.
“It felt like an invitation into
the family.”
A10 | Monday, April 22, 2019
BY JOHN JURGENSEN
T
he TV bio-series “Fosse/
Verdon” is about two
dance greats of Broad-
way and movie musi-
cals, played by two ac-
tors with no formal dance training
in their past. That said, the stars
of the eight-episode show, Sam
Rockwell (as choreographer Bob
Fosse) and Michelle Williams (as
dancer Gwen Verdon, Fosse’s third
wife, collaborator and muse) have
both executed some mid-career
turns and emerged as hoofers in
their own right.
Mr. Rockwell has become known
for sneaking bits of dance into his
movie roles, busting moves as vil-
lains in “Charlie’s Angels” and
“Iron Man 2.” He did splits on
“Saturday Night Live” not long be-
fore winning an Oscar for his role
in “Three Billboards Outside Ebb-
ing, Missouri.” Ms. Williams
learned to dance like Marilyn Mon-
roe for the 2011 drama “My Week
with Marilyn.” Then she made her
Broadway debut in “Cabaret” in
2014 and shared a moonlight waltz
with Hugh Jackman in the 2017
movie musical “The Greatest
Showman.”
“Fosse/Verdon,” now on FX,
moves back and forth through time
to frame a relationship compli-
cated by ego, philandering and ar-
tistic co-dependence. The drama
centers on Fosse’s peak achieve-
ments as a choreographer in the
1970s, when he was solidifying his
slinky, angular style in Broadway
hits (“Pippin” and “Chicago”) and
movies (“Cabaret” and “All That
Jazz”). The challenge for the lead
actors didn’t always involve com-
WHAT’S YOUR WORKOUT? | JEN MURPHY
A TEXAN’S UNLIKELY PASSION: CURLING
MOST COMPETITIONS in the
Winter Olympics appear to require
superhuman athletic powers. Then
there’s the oddball sport of curling,
which ignites Olympic hope in view-
ers like Carl Schaeper. He remem-
bered thinking as he watched the
2010 Winter Games in Vancouver
from his couch in Houston: How
hard could it be to slide a stone on
ice and hit a target?
Houston may be an unlikely place
for a curling scene, but many Cana-
dians work in the oil industry there.
A handful of them founded a curl-
ing club in 1973. When a local rink
hosted a demo during the 2010
Games, Mr. Schaeper, along with
nearly 150 other curling-curious
newbies, showed up.
They learned the basics: To slide
the 42-pound granite stone, a
player assumes a crouched position.
One hand grips the handle of the
stone and the other holds a Swiffer-
like broom for balance on the ice.
The player pushes off a rubber foot-
hold with one foot, gliding forward
in a lunge-like position to release
the stone, aiming for the bull’s-eye
in the center of a 12-foot circular
area called a house.
Mr. Schaeper, director of IT solu-
tions for a Houston-based fiber op-
tic company, promptly joined a
league only to discover the sport
wasn’t as easy as it seemed. “Once
you start to think about actually
making shots, it’s a pretty slow
learning progression,” the Texas na-
tive says. “It takes time to get the
Michelle Williams and Sam Rockwell, top, play Gwen Verdon and Bob
Fosse in a new series. Mr. Rockwell, above left, with director Thomas
Kail, and the real Fosse and Verdon, right, in ‘Damn Yankees’ in 1958.
plex footwork and dance routines.
Instead, the hard part was em-
bodying dancers in whom move-
ment and rhythm existed on the
level of muscle and sinew.
“We were taken to task a bit,”
said Mr. Rockwell, who is 50 years
old. “I think we’re pretty good
movers, but this is a whole other
realm. As Michelle said one day,
they look like normal people, then
they get up and they dance and
they’re superheroes.” “Fosse/Ver-
don,” whose producers included
the core creators of “Hamilton,”
captures a time and setting where
performers were more expected to
do it all—dance, sing and act. The
recent rebirth of musicals in Holly-
wood has called on actors to ex-
pand their skill sets.“That demands
a different kind of dance. It’s not
always about training, it’s about
musicality and how your acting
can meet your dancing,” said
“Fosse/Verdon” choreographer
feel for how hard or soft to throw.”
Mr. Schaeper, 45, serves as presi-
dent of the Curling Club of Hous-
ton, which has members ranging in
age from 9 to 60-plus. This year
they had enough players to run two
leagues of eight teams each. If
there’s enough interest, the club
holds four seasons a year, usually
playing one game a week. A typical
game consists of eight ends, which
are similar to innings, and lasts
about 150 minutes.
Teams consist of four players,
with each throwing two rocks. Play-
ers not shooting use their brooms to
sweep the ice in front of the moving
stone, slickening the ice as needed.
Only one team can score per end.
The team with the stone closest to
the middle of the house scores, and
is awarded one point for each addi-
tional stone closer to the center than
the opponent’s best stone.
“It’s truly a game of precision,
strategy and skill,” Mr. Schaeper
says. “It’s similar to the biathlon,
where you get your heart rate up
from high-intensity sweeping and
then you need to calm down and re-
lax to throw very precisely.” He is
preparing to represent his club at
the 2019 USA Curling Arena Na-
tional Championships starting May
5 in West Chester, Pa.
The Workout
Because ice time is rented, Mr.
Schaeper says it’s hard to practice
beyond games. He started training
for triathlons in 2012 to keep fit for
LIFE & ARTS
Andy Blankenbuehler, who
also worked on “Hamil-
ton” and a coming movie
adaptation of “Cats,” in which ac-
tors and pop stars such as Idris
Elba and Taylor Swift star along-
side Royal Ballet dancers Francesca
Hayward and Steven McRae.
In the second episode, Fosse and
Verdon meet for the first time
when she auditions for a role in a
musical he’s choreographing,
“Damn Yankees,” which opened on
Broadway in 1955. Fosse introduces
Verdon to her number “Whatever
Lola Wants,” a striptease featuring
some of his now-familiar shoulder
slouches and hip pops. The scene
takes place in a rehearsal studio
and involves only a handful of
steps, yet it was deceptively diffi-
cult to pull off, Mr. Blankenbuehler
said. While mirroring each other’s
dancing, the characters are dis-
cussing the moves, having a con-
versation, and throwing off initial
curling. Depending on the distance,
he competes in one to three races a
year.
He swims twice a week. One day
he does a steady 1,500 to 2,000
yards. His second pool workout in-
volves shorter sets of technique
drills. “I find 50-yard repeats, with
45 seconds’ rest between, mimics
having to sweep real hard for 20 sec-
onds to get the rock from one end of
the ice to the other and then resting
and regrouping while the other team
throws their rock,” he says.
He runs outdoors twice a week
and alternates between distance
and sprints. He sets training goals,
like trying to run a six-minute, 15-
second mile.
“I haven’t run that fast since
high school,” he says. He cycles on
the weekend, sometimes joining a
group ride that logs anywhere from
45 to 50 miles.
In the lead-up to the national
championships, he has amped up
his strength routine to include more
lower-body exercises, like squats,
lunges and single-leg calf raises.
He’s also added more yoga, which
he does at home to DVD programs.
“The lunge-like position you’re in
when throwing a stone requires bal-
ance and flexibility,” he says.
The Diet
Mr. Schaeper suffered a heart at-
tack about two years ago. His doc-
tor told him he needed to cut out
the saturated fats in his diet. He
gave up red meat and dairy and
Following In
Legendary
Footsteps
Sam Rockwell and Michelle Williams Raised
Their Dancing Game for ‘Fosse/Verdon’
sparks of sexual attraction.
Representatives of the Verdon
Fosse Legacy, the organization in
the dancer’s and choreographer’s
estate that licenses Fosse’s work,
were on hand throughout rehears-
als and production of the TV series
to ensure authenticity. “That
helped us recreate the physical line
of the body, as well as the story,”
said executive producer and direc-
tor Thomas Kail, who also directed
“Hamilton.”
“I’d never done a mambo. I
didn’t know what a ‘mambo hip’
was,” Ms. Williams said, recalling
the dance (plus hat-flapping) she
did for the Cuban-influenced num-
ber “Who’s Got the Pain?” from
“Damn Yankees.”
The actress grew up in Montana,
doing school plays and community
theater. Though most movies were
Carl Schaeper, president of the Curling Club of Houston, throws a stone at
Bellerive Ice Center in Houston.
started eating more avocado and
nuts. “I can’t do it cold turkey, but
I’m trying to eventually go vegan,”
he says. “The goal is to not need to
take cholesterol medicine.”
Breakfast is oatmeal with blue-
berries during the week and a
homemade smoothie with cherries,
vegan protein powder and cacao
nibs. He’ll eat grilled chicken with
black beans for lunch. Dinner might
be vegetable or bean soup or a veg-
etable stir fry.
The Gear and Cost
Curling shoes cost between $125
and $450. They have a slippery sur-
face called a slider made of Teflon
on the bottom of one shoe and a
soft rubber sole called a gripper on
the other. Mr. Schaeper suggests
newer players buy slider attach-
THE WALL STREET JOURNAL.
CLOCKWISE FROM TOP: PARI DUKOVIC/FX; EVERETT COLLECTION; MICHAEL PARMELEE/FX
off-limits in her conserva-
tive household, her family
watched musicals, giving
the budding actress a
grounding in the song-and-
dance side of Hollywood.
After her career took off
with the TV hit “Dawson’s
Creek,” she appeared in
movies such as “Brokeback
Mountain,” “Blue Valentine”
and “Manchester by the
Sea,” all of which earned
her Oscar nominations, as
did “My Week with Mari-
lyn.” Over time she was
drawn to the more physical
side of her job, or “running
a performance through your
entire body,” as she de-
scribed it.
The 38-year-old actress
trained with the “Fosse/Ver-
don” team, including chore-
ographer Susan Misner and
assistant choreographer Mary Ann
Lamb. Ms. Williams didn’t have the
same physical conditioning as the
lifelong dancers in the cast—she
could feel that in her hamstrings,
she said. However, much of the
body language required of her
character was subtle. In the first
episode, Gwen makes a little leap
as she runs script lines with her
daughter at breakfast, a low-key
move that needed to look as natu-
ral as her mambo. “That was very
much on my mind, because my
natural resting state is this,” Ms.
Williams said, slumping deliber-
ately in her seat during an inter-
view. “Performers are performers
even when they’re not on a stage.
What does Gwen look like when
she reaches for spice on the top
shelf or reaches for the tele-
phone?”
TODD SPOTH FOR THE WALL STREET JOURNAL
ments (around $40) for their sneak-
ers. Brooms cost between $100 and
$190. Mr. Schaeper notes most
clubs loan equipment.
He wears a stopwatch to time the
rocks. “It tells me how fast the ice
is,” he explains. He buys most of his
gear from sport-specific companies
like Hardline Curling and Balance-
Plus. He pays an annual $75 league
fee plus $225 per nine-week season.
Mr. Schaeper uses the pool and
fitness center at his local Jewish
Community Center. “They’re close
to home and open-door,” he says.
He pays $100 a month for his family
membership.
The Playlist
“There’s no music at the rink, but
I get pumped up by listening to clas-
sic rock on the drive over,” he says.
THE WALL STREET JOURNAL. Monday, April 22, 2019 | A11

LIFE & ARTS

EXHIBITION REVIEW

Striking the Right Chord

Guitars wrecked by Hendrix and the Who, psychedelic strings used by Cream, Chuck Berry’s hollow-body and more
BY ALLAN KOZINN

New York
CHUCK BERRY’S hollow-
body Gibson ES-350T electric
guitar, with its meticulously
polished, natural maple finish
and its simple but, for 1957,
state-of-the-art electronics,
stands alone on a pedestal at
the entrance of the Metropol-
itan Museum of Art’s “Play It
Loud: Instruments of Rock &
Roll” exhibition. Set before a
charcoal-gray wall, with the
exhibition title in large black
letters, it has the space to it-
self, no other instruments
near it or in view.
That’s as it should be.
Shortly after he bought
this guitar, Berry
brought it into the
studio and re-
corded “Johnny B.
Goode,” a rollick-
ing tale of a
country boy
turned guitar
wizard with an al-
ternately assertive
and slinky intro-
duction that still
takes listeners back to
a time when rock was
young, fresh and
brash. There is
something of
Berry’s sound in
the DNA of
nearly every-
thing this exhi-
bition holds.
All told, it
brings together
about 130 in-
struments used
by 80 musi-
cians—four gen-
erations of players
who created an ex-
pressive, flexible art

form that continues
to evolve, as well as a
hugely profitable indus-
try and a subculture to
absorb both. Most of the
instruments were lent by
the musicians themselves;
others are from private collec-
tions or from the Rock & Roll
Hall of Fame, whose curator,
Craig J. Inciardi, collaborated
on the project with Jayson
Kerr Dobney, the curator of
the Met’s Department of Musi-
cal Instruments.
Mr. Dobney and Mr. Inciardi
have organized the show
around a handful of historical
and stylistic themes, starting
with instruments owned by
rock pioneers like Berry, Jerry
Lee Lewis, Wanda Jackson and
Buddy Holly, as well as proto-
types of early electric guitars.
Favorite instruments of 1960s
guitar heroes like Eric Clapton,
Jeff Beck and Jimmy Page—
some with worn fingerboards
and chipped surfaces, others
in pristine condition—are on
view. And space is also
given to drums,
basses, keyboards,
electronic gadgetry
and “expansion” in-
struments (from a
rock perspective) like
woodwinds, dulci-
mers and sitars.
Some of the
instruments,
though them-
selves com-
monplace, em-
body weighty
historic moments.
George Harrison’s
first electric guitar,
a c. 1958 Höfner
Club 40, has a high
string action that
would have made it
difficult to play, but
‘Love Drops’
Flying V Gibson,
painted by Jimi
Hendrix, right
Guitar St. Vincent
designed with the
Ernie Ball company
in 2017, below
it was crucial in the transfor-
mation of the Quarrymen
skiffle group into the Beatles.
And the broken shard of a
brightly hand-painted Fender
Stratocaster, though only a
fragment, is immediately rec-
ognizable as part of the gui-
tar Jimi Hendrix played—and
then burned with lighter fluid
and smashed to bits—at the
Monterey Pop Festival in
1967, a performance captured
vividly in the film by D.A.
Pennebaker.
Destruction is a subtheme
here. Pete Townshend, who
regularly closed Who shows
by smashing his Gibson SG
Special, also demon-
strated his technique for
a 1973 Rolling Stone
photo shoot by Annie
Leibovitz. The reas-
sembled remnants of
that guitar, and a
poster with Ms. Lei-
bovitz’s photos, are
on display. So is
the Hammond
L-100 organ into
which Keith Em-
erson hurled
knives (two
of which are stuck in
the keys) during concerts
with the Nice.
The most striking instru-
ments in the collection,
though, are those that guitar-
ists have designed or modified
with ergonomics, sound qual-
ity or visual effect in mind.
The angular, chartreuse guitar
that Annie Clark (better
known as St. Vincent) de-
signed with the Ernie Ball
company in 2017 is innovative
and eye-catching. More radi-
cal is the c. 1987 Steinberger
XL25 five-string bass used by
Tina Weymouth, of Talking
Heads and Tom Tom Club, on
which the tuners are moved
from their usual place at the
top of the neck, down to the
bottom of its rectangular
body, where they are more
easily accessible.
A few instruments are
beautiful enough to merit a
place in the museum’s perma-
nent instrument collection,
alongside ornately painted
harpsichords and finely
carved Baroque guitars.
Among them are a guitar (a
1964 Gibson SG) and a six-
string bass (a 1962 Fender
Bass VI) owned by Mr. Clap-
ton and Jack Bruce when they
played together in Cream.
Painted by Marijke Koger and
Simon Posthuma, in 1967,
they are psychedelic dream-
CLOCKWISE FROM TOP: THE MET; STEVE MILLER; ROCK & ROLL HALL OF FAME; ST. VINCENT; MICHAEL HELMS
Don Felder playing an
EDS-1275 Double Neck
Gibson, above left; Steve
Miller’s Gibson Les Paul
TV Special painted by Bob
Cantrell, above right;
Detail of Stevie Ray
Vaughan’s composite
Stratocaster ‘Number
One,’ top
scapes, packed with stars,
clouds and geometric designs.
As it turns out, the real
prize among the painted in-
struments will indeed have a
place in the Met’s collection. In
the late 1960s, when Steve
Miller was a fledgling guitarist,
Leslie West—then in the Va-
grants, later the founder of
Mountain—gave him a 1961
Gibson Les Paul TV Special. Mr.
Miller later commissioned Bob
Cantrell, a surfboard artist, to
paint it, covering its original,
pale yellow surface with cir-
cles, ovals, swirls and crystal-
line shapes, in mint, turquoise
and gold, along with what
looks like a small, stylized
squid in shades of yellow, red
and orange.
At a news conference ear-
lier this month, Mr. Miller an-
nounced that he planned to
donate the guitar to the Met.
When the applause died
down, he added “when I’m
done with it.”
Play It Loud: Instruments of
Rock & Roll
The Met Fifth Avenue, through
Oct. 1
Mr. Kozinn writes about
music for the Journal.
A12 | Monday, April 22, 2019 THE WALL STREET JOURNAL.

SPORTS
The NCAA Has a Feel-Good Sport
Elite gymnasts are living happily ever after in college; ‘Man, you really learned how to dance’
BY LOUISE RADNOFSKY

Fort Worth, Texas

Women’s gymnastics fans have
long talked of the NCAA as the
place “where elites go to be happy,”
especially in the sport’s post-Nassar
period. At the NCAA championships
here this weekend, that seemed
truer than ever.
In the wake of the sex-assault
scandal surrounding former team
physician Larry Nassar, members of
the dominant U.S. women’s gymnas-
tics team became just as well
known for their bravery in con-
fronting Nassar as their abundant
Olympic decorations.
But many former national team
members got rock star treatment
for their continuing accomplish-
ments in the gym as the NCAA
crowned its national champions
here this weekend.
First among them: The now
back-to-back NCAA all-around
champion Maggie Nichols, compet-
ing for Oklahoma, which also took
the team title. Nichols is a member

AMY SANDERSON/ZUMA PRESS (2)

of the elite U.S. team that won the
2015 world championship—as well
as the original athlete to raise ques-
tions about Nassar’s treatments
within USA Gymnastics.
There’s no comparison between
the world title and the NCAA team
win, she said. “This is just so much
better. This is a dream come true.”
Maybe it’s because there’s NCAA all-around champion Maggie Nichols, center, huddles with her Oklahoma teammates. The Sooners won the NCAA women’s gymnastics title on Saturday.
enough room for more than five
stars at any one moment. Maybe Brenna Dowell, another former elite step back and look past the cool
it’s because the entire team dances who was on the 2015 world team flips that we do.”
along with a gymnast’s moves from with Nichols, though publicly criti- Perhaps the best known of its he-
the sidelines of her floor exercise. cized by then-national coordinator roes now is UCLA’s Valorie Kondos
Or maybe it’s because they’re doing Martha Karolyi after mistakes in Field, who’s impressive for reasons
it while wearing fake cheek tattoos qualifications. even beyond being played by Jenni-
of their school logo and a Pebbles Feedback is a little different in fer Beals in a biopic. “Miss Val,” re-
Flintstone hairdo, flinging their NCAA competitions. “I talked to tiring this year, talks about spending
heads and arms back and doing a Katelyn Ohashi after the meet,” her early coaching years more inter-
victory dance after sticking a dis- Dowell said. “She looked at me, she ested in building students as people
mount. said, ‘Man, you really learned how before belatedly deciding that she
There are a few other differ- to dance.’” should try to have them win events
ences. Athletes are restricted in To be sure, an ugly side of gym- too. She also refers to floor exercises
how many hours they can train. nastics has at times peeked out in as a chance for a “party.”
They’re scored differently, out of a the NCAA too. Former Michigan The results reverberate far be-
maximum of 10, and credit for diffi- State coach Kathie Klages is facing yond the NCAA. In addition to
culty is capped. The result is a lot criminal charges relating to Nassar. coaching Ohashi, Kocian, Ross and
of ties, and it doesn’t really matter. Other coaches have earned Karolyi- Wieber, she also served as college
Almost every one of them who like reputations for toughness bor- coach for three high-profile litigants
might compete internationally has dering on bullying. An awful injury against Nassar and his employers,
been there, done that and won’t be on floor suffered by Auburn’s Sa- Jamie Dantzscher, Jeanette Antolin
doing it again. They’re aiming for mantha Cerio in the run-up to these and Mattie Larson.
four years of performing instead, finals went its own kind of viral. Their suits alleging abuse dating
which demands pacing rather than UCLA’s Katelyn Ohashi became a viral sensation with her floor routine. And top schools start pursuing ath- back to the early 2000s kick-started
timing it all to peak for one Olym- letes when they’re still in middle the legal fight that has rocked USA
pic season. meets would die for right now, with UCLA volunteer assistant coach is school—what could possibly go Gymnastics, forced it to declare
“Our kids have the ability to the same athletes whose day had none other than another member of wrong there? bankruptcy and ousted two genera-
achieve perfection,” said D-D come and gone in elite ranks. the 2012 Olympic squad, Jordyn Still, relative to elite gymnastics, tions of leaders.
Breaux, coach of Louisiana State For UCLA, there’s Kyla Ross, a Wieber, another self-identified vic- and perhaps other NCAA sports too, After “Leaving Neverland” drew
University’s team, which finished member of the 2012 Olympic gold tim of Nassar. this seems to be about as whole- new attention to allegations of child
second to Oklahoma. “And then medal-winning team, who has also And of course, Katelyn Ohashi. some as it gets. abuse by Michael Jackson, Ohashi
they don’t have to go out there and identified herself as a victim of Nas- Once their elite peer, she described “You find the joy and happiness subbed out his music that had
beat themselves up.” sar. herself as “broken” by abusive again in the sport,” said Sarah fueled her Internet-breaking floor
It’s also popular. Fans pack hotel There’s Madison Kocian, whose training. Then she became more fa- Finnegan, 2012 Olympic alternate, routine, replacing him with Beyoncé
lobbies to cheer gymnasts riding roster bio casually mentions that mous than almost all of them com- and LSU senior. “In elite, the old to accompany Tina Turner and
down the escalator on the way to she’s got 2016 Olympic gold and sil- bined when her college floor exer- way, you just train, train, train, Janet Jackson.
compete. ESPN broadcasted these ver medals, and who has also iden- cise went viral earlier this year. that’s all there is, and then go and “All strong women,” said the
events in a way that international tified herself as a victim of Nassar. Anchoring Oklahoma was senior compete…I realized to just take a ever-on-brand Kondos Field.

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THE WALL STREET JOURNAL.
Socialism vs. ‘the Person’
This week Ro-
man Catholics
mark the oc-
tave of Easter,
a time when
the glory of
AMERICAS the Resurrec-
By Mary
tion fills be-
lievers with
Anastasia
anticipation
O’Grady
of good things
to come—if
not in this life then in the
next.
But hope is hard to come
by in Catholic Venezuela these
days. The nation is racked by
despair as it faces privation so
extreme that families eat gar-
bage from dumpsters. Millions
have fled, often with only
what they can carry.
Venezuela was once the
richest country in South
America. Now it’s a place of
malnourished children, starv-
ing adults and pullulating dis-
ease. Yet its corrupt and cruel
military dictatorship clings to
power.
The world looks on in hor-
ror as Venezuelans are help-
less to combat this evil. Inside
and outside the country the
refrain is the same: How could
this have happened?
Venezuela’s abundant sup-
plies of petroleum reserves
played a role in corrupting the
nation. But the real problem is
ideological, and it’s a lesson
for Americans.
Venezuela’s intelligentsia
spent much of the 20th cen-
tury inculcating the popula-
tion with socialist pap. If
you’re not sure what that
means, listen to Sen. Bernie
Sanders and Rep. Alexandria
Jamie Dimon’s Timely Warning
Socialism is
now woker
than a two-
for-one Che
Guevara T-
s h i r t
sale, with
INSIDE
Bernie Sand-
VIEW
ers leading
By Andy
the Demo-
Kessler
crats’ presi-
dential pri-
mary polls and Alexandria
Ocasio-Cortez dominating the
party’s imagination.
In a rare calling-out of
this bogosity, JPMorgan CEO
Jamie Dimon warned share-
holders this month that “so-
cialism inevitably produces
stagnation, corruption and of-
ten worse.” He was echoing
Winston Churchill’s observa-
tion that socialism allows for
“the equal sharing of misery.”
Why is it only capable of gen-
erating misery?
Because under socialism,
politics rather than produc-
tivity drives employment.
Technological innovation is
suppressed. Long ago, an Is-
raeli explained to me that un-
der socialism—Israel’s eco-
nomic system until 1985—you
would always hire two work-
ers to do the job of one.
Of course, there is a spec-
trum of socialism. The text-
book definition is government
ownership of the means of
production, as in the commu-
nist-run Soviet Union or
Cuba, or the state-owned fac-
tories of China today. But so-
cialism can also mean “own-
ing” an industry by burying it
Requiem for a Childhood Friend
By Allan Ripp
R
eturning to my office af-
ter lunch, I heard a
phone message from
someone whose name rang a
distant bell. The caller identi-
fied himself as Alan Lowen-
thal. He asked if I grew up in
the Squirrel Hill section of
Pittsburgh and lived on a
street called Severn. If so,
would I please call him at a
number in Detroit?
I realized Alan was the
younger brother of my best
childhood friend, Bobby Lo-
wenthal, whose family lived
across the street on Severn
Street in a red brick house.
Alan would have been 2 or 3
when Bobby and I dashed
around our neighborhood as 6-
and 7-year-olds, playing King
of the Hill, setting leaves
aflame with a magnifying
glass, and climbing the fire es-
cape of a shabby apartment
building down the block. Sol-
diers, pirates, astronauts, cow-
boys—we played them all. We
were constantly in and out of
Ocasio-Cortez. They spout the
same nonsense.
Intellectuals, educators and
politicians promised that
sticking it to the rich was the
path to socialist paradise. As
government intervention in
the economy—particularly
through price and exchange
controls—damaged living
standards, Venezuelans voted
for more of it. Little did they
know that by targeting the
rights of successful entrepre-
neurs in the name of social
justice, they were setting up
the country to fail.
Venezuelan socialism fo-
mented envy and deep dis-
trust of business. This de-
stroyed respect for persons
who dared to be creative and
build wealth. Poverty and dys-
topia were inevitable.
Climbing out of this hole
will take more than removing
dictator Nicolás Maduro. The
country is devastated, but
Venezuelans haven’t aban-
doned the collectivist cause.
Many popular opposition poli-
ticians still call themselves so-
cialists, unwilling to defend
the creative class and its
members’ right to the fruits of
their labor.
Venezuela needs an ideas
revolution that recognizes
business as an endeavor of the
human spirit. Socialists pose
as humanitarians and some-
times even as Christians but
their system strangles the
person, who is at the heart of
Catholic teaching. Catholic
University of America re-
search fellow Father John Mc-
Nerney, author of “Wealth of
Persons” (2016), describes the
in regulation (see education,
Medicare, the overregulated
auto industries and so on).
Socialists are modern-day
Luddites, destroyers of tech-
nology to preserve jobs. Arti-
cle 4 of the current postal-
workers’ union (sweetheart)
contract states that “any new
job or jobs created by tech-
nological or mechanization
changes shall be offered to
present employees capable of
being trained to perform the
new or changed job.” It’s one
reason, even with automa-
tion, we still have 500,000
postal workers when the
right number is zero. Simi-
larly, Detroit was slow to use
robots. It’s only recently that
United Auto Workers union
contracts did away with job
guarantees.
Workers at the Port of
Oakland went on strike to
protest the use of RFID tags
on shipping containers be-
cause it would kill lucrative
clipboard-toting jobs. Produc-
tivity be damned.
And that phantasmagoria,
the Green New Deal? It’s a
productivity pallbearer, with
its federal job guarantees and
a new mechanism to sup-
port those “unwilling to
work.” Where do I sign up for
that?
The grand hypocrisy is
that these same lazy-thinking
Luddites use cutting-edge
technology to propagate their
myths. We have Bronx bar-
tenders streaming on Insta-
gram asking “Is it OK to still
have children?” and a “Hear
each other’s homes. Alan, a
toddler, was merely an after-
thought.
Bobby’s family moved to the
suburbs around 1961. I had my
first sleepover at his house
and adored his mom for stock-
ing Eskimo Pie ice-cream sand-
wiches. They had a TV in their
Bobby Lowenthal died
in 1964 at 11. His
brother saw my byline
and tracked me down.
kitchen! To my shock, there
were no sidewalks where the
Lowenthals lived, only cul-de-
sacs.
A year or so later, our visits
stopped. When I asked why
Bobby wasn’t coming to my
9th birthday party, I was told
he was sick. Months later, my
parents said Bobby died from a
mysterious illness called leuke-
mia. At that age I didn’t under-
stand death: It was as if one of
OPINION
“real wellspring” of human
progress as emanating from
“the unique, irreplaceable and
unrepeatable . . . reality of the
individual acting in relation to
his neighbor.”
We are more than simply
individuals, because it is in re-
lation with one another “as
persons” that we discover
ourselves, Father McNerney
Catholic Venezuela
would do well to
rediscover a central
idea of the faith.
told me by email last week.
“As ‘persons’ we have intellect
and will, allowing us to go
‘beyond’ the material. It is as
‘persons’ that human creativ-
ity unfolds.”
Economists understand
that the profit motive is inte-
gral to entrepreneurship. But
it is about much more than
material gains. Father McNer-
ney illustrates the point in his
book with the story of Agnes
Morrogh-Bernard, a Sister of
Charity who worked in the
west of Ireland in the after-
math of that country’s notori-
ous 19th-century famine.
Starvation had wiped out
whole communities, when not
physically, spiritually. The sis-
ters engaged in all manner of
philanthropy to reverse the
deep demoralization caused
by the “Great Hunger.” But
Sister Agnes recognized that
“mere philanthropic handouts
could not recover” the annihi-
the Bern” Facebook page
claiming you’ll have “freedom
of choice” under Medicare for
All.
An economic system is
about raising the standard of
living of its participants. The
best way to do that is to
lower costs of goods and ser-
vices so that profits and capi-
tal are freed up to be rein-
vested in future life-
enhancing products. Those
who succeed in improving our
lives deservedly get rich, but
then earn the socialist’s scorn
that “every billionaire is a
policy failure.” C’mon. Tech-
A CEO finally speaks
up to tell the truth
about the shared
misery of socialism.
nology is our best cost-chop-
per, but those gung-ho for
government gunk the gears of
progress.
Productivity drives profits,
which drive prosperity, even
though to nuevo-millennial
socialists “profit” is a bad
word. Rising stock prices—
the sum of expected future
profits—enable companies
like Apple to spend more than
$10 billion a year on research
and development. They en-
able GlaxoSmithKline and
others to fund research on
potential cancer vac-
cines. Sagging stocks resize
companies.
my favorite shows had been
canceled, with no reruns. I had
no further contact with the Lo-
wenthals until Alan saw an ar-
ticle I’d written and tracked
me down. He’s a successful
lawyer in Grosse Pointe, Mich.,
with three sons and a daugh-
ter.
Alan told me that Bobby
was 11 when he died in October
1964. Although he barely got
to know his brother, Alan said
his parents often described our
adventures and what a good
friend I’d been. “My memories
of Bobby are so connected
with hearing your name grow-
ing up,” Alan said.
He asked if I had any stories
to share. I told him all I re-
membered, including Bobby’s
machine-gun laugh, Cub Scout
uniform and love of bow ties.
There was also the time Bobby
likely saved my life. We had
scaled a neighbor’s garage
roof, spying on nearby back-
yards amid the smell of tar.
When it came time to go, we
jumped into a pile of leaves. A
rusty nail gashed my leg. The
lated Irish spirit. The commu-
nity needed a creative outlet;
it needed work.
The Irish nun had no busi-
ness training. But one day she
looked at the River Moy and
determined that by harnessing
both the power of the water
and the creative spirit of the
people, she could run a
woolen mill. How she did it is
somewhat of a miracle if you
consider that she convinced a
Protestant, who was also a
Freemason, to underwrite her
project.
The Foxford Woolen Mills
still operates, which proves it
is both economically sound
and “profitable” for its em-
ployees. Agnes’s “entrepre-
neurial acumen,” Father Mc-
Nerney writes, was “the spark
that ignited the bright star of
a small industry in post-fam-
ine Ireland.” She recognized
the “creative dimension in us
all” and a “need for its real-
ization.”
Agnes had a kind of “femi-
nine genius,” Father McNer-
ney observes. She used her
“charismatic entrepreneurial
intuition to tap into the power
and truth of a ‘person-cen-
tered’ understanding of eco-
nomic development.”
This truth has been all but
lost in Venezuela, where de-
spite the depths of their mis-
ery many still yield the moral
high ground to socialism. Can
the country ever recover with-
out embracing the creative
entrepreneurial spirit and its
success? It is doubtful, even in
this Easter season of great
hope.
Write to O’Grady@wsj.com.
Socialism is about maximiz-
ing power, not maximizing
profits. Government doesn’t
make profits, has no incentive
to show profits, wouldn’t
know a profit if it hit it in the
head. Inside government there
are no markets or price mech-
anisms to act as a divining rod
finding hidden productivity.
Socialism handcuffs Adam
Smith’s invisible hand.
Productivity is wealth. Sure,
technology and markets might
destroy two jobs, but they
turn around and create three
safer, higher-paying and more
fulfilling jobs. To spend be-
yond a basic level for goods or
services because of socialism’s
political “make work” impera-
tive destroys wealth.
How dumb. Socialists like
Bernie Sanders love to spend
money on “free” education
and Medicare for All but have
no policies to make money in
the first place. Their socialist
construct of technology-ignor-
ing, job-guaranteeing claptrap
seems like the only way not to
fund all those freebies.
Technological progress is
the only way to raise living
standards over the long run.
If you hire two workers to do
the job of one, you kill the
very productivity needed to
fund the promised worker’s
paradise. Without productiv-
ity, societal wealth eventually
disappears and socialism spi-
rals into decay and the stag-
nation and corruption that
Mr. Dimon warns us
about. Socialism rots from
within.
bloody groove terrified me,
but the prospect of telling my
parents what we’d been up to
scared me even more.
Sometime after I’d gone to
bed, my mom woke me to see
my leg. Apparently, Bobby was
so shaken by my wound that
he told his mom, who alerted
mine. She took me for a teta-
nus shot the next morning and
the doctor told us how serious
it could have been had I not
been treated. We never got
yelled at for being on the roof,
I told Alan.
I then got to release de-
cades of guilt, telling Alan
about the afternoon Bobby and
I were playing hide-and-seek
in my basement and I turned
off the light while he was
standing on a step. He fell and
broke his arm (for which I did
get punished). Alan’s response
freed us both. “That’s amaz-
ing,” he said, thanking me for
giving him a moment from his
brother’s short life.
Mr. Ripp runs a press rela-
tions firm in New York.
Monday, April 22, 2019 | A13
BOOKSHELF | By Laura Vanderkam
One Target
For Smart Giving
The Moment of Lift
By Melinda Gates
(Flatiron, 273 pages, $26.99)
G
rowing up as the daughter of an Apollo-program
engineer, Melinda Gates spent her childhood watching
space launches. She became fascinated by the
“moment of lift”—when the forces pushing a rocket up
overtake the forces pushing it down.
She later came to this image in a different context as the
co-chair of the Bill & Melinda Gates Foundation, which was
founded in 2000 and now gives billions of dollars annually to
tackle problems of extreme poverty. Some forces, like conflict
and disease, keep people downtrodden. Others—education,
technology—encourage opportunity and economic growth. In
any society, what factors tip the balance toward prosperity?
In two decades of visiting poor communities around the
world and studying people’s daily lives, Ms. Gates has
reached a simple answer. As she writes in “The Moment of
Lift”: “If you want to lift up humanity, empower women. It
is the most comprehensive,
pervasive, high-leverage
investment you can make in
human beings.”
Ms. Gates spends much of
the book documenting the
gendered nature of the world’s
entrenched problems and
arguing that addressing gender-
related disparities will improve
everyone’s lives. The stories
from her primary reporting on
child marriage, domestic violence
and the anguish of poverty are
often difficult to read, but their
vividness is what makes “The
Moment of Lift” remarkable. How many
people with access to billions of dollars
would sleep in a goat shed in Tanzania or discuss rape-pre-
vention strategies with sex workers in India?
The Gates Foundation began focusing on gender-related
disparities in agriculture, Ms. Gates says, after learning
that, though women do most of the farm work around the
world, their yields are 20% to 30% lower than men’s.
Women aren’t bad farmers; they simply don’t have the
same access to tools and information. Women in traditional
societies often lack the time to attend training sessions
(because of their domestic responsibilities) and the social
permission to talk to the male experts sent by governments
and charities. If women could grow crops as productively
as men, Ms. Gates observes, they would better be able to
feed their families and send more children to school. When
it comes to easing misery, improving agricultural
productivity is literally low-hanging fruit.
Access to contraception is low-hanging fruit of the meta-
phorical variety. Ms. Gates—an observant Catholic—treads
carefully here, but she recalls that when she started talking
with developing-world mothers about vaccines, they would
switch the topic to family planning and the frustration they
felt when remote clinics ran out of supplies. These mothers
“were desperate not to get pregnant because they couldn’t
take care of the kids they already had,” she writes. She notes
that “when women in developing countries space their births
by at least three years, each baby is almost twice as likely to
survive their first year—and 35 percent more likely to see
their fifth birthday.” For Ms. Gates, reliable access to birth
control amounts to a moral imperative.
In any society—not least a society beset by
extreme poverty—what factor can tip the
balance toward opportunity and prosperity?
While most of “The Moment of Lift” highlights the
challenges of poor communities, Ms. Gates also shares her
own journey to becoming an advocate for women and girls.
One crucible for her, it is clear, was her experience in the
male-dominated world of Microsoft. (Often forgotten because
of her later identity as “Mrs. Gates”: Melinda French was one
of the first female M.B.A.s hired at Microsoft and was manag-
ing 1,700 people when she left the company in 1996.) Her
account of thriving in tech’s macho culture is one of the most
fascinating parts of the book. The work was demanding, of
course, and that she didn’t mind, but the culture was “so
brash, so argumentative and competitive,” that she often felt
she didn’t belong. But rather than leave, she and other women
went about changing what they could: being honest about
their strengths and weaknesses, even admitting mistakes.
The candor of such accounts makes another aspect of Ms.
Gates’s personal story feel guarded by contrast. Time-diary
data show that, around the world, women do more unpaid
labor than men; in its extreme form, the disparity keeps girls
from going to school and women from doing paid work. So in
her chapter on this topic, Ms. Gates talks about her own
marriage and her attempts to achieve an equitable partner-
ship—challenging, if your husband is running Microsoft. (Bill
Gates stepped down as CEO in 2000, as chairman in 2014.)
We learn that Mr. Gates agreed to do school drop-off twice a
week, and we hear about the multiyear process of getting
him to share a byline on the Gates Foundation’s annual letter.
But while billionaires can outsource plenty (“I’ve had
terrific long-term help in raising our children and managing
our household tasks”), much of parenting can’t be outsourced.
Ms. Gates briefly mentions the emotional exhaustion of
raising children but then moves on, leaving the reader to
wonder: Did Mr. Gates ever cancel an engagement to take a
sick child to the doctor? Did he ever delay a conference call
because a teenager needed to talk? Did Ms. Gates push for
this? Did they fight about it? Reading between the lines: Yes,
they may have had a fight or two. But Ms. Gates notes that
even her mention of the annual-letter byline struggle was
“painful to write.” And “I’m a private person, which I guess
is another way of saying I’d rather keep some things to
myself so I won’t be judged.” Given that she’s tough enough
to sleep in a goat shed, though, she can probably weather
the judgment of others. It feels unsatisfying.
Nonetheless, “The Moment of Lift” manages to be a
readable account of Ms. Gates’s insights from the world’s
harshest corners and of the reasons why she’s hopeful that
progress is possible. The subjugation of women helps produce
extreme poverty, and, as Ms. Gates quotes one of her mentors
saying: “Evil forces hide there.” When entrenched problems
come to light, people can begin to solve them, raising the
odds of humanity getting a lift out of the muck.
Ms. Vanderkam is the author, most recently, of “Juliet’s
School of Possibilities: A Little Story About the Power of
Priorities.”
A14 | Monday, April 22, 2019 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Justice Drops Another Call The War for Trump’s Tax Returns Continues

T
he Justice Department lost its lawsuit and building out 5G networks. Sprint has lost In “Vow of ‘Never’ on Trump’s million Americans voted for Mr.
to block AT&T’s purchase of Time War- $25 billion over a decade and can’t keep offer- Returns” (U.S. News, April 8), Presi- Trump even though he didn’t dis-
dent Trump’s lawyer Jay Sekulow is close his tax returns, but even more
ner. Yet now the antitrust cops are hold- ing discounts to woo subscribers. Some
quoted as saying Rep. Richard Americans didn’t vote for him for
ing up T-Mobile’s merger with merger critics note that Neal’s request to see Mr. Trump’s that reason and others.
Sprint even though it could The antitrust cops stall Sprint added customers last tax information lacks a “legitimate DAVID R . WITTE
give AT&T more competition a T-Mobile-Sprint year, but most of these were legislative purpose.” However, there Plymouth, Minn.
in wireless. What gives? free lines and it can’t con- is no requirement to specify any
A year ago T-Mobile an- merger without cause. tinue to grow without more purpose at all in such a request un- The sole purpose of the demand
nounced plans to acquire low-band spectrum. der the relevant Internal Revenue for President Trump’s taxes is to
Sprint for $26 billion in stock, As for market consolida- Code Section 6103(f), the General create confusion and insinuate
yet the merger is still stuck in government an- tion, the advent of 5G is leading to a conver- Explanation of the Tax Reform Act some kind of impropriety on the
titrust purgatory. The Federal Communications gence between fixed and wireless broadband of 1976 when that code section was part of our president. The fact is
Commission keeps pausing its 180-day shot so the merger won’t reduce consumer choice. passed, or in the Internal Revenue that most Americans file a short
Manual. If President Trump doesn’t form and have no conception of the
clock on the merger review to let staff and AT&T and Verizon Wireless are rolling out 5G
want Rep. Neal and his committee complexities of the tax code. He has
third parties dig through documents to trash wireless to homes. The new T-Mobile plans to to see his tax information, he needs done nothing more than use the ex-
the deal. offer in-home broadband service at ultra high- to have Congress change the law. isting tax code to limit his ex-
Career attorneys at Justice have recently speeds to 9.5 million customers by 2024, about DAVID NELSON penses. What I see and many others
met with the FCC to raise concerns. Justice a third of whom live in rural areas. Amazon, Houston like me see is a group of people
deep-sixed the merger during the Obama Ad- SpaceX and OneWeb are also pioneering satel- Mr. Nelson is a former tax part- elected to Congress who demand an
ministration because it thought reducing the lite broadband. ner at Ernst & Young. end to charter schools but send
national wireless market to three carriers from The problem is that antitrust regulators their kids to private schools. I see
four would harm consumers. It also blocked tend to define markets too narrowly and con- Steve Mnuchin is quoted as say- these same people pushing a uni-
AT&T’s acquisition of T-Mobile in 2011. ceive competition as static. This was true with ing in Capitol Hill testimony: “The versal health-care plan like Medi-
general public, when they elected care for all, and yet all members of
But greater economies of scale in industries the Justice challenge to the AT&T-Time War-
President Trump, made the decision Congress have their own separate
with high fixed costs can create efficiencies ner deal, which is why courts overruled Justice to elect him without his tax returns “Cadillac” health-care plan paid for
that benefit consumers. DOJ’s position should after concluding the combination would face being released” (“Request for by the taxpayers. I also see these
evolve as markets and technology have. vigorous competition in content and distribu- Trump Taxes Reviewed,” U.S. News, members who live in gated commu-
i i i tion from online streaming. April 10). Well, that’s a bunch of nities stalling the building of a bor-
With more than 100 million customers, the T-Mobile and Sprint may have thought malarkey. Mr. Trump ended up in der wall.
new T-Mobile would be a stronger competitor they’d get a better shake from the Trump Ad- the Oval Office because of the Elec- BARRY BRANAGAN
to Verizon Wireless (118 million) and AT&T (94 ministration than from the Obama crowd. But toral College. I know that almost 63 Casa Grande, Ariz.
million). It would also offer a broader mix of the merger has aroused the anti-business left,
spectrum that would improve service. T-Mo- and opposition also has a loud ring tone with
bile boasts low-band spectrum that increases the anti-market right. The carriers have agreed
coverage in rural areas. Sprint is sitting on to offer customers the better of each other’s Are Imports the Answer to High Drug Prices?
mid-band spectrum that can transmit more plan prices for at least three years. Regarding your editorial “Import- pay if I purchased them under part
data at higher speeds in urban areas. But the Administration may still be afraid ing Bad Ideas on Drug Prices” D Medicare from my Humana pro-
What about prices? Since 2013 T-Mobile has President Trump will get blamed if the merger (April 16): In my short time as sec- gram. The same is true of two other
offered big discounts and promotions—unlim- is approved and wireless prices rise amid the retary, I have heard firsthand the medications I use. Many of the ge-
ited data plans, free Netflix and international 2020 campaign. Eight liberal Senators includ- plight of seniors who see their pre- neric drugs are manufactured in
roaming—to gain market share. Other wireless ing Amy Klobuchar, Kirsten Gillibrand, Eliza- scriptions increase month after Canada.
carriers have followed. This might seem to vin- beth Warren, Cory Booker and Bernie Sanders month and from families rationing If Americans were allowed to
dicate the government’s preference for four wrote a letter to Justice and the FCC in Febru- their life-saving medicines to pay shop for these medications in Can-
carriers, but prices likely would not have ary warning that the merger is “likely to raise for groceries under the current ada through approved pharmacies,
dropped had the FCC not increased the supply prices for consumers, harm workers, stifle flawed prescription drug system. In the wonderful capitalist system we
2016, 45 million adults did not fill a live in would immediately make the
of spectrum. competition, exacerbate the digital divide, and
prescription due to cost. Further, U.S. companies drop their prices to
While T-Mobile has added 26 million cus- undermine innovation.” Americans spend 30%-190% more on compete with the Canadian suppli-
tomers over the last five years, it no longer has While FCC Chairman Ajit Pai is a free mar- prescription drugs compared to ers. This is the basis of capitalism
surplus spectrum. That means it will eventu- keter, he might be persuaded by Justice attor- other high-income developed na- and competition that we also sup-
ally have to curb usage by raising prices, limit- neys to condition approval on the carriers’ di- tions and pay significantly more for port.
ing data consumption or slowing growth. vestiture of spectrum and subscribers. This the same drugs. ALLAN M. SHANBERG, M.D., FACS, FAAP
Sprint’s surfeit of spectrum would let T-Mobile would help AT&T and Verizon, reduce the deal’s Florida’s prescription drug impor- Laguna Beach, Calif.
avoid throttling speeds and ending discounts benefits and could prompt T-Mobile and Sprint tation program can only be ap-
for current customers. to pull out. They may also give up if the review proved by the federal government if Why don’t major foundations
Nobody should expect the price wars to drags on and the potential for an extended legal it is in compliance with existing fed- concerned about health care in the
eral requirements regarding quality U.S. come together to underwrite
continue forever. Wireless prices have recently fight complicates their 5G plans. But if the
and safety. Additionally, importers the establishment of nonprofit phar-
levelled off as carriers focus on reducing debt merger fails, consumers will pay the price. involved in the program would have maceutical manufacturers for gener-
to comply with federal labeling, test- ics? Wouldn’t this be an attractive

A Massacre of Christians ing and tracking and tracing require-

ments, and may not distribute, dis-
opportunity for the Gates Founda-
tion?

T
pense or sell imported prescription J.T. O’REILLY
he Easter Sunday slaughter of Chris- taken their bloody cues from the attack on Cop- drugs outside Florida. Venice, Fla.
tians in Sri Lanka is a jolting reminder tic Christians in Egypt on Palm Sunday in 2017. The reality is that 40% of all
that killers motivated by religious ani- Police were on watch for a reason outside the drugs sold in the U.S. are already
mus continue to be a threat to church we attended this Eas- imported and 80% of active ingredi- More Russian Talks Likely
innocents around the world. Terror bombings kill ter Sunday morning in New ents used in U.S. drugs come from
Won’t Stop a Nuclear War
abroad. Florida’s program is no
Large-scale terror attacks out- hundreds on Easter York City, just as they’re often
more risky than a trip to your local Regarding George P. Shultz, Wil-
side the Middle East have outside synagogues after a Walgreens. It simply seeks to expand liam J. Perry and Sam Nunn’s “The
been fewer in recent months, Sunday in Sri Lanka. terrorist event. the cost savings opportunities that Threat of Nuclear War Is Still With
but that is due more to the Sri Lankan authorities have manufacturers have benefitted from Us” (op-ed, April 11): The authors’
West’s efforts at pre-emption arrested several people in the for years to Floridians. call for greater bilateral cooperation
than to any lack of murderous intent. attacks but hadn’t identified them by Sunday Florida is prepared to challenge between the U.S. and Russia in re-
The explosions hit three churches and hotels evening. Prime Minister Ranil Wickremesinghe the status quo and leverage a law ducing nuclear uncertainty ignores
known for foreign visitors in or near the capital said information about a possible attack had that Congress passed 16 years ago, the elephant—or rather the dragon—
of Colombo. At this writing at least 207 had been circulating but hadn’t reached the cabinet. which allows for the safe and legal in the room. Any future arms con-
been killed and several hundred injured. At Sri Lanka has a terrible history with terrorism importation of prescription drugs trol agreement limiting nuclear
least 27 foreigners were among the dead, in- from its civil war, but less so in recent years. from Canada. After all, life-saving weapons and their delivery means is
prescription drugs cannot help Flo- pointless if it doesn’t impose recip-
cluding “several” Americans, according to Sec- Christians (7.4%) and Muslims (10%) are minori-
ridians who cannot afford them. rocal limits on China’s growing arse-
retary of State Mike Pompeo. ties in the majority Buddhist nation. MARY MAYHEW nal. Beijing has shown with its ex-
World leaders are denouncing the attack on There is a natural tendency toward compla- Secretary traordinary theater tactical missile
“humanity,” but make no mistake: This was an cency in human affairs after a period without Florida Agency for Health Care buildup how to gain regional advan-
attack on Christians. The killers didn’t pick any a major terror attack, until we get a reminder Administration tage by exploiting INF treaty limits
random Sunday. The bombs went off at places like Sunday’s in Sri Lanka of the costs of inat- Tallahassee, Fla. imposed only on the U.S. and Russia.
of worship during services on the holiest day tention. The threat will be with us for many de- Limiting our and Russia’s nuclear
of the Christian calendar. The killers may have cades and demands constant watch. The Canadian International Phar- forces will only encourage hawks in
macy Association maintains an ap- Beijing to similarly strive for strate-
proved list of pharmacies from gic advantage on the cheap, ironi-
Ukraine’s Presidential Gamble which drugs and medication may be
purchased online. These pharmacies
cally making the world a more dan-
gerous place, not less.

C
have been researched and verified CARL GRAHAM
omedian Volodymyr Zelensky won a Ukraine’s corrupt political system. by the Canadian pharmaceutical in- Honolulu, Hawaii
landslide victory in Ukraine’s presiden- Mr. Poroshenko was a major improvement dustry as well as the government.
tial election Sunday, beating incum- over his predecessor, the Kremlin stooge Viktor I take eye drops for glaucoma. It’s disheartening to read such
bent Petro Poroshenko with Yanukovych, but his reforms The exact same medication (two of eminent statesmen issue bromides
73% of the vote according to The besieged country moved slowly or stalled. Mr. them) made by the exact same man- about the risks of nuclear war and
exit polls. The television star takes a flyer and Zelensky showed little grasp of ufacturer as I purchase in the U.S. the need for serious negotiations
ran a mostly substance-free policy but a fresh face was are half the cost of what I would with Russia to reduce the risk, with-
campaign, and now the coun- elects a comedian. enough. out even a word about the recent
try will start to learn what it Now a fight for influence decision by the Trump administra-
voted for. will ensue among Mr. Zel- China Not Afraid to Use tion to leave the intermediate nu-
clear treaty due to Russian cheating.
The three-week runoff was often surreal. The ensky’s show-business friends, reform-minded Raw Power Against Dissent Cheating is a big issue.
candidates challenged each other to take drug technocrats, scheming veteran politicos and old Regarding “From Falun Gong to ARI WEITZNER
tests, and footage of doctors drawing their blood guard businessmen. Mr. Zelensky has been ac- Xinjiang: China’s Repression Mae- New York
aired live. A week before the vote Mr. Porosh- cused of being a pawn of billionaire Ihor Kolo- stro” (page one, April 8), when I
enko debated an empty lectern in Kiev’s Olympic moisky, who owns the television station that visited Tibet a decade ago, I was
Stadium after Mr. Zelensky declined to appear. airs his show. How Mr. Zelensky handles the oli- struck by the overwhelming mili- Pepper ...
The April 19 debate featuring both candidates garch’s many disputes with the government will tary presence in Lhasa. The Chinese
devolved into an insult contest that made the say a lot about the new leader’s sincerity. idea of “community policing” meant
And Salt
Trump-Clinton debates look like an episode of Mr. Zelensky’s first few months should be an armed four-man military team THE WALL STREET JOURNAL

“Firing Line.” challenging even by Ukrainian standards. The on every corner in the center of
the city. Squads of soldiers roamed
Ukrainians still have much to be proud of. The political novice will oversee negotiations with
the city and the central market,
young democracy held a well-run election with- the International Monetary Fund as Yanuk- carefully watching everyone.
out major irregularities. Voters decisively chose ovych-era debt comes due. Vladimir Putin will Whether Muslim Uighurs, Falun
a Jewish head of state without the candidate’s test the rookie, probing for weakness and look- Gong, Tibetans or on newly formed
heritage being an issue, a testament to Ukraine’s ing for a deal to keep his proxies in control of islands in the South China Sea, the
pluralism. And Mr. Poroshenko, for all his imper- southern Ukraine. Parliament, which drives Chinese government uses raw
fections, accepted the will of the voters. domestic policy, is still controlled by Mr. Po- power to advance its interests.
Yet the tone of the campaign was notably di- roshenko’s allies ahead of October’s parlia- CHARLES E. MICHAELS
visive. Mr. Poroshenko said a Zelensky victory mentary elections. Los Angeles
would turn Ukraine into a Russian colony. But Ukrainians clearly wanted change, even if
as the war with Russian proxies in southern they’re not sure what they’re getting. More than Letters intended for publication should
Ukraine has evolved into a bloody stalemate, his one Western democracy has taken a similar be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
national-security emphasis didn’t strike a democratic leap, and the U.S. and Europe should or emailed to wsj.ltrs@wsj.com. Please
chord. A recent defense-procurement scandal do what they can to help. Ukraine has main- include your city and state. All letters
also hurt. The challenger scored Mr. Porosh- tained a pro-Western consensus despite its tur- are subject to editing, and unpublished
enko for continuing to do private business moil, and it needs friends to nudge it in the letters can be neither acknowledged nor “No one’s seen him all week,
returned.
while in office and promised to clean up right direction. but wait, there’s his black box.”
THE WALL STREET JOURNAL.
The Case for Monetary Regime Change
By Judy Shelton
S
ince President Trump an-
nounced his intention to
nominate Herman Cain and
Stephen Moore to serve on
the Federal Reserve’s board
of governors, mainstream commenta-
tors have made a point of dismissing
anyone sympathetic to a gold standard
as crankish or unqualified.
But it is wholly legitimate, and en-
tirely prudent, to question the infalli-
bility of the Federal Reserve in cali-
brating the money supply to the
needs of the economy. No other gov-
ernment institution had more influ-
ence over the creation of money and
credit in the lead-up to the devastat-
ing 2008 global meltdown. And the
Fed’s response to the meltdown may
have exacerbated the damage by low-
ering the incentive for banks to fund
private-sector growth.
What began as an emergency deci-
sion in the wake of the financial crisis
to pay interest to commercial banks on
excess reserves has become the Fed’s
main mechanism for conducting mon-
etary policy. To raise interest rates, the
Central bankers aren’t
omniscient. A linked-
currency system could
improve economic growth.
Fed increases the rate it pays banks to
keep their $1.5 trillion in excess re-
serves—eight times what is required—
parked in accounts at Federal Reserve
district banks. Rewarding banks for
holding excess reserves in sterile de-
pository accounts at the Fed rather
than making loans to the public does
not help create business or spur job
creation.
Meanwhile, for all the talk of a
“rules-based” system for international
trade, there are no rules when it
comes to ensuring a level monetary
playing field. The classical gold stan-
Why Should Congress See Trump’s Tax Returns?
By Jay Starkman
H
ouse Ways and Means Com-
mittee Chairman Richard Neal
has demanded that the Trea-
sury turn over six years of President
Trump’s tax returns by April 23. Cit-
ing concerns over “an abuse of au-
thority,” Treasury Secretary Steven
Mnuchin says he will not comply.
Who is right?
The 1924 Revenue Act required
the Internal Revenue Service to make
public the amount of tax paid by ev-
ery individual and corporation. Lack-
ing modern methods for determining
who was subject to the income tax,
publicizing such information was
considered a useful way to detect
nonfilers, as neighbors might snitch
on anyone understating income.
Reading about your neighbor’s in-
come, and that of celebrities, turned
into a national pastime. Most inspec-
tion requests came from women
wanting to know how much alimony
to claim, what their fiancés earned,
or simply what their husbands
earned. Celebrities’ finances were
published in newspapers.
The same law also allowed the
Ways and Means Committee or Sen-
ate Finance Committee to require
that the Treasury furnish “any data
of any character contained in or
shown by the returns.” It permitted
the committees to outsource its ex-
amination to outside agents and to
share “relevant or useful information
thus obtained” with the full Con-
gress.
Publicity was repealed in 1926 but
Congress retained the right “to in-
spect any or all of the returns at
such times and in such manner as it
may determine.” An identical right
was given to the newly formed Joint
Committee on Taxation. A 1940
amendment limited congressional in-
spection to a “committee sitting in
executive session,” suggesting that
returns examined this way could not
be made public.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
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dard established an international
benchmark for currency values, con-
sistent with free-trade principles. To-
day’s arrangements permit govern-
ments to manipulate their currencies
to gain an export advantage.
No wonder advocates of pro-
growth economic policies feel com-
pelled to question the vaunted status
of central bankers, even as currency
speculators track their every utter-
ance. Stable money is a prerequisite
for genuine economic growth and
shared prosperity. The increasing fi-
nancialization of gross domestic prod-
uct is unhealthy because the growing
size and profitability of the finance
sector comes at the expense of the
rest of the economy and increases in-
come inequality. When the value of
money is fixed, as under a gold stan-
dard, economic growth reflects higher
levels of productive output.
Fed Gov. Lael Brainard, who was
appointed by President Obama, told
Bloomberg Television last week that
new Trump administration nominees
will be expected to put forward
“fact-based, intellectually coherent
arguments that are based on evi-
dence, that are consistent over time”
to participate meaningfully in the
There has been very little debate
or controversy over these provisions.
A 1938 Treasury directive allows the
secretary discretion in granting ac-
cess when “it appears that compli-
ance therewith would be in violation
of law, or inimical to the public in-
terest.”
Congressional-committee
disclosure goes back
almost a century and was
never so politicized before.
In 1974 as part of the Watergate
investigation, President Nixon’s tax
returns from 1969-72 were examined
by both the Internal Revenue Service
and the Joint Committee on Taxa-
tion, the latter known for being non-
partisan tax experts. Both revealed a
nearly $450,000 underpayment.
Nixon’s underpayment resulted
from his deducting a gift of pre-pres-
idential papers to the National Ar-
chives. A major tax law was passed
on Dec. 30, 1969, under Nixon’s sig-
nature. It included a provision mak-
ing donation of personal papers after
July 25, 1969, ineligible for a charita-
ble deduction. Nixon’s lawyer negli-
gently missed the deadline and had
papers falsely backdated showing
that the gift was completed on
March 27, 1969. Two people served
jail time for their role in defrauding
the IRS.
Had Nixon been aware that the
gift he authorized hadn’t been com-
pleted, he likely could have obtained
an exception written into law, as is
often done in tax legislation, to in-
clude transactions in an advanced
state of completion but not yet con-
summated. Hubert Humphrey was
also trapped by the new law. He was
audited and denied a tax deduction
to the Minnesota Historical Society
for the papers from his years as Lyn-
Robert Thomson
Chief Executive Officer, News Corp
William Lewis
Chief Executive Officer and Publisher
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Professional Information Business:
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Ingrid Verschuren, Deputy Head
OPINION
CHAD CROWE
Fed’s deliberations.
She’s certainly right that the Fed
should act based on the best studies
and evidence. It could start with the
2011 paper “Reform of the Interna-
tional Monetary and Financial Sys-
tem,” published by the Bank of Eng-
land, which analyzed the performance
of the gold standard (1870-1913) and
the Bretton Woods gold-exchange
system (1948-72) relative to current
monetary practices. The report con-
cludes that today’s system has per-
formed poorly relative to prior mone-
tary regimes, “with the key failure
being the system’s inability to main-
tain financial stability and minimise
the incidence of disruptive sudden
changes in global capital flows.”
Trade and investment flows are dis-
torted as the world’s major central
banks engage in subtle exchange-rate
competition.
Discussion might be further en-
riched by the Obama administration’s
2015 Economic Report of the Presi-
dent, which highlights the growth in
middle-class incomes during the Bret-
ton-Woods system of fixed exchange
rates. The report describes the period
from 1948 to 1973 as the “Age of
Shared Growth.” The period was char-
don B. Johnson’s vice president.
More significant, the Nixon White
House regularly pressured the IRS to
audit his “enemies.” This became one
of the articles of impeachment. Wa-
tergate and revelations of IRS abuse
for political and other nontax pur-
poses threatened public confidence
in the privacy of tax returns. Con-
gress responded with a 1976 law
making tax returns confidential—not
subject to disclosure except in lim-
ited situations when an agency’s
need for information exceeded the
citizen’s right to privacy.
The scope of the congressional-
committee disclosure law has never
been litigated, so it’s unclear what
the limits are. Nixon consented to a
public review. The referral to the
Joint Committee was based on the
deposition of a White House official
arising out of the 1972 Watergate
break-in. His tax deficiency did not
contribute to his impeachment.
Rep. Neal gave as the reason for
requesting Mr. Trump’s tax returns
that he wanted “to determine the
scope of any such [IRS] examination
and whether it includes a review of
underlying business activities.” For
that purpose, he could do better by
asking the IRS commissioner to tes-
Anti-Semitism at NYU
By Susan Shapiro
‘I
went to NYU so long ago, it
was in the Bronx,” my con-
servative Midwestern father
once joked. He wasn’t thrilled to
send his left-wing daughter to New
York University to study creative
writing. My husband, a Tisch pro-
fessor, and my prelaw niece Dara
also love our school. Unfortunately,
the recent anti-Semitism sweeping
the campus is testing our affection.
Jewish students were assaulted
at an Israeli Independence Day cel-
ebration last year in Washington
Square Park, where two anti-Israel
student agitators were arrested af-
ter desecrating Israeli flags. The
NYU Jewish Center received
threats; swastikas were found in a
residence hall. The student govern-
ment passed an anti-Israel BDS—
boycott, divestment and sanctions—
resolution. NYU activists confronted
a pregnant Chelsea Clinton and in-
sanely blamed her for the massacre
at a New Zealand mosque because
she criticized Rep. Ilhan Omar’s
anti-Semitic slurs.
Most shocking, last week the
university gave a President’s Ser-
vice Award to Students for Justice
in Palestine for its “positive impact
on the community.” SJP is known
for pushing BDS, demonizing Israel
and leading a boycott of Zionist
student clubs.
A Zionist with relatives in the
Holy Land, I’m also pro-Palestinian
and for a two-state solution. I’ve
acterized by accelerating labor pro-
ductivity, falling income inequality,
and increased workforce participation.
What if post-1973 productivity growth
had continued at its pace from the pre-
vious 25 years? The report posits that
“incomes would have been 58% higher
in 2013” and “the median household
would have had an additional $30,000
in income.”
The kind of economic growth that
increases living standards across all
income levels occurs under condi-
tions of monetary and financial sta-
bility. Money is meant to serve as a
reliable unit of account and store of
value across borders and through
time. It’s entirely reasonable to ask
whether this might be better assured
by linking the supply of money and
credit to gold or some other refer-
ence point as opposed to relying on
the judgment of a dozen or so mone-
tary officials meeting eight times a
year to set interest rates. A linked
system could allow currency convert-
ibility by individuals (as under a gold
standard) or foreign central banks (as
under Bretton Woods). Either way, it
could redress inflationary pressures.
Intellectually fair-minded people
should be able to debate the pros and
cons of alternative monetary ap-
proaches without rancor. What is
most important is to avoid monetary
mistakes that undermine otherwise
positive economic developments. In-
flation results when too much money
is chasing too few goods. It is not
caused by real economic growth,
where wages increase to properly
compensate people for their higher
levels of output achieved through
productivity gains.
The Fed’s newfound “patience” in
appraising economic and financial
developments is welcome—and suit-
ably humble. Central bankers, and
their defenders, have proven less
than omniscient.
Ms. Shelton, an economist, is
author of “Money Meltdown: Restor-
ing Order to the Global Currency
System.”
tify. The president, vice president
and all IRS employees are audited
annually.
That Mr. Trump negotiates satis-
factory settlements with the IRS is
evident from the absence of tax-
court litigation. He retains top tax
advisers such as former IRS chief
counsel William F. Nelson and has
more than 500 entities on his tax re-
turn. It’s unlikely that six years’
worth of Mr. Trump’s returns can be
competently reviewed in executive
session to assess the IRS audit. Few
if any of the 42 members of Ways
and Means know how to prepare a
tax return, let alone analyze a return
that is thousands of pages. Unlike
the Joint Committee on Taxation,
Ways and Means may not be prop-
erly staffed for such a task.
Mr. Neal and his allies do not ap-
pear to have any nonpolitical reason
for requesting Mr. Trump’s returns.
But this may not be necessary. The
courts could soon decide this issue,
and we will see.
Mr. Starkman, a certified public
accountant in Atlanta, is author of
“The Sex of a Hippopotamus: A
Unique History of Taxes and Ac-
counting.”
criticized President Trump’s bigotry
and Prime Minister Netanyahu’s ex-
pansion of settlements, and I co-au-
thored a book about the genocide
of Muslims in Bosnia. Why can’t my
fellow Democrats call out smears
against Israel and the Jews?
BDS advocates hypocritically ob-
ject to the existence of the one
Jewish country while ignoring the
vast human-rights violations
against more than 1.2 billion people
in around 50 Muslim-majority na-
tions. They don’t boycott Saudi
Arabia, Syria, Iran or Somalia. They
don’t rage against Hamas, the fun-
damentalist terror organization
whose leaders have stated: “Amer-
ica and Israel will be annihilated,
Allah willing.”
NYU President Andrew Hamilton
has called academic boycotts of Is-
rael “contrary to our core principles
of academic freedom, antithetical to
the free exchange of ideas, and at
odds with the university’s posi-
tion.” He didn’t attend the SJP
award ceremony, and NYU insisted
the prize was decided by “volunteer
staffers and a student representa-
tive.”
But hate is hate. My alma mater
should rescind an honor given for
discrimination, bigotry and bias,
and condemn all injustice, not just
the kind that’s politically correct
this week.
Ms. Shapiro is author of “The
Byline Bible” and a co-author of
“The Bosnia List.”
Monday, April 22, 2019 | A15
Jailing CEOs
To Please
The Masses
By John F. Wood
E
lizabeth Warren was one of my
best law-school professors, but
her political ambitions seem to
have suppressed her once-reasonable
instincts, particularly regarding cor-
porate regulation. One of her recent
proposals, the Corporate Executive
Accountability Act, would upend hun-
dreds of years of U.S. legal tradition
and wreak havoc in boardrooms.
The proposal would make it a fed-
eral crime, punishable by up to a year
in prison for a first-time violation,
for corporate executives to “negli-
gently permit or fail to prevent” vio-
lations of the law at their companies.
As a former U.S. attorney, I am all
for prosecuting executives who
knowingly engage in misconduct. But
negligence is an extremely low stan-
dard ,normally reserved for civil en-
forcement and tort law. It means
that a violation should have been
Warren’s proposal would
overturn hundreds of years
of U.S. legal tradition.
avoided through greater care but
was accidental. By definition, negli-
gent executives are unaware of any
wrongdoing.
For centuries, with very few ex-
ceptions, U.S. law has reserved crimi-
nal penalties for people who know-
ingly engage in misconduct.
Otherwise, a person does not deserve
to lose his liberty and be branded a
criminal. Even if the sentence is
short, criminal convictions carry sig-
nificant moral and social stigma.
That reputational damage is often
impossible to repair.
Ms. Warren says we must lower
the criminal standard from intent to
negligence because it is hard to prove
that top executives were “personally
aware of all their company’s actions.”
She is correct—it is difficult to
prove knowledge and intent. But that
high burden of proof is a good thing.
As Justice Oliver Wendell Holmes
wrote, “If justice requires the fact to
be ascertained, the difficulty of doing
so is no ground for refusing to try.”
Her proposal is also baffling in its
limitations. If Ms. Warren truly be-
lieves oversight failures warrant jail
time, shouldn’t she also call for the
arrest and conviction of members of
Congress who negligently fail to pre-
vent their staffers from breaking
campaign-finance laws?
Though she leaves lawmakers un-
touched, Ms. Warren’s proposed
criminal sanctions for executives are
extremely broad. They would apply
to negligence at all companies with
more than $1 billion in revenue if the
company violates any federal or
state criminal law. Roughly 2,000
U.S. companies, employing nearly
one-third of all workers, meet these
criteria.
The proposal would even criminal-
ize negligence by executives at such
companies that violate any civil law
“if that violation affects the health,
safety, finances, or personal data of
1% of the American population or 1%
of the population of any state.” Ms.
Warren points out that corporate ex-
ecutives who negligently cause the
adulteration or misbranding of drugs
may face criminal penalties under
the Food, Drug and Cosmetic Act. But
that’s much narrower than making it
a crime to fail unknowingly to pre-
vent any violation of state or federal,
criminal or civil law.
At the same time, Ms. Warren’s
bill would make it harder for prose-
cutors to get the victims of corporate
misconduct their due. The govern-
ment often brings cases against com-
panies when lower-level employees
have acted inappropriately. In many
instances, that is a good thing. A cor-
porate fine encourages companies to
be more vigilant in adopting and im-
plementing compliance programs.
Fines and settlements may also pro-
vide compensation to consumers and
others who have been harmed.
But under Ms. Warren’s bill, exec-
utives can be jailed for civil viola-
tions for which companies are found
liable or settle. This sets up very dif-
ferent incentives. It’s one thing for
your company to pay a fine, another
for your life to be ruined. CEOs may
simply refuse to settle, and victims
will either lose out on the money
they are due or have to spend exorbi-
tantly to get it.
If Ms. Warren’s idea becomes law,
executives will have to pour more
time and money into protecting
themselves and less creating jobs and
boosting shareholder value. That’s no
way to run a company—or govern a
country.
Mr. Wood is senior vice president,
chief legal officer, and general coun-
sel of the U.S. Chamber of Com-
merce. He previously served as U.S.
attorney for the Western District of
Missouri.
A16 | Monday, April 22, 2019 THE WALL STREET JOURNAL.

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Last Week: S&P 2905.03 g 0.08%
Banks Seek Right to Hire Ex-Criminals Musk
Financial institutions
chafe at restrictions
that bar applicants
with minor records
BY LALITA CLOZEL
WASHINGTON—Banks want
the government to ease a re-
striction that prevents them
from hiring people with even
minor convictions, requiring
them to turn away hundreds
of applicants in recent years.
Under a 1950 law, banks are
Investors
Gauge if
Rally Is
Near End
BY IRA IOSEBASHVILI
Major U.S. stock indexes are
approaching fresh records,
leaving investors with a diffi-
cult choice: Lock in this year’s
startling gains or hang on for
the ride.
The S&P 500 is on track for
the best four-month start to
the year in more than three
decades, gaining 16% to be less
than 30 points from a record.
The index’s surge surprised
many Wall Street banks that
had expected a much slower
rebound from 2018’s turbulent
finish.
Yet the gains have stalled in
recent weeks, with swings and
trading volumes dropping to
their lowest levels in months.
Many fund managers are hold-
ing back from adding to stock
allocations or even reducing
them, worried that the volatil-
ity that buffeted markets at
the end of last year could re-
turn if a recent cautious shift
by central banks fails to bol-
ster global growth or if global
trade frictions rise.
Alan Robinson, global port-
folio adviser at RBC Wealth
Management, has winnowed
technology and emerging-mar-
kets holdings from his portfo-
lio, worried about valuations
and slowing growth abroad.
“We’re uncomfortable with
the fact that the market has
shot up as much as it has,” he
said. “At this point, if you
Please turn to page B9
INSIDE
SPACEX MISHAP
FUELS FEARS
OF DELAYS
AERONAUTICS, B3
PERSONAL TECHNOLOGY | By David Pierce
Streaming Revolution
Gives Cable a Boost
Here’s a
sentence I
never thought
I’d write: I re-
ally like my
cable box.
I recently upgraded from
one of those fusty old boxes
to Comcast’s Xfinity X1 box,
and the difference is insane.
Rather than remember hun-
dreds of channel numbers, I
just say, “the Warriors game”
into the voice-enabled remote
and it jumps to the right
place. With one search, I can
find content across live TV,
on-demand and even Netflix.
TECHNOLOGY: HUAWEI’S REVENUE REFLECTS FURTHER INROADS INTO 5G B4
* * * **
S&P FIN À 0.67% S&P IT À 1.32%
barred from hiring anyone
convicted of a crime of dis-
honesty or breach of trust.
The only way around the law
is to get a waiver from the
Federal Deposit Insurance
Corp. Since 2008 it has ap-
proved around 57% of requests
made by individuals petition-
ing on their own or with bank
sponsorship, according to
agency data.
Banks said the restriction is
too tight, keeping them from
hiring a more diverse pool of
candidates. The ban covers fel-
onies such as financial fraud,
A Break in the Action
The studio's movie business has lost ground since ‘The Hunger Games’ series ended in 2015
and management continues to work on integrating the Starz pay-TV network.
Share-price performance over the past year
10%
0
–10
–20
–30
–40
–50
2018
Domestic box-office gross for Lions Gate's films
YEAR TOP FILM
2010 The Expendables
2011 The Lincoln Lawyer
2012 The Hunger Games
2013 The Hunger Games: Catching Fire
2014 The Hunger Games: Mockingjay Part 1
2015 The Hunger Games: Mockingjay Part 2
2016 La La Land
2017 Wonder
2018 A Simple Favor
*Domestic box office
Sources: SIX (share performance); Box Office Mojo (market share; top films); the companies (subscribers) Photo: Lions Gate/Courtesy Everett Collection
Tensions, Rivals Strain Lions Gate
BY JOE FLINT
AND BEN FRITZ
As big entertainment com-
panies join forces through me-
gamergers and technology gi-
ants invest billions of dollars in
new programming, Lions Gate
Entertainment Corp. is finding
it tough to stick to its script.
CHINA TRIES
CROWDFUNDING
HEALTH CARE
INSURANCE, B6
I know, I know. Talking
about how great cable is in
2019 sounds like bragging
about my horse-drawn buggy
in the age of the Model T. The
future of TV looks mostly like
Netflix, Hulu, Disney+ and
other streaming services. But
what we’re discovering is, in
this cable-cut, streaming-
dominated world, every set of
shows we want to watch
comes with its own app, pass-
word and ever-increasing
monthly fee. Gee, it’d be great
if someone could bundle all
that content together in one
Please turn to page B4
THE WALL STREET JOURNAL.
DJ TRANS À 0.70%
but also misdemeanor offenses
that result in no prison time,
including minor shoplifting
and drug-possession convic-
tions. There is no broad stat-
ute of limitations, meaning of-
fenses from early adulthood
can stop a candidate decades
later.
Banks and advocates for
criminal-justice changes have
encouraged the FDIC to ex-
empt more people from the
ban by creating a statute of
limitations and an exemption
for drug crimes.
The law can “pose unneces-
S&P 500
Lions Gate
$15.91
t38%
2019
TOP FILM BOX OFFICE
0 0.3
The independent studio be-
hind “The Hunger Games” and
“Orange is the New Black” em-
barked on a strategy to roll up
other small and midsize enter-
tainment companies in 2015,
after media mogul John Ma-
lone bought a stake. The pur-
chase of Starz, a pay-TV net-
work, for $4.4 billion was the
Ghosn Struggles With His Return to Jail
BY NICK KOSTOV
AND PETER LANDERS
Weekends are the worst for
Carlos Ghosn. Alone in his cell,
he isn’t permitted to leave for
the 30 minutes of fresh air he
gets on weekdays. The lights
burn 24 hours a day. He can’t
wear a watch and sometimes
he finds himself disoriented.
“Weekends he’s cut off from
the world, there’s nothing,” his
wife, Carole Ghosn, said in an
interview describing her hus-
band’s life behind bars.
For a month, the couple
lived together in a Tokyo apart-
ment after Mr. Ghosn was freed
on bail. Now, after his rearrest
on April 4 on new suspicions of
financial misconduct, the for-
mer globe-spanning auto execu-
tive who lived in houses on
three continents is back in the
same cell.
The former Nissan Motor
Co. chairman is likely to find
out this week whether he will
face additional months behind
bars. Prosecutors must either
indict Mr. Ghosn by Monday on
new charges or release him,
and a new indictment is widely
expected. That will enable Mr.
Ghosn to seek release on bail.
“The whole system is there
to make you break,” Ms. Ghosn
said. “They’re not violent, but
they make everything so hard.
It’s a torture.” Japanese author-
ities say Mr. Ghosn is receiving
normal treatment. Earlier this
month, the Tokyo District Court
approved Mr. Ghosn’s contin-
ued detention.
“There is substantial reason
WSJ $ IDX À 0.35% LIBOR 3M 2.581 NIKKEI 22200.56 À 1.51%
sary and inappropriate obsta-
cles to banks’ ability to em-
ploy qualified individuals with
limited criminal records…who
have taken steps to rehabili-
tate themselves,” the Bank
Policy Institute, a bank trade
group, said in an April letter
to Congress asking lawmakers
to revisit the statute. There
are no ongoing legislative ef-
forts to change it.
“The offenses are very
broad,” said Maurice Emsel-
lem, program director at the
National Employment Law
Project. “Unnecessarily so.”
Box-office market share*
12%
10
8
6
4
2
0
2010 ’12 ’14 ’16
Other Lions Gate films
0.6
first step. Lions Gate’s growth
plans have since stalled. In
2017, talks to sell itself to toy
maker Hasbro Inc. fell
through.
Investors have sent Lions
Gate shares down 42% from a
peak last summer, concerned
about the studio’s viability
compared with industry giants
to be wary of the suspect de-
stroying evidence in the case
through measures such as pres-
suring people involved,” the
ruling said, according to an ex-
cerpt released by a Ghosn law-
yer who argued the justifica-
tion was too vague.
Prosecutors say the serious-
ness of the latest matter, in
which the 65-year-old is sus-
pected of taking at least $5 mil-
lion for personal gain out of
payments made by Nissan to a
distributor in Oman, justified
arresting him again. Mr. Ghosn
says he is innocent. His repre-
sentatives have said neither he
nor his family benefited from
Nissan payments.
The former Nissan chairman is likely to find out this week if he will face more time behind bars in Tokyo.
Monday, April 22, 2019 | B1
Criminal convictions have
kept otherwise qualified appli-
cants from getting a range of
bank jobs, from tellers to cus-
tomer-service representatives
to director positions.
“Our firm supports re-entry
programs for incarcerated citi-
zens returning to their commu-
nities after they are released,”
JPMorgan Chase & Co.
spokesman Andrew Gray said.
The restrictions also have
derailed the careers of bank
employees, including a group
of Wells Fargo & Co. workers
Please turn to page B6
U.S. subscribers
36
million
27
25
HBO Showtime Starz
’18
0.9 $1.2 billion
such as Walt Disney Co. and
Netflix Inc. The company’s
revenue in 2018’s final quarter
fell 20% from a year earlier to
$933.2 million, and net income
dropped nearly 90% to $22.9
million.
Morgan Stanley analyst Ben
Swinburne recently lowered fi-
Please turn to page B2
Since his latest arrest, pros-
ecutors have been interrogating
Mr. Ghosn for up to five hours
a day, according to his law-
yers—to no avail, they say, be-
cause Mr. Ghosn is responding
merely, “I have nothing to say”
or “Isn’t this a waste of time?”
Yuichi Kaido, a lawyer and
the president of the Center for
Prisoners’ Rights, said prosecu-
tors can sometimes harangue
suspects who choose to stay si-
lent for 10 hours a day. The
treatment and strict rules are
designed “to make suspects feel
that they want to give up fight-
ing,” he said. Japanese authori-
ties deny that the judicial sys-
tem is set up to torture
See more at WSJMarkets.com
Talks of
Future as
Sales Sink
BY TIM HIGGINS
As Tesla Inc. faces ques-
tions about whether demand
for the Model 3 compact car is
slowing, Chief Executive Elon
Musk wants investors to focus
on the auto maker’s road
much farther ahead: vehicles
driving themselves in a robot-
taxi fleet.
Mr. Musk is gathering in-
vestors Monday to reveal the
electric-car maker’s latest ef-
forts to develop self-driving
car technology and his strat-
egy for deploying it. The pre-
sentation at the company’s
Palo Alto, Calif., headquarters
is scheduled two days before
Tesla reports quarterly finan-
cial results, which are ex-
pected to show a loss on
JASON LEE/REUTERS
The Tesla Model 3 compact car.
slumping vehicle sales.
The week’s twin billing en-
capsulates the polarizing na-
ture of Tesla, which has
sharply divided investors be-
tween skeptics and believers.
Monday’s event will likely
showcase Mr. Musk as the exu-
berant salesman pitching his
futuristic vision for Tesla.
First-quarter results, on the
other hand, are backward
looking by definition and
could prompt a defense of op-
erational struggles.
Some investors praised
Tesla’s decision to highlight its
driverless-car technology be-
cause they said it is a reason
to value Tesla more than other
auto makers. Those betting
against Tesla said the investor
day is a marketing stunt ahead
of expected bad news.
“I’ve seen this movie be-
Please turn to page B2
suspects into confessing.
After his first arrest on Nov.
19, Mr. Ghosn answered ques-
tions to defend himself and
signed statements that were
written in Japanese, a language
he can’t read, his then-lawyer
said. In February, he dismissed
that lawyer, a former prosecu-
tor, and appointed new lawyers
who advised staying silent. He
was freed in early March after
spending 108 days behind bars.
Lawyers and interrogators
now represent the main human
contact at the Tokyo Detention
Center for the former auto
boss.
When first arrested, Mr.
Please turn to page B2
KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES
B2 | Monday, April 22, 2019
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A Huawei Technologies..B4
Albertsons .................. A8
Amazon.com.....A1,B4,B7
Ant Financial Services
Group.........................B6
Apple......................B2,B4
AT&T.......................B2,B4
Aurora Health Care
.....................................R8
B T-Mobile US................B4
Boeing ......................... B3
C U
Caterpillar ................... B7
Chipotle Mexican Grill
.....................................B9
Comcast.......................B1
D Vanguard High Dividend
Didi Chuxing Technology
.....................................B6
Dodge & Cox Income
Fund .......................... R3
E O
Edge by Ascential
.....................................A8
F P
Facebook................A6,B7
Ford Motor..................B3
H R
Hasbro.........................B1
Hess.............................B9
INDEX TO PEOPLE
A Hopkins, Larry............A3
Albrecht, Chris............B2
B Schlotman, Michael
Balderas, Hector.........A3
Barton, Rich................B9
Bridenstine, James
.....................................B3
Burns, Michael............B2
C L
Champion, Thomas
.....................................B9
Chen Dongmei.............B6
Cosset, Yael................A8
F McMullen, Rodney
Feltheimer, Jon...........B2
G-H
Ghosn, Carlos..............B1
Giuliani, Rudy.............A4
Greene, Megan............B9
Hopkins, Jamie.........R11
Tensions
Strain
Lions Gate
Continued from page B1
nancial projections for the
company and said in a report
he is taking a “more cautious
long-term view” of its assets.
Some Lions Gate employees
said they have found it diffi-
cult at times to engage in
long-term planning because
they didn’t expect the studio
to last long as an independent
entity. “It feels like the com-
pany has gone into extra in-
nings,” said one former execu-
tive.
Meanwhile, the company
has been beset by internal
conflicts tied to the integra-
tion of Starz, as well as uncer-
tainty in reorganizing its mo-
tion-picture business and
challenges in finding new TV
hits.
Lions Gate Vice Chairman
Michael Burns and Chief Exec-
utive Jon Feltheimer said in an
interview that they have con-
tinued long-term planning as
usual. They said the studio is a
healthy independent company
able to sell content to other
distributors, and to invest in
Starz as one of several sub-
scription services that will
prosper in the coming years.
They declined to comment on
deal making.
Starz, whose hit shows in-
clude “Power” and “Out-
lander,” has 25 million U.S.
subscribers, compared with
HBO’s 36 million. The com-
pany is pursuing growth by
expanding the channel’s mod-
est international presence.
“We’re well-positioned as
both an arms merchant and
with our own platform,” said
Mr. Feltheimer. “I think ulti-
mately Wall Street will see it
that way.”
Many of Lions Gate’s prob-
lems have to do with Starz.
The deal created a clear op-
portunity for Lions Gate’s tele-
vision-production studio to
make shows for Starz, accord-
ing to analysts and people in-
side the company.
Yet, the first such show, a
supernatural thriller called
“The Rook,” will premiere this
summer, nearly three years af-
ter the acquisition.
Chris Albrecht, who ran
Starz until early this year, reg-
* ***** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Hyundai Motor............B3
S
Tesla’s high,” Mr. Musk told investors
last quarter before the most
recent price cuts. “The inhibi-
Musk Talks
Samsung Electronics
I .....................................B4 tor is affordability…It’s got
nothing to do with desire.”
Invesco Preferred ETF Space Exploration
At Monday’s presentation—
Of Future
Technologies.............B3
.....................................R3 slated to be live-streamed—
Subaru.........................B3
iShares Core High Mr. Musk might show off
Dividend ETF ............ R3 T Tesla’s technological prowess
and tout fleets of robot taxis.
J Target..........................A8
Tesla............................B1 Continued from page B1 Tesla investor ARK Invest-
JPMorgan Chase.........B1
WU HONG/EPA/SHUTTERSTOCK
fore,” said David Kudla, chief ment says a successful robot-
K executive of Mainstay Capital taxi fleet could boost the com-
Toyota Motor..............B3
Kroger..........................A1 Management, a short-seller of pany’s stock to $4,000 a share
Tesla stock. “Whether it’s in 2023. On Friday, Tesla’s
L launching the Tesla into space, shares closed at $273.26,
Uber Technologies ...... B9
Lions Gate
United Technologies whether it’s some sort of down 18% for the year.
Entertainment..........B1 product reveal or some grand When Tesla announced
.....................................B7
Lyft..............................B9 announcement that comes a April 11 that it was offering
V day or two before earnings.” Delivery challenges have emerged abroad. A Model 3 in Shanghai. 36-month lease financing for
M
Tesla declined to comment. the Model 3, the company said
Microsoft.....................B7 Yield ETF...................R3 The investor presentation reached a limit on buyers of a hicles it sells. LMC Automo- customers wouldn’t be able to
N Vanguard Short-Term and earnings report come af- car that on average sold for tive, a forecasting firm, esti- purchase the vehicles at the
Netflix....................B1,B9 Corporate Bond ETF ter Friday’s disclosure that $57,000 last year, according to mates that Tesla’s U.S. vehicle end of the term because the
Tesla plans to shrink its board analyst estimates. deliveries fell 57% to 31,900 cars would be deployed in a
Nissan..........................B1 .....................................R3
Verizon Communications to seven from 11 directors as Tesla has already warned it from the fourth quarter and robot fleet. Car companies
.................................. B4 part of a series of moves to would report a loss instead of that the company will sell 13% normally allow a customer to
Ocado Group...............A8 Volkswagen.................B3 improve its governance. a previously expected profit fewer vehicles in the U.S. this buy the car or sell it used.
OpenDoor .................... B9 Since Tesla unveiled the for the first quarter and said year compared with 2018. Mr. Musk said the price of
W Model 3 in March 2016 and re- vehicle deliveries fell 31% from “You’re probably leveling into the so-called full self-driving
Walmart......................A1 ceived a deluge of $1,000 de- three months earlier, citing a more natural area of the in- feature on Tesla vehicles will
Procter & Gamble Walt Disney................B1 posits for a car aimed at a challenges in delivering the evitable supply-and-demand increase “substantially over
.....................................A8 Wells Fargo.................B1 more mainstream buyer, the Model 3 overseas. The com- balance,” said Jeff Schuster, time” beginning on May 1.
company has sought to show pany brought the car’s price an LMC Automotive analyst. He expects the fully self-
Whirlpool.....................B7
it has the manufacturing mus- down to $35,000 after the Mr. Musk has said he be- driving system to be “feature
Redfin..........................B9 Z cle to meet customer demand. phaseout of U.S. tax credits for lieves there is an annual de- complete” this year, meaning
Roku ............................ B4 Zillow Group ............... B9 After overcoming some pro- buyers of electric cars. mand for 500,000 Model 3s the vehicle will have the abil-
duction challenges for the Unlike major auto makers, even as Americans prefer ity to drive to a destination
model, Tesla now faces ques- Tesla doesn’t disclose how SUVs over sedans. “The de- without user intervention but
tions about whether it has many cars and sport-utility ve- mand for Model 3 is insanely will still require observation.
Ghosn
S would rise to three times a she was concerned that some- days off from April 27 to May
Hutchinson, Alison Savir, David.................R4 week if his detention extends thing similar could happen 6, including the regular Golden
.....................................R4 into summer, and otherwise is when Japan has 10 straight days Week holidays and extra days
Struggles
stuck with cold water from the off surrounding the May 1 en- to mark the May 1 enthrone-
K .....................................A8
tap in his room, his wife said. thronement of a new emperor. ment of a new emperor. Mr.
Keogh, Scott...............B3 Schuster, Jeff ............. B2
Without a watch, “it’s so dis- Although Mr. Ghosn looked Kaido of the prisoner-rights
Back in Jail
Knutzen, Erik..............B9 Shotwell, Gwynne orienting to him because he fit and healthy in a video taken center said he was calling on
Kudla, David................B2 .....................................B3 doesn’t know what time of day just before his latest arrest, if authorities not to shut in de-
Kurlowicz, Ted...........R11 Smith, Andrew............B3 it is,” she said. Especially in his confinement is extended, it tainees for all 10 days.
Stearns, Dennis..........R4 winter when the nights were could worsen a kidney condi- At other periods, Mr. Ghosn
Sullivan, Tim...............R4 Continued from page B1 long, “he couldn’t tell and it tion with which he has been di- has had more social interaction.
Lightfoot, Paul............R4 Ghosn was put in a room with was bothering him. It was men- agnosed, Ms. Ghosn said. After the initial round of indict-
Swedroe, Larry..........R11
M Japanese-style tatami mats and tal torture,” Ms. Ghosn said. When locked in his cell for ments ended in January, family
T a futon. After his first several Detainees get 30 minutes an extended time, Mr. Ghosn’s members could visit, but not
Ma, Jack......................B6
Thompson, Leslie........R4 weeks, he was switched to a outside on weekdays but not treatment resembles the defini- now. “He’s learned to appreci-
Malone, John .............. B1 cell with a bed and is in that when the jail is on weekend or tion of solitary confinement by ate just the smallest things”
W
same cell now, said Ms. Ghosn, holiday staffing. Ms. Ghosn said Stuart Grassian, a U.S. expert in that can make him so happy,
.....................................A1 Waltenberger, Alicia who has been told that by her her husband would go outside the subject: “the confinement she said. “He’s saying he’s
Musk, Elon .................B1 .....................................R4 husband’s lawyers. Although at 8 a.m. and walk on the roof of a prisoner alone in a cell for lucky. He could have died on
R Warner, George...........B3 there is a window, “he can’t to get fresh air. But during the all, or nearly all, of the day Nov. 19, but he’s survived to
look outside. It’s too deep, and year-end and New Year holidays with minimal environmental live this, and to learn to appre-
Robinson, Alan............B1 Z
it’s not transparent,” she said. “when they closed down for six stimulation and minimal oppor- ciate life even more.”
Rodgers, Rick............R11 Zelensky, Volodymyr Mr. Ghosn is allowed a days, he was locked in his tunity for social interaction.” —Megumi Fujikawa
Ryan, Robin...............R11 .....................................A5 shower twice a week, which room,” she said. Ms. Ghosn said Japan has 10 consecutive contributed to this article.
MURRAY CLOSE/LIONSGATE/EVERETT COLLECTION
The studio’s movie business has lost ground since ‘The Hunger Games’ series ended in 2015. Its attempts to create or revive major film franchises have mainly fizzled.
ularly balked at attempts by Lions Gate’s movie busi- make more money from mov-
Lions Gate to give him shows ness, meanwhile, has lost ies they produce themselves
that he felt didn’t fit on the
Estimated Box-Office Figures, Through Sunday ground since “The Hunger than those they acquire from
SALES, IN MILLIONS
network, people close to the Games” series ended in 2015. third parties.
company said. FILM DISTRIBUTOR WEEKEND* CUMULATIVE % CHANGE Its attempts to create or re- Lions Gate faces a major
Messrs. Feltheimer and vive major film franchises challenge with the film called
1. The Curse Warner Bros. $26.5 $26.5 --
Burns at times expressed frus- have fizzled, including “Diver- “Chaos Walking.” The first of
of La Llorona
tration that in their view Mr. gent,” “Gods of Egypt,” “Robin several planned adaptations of
Albrecht wasn’t a team player 2. Shazam! Warner Bros. $17.3 $121.3 -29 Hood” and this month’s “Hell- a series of young-adult science
and didn’t spend enough time 3. Breakthrough Twentieth $11.1 $14.6 -- boy.” The lone exception has fiction novels cost around
focused on day-to-day opera- Century Fox been the “John Wick” action $100 million to produce but
tions, these people said. Mr. movies, starring Keanu turned out so poorly it was
4. Captain Marvel Disney $9.1 $400 6
Albrecht, who led Starz before Reeves. Also, filmmaker Tyler deemed unreleasable by exec-
it was acquired, would com- 5. Little Universal $8.5 $29.4 -45 Perry recently released what utives who watched initial
plain that Lions Gate’s declin- *Friday, Saturday and Sunday Source: Comscore he said would be the final film cuts last year, according to
ing share price was costing in his successful “Madea” se- current and former employees.
him personally, some of the ries, which have been major Lions Gate delayed the
people said. “I think it is fair to say I the fiscal third quarter ended moneymakers for Lions Gate. film’s planned March release
“I think we had some differ- saw the next phase of evolu- Dec. 31. It added just over one Many of the company’s top and is about to begin three
ent ideas about how to run tion of the company being million subscribers in 2018. motion-picture executives weeks of additional produc-
things…and a bit less coopera- more Starz-centric while being Competition from coming have left in the past 18 tion, at a cost of millions
tion than I wanted,” Mr. laser focused about restoring video services from Disney, months, and new production more, in the hope that new
Feltheimer said. and creating value for our AT&T Inc.’s WarnerMedia and starts have slowed. As a re- scenes will improve its com-
In February, Mr. Albrecht shareholders,” Mr. Albrecht Apple Inc. could threaten sult, Lions Gate is relying mercial prospects.
resigned at the urging of Mr. said in a statement. Starz’s growth. Mr. Burns said more on movies it acquires or “We wouldn’t be shooting
Feltheimer, according to peo- Despite the friction, Starz technology companies also of- releases for partners. The more if we didn’t think we
ple familiar with the matter. has performed well financially, fer opportunities, noting that company has recently finished could make this movie work,”
Now, the two companies are with revenue increasing 4% to Apple will be selling Starz assembling a new senior team said Mr. Feltheimer.
“working really closely,” Mr. $366.8 million and profits up subscriptions on its TV ser- and is ramping production —Shalini Ramachandran
Feltheimer said. nearly 10% to $134.1 million in vice. back up. Typically, studios contributed to this article.
 THE WALL STREET JOURNAL. Monday, April 22, 2019 | B3

BUSINESS NEWS

Orders for
Ships Fall
To Lowest
In 15 Years
BY COSTAS PARIS

Ship orders have shrunk to

the lowest level in 15 years as
vessel owners struggle with

CRAIG BAILEY/FLORIDA TODAY/ASSOCIATED PRESS

excess capacity that has kept
freight rates well below break-
even levels.
There were 3,200 vessels of
a combined 81 million gross
tons ordered globally in the
first quarter, the lowest figure
since 2004, marine data pro-
vider Clarksons PLC said in a
report released Friday. “The
global order book has declined
to its lowest level since the
early stages of the shipbuild-
ing boom,” said George War- Smoke rose over Cape Canaveral Air Force Station in Florida on Saturday. The company reported a problem during the test firing of a Dragon spacecraft.

SpaceX Capsule Suffers Setback

ner of Clarksons Research.
Crude tankers and bulkers
made up about two-thirds of
all orders a decade ago, Clark-
sons said, but this year the
share has dropped to 42% as
volatility in commodity mar-
kets and changes in global en-
ergy consumption have trig-
gered shifts in oceangoing
trade. Ship types like lique-
fied-natural-gas, or LNG, carri-
ers now make up a bigger por-
tion of orders.
The 141 LNG carriers on or-
der represent 13% of the total
order book, compared with
just 2% a decade ago, Mr. War-
ner said. The LNG market is
surging amid growing demand
from countries including
Japan, China and India, which
are turning to gas rather than
coal for power generation and
heating.
Seaborne LNG cargo mar-
kets also are being fueled by
growing U.S. gas exports.
Cruise-ship orders also
make up a bigger part of the
mix, comprising 12% of the
global order book, compared
with 2% a decade ago, accord-
ing to Clarksons.
The pullback in orders has
hurt shipbuilding yards in big
production centers in South
Korea, China and Japan.
Testing problem could
prompt delay of
company’s human
orbital flight for NASA
BY ANDY PASZTOR
A SpaceX capsule presumed
damaged during weekend en-
gine tests on the ground in
Florida created an extensive
plume of smoke visible for
miles, prompting some industry
officials to say the problem
could delay the company’s first
crewed space flight by months.
The accident occurred Sat-
urday at Florida’s Cape Canav-
eral Air Force Station with no
one aboard, as closely held
Space Exploration Technolo-
gies Corp. was testing engines
on its Dragon spacecraft, de-
signed to provide an emer-
gency escape for astronauts in
case of a rocket failure. There
were no injuries.
The company and NASA,
which hopes to send the vehicle
on its first mission into orbit
with U.S. astronauts later this
year, called it an “anomaly,”
without elaborating. A SpaceX
spokeswoman on Sunday
wasn’t available for comment.
It is too early to tell what
went wrong during the test, or
even whether most of the
damage was suffered by the
testing facility or the capsule
itself. Some early unconfirmed
reports suggested significant
capsule damage, while eyewit-
ness reports recounted a dark
plume of smoke wafting high
above the test site.
If the root cause related to
malfunctions of engine noz-
zles, internal plumbing or the
basic fuel system, according to
industry officials and space
experts, the upshot may be de-
sign changes accompanied by
months of investigation and
testing. That could push the
initial crewed launch past the
end of the year.
If the problem stemmed
from a relatively simple part
malfunction or failure, these
experts said, it could be easier
to generally maintain earlier
schedules.
James Bridenstine, admin-
istrator of the National Aero-
nautics and Space Administra-
tion, was noncommittal in his
immediate response. In a
statement posted on Twitter,
he wrote: “This is why we test.
We will learn, make the neces-
sary adjustments and safely
move forward.”
It isn’t clear if most
of the damage was
suffered by the capsule
or the testing facility.
Regardless of precisely
what happened, the problem
occurred at a particularly im-
portant juncture for SpaceX,
because it was preparing for a
critical abort test of the
Dragon’s emergency escape
engines in coming weeks. That
uncrewed test has to meet
NASA’s criteria for safety and
reliability before astronauts
will be allowed to climb into
the latest version of the
Dragon.
The weekend’s events now
appear to put in jeopardy a
summer launch date with as-
tronauts on board.
Also for NASA, which has
earmarked a total of nearly $7
billion to promote develop-
ment and deployment of sepa-
rate fleets of so-called com-
mercial crew taxis by SpaceX
and Boeing Co., the timing
threatens plans to routinely
start flying such U.S. capsules
to the international space sta-
tion by 2020.
Last month, SpaceX
notched a milestone by suc-
cessfully launching, docking
and returning safely to earth
its first crew capsule, but
without astronauts inside.
Over the weekend, Space
News, an industry publication,
said it received a statement
from SpaceX that said “the
initial tests completed suc-
cessfully, but the final test re-
sulted in an anomaly on the
test stand.”
The testing trouble also
comes amid mounting White
House calls to accelerate hu-
man exploration of the moon
and Mars using commercially
developed and operated rock-
ets and spacecraft. Dragon
flights ferrying astronauts to
and from orbit are an integral
part of those broader plans.
For the past few years,
Gwynne Shotwell, president and
chief operating officer of Haw-
thorne, Calif.-based SpaceX, has
publicly said her highest prior-
ity is commencing safe and
timely transport of U.S. astro-
nauts to the space station.
Previously, NASA leaders
tentatively signed off on a
novel operating practice allow-
ing SpaceX to fuel its Falcon 9
rockets for blastoff while as-
tronauts are strapped into a
Dragon capsule on top. The
safety of the procedure ini-
tially was questioned by astro-
nauts, as well as experts inside
and outside NASA. The latest
engine testing failure could re-
vive some of those qualms.

SHOW YOUR
MONEY SOME
LOVE. LIKE
NATAN DVIR/BLOOMBERG NEWS

GUARANTEED
Auto makers unveiled several sport-utility vehicles at the New York show, such as the Venue crossover.

Hyundai, Subaru, Toyota

Keep SUVs in the Spotlight
BY MIKE COLIAS
The sport-utility vehicle is
taking center stage at the New
York International Auto Show,
with car companies showing
off new models of all shapes,
sizes and price points.
In recent years, auto mak-
ers have focused many of their
auto-show debuts on SUV of-
ferings, reflecting a shift
among American buyers away
from sedans to larger, more
expensive vehicles.
In New York last week,
Hyundai Motor Co. revealed a
new Venue crossover, a tiny
sport-utility model aimed at
younger buyers, and Subaru
Corp. showed off its next-gen-
eration Outback SUV. Mer-
cedes-Benz introduced a ver-
sion of its large GLS sport
utility, and Toyota Motor
Corp. rolled out its latest
Highlander, a nameplate that
made its debut in New York
two decades ago.
Here are some highlights
from this year’s show, which
runs through April 28:
 Subaru generated buzz
with a homage to its partner-
ship with the National Park
Foundation, playing to the
brand’s outdoorsy image. The
parks-themed display includes
a ranger outlook station, stone
fire pit and live evergreen
trees, complete with a pine
scent pumped into the room.
The Japanese auto maker
used the set to reveal the Out-
back, its top-selling U.S. name-
plate and a staple in outdoor-
recreation hotbeds such as
Colorado and Vermont.
 Ford Motor Co.’s Lincoln
brand showed a new small
sport utility, the Corsair,
which succeeds the outgoing
MKC nameplate. Lincoln is
bucking the luxury trend by
assigning real names to its ve-
hicles, such as Aviator and
Nautilus, instead of using the
alphanumeric monikers fa-
vored by rivals.
Lincoln has struggled to
break into the luxury market’s
top ranks, but lately it has
been winning critical praise
with new styling and attention
to detail. For instance, Lincoln
has replaced the usual pinging
noise when a door is opened
with notes recorded by the De-
troit Symphony Orchestra.
The Corsair will be Lin-
coln’s first vehicle produced in
China, avoiding the import
tariff on cars shipped into the
country from the U.S. Lincoln
3.75% APY LOVE.
If you’re keeping money in a CD or
online savings account for the long haul,
has been growing quickly in
China by shipping cars into consider a Gainbridge deferred annuity.
the country from the U.S., but You get guaranteed rates starting at
last year it suffered when Bei-
jing temporarily increased the 3.75% APY, tax deferred growth, and
import duty on U.S.-built vehi-
cles to 40% from 25%. some penalty-free liquidity should you
 Cadillac, which showed a need it. How’s that for love?
compact sedan, the CT5, of-
fered a contrast with today’s
SUV craze. The model will suc-
ceed the outgoing CTS sedan,
Buy online at www.gainbridge.life
though it is slightly smaller.
Cadillac executives say
some luxury buyers still want
the nimble driving experience
afforded by a lower-to-the-
ground sedan. They add Cadil-
lac will unveil another smaller
car later this year. “Sedans are
not dead,” Cadillac design
chief Andrew Smith said.
“Boring sedans are dead.”
 Volkswagen AG showed a
small pickup-truck prototype,
called the Tarok, which it
plans to sell in South America.
VW has long looked to crack
the U.S.’s lucrative pickup-
truck market, which is largely
dominated by the Detroit car
makers. VW’s U.S. chief, Scott
Keogh, said he sees potential Not yet available in all states.
for a smaller pickup in the U.S.
but the company isn’t ready to
commit to a plan for bringing
one to North America.
B4 | Monday, April 22, 2019 * **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Streaming Huawei
Benefits Pushes
Cable Boxes Further
Continued from page B1
place! And maybe consolidate
Into 5G
all my bills down to one, and BY DAN STRUMPF
hand me a nice box to run it
all. We could call it—and I’m HONG KONG—Huawei
just spitballing here—“cable.” Technologies Co. said its
We don’t need to displace first-quarter revenue jumped
cable; we need to improve it. 39% to 179.7 billion yuan, or
The cable companies are $26.8 billion, as the Chinese
working to do exactly that, telecom giant reported further
updating everything from inroads in the market for 5G
their confusing and predatory wireless technology.
NICOLE RIVELLI/AMAZON/ASSOCIATED PRESS

pricing to their miserably Huawei said it has signed

outdated boxes themselves. 40 commercial contracts to
Thanks to newfound competi- supply carriers with 5G tech-
tion from Apple and Amazon, nology, and shipped more than
Roku and Android, and every 70,000 5G base stations. It
streaming service you can said its net profit margin rose
think of—not to mention Ver- slightly to about 8%.
izon, AT&T and even T-Mo- Huawei is the world’s larg-
bile—this could be Big Cable’s est maker of telecommunica-
last best chance to sell you tions equipment and has
TV. It’s forcing companies to emerged as a dominant sup-
finally ditch the blue TV Competition from web services is helping bring the cable experience into the modern era. Amazon’s ‘The Marvelous Mrs. Maisel.’ plier of technology for 5G net-
Guide and bring the cable ex- works, whose rollout in many
perience into the modern era. Prime, HBO and Showtime, cable box” is pretty low.) In that it worked only in your “want to understand the markets is starting this year.
Besides, cable companies your monthly cost is around addition to Comcast’s live and home, only on whatever TVs price, and they don’t want to Though Huawei is privately
do have one ace up their $60, and you’d still need to on-demand TV, it offers con- you had hooked up to special be surprised by fees,” said held, the Shenzhen-based
sleeve: They’re still the most pay extra for broadband in- tent from Netflix, Amazon boxes. Now, most cable com- Mr. Strauss. His company company publishes a detailed
popular, and often most af- ternet—and most any live TV Prime, YouTube and others. panies offer apps that let you hasn’t, however, changed any- audited financial report each
fordable, way to get fast in- you might want to watch. When I search for “The Of- access all your movies and thing yet. year. The unaudited figures
ternet, something all those As for live TV, a growing fice,” I can see everything on shows on your phone, tablet In general, we’re getting published Monday are Hua-
streaming services require. number of cable-replacement live TV, on Comcast’s on-de- or PC. You can also log into the better bundle we always wei’s first quarterly update in
The longstanding way of services do add in core live mand platform and on vari- many channels’ apps with wanted. But it might still be its history, but did not include
getting television—call your channels. But although I par- ous streaming services from a your cable credentials. “Any too late for Big Cable. Apple, figures on its net profit.
cable provider, rent a box, ticularly like YouTube TV’s single menu. piece of glass that can render Amazon, Roku and others are Huawei said its consumer
two-year contract—is hugely live offering, it has raised video was something we had rapidly getting into the chan- business, which includes
popular and rapidly dying. prices, along with some of its to build our products for, and nel-bundling business, offer- smartphones, tablets and
According to Nielsen, of the 5 top competitors, so it’s no ultimately give customers the ing many of the same search other gadgets, continued to
hours and 24 minutes the av- longer the deal it once was.
Cable firms offer apps choice,” said Matt Strauss, and discovery features plus perform well, shipping 59 mil-
erage adult spends watching Then there’s that ever- to access your movies Comcast’s executive vice pres- the same one-bill simplicity. lion smartphones in the first
video daily, a full 4 hours and present dilemma of streaming ident for Xfinity. Apple and Amazon aren’t quarter. Huawei is preparing
13 minutes is spent on live TV: finding something to
and shows on your But this part is still not offering us home broadband to launch a $2,600 foldable
and recorded TV. But viewing watch. You open Netflix and phone, tablet or PC. good enough: Thanks to service, though. Don’t be sur- smartphone, the Mate X, to
on other devices is rising fast. browse for a while, then close rights deals, some shows prised to see cheaper, simpler compete with Samsung Elec-
It isn’t hard to see why it and open HBO Now only to aren’t available when you’re TV bundles from cable pro- tronics Co.’s Galaxy Fold.
people would flee cable, ei- do the same before hitting not at home, and I can’t be- viders purely as an incentive Huawei has been the target
ther. Streaming services like Amazon Prime and Hulu and Most of the time, I search lieve how many sports games to keep you paying for that of a U.S. campaign to block al-
Netflix and Amazon offer lots Tubi. Before you know it, by speaking into the voice-en- are blacked out on my phone. high-speed internet—plus all lies from using its equipment
of content on demand, rather you’ve spent your movie- abled remote that Comcast For cable subscribers, the the other lucrative services in their 5G networks. Huawei
than forcing you to tune in to watching window staring at and other providers offer, good news is that you can fi- they now offer, such as secu- gear is effectively blacklisted
a channel at a specific time. thumbnails. I don’t care what which takes all the work out nally get a huge selection of rity and smart-home systems. from the U.S., which says it is
But streaming has its is- Tim Cook says: The future of of flipping channels. The X1 content and watch it any- But also don’t be surprised a cybersecurity threat.
sues. You have to manage a TV is not apps. It’s TV. doesn’t include all my stream- where, using much nicer when, in just a few years, Huawei says its gear is safe
Rolodex of user names and All this brings me back to ing services—I particularly products than anything cable your wireless carrier or favor- and its executives have held a
passwords, and remember to my handy Xfinity X1 box, with miss Hulu—but it’s still the companies offered before. The ite tech company tries to sell series of press events to push
pay (or cancel) all those dif- its surprisingly fast perfor- biggest content library I have. operators are even working you some great bundles of its back against the campaign, ar-
ferent bills. If you subscribe mance and usable interface. For years, the most frus- on solving cable’s single own. No strings—or at least guing the company is being
to Netflix, Hulu, Amazon (OK, fine, the bar for “handy trating thing about cable was worst feature: billing. Users cables—attached. unfairly targeted.

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THE WALL STREET JOURNAL. Monday, April 22, 2019 | B5

Red Nose Day

is Back May 23rd
Together with Walgreens, we are introducing the Everyday Hero Red Noses.
Thanks to people like you, Red Nose Day has raised nearly $150 million and
positively impacted over 16 million children in America and around the world.
It’s true, a little Red Nose goes a long way.

Be an Everyday Hero: Take the #HeroHighFive Challenge

Go & Buy Snap & Share Tag & Post

Grab a friend and buy one or Film yourselves wearing them Tag and post with
collect all 5 Red Noses from and giving a High Five. #HeroHighFive and you could
your local Walgreens. be featured in the Red Nose Day
Special on NBC May 23rd.

Noses On
Let’s come together to end child poverty, one nose at a time.

#HeroHighFive • #NosesOn • RedNoseDay.org

Red Nose Day in the United States is a program of Comic Relief USA, a 501(c)(3) nonprofit organization.
B6 | Monday, April 22, 2019 * **** THE WALL STREET JOURNAL.

ADVERTISEMENT
BUSINESS NEWS
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds

CLASS ACTION

   

 


  
 
 
  
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 foot her surgical bills. Ant’s mutual-aid product, and Hangzhou, said he signed up
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                 $ / :,& 0)5. )*: out just 0.03 yuan (less than each payout. Mr. Liu and his family mem-
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 ogy startups in China have dis- programs aren’t insurance, to called Shuidi Huzhu. So far, Mr.
 

   rupted its banking, payments avoid running afoul of regula- Liu said, his family has contrib-
and lending industries, and tions. Ant initially paired with uted about 50 yuan a year to-
they are now trying to fill gaps a licensed Chinese insurer ward other people’s claims on
in the country’s health-insur- when it launched its mutual- the two platforms.
ance sector. “Because the cost is low, it’s
Last October, billionaire acceptable,” Mr. Liu said, de-

300M
   
       
  Jack Ma’s Ant Financial Ser- scribing the coverage as basic
vices Group rolled out a “mu- protection.
         
   tual-protection” plan for users More than 90% of China’s
   
      of Alipay, its wildly popular population has some form of
           payments network, and so far Ant’s target for ‘mutual-protection’ public health insurance that
has signed up 50 million par- participants in two years covers basic drugs and the bulk
 
         7* / ) ) *  (   ticipants. The plan provides of hospitalization costs after a
    
     4    (    ( *  **  lump-sum payouts for 100 crit- deductible is paid. Patients of-
     !" #$%&' )+ (   ical injuries or diseases, includ- ten incur high out-of-pocket
( ) *   + ,      
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   - **    . < +  (  #  ( ' +  4%  +   some types of paralysis. Ant partnership after Chinese regu- costlier medical treatments,
 - ( ) * *  /((  **    12=  0   +   said this month it is aiming for lators accused the insurer of and many people can’t afford
/     -  ( 0   
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(  3 +    )  0)  next two years. closure lapses. Besides the risk of a regula-
 

 


 

      - *+- > /  +  (  Ant is one of about a dozen The general idea is that tory clampdown on the bur-
 



 #  ( ' +  4% ( 0(  )3 ) 3  private startups in China small amounts of money can be geoning industry, there is also

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   - ( 12  * + )3   0   +     0 >  sign up for crowdfunded giant population means the ups will be around to pay out
( 4- %* + *   $ -   2-)  +  

 medical coverage for them- cost of coverage can claims in the long term, espe-
  )+ ( 0  #54%6' 0  -
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 0 7(0  #5
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  9$  ) ( )  0 >  $ -   2-) Even Chinese ride-hailing giant at negligible cost to each indi- If the technology startups
/(( :  * ( /   ( /(   (0 /     *+-  Didi Chuxing Technology Co. vidual. fail, people will be left without

8  12  +   ( -  ( / ) )  )+      launched a similar product a When participants file for the coverage they thought they
    ()+ -* * +    < +    $ -   2-)   few months ago. claims, the companies say they had, said Chen Dongmei, an as-
--)    - ( )  12 (   /  -  ( $ -   +  The child in Shanghai who have to verify the information sociate professor of insurance
     + + / 0 0  -+ 7  +   )+ ? 


  underwent brain surgery last provided before making at Fudan University in Shang-
) + /(        /( (   < +  November was the first benefi- payouts. That can include in- hai. “That’s a huge risk for the

( "# *!!$*+*,! $ ## *+'*-) 7  +   +  / 
) )  )+ + ciary of Ant’s Xiang Hu Bao terviewing the individuals, consumers,” she added.
    /(   / (       ( 0   +  / 
program. The company de- reviewing their medical re- —Zhou Wei in Shanghai
# +   + 0  ), +'     
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Banks Seek Hundreds of job applicants have sought a waiver from rules
preventing people with even minor criminal convictions from
working at a bank.
  # 0 + *    '
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Hiring Bar
Applicants
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     **      7* (   ) **  $** 0 Continued from page B1
100
 -     +=   ** / ) *   ( /)  ,  who were fired in 2012 after
background checks identified
(- +(-* ",1(-+ !"(, 2"#"! %%%(-0 , 3*!!$*+*,!4(+ past convictions.
*+ "$ ",1(5(-0 , 3*!!$*+*,!4(+ (- 4 $$ 678889:;<=: Bank employees, having lost 50
jobs, were reluctant to re-
spond to questions, or to be
identified. But one former
Wells employee said he lost 0
DEA ANNOUNCEMENTS his job as a regional manager 2008 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18
because of a dispute over a Source: FDIC
bad check. Court records show
 

INVESTMENT TRUST DEPOSITS he received six months proba- ident at the Independent Com- The FDIC last year changed
  
  
  


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 # / 11',1; 
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"# $%&' a prohibition,” said Christo- not all end up being disquali- Greene, an employment com-
pher Cole, executive vice pres- fied by the FDIC rules. pliance lawyer in Georgia.
THE WALL STREET JOURNAL. Monday, April 22, 2019 | B7

MARKETS DIGEST MARKETS

Dow Jones Industrial Average
26559.54 s 147.24, or 0.56% last week Trailing P/E ratio 18.58
Last Year ago
25.48
S&P 500 Index
s
2905.03 2.38, or 0.08% last week Trailing P/E ratio * 21.78 24.98
Last Year ago
Busy Earnings Week
High, low, open and close for each of
the past 52 weeks
P/E estimate *
Dividend yield
16.66
2.18
16.52
2.16
All-time high 26828.39, 10/03/18
High, low, open and close for each of
the past 52 weeks
P/E estimate *
Dividend yield
17.62 17.02
1.91 1.95
All-time high 2930.75, 09/20/18
Will Have Tech Focus
BY FRANCESCA FONTANA the market closes, and Amazon
Current divisor 0.14744568353097 is to disclose its results Thurs-
27000 3000 Monday kicks off a busy day afternoon.
200-day moving average 65-day moving average
week of earnings, with some of Overall, first-quarter earn-
26000 2900 the biggest names in the tech- ings for the S&P 500 are ex-
nology, consumer-products and pected to decline 1.7% from the
industrial sectors reporting. first quarter of 2018, according
25000 2800 Some 155 of the companies to Refinitiv, with revenue seen
in the S&P 500, or 31% of the rising 5%.
24000 2700 index, and 40% of the firms in Large industrial companies
Week's high the Dow Jones Industrial Aver- also will be reporting next
age are scheduled to release week, including Whirlpool
DOWN UP 23000 2600
their quarterly results, accord- Corp., United Technologies
t

Monday's open Friday's close

ing to data trackers Refinitiv Corp. and Caterpillar Inc.
Friday's close Monday's open 200-day moving average
and FactSet. Among them are Whirlpool is scheduled to re-
t

22000 2500
tech giants like Microsoft port Monday after the market
Week's low 65-day moving average Corp., Facebook Inc. and Ama- closes, while United Technolo-
21000 2400
zon.com Inc. Microsoft and gies and Caterpillar are report-
Bars measure the point change from Monday's open Facebook are slated to report ing before the bell on Tuesday
20000 2300 earnings on Wednesday after and Wednesday, respectively.
AM J J A S O N D J F M A AM J J A S O N D J F M A

NYSE weekly volume, in billions of shares

Primary
market Composite
New to the Market
t
t

Financial Flashback
24
Public Offerings of Stock
16 The Wall Street Journal, April 22, 2002
8 IPOs in the U.S. Market
0
Enron said President Jeffrey McMahon would step None expected this week
down June 1 amid rising government scrutiny of his
AM J J A S O N D J F M A
role in some questionable Enron-related deals.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. Lockup Expirations
Below, companies whose officers and other insiders will become eligible
Major U.S. Stock-Market Indexes Nasdaq Composite
to sell shares in their newly public companies for the first time. Such
Latest Week 52-Week % chg s 13.90, or 0.17% sales can move the stock’s price.
High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann.
Dow Jones
last week
Lockup Offer Offer amt Through Lockup
Industrial Average 26602.42 26316.42 26559.54 147.24 0.56 21792.20 l 26828.39 7.7 13.9 13.8 expiration Issue date Issuer Symbol price($) ($ mil.) Thurs (%) provision
Transportation Avg 11048.57 10739.98 10988.22 76.03 0.70 8637.15 l11570.84 3.0 19.8 11.1 April 22 Oct. 24, ’18 Pintec Technology Holdings PT 11.88 50.0 –29.6 180 days
8050
Utility Average 785.54 769.37 772.13 -11.43 -1.46 656.93 l 789.51 10.8 8.3 5.1
Oct. 24, ’18 YETI Holdings YETI 18.00 304.5 80.7 180 days
Total Stock Market 30068.43 29750.36 29896.93 -76.29 -0.25 24126.04 l 30390.61 7.0 16.2 11.5
Barron's 400 720.20 709.26 712.22 -4.41 -0.62 571.68 l 786.73 -1.8 16.8 10.6 8000 Oct. 24, ’18 StoneCo STNE 24.00 1400.0 10.5 180 days
Sources: Dealogic; WSJ Market Data Group
Nasdaq Stock Market
7950
Nasdaq Composite 8052.40 7933.56 7998.06 13.90 0.17 6192.92 l 8109.69 10.5 20.5 17.3
IPO Scorecard
Nasdaq 100 7715.07 7578.54 7689.72 61.57 0.81 5899.35 l 7689.72 13.5 21.5 19.0
7900
Performance of IPOs, most-recent listed first
S&P 12 15 16 17 18 19 % Chg From % Chg From
Company SYMBOL Thursday3s Offer 1st-day Company SYMBOL Thursday3s Offer 1st-day
500 Index 2918.00 2891.90 2905.03 -2.38 -0.08 2351.10 l 2930.75 7.9 15.9 11.5 April
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
MidCap 400 1970.61 1942.22 1953.43 -11.99 -0.61 1567.40 l 2050.23 2.1 17.5 9.9 DJ US TSM Brigham Minerals 19.92 10.7 ... Brainsway 11.25 2.3 1.4
973.61 958.15 962.66 -7.25 -0.75 793.86 l 1098.36 -0.5 13.9 11.3
s MNRL April 18/$18.00 BWAY April 17/$11.00
SmallCap 600 76.29, or -0.25%
Greenlane Hldgs 21.10 24.1 ... Palomar Hldgs 18.50 23.3 –2.6
Other Indexes last week GNLN April 18/$17.00 PLMR April 17/$15.00
Russell 2000 1588.60 1556.11 1565.75 -19.05 -1.20 1266.92 l 1740.75 -0.5 16.1 11.2 Hookipa 14.00 ... ... Turning Point Thera 26.67 48.2 –7.7
NYSE Composite 13002.84 12869.85 12922.71 -46.83 -0.36 10769.83 l
13236.44 2.0 13.6 7.4 HOOK April 18/$14.00 TPTX April 17/$18.00
Value Line 552.66 545.42 547.75 -3.00 -0.54 446.06 l 593.57 -2.2 16.0 5.9 30050 Pinterest 24.40 28.4 ... Jumia Tech 35.15 142.4 38.1
PINS April 18/$19.00 JMIA April 12/$14.50
NYSE Arca Biotech 5061.59 4565.33 4645.24 -386.34 -7.68 3890.37 l 5400.34 1.3 10.1 12.8
Zoom Video Comm 62.00 72.2 ... PagerDuty 39.15 63.1 2.4
NYSE Arca Pharma 590.97 558.24 564.61 -19.80 -3.39 516.46 l 609.15 7.1 -0.7 3.0 29925 ZM April 18/$36.00 PD April 11/$24.00
KBW Bank 100.30 98.28 99.61 0.08 0.08 80.78 l 111.44 -7.0 16.1 14.0
PHLX§ Gold/Silver 76.11 72.37 72.89 -2.89 -3.81 61.84 l 85.67 -14.9 3.2 -2.4 Sources: Dow Jones Market Data; FactSet Research Systems
29800
PHLX§ Oil Service 101.78 97.59 99.07 0.25 0.25 75.70 l 170.18 -36.2 22.9 -15.3
PHLX§ Semiconductor 1576.79 1477.45 1558.13 61.01 4.08 1069.39 l 1558.13 21.2 34.9 32.2 Other Stock Offerings
CBOE Volatility 13.14 11.03 12.09 0.08 0.67 10.85 l 36.07 -24.2 -52.4 -3.3 29675
12 15 16 17 18 19
Secondaries and follow-ons expected this week in the U.S. market

Nasdaq PHLX Sources: SIX Financial Information; Dow Jones Market Data April None expected this week

International Stock Indexes Commodities and Off the Shelf

Latest Week 52-Week Range YTD
Currencies YTD
“Shelf registrations” allow a company to prepare a stock or bond for
Region/Country Index Close % chg Low Close High % chg
Last Week sale, without selling the whole issue at once. Corporations sell as
Close Net chg %Chg % chg
conditions become favorable. Here are the shelf sales, or takedowns,
World The Global Dow 3094.67 0.42 2631.29 • 3155.23 13.2 DJ Commodity 630.39 -6.67 -1.05 10.04 over the last week:
DJ Global Index 401.29 0.02 335.69 • 407.45 14.4
TR/CC CRB Index 187.13 -1.23 -0.65 10.21 Takedown date/ Deal value
DJ Global ex U.S. 250.23 0.26 217.71 • 268.65 12.4
Crude oil, $ per barrel 64.00 0.11 0.17 40.94 Issuer/Industry Registration date ($ mil.) Bookrunner(s)
Americas DJ Americas 689.49 –0.16 558.25 • 695.86 16.1
Natural gas, $/MMBtu 2.490 -0.170 -6.39 -15.31
Brazil Sao Paulo Bovespa 94578.26 1.83 69814.74 • 99993.93 7.6
Gold, $ per troy oz. 1271.90 -18.70 -1.45 -0.50
Actinium Pharmaceuticals April 18 $16.5 W. Blair
Canada S&P/TSX Comp 16612.81 0.80 13780.19 • 16612.81 16.0 Healthcare March 16,317
Mexico S&P/BMV IPC 45525.29 1.88 39427.28 • 50416.27 9.33 U.S. Dollar Index 97.47 0.50 0.52 1.35
Americold Realty Trust April 16 $1,496.8 BofA ML, GS, Citi, JPM,
Chile Santiago IPSA 3839.37 0.15 3707.41 • 4288.24 2.0 WSJ Dollar Index 90.35 0.31 0.35 0.76 Real Estate/Property Feb. 25,319 RBC Cptl Mkts
EMEA Stoxx Europe 600 390.46 0.76 329.58 • 396.94 15.6 Euro, per dollar 0.8894 0.0045 0.51 2.01
Aqua America April 17 $1,125.0 GS, RBC Cptl Mkts,
Stoxx Europe 50 3169.95 0.43 2696.36 • 3177.69 14.9 Yen, per dollar 111.90 -0.10 -0.09 2.11
Utility & Energy Feb. 28,318 BofA ML, MS, WFS
Eurozone Euro Stoxx 383.18 1.26 321.36 • 397.58 16.6 U.K. pound, in dollars 1.30 -0.0085 -0.65 1.80
Euro Stoxx 50 3499.23 1.49 2937.36 • 3592.18 16.6 52-Week
Aqua America April 17 $600.0 RBC Cptl Mkts, GS,
Austria ATX 3301.38 2.67 2681.25 • 3531.05 20.2 Low Close(l) High %Chg Utility & Energy Feb. 28,318 BofA ML, MS, WFS
Belgium Bel-20 3852.30 0.19 3164.98 • 3933.64 18.8
DJ Commodity 572.87 l 667.35 -3.77 Eiger BioPharmaceuticals April 17 $49.5 Citi, Jefferies
France CAC 40 5580.38 1.41 4598.61 • 5640.10 18.0 Healthcare June 17,316
206.38 -7.30
Germany DAX 12222.39 1.85 10381.51 • 13169.92 15.8 TR/CC CRB Index 168.36 l

Greece Athex Composite 778.42 1.67 593.05 • 858.22 26.9 Crude oil, $ per barrel 42.53 l 76.41 -6.28 JBG SMITH Properties April 15 $420.0 MS, BofA ML, GS
Israel Tel Aviv 1584.56 –0.11 1419.50 • 1676.03 8.2 Natural gas, $/MMBtu 2.49 l 4.84 -6.39
Real Estate/Property July 2,318
Italy FTSE MIB 21956.59 0.45 18065 • 24544 19.8 Gold, $ per troy oz. 1176.20 l 1346.80 -5.56 Natera April 17 $100.0 JPM, Cowen & Co,
Netherlands AEX 569.61 1.42 476.03 • 576.24 16.8 Healthcare April 16,319 Piper Jaffray
Portugal PSI 20 5359.75 –0.37 4587.45 • 5787.44 13.3 U.S. Dollar Index 90.32 l 97.67 7.93
Rocket Pharmaceuticals April 15 $90.6 SVB Leerink, Evercore,
Russia RTS Index 1260.82 0.59 1043.46 • 1265.51 18.0 WSJ Dollar Index 84.36 l 91.10 7.10
Healthcare June 26,318 W. Blair
South Africa FTSE/JSE All-Share 59222.47 1.40 50434.39 • 60165.51 12.3 Euro, per dollar 0.8138 l 0.8934 9.29
Spain IBEX 35 9581.90 1.20 8363.9 • 10271.4 12.2
Yen, per dollar 107.65 l 114.53 3.95
Sweden OMX Stockholm 619.71 1.23 515.36 • 619.71 18.0
l 1.40 -7.21 Public and Private Borrowing
Switzerland Swiss Market 9571.22 0.91 8195.64 • 9596.60 13.5 U.K. pound, in dollars 1.25
U.K. FTSE 100 7459.88 0.31 6584.68 • 7877.45 10.9 Treasurys
Asia-Pacific Real-time U.S. stock

WSJ
Monday, April 22 Tuesday, April 23
Australia S&P/ASX 200 6259.80 0.14 5467.6 • 6352.2 10.9 quotes are available on
Auction of 13 week bill; Auction of 52 week bill;
China Shanghai Composite 3270.80 2.58 2464.36 • 3270.80 31.2 WSJ.com. Track most-
announced on April 18; settles on April 25 announced on April 18; settles on April 25
Hong Kong Hang Seng 29963.26 0.18 24585.53 • 31541.08 15.9 .COM active stocks, new
Auction of 26 week bill; Auction of 2 year note;
India S&P BSE Sensex 39140.28 0.96 33349.31 • 39275.64 8.5 highs/lows, mutual
Japan Nikkei Stock Avg 22200.56 1.51 19155.74 • 24270.62 10.9 funds and ETFs. announced on April 18; settles on April 25 announced on April 18; settles on April 30
Malaysia FTSE Bursa Malaysia KLCI 1622.07 –0.50 1619.73 • 1887.75 –4.1 Plus, get deeper money-flows data and Wednesday, April 24 Thursday, April 25
Singapore Straits Times 3347.58 0.47 2966.45 • 3615.28 9.1 email delivery of key stock-market Auction of 2 year FRN; Auction of 4 and 8 week bills;
South Korea Kospi 2216.15 –0.77 1993.70 • 2515.38 8.6 data. announced on April 18; settles on April 30 announced on April 23; settles on April 30
Taiwan TAIEX 10968.50 1.51 9382.51 • 11251.75 12.8
All are available free at Auction of 5 year note; Auction of 7 year note;
Source: SIX Financial Information; Dow Jones Market Data WSJMarkets.com announced on April 18; settles on April 30 announced on April 18; settles on April 30

Public and Municipal Finance

Consumer Rates and Returns to Investor Benchmark Yields and Rates None expected this week
U.S. consumer rates Selected rates Treasury yield curve Forex Race
A consumer rate against its 30-year mortgage, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs.
benchmark over the past year
Bankrate.com avg†: 4.27%
notes and bonds major U.S. trading partners Currencies
Brookline Bank 3.99% U.S.-dollar foreign-exchange rates in late New York trading
30-year fixed-rate 4.00% 12%
6.00% Brookline, MA 877-668-2265 US$vs, US$vs,
mortgage Fri YTDchg Fri YTDchg
t Schuyler Savings Bank 3.99% Thursday 3.00 6 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
5.00
Kearny, NJ 888-724-8953 t s
WSJ Dollar index Americas Europe
10-year Treasury 4.00 Security National Bank 3.99% 2.00 0 Argentina peso .0239 41.8415 11.1 Czech Rep. koruna .04376 22.854 1.9
note yield
t
Yen .2541 3.9360 1.4 .1506 6.6403 2.0
s

Sioux City, SD 800-475-4762 Brazil real Denmark krone

t 3.00 One year ago 1.00 –6 Canada dollar .7467 1.3392 –1.8 Euro area euro 1.1244 .8894 2.0
CBI Bank Trust 4.00% s Chile peso .001510 662.20 –4.6 Hungary forint .003517 284.32 1.5
Muscatine, IA 309-537-3176 Euro Ecuador US dollar 1 1 unch Iceland krona .008296 120.54 3.8
2.00 0.00 –12
M J J A S O N D J FMA Cheaha Bank 4.00% Mexico peso .0533 18.7697 –4.5 Norway krone .1175 8.5099 –1.5
1 3 6 1 2 3 5 710 30 2018 2019 Uruguay peso .02915 34.3000 5.9 Poland zloty .2627 3.8073 1.8
2018 2019 Oxford, AL 256-835-8855 month(s) years
Asia-Pacific Russia ruble .01562 64.001 –7.6
maturity Sweden krona .1075 9.3015 5.1
Australian dollar .7151 1.3984 –1.4
Sources: Ryan ALM; Tullett Prebon; Dow Jones Market Data Switzerland franc .9863 1.0139 3.3
Yield/Rate (%) 52-Week Range (%) 3-yr chg China yuan .1492 6.7044 –2.5
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Turkey lira .1721 5.8112 9.9
Hong Kong dollar .1275 7.8435 0.2
.0372 26.8950 –3.0
Federal-funds rate target 2.25-2.50 2.25-2.50 1.25 l 2.25 2.00
Corporate Borrowing Rates and Yields India rupee .01442 69.370 –0.3
Ukraine hryvnia
UK pound 1.2989 .7699 –1.8
Indonesia rupiah .0000712 14043 –2.3
Prime rate* 5.50 5.50 4.75 l 5.50 2.00 Spread +/- Treasurys, Middle East/Africa
Yield (%) in basis pts, 52-wk Range Total Return
Japan yen .008937 111.90 2.1
Libor, 3-month 2.58 2.60 2.30 l 2.82 1.95 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Kazakhstan tenge .002632 379.92 –1.2 Bahrain dinar 2.6525 .3770 0.01
Money market, annual yield 0.60 0.60 0.35 l 0.63 0.35 Macau pataca .1237 8.0826 0.2 Egypt pound .0582 17.1890 –4.0
10-yr Treasury, Ryan ALM 2.563 2.560 5.983 -0.12 Malaysia ringgit .2420 4.1325 unch Israel shekel .2782 3.5945 –3.9
Five-year CD, annual yield 2.01 2.01 1.67 l 2.07 0.76
DJ Corporate 3.762 3.759 6.35 3.00 New Zealand dollar .6685 1.4959 0.5 Kuwait dinar 3.2885 .3041 0.3
30-year mortgage, fixed† 4.27 4.16 4.02 l 4.99 0.69 Pakistan rupee .00706 141.675 1.3 Oman sul rial 2.5980 .3849 –0.03
Aggregate, Barclays Capital 3.030 3.030 43 39 55 4.51 1.79
15-year mortgage, fixed† 3.72 3.64 3.52 l 4.34 0.89 Philippines peso .0193 51.682 –1.6 Qatar rial .2746 3.641 0.2
High Yield 100, Merrill Lynch 5.999 6.012 350 283 509 5.887 7.109 Singapore dollar .7381 1.3549 –0.6 Saudi Arabia riyal .2666 3.7503 –0.03
Jumbo mortgages, $484,350-plus† 4.44 4.40 4.25 l 5.16 0.22
Fixed-Rate MBS, Barclays 3.210 3.190 39 25 39 4.39 1.61 South Korea won .0008798 1136.58 2.0 South Africa rand .0711 14.0677 –2.0
Five-year adj mortgage (ARM)† 4.45 4.36 4.02 l 4.89 1.34
Muni Master, Merrill 2.217 2.210 18 10 21 4.978 2.018 Sri Lanka rupee .0057307 174.50 –4.6
New-car loan, 48-month 4.75 4.75 3.70 l 4.78 1.57 Taiwan dollar .03245 30.821 0.8 Close Net Chg % Chg YTD%Chg
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. 6.267 n.a. n.a. n.a. n.a. n.a. Thailand baht .03141 31.840 –1.5 WSJ Dollar Index 90.35 –0.05–0.06 0.76
banks.† Excludes closing costs. Vietnam dong .00004308 23213 0.1
Sources: SIX Financial Information; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Sources: Tullett Prebon, Dow Jones Market Data
B8 | Monday, April 22, 2019 THE WALL STREET JOURNAL.

CLOSED-END FUNDS
wsj.com/funds
Listed are the 300 largest closed-end funds as 52 wk 52 wk 52 wk Prem12 Mo 52 wk
measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Prem Ttl
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 Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not AllianceBrnstn NtlMun AFB 14.62 12.79 -12.5 4.2
buy their shares back from investors who wish to cash Gabelli Equity Trust GAB 6.09 6.20 +1.8 12.1 BlackRock Utilities Infr BUI 20.62 21.23 +3.0 15.2 Swiss Helvetia Fund SWZ 8.79 7.64 -13.1 -0.6 Blackrock Invest BKN 15.61 14.28 -8.5 4.8 Resource RE Div Inc:C 10.43 NA NA 11.2
in their holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is not
Genl American Investors GAM 41.50 34.63 -16.6 9.5 CBREClarionGlblRlEstIncm IGR 8.45 7.30 -13.6 8.7 Templeton Dragon TDF 23.20 20.73 -10.6 6.4 BlackRock Mun 2030 Target BTT 24.51 22.31 -9.0 3.4 Resource RE Div Inc:D 10.59 NA NA 11.4
available or not applicable. NS signifies fund not in HnckJohn TxAdv HTD 25.54 24.61 -3.6 22.9 ClearBridge Engy Mid Opp EMO NA 9.47 NA -1.0 Templeton Emerging EMF 17.34 15.54 -10.4 4.0 BlackRock Municipal Trust BFK 14.06 13.66 -2.8 5.2 Resource RE Div Inc:I 10.87 NA NA 12.2
existence of entire period. 12 month yield is computed Liberty All-Star Equity USA 6.71 6.37 -5.1 11.2 ClearBridge MLP & Mid TR CTR NA 9.57 NA 0.6 BlackRockMuni BLE 14.56 14.18 -2.6 5.0 Resource RE Div Inc:L 10.43 NA NA 11.7
by dividing income dividends paid (during the previous
Royce Micro-Cap RMT 9.47 8.42 -11.1 -5.5 Virtus Total Return Fund ZF 10.68 9.76 -8.6 3.3
twelve months for periods ending at month-end or ClearBridgeMLP&Midstrm CEM NA 12.41 NA 0.4 BlackRockMuni Tr BYM 14.88 13.28 -10.8 4.6 Resource RE Div Inc:T 10.41 NA NA 11.1
Royce Value Trust RVT 16.02 14.28 -10.9 -3.1 Cohen & Steers Infr Fd UTF 25.21 23.98 -4.9 21.2 Wells Fargo Gl Div Opp EOD 5.81 5.22 -10.2 1.1 Resource RE Div Inc:U 10.44 NA NA 12.0
during the previous fifty-two weeks for periods ending BlkRk MuniAssets Fd MUA 14.09 15.00 +6.5 4.4
at any time other than month-end) by the latest Source Capital SOR 42.59 36.85 -13.5 -5.9 C&S MLP Incm & Engy Opp MIE 10.02 9.45 -5.7 4.7 Prem12 Mo BlkRk Munienhanced MEN 11.65 10.75 -7.7 5.3 Resource RE Div Inc:W 10.59 NA NA 12.0
month-end market price adjusted for capital gains
distributions. Tri-Continental TY 30.24 26.97 -10.8 8.8 Cohen & Steers Qual Inc RQI 13.52 12.65 -6.4 19.9 Fund (SYM) NAV Close /Disc Yld BlkRk MuniHldgs Inv MFL 14.16 12.74 -10.0 5.2 SharesPost 100;A 29.16 NA NA 5.3
Source: Lipper Specialized Equity Funds Cohen & Steers REIT & Pfd RNP 22.50 20.33 -9.6 20.6 U.S. Mortgage Bond Funds BlkRk MuniHldgs Qlty II MUE 13.54 12.11 -10.6 5.1 SharesPost 100:I 29.26 NA NA 5.5
Thursday, April 18, 2019 Aberdeen Glbl Prem Prop AWP 6.56 5.88 -10.4 4.5 Cohen & Steers TR RFI 13.22 12.85 -2.8 16.6 BlackRock Income Trust BKT 6.25 5.91 -5.4 6.4 BlkRk MuniVest MVF 9.36 8.88 -5.1 5.3 SharesPost 100:L 29.08 NA NA NS
52 wk Adams Natural Rscs Fd PEO 20.57 17.10 -16.9 -8.7 CLSeligmn Prem Tech Gr Fd STK 21.35 21.75 +1.9 13.1 Invesco High Incm 2023 IHIT 10.29 10.32 +0.3 5.8 BlkRk MuniVest II MVT 14.76 14.29 -3.2 5.1 USQ Core Real Estate:I 25.72 NA NA 6.4
Prem Ttl AllnzGI NFJ Div Interest NFJ 14.05 12.33 -12.2 3.8 DNP Select Income Fund DNP 9.85 11.54 +17.1 17.6 Nuveen Mtg Opp Term Fd JLS 23.26 23.20 -0.3 7.3 BlkRk MuniYield MYD 14.46 13.97 -3.4 5.1 USQ Core Real Estate:IS 25.72 NA NA 6.4
Fund (SYM) NAV Close /Disc Ret BlkRk Enh Cap Inco CII 17.01 16.07 -5.5 7.8 Duff&PhelpsGblUtilIncFd DPG 16.59 14.79 -10.8 15.1 Investment Grade Bond Funds BlkRk MuniYld Quality MQY 15.52 13.92 -10.3 4.9 Versus Cap MMgr RE Inc:I 27.94 NA NA NE
General Equity Funds BlkRk Engy Res Tr BGR 13.75 12.35 -10.2 -7.5 Eaton Vance Eqty Inco Fd EOI 15.30 14.94 -2.4 8.6 BlkRk MuniYld Qlty II MQT 13.64 12.18 -10.7 4.8 Versus Capital Real Asst 25.29 NA NA 3.1
Blackrock Core Bond Tr BHK 14.24 13.32 -6.5 5.8
Adams Divers Equity Fd ADX 17.32 14.93 -13.8 15.0 BlackRock Enh Eq Div Tr BDJ 9.50 8.69 -8.5 5.1 Eaton Vance Eqty Inco II EOS 16.89 16.92 +0.2 10.4 BlRkMunyldQltyIII MYI 14.23 12.76 -10.3 4.8 Wildermuth Endwmnt:A 13.27 NA NA 2.9
BlkRk Credit Alloc Incm BTZ 14.17 12.62 -10.9 6.4
Boulder Growth & Income BIF 13.35 11.15 -16.5 6.8 BlackRock Enh Gl Div Tr BOE 12.00 10.72 -10.7 1.6 EtnVncRskMngd ETJ 9.64 9.48 -1.7 13.2 Dreyfus Mun Bd Infr Fd DMB 13.95 13.06 -6.4 4.9 Wildermuth Endwmnt:C 12.94 NA NA 2.1
John Hancock Income Secs JHS 14.85 13.86 -6.7 4.9
Central Securities CET NA 29.89 NA 16.6 BlkRk Intl Grwth&Inco BGY 6.28 5.68 -9.6 2.2 Etn Vnc Tax Mgd Buy-Write ETB 15.02 15.84 +5.5 9.2 Dreyfus Strat Muni Bond DSM 8.08 7.61 -5.8 5.4 Wildermuth Endowment:I 13.38 NA NA 3.1
MFS Inc Tr MIN 4.02 3.69 -8.2 9.1
CohSteer Opprtnty Fd FOF 13.14 12.54 -4.6 9.6 BlkRk Health Sci BME 35.21 37.78 +7.3 15.3 Eaton Vance BuyWrite Opp ETV 14.43 15.57 +7.9 13.3 Dreyfus Strategic Munis LEO 8.36 7.87 -5.9 5.3 Income & Preferred Stock Funds
Western Asset Infl Incm WIA NA 11.05 NA 3.6
EtnVnc TaxAdvDiv EVT 23.77 23.39 -1.6 13.3 BlackRck Rscs Comm Str Tr BCX 9.52 8.24 -13.4 -7.5 DWS Muni Income Trust KTF 12.14 10.87 -10.5 5.2 Destra Alt Acc;A 13.66 NA NA 0.3
Eaton Vance Tax-Mng Div ETY 12.09 11.83 -2.2 7.4 Western Asset Infl Opps WIW NA 10.75 NA 4.0
Gabelli Dividend & Incm GDV 23.62 21.58 -8.6 2.9 BlackRock Science & Tech BST 31.89 33.58 +5.3 15.9 Eaton Vance Mun Bd Fd EIM 13.38 12.33 -7.8 4.3 Destra Alt Acc;C 13.23 NA NA -0.3
EatonVanceTax-MngdOpp ETW 10.45 10.05 -3.8 -5.5 Loan Participation Funds
EtnVncTxMngGlDvEqInc EXG 8.70 8.33 -4.3 0.6 Eaton Vance Mun Income EVN 13.21 11.98 -9.3 4.8 Destra Alt Acc;I 13.89 NA NA 0.6
Apollo Sr Fltg Rate Fd AFT 17.07 15.05 -11.8 8.6
FT Energy Inc & Growth Fd FEN 22.30 22.95 +2.9 12.3 EV National Municipal Opp EOT 21.05 21.71 +3.1 4.8 Destra Alt Acc;L 13.37 NA NA 0.0
BlkRk Debt Strat Fd DSU 12.24 10.72 -12.4 7.6
A Week in the Life of the DJIA FstTrEnhEqtIncFd FFA 16.02 15.26 -4.7 9.1 BlackRock FR Incm Strat FRA 14.58 12.84 -11.9 6.6 Invesco Adv Mun Incm II VKI 11.69 10.61 -9.2 5.5
Invesco Mun Incm Opps Tr OIA 7.45 7.48 +0.4 5.1
Flat Rock Opportunity 19.57 NA NA NS
Variant Altrntv Inc:Inst 25.62 NA NA NS
First Tr Engy Infr Fd FIF 17.62 15.92 -9.6 10.9 Blkrk FltRt InTr BGT 14.15 12.50 -11.7 6.3
A look at how the Dow Jones Industrial Average component stocks Invesco Mun Opportunity VMO 13.06 11.77 -9.9 5.5 Variant Altrntv Inc:Inv 25.65 NA NA NS
First Tr MLP & Engy Incm FEI 12.62 11.65 -7.7 1.8 BlackstoneGSO Strat Cred BGB 15.90 14.54 -8.6 10.6
Invesco Municipal Trust VKQ 13.07 11.87 -9.2 5.3 Convertible Sec's. Funds
did in the past week and how much each moved the index. The DJIA Gabelli Hlthcr & Well GRX 11.75 10.44 -11.1 15.3 Blackstone GSO Sr Float BSL 17.04 16.94 -0.6 8.7
Invesco Qlty Mun Inco IQI 13.19 12.02 -8.9 5.5 Calamos Dyn Conv & Incm CCD 20.07 19.97 -0.5 6.8
gained 147.24 points, or 0.56%, on the week. A $1 change in the price Gabelli Utility Tr GUT 4.92 6.89 +40.0 37.4 Eagle Point Credit ECC NA 17.00 NA 14.4
Invesco Inv Grade Muni VGM 13.49 12.24 -9.3 5.2 World Equity Funds
GAMCOGlblGoldNatRscs&Inc GGN 4.38 4.33 -1.1 -1.9 Eaton Vance FR Incm Tr EFT 15.42 13.61 -11.7 5.6
of any DJIA stock = 6.78-point change in the average. To date, a Invesco Value Mun Incm Tr IIM 15.91 14.32 -10.0 5.0 ACAP Strategic:A 17.07 NA NA 7.9
John Hancock Finl Opps Fd BTO 33.39 33.06 -1.0 -9.8 EatonVnc SrFltRate EFR 15.08 13.40 -11.1 5.9
$1,000 investment on Dec. 31 in each current DJIA stock component MainStayMacDefinedMuni MMD 20.12 20.10 -0.1 5.0 ACAP Strategic:W 12.75 NA NA 8.7
NeubergerBermanMLPIncm NML 8.94 7.82 -12.5 -0.8 Eaton Vance Sr Incm Tr EVF 7.14 6.29 -11.9 6.1 BMO LGM Front ME;I 9.21 NA NA -19.8
would have returned $34,318, or a gain of 14.39%, on the $30,000 Neubrgr Brm Rl Est Sec Fd NRO 5.40 4.82 -10.7 15.8 First Trust Sr FR Fd II FCT 13.84 12.14 -12.3 6.0 NuveenAMT-FreeMunValue NUW 16.34 16.09 -1.5 4.2
Nuveen AMT-Free Quality NEA 14.85 12.98 -12.6 4.8 Calamos Global Tot Ret Fd CGO 12.10 12.95 +7.0 1.6
investment, including reinvested dividends. Nuveen Dow 30 Dynamic DIAX 18.17 18.10 -0.4 5.5 FT Sr Floating Rate 2022 FIV 9.57 8.99 -6.1 5.6
Nuveen Core Eq Alpha JCE 14.31 13.95 -2.5 1.6 Highland FR Opps Fd HFRO 14.67 13.69 -6.7 6.6 Nuveen AMT-Free Mun NVG 16.26 15.20 -6.5 5.2 Prem12 Mo
Nuveen Diversified Div JDD 11.60 10.82 -6.7 -2.3 Invesco Credit Opps Fund VTA 12.72 11.23 -11.7 8.3 Nuveen Mun Credit Incm Fd NZF 15.90 15.10 -5.0 5.3 Fund (SYM) NAV Close /Disc Yld
The Week’s Action
Pct Stock price Point chg $1,000 Invested(year-end '18) Nuveen Engy MLP Fd JMF 10.09 9.39 -6.9 0.4 Invesco Senior Income Tr VVR 4.82 4.29 -11.0 6.3 Nuveen Enhncd Mun Val Fd NEV 14.75 13.96 -5.4 5.1 U.S. Mortgage Bond Funds
chg (%) change in average* Company Symbol Close $1,000 NuvNASDAQ100DynOver QQQX 22.79 22.88 +0.4 -1.3 Nuveen Credit Strt Inc Fd JQC 8.70 7.97 -8.4 8.4 Nuveen Intermed Dur Mun NID 14.02 13.17 -6.1 3.9 Vertical Capital Inc:A 12.31 NA NA 3.5
Nuveen Real Est Incm Fd JRS 10.97 10.04 -8.5 15.0 NuvFloatRteInco Fd JFR 11.17 9.87 -11.6 7.4 NuveenMuniIncoOpp Fd NMZ 13.47 13.53 +0.4 5.1 Vertical Capital Inc:C NA NA NA 1.8
3.67 2.07 14.04 Intel INTC $58.49 $1,254 Nuveen Muni Value Fund NUV 10.22 9.85 -3.6 3.7
Nuveen Real Asset Income JRI 18.47 15.99 -13.4 6.7 Nuv Float Rte Opp Fd JRO 11.09 9.80 -11.6 7.5 Loan Participation Funds
3.43 2.96 20.08 Nike NKE 89.20 1,206 NuvS&P500DynOverwrite SPXX NA 15.78 NA -6.9 Nuveen Senior Income Fund NSL 6.68 5.86 -12.3 7.3 Nuveen Qual Mun Incm Fd NAD 15.18 13.22 -12.9 4.8 1WS Credit Income 20.17 NA NA NS
2.51 NuveenS&P500Buy-Write BXMX 13.38 13.27 -0.8 4.2 Pioneer Floating Rate Tr PHD 12.09 10.60 -12.3 6.9 Nuveen Sel TF NXQ 14.80 13.79 -6.8 3.6 504 Fund 9.75 NA NA 3.6
4.99 33.84 Apple AAPL 203.86 1,298
Reaves Utility Fund UTG 34.17 33.97 -0.6 29.2 High Yield Bond Funds PIMCO MuniFd PMF NA 14.39 NA 5.0 Angel Oak Str Crdt:Inst 24.60 NA NA 8.1
2.49 2.76 18.72 American Express AXP 113.67 1,202 Pimco Muni Inc II PML NA 14.34 NA 5.4 Blackstone/GSO FR EI D 24.53 NA NA NS
Tortoise Energy TYG 24.05 23.19 -3.6 -5.8 AllianceBernstein Glbl AWF 13.04 11.70 -10.3 7.2
2.21 1.18 8.00 Walgreens WBA 54.63 804 Tortoise Midstream Engy NTG 14.88 14.05 -5.6 -9.6 Barings Glbl Short Dur HY BGH 19.35 18.25 -5.7 9.8 PIMCO Muni Inc III PMX NA 12.27 NA 5.3 Blackstone/GSO FR EI I 24.53 NA NA 6.5
Income & Preferred Stock Funds BlackRock Corp Hi Yd Fd HYT 11.72 10.42 -11.1 8.3 Pioneer Mun Hi Inc Adv Tr MAV 11.57 10.55 -8.8 5.6 Blackstone/GSO FR EI T 24.48 NA NA NS
2.02 2.25 15.26 JPMorgan Chase JPM 113.46 1,181 Calamos Strat Fd CSQ 12.87 12.80 -0.5 16.0 BlackRockDurInco Tr BLW 16.73 14.78 -11.7 6.4 Pioneer Mun Hi Incm Tr MHI 12.57 11.84 -5.8 5.2 CLIFFWATER CL FD;I 9.99 NA NA NS
2.00 2.42 16.41 Microsoft MSFT 123.37 1,220 Cohen & Steers Dur Pfd LDP 24.98 23.88 -4.4 1.3 Brookfield Real Assets RA 23.50 21.87 -6.9 11.0 Putnam Tr PMM 7.92 7.42 -6.3 4.8 CNR Strategic Credit 10.34 NA NA NS
Cohen & Strs Sel Prf Inco PSF 25.69 27.59 +7.4 17.5 Credit Suisse High Yld DHY 2.60 2.50 -3.8 9.5 PutnamMuniOpportunities PMO 13.22 12.22 -7.6 4.5 FedProj&TrFinanceTendr PTF 10.01 NA NA 4.4
1.84 2.39 16.21 Walt Disney DIS 132.45 1,208 Wstrn Asset Mngd Muni MMU 13.45 13.15 -2.2 5.3 FS Global Crdt Opptys D NA NA NA 6.1
FT Interm Duration Pfd FPF 23.27 22.15 -4.8 5.3 DoubleLine Incm Solutions DSL NA 20.08 NA 9.0
1.73 3.31 22.45 McDonald’s MCD 194.91 1,105 John Hancock Pfd Income HPI 21.04 22.71 +7.9 21.2 Dreyfus Hi Yd Strat Fd DHF 3.35 3.06 -8.7 9.1 WesternAssetMunTrFund MTT NA 20.77 NA 4.2 Invesco Sr Loan A 6.67 NA NA 4.4
John Hancock Pfd II HPF 20.74 22.00 +6.1 21.6 Fst Tr Hi Inc Lg/Shrt Fd FSD 16.97 14.66 -13.6 8.6 Single State Muni Bond Invesco Sr Loan C 6.68 NA NA 3.7
1.60 1.62 10.99 WalMart WMT 103.18 1,114 BlackRock CA Municipal Tr BFZ 14.67 12.95 -11.7 4.4
John Hancock Pfd Inc III HPS 18.46 18.86 +2.2 17.0 Ivy High Income Opps Fund IVH 15.45 13.60 -12.0 8.8 Invesco Sr Loan IB 6.67 NA NA 4.7
1.58 0.74 5.02 Coca-Cola KO 47.48 1,012 Neuberger Berman HYS NHS 12.79 11.83 -7.5 6.9 BlkRk MuniHldgs CA Qlty MUC 15.05 13.25 -12.0 4.4 Invesco Sr Loan IC 6.67 NA NA 4.5
JHancock Pr Div PDT 15.16 16.63 +9.7 19.6
NexPoint Strat Opps Fund NHF 24.49 21.60 -11.8 11.0 BlkRk MunHl NJ Qlty MUJ 15.45 13.39 -13.3 4.7 Invesco Sr Loan Y 6.66 NA NA 4.7
1.53 2.16 14.65 Caterpillar CAT 143.36 1,142 LMP Cap & Inco Fd SCD NA 13.21 NA 11.8
BlRk MuHldg NY Qlty MHN 14.51 12.70 -12.5 4.2 Sierra Total Return:T 25.17 NA NA 5.2
Nuveen Pfd & Incm Opps Fd JPC 9.99 9.60 -3.9 5.3 Nuveen Credit Opps 2022 JCO 9.73 9.88 +1.5 5.8
1.26 1.70 11.53 United Technologies UTX 137.00 1,294 BlkRk MuniYld CA Fd MYC 14.97 13.28 -11.3 4.6 Thrivent Church Ln&Inc:S 10.21 NA NA NS
Nuveen Pfd & Incm Secs Fd JPS 9.62 9.21 -4.3 5.3 Nuveen Gl Hi Incm Fd JGH 17.66 15.49 -12.3 8.6
BlkRk MuniYld CA Quality MCA 15.24 13.47 -11.6 4.6 High Yield Bond Funds
1.13 1.54 10.44 Johnson & Johnson JNJ 137.52 1,073 Nuveen Preferred & Incm JPI 24.17 23.32 -3.5 6.2 Nuveen High Incm Dec19 JHD 9.99 9.88 -1.1 4.1
Griffin Inst Access Cd:A 24.89 NA NA 6.5
BlkRk MuniYld MI Qlty MIY 15.23 13.37 -12.2 4.7
Nuv Tax-Adv Div Gr JTD 16.85 16.28 -3.4 6.0 Nuveen Hi Incm Nov 2021 JHB 9.96 9.78 -1.8 5.6
0.94 0.99 6.71 Procter & Gamble PG 106.05 1,171 BlRk Muyld NY Qlty MYN 13.91 12.31 -11.5 4.2 Griffin Inst Access Cd:C 24.89 NA NA 6.5
TCW Strategic Income Fund TSI NA 5.54 NA 7.5 PGIM Gl Hi Yield Fd GHY NA 14.08 NA 7.2
Eaton Vance CA Mun Bd EVM 12.12 10.49 -13.4 4.5 Griffin Inst Access Cd:F 24.89 NA NA 6.4
0.89 1.81 12.28 Home Depot HD 205.66 1,206 Virtus Global Dividend ZTR 10.34 10.89 +5.3 9.9 PGIM High Yield Bond Fund ISD NA 14.37 NA 7.3
Invesco CA Value Mun Incm VCV 12.96 12.10 -6.6 5.0 Griffin Inst Access Cd:I 24.89 NA NA 6.5
Convertible Sec's. Funds Pioneer High Income Trust PHT 10.04 9.16 -8.8 8.0
0.88 1.21 8.21 Travelers TRV 138.93 1,167 Invesco PA Value Mun Incm VPV 13.57 12.46 -8.2 5.5 Griffin Inst Access Cd:L 24.89 NA NA 6.5
AllianzGI Conv & Incm NCV 5.64 5.96 +5.7 0.0 Wells Fargo Incm Opps Fd EAD 8.95 7.91 -11.6 8.5
Invesco Inv Grade NY Muni VTN 14.07 12.92 -8.2 5.1 PIMCO Flexible Cr I;A NA NA NA NS
0.67 1.46 9.90 3M MMM 218.88 1,157 AllianzGI Conv & Incm II NCZ 5.06 5.23 +3.4 -0.1 Wstrn Asset High Inco II HIX 7.30 6.61 -9.5 8.4
PIMCO Flexible Cr I;Inst NA NA NA 10.2
Nuveen CA AMT-Free Qual NKX 15.51 13.90 -10.4 4.6
0.33 0.52 3.53 Visa V 160.16 1,216 AllianzGI Equity & Conv NIE 23.64 21.63 -8.5 10.8 Wstrn Asset Opp Fd HIO 5.46 4.91 -10.1 6.6
Nuveen CA Muni Value NCA 10.28 9.64 -6.2 3.5 PionrILSBridge NA NA NA NS
Calamos Conv Hi Inco Fd CHY 11.30 11.01 -2.6 1.3 West Asst HY Def Opp Fd HYI 16.23 14.63 -9.9 7.1 WA Middle Mkt Dbt 712.49 NA NA 9.5
0.26 0.21 1.42 Exxon Mobil XOM 81.13 1,203 Nuveen CA Quality Muni NAC 15.24 13.54 -11.2 4.8
Calamos CHI 10.74 10.52 -2.0 2.2 Other Domestic Taxable Bond Funds WA Middle Mkt Inc 747.32 NA NA 9.4
Nuveen MD Qual Muni NMY 14.44 12.51 -13.4 4.2
World Equity Funds Ares Dynamic Credit Alloc ARDC NA 14.97 NA 8.6
0.20 0.11 0.75 Cisco Systems CSCO 56.40 1,320 Nuveen MI Qual Muni NUM 15.25 13.11 -14.0 4.0 Other Domestic Taxable Bond Funds
Aberdeen Total Dyn Div AOD 9.57 8.52 -11.0 2.9 Barings Corp Investors MCI NA 15.59 NA 7.7 Am Beacon Apollo TR:Y 10.16 NA NA NS
0.11 0.43 2.92 Boeing BA 380.07 1,184 Nuveen NJ Qual Muni NXJ 15.73 13.56 -13.8 4.7
Calamos Glbl Dyn Inc CHW 8.24 8.27 +0.4 -0.4 BlackRock Multi-Sector IT BIT 18.56 16.69 -10.1 8.4 Am Beacon SP Enh Inc:Y 10.31 NA NA NS
Nuveen NY AMT-Free NRK 14.32 12.59 -12.1 4.2
0.08 0.10 0.68 Chevron CVX 119.86 1,113 Cdn Genl Inv CGI 36.45 25.00 -31.4 11.7 BlackRock Taxable Mun Bd BBN 23.03 22.50 -2.3 6.5 BR Credit Strat;Inst 10.11 NA NA NS
Nuveen NY Qual Muni NAN 14.92 13.32 -10.7 4.3
China Fund CHN NA 21.55 NA 4.3 Doubleline Oppor Credit DBL 20.08 19.92 -0.8 8.7 BlackRock Mlt-Sctr Oppty 95.89 NA NA 7.9
–0.66 –1.47 –9.97 UnitedHealth Group UNH 221.75 894 Nuveen OH Qual Muni NUO 16.48 14.38 -12.7 3.8
EtnVncTxAdvGblDiv ETG 17.65 16.21 -8.2 3.0 Duff & Phelps Utl & Cp Bd DUC 9.28 8.60 -7.3 4.8 BlackRock Mlt-Sec Opp II 100.00 NA NA NS
Nuveen PA Qual Muni NQP 15.23 13.20 -13.3 4.4
–0.91 –0.53 –3.59 Dow DOW 57.77 1,160 EatonVance TxAdv Opport ETO 23.52 24.91 +5.9 7.0 EtnVncLtdFd EVV 14.56 12.72 -12.6 6.4 Nuveen VA Qual Muni NPV 14.31 12.62 -11.8 4.2 Capstone Church Capital 12.32 NA NA 1.9
First Trust Dynamic Eur FDEU 16.03 14.67 -8.5 -9.6 Franklin Ltd Duration IT FTF 10.49 9.67 -7.8 11.6 CION Ares Dvsfd Crdt;A NA NA NA 5.4
–0.93 –1.93 –13.09 Goldman Sachs GS 205.91 1,238 PIMCO California Muni PCQ NA 18.17 NA 5.1
Gabelli Glbl Multimedia GGT 8.34 8.35 +0.1 -1.0 KKR Income Opps Fund KIO NA 15.75 NA 9.6 CION Ares Dvsfd Crdt;C NA NA NA 5.4
PIMCO California Mun II PCK NA 8.80 NA 4.6
–1.19 –0.70 –4.75 Verizon VZ 58.04 1,054 GDL Fund GDL 11.30 9.45 -16.4 5.4 MFS Charter MCR 8.79 7.82 -11.0 8.8 52 wk CION Ares Dvsfd Crdt;I NA NA NA 5.4
India Fund IFN 23.99 21.79 -9.2 -1.1 Nuveen Taxable Muni NBB 21.07 20.48 -2.8 5.6 Prem Ttl CION Ares Dvsfd Crdt;L NA NA NA 5.4
–2.78 –4.02 –27.26 IBM IBM 140.33 1,249 PIMCO Corporate & Incm PTY NA 17.39 NA 9.3
Japan Sml Cap JOF NA 8.84 NA -12.7 Fund (SYM) NAV Close /Disc Ret CION Ares Dvsfd Crdt;W NA NA NA NS
–5.59 –2.33 –15.80 Pfizer PFE 39.38 910 Korea Fund KF 34.44 31.15 -9.6 -9.0 PIMCO Corporate & Incm PCN NA 17.05 NA 8.3 Specialized Equity Funds CNR Select Strategies 10.24 NA NA 0.0
–7.86 –6.24 –42.32 Merck MRK 73.19 964 Mexico Fund MXF NA 14.90 NA -5.3 PIMCO HiInco PHK NA 7.74 NA 10.7 Bluerock Total Inc+ RE:A 30.09 NA NA 7.1 GL Beyond Income 1.78 NA NA NE
MS China a Shr Fd CAF 26.57 24.46 -7.9 12.0 PIMCO Inco Str Fd PFL NA 11.55 NA 9.4 Bluerock Total Inc+ RE:C 28.99 NA NA 6.3 Lord Abbett Cred Opps Fd 10.12 NA NA NS
*Based on Composite price. DJIA is calculated on primary-market price. MS India Invest IIF 23.98 21.12 -11.9 -10.2 PIMCO Incm Strategy Fd II PFN NA 10.45 NA 10.0 Bluerock Total Inc+ RE:I 30.54 NA NA 7.4 OFI Carlyle Pvt Cred:A NA NA NA NS
Source: Dow Jones Market Data; FactSet. New Germany Fund GF 16.67 14.68 -11.9 -3.0 Putnam Mas Inco PIM 4.85 4.48 -7.6 6.6 Bluerock Total Inc+ RE:L 29.95 NA NA 6.8 OFI Carlyle Pvt Cred:I NA NA NA NS
Putnam Premier Income Tr PPT 5.42 5.10 -5.9 6.7 Broadstone Rl Asst Acc:I 10.48 NA NA NS OFI Carlyle Pvt Cred:L NA NA NA NS
Wells Fargo Multi-Sector ERC 13.30 12.20 -8.3 10.4 Broadstone Rl Asst Acc:W 10.49 NA NA NS OFI Carlyle Pvt Cred:Y NA NA NA NS
World Income Funds CC Real Estate Income;Ad 9.09 NA NA 0.4 Palmer Square Opp Inc 18.64 NA NA 5.4
Insider-Trading Spotlight Abeerden Asia-Pacific FAX 4.81 4.10 -14.8 7.1
Brandywine Global Incm BWG 13.13 11.01 -16.1 7.7
Griffin Inst Access RE:A 27.19 NA NA 8.1
Griffin Inst Access RE:C 26.46 NA NA 7.2
Resource Credit Inc:A 10.95 NA NA 6.4
Resource Credit Inc:C 11.07 NA NA 5.7
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys Etn Vnc Short Dur Fd EVG 14.91 13.02 -12.7 6.1 Griffin Inst Access RE:I 27.44 NA NA 8.3 Resource Credit Inc:I 10.98 NA NA 6.7
new information about the prospects of a company. Insiders are required to report large trades to the SEC MS EmMktDomDebt EDD 7.61 6.62 -13.0 9.0 NexPointHCOpp;A 16.43 NA NA NS Resource Credit Inc:L 10.95 NA NA 6.2
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by PIMCO Dynamic Credit PCI NA 23.21 NA 9.9 NexPointHCOpp;C 16.32 NA NA NS Resource Credit Inc:W 10.95 NA NA 6.4
PIMCODynamicIncomeFund PDI NA 31.25 NA 9.8 NexPointHCOpp;Z NA NA NA NS World Income Funds
Thomson Financial on April 19, and year-to-date stock performance of the company PIMCO Income Opportunity PKO NA 26.54 NA 9.95 NexPointRlEstStrat;A 20.24 NA NA 9.5 Destra Int&Evt-Dvn Crd:A 24.70 NA NA NS
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer PIMCO Strat Income Fund RCS NA 9.70 NA 8.2 NexPointRlEstStrat;C 20.35 NA NA 9.0 Destra Int&Evt-Dvn Crd:I 24.71 NA NA NS
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Templeton Emerging TEI 11.07 10.08 -8.9 8.2 NexPointRlEstStrat;Z 20.36 NA NA 9.95 Destra Int&Evt-Dvn Crd:L 24.70 NA NA NS
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Templeton Global GIM 7.18 6.31 -12.1 6.5 PREDEX;I 26.22 NA NA 4.9 Destra Int&Evt-Dvn Crd:T 24.69 NA NA NS
unknown VP: vice president Excludes pure options transactions Wstrn Asset Emerg Mkts EMD NA 13.75 NA 8.8 PREDEX;T 26.23 NA NA 4.7 National Muni Bond Funds
Wstrn Asset Gl Def Opp Fd GDO 17.92 16.91 -5.6 7.4 PREDEX;W 26.23 NA NA 4.7 PIMCO Flex Mun Inc;Inst 10.17 NA NA NS
Resource RE Div Inc:A 10.43 NA NA 12.0 Tortoise Tax-Adv Soc Inf 9.98 NA NA 3.4
Biggest weekly individual trades National Muni Bond Funds

Based on reports filed with regulators this past week

Date(s) Company Symbol Insider Title

No. of shrs in Price range ($) $ Value
trans (000s) in transaction (000s) Close ($) Ytd (%)
Borrowing Benchmarks | WSJ.com/bonds
Buyers Money Rates April 19, 2019

Apr. 15 Amyris AMRS L. Doerr DOI 6,732 2.87 19,322 5.02 50.3 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
Apr. 12 Homology Medicines FIXX J. Flynn DOI 533 22.50 12,000 22.16 -0.9 guide to general levels but don’t always represent actual transactions.
Apr. 16 Kinder Morgan KMI R. Kinder H 153 19.75 3,014 19.39 26.1 Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
Apr. 16 JPMorgan Chase & Co JPM M. Hobson DI 18 111.02 1,998 113.46 16.2 March index Chg From (%)
level Feb. '19March '18 Treasury bill auction One year 2.74638 2.74838 3.14413 2.68288
Apr. 10-11 Abeona Therapeutics ABEO S. Buono D 70 7.54-7.91 546 7.96 11.5
4 weeks 2.400 2.375 2.470 1.630 Euro Libor
Apr. 16 Conagra Brands CAG J. Gregor D 10 29.99 300 30.52 42.9 U.S. consumer price index 13 weeks 2.380 2.375 2.465 1.760 One month -0.409 -0.412 -0.390 -0.422
Apr. 12 HCI Group HCI G. Politis D 4 40.91 164 42.14 -17.1 All items 254.202 0.56 1.9 26 weeks 2.390 2.395 2.505 1.945 Three month -0.350 -0.360 -0.324 -0.369
Core 261.836 0.28 2.0
Apr. 15 Valvoline VVV M. MeixelspergerCFO 8 18.71 140 18.84 -2.6 Secondary market Six month -0.307 -0.311 -0.288 -0.334
International rates One year -0.204 -0.204 -0.159 -0.245
Apr. 15 Otelco OTEL I. Sochet BI 7 17.30 113 17.46 8.0 Fannie Mae
Apr. 12 Tailored Brands TLRD C. Ask O 14 7.41 100 8.23 -39.7 Week 52-Week 30-year mortgage yields Euro interbank offered rate (Euribor)
Latest ago High Low One month -0.368 -0.367 -0.362 -0.372
Apr. 15-17 Trecora Resources TREC P. Quarles CEO 10 9.32-9.71 94 9.60 23.1 30 days 3.835 3.729 4.607 3.497
60 days 3.853 3.753 4.632 3.531 Three month -0.311 -0.310 -0.306 -0.329
Apr. 11-12 P. Quarles CEO 3 9.09-9.21 28 Prime rates Six month -0.232 -0.232 -0.227 -0.272
Apr. 16-18 JMP Group JMP J. Jolson CEOI 16 3.98-4.00 65 3.95 1.3 U.S. 5.50 5.50 5.50 4.75 Other short-term rates One year -0.112 -0.112 -0.108 -0.190
Canada 3.95 3.95 3.95 3.45
Apr. 15 Ladenburg Thalmann Financial Services LTS A. Malamed CO 15 3.47 52 3.61 54.9 Japan 1.475 1.475 1.475 1.475 Week 52-Week Value 52-Week
Latest high low Latest Traded High Low
Apr. 12 A. Malamed CO 10 3.46 35 ago
Apr. 15 R. Lampen CEO 10 3.43 34
Policy Rates
DTCC GCF Repo Index
Apr. 11 M. Zeitchick ODI 10 3.37-3.38 34 Euro zone 0.00 0.00 0.00 0.00 Call money
Treasury 2.568 38.750 5.149 1.670
Switzerland 0.50 0.50 0.50 0.50 4.25 4.25 4.25 3.50
Apr. 11 Ultra Petroleum UPL J. Stratton CO 80 .55 44 0.47 -38.8 MBS 2.556 87.800 4.434 1.691
Britain 0.75 0.75 0.75 0.50
Australia 1.50 1.50 1.50 1.50 Commercial paper (AA financial) Open Implied
Sellers Overnight repurchase
90 days 2.45 2.47 2.80 1.85 Settle Change Interest Rate

294 177.55-179.27 2.54 2.50 3.23 1.69 Libor DTCC GCF Repo Index Futures
Apr. 11-12 Facebook FB M. Zuckerberg CEOI 52,435 178.28 36.0 U.S.
Apr. 15 M. Zuckerberg CEOI 108 177.63-180.23 19,293 One month 2.48088 2.47738 2.52238 1.89695 Treasury Apr 97.450 -0.002 38 2.551
U.S. government rates Three month 2.58113 2.60100 2.82375 2.30031 Treasury Jun 97.490 unch. 14 2.510
Mar. 19-20 Okta OKTA J. Kerrest CO 330* 80.93-82.88 26,961 91.94 44.1 Six month 2.62900 2.63775 2.90788 2.46688 Treasury Jly 97.520 -0.005 17 2.480
Discount
Apr. 15 JPMorgan Chase & Co JPM M. Lake CFO 115 109.75 12,667 113.46 16.2
3.00 3.00 3.00 2.25 Notes on data:
Apr. 15 M. Erdoes O 72 109.92 7,952
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
Apr. 15-17 KB Home KBH J. Mezger CEO 489 25.34-25.41 12,414 25.92 35.7
Federal funds and is effective December 20, 2018. Other prime rates aren’t directly comparable; lending practices
Effective rate 2.4600 2.4300 2.4600 1.7100 vary widely by location; Discount rate is effective December 20, 2018. DTCC GCF Repo Index is
Apr. 15-17 Guardant Health GH R. Lanman O 136 71.66-76.56 10,141 70.51 87.6 High 2.6000 2.6000 2.6500 1.8125 Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value
Apr. 15 I. Clark D 82 73.90 6,043 traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
Low 2.3000 2.2500 2.4000 1.6500 Futures on the DTCC GCF Repo Index are traded on NYSE Liffe US.
Apr. 15-16 Hewlett Packard Enterprise HPE A. Neri CEO 591 16.50-16.51 9,760 16.66 26.1 Bid 2.4100 2.3700 2.4100 1.6800 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
Offer 2.4500 2.4000 2.4500 1.7100 Tullett Prebon Information, Ltd.
Apr. 15 General Dynamics GD J. Casey O 45 172.16-174.12 7,842 176.85 12.5
Apr. 15-16 Arista Networks ANET J. Ullal CEOI 20 328.17-330.19 6,581 323.38 53.5
Apr. 15-16 Dolby Laboratories DLB D. Dolby BI 100 65.65-65.80 6,572 64.60 4.5 Cash Prices | WSJ.com/commodities Friday, April 19, 2019
Apr. 11-12 D. Dolby BI 97 65.01-65.42 6,298
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Apr. 10-11 Carvana CVNA E. Garcia BI 103 60.46-63.57 6,436 62.98 92.5
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Apr. 12-15 E. Garcia BI 94 63.02-66.23 6,070
months.
Apr. 15 Broadcom AVGO H. Tan CEO 20 314.01-316.52 6,301 318.62 25.3
Friday Friday Friday
Apr. 15 VMware VMW S. Poonen O 30 191.97 5,759 188.09 37.2 Aluminum, LME, $ per metric ton *1839.0
Energy Food
Apr. 17 Coupa Software COUP R. Bernshteyn CEO 63 89.65-94.58 5,703 90.05 43.3 Shredded Scrap, US Midwest-s,m 325
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 77.300 Broilers, National comp wtd. avg.-u,w 0.9711
* Half the transactions were indirect **Two day transaction
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.850 Eggs,large white,Chicago-u 0.6350
p - Pink Sheets Fibers and Textiles Flour,hard winter KC 14.30
Hams,17-20 lbs,Mid-US fob-u n.a.
Metals Burlap,10-oz,40-inch NY yd-n,w 0.5600
Buying and selling by sector Cotlook 'A' Index-t *88.25
Hogs,Iowa-So. Minnesota-u 81.33
Pork bellies,12-14 lb MidUS-u 1.5656
Based on actual transaction dates in reports received this past week Gold, per troy oz Pork loins,13-19 lb MidUS-u 0.9063
LBMA Gold Price AM *1276.50 Steers,Tex.-Okla. Choice-u n.a.
Sector Buying Selling Sector Buying Selling LBMA Gold Price PM *1275.70 Grains and Feeds
Steers,feeder,Okla. City-u,w 173.63
Basic Industries 0 45,632,294 Finance 2,217,516 50,620,570 Bran,wheat middlings, KC-u 78
Silver, troy oz. Corn gluten feed,Midwest-u,w 97.4 Fats and Oils
Business services 0 7,710,709 Health care 546,250 15,792,377 LBMA spot price *£11.5000 Corn gluten meal,Midwest-u,w 386.2 Corn oil,crude wet/dry mill wtd. avg.-u,w 27.9000
Capital goods 0 0 Industrial 0 15,832,889 (U.S.$ equivalent) *14.9550 Cottonseed meal-u,w 215 Grease,choice white,Chicago-h 0.2500
Consumer durables 0 14,389,903 Media 0 4,578,403 Hominy feed,Cent IL-u,w 95 Lard,Chicago-u n.a.
Consumer nondurables 299,865 12,504,232 Technology 95,600 57,746,636 Other metals Meat-bonemeal,50% pro Mnpls-u,w 203 Tallow,bleach;Chicago-h 0.2850
LBMA Platinum Price PM *890.0 Rice, Long Grain Milled, No. 2 AR-u,w 24.25 Tallow,edible,Chicago-u n.a.
Consumer services 100,035 17,953,577 Transportation 0 2,450,905
Energy 3,941 2,671,791 Utilities 31,323 4,494,086 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=Hurley Brokerage;
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 4/18
Sources: Thomson Financial; WSJ Market Data Group Source: WSJ Market Data Group
 THE WALL STREET JOURNAL.
Email: heard@wsj.com
OVERHEARD
Among the many prob-
lems with electric scooters is
that they could cannibalize
the very ride-hailing market
they are meant to expand.
Many urban areas are now
swimming in the adult con-
veyances, which once were a
children’s toy. Venture-backed
companies like Bird and Lime
are among the best known in
the scooter-sharing business,
though ride-hailing giants
Uber Technologies and Lyft
have gotten in on the action.
Relative to car-hailing,
scooters are inexpensive to
use—most cost $1 to unlock
plus 15 cents a minute. But
they are also controversial.
An Instagram account called
Bird Graveyard, which proudly
chronicles abuse of those us-
ing scooters, has more than
80,000 followers.
Pedestrian lobbying group
Walk San Francisco once cre-
ated a Facebook album enti-
tled “Scooters Behaving
Badly,” with comments that
included photos of scooters
obstructing traffic and strewn
across countless sidewalks.
Riders’ misuse of scooters
has led to outrage among
some. Blog pictures abound
of offending scooters broken
into pieces, thrown in anger,
or draped over trash cans.
Some posts show scooters
submerged into the San Fran-
cisco Bay. In Santa Barbara,
Calif., college students are
burying scooters in beach
sand so that potential users
can’t find them.
Now for the latest indig-
nity: According to a survey of
more than 1,700 scooter rid-
ers by the San Francisco
Chronicle, more than two-
thirds of respondents had
household incomes of over
$100,000.
Furthermore, 36% of re-
spondents said they would
have taken an Uber or Lyft
car had a scooter not been
available.
Who exactly is getting
taken for a ride here?
JUSTIN SULLIVAN/GETTY IMAGES
Analysts expect Microsoft to post quarterly earnings of $1 a share on Wednesday, up year over year.
THE TICKER | Market events coming this week
Monday
Existing-home sales
Feb., previous 5.51 mil.
March, expected 5.30 mil.
Earnings expected*
Estimate/Year Ago($)
Cadence Design Systems
0.49/0.40
Celanese 2.39/2.79
Halliburton 0.22/0.41
Kimberly-Clark 1.54/1.71
Lennox Intl. 1.46/1.13
W.W. Grainger 4.44/4.18
Tuesday
New-home sales
Feb., previous 667,000
March, expected 650,000
Earnings expected*
Estimate/Year Ago($)
Coca-Cola 0.46/0.47
NextEra 2.04/1.94
P&G 1.03/1.00
* FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)  ADJUSTED FOR
STOCK SPLIT
* * * * *
HEARD ON THE STREET
Zillow’s daily share price
$45
40
35
30
25
N D J F
Sources: SIX (shares); the company (actual revenue), Cowen (estimate revenue)
Zillow Bets on Automation
Zillow Group is making a
sizable bet that it can auto-
mate the labor-intensive pro-
cess of buying and selling
homes. But unlike most other
areas of technology, many
customers may prefer doing
things the old-fashioned way
when it comes to the roof
over their heads.
Tech-enabled “iBuying” of-
fers speed and convenience
for a customer, eliminating
the need for repairs, stagings,
showings and, in some cases,
even real-estate agents. For
Zillow, which works with
agents, it means physically
taking on home inventory,
quickly fixing it up and selling
it—essentially home flipping.
Commissions associated
with iBuying are generally
higher than what traditional
real-estate agents charge, as
customers pay for the added
convenience. (Zillow dislikes
the term “home flipping,” de-
scribing its business as a
“service for a fee,” in which
the fee depends on such fac-
tors as market conditions and
the work to be done on a
home.) The potential market
is vast: Zillow expects it to
generate $20 billion annually
within three to five years.
Investors seem to under-
stand both the potential and
the risk. Zillow’s shares
soared 25% on Feb. 22, the
day after it announced on its
Texas Instruments Facebook
1.13/1.35 Microsoft
United Tech. 1.71/1.77 PayPal
Verizon 1.17/1.17 Visa
Wednesday Thursday
Short-selling reports Initial jobless claims
Ratio, days of trading volume of Previous
current position, at March 29 Expected
NYSE 4.4
Nasdaq 3.9 EIA report: natural gas
Previous change in stocks in
Mort. bankers indexes billions of cubic feet
Purch., previous up 1%
Refinan., prev. down 8% Durable-goods orders
Feb., previous down 1.6%
EIA status report
March, expected up 0.8%
Previous change in stocks in
millions of barrels
Earnings expected*
Crude oil down 1.4
Gasoline down 1.2
3M
Distillates down 0.4
AbbVie
Earnings expected* Altria Group
Estimate/Year Ago($) Amazon.com
AT&T 0.86/0.85 Comcast
Boeing 3.20/3.64 Intel
NOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF ECONOMISTS
FINANCIAL ANALYSIS & COMMENTARY
Zillow's estimated annual iBuying revenue
for its ‘Homes’ segment
$8 billion
6 Aren’t Reassuring
4
Zillow’s 4Q
results
2 to complete a trip than the
0 $0.05
M A
fourth-quarter earnings call
that it was doubling down on
iBuying. But the stock has
since shed most of that gain.
Margins on iBuying are thin:
Zillow said it expects to earn
just 2% to 3% on transactions
at maturity. And for custom-
ers, an increase of even a few
percentage points in commis-
sion dollars on a home adds
up in a big way.
Redfin, which in 2018 did
9% of its business in iBuying,
said earlier this year it ex-
pects the process to be “fun-
damentally limiting” for some
customers because of its in-
herent financial risk. Even Zil-
low’s management has char-
acterized the company’s move
into a low-margin, inventory-
heavy business as one of
Chief Executive Rich Barton’s
trademark “big hairy auda-
cious goals.”
Barclays downgraded Zil-
low to “underweight” last
month, expecting aging and
mispriced inventory to weigh
on margins. Still, some ana-
lysts are forecasting a quick
ramp-up. Cowen analyst
Thomas Champion estimates
that iBuying will represent
41% of Zillow’s revenue by the
end of this year, compared
with just 4% in 2018. Bullish
analysts see cross-selling op-
portunities for Zillow’s iBuy-
ing business with mortgage
origination, which carries
MARKETS
1.61/1.69 Friday
1.00/0.95
Gross domestic product:
0.68/0.57 Percentage change, annual rate
1.24/1.11 4th qtr., final up 2.2%
1st qtr. adv. est. up 2.4%
GDP deflator
192,000 4th qtr., final up 1.7%
200,000 1st qtr. adv. est. up 1.3%
U.Mich. consumer index
April, prelim. 96.9
up 92 April, final 97.0
Earnings expected*
Estimate/Year Ago($)
ADM 0.61/0.68
Chevron 1.28/1.90
Colgate-Palmolive
Estimate/Year Ago($)
2.49/2.50 0.66/0.74
2.06/1.87 Exxon Mobil 0.70/1.09
0.92/0.95 LyondellBasell 2.18/3.11
4.71/3.27 Zimmer Biomet
0.68/0.62 1.86/1.91
0.87/0.87
’18 ’19 ’20 ’21
ESTIMATES
higher margins.
Zillow isn’t alone; several
pure-play startups are going
all in on iBuying. In March,
Opendoor raised $300 mil-
lion at a reported valuation of
$3.8 billion. Others include
Knock, led by the founding
team members of Trulia, as
well as Offerpad and Perch,
among others. Well-funded
private competitors may fur-
ther pressure Zillow’s mar-
gins as they race for market
share, though Zillow has a
sizable advantage as the es-
tablished market leader.
Mr. Barton reckons that
Zillow can streamline the
real-estate process with iBuy-
ing, much as Netflix did
streaming videos. But real es-
tate is a vastly different busi-
ness from movies and even
other online markets. For one
thing, it is low-volume—just
5.5% of homeowners moved
in 2017, according to the U.S.
Census Bureau. And when
people do move, most want
their hands held—87% of
home buyers and 91% of
home sellers still use an
agent, according to a 2018
survey by the National Asso-
ciation of Realtors.
Taking a chance with Net-
flix sets you back $12.99;
gambling with your home re-
quires putting all your chips
on the table.
—Laura Forman
Investors
Ponder
Rally’s End
Continued from page B1
think, ‘Do we swing for the
fences or pull up stakes?’ I be-
lieve you have to do the latter.”
Allocations to stocks are still
slightly below their long-term
average, Bank of America Mer-
rill Lynch’s April survey of fund
managers showed. UBS’s chief
investment office said Friday it
had closed its overweight posi-
tion in U.S. stocks relative to
government bonds, betting that
the market’s gains will slow
over the next six months.
Data from EPFR Global
showed that bond funds
tracked by the firm took in
$14.3 billion in early April, their
biggest weekly inflow since
early 2015.
Asset managers in an Insti-
tute of International Finance
survey said they expect their
clients to cut exposure to de-
veloped-market stocks and
corporate bonds, while other
investors have snapped up ex-
change-traded products that
offer insurance against a spike
in market volatility.
The wariness toward stocks
highlights the increasingly dif-
ficult choice facing money
managers in recent months.
While limiting exposure to eq-
Off to a Good Start
The S&P 500 is on track for its best first four months of the year since 1987.
-15% 0 15
1970s -11.4% 12.9%
1980s -1.5% -2.2%
1990s -6.4% 13.7%
2000s -1.1% -5.4%
2010s 6.4% 8.4%
Note: Figures for 2019 are through April 18.
Source: Dow Jones Market Data
Monday, April 22, 2019 | B9
Uber’s Cost Details
Forget net profits—in
some markets, Uber Tech-
nologies is starting in a
hole, paying more to drivers
customer pays for the ride.
The ride-hailing
company’s initial-public-
offering document is the
latest window into goodies it
offers drivers to keep their
wheels turning. Its account-
ing methods vary from those
of rival Lyft, but both com-
panies could make things
clearer for investors.
In some ways, Uber’s
financial statements, which
are seeking to justify a $100
billion valuation, are more
revealing. The San Francisco-
based company details each
step of the ride-hailing
process, from the customer’s
payment for the ride—so-
called “gross bookings”—to
the amount of revenue the
company takes after paying
nearly all of the driver’s
wages and average bonus,
plus some other incentives.
This is what Uber calls “core
platform revenue.”
But not all the fees paid
to the driver are recorded
the same way. In markets
where the company is trying
to establish a dominant
position, such as in emerging
markets or with its Uber
Eats program, Uber offers
drivers more bells and
whistles to encourage them
to plug into its platform.
This so-called excess driver
incentive is listed apart from
what Uber collects in core
platform revenue.
In theory, when com-
petition fades, Uber won’t
have to pay these incentives
any longer. So by breaking
them out separately,
investors can see how its
profit might swing if its
aggressive strategy is
successful.
But this effort to clarify
uities has proven a losing
strategy over the past decade,
many worry about staying
heavily invested in stocks dur-
ing what appears to be a late
stage of the economic cycle,
with markets near records and
stocks trading at compara-
tively rich valuations.
Investors have been study-
ing profits at S&P 500 compa-
nies, which as of Thursday
were expected to fall 3.9% for
the first quarter from a year
earlier, according to FactSet.
Signs of weakening profits
would be a confirmation of
concerns that global growth is
set to falter in the coming
months, some analysts believe.
Meanwhile, a popular met-
ric pioneered by Nobel Prize-
winning economist Robert
Shiller shows that valuations
are hovering near their high-
est level in almost two de-
cades, though they have re-
treated from their highs of
early 2018.
Some of the year’s big gain-
ers include Chipotle Mexican
Grill Inc. and Hess Corp.,
whose stocks are both up
more than 60%, and Netflix
Inc., whose shares have risen
more than 30%.
“There are plenty of rea-
sons for short-term caution,”
said Erik Knutzen, multiclass
chief investment officer at
Neuberger Berman.
Concerns over valuations
and earnings have led Mr.
Knutzen to trim his exposure
to U.S. stocks, while he is hop-
ing to raise his allocation if
30
5.6% -9.4% -7.2% 27.3%
-5.0% 16.9% -3.0% 7.5%
-0.5% 1.0% -3.3% 12.1%
-6.2% 4.2% -0.4% -4.5%
11.2% 12.0% 1.9% 1.3%
WSJ.com/Heard
its business isn’t something
that brings a whole lot of
comfort. These fees are
growing, not shrinking,
which investors can see by
digging in deeper. In 2018,
excess driver incentives
increased almost 60% to
$837 million, and rose as a
percentage of revenue, in
large part because of the
rapid expansion of Uber
Eats.
Lyft reports its driver
incentives differently, as the
revenue line takes into
account more of the
incentives to drivers. It is a
cleaner treatment, perhaps,
but also a less revealing one.
Without more detail, invest-
ors can’t make as good an
assessment about how much
it is paying to grow.
For both companies, the
future course of driver-
incentive costs will be key.
The more they pay out—a
function of their dogged
competition—the harder it
will be to turn consistent
profits.
Both companies could
have a more straightforward
way of showing these costs
by breaking them out clearly
and uniformly. Investors
might reward them with a
higher valuation as a result,
assuming they like what they
see.
—Lauren Silva Laughlin
Uber’s quarterly excess driver
incentive costs
$300 million
200
100
0
2017 ’18
Source: Uber regulatory filing
prices slip.
Plenty of investors believe
there are few risks that appear
imminent and expect the rally
to continue.
Major central banks have
signaled that monetary policy
will remain accommodative,
while the U.S. and China ap-
pear closer to reaching an
agreement on trade.
Even though global eco-
nomic readings have shown
uneven growth, much of it has
improved over several months.
“The data in December and
January was unambiguously
awful,” said Megan Greene,
chief economist at Manulife
Asset Management. “A lot of
that has started to look better.”
Ms. Greene is looking for
signs that China’s monthslong
effort to stimulate growth is
finally bearing fruit. A stron-
ger Chinese economy would
likely ripple out to other im-
portant regions, she said.
Others, however, are wor-
ried about the U.S. economy
growing too quickly. While
growth tends to increase earn-
ings and lift share prices, a
surprise acceleration in infla-
tion could spur the Federal
Reserve to raise interest
rates—something few inves-
tors expect now.
Recent U.S. data has bol-
stered that view. Retail sales
in the U.S. bounced back in
March after a stretch of weak
spending, data showed Thurs-
day, in another sign that first-
quarter growth was stronger
than expected.
12.7% -8.4% 1.8% 5.9%
11.5% 19.1% 5.8% 11.5%
6.2% 8.2% 14.6% 8.6%
5.0% 4.5% -5.6% -3.4%
1.0% 6.5% -1.0% 15.9%
B10 | Monday, April 22, 2019 THE WALL STREET JOURNAL.

MARKETS
After Taxing Quarter, Airlines Face Earnings Test
By Akane Otani And Tristan Wyatt $65 a barrel

Airline shares, which have mostly lagged behind the broader stock market recently, are The earnings reports will give investors
set to face their next major hurdle in the coming days. Southwest Airlines, American a sense of how much soaring oil prices,
as well as the government shutdown at
Airlines and Alaska Air are all scheduled to report quarterly results this week. the start of the year, affected airlines’
bookings and fare revenue.
25% Performance in 2019
The U.S. grounds Boeing's Nymex crude-oil futures,
continuous front-month contract 60
737 MAX jetliners.
20

15 S&P 500

Southwest
10 Airlines 55

American
5 Airlines

0 Alaska Air

50
–5

American Airlines joins Delta

in cutting profit guidance.
–10

–15 45
January 2019 February March April January 2019 February March April

Investors will also try to gauge how much airlines will get hit by Even if earnings help fuel a rebound in airline stocks, many of But with airline stocks looking relatively cheap, analysts say
flight cancellations caused by the grounding of Boeing Co.’s 737 them will remain underperformers within the transportation there is a chance that upside surprises throughout earnings
MAX jetliners. Dow heavyweight Boeing, whose shares have industry. Shares of rental-car and truck companies, as well as season could spur fresh buying. A number of airlines carry
stabilized since a March selloff, reports earnings Wednesday. railroads, have raced past airlines this year. price/earnings ratios that are well below that of the S&P 500.

Number of points the five biggest contributors to the Dow Performance in 2019 Price/earnings ratio, based on
Jones Industrial Average have added to the index in 2019 estimated earnings over the next year

Avis Budget
Boeing 390.5 points Group
57.4% S&P  16.8 times

Ryder Southwest
Apple 312.8 System
36.2 Airlines
11.3

Norfolk
Goldman Sachs 263.6 Southern
32.8 Alaska Air 10.3

Home Depot 229.5 Matson 22.7 Delta 8.7

International US Global American

Business Machines
207.0 Jets ETF*
11.9 Airlines
6.1

*Invests in airline-industry companies

Sources: SIX (stock and index performance, Nymex crude-oil futures); FactSet (point contributions, 2019 performance, P/E ratios)

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 JOURNAL REPORT

© 2019 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, April 22, 2019 | R1

The Case
Against
Early
Retirement
Many people dream
of leaving the office
as soon as they can.
But the evidence suggests
it can hurt your physical
and emotional health,
and hasten cognitive decline.
It may be time to rethink
those dreams.
CAM COTTRILL

When you’re 62

M
BY RICHARD W. JOHNSON
ost people look forward to retire-
ment, a reward for decades of
hard work. But like many other
pleasures, it may be bad for your
health. It may even kill you.
How can that be? How can
working longer be good for your
health? After all, many people
dream of—and plan for—retiring early. Strenuous, stress-
ful work can wear people down and damage their health.
On the other hand, retirees can relax and reinvigorate
themselves. They have time to follow their passions and
pursue activities that enrich their lives.
But in our rush to leave the office, we don’t realize
that retirement also has a downside, especially over the
long term. Many retirees indulge in unhealthy behaviors.
They become sedentary and watch too much television.
They eat too much. They drink too much. They smoke too
much. Without the purpose of fulfilling work, retirees can
feel adrift and become depressed. Without the camarade-
rie of their co-workers, retirees risk becoming socially
isolated. Without the intellectual stimulation that work
can provide, retirement can accelerate cognitive decline. Consider a 2018 study by Maria Fitzpatrick at Cornell
The problem for researchers is measuring which is the University and Timothy Moore at the University of Mel-
more powerful force—the joys of a more leisurely life or bourne, which used administrative data covering the en-
the downsides. An experimental study, in which research- tire U.S. adult population to examine how mortality rates
ers randomly force some change at age 62, when people can first begin collecting
workers to retire and oth- Social Security retirement benefits. After all, death is the
2%
The percentage
ers to remain in the labor
force, would provide the
best evidence, but that kind
of experiment is impossible.
definitive indicator of poor physical health, which itself
is difficult to measure.
Dr. Fitzpatrick and Dr. Moore found that men are 2%
more likely to die in the month they turn 62 than in the
increase that men Instead, researchers previous month. This mortality surge is driven largely by
are more likely to die have turned to statistical increases in deaths from lung cancer and chronic ob-
in the month they models that rely on factors structive pulmonary disease, and risk factors for these
turn 62 than in the that affect work but are un- conditions include smoking and lack of physical activity—
previous month. related to health—like So- both of which become more common when people retire.
cial Security eligibility Mortality rates at age 62 increase less for women than
ages, tax breaks for older workers or mandatory retire- men, and the relationship is not as clear-cut, perhaps be-
ment rules. Researchers then can determine how health cause age-62 mortality is much lower for women.
changes when these milestones are reached. Please turn to the next page
The result: Many of these studies clearly show that
health problems intensify after workers qualify for retire- Dr. Johnson is the director of the program on
ment benefits and abate after policies encouraging work retirement policy at the Urban Institute. He can
are introduced. be reached at reports@wsj.com.

Inside
ASK ENCORE
Best PERSONAL ESSAY RETIRING ABROAD

Our columnist grades

his own retirement. Workout A long grief, then
a man remarries.
Castle Keep
A couple from
He thinks he’s doing Best exercises for ‘Why she re- California
pretty well, but there your 50s, 60s, 70s—
and beyond. All can sponded to me at retires in
are some things he be done with little to all was puzzling,’ Carcassonne,
could do better. R4 no equipment. R6 he writes. R9 France. R11
R2 | Monday, April 22, 2019 THE WALL STREET JOURNAL.

JOURNAL REPORT | ENCORE

The Physical, Emotional Consistent Pattern

Five-year mortality rates dropped and depression rates remained mostly
century, the average retirement age for men declined
steadily, as expanded employer pensions and the intro-
duction of Medicare and early Social Security benefits
And Cognitive Price of stable for Americans aged 62 to 65 during the two periods charted below. But
for both men and women in both periods, the risks for those not working were
higher than the rates for those still working.
made early retirement increasingly affordable. Between
1950 and 1993, the share of 65-year-old men participat-

Early Retirement The risk of dying within five years

10%
ing in the labor force plunged from 69% to 28%. But the
trend then reversed, in response to declines in em-
ployer pensions and employer-provided retiree health
Continued from the prior page insurance, increases in older adults’ educational attain-
More evidence comes from looking at a Dutch policy ment and changes in Social Security rules. By last year,
change in 2009, which introduced a tax break for older 8 the participation rate for 65-year-old men had re-
workers. It provided workers a 5% bonus at age 62, a 7% Men not working bounded to 46%.
bonus at 63, and a 10% bonus at 64. These incentives, The trends differ somewhat for women, reflecting
which were eliminated in 2013, spurred work by men 6 changing norms about women’s work. Between 1950 and
ages 62 to 64, and had smaller effects on women. Using 1993, the participation rate for 65-year-old women edged
this temporary policy innovation as a type of social ex- Women not working up 5 percentage points, to 21%, as women of all ages
periment, Alice Zulkarnain and Matthew Rutledge at the 4 moved into the labor force. The participation rate then
Center for Retirement Research at Boston College con- Men working
surged to 35% in 2018.
cluded that delaying retirement reduced the five-year Despite these gains, obsta-
mortality risk for men in their early 60s by 32%. As in 2 Women working cles to work at older ages re- Many people
the U.S. study, the impact was smaller for women. main. One is psychological: feel they
The evidence also suggests that retirement can accel- Many people feel they should
erate cognitive decline. The mental exercise that work 0 retire by a certain age (or
should retire
provides seems to keep people sharp. Learning new 1999 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 earlier), because that is the
by a certain
skills seems particularly important. By establishing “cog- way it has always been. We age (or
nitive reserves,” such activities may help the brain be- The risk of being prescribed antidepressants within five years should be encouraging older earlier),
come more adaptable and better compensate for age-re- 20% workers to stay on the job for because that
lated erosion in cognitive ability. their own health. is the way it
Economists Susann Rohwedder and Robert Willis What’s more, for many
used data spanning the U.S., England and 11 European Women not working has always
16 older workers the decision to
countries to show that retirement significantly reduces leave a job is not their own.
been.
cognitive function. When people retire, they typically get Instead, too many are pushed
less mental exercise, because work activities are gener- 12 Men not working out of their jobs before they are ready to retire, and
ally more cognitively stimulating than home activities. Women working end up struggling to find new work with comparable
Retirees may routinely play bridge or do crossword puz- pay. Employers often seem reluctant to hire older work-
zles, but that isn’t as intellectually challenging as many 8 ers, because of fears that they are too expensive, lack
Men working
jobs. A 2014 study of half a million retired self-employed up-to-date skills, or will retire before employers can re-
workers in France found that dementia was significantly coup the cost of hiring and training them.
less common among those who retired later than those 4 Various policy changes could increase older workers’
who retired earlier. employment. Federal law prohibiting age discrimination
in the workplace could be strengthened after a 2009
The social network 0 Supreme Court decision made discrimination more dif-
Another risk for retirees is that leaving the workforce 2006 ’07 ’08 ’09 ’10 ’11 ficult to prove. We could revamp our approach to edu-
can cause them to be socially isolated. Most workers in- Source: Matthew S. Rutledge, Alice Zulkarnain; Statistics Netherlands; Center for Retirement Research at
cation and training to prioritize lifelong learning so
teract extensively with their colleagues, providing cama- Boston College older workers can keep their skills up to date. And we
raderie and often social support. Although you would could invest more in programs and benefits for older
think that retirement provides people with additional unemployed workers, who generally have trouble find-
time to nurture social ties, Eleonora Patacchini at Cor- ing jobs and often stop looking.
nell University and Gary Engelhardt at Syracuse Univer-
sity found that retirement shrinks social networks and
the frequency of social interactions. The impact is espe-
cially large for women and college graduates. Smaller so-
-32%
The change in
By enabling more older workers to stay on the job,
these reforms could benefit companies facing shortages
of skilled workers. But it could do
more than that. It could
cial networks and social isolation tend to reduce life sat- five-year mortality risk for also save lives.
isfaction and impair physical and mental health. men in their early 60s
It’s important to point out that a paying job isn’t al- when retirement is delayed.
ways necessary to reap the health benefits of work.
About one-third of Americans age 55 and older regu-
larly volunteer for community groups and other organi-

9%
zations. Such unpaid activities can involve levels of
physical, cognitive and social engagement similar to
those in paid employment. Many studies, including a
2019 evaluation of the Foster Grandparent and Senior The average boost in future
Companion programs, find that unpaid work, like paid annual retirement income when
work, reduces depression and loneliness and improves
retirement is delayed one year.
life satisfaction for older adults.
These studies aren’t definitive. More research is
needed to establish the pathways through which retire-
ment affects health, and to identify which types of
workers are most affected. For example, the health ben- ment, and they can accumulate more Social Security
efits of work aren’t generally shared by people with es- credits. What’s more, retirement savings don’t have to
pecially stressful, boring or physically demanding jobs. last as long when workers delay retirement.
Workers in blue-collar jobs, for instance, accumulate My Urban Institute colleagues Barbara Butrica, Karen
health problems more rapidly as they age than workers Smith and Eugene Steuerle have estimated that an ad-
in less physical jobs and usually experience health gains ditional year of work raises future annual retirement
when they retire. income by 9%, on average. The financial
benefits from continued work are
Financial fitness even greater for low-income
Retirement, meanwhile, doesn’t just threaten the physi- workers because Social Secu-
cal and emotional well-being of people. In fact, perhaps rity’s progressive benefit for-
the biggest downside of retirement is financial. Social mula replaces a higher share
Security replaces only about 40% of a typical paycheck. of earnings for low-wage
Employer pensions are much less common today than workers than high-wage
in the past, and relatively few people have saved workers. The bottom fifth of
enough in 401(k)s or elsewhere to guarantee a finan- earners gain, on average, 16%
cially secure old age. by working an additional year.
By staying on the job, workers can redeem their re- The good news is that many older
tirement prospects. Workers who extend their careers Americans are working longer. For
can save part of their additional earnings for retire- much of the second half of the 20th

SECOND ACTS

Once a Financial Adviser. Now He’s Benjamin Franklin

BY JULIE HALPERT
On a typical summer weekend, Terry Kutz can be found
under a canvas canopy in a sunny field, advertising his tal-
ents with a sign that says, “Dr. B. Franklin, Postmaster.”
To all who stop to listen, the portly 67-year-old with
shoulder-length white hair and spectacles, dressed in a
puffy shirt and colonial pants, will speak about such “cur-
rent events” as the American Revolution, the need for
French support against the British, and his recent discov-
ery of electricity.
Mr. Kutz, who retired two years ago as a financial ad-
viser in New Berlin, Wis., is a historical re-enactor specializ-
ing in portrayals of Benjamin Franklin. Now, instead of help-
ing people reach their financial goals, he devotes himself to
bringing Franklin back to life, helping people better under-
stand the inventor and statesman, and the times he lived in.
“It makes me think about what we were doing at that
time, what kind of people we were and what we were try-
ing to accomplish then,” Mr. Kutz says.
Mr. Kutz’s journey back in time started in 1999, when
he went with a friend to see a Revolutionary War re-en-
actment in Milwaukee put on by a group called the North
West Territory Alliance. A booklet produced by the group
led him to recall that one of his ancestors had served in
two of the original units represented in the event. This in-
spired him to join the alliance the next year and to be-
come a rifleman in the re-enactments.
Then, a few years later, he was asked to portray Frank-
wig he found on eBay, he made a good impression as
Franklin, he says. So, for a few years he portrayed Franklin
and a rifleman, switching back and forth. But eventually,
running through fields in midsummer carrying a heavy ri-
fle became too much, so he switched to Franklin exclu-
sively. Now his hobby has become a full-time occupation.
He typically spends about 20 hours a week preparing,
performing and doing research, he says, though weeks
with multiple performances can sometimes require 75 to
80 hours. In his spare time, he’s also an election official
for his city, does tax preparation for AARP pro bono,
serves on the board of directors for a support group for
his local library, and is active in his church.
Mr. Kutz has come to resemble Franklin. He wears the
bifocal glasses that Franklin invented, and keeps his white
hair long. “I can slip into this persona very easily,” he says.
He performs at a variety of venues, including Revolu-
tionary War re-enactments, folk fairs and schools. And he
does his homework. He says he has read some 130 books
about Franklin and his times.
“Sometimes my wife says, ‘You’re taking on a little too
much,’ ” Mr. Kutz says. “She says this is an obsession. But
she understands this is my interest.”
The process of translating 18th-century English into
Terry Kutz
meaningful modern-day conversation “keeps my mind
Age: 67 sharp,” he says. “As long as I can go out into the field, I’ll
Hometown: New Berlin, Wis. continue doing this as long as I possibly can.”
Primary career: Financial adviser
Current path: Benjamin Franklin re-enactor Second Acts looks at the varied paths people are taking in
ISTOCK; TERRY KUTZ

lin on the first day of a two-day re-enactment. Why this path: “So that people can understand their 50s and beyond. You can reach Ms. Halpert, a writer
“I said, ‘Sure, I’ll try it for a day,’ ” he recalls. what he was like. What did he do as a founding in Michigan, and let us know how you’re starting over, at
In a gentleman’s overcoat made by his wife, Vicki, and a father? What kind of person was he?” reports@wsj.com.
THE WALL STREET JOURNAL.
Investment Strategies in a Time of Low Rates
Retirees need dependable
sources of income,
wherever the economy
is heading. Better
review that portfolio.
BY MICHAEL A. POLLOCK
B
y gradually lifting
short-term interest
rates, the Federal Re-
serve has made it eas-
ier for retirees to get
steady investment in-
come while taking less market risk.
But only up to a point. Because
rates remain low by historic stan-
dards, it still isn’t possible for retir-
ees to base their investment strate-
gies entirely on cash or other
relatively safe sources, investment
professionals say. Instead, they need
to own some combination of bonds
or bond funds, dividend-paying
stocks and other noncash assets to
get both cash flow and the apprecia-
tion they’ll need to make it more
likely they won’t outlive their assets.
For those who want to review
their portfolio mix and incorporate
some more conservative income
strategies, here are some sugges-
tions from financial advisers.
Hold more cash, but with a
better yield
Besides being key from a spending
perspective, a cash stash also can
figure into an overall portfolio strat-
egy, says Tom Stringfellow, presi-
dent of Frost Investment Advisors,
San Antonio. Keeping 15% or a little
more in cash may soften the impact
of gyrations in the equity area of a
portfolio, making it easier for an in-
vestor to ignore volatility and stick
with the plan, he says.
Many high-yielding bank money-
market accounts currently yield un-
der 2.5%. To do better, investors
might consider putting cash that
isn’t needed immediately into a bank
certificate of deposit. CDs pay more
than most money-market accounts,
but often levy a penalty if a saver
withdraws funds before maturity.
Eighteen-month CDs, which have
yields nearer to 3%, are the best
right now from a term and rate
standpoint, says Jeff Carbone, man-
aging partner at Cornerstone
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JOURNAL REPORT | ENCORE
The Search for Yields
A look at typically conservative investments for creating income in retirement. All rates as of mid-April, 2019.
WHAT IS IT WHAT THE INVESTOR GETS PROS AND CONS
High-yielding
bank accounts
Bank savings or money-
market accounts that pay
Annualized rates currently as
high as 2.4%, but regular + Stability of
principal. — Rates may be peaking for the
current economic cycle and
more than the typical deposits and minimum initial could eventually drop.
institutional rate. deposits may be required.
Bank certificates
of deposit
Bank accounts that pay
more than savings rates, but
An annualized percentage
rate as high as 3%, although + Stability of
principal.
— Rates are locked in for a
specified period, as set by the
may carry a penalty for there may be terms such as maturity date of the CD.
withdrawals before maturity. a minimum deposit amount.
Short-term bond
funds or ETFs
Funds that own a basket
of bonds issued by
Fixed-rate funds that don’t
take a lot of credit risk + Yields are
higher than
— Most fixed-rate bond funds
and ETFs pose principal risk
government entities and currently may yield above 3%. what because bond prices drop if
companies, and that banks pay. yields rise.
continually buy new bonds
to replace maturing issues.
Dividend-paying Mutual funds or ETFs
stock funds or ETFs that own stocks that pay
Fund yields range from
around 2% to 4% depending + Over time,
dividends can
— Overall returns on stocks can
vary dramatically, depending
attractive dividends or on the types of companies outpace on the company and market
consistently grow dividend they invest in. inflation. performance.
payments.
Sources: The Wall Street Journal; Bankrate.com
Wealth, in Charlotte, N.C. He sug- yield much more, their prices can spectrum with regard to balance be- up, principal values will drop, Mr.
gests creating a ladder, buying a new tank in scenarios where investors tween returns and safety. Preferred Cohen cautions.
18-month CD every six months and are stampeding from risk. In last shares trade like stocks, but make
reinvesting the proceeds as each ma- year’s fourth quarter when stocks regular payouts like bonds. And The argument for equities
tures. That enables an investor to plunged, the SPDR Bloomberg Bar- when companies make payouts, hold- If the economy and corporate profits
tap higher CD rates while providing clays High Yield Bond ETF (JNK) lost ers of preferred—as the name sug- grow more slowly, stocks certainly
cash that can be spent or reinvested about 5% in price. gests—get preference over holders of won’t boost portfolios as much as in
whenever one matures. Vanguard Short-Term Corporate common stock. recent years. But only equities can
Bond (VCSH), an investment-grade The rates on preferred shares can give investors a reasonable cushion
Buy high-grade corporate ETF that holds Morningstar Inc.’s be attractive. The iShares U.S. Pre- over U.S. inflation
bonds second-highest silver rating, charges ferred Stock ETF (PFF), with about Financial-data provider CFRA
Savings rates will decline again as 0.07% in annual fees. Morningstar 46% of its portfolio rated triple-A, gives high ratings to both Vanguard
the economy eventually cools and gives its next-highest rating of yields around 5.3%. Invesco Pre- High Dividend Yield (VYM) and
the Fed starts lowering rates again. bronze to the SPDR Portfolio Short ferred ETF (PGX), meanwhile, whose iShares Core High Dividend (HDV),
But short-maturity corporate bonds Term Corporate Bond ETF (SPSB), portfolio predominantly comprises ETFs that both generate yields above
probably will continue to generate which also charges 0.07% in fees. low-investment-grade securities 3% by investing in blue-chip divi-
decent yields, says Jim Barnes, di- Both yield nearly 3%. rated triple-B, generates about 5.4% dend payers such as Johnson &
rector of fixed income at Bryn Mawr Some advisers believe it is less in yield. Johnson and Exxon Mobil Corp.
Trust. While their principal value risky to use active managers in the Although preferred shares pose Todd Rosenbluth, who heads ETF
will rise or fall on news affecting an corporate bond space. One with lower risk than some other invest- and mutual-fund research at CFRA,
issuer or the broad bond market, Morningstar’s highest gold rating is ment products to consider as income says that because of the bigger in-
such bonds can offer a relatively Dodge & Cox Income Fund (DODIX), plays, they aren’t without risk, says come component these higher-yield-
conservative play if they carry in- which yields about 3.4% and recently Doug Cohen, a managing director at ing ETFs contain, they also decline
vestment-grade credit ratings, triple- held more than 40% of its portfolio Athena Capital Advisors, Boston. less at times, like last fall, when
B or higher, Mr. Barnes says. Many in corporate bonds. A key concern would be a big rise stocks are tanking.
yield north of 3% now. in long-term yields—those rates that
He cautions against loading up on Look for alternatives tend to be influenced more by fear Mr. Pollock is a writer in
lower-rated, so-called high-yield cor- Preferred shares rank in between of inflation than by modest changes Ridgewood, N.J. He can be
porate bonds, though. While they common stock and bonds in the asset in Fed policy. If long-term rates go reached at reports@wsj.com.
R4 | Monday, April 22, 2019 THE WALL STREET JOURNAL.

JOURNAL REPORT | ENCORE

$25,000 African safari so
much that upon his return
he immediately booked an-
other $20,000 trip. These
purchases put such a dent
in his nest egg that he
risked running out of
money six years earlier than
expected, Mr. Sullivan says.
Of course, retirees have
dren and grandchildren is another
expense that many retirees will want
to build into their budget. Many re-
tirees are happy to assist on an as-
needed basis, but, to their detri-
ment, they don’t consider the
aggregate annual cost, says Alicia
Waltenberger, director of wealth
planning strategies at TIAA.

to find the right balance,
because being too strict
with their spending early
in retirement can lead to
significant regrets later on.
Beyond that, there’s a risk
for some retirees that by
being so frugal they’ll
leave so much behind
BY CHERYL WINOKUR MUNK when they die that they
will be over the federal or
state estate-tax exemption
limit, says Alison Hutchin-
son, senior vice president
of private wealth manage-
ment at Brown Brothers
Harriman. They could also
end up leaving more to
their heirs than they are
comfortable with, she says.
Mistake No. 4
Owing too much in taxes
When retirees have both tax-sheltered
and taxable accounts, they commonly
withdraw exclusively from their tax-
able account at first. The danger is
that growth within the tax-sheltered
account could bump the retiree to a
higher tax bracket once required min-
imum distributions kick in, says Paul
Lightfoot, president of Optima Asset
Management, a registered investment
adviser in Dallas.
Mr. Lightfoot recommends retir-
ees perform yearly assessments us-
ing different tax scenarios to deter-
mine how best to optimize their
accounts. One option may be to take
some withdrawals from their tax-de-

Retirees,
ferred account before they turn 70½,
income—their spending requirements and their Mistake No. 3 provided this doesn’t push them to a
life expectancy,” says David Savir, chief execu-
tive of Element Pointe Advisors, a registered in-
$285,000 Underestimating
expenses
higher tax bracket. They might also
consider converting some of their

Beware
The amount a taxable-account savings to a Roth
vestment adviser in Miami. The average Ameri-
65-year-old Advisers say it’s typical for IRA because of anticipated tax rates
can man will live to age 76, and the average
couple retiring retirees to underestimate in the future. While there are taxable
American woman to age 81, according to the
in 2019 can their expenses in retire- consequences in the year of conver-

Of These
Centers for Disease Control and Prevention.
expect to spend ment, particularly health- sion, there may be longer-term tax
Mr. Savir recommends retirees build a port- on health care
care and other periodic, benefits in a conversion, he says.
folio to match their spending habits and esti- and medical
mated life expectancy—taking into account na- expenses in rather than regular, ex-

Errors
penses. These incremental
Mistake No. 5
tional averages, their own health and family retirement.
history—and test it using forward-looking sim- Source: Fidelity
expenses—if not built into
ulations that take into account bear-market Investments annual the budget—can derail a Lacking skepticism
scenarios and the chance that returns may be Retiree Health Care retiree’s financial security,
Cost Estimate
lower—and volatility higher—than historical advisers say. Many retirees are easily swayed by
norms. “This will help a client determine Leslie Thompson, man- the prospect of finding high-returning
BY CHERYL WINOKUR MUNK

T
whether they need to spend less, invest aging principal at Spec- investments that have little to no risk,
slightly more aggressively, or both,” he says. While it’s trum Management Group, but chasing yield can easily derail the
here are almost as many paths to retire- understandable a registered investment savings they’ve worked hard to build,

ment as there are retirees. But when it
comes to financial mistakes that can de-
rail their retirement, familiar patterns
often emerge. Many retirees tend to in-
vest too conservatively, spend too much
too soon, pay too much in taxes or fall for too-good-to-
be-true investments.
Retirees could ensure their nest egg lasts longer by
avoiding these common mistakes:
Mistake No. 1
Investing too conservatively
A number of retirees try to eliminate risk by stashing
their savings in cash, certificates of deposit or municipal
bonds of very short duration. Though taking a more con-
servative approach in retirement can be prudent, playing
it too safe can severely limit retirees’ earning potential,
increasing the chances they’ll run out of money.
“It’s important to build a portfolio that incorporates
an appropriate mix of fixed income and equities based on
their other assets—including Social Security and rental
2
to want to buy adviser in Indianapolis, advisers say. Some advisers are par-
Mistake No. a second house, recommends that people ticularly skeptical of products like in-
Spending mishaps take a pricey approaching retirement dexed annuities for retirees, because
European keep track of their ex- many people don’t understand the
Some retirees shell out significant sums of vacation or penses for at least a year, products and think they are getting
remodel a ideally two or three, be-
money early in their retirement, often to pay off something they are not.
home, retirees
debt or enjoy leisure activities they couldn’t do fore they leave the work- Dennis Stearns, founder of Stearns
need to map
while working. The problem with spending so force, so they have a base- Financial Group, also cautions retirees
out the
much in the beginning is that it can be detri- potential lasting line to work with. They to pay attention to the fees they pay
mental to a retiree’s long-term financial secu- effects such should then make the nec- for investment management. Gener-
rity, says Tim Sullivan, chief executive of Strate- hefty spending essary tweaks to account ally, clients with $500,000 to $5 mil-
gic Wealth Advisors Group, a registered can have on for expenses they will no lion in assets should pay 0.5% to 1% in
investment adviser in Shelby Township, Mich. their finances. longer have and new ex- adviser fees, and keep other custodial
While eliminating debt can be a good thing, penses they may incur fees and ETF and mutual-fund fees
large cash outlays can harm retirees’ long-term financial during retirement. “A well- low, he says. If they’re paying more
security. It may make even less sense when a retiree’s in- thought-out plan should be based for investment management, it might
vestments are earning far more than the rate of interest upon actual spending needs and fu- be advisable to rethink the relation-
on the debt, Mr. Sullivan says. And while it’s understand- ture desires, with contingencies for ship. “The fees can really eat into
able to want to buy a second house, take a pricey Euro- nonrecurring items such as car pur- your retirement savings,” he says.
pean vacation or remodel a home, retirees need to map chases, major home repairs and re-
out the potential lasting effects such hefty spending can models, and rising health-care Ms. Winokur Munk is a writer in
have on their finances, Mr. Sullivan says. costs,” she says. West Orange, N.J. She can be
He tells of a client in his late 50s who enjoyed a Financial support for adult chil- reached at reports@wsj.com.

before me, liked the idea of donating time
to a single program.) We talked about tak-
ing classes. (I was ready to enroll in a bunch
of lectures and seminars; my wife less so.)
We talked about household chores. (I do
much of the cooking now, although “heat-
ing” might be a better word.)
We even talked about lunches. My wife
made it clear that she enjoys eating a sand-
wich while watching the local news at noon,
and I was free to join her in our family
room. Instead, I read my newspapers at the
kitchen table. It works for us.
My wife, to my thinking, gets a better
grade because she has always seemed more
comfortable in her weekly routine: helping
out at her former school, puttering in our
yard, playing bridge with friends, taking an
afternoon walk and nap. By contrast, my “B”
reflects the fact that I’m still feeling my way.
Yes, I spend a lot of time volunteering,
and I very much enjoy “giving back.” But
there are days, seemingly, more and more of
them, when I’m stretched too thin, and I
find myself asking if I should give the bulk
of my time to one, large program instead of
several smaller ones.
I imagined taking lots of classes in retire-
ment—and, at some point, writing a second
book. (I wrote my first, about retirement
planning, about a dozen years ago.) To date,
ASK ENCORE | GLENN RUFFENACH no classes and no second book. This is my
own fault, of course. Again, I’m probably go-
I think those words, a balance between en-
gagement and freedom, come closest to de-
scribing what most people, myself included,
are looking for in later life—a mix of activities
that will allow us to stay involved, in mind
and body, with our community, friends and
family, and still allow us to enjoy the fruits of
our working years. And that can be tricky.
The author E.B. White, not surprisingly,
put this much better: “If the world were
merely seductive, that would be easy. If it
were merely challenging, that would be no
problem. But I arise in the morning, torn be-
tween a desire to improve (or save) the
world and a desire to enjoy (or savor) the
world. This makes it hard to plan the day.”
So after three years of retirement, I’m
still working on the engagement/freedom
mix. I would like to think I’ll get it right, at
some point. It would be fun to see what an
“A” feels like. Of course, I may never get
there. But it looks like my retirement, at the
least, will keep changing. I think that’s a
good thing, if not always a comfortable
thing. I plan to enjoy finding out.
Life in Retirement
When asked if their “enjoyment of life” has
changed in retirement, the following
percentages of surveyed retirees said:

If I Had to Grade ing in too many directions.

Speaking of which…there’s this column. If I
let it, the column can fill Monday through Fri-
day. So, like many retirees who end up work-
Not sure 2%

My Retirement ing part time, I try, with mixed results, to

I think I’m doing pretty well
after three years, but there are
some things I could do better
tering their own retirement. To start, I
would give myself a solid “B”—and my wife
an “A.” (With the knowledge that she will
see this column.)
In all seriousness, I think my wife and I
keep “part time” from edging into “full time.”
All of the above made me think of a true
Decreased
19%
Increased
story that seems to sum up my retirement 40%
to date. A number of years ago, a reporter I
knew profiled a couple who had retired Stayed
and—as a way to occupy a few hours each the same
week—started a small business. Much to 39%
the couple’s surprise, their venture became
a roaring success, and they found them-
PETER OUMANSKI (TOP); SONIA PULIDO

You have mentioned several times in your
column that you are retired, or semiretired.
I’m curious: If you were to evaluate your
retirement to date, what grade would you
give yourself—and why?
This question surprised me. But it gives me
the chance to highlight some issues that, I
hope, might help readers approaching or en-
have had a good retirement to date, three
years and counting, for one simple reason:
We talked about what we wanted our re-
tirement to be and how we might fill our
days long before we got here.
We talked about travel. (And made a
list—one that keeps getting longer—of
places we hope to visit.) We talked about
volunteer work. (I wanted to join several
new groups; my wife, who ended up retiring
selves back on a treadmill: days filled with
meetings, deadlines and stress. It was a
classic be-careful-what-you-wish-for story,
and the couple began preparing to sell the
business and start their retirement all over.
At that point, the wife explained to the
reporter exactly what she and her husband
were trying to do with their lives: “We’re
still trying to strike a balance between en-
gagement and freedom.”
Source: Transamerica Center for Retirement Studies
Mr. Ruffenach is a former reporter and
editor for The Wall Street Journal. His
column looks at financial issues for those
thinking about, planning and living their
retirement. Send questions and comments
to askencore@wsj.com.
 THE WALL STREET JOURNAL. Monday, April 22, 2019 | R5

JOURNAL REPORT | ENCORE

cially trained fitness professional— taught by physical therapist Andrea

Everybody can help improve and maintain fit-

ness and cardiovascular health. Such
programs can be especially helpful
for conditions such as arthritis,
Salzman, founder of ATU Aquatic
Therapy Seminars, in Oak Ridge,
Tenn., are Watsu, a water version of
shiatsu massage, and a spinal-stabili-

In the
chronic pain and obesity. A form of zation therapy derived from Euro-
aquatic exercise known as Ai Chi— pean practitioners.
based on Tai-Chi movements but per-
formed standing in chest-deep wa- ‘The treatment table’
ter—was shown in a 2017 pilot study “The water itself becomes the

Pool
in Hong Kong to reduce the pain and treatment table,” while its warmth
stiffness of knee osteoarthritis while makes patients feel relaxed and
most patients reported improved peaceful, says Ms. Salzman who
physical function and quality of life. trains licensed physical and occupa-
Insurance typically doesn’t cover tional therapists in aquatic therapy.
water-exercise classes, but providers At National Jewish Health in Den-
of aquatic therapy may also offer ver, aquatic therapy is available with
group water-exercise classes and in- a doctor’s referral for patients with
dependent use of their pools for a orthopedic or neurological disabili-
nominal fee. The YMCA and other ties. Patients work one-on-one with
organizations offer aquatic-exercise a physical therapist or assistant in a
programs such as one developed by program designed for their abilities
the Arthritis Foundation. Most re- and goals. The center also offers
quire only a medical waiver from a group-aquatic-exercise classes that
doctor for participants who sign up. are open to anyone (with a doctor’s
At Gaylord, physical and occupa- note) for $5 each or $40 a month; an
tional therapists use therapy pools Arthritis Foundation-designed shal-
to treat inpatients and outpatients low-water class that also helps with
with orthopedic and neurological di- pulmonary problems, muscular
agnoses. Therapy pools are set to 91 weakness or pain; and a deep-water
to 94 degrees, while the exercise cardiovascular conditioning workout
pool is set to 84 degrees. with flotation devices.
Recreational therapist Paul
After a fall Heitzenrater says some patients sign
Phyllis Evarts, 61, sustained a up because their doctor recom-
traumatic brain injury and broke her mended exercise in a warm-water
arm from elbow to shoulder after pool. Some have never swum and are
falling onto a concrete post last year. apprehensive because they have bal-
Aquatic therapy can be less painful treatment techniques used by occu-  After surgery, her therapist told her ance issues, “but they are able to ex-
pational and physical therapists,” Andrea Salz- that her balance and coordination ercise pain-free in a lot of cases,”
than traditional physical therapy in says Sue Goldstein, a physical thera- man, standing, were not improving enough with Mr. Heitzenrater says. “Even if we
restoring strength, mobility and balance pist and founder of the aquatic ther- founder of a regular therapy, so she suggested start them out just walking in the
apy program at Gaylord Specialty training center aqua therapy at Gaylord. water, it has such great benefits be-
Healthcare in Wallingford, Conn., a in Tennessee, Ms. Evarts used ankle weights un- cause of the resistance going back-
BY LAURA LANDRO

F
center for rehabilitation after illness demonstrates a derwater to help her stay anchored ward and forward, I feel like we have
and traumatic accidents. Patients at spinal-stabiliza- for upper-body exercise and to add them hooked.”
rom warm mineral-spring baths to the Gaylord often report feeling less tion technique. some resistance for lower-body exer- Pat Pachuta, 65, a retired horticul-
shrine at Lourdes, immersion in water has stress and anxiety while exercising cises. After several sessions she be- turist, says that after years of hiking
long been associated with healing powers. in water, Ms. Goldstein says. gan taking the leg weights off so she and running she had knee surgery,
Now aquatic therapy in heated pools is of- “I have patients who walk with a could swim on her back, and thera- but her doctor didn’t consider her a
fering a modern-day fix for many ailments. walker or a cane, but in the water pists encouraged her to simulate candidate for knee replacement. He
More hospitals, health systems and com- they can walk by themselves,” she Even if therapy running on the bottom of the deep suggested swimming. She found the
munity groups are turning to aquatic therapy and exer- says. “And I have patients who can- isn’t required, end. “My coordination and balance National Jewish Health program on-
cise programs, as research has shown physical and psy- not stand or walk at all on land, but aquatic exercise are so much better now, and I have line and signed up for a monthly
chological benefits. Movement performed in water—due in the water, they are able to stand can improve so much more confidence,” she says. pass, which allows her to take the
to its buoyancy, density and resistance—can help restore and walk with assistance or equip- fitness and While she has a walker and a cane deep- and shallow-water classes as
strength, mobility, balance and coordination, without the ment or even by themselves.” cardiovascular when she needs it, she can move often as she likes.
pain often associated with physical therapy on land. Medicare and private-insurance health. Such around in her home without them. “It helps me be active, and it’s re-
Aquatic therapy, defined as one-on-one treatment plans typically cover aquatic therapy programs can With the therapy complete, she now laxing, and the water is really warm,
ATU AQUATIC THERAPY SEMINAR

with a licensed therapist, can be prescribed for neuro- when it is deemed medically neces- be especially enjoys water exercise on her own. which is great on a bone-chilling
logical conditions that affect movement, including multi- sary. Policies vary, but reimburse- helpful for Aquatic therapists—who can get Denver day” Ms. Pachuta says.
ple sclerosis, brain and spinal-cord injury, stroke, Parkin- ment is generally limited to a certain conditions such specialized training and certification
son’s disease and cerebral palsy. It is also used after knee number of sessions. as arthritis, from a number of organizations—say Ms. Landro, a former Wall Street
and hip replacements and other orthopedic procedures. Meanwhile, even for those who chronic pain and it’s important for patients with dif- Journal assistant managing editor,
Some programs are adopting equipment such as under- don’t require therapy, aquatic-exer- obesity. ferent needs to be able to choose is the author of “Survivor: Taking
water stationary bikes and treadmills. cise—such as group classes in a from a variety of aquatic therapies. Control of Your Fight Against
“Aquatic therapy has become one of the most dynamic heated pool with a therapist or spe- For instance, among the techniques Cancer.” Email reports@wsj.com.

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R6 | Monday, April 22, 2019
The Best
Exercises
For Your
50s, 60s,
70s—and
Beyond
These engage multiple muscle
groups and promote balance
BY ANNE TERGESEN
E
veryone knows that exercise is good for you.
While it can’t stop the aging process, it can in-
crease life expectancy and keep disabling condi-
tions—from heart disease to depression—at bay.
But as we age, it’s no longer enough to do
only our favorite exercise, be it tennis, running, yoga or Tai
chi. That’s because aerobic capacity, muscle mass, bone
density, flexibility and balance all decline over time—and
each requires some attention.
“It isn’t until we hit our fifth decade that we start to ap-
preciate that we need more balance, muscular fitness and
flexibility in our exercise routines,” says Cedric Bryant,
president and chief science officer of the American Council
on Exercise. “They are so important to allowing us to
maintain our functional capabilities and independence.”
What follows are five exer-
cises each for people in their
50s, 60s, 70s, 80s and be-
yond, plus bonus activities for
each decade, recommended
by sports doctors, exercise
physiologists and physical
therapists. Some—including
squats, planks and lunges—
appear in different forms in
each decade.
All of these exercises can be done
with little to no equipment and are
designed to engage multiple muscle
groups and promote balance. When
combined with an aerobic activity,
they come close to making up a total
fitness program.
The bonus activities are a re-
minder to add something new and
fun to your routine periodically. This
can boost cognitive as well as physi-
cal fitness.
If you are unsure of your fitness
level, start with the recommended
routines for the later years and build
up gradually to your age. “The mis-
take people make is to ramp up too
quickly,” says Jordan Metzl, a sports-
medicine physician at the Hospital
for Special Surgery in New York.
Each routine is recommended two
or three times a week, with at least
one day off in between. They can be
completed on the same day as an
aerobic workout or on alternating
days. The U.S. Department of Health
and Human Services recommends
that individuals get at least 150 min-
utes of moderate exercise or 75 min-
utes of vigorous exercise each week,
preferably spread over five or more
days. (With moderate exercise, an in-
dividual cannot be “overly chatty but
can answer basic questions,” says Dr.
Bryant; with vigorous exercise, talk-
ing becomes difficult.)
If you lead a sedentary life or
have chronic health conditions,
consult your health-care provider
before starting a new exercise pro-
gram. Form is also important to
prevent injury and ensure you are
using the right muscles, says Tom
Buford, associate professor of med-
icine at the University of Alabama
at Birmingham (UAB) and associate
director of the UAB Center for Ex-
ercise Medicine. So consult with a
fitness professional if you feel you
need guidance.
When you get to the recom-
mended number of repetitions,
“you should feel that you are really
done,” says Sarah Baird, a physical
therapist and certified strength and
conditioning specialist in Ann Ar-
bor, Mich. “If you can keep going,
it’s time to make the exercise more
challenging.”
Balance exercises
become more
important with age.
The same is true of
trying new things.
THE WALL STREET JOURNAL.
JOURNAL REPORT | ENCORE
Jump
squats
4. Burpees with push-ups
Build overall strength and cardiopulmonary fit-
ness. Stand with your feet shoulder-width apart
and your arms at your sides. Squat. Place your
hands on the floor in front of you. Jump your
feet back so you are in a push-up position. Do
a push-up. Jump your feet back into a squat.
Rise to standing. Repetitions: Start with 3 sets
of 5 and work up to 3 sets of 10.
5. Overhead push presses with squats
Strengthen the arms, upper body, thighs, hips
and buttocks. Stand with your feet shoulder-
width apart. Hold a pair of dumbbells in front of
you, with your palms facing each other. Squat
and touch the weights to the floor in front of
you, keeping your back straight. As you rise
from the squat to a standing position, raise your
arms with the weights over your head. Bring
the weights back to the floor and squat. Repeti-
tions: Start with 3 sets of 5 and work up to 3
sets of 10.
BONUS: Try Pilates for your core.
60s
As we age, variety becomes key, says
Prof. Cook. Aerobic fitness reduces the
risk of cardiovascular diseases. Strength
and resistance training can add muscle
mass and stimulate bone growth.
Michelle Segar, director of the Univer-
sity of Michigan’s Sport, Health and Ac-
tivity Research and Policy Center, rec-
ommends core exercises like Pilates and
yoga to boost balance long before falls
become a risk.
Keep your
chest upright
1. Squats
and make sure
Build the muscles of the thighs, hips, core and
your knees are
buttocks. Stand with your feet shoulder-width
directly above
your feet.
apart and your hands on the back of your head
or in front of you. Lower your body into a squat,
ideally until your thighs are parallel to the floor.
50s
Keep your chest upright and make sure your
knees are directly above your feet. Pause. Re-
turn to standing position. Repetitions: Start
with 3 sets of 5 and work up to 3 sets of 15.
2. Planks
Increase core strength and improve balance.
Get into a push-up position with your weight on
either your hands or your forearms. Keep your
body in a straight line from your feet to your
head. Hold for 15 to 30 seconds and work up,
In their 50s, many people may not run or swim as fast as they used to, over time, to 1 minute. Repeat twice more.
and may find that it takes longer to recover from a strenuous workout.
3. Lunges
The goal of exercise often shifts from setting performance records to feel- Strengthen the legs, core and back, and en-
ing good and maintaining health and physical function, says Summer hance balance. Stand with your feet hip-width
Cook, an associate professor in the department of kinesiology at the Uni- apart. Step your right leg forward in a lunge po-
versity of New Hampshire. sition with your right knee bent in a 90-degree
To maintain muscle power and bone strength, experts recommend add- angle, your right foot directly beneath the knee,
and your left knee close to the floor. Hold that
ing some high-intensity exercises, such as jump squats, that require short position for a few seconds. Return to starting
bursts of intense energy. These workouts are more effective than many position. Alternate legs. Repetitions: Start with
other fitness programs in treating conditions including type-2 diabetes, 3 sets of 3 and work up to 3 sets of 10.
depression and the muscle loss that accompanies aging, according to the
American College of Sports Medicine. 4. Burpees
Build overall strength and cardiopulmonary fit-
“Do not be afraid of intensity,” says Dr. Metzl, who recommends that
ness. Stand with your feet shoulder-width apart
his patients do some high-intensity exercises two days a week. and your arms at your sides. Squat. Place your
hands on the floor in front of you. Jump your
feet back so that you are in a push-up position.
1. Jump squats Jump your feet back into a squat. Rise to stand-
Build the muscles of the thighs, hips, core and buttocks. Stand with your feet shoulder- ing. Repetitions: Start with 3 sets of 5 and work
width apart and your hands on the back of your head or straight in front of you. Lower up to 3 sets of 10.
your body into a squat, ideally until your thighs are parallel to the floor. Keep your chest
upright and make sure your knees are directly above your feet. Pause. Jump. As you land, 5. Dumbbell curl and press
start the next squat. Repetitions: Start with 3 sets of 5 and work up to 3 sets of 15. Strengthen the arms and upper body. Start in
ILLUSTRATIONS BY MARTIN TOGNOLA
a standing position with your feet shoulder-
2. Single leg and side planks width apart. Hold a pair of dumbbells by your
Increase core strength and improve balance. Get into a push-up position with your sides with your palms facing one another. Curl
weight on your hands or your forearms. Keep your body in a straight line from your feet the weights to your shoulders. Raise them over-
to your head. Lift your right leg 8-10 inches from the floor. Hold the pose for 15 to 30 head. Reverse the motion. Repetitions: Start
seconds and work up, over time, to 1 minute. Switch and do the same with your left leg. with 3 sets of 5 and work up to 3 sets of 10.
For a side plank, assume a plank position on your left side, propped on your left hand
or forearm. Raise your hips and keep your body in a straight line from feet to head. Hold BONUS: Focus on balance with yoga,
for 15 to 30 seconds and work up, over time, to 1 minute. Switch to your right side. Pilates or Tai chi.
3. Jumping lunges
Strengthen the legs, core and back, and enhance balance. Stand with your feet hip-width
apart. Place your right leg forward in a lunge position with your right knee bent in a 90-
degree angle and your right foot directly beneath the knee. Bend your left elbow and
touch it to your right knee. Your left leg should be bent behind you and hover above the
floor. Jump and switch your legs midair so you land in a lunge position with your left leg
in front. Repetitions: Start with 3 sets of 3 and work up to 3 sets of 10.
Planks
THE WALL STREET JOURNAL.
JOURNAL REPORT | ENCORE
3. Split squats
Increase strength in the legs, core
and back, and enhance balance and
flexibility in the hips and ankles.
Kneel. Place your right leg in a lunge
position in front of you. Make sure
your right knee is bent at a 90-de-
gree angle above your right foot.
Tuck the toes of your left foot under
and rise to a standing position. Your
legs will be staggered. Drop down
partway, ideally until your left knee
almost touches the floor, and repeat
for the allotted number of repetitions.
Then repeat on the opposite side.
Repetitions: Start with 3 sets of 3
and work up to 3 sets of 10.
4. Kettlebell swings
Work the muscles in the hips, thighs,
core, shoulders and more. Hold a
light kettlebell or a dumbbell by one
end in both of your hands with your
arms hanging loose in front of you.
Stand with your feet hip-width apart
and your back straight. Bend your
knees into a slight squatting position
and simultaneously push the weight
backward between your legs. Swing
70s
the weight up to the height of your
shoulders, keeping your arms
straight. Allow the weight to descend
back between your legs, maintaining
Split squats control of the weight. Repetitions:
Start with 3 sets of 3 and work up to
3 sets of 10.
5. Overhead reaches
Stretch your sides and help with core
flexibility and posture. Stand with
Dr. Metzl says the prevalent notion that for each pass- your feet hip-width apart. Start with
ing decade, a person should do less activity “is false.” a small weight in your right hand at
shoulder height. Bend your body to
If anything, he adds, “the opposite is true.” the left, as you raise the weight
For example, balance exercises become more impor- straight up toward the ceiling. Return
tant with age. The same is true of trying new things. to starting position. Repeat on the
“Learning new skills such as a new dance step, Pilates, left side. Repetitions: 5 each side.
or golf is good for cognitive as well as physical health,”
says Dr. Bryant. “It develops new neural pathways and BONUS: Learn golf or a new dance
routine, such as ballroom or Zumba
can ultimately help reduce one’s risk of developing age- Gold, a version for older adults.
related dementia.”
1. Wall squats
Build the muscles of the thighs, hips, core and buttocks. Stand
against a wall with your feet shoulder-width apart and your hands
on the back of your head. Gradually lower your body into a squat,
ideally until your thighs are parallel to the floor. Keep your chest
Side-lying
upright and make sure your knees are directly above your feet. windmills
Pause. Return to standing position. Repetitions: Start with 3 sets
of 5 and work up to 3 sets of 15.
2. Modified planks
Increase core strength and improve balance. Get into a push-up
position but with your knees down and your weight on either your
hands or your forearms. Keep your body in a straight line from your
head to your knees. Hold for 15 to 30 seconds and work up, over
time, to 1 minute. Repeat twice more.
KAYA SURVIVED!
She was born 4 months
early and spent more than
5 months in the hospital.
Sign up at marchforbabies.org
© 2017 March of Dimes Foundation
80s+
While many Americans feel there is no use in exercising if they
can’t devote the minimum recommended 150 minutes a week to
it, new government guidelines clarify that “everything counts,
even one to two minutes” says Dr. Segar.
Ideally, Dr. Bryant says, older adults should find some form of
activity that feels like play and sparks a sense of “joy in moving”
to engage in at least once a week.
1. Chair squats
Build the muscles of the thighs, hips,
core and buttocks. Sit in a chair. Rise
to a standing position and then sit
again. To make it more difficult, per-
form the exercise with your arms
crossed over your chest or switch to a
lower chair. Repetitions: Start with 3
sets of 5 and work up to 3 sets of 15.
2. Wall planks
Increase core strength and improve
balance. Stand about two feet away
from the wall, facing the wall. Assume
a push up position against the wall
with your weight on your forearms.
Your body should form a triangle
against the wall, with your legs far-
ther away and your forearms resting
against the wall. Keep your body
straight from head to feet. Hold for 15
to 30 seconds and work up, over time,
to 1 minute. Repeat twice more. For
more challenge, hold the wall plank
for 30 to 60 seconds and then rotate
your right arm away from the wall,
slowly twisting your torso and head
to the right and balancing your
weight on your left arm. Return to
the plank position. Rotate your left
arm away from the wall, twisting
slowly to the left.
Monday, April 22, 2019 | R7
3. Modified lunges
Strengthen the legs, core and back,
and enhance balance while reducing
stress on the knees. Stand with your
feet hip-width apart. Step forward
with your right leg and lower your
body about a quarter of the way
down so that your left knee bends
but doesn’t come close to touching
the floor. Start with a shorter stride
and build up to a bigger distance.
Pause. Return to starting position. Al-
ternate legs. Repetitions: Start with 3
sets of 3 and work up to 3 sets of 10.
4. Side-lying windmills
Improve flexibility in the sides, shoul-
ders and back. Lie on your left side
with a pillow under your head. Keep
your left leg straight. Bend your right
leg at a 90-degree angle and put a
pillow under the right knee. Place
your arms straight in front of you.
Reach the arm on top forward then
sweep it in an arc over your head,
keeping your hand a few inches from
the floor until you are reaching behind
you. Follow your hand with your eyes
and twist so your right shoulder blade
touches the floor. Return to starting
position. Repeat 10 times, each side.
5. Overhead reaches
Stretch sides and improve core flexi-
bility and posture. Stand with feet
hip-width apart. Start with a small
weight (optional) in your right hand
at shoulder height. Bend your body to
the left, as you raise the weight
straight up toward the ceiling. Return
to starting position. Repeat on the
left side. Add light weights for more
challenge. Repetitions: 5 each side.
BONUS: Stay limber with water aer-
obics or a stretching class.
Ms. Tergesen is a reporter for The
Wall Street Journal in New York.
Email: anne.tergesen@wsj.com.
R8 | Monday, April 22, 2019 THE WALL STREET JOURNAL.

JOURNAL REPORT | ENCORE

The lighting system and exterior window help orient than 100 are in the process of get-
patients to the time of day to combat delirium. Exposure ting accredited nationwide, accord-
to natural light and inviting landscapes also has been ing to ACEP’s Dr. Biese.
linked to faster recovery and less need for pain medicine. At the UC San Diego facility in La
Jolla, the geriatric ER occupies a sep-
arate space with sound-absorbing
walls, a lighting system that orients
patients to the time of day to combat
delirium—a common condition for
older adults in hospitals—and non-
slip flooring to protect against falls.
“Many of the structural elements
are meant for safety and to provide a
soothing environment for them and
their families,” says Dr. Vaishal Tolia,
head of the UC San Diego unit.
Geriatric ERs typi-
cally rely on a multidis-
ciplinary team with ad-
Nurses at the UC San vanced training. At the
Diego geriatric ER can UC San Diego unit,
screen for cognitive nurses trained in geri-
impairment, depression, atric care screen pa-
fall risk and other tients for issues such
issues. Case managers, as cognitive impair-
social workers, ment, depression, elder
nutritionists, physical abuse and fall risk.
therapists and, in some These nurses are em-
cases, palliative-care powered to pull in case
specialists can be managers, social work-
called in as well. ers, nutritionists, phys-
ical therapists and, in
some cases, palliative-
care specialists. Phar-
The floors are macists will consult on drug side ef-
covered with a fects and interactions, since seniors
nonslip material are often taking several medications.
that lessens the Mark Rosenberg, chair of emer-
risk of falls. gency medicine at St. Joseph’s
Health in Paterson, says he was
thinking about his elderly mother
The geriatric ER at UC San Diego when he established one of the first

Emergency Rooms Health in La Jolla, Calif., includes dedicated geriatric emergency rooms
private examination rooms (unlike in 2009. His mother made numerous
the spaces partitioned by curtains trips to an ER in her South Florida
in most hospital ERs), which community in 2005 following treat-

Get a Makeover for

helps to buffer sounds. Rooms
also feature murals of relaxing,
peaceful scenes.
ment for an aortic aneurysm.
“Every time she would go there,
she was afraid,” Dr. Rosenberg says.
“She was either near somebody who
was a drug overdose, a stabbing vic-

The Elderly son, N.J., Holy Cross Hospital in Sil-

tim or a crying child, and she hated
it so much that sometimes she would
A key goal of geriatric ERs is to even leave, against medical advice.”

Traditional ERs are ill-suited to geriatric

patients—who find it hard to bounce
back after a visit to the hospital
27% ver Spring, Md., five Aurora Health save the patients from being admit- In the 20-bed emergency room for
Care hospitals in eastern Wisconsin, ted to the hospital, where they face seniors at St. Joseph’s, the goal is to
and Mount Sinai Health System in a greater risk for hospital-acquired have no patient wait longer than 14
New York. And more such centers are infections, delirium and falls. Even minutes to be seen, Dr. Rosenberg
The jump in ER
expected as the retirement-age popu- short hospitalizations can have det- says. Care providers have geriatric
visits by people
over 65 from lation continues to increase. Visits to rimental long-term effects. training and conduct risk assess-

M
BY BETH HOWARD
arcus Overton isn’t a stranger to
emergency rooms—and he doesn’t
like them.
“They’re chaotic and loud,” says
the 75-year-old San Diego resident,
who battles diabetes and heart-valve
problems. “They usually put you in a bed, pull a curtain
around you, and you wait.”
But last month, the former actor and arts administra-
tor sought treatment for shortness of breath at an ER
designed for elderly patients and their families. It was
a wholly different experience.
“It’s quiet,” he says of the 11-bed unit at UC San Di-
ego Health in La Jolla, Calif. “You’re in a room where
you can look at a beautiful mural and doze in between
visits from the folks who are trying to find out what is
wrong with you.”
ERs designed for seniors are being created across the
country. Hospitals with geriatric emergency departments
include St. Joseph’s University Medical Center in Pater-
2005 to 2015, emergency rooms by people over age “Older patients tend to not ments for factors like dementia and
according to the 65 rose by more than 27% from 2005 bounce back as well if they’re admit- dietary problems that might worsen
Centers for to 2015, according to the Centers for ted to the hospital the way a youn- patients’ health problems. These pro-
Disease Control Disease Control and Prevention. ger person would have,” says Denise viders can make referrals to special-
and Prevention. “There’s a growing awareness that Nassasi, director of the geriatric ists and connect patients to commu-
The increase is the traditional design of emergency- emergency department at Mount Si- nity resources like Meals on Wheels.
helping spur the department care isn’t well suited to nai. “They will often lose one of The unit has age-friendly design
growth of ERs frail, older adults,” says Kevin J. Biese, their activities of daily living, per- elements, such as thicker mattresses
designed for an emergency-medicine physician who haps irreversibly.” for frail bodies, and pleasant light-
seniors.
heads the new Geriatric ED Accredita- To prevent a potential downward ing. It also features creature com-
tion Board of the American College of spiral, staff of a geriatric ER might forts from aromatherapy and books
Emergency Physicians, or ACEP. instruct a social worker to assess a to live harp music.
Emergency care was designed for things like heart at- patient’s home for problems like A typical stay is about four hours,
tacks and gunshot wounds, Dr. Biese says, but seniors rugs that can cause falls. Doctors says Dr. Rosenberg. “So we wanted
tend to present with complications from conditions like might prescribe a visiting-nurse ser- them to be comfortable and have
diabetes and heart failure, and injuries from falls. While vice so a patient can receive IV anti- whatever they needed, just like they
any ER can treat heart issues and broken bones, geriatric biotics at home, or a stint in a reha- were in the first-class cabin of a
ERs also look at the context of the emergency. In the bilitation facility. high-class airline.”
case of a fall, for example, the staff typically will investi- So far, more than 50 geriatric
gate its cause, such as a medication side effect or sign emergency departments have earned Ms. Howard is a writer in
of a medical condition, check a patient’s balance and the Geriatric Emergency Department Charlotte, N.C. She can be reached
even assess their home for fall risks. Accreditation, or GEDA, and more at reports@wsj.com.

Have You Retired? Change Your Profile on Social Media

BY ALEXANDRA SAMUEL
Retirement doesn’t mean turning your back on
the internet.
When you walk out of the office for the last
time, your social-media profile goes with you.
But the social-media presence (or absence) that
was a good fit for you when you were working
may not be right for this next phase of life.
To keep your past professional life from
shadowing you online—or to tap into the
power of social media to support new inter-
ests—take the time to organize your social-me-
dia usage for retirement. Here’s how.
Out With the Old
Check your employer’s social-media policy: De-
pending on your role and organization, your
employer may have rules about which social-
media accounts you can take with you. Hand
over the keys to any business accounts your
employer wishes to maintain, and equally im-
portant, make sure you remove your name
from any accounts that will continue without
your guidance. (No reason for you to wear the
shame of a successor’s accidental tweets.)
Retire networks you no longer need: Just be-
cause you were on LinkedIn or Twitter for
your working life doesn’t mean those will be
the right networks for you in retirement. Con-
sider “retiring” from some networks and join-
ing others: If you used a specific network for
matically retool any profile you plan to retain
from your old life. Maybe you want to keep
that LinkedIn account but delete your profes-
sional history or change how you describe
yourself. Feel free to delete your old work-re-
lated posts on Facebook or Instagram, too.
(Though you might want to export your Face-
how they can best stay in touch with you (if
you want them to!) in your new life.
In With the New
Focus on relationships: Which relationships
are you hoping to strengthen, deepen or redis-
cover in retirement? Let that be your guide in
with you seeing.)
Reinvent yourself: Since you no longer have
to worry about how your social-media presence
reflects on your company or employer, this is
your chance to rethink how you present your-
self to the world. Ask yourself: Who do you
want to be online? Consider picking a profile
image (it doesn’t even have to be a picture of
you) that represents the person you want to be.
Drop the careful biz-speak and post the way
you talk; experiment with humor or self-disclo-
sure that would have felt too risky during your
working years. (But if you’re really pushing
limits, wait 24 hours before posting your latest
thought or photo in case you develop second
thoughts—or ask a trusted friend or family
member for their second opinion.)
Consider your interests: You’ll find social
media most rewarding if it helps you explore
or revel in a favorite pastime or interest—so
take the time to find the best sites, networks
or social-media groups for those interests. If
you’re planning to spend your retirement in
the kitchen or workshop, you may get more
out of Pinterest, where you can find recipes
and woodworking plans, or Houzz, where you
can find inspiration for that home renovation.
And if you’re looking for offline friends to
share your hobbies or interests, check out
Meetup, where you can find a range of hobby-
ist and interest-based groups that organize
events and get-togethers.
Avoid bad habits: Try to avoid turning your
UC SAN DIEGO HEALTH; PETER OUMANSKI

work-related conversations or collegial net-
working, you may find that simply logging in
immediately draws you into work-related con-
versations and anxieties that you don’t want
on your plate. You don’t even have to close
your old Twitter or LinkedIn account, as long
as you note in your profile that you’re no lon-
ger using or checking this account.
Cull your history: While nothing in social
media ever truly disappears, feel free to dra-
book history or Instagram history first, so you
have it for perpetuity.)
Cull your social-media friends: If you don’t
want to keep up with the latest office news or
gossip, consider unfriending former col-
leagues—or at least hiding them from your so-
cial-media feeds. To avoid hurt feelings, write
a public post explaining that you’re putting
your social networks into retirement mode, or
send an email to colleagues letting them know
determining which social-media networks to
use most. If you’re excited about being in
closer touch with friends or adult family mem-
bers, check out Facebook or Instagram; if
you’re hoping to hear more from the grand-
children, then go for Instagram (or Snapchat,
for the adventurous) or possibly Tumblr: Your
best bet is to ask your grandchildren where
they hang out, and follow them. (Just make
sure to ask them what they’re comfortable
retirement into a social-media prison. Remem-
ber, you don’t “have to” post every day or ev-
ery week, or reply to people in a set time. The
more you mix up your day-to-day use patterns,
the less likely you are to get hooked on that
daily (or hourly!) check-in.
Ms. Samuel is a technology researcher and
the author of “Work Smarter With Social
Media.” Email her at reports@wsj.com.
THE WALL STREET JOURNAL.
After Years
Of Grieving,
A Man
Finds
New Love—
And New
Joy in Life
I thought I was destined to be alone,
BY JOHN BUSKIN
wallowing in grief and self-pity.
But slowly, somehow, that changed.
N
early 15 years
ago—the day
after my wife
died from a
long bout
with cancer—
I ran a stop sign and cut off a
pickup truck. The guys in the
truck honked, screamed and
cursed. I pulled over and they
jumped out, ran over and con-
tinued yelling. One demanded,
“What’s wrong with you?” I
told him about my wife. They
became angels of mercy; they
got me a cup of coffee and sat
with me for a little
while until they were
sure I could make it
home.
I was still in my
50s, but I had nothing
left. I was exhausted.
I had tried living in-
side a bubble of ma-
cho, but when my
wife finally died, des-
olation blindsided me.
Grief’s ceaselessness
had swallowed up all
my strength and en-
durance.
Over the next few
years, I dragged my-
self back to work and
somehow took care of
the children’s tuitions.
I sold the suburban
home we had cele-
brated Christmases in
for 20 years or so. I threw out
lamps, vases, furniture and
tchotchkes my wife had accu-
mulated from yard sales.
I relocated to an apartment
in a high rise with a view of
Manhattan. I was isolated, ag-
oraphobic and depressed. I
paced aimlessly around my
apartment. I didn’t know what
to do first, second or third.
Friends had urged me to
“get back out there,” so I
signed up for a dating service
and arranged to meet a
woman. We went to a base-
ment jazz club on a rainy week-
day evening. The show featured
Mose Allison playing piano and
singing. In one song I liked,
called “Lost Mind,” he sang:
“My future is my past /
This memory will last / I’ll live
to love the days gone by. Each
day that comes and goes / Is
like the one before / My mind
is lost until the day I die.”
I moved my arm around the
back of my date’s chair. It was
the ploy of a 12-year-old at-
tempting to kick-start a night
of erotic passion. But I almost
immediately let my arm drop,
hoping she hadn’t even no-
ticed. We drove back to her
place in silence and mumbled
good night to each other. Back
home I watched a documen-
tary about three-toed sloths.
A new environment
About four years after my wife
died, I retired and moved to
upstate New York, in a small
town where I had gone to col-
lege. I was hoping a less-in-
tense environment would be
good for me. I moved into a
modest brick apartment house
with an old fashioned accor-
dion-grate elevator. Most
other tenants were older, sin-
gle women with shiny, ambu-
latory hardware.
I joined a gym and
promptly pulled something
hard enough to see a doctor.
But the truth was that my pain
was less debilitating than
grief. I also joined a once-a-
week trivia competition, and
although my teammates would
pat me on the back when I got
the right answer, they weren’t
my buddies. And that was fine
with me. I thought alone was
good, all I could expect.
One day, in my apartment,
triggered by a memory from
my college days, I started to
dance around my living room,
remembering my youthful need
to be publicly ridiculous. Jump-
ing around, my lumbar spine
objected with a spasm of neon
pain. I fell on the couch trying
In January,
Marian and I
got married.
It took five
minutes in
her office.
to catch my breath, staggered
by keenly painful memories of
the embarrassing behavior and
posturing of my younger self. I
couldn’t stop dredging up mor-
tifying memories.
I sat on the couch wallowing
in self-loathing, I choked back
tears and fixated on all the ways
I had failed my wife when she
was alive. The permanence of
death guaranteed I could never
atone for all the ways I could
have been nicer, warmer, more
attentive. I was living the life I
deserved. I couldn’t imagine a
future, much less plan for one.
Days passed, weeks,
Monday, April 22, 2019 | R9
JOURNAL REPORT | ENCORE
John Buskin and his
wife, Marian Mumford.
Below, John and his
grandchild, Eleanor.
had fallen in love.
It was a different kind of
love than I had known before.
The initial phase of luminous
romance was there. But my in-
fatuation was grown up, more
watercolor wash than an im-
pasto layering of thick oil paint.
It wasn’t, as Marian said, that
youthful shock of mutual at-
traction, the idea that “we both
love vanilla ice cream!” Instead,
our common ground was expe-
rience. We knew relationships
included turmoil. I had OD’d on
turmoil and tried to eradicate it
by remaining solitary. It was
getting impossible to maintain.
I liked being with her more
than being alone.
After several years, I gave
up my apartment and moved
into the lake house. We trav-
eled to Brooklyn one Thanks-
giving to visit my children.
The night before, with both of
my kids and their spouses, my
daughter presented me with
what she called a small holi-
day crossword puzzle she had
made. Most of the answers
were easy but the longest
across answer was elusive. I
kept seeing, “impre….” My son
got it before I did, but didn’t
give it away. When I figured it
out, I danced as long as my
back tolerated it. My grand-
daughter, Eleanor, was born
last July. Of course I thought
of my wife, and how ecstatic
months, years. I went through cooler at the bottom, and the wary, too hurt, to jump into she would have been. But I
the motions, but more often house itself consisted of vari- anything with both feet. But was pretty ecstatic myself.
than not, they were hollow. ous levels nestled in or against we kept getting together to do In January, Marian and I
the hill. It was the funkiest things like watch the sunset got married. It took five min-
Something in common dream house I’d ever seen. The with tuna subs. I began spend- utes in her office. I wore a
One day, about four years after first time I went down the ing weekends at her house. bowler hat I’d found at an an-
I had moved upstate, one of the steps, it felt like I was leaving We both knew that at our tique store. It looks silly but I
regular trivia-team members reality. Of course, in many ways ages, we could share our like it. It’s one of the many
brought a friend. And that I was, although I probably pasts more gradually. It took things that have enhanced my
friend brought his mother, Mar- wasn’t aware of it at the time. I many months, but at some life. I don’t know how close to
ian, a therapist who had also was leaving the reality that I point, I realized she was my the end mine is. But most days
lost her spouse. We made small had known for years. “girlfriend.” I knew we were are pretty wonderful.
talk. About a week later, I ran shooting dice with loss; one
into her again at a bar, where Slow buildup of us would suffer a second Mr. Buskin lives in upstate
we talked more seriously about This was hardly a whirlwind bereavement. But I also real- New York. He can be reached
our situations. Her husband romance. Both of us were too ized there was an upside: We at reports@wsj.com.
had died suddenly
of heart trouble,
with no warning
symptoms. My loss
had been a much
longer process. We
talked for hours.
The next week, I
went back to the
same bar hoping
she’d be there, but
no luck. I tried an-
other bar. I drank a
couple of beers
(which is a couple
more than I can
typically handle)
and thus fortified,
found her phone
number and called
it. We arranged to
meet. I had butter-
flies in my stomach
and a sharp, heady
sense that I was going after
SOCIAL SECURITY.
something. It had been a
long time since I had
wanted anything. It was the
smallest hint of a spark. But
KNOW WHERE
a spark nonetheless.
We took a walk together
and she made me laugh.
She was still torn up about
YOU STAND.
her own loss, which was
more recent than mine. And
she was vague about when
we’d get together again. But
I liked her: She was cute, el-
egant, honest and smart.
The more she talked—about
her sometimes nightmarish,
sometimes delightful past—
the more I liked her. Why
With Fidelity, you’ll get answers to your
she responded to me at all
was puzzling. She was in
Social Security questions, including how your
benefits fit into an overall retirement plan.
her late 50s, and had inter-
• Estimate when to claim and how
ests and involvements that
kept her busy all the time. I much you may receive with our
was in my late 60s and just Social Security benefits calculator.
watching the parade go by. • See how Social Security fits into your
The next morning I broader retirement savings goals in
thought about her soon af- our Planning & Guidance Center.
ter I woke up, and it was a
HEATHER AINSWORTH FOR THE WALL STREET JOURNAL; ROXY LOCK
better morning than usual.
I had something nice to
think about. Imagine that.
Her house was on the
shore of one of the Finger
Lakes that run north-south 800.FIDELITY
Fidelity.com/SSCalculator
in the middle of the state,
gouged out of the landscape
by retreating Ice Age gla-
Investing involves risk, including risk of loss.
ciers. You got to Marian’s
This calculator is for illustrative purposes only.
house by descending a num- Fidelity does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered
ber of zigzagging flights of financial, legal, or tax advice. Fidelity cannot guarantee that the information herein is accurate, complete, or timely. Fidelity makes no
stone or wood steps down a warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or reliance
steep, forested hill five or six on, such information. Visit www.ssa.gov when you’re ready to learn more about filing and about your personalized Social Security
statement and estimated benefit.
stories beneath the road. Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2019 FMR LLC. All rights reserved. 880427.2.0
The air was wetter and
R10 | Monday, April 22, 2019 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Monday, April 22, 2019 | R11

JOURNAL REPORT | ENCORE

our food shopping in
La Bastide Saint-
Louis, the city center
close by that is filled
with shops and res-
taurants. A grocery
store now delivers our
nonfresh items once a
week (delivery is free
if we spend at least
€50, or about $57).
But I still walk two or
three times a week to
La Bastide, which
hosts a wonderful
farmers market three
times a week. I also
join a neighbor when
she drives out to the
countryside to buy
fresh produce, meats
and eggs at local
farms. For other shop-
ping, we take buses.
Tickets cost about $1,
and the buses are typ-
ically on time.
We received a lot
of help, and still do,
from friends and
strangers, in particu-
lar from a national or-
ganization called Ac-
cueil des Villes
Français (Welcome to
Paris
two hours at lunchtime, and all day
on Sundays. But we plan accordingly.
Our monthly costs are roughly
$566 in property tax, $80 for our
combined internet/cellphone/land-
line/television service (much less
than we paid in the states) and $45
for water. Our combined gas and
electricity bill has been $170 a month
this winter. From April through Octo-
ber, when we’re not using gas to heat
the house, our monthly electricity
bill will be about $43.
Health insurance
For health insurance, we were re-
quired to buy a private policy for the
first year, which covers up to
$34,000 in hospitalization for each
of us, and repatriation if necessary
due to a significant medical issue or
death. This policy cost us $515 each.
Meanwhile, we have applied for and
obtained coverage under the national
plan, for which we will be billed as
part of our annual taxes each May.
We believe it will total about $1,500
a year for the both of us.
Under the national plan, we will
be reimbursed for 70% of the cost of
prescriptions and doctor and hospital
bills. Fortunately, we haven’t had the
opportunity to experience hospital
visits, but we’ve heard mostly good
things. Before we had the national
coverage, I visited my English-
speaking doctor three times;
each time I got an appointment
within three days. Our out-of-
pocket cost for each appoint-
ment was $28. Prescriptions
have averaged about $9 for
one-month supplies; many are

A Move From California

free now that we’re on national
FRANCE insurance.
For now, we have renewable,

To the South of France

We long thought of living in Europe. has wonderful views of the fortress,
After less than a year, it feels like home. and, in the distance, the Pyrenees.
We paid cash, and it cost us about as
BY VIBEKE ARENTZ much as a one-car garage would in
one-year visas, which we re-
ceived from the French Consul-
ate in San Francisco. A private
Carcassonne French agency helped us with
Toulouse
the paperwork, for which we
paid a total of $2,040, plus
 $100 for each visa. After five
The famed SPAIN years we will become eligible
100 miles
for permanent residency.

F
or nine years, my husband and I lived just
north of San Francisco, in Sausalito. We
loved the scenery, the weather and the vari-
ety of activities in Northern California.
But in our hearts we wanted to live in
Europe. It offers so many different cultures
and so much history. Having traveled extensively on the
Continent, we had long toyed with the idea of moving to
France.
So, eight months ago, we did. We retired in Carcas-
sonne last July.
This wasn’t nearly as impulsive as it sounds. We did
a lot of preliminary research and house-hunting online.
And we zeroed in on Carcassonne in southern France, for
a multitude of reasons, not just the mild weather and
natural beauty. This city of 46,000 is most famous for its
medieval fortress, La Cité de Carcassonne, whose tower-
ing walls now enclose streets bustling with restaurants,
shops and visitors. But other parts of the city are just as
charming, and the surrounding hills are filled with vine-
yards, tiny villages and smaller castle ruins.
Affordable housing
What ultimately sold us on Carcassonne, though, was the
very affordable housing. We visited the city three times
over a six-month period, looking at roughly 30 homes,
and fell in love with one: a 90-year-old, 4,000-square-foot
building with thick stone walls and high ceilings. It also
the Bay Area. Generally, apartments
and houses that are within walking
distance of the city center and have
three to five bedrooms list for
roughly $210,000 to $340,000.
Our house was livable when we
moved in, but it needs some updat-
ing. We are redoing one bathroom
and portions of another. We plan to
remodel the kitchen as well, to re-
place dated tiles and cabinets and
improve the layout. We are also
making some changes to be able to
turn two of our four levels into
rental apartments.
In any case, we are happily set-
tled. A typical day starts with coffee,
plus fruit, yogurt, huge eggs and
fresh milk, all from local farms and
vendors. My husband has some ex-
perience as a painter and renovator,
and spends many of his days work-
ing on the house and garden with
contractors. I’ll take care of the ad-
ministrative needs related to our
home, do shopping or other errands,
go to French classes and meet up
with friends.
When we first arrived, I would
walk or bike almost every day to do
medieval
fortress La Cité
de Carcassonne
is just one of
the local attrac- French Cities), which helps foreigners
tions for retired and French alike settle into new loca-
expats Vibeke tions. For about $35 a person per
Arentz and her
year, we get multiple French lessons
husband, Jeff
each week and access to dozens of
Kacirk.
group activities each month, includ-
ing meals, movies, hikes and full- and
half-day excursions.
In addition to our French friends,
we know many expatriates whom we
Generally, meet for all kinds of occasions, in-
apartments and cluding meals and wine tastings. For
houses in New Year’s Eve, 20 of us dined at a
Carcassonne restaurant that opened just for us.
that are within
But most evenings, we have din-
walking
ner on our deck with its view of La
distance of the
Cité. If we feel like going out, Rue
city center and
Trivalle—a half-mile-long street with
have three to
a dozen restaurants, including tapas
five bedrooms
list for roughly and wine bars—is a two-minute walk.
$210,000 to We enjoy having friends and fam-
$340,000. ily visit, and we have developed
more of a social life here in a few
months than we did during our nine
years together in the Bay Area. We
do miss some of the conveniences of
the U.S. Many stores are closed for
100 km
We feel like France is home
already, although it isn’t a para-
dise. Carcassonne has its share
of crime. Many houses have burglar
alarms, and we know of two home
break-ins since we’ve been here.
It will soon be summer, a nice
time to be in the south of France de-
spite the heat. Half an hour away,
great hiking trails and a lake with
boating, swimming and paddleboard-
ing are all available. Carcassonne
hosts lots of concerts and festivals in
summer as well. But the biggest
party is Bastille Day, July 14, when
the city claims to have fireworks
second only to those of Paris.
Meanwhile, we still enjoy travel-
ing abroad, and exploring Europe in
particular. Our local airport, which
offers inexpensive direct flights to
England, Ireland, Portugal and Bel-
gium, is a 20-minute bus ride from
the center. For longer hauls, Tou-
louse International Airport is 1.5
hours away by train and bus. And
Paris is five to six hours by train.
Ms. Arentz can be reached at
reports@wsj.com.

You’ve Decided to Retire. Whom Do You Tell—and When?

BY MATTHEW KASSEL
The decision to retire can be a daunting one.
But announcing your retirement may be even
harder.
It’s a process filled with uncertainty. How
will your friends and family react? When is the
right time to tell your boss and your co-work-
ers? And how do you make clear that this isn’t
the end of the line but an exciting new chapter?
There are no hard and fast rules, but there
are approaches that can help people get
through the process as smoothly as possible—
in the workplace, on the home front and in
their social life.
Here are some tips from experts as well as
those who’ve made the leap.
Send up a trial balloon. The first thing
you’ll want to do is talk with your spouse or
partner to gauge their comfort level—and
yours. That’s according to Larry Swedroe, re-
search director at Buckingham Strategic
Wealth and the co-author of “Your Complete
Guide to a Successful and Secure Retirement.”
Most people achieve a sense of accomplish-
ment from their work, Mr. Swedroe says, so
you should be prepared to explain how you
will replace that feeling without burdening
those close to you.
“There’s that old joke, ‘I married you for
better or worse, but not for lunch,’ ” Mr.
Swedroe says. “You need to show your spouse
that you’ll be spending your time well.”
ric hospital in Delaware, he found that the pro-
cess of revealing his plans to his many co-
workers was draining. His colleagues began
asking difficult questions about his thought
process. Why was he retiring now? How would
he spend his time? So to shield himself from
uncomfortable conversations, he began to
watch his mouth at work.
“Be careful who you tell,” says Dr. Sheslow,
“unless you’re prepared to answer the hard
questions.”
Be careful. Revealing
plans to co-workers
too soon can lead
to lots of difficult
questions and
feeling drained.
Hone your message. If you want to answer
the hard questions, try to anticipate what ques-
tions people will ask most and have convincing
and polite answers ready.
This isn’t always easy. After all, how do you
answer a question (such as, “How will you stay
productive?”) if you haven't figured out the an-
swer yet?
For those to whom answers don’t come eas-
ily, a public-relations specialist can help con-
struct a convincing narrative, says Teresa
Ghilarducci, an expert on retirement and a
the onslaught begins.
The reason this is important, says Dr.
Ghilarducci, is there is a stigma attached to re-
tirement, particularly among white-collar
workers, and you may need to defend yourself
against the notion that you are being phased
out. Having a well-oiled story at your disposal
will help you maintain your dignity and as-
suage any doubts about your worth.
Protect your time. A good story also can help
fend off those who view your pending retire-
ment as an invitation to ask for favors now that
you have the time, says Rick Rodgers, a retire-
ment specialist in Lancaster, Pa. Your grown-up
children, for instance, may now look at you as
a full-time babysitter, while your friends may
ask you to volunteer for their pet causes.
“A lot of people find out that after they’ve
retired, they’re busier than when they were
working,” says Mr. Rodgers, “because they
don’t know how to say no.”
With that in mind, he says, you should make
clear when you tell people about your retire-
ment that you will have a full schedule, even if
you haven’t decided what you’ll be doing.
Don’t jump the gun. The question of when to
tell your superiors that you’re ready to retire
can be tricky. Essentially, you want to figure
out when you’ll be ready to go, and then give
them just enough time to manage the transi-
tion. Tell them too early, and you risk being
pushed to the side before you’re ready. Too
late, and you may inconvenience your col-
Be firm. Decide for yourself how much in-
volvement, if any, you’ll continue to have with
your employer, and stick to your plan, says Ted
Kurlowicz, a professor at the American College
of Financial Services who recently announced
his retirement.
Mr. Kurlowicz, who is in his mid-60s and is
an expert on retirement planning, says that
some people have asked him to continue full
time, even though he is scheduled to leave his
job at the end of April. Having anticipated
such reactions, he laid out his terms, making
it clear that his plans were firm but that if he
were needed in a pinch, he could still come on
board temporarily as a consultant.
Don’t burn any bridges. When Keith Cor-
reira, 54, left his job as the chief financial offi-
cer of a small energy company in southwest
Colorado and moved to Las Vegas with his wife
not long ago, he wanted to make sure that his
employers were aware that he was happy he
had gotten to work for them as long as he had
and that his decision to leave for an early re-
tirement was a personal one. It was important
to him to prevent any ill will, by making it
clear his departure wasn’t about any issues he
had with the company.
That’s the right move, says Robin Ryan, a
retirement specialist in Seattle. It’s important
to leave your job on good terms, because you
don’t want any lingering animosities to carry
over into retired life.
“People remember you not from the great
work you did all along,” Ms. Ryan says. “They
VIBEKE ARENTZ

leagues. A couple of months’ notice is usually remember how you leave.”

Be careful who you tell. When David professor of economics at the New School for a reasonable buffer, says Jamie Hopkins, the
Sheslow decided to retire after more than 30 Social Research. Or, just ask close friends and director of retirement research at Carson Mr. Kassel is a writer in New York.
years as a practicing psychologist at a pediat- family members to help you practice before Group, an investment-advisory firm. He can be reached at reports@wsj.com.
R12 | Monday, April 22, 2019 THE WALL STREET JOURNAL.

JOURNAL REPORT | ENCORE

make a hash of it.
Surely I am the only person who
remembers that my journalism career
began at age 5, when I founded a
short-lived, handwritten newspaper
called Worm Killers (though even I
can’t recall why I chose that name).
No one else could tell you how many
monasteries I visited when I (much
later) wrote a story about Trappist
beers in Belgium. (Five.)
When I write obituaries for this
newspaper, family members are al-
most always eager to talk about
their loved one. Many seem to find it
therapeutic. Yet some struggle to an-
swer basic questions. Did she have a
middle name? Did he graduate from
college? What did he study? What
did her parents do for a living?
More important, many have no
idea why their father or mother chose
one path in life over another. My chil-
dren, should they care, will know.
They may wonder how I got my
name(s), for instance. My parents
christened me James Robert
Hagerty. The James honored my pa-
ternal grandfather. The Robert was
for my dad’s brother, who died in
World War II. What my parents al-
ways called me, though, was Bob. At
some point, in a frivolous attempt to
sound like a serious writer, I decided
So I will try to explain why I
wrote a worst-selling book on the
history of the mortgage company
Fannie Mae, while many of my jour-
nalistic colleagues found topics of
greater interest to the mass market.
Perhaps I will confide that my ap-
proach to life was to go with the
flow and take the opportunities that
presented themselves, rather than
make a strategic plan.
Those of us whose deaths will not
be front-page news may wonder why
we should bother writing down our
stories. Who will care? The answer
is that we don’t know. It’s quite pos-
sible no one will ever read my story.
I’m not worried about that. If noth-
ing else, I find it interesting to re-
visit my misadventures and try to
figure out what they meant. Another
motivation for me is that I wish my
father, who died in 1997, had left me
more clues about his life.
Once you resolve to write your
own obit, how do you get the job
done? My advice is to set aside 15 to
30 minutes once or twice a week un-
til you finish. Don’t fuss about liter-
ary flourishes. Just write the story
simply, in your own voice. As for
structure, I’m going with chronologi-
cal order. It may not show much
imagination, but it provides a clear

An Obituary Writer
my byline should be James R.
Hagerty. Now friends call me Bob,
smart alecks call me Jim Bob, and
other people don’t know what to call
path for the writer and the reader.
When I sum up other people’s
lives, I am not writing tributes. I aim
to include the ups and downs, the

Writes One for Himself

Summing up other people’s lives know more about my life. I don’t
want what many people seem to
has given me a sense of what I consider the standard form for obit-
want to say—and why it’s uaries: A list of names, dates and
achievements interspersed with
important to say it now quotes about my nobility, generosity
and devotion to family. There will be
BY JAMES R. HAGERTY
no speculation about whether I have
me. Moral of the story: Name the kid
what you intend to call the kid.
As a writer of obituaries, I like to
know about people’s early jobs,
those first steps into adult responsi-
bilities. I’ve written about successful
people who started out fixing radios,
For those who parking cars, selling college-lecture
wish to write notes or performing magic tricks.
their own obits, For myself, I will mention my brief
my advice is to career at Kmart, where I was as-
set aside 15 to
signed to assemble bicycles one day.
30 minutes
Though I had no skill at mechanics, I
triumphs and errors, even the humil-
iations. I must do the same for my
own story. But how many of my
lapses should I record? I’m still
struggling with that part.
So what was I trying to do with
my life? From an early age, I wanted
to write for a newspaper. Why? I
went with the flow. My parents were
both journalists—my mother still is,
at age 92—and I discovered early on
that I had more aptitude for writing
than, say, bicycle assembly.

KRISTIAN THACKER FOR THE WALL STREET JOURNAL

I
n a typical week, I write three or four obituaries
for The Wall Street Journal. Now, in my spare
time, I’m working on one that is trickier than
usual: My own.
Where to begin? Maybe at the beginning: “My
mother gave birth to me around noon on a cool
and rainy summer day, July 30, 1956, in Minneapolis.
Then she smoked a cigarette.”
If my editors don’t like that intro, that’s fine. I’m not
writing for publication. I’m writing only for those few
friends and family members who may one day care to
gone on to an eternal reward.
Instead, I will attempt to answer
the three things I try to convey
when writing someone else’s obitu-
ary: What was he trying to do?
Why? And how did it work out?
It isn’t that I expect to die immi-
nently. By writing my own obituary,
I’m simply practicing what I
preach: Write your own story while
you can. Don’t leave it to family
members, who are almost certain to
once or twice a
week until you did my best to figure it out. When
finish. the first bicycle seemed complete,
there were still several parts left
over whose purpose and place eluded
me. I threw them in the trash.
And don’t fuss I’ll be sure to write about my few
about literary triumphs, such as when, at age 18, I
flourishes. Just was hired to take publicity photos
write the story for a stripper and ended up winning
simply, in your
the local camera club’s monthly con-
own voice.
test. But my mistakes may be more
interesting and instructive.
And how did it work out? Pretty
well, on the whole. Journalism has al-
lowed me to live in New York, Hong
Kong, Paris, London, Brussels, Atlanta
and now Pittsburgh. If you count my
brief editorship of Worm Killers, I’ve
been at it for 57 years. I still haven’t
come up with a better plan.
Mr. Hagerty is a Wall Street Jour-
nal reporter in Pittsburgh. Email
him at bob.hagerty@wsj.com.

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