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Protesters Go Pink in Mexico in Clash With Ruling Party DOE Says

What’s
News Lab Leak
Business & Finance
Is Likely
Origin of
T raders are scooping
up hedges at the fast-
est clip since the onset of
the Covid-19 pandemic to
protect against a potential
Covid-19
stock market downturn, as New intelligence about
Wall Street’s VIX fear gauge China outbreak spurs
rose above 23 last week. A1
 Pfizer is in talks to ac-
assessment; finding is
quire Seagen, a biotech with given ‘low confidence’
a market value of some $30
billion, in a potential deal
BY MICHAEL R. GORDON
aimed at adding to its lineup
AND WARREN P. STROBEL
of cancer treatments. B1
 Union Pacific said it WASHINGTON—The U.S. En-
plans to name a new chief ergy Department has concluded
executive this year, hours that the Covid pandemic most
after Soroban Capital Part- likely arose from a laboratory
FERNANDO LLANO/ASSOCIATED PRESS

ners, a major shareholder, leak, according to a classified

publicly urged the railroad intelligence report recently
giant’s board to oust Lance provided to the White House
Fritz from the job. B1 and key members of Congress.
The shift by the Energy De-
 Frackers are set to
partment, which previously
plow more cash into oil
was undecided on how the vi-
fields this year compared
rus emerged, is noted in an
with last, but it isn’t ex-
update to a 2021 document by
pected to unleash the

.
Director of National Intelli-
flood of crude that past
gence Avril Haines’s office.

ly
BIG DRAW: Protesters on Sunday rallied across Mexico, including in Mexico City, above, to protest President Andrés Manuel
spending binges in the
López Obrador’s overhaul of the country’s independent election agency, with many showing the agency’s distinctive color. A18 The new report highlights
shale patch have. B1
how different parts of the in-
 Twitter conducted an- telligence community have ar-
other round of job cuts on rived at disparate judgments

Investors Are Getting Ready

over the weekend, people about the pandemic’s origin.
familiar with the matter The Energy Department now
said, the latest among joins the Federal Bureau of In-
thousands of staff reduc- vestigation in saying the virus
us ,

tions under the company’s likely spread via a mishap at a

l

new owner, Elon Musk. B1

For Jump in Market Volatility Chinese laboratory. Four other

e
al a

agencies, along with a national

 Amazon is expanding
intelligence panel, still judge
ultrafast delivery options,
that it was likely the result of
ci on

a sign that the company re-

a natural transmission, and
mains committed to push-
BY ERIC WALLERSTEIN its highest level since the first The S&P 500 is coming off looked like we were going to two are undecided.
ing its logistics system for
few trading days of the year. three consecutive weeks of de- glide through a Fed tightening The Energy Department’s
speed as it scales back
Fear is creeping back into Readings below 20 typically clines, capped by Friday’s hot- cycle without any damage to conclusion is the result of new
plans in other areas. B5
the stock market. To protect signify complacency, while ter-than-expected reading on the real economy,” said Mike intelligence and is significant
er s

 Warren Buffett retained against a potential downturn, those above 30 signal investors the personal-consumption ex- Edwards, deputy chief invest- because the agency has con-
his sense of optimism in traders are scooping up hedges are scurrying for protection. penditures price index—the ment officer of Weiss Multi- siderable scientific expertise
m er

his annual letter to inves- at the fastest clip since the on- The impetus for the in- Fed’s preferred gauge of infla- Strategy Advisers, an invest- and oversees a network of U.S.
tors, saying he continues set of the Covid-19 pandemic. creased demand is twofold. tion. The stock benchmark is up ment-management firm based national laboratories, some of
to believe in the resilience More call options betting When stocks rebounded to kick just 3.4% in 2023—and down in New York. “Now, that cer- which conduct advanced bio-
of the U.S. economy. B3 that the Cboe Volatility Index, off the year, investors piled 5% from its high on Feb. 2. tainty is fading more and more logical research.
or VIX, will rise have changed back into the market, restoring In the coming days, inves- each day.” The Energy Department
m rp

World-Wide hands on an average day in their need to hedge their port- tors will be parsing updates on Traders have finally come to made its judgment with “low
February than at any time folios. More recently, a string consumer confidence and grips with the Fed’s hawkish confidence,” according to peo-
since March 2020, Cboe data of hot economic data increased home prices, alongside quar- forecast on interest rates, but ple who have read the classi-
 The Energy Department show. the likelihood that the Federal terly earnings reports from they are growing increasingly fied report.
has concluded that the Covid After lying relatively dor- Reserve will decide to continue Target Corp. and Salesforce worried about where rates will Please turn to page A6
co Fo

pandemic most likely arose mant for months, the VIX, also raising interest rates to bring Inc. for insight into the mar- ultimately peak. Derivatives
from a laboratory leak, ac- known as Wall Street’s fear inflation down, stalling the ket’s trajectory. markets show the federal-funds  U.S. consumer companies are
cording to a classified intel- gauge, rose above 23 last week, early-year stock rally. “During the January rally, it Please turn to page A2 expanding in China.................. B1
ligence report recently pro-
vided to the White House and
key members of Congress. A1
 Kyiv countered Russian Pregnant Europe Buys
More U.S. Oil Supreme Court to Test
Russians
claims to have taken further
territory around Bakhmut
as Russia seeks to surround
The war in Ukraine has
reinvigorated exports and the Limits of Presidential Power
Flock to
the eastern city, which
U.S.’s market influence. A9
Ukraine’s military has de-
fended against withering
n-

Average U.S. crude

Argentina
onslaughts for months. A7
 The EU sanctioned a exports to European Case examines Biden plan to forgive billions in student debt
Dubai-based subsidiary of countries, barrels a day

For Births
Russia’s state-owned ship-
BY ANDREW RESTUCCIA AND JESS BRAVIN
no

ping giant, using new powers Feb. 2022–Jan. ’23 pects for legislative breakthroughs.
to hit foreign-based entities Feb. 2021–Jan. ’22 Presidents have tested the bounds of their
The Supreme Court will consider sharp executive authority for decades, leveraging the
that help Moscow circum-
325,800 curbs to the power of the executive branch in power of the White House to put in place
vent Western restrictions. A9 U.K.
BY SILVINA FRYDLEWSKY 238,200 a case beginning Tuesday, potentially diluting sweeping economic and social changes.
 Sen. Joe Manchin declined AND JUAN FORERO 298,700 the influence of future presidents for years to In recent years, both Republican and Demo-
Netherlands
to describe himself as a Dem- 239,800 come. cratic presidents have relied more heavily on
ocrat during a television in- BUENOS AIRES—Thousands 180,500 The conflict between the executive and the the authority to circumvent congressional
terview and didn’t say if he of pregnant Russian women Italy judiciary that has been growing in recent years gridlock. George W. Bush used executive ac-
136,000
is running for re-election. A4 and their partners have been will be on view when the court hears argu- tions to expand government surveillance, and
152,000
migrating to Argentina since France ments over the Biden administration’s roughly Barack Obama and Donald Trump issued direc-
 Israeli and Palestinian of- 114,600
ficials pledged to reduce the President Vladimir Putin of $400 billion plan to forgive federal student tives meant to reshape the country’s immigra-
165,800
escalating violence in the Russia ordered the invasion of Spain debt for tens of millions of borrowers. Two tion system.
88,300
West Bank and Jerusalem, Ukraine, inspired by the hope cases before the court give the justices an op- President Biden has issued economically
of building new lives far from 125,800 portunity to set strict limits over the presi- significant regulations at a near-record pace,
but the fatal shooting of two Germany
92,600
Israeli settlers and subse- his autocratic and increasingly dent’s ability to implement policies without ex- according to federal data compiled by the Reg-
quent riots in Palestinian isolated nation. Sources: Kpler plicit authorization from Congress. ulatory Studies Center at George Washington
villages underscored how The chance to begin anew The move would limit President Biden’s am- University. Aides expect him to rely more
over 8,000 miles away from bitions at a moment when he faces few pros- Please turn to page A10
tensions are spiraling. A18
Russia has led more than
 The special counsel inves- 22,000 mostly middle- and up-
tigating Trump appears to
have reached the advanced
per-class Russians to make the
circuitous journey to this capi-
Recipe for Frustration: Ordering INSIDE
stages of his sweeping in-
quiry after a flurry of aggres-
tal city since January 2022,
according to Argentine gov-
A Quick Cup of Black Coffee
sive steps in recent weeks. A6 ernment migration figures. Of- i i i
ficials here said the women
 Multiple newspapers
around the U.S. dropped have been arriving in growing Simple brew gets stuck while baristas
numbers and giving birth,
Scott Adams’s long-running
“Dilbert” comic strip after which bestows immediate citi- make elaborate, multipump concoctions
the cartoonist called Black zenship on newborns as well
as temporary residency and BY HEATHER HADDON Mr. Wicker are becoming a rare
Americans a “hate group”
in an online post. A5 work permits for their parents. breed.
“My daughter will be born Alex Wicker is used to odd What lovers of straight black
here, and she will be Argen- looks from baristas when he consider simple, easy-to-pour
SCOTT MORGAN/REUTERS

CONTENTS Opinion.............. A15-17 tine,” said Polina Schteiner, a stops by a coffee shop. His order orders can wind up stuck behind
Arts in Review.... A13 Outlook........................ A2
Business & Finance B2,5 Personal Journal A11-12 31-year-old from Moscow. She is unusual: black coffee. a jam of customized, multipump
Business News....... B3 Sports....................... A14 and her husband moved to “Asking for just ‘coffee’ with concoctions, they said. Some-
Crossword.............. A14 Technology............... B4 Bangkok in May and then no added context, without going times their pristine black joe is
Heard on Street... B10 U.S. News............. A2-6
Markets...................... B9 World News.... A7,9,18
looked at Mexico and Brazil through a round of 20 questions lightened with sugar or cream
before settling on Buenos Ai- with the server, has become im- anyway. Some baristas seem be-
res. Arriving with their 2-year- possible at this point,” said Mr. wildered by the concept of cof-
> old son, the couple is expect- Wicker, a 23-year-old student fee taken plain. SPORTS BUSINESS NEWS
Please turn to page A7 from Shelbyville, Ind. Mr. Wicker said his purist take The financial timing is Berkshire Hathaway
In a nation awash in Pista- makes him feel like an outcast. “I
 Kyiv counters Wagner’s chio Cream Cold Brew and Iced don’t know a single person
right for Green Bay to recorded a big loss for
claims of gains.......................... A7 Chocolate Almondmilk Shaken within my age range that enjoys trade Aaron 2022 in a rocky
s 2023 Dow Jones & Company, Inc.
All Rights Reserved  North Africa devours Russian Espresso with Chestnut Praline drinking black coffee,” he said. Rodgers. A14 market. B3
oil products................................. A9 Syrup, black-coffee drinkers like Please turn to page A10
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Monday, February 27, 2023 THE WALL STREET JOURNAL.

U.S. NEWS
THE OUTLOOK | By Stella Yifan Xie
ECONOMIC
CALENDAR
More Spending by Big Savers Needed Monday: The Commerce De-
partment releases January figures
on orders of long-lasting goods.

T
he strength of China’s in services spending, lifting Household saving rates uct, from 2020 to 2022. Zhou Changtian, who Overall new orders for durable
economic rebound this consumption growth to at Economists from Nomura and works at a state-owned pub- goods increased sharply in De-
40%
year largely hinges on least its prepandemic rate of UBS put the figures higher, at lishing house in Shanghai, cember from the prior month.
one uncertainty: whether around 8% a year. Initial data 6.1 trillion yuan and up to 4.6 ended up saving more during Also, the National Association
China
families and large companies from China’s recent Lunar 30 trillion yuan, respectively, or the past three years as his of Realtors reports the number of
are willing to draw down the New Year holiday suggest about 5% and close to 4% of family wasn’t able to travel home sales based on contract
pile of cash they built up some Chinese consumers are 20 GDP in 2022. abroad. Even though he isn’t signings in January. Pending home
since the start of Covid-19. eager to dine out and visit While sizable, those fig- deeply worried about job se- sales rose in December from the
Chinese families, con- cinemas again. EU ures are lower than in the curity, he isn’t keen on previous month.
10
strained by Covid lockdowns, Other economists feel U.S., where households put splurging, partly because of Tuesday: S&P Global releases
Japan
hoarded cash and pushed up more skeptical. They argue away $2.3 trillion in excess inflation fears as the econ- its S&P CoreLogic Case-Shiller Na-
0 U.S.
the country’s household sav- that the savings buildup in savings from 2020 through omy reopens. tional Home Price Index for De-
ing rate to a multiyear high China is more a reflection of 2019 ’20 ’21 ’22 September 2021, or nearly “It used to cost us 1,000 cember. Home prices fell 0.6% in
of 33% in 2022, up 3 per- battered confidence, which is Note: EU data is 2022 average through Q3 2022 10% of GDP in 2021, accord- yuan [about $145] to stock up November compared with the
centage points from the pre- unlikely to be reversed Source: Houze Song of Paulson Institute; UBS ing to a study published by on meat in the fridge before prior month.
pandemic trend in 2019, ac- quickly as pains from the the Federal Reserve. Covid. Now we have to pay Separately, the Conference
cording to estimates by pandemic linger. Many Chi- this year as growth in the double,” said Mr. Zhou. Board publishes its February con-

A
Goldman Sachs. nese consumers remain ner- U.S. and Europe slows, ac- large portion of new Some companies are loos- sumer-confidence index, which
Large industrial companies vous because of a depressed cording to the International deposits accumulated ening their purse strings in eased in January.
and exporters also socked housing market and an un- Monetary Fund. by Chinese households anticipation of a strong eco- Wednesday: S&P Global and
away money. From 2020 to certain jobs picture, which Swelling household savings last year was locked up in nomic recovery. Several in- the Institute for Supply Manage-
2022, big industrial compa- could make them save more helped push China’s current- three-year to five-year de- dustrial companies in China ment release February surveys of
nies, many state-owned, and spend less for longer. account surplus to $417.5 bil- posit instruments, which have announced big-ticket purchasing managers measuring
added $1.1 trillion in liquid “It is premature to con- lion last year, the highest can’t as easily be converted projects, including Ganfeng activity in the U.S. manufacturing
assets on average each year, clude that excess savings ac- level since 2008, underscor- into spending as short-term Lithium—one of the world’s sector. Preliminary survey data
more than double the cumulated by households will ing just how entrenched the deposits can, according to a largest refiners of strategic showed the sector contracting but
$467 billion annual increase support revenge spending in global trade imbalance has study by research firm Rho- metal—which last month un- at a slower pace.
in the five years before Covid a persistent way,” said David been even as the U.S. and dium Group. veiled a 15 billion yuan in- Meanwhile, the Commerce De-
hit, according to economists Wang, chief China economist other more-advanced econo- Given that China’s govern- vestment to build two bat- partment reports on construction
at China International Capital at Credit Suisse. mies attempt to reduce reli- ment refrained from handing tery plants in China. spending in January. Construction
Corp., an investment bank. ance on Chinese imports. out checks directly to house- But Larry Hu, chief China spending fell in December from

A
In the U.S., excess sav- slow consumption re- It isn’t clear exactly how holds during the pandemic, it economist at Macquarie the prior month.
ings—some from government bound in China could big China’s savings pile is. could take a while before Group, is cautious about Thursday: The European
stimulus—quickly coursed reverberate globally, Many economists, concerned people become more confi- whether corporations have Union’s statistics agency releases
through the economy, but damping sales for such com- about data quality in China, dent in China’s recovery and strong incentives to spend. February inflation figures for the
many experts wonder panies as Nike Inc., Starbucks use different methods for significantly scale back their He expects overall capital ex- eurozone. And the Labor Depart-
whether China will likewise Corp. and international auto their calculations. saving, said Tao Wang, an penditure to stay flat com- ment reports the number of work-
have a big rebound in spend- makers, and resulting in Goldman Sachs says it be- economist at UBS. pared with last year, in part ers filing for unemployment ben-

.
ing or investment this year. lower-than-expected demand lieves Chinese families accu- More relevant to consum- because of uncertainty at ex- efits in the week ended Feb. 25.
Economists from HSBC for such commodities as cop- mulated about three trillion ers’ spending appetite, econ- port-oriented companies as

ly
Friday: S&P Global and the In-
and Morgan Stanley say the per and nickel. Many busi- yuan, equivalent to roughly omists say, are income overseas demand has weak- stitute for Supply Management
end of China’s strict zero- nesses are counting on China, $431 billion, in excess sav- growth and the job market, ened. release February surveys of pur-
Covid policies will at mini- which is projected to account ings, or less than 3% of both of which are recovering —Grace Zhu chasing managers measuring ac-
mum fuel a strong recovery for a third of global growth on China’s gross domestic prod-

U.S. WATCH
slowly. contributed to this article. tivity in the U.S. services sector.
us ,
l

ARIZONA near Vallecito Reservoir, about 24

e
al a

miles northeast of Durango. Just

Arrest Made in Crash before midnight, a helicopter
That Killed 2 Cyclists found an avalanche with tracks
ci on

leading into it, the Colorado Ava-

A man has been arrested in lanche Information Center said.
connection with a crash that The two skiers were later found
killed two bicyclists and injured buried in about 4 feet of ava-
11 others in a Phoenix suburb, lanche debris, the center said.
er s

authorities said Sunday. —Associated Press

Goodyear police said 26-year-
m er

old Pedro Quintana-Lujan was OBITUARY

jailed on suspicion of two counts
of manslaughter, three counts of Movie Producer
aggravated assault, 18 counts of Mirisch Dies at 101
endangerment and two counts
m rp

of causing serious injury or Walter Mirisch, the astute and

death by a moving violation. It Oscar-winning film producer who
was unclear if he had a lawyer oversaw such classics as “Some
who could speak on his behalf. Like It Hot,” “West Side Story”
Police said Mr. Quintana-Lujan and “In the Heat of the Night,”
co Fo

was driving a pickup truck haul- has died of natural causes, the
ing a trailer when the vehicle Academy of Motion Picture Arts
crashed into a group of bicyclists and Sciences said. He was 101.
about 8 a.m. Saturday. Mr. Mirisch died on Friday in
Mr. Quintana-Lujan stayed at Los Angeles.
the scene of the crash and was Mr. Mirisch received the best
cooperating with authorities in picture Academy Award for 1967’s
their investigation, according to “In the Heat of the Night,” and
police spokeswoman Lisa Berry. the company run by him and his
LUIS SANTANA/TAMPA BAY TIMES/ ZUMA PRESS

—Associated Press brothers also produced the best-

picture Oscar winners “The Apart-
COLORADO ment” and “West Side Story.”
Born eight years before the
Two Skiers Caught
n-

first Academy Awards ceremony,

In Avalanche Die he served as president of the
Academy of Motion Picture Arts
Two backcountry skiers died and Sciences from 1973 to 1977
no

after being caught in an ava- and received two honorary Os-

lanche in southwestern Colorado, cars, in 1978 and 1983, for his
officials said. body of work and his humanitar-
The skiers had been reported ian efforts.
GET SET, GO: Runners crossing the starting line of the Gasparilla Distance Classic 8K race on Sunday in Tampa, Fla. overdue Saturday from a trip —Associated Press

Investors
THE WALL STREET JOURNAL
creases is boosting market VIX average daily call Treasury yield volatility week. “In our view, we find all
(USPS 664-880)
(Eastern Edition ISSN 0099-9660)
volatility. options volume, monthly the hoopla and excitement
“Now people are asking, about the [year-to-date] rally

Bet on More
(Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241) ‘Does the Fed need to break 600,000 contracts 250 to be misplaced.”
Editorial and publication something?’” Mr. Edwards said. The CME Group Volatility
headquarters: One of the biggest wagers 500,000 Index shows volatility in the

Volatility
1211 Avenue of the Americas,
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tied to the VIX is for the index Treasury market also recently
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Published daily except Sundays and month, a level previously seen more than a month. Fed offi-
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The Wall Street Journal, 200 Burnett August, the loftiest level since the coming months, a level 200,000 cool the economy. The 10-year
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publication of an advertisement shall
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advertiser’s order. plunging the economy into a level since October, per the driven quants, investment ad- tion of Individual Investors that propelled the January
Letters to the Editor: recession with more rate in- Nations SkewDex, which visers and individual investors survey. As of last week, that rally. They also have helped
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Monday, February 27, 2023 | A3

U.S. NEWS

Millennials Get Squeezed, Pile on Debt

Adults in their 30s power the broader economy,
such as starting a business or
borrowed heavily in investing.
pandemic and now “For millennials, it’s felt like
being hit from every side,”
struggle to catch up said Charlotte Principato, a fi-
nancial-services analyst at the
BY GINA HEEB research company Morning
AND ANNAMARIA ANDRIOTIS Consult who covers younger
consumers. “They’re not feel-
Danielle Smith and her fam- ing in control of their financial
ily thought they had finally es- lives.”
caped the paycheck-to-pay- Stacey Coquelin, 31, was
check cycle they had fallen nearly ready to buy her first
into. They saved money during home before the pandemic. Af-
the pandemic while they were ter two years of living with
stuck at home. They used her parents, Ms. Coquelin had
stimulus checks to chip away saved up for a down payment
at $20,000 in credit-card debt and shrunk her credit-card

MARY BETH KOETH FOR THE WALL STREET JOURNAL

and enjoyed a reprieve from debt.
monthly payments on their When schools were shut
$160,000 in student loans. down, Ms. Coquelin ran credit-
Lately, they have been hit card balances back up to cover
with one unexpected expense child-care bills of $1,200 a
after another, from an out-of- month for her two children.
pocket MRI to a broken water Then inflation started to
heater. They also took trips squeeze her budget, while
with their four children that higher interest rates made it
they had put off because of more expensive to borrow. Ms.
Covid, including to Walt Dis- Coquelin opened new credit
ney World, local museums and cards and dipped into her
the zoo. By 2022, their credit- down-payment money, eventu-
card debt had doubled to ally ending up with more than Stacey Coquelin, 31, had to dip into her down-payment money for a home during the pandemic as her everyday expenses rose sharply.
nearly $40,000. $20,000 in credit-card and
“It’s just a never-ending cy- personal-loan debt and little Change in total debt from Average credit card balance, monthly
cle of playing catch-up,” said saved. three years ago, ages 30-39
Ms. Smith, 34, who together “Everything was more ex- 40% $8,000 Silent Baby Gen X Millennials Gen Z
Boomers
with her husband have a pensive—shampoo and kids
household income of roughly getting older and needing dif- 4Q 2022
6,000
$80,000 a year in Lincoln, Neb. ferent things,” said Ms. Coque-
lin, a construction-project 30
+27%
manager in the Miami area 4,000
Wealth gap

.
who makes just over $40,000
American millennials in a year. “Now you’re getting RECESSION

ly
2,000
their 30s have racked up debt nowhere.” 20
at a historic clip since the pan- American families, on aver-
demic. Their total balances hit age, held up better than ex- 0
more than $3.8 trillion in the
fourth quarter, according to
the Federal Reserve Bank of
New York, a 27% jump from
pected in 2020 during the
Covid pandemic.
Now, rapid inflation is forc-
ing many to spend more on
on 10
2020

Consumer credit cards 90+ days delinquent, quarterly

’23 ’21 ’23 ’21 ’23 ’21 ’23 ’21 ’23

3.0%
late 2019. That is the steepest gas, groceries and rent, eating
us ,

increase of any age group. It is into pandemic savings. The 0 2.5

l

also their fastest pace of debt last round of stimulus checks

e
al a

accumulation over a three- went out in 2021. Families are 2.0

year period since the 2008 fi- back to commuting, traveling
1.5
nancial crisis. and eating out again. The Fed-
ci on

–10
The debt buildup could eral Reserve’s campaign to 1.0
worsen a generational wealth curb inflation has pushed up
gap that was already on the interest rates on credit cards 0.5
rise for millennials. Many and other types of loans. –20 0
started their careers during
er s

the 2007-09 recession with no 2002 ’05 ’10 ’15 ’20 2019 ’22 ’19 ’22 ’19 ’22 ’19 ’22 ’19 ’22
bargaining power, crimping Falling behind Sources: Federal Reserve Bank of New York (total debt); VantageScore Solutions (credit card balance); TransUnion (consumer credit cards)
m er

their earnings ever since. Even The economy is by many

when the economy is doing measures in a solid place. The But there are signs that mil- according to credit-score pro- balances for millennials rose ers are coming under financial
well, some have said that they jobless rate is at its lowest lennials are overstretched. The vider VantageScore Solutions. more than they did for overall pressure from higher living
feel as though their financial level in more than 50 years. average credit-card balance for Balances were little changed borrowers. costs and inflation outpacing
gains are fragile. That can Retail spending is strong. In- millennial borrowers was for Gen X, and fell between “We are seeing a ‘credit their income gains,” said Silvio
m rp

leave them hesitant or less flation, while still high, is about $6,750 in January, up 11% and 15% for older genera- gap’ emerge in the sense that Tavares, chief executive of
able to take risks that would coming down. 26% from three years earlier, tions. Average personal-loan younger, less-affluent borrow- VantageScore.

California Some Red States Eye Bans on Federal Gun Laws

co Fo

Clobbered BY SHANNON NAJMABADI Law-enforcement officers

shouldn’t have to do the gov-
federal gun laws. In Missouri,
residents who think their
clared themselves “Second
Amendment sanctuaries” in re-
the Republican sponsor of the
anti-red-flag law.

With Wild DES MOINES, Iowa—A 2021

Missouri law banning law en-
forcement from enforcing fed-
ernment’s “dirty work,” be it
enforcing vaccine requirements
or the pistol brace rule, said
rights have been impugned can
sue for $50,000, too.
Marion County Sheriff Jason
cent years. Elected sheriffs
have campaigned on not en-
forcing laws they deem uncon-
Recent efforts are backed
by hard-line gun groups, like
Iowa Gun Owners and the Mis-

Weather eral gun laws has been chal-

lenged in the courts,
questioned by dozens of police
Iowa state Rep. Jeff Shipley,
the main sponsor of the legis-
lation. He and other supporters
Sandholdt said it isn’t clear
what level of cooperation with
the federal government is al-
stitutional.
The ideological underpin-
nings of the Missouri law ap-
souri Firearms Coalition,
which are connected to far-
right activists accused of us-
BY GINGER ADAMS OTIS chiefs. The law has failed to also say the measure is a rejec- lowed. “Where’s that line?” he pear in other legislation intro- ing no-compromise rhetoric as
gain the backing of the Na- tion of perceived federal over- asked. “Obviously, I’m very duced this year. Missouri a fundraising tactic.
n-

California was hit with rain, tional Rifle Association. reach, and in the mold of cities pro-gun. I’m a conservative Re- lawmakers may block state co- The Missouri law has been
floods, blizzards and colder- This year, it is being copied. that limit cooperation with publican sheriff myself. But I operation on federal red-flag challenged by the city of St.
than-average temperatures Lawmakers in Iowa, Ohio, federal immigration authori- still think that we have to have gun proposals that remove Louis, and Jackson and St.
over the weekend as the rem- Georgia and other states are ties. relationships.” The Iowa State firearms from those considered Louis counties. The U.S. De-
no

nants of a powerful winter weighing nearly identical bills, But the Second Amendment Sheriffs’ and Deputies’ Associa- a danger to themselves or oth- partment of Justice separately
storm swept across the state. despite criticism that such laws Preservation Act has far-reach- tion is neutral on the legisla- ers. The bill could also cut off sued the state of Missouri to
Heavy snow and winds would be unconstitutional. ing consequences. Opponents tion. federal funding earmarked for overturn the law. Both cases
closed several roads in the Supporters of the bills say say it and bills like it are ex- The bills’ recent popularity crisis intervention programs. are ongoing.
California mountains, with they are meant to stop law en- pansive enough to strip law stems in part from the start of The bills are among several Missouri state Rep. Peter
some areas in the Sierra Ne- forcement from helping the enforcement of needed federal the Biden presidency and push- measures meant to insulate Merideth, a Democrat, is this
vada recording storm totals of federal government apply gun help and funding on a range of back to pandemic restrictions. states from a “federal govern- year trying to roll back por-
up to 4 to 5 feet of snow, ac- restrictions, citing as a concern issues. Departments in Iowa They also come amid a fringe ment that most folks, particu- tions of the Missouri law, after
cording to the National a January rule that limits the could face minimum $50,000 movement to shrug off federal larly in red states, believe is a school shooting killed two
Weather Service. use of pistol braces designed to fines if they knowingly employ laws and oversight. Counties completely out of control,” said people in his St. Louis district
Higher peaks in Southern stabilize pistols while firing. an officer who helps enforce across the country have de- Missouri state Sen. Bill Eigel, in October 2022.
California also got walloped,
with Big Bear Lake recording a
storm total of 66 inches.
Nearby Snow Valley Mountain
Resort in Running Springs, Ca-
lif., got between 75 to 84
Far From Derailment, Fears of Contamination Spread
inches over the course of the BY ELIZABETH FINDELL safe to drink. The grocery chain County, according to the Ohio
storm, the weather service put out a statement Tuesday High School Athletic Associa-
said. Weeks after a train derail- that it would pull water prod- tion. Teams from Beachwood
More snow will fall in the ment near the Ohio-Pennsylva- ucts bottled in Salineville, Ohio, and Bristolville forfeited end-
mountains of Central and nia border left hazardous about 25 miles from East Pales- of-season tournament games.
MATTHEW HATCHER/BLOOMBERG NEWS

Northern California in the next chemicals burning from rail- tine, from store shelves. In the Houston area, some
few days, according to the cars, fears of the potential im- The company said its water residents of Deer Park, Texas,
forecast, due to new weather pacts are being felt in places comes from a protected spring posted online that they were
systems approaching the far from the accident. not near any affected ground- rattled to discover firefighting
state. Grocery chain Giant Eagle, water sources and that third- wastewater from the incident
A steady rain lashed South- with hundreds of stores in five party lab testing had revealed was headed to a hazardous
ern and Central California on states including Ohio and no abnormalities. waste disposal facility there.
Saturday, bringing flash-flood Pennsylvania, pulled bottled Marguerite Parker, a 66- Harris County Judge Lina
warnings and forcing road clo- water off shelves out of an year-old retired nurse in Ver- Hidalgo, an elected executive,
sures, the weather service “abundance of caution” be- milion, Ohio, 100 miles west said Thursday that her office is
said. cause it was bottled 25 miles An EPA worker taking water samples in East Palestine last week. of the derailment, said she researching the transportation
Some areas had recorded 3 from the derailment. wasn’t personally concerned and disposal of the water to
inches early Saturday and oth- Two high-school basketball materials catching fire. Three resume removing hazardous until she saw a news report make sure it meets regulations.
ers got up to 9 inches of rain- teams elsewhere in Ohio for- days later, the railroad burned materials from the derailment about Giant Eagle. She Texas Molecular, the com-
fall, according to Zack Taylor, feited games rather than ven- vinyl chloride from five tanker site, a day after saying it had checked six gallons of water pany handling the firefighting
a meteorologist with the turing to the region to play. cars to avert a potential explo- asked the company to temporar- she had recently purchased wastewater, has been disposing
weather service. More than a thousand miles sion. The incident has raised ily halt shipments until its plans and saw they had been bottled of similar hazardous water for
Many roads in areas of away, Houston-area politicians concern from residents about could undergo a federal review. three days after the incident. over 40 years, said Jimmy
Southern California between rushed to assure residents anx- the long-term health risks near Some of the reaction in re- “Who would think it’s going Bracher, vice president of
Los Angeles and San Diego ious about firefighting waste- and around the village of 4,700 cent days to potential far- to reach out this far, the prob- sales. “We are proud that our
flooded when nearby creeks water from the derailment site people. reaching chemical impacts has lems?” Ms. Parker said. “I’m expertise, developed over many
and rivers overran their banks. set for disposal in Texas. The Environmental Protec- come amid people raising con- not using that water.” years, can help both the coun-
A few roads in the foothills The Feb. 3 derailment oc- tion Agency has said the re- cerns on social media. On Face- Concerns about the air try and the environment re-
north of Los Angeles were curred when 38 Norfolk South- gion’s air and drinking water book, a handful of people around East Palestine led two cover from this tragic acci-
blocked by mud and debris ern Corp. railcars fell off the are safe and that monitoring posted questions about high-school basketball teams to dent,” he wrote in an email.
sliding down surrounding track in East Palestine, Ohio, will continue. On Sunday, the whether Giant Eagle water bot- decline to play games there or —Catherine Lucey
mountainsides, he said. some of those with hazardous EPA said Norfolk Southern could tled south of East Palestine was elsewhere in Columbiana contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Monday, February 27, 2023 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Manchin Declines
To Describe Himself
As a Democrat
BY DUSTIN VOLZ Senate. With Republicans now
controlling the House, Senate
WASHINGTON—West Vir- Democrats have focused so far
ginia Sen. Joe Manchin de- this year on confirming Mr. Bi-
clined to describe himself as a den’s nominees rather than
Democrat during a television mounting major new legisla-
interview on Sunday and tive efforts.
didn’t say if he is running for Mr. Manchin hasn’t said
re-election, highlighting the whether he is running for re-
challenges facing the party’s election in 2024 in West Vir-
thin majority in the Senate ginia, where Republicans are
CHARLIE NEIBERGALL/ASSOCIATED PRESS

ahead of what is widely ex- hopeful they can pick up a

pected to be a tough mission Senate seat in a red state that
to retain the chamber in 2024. voted for Donald Trump over
“I identify as an American,” Joe Biden by a 39-point mar-
said Mr. Manchin when asked gin in the last presidential
repeatedly during a Fox News election.
appearance if he considered Boosting Democratic hopes
himself a Democrat. “I’m an of hanging on, Sen. Jon Tester
American through and said last week that he would
through.” seek re-election in 2024 in sol-
Sen. Tim Scott, above, at a county party dinner in West Des Moines, Iowa, on Wednesday. Below, Nikki Haley at a recent town hall. When asked if he would run idly conservative Montana.
for re-election in 2024, Mr. Another Democrat in a

Iowa Republicans Hoping for

Manchin also demurred, reply- state won by Mr. Trump,
ing: “My main concern is how Ohio’s Sen. Sherrod Brown,
do we bring this country to- has said he would seek an-
gether? How do we make it other term.
work? How do we make Demo- Senate Democrats and

A Wide Range of Candidates crats, Republicans become

Americans again, and not just
party affiliates?”
Mr. Manchin was often the
decisive vote for or against
aligned independents are ex-
pected to defend 23 seats in
2024, compared with 11 for
Republicans. Unlike in the
House, where members are up
BY JOHN MCCORMICK ecutive, said she is worried too Democratic legislation over for re-election every two
many candidates will enter the the past two years. He blocked years, senators are up every
WEST DES MOINES, Iowa— race and divide up the opposi- President Biden’s “Build Back six.

.
National polls on the 2024 Re- tion to Mr. Trump. “I’m glad Better” social-spending plans, Centrist Sen. Kyrsten
publican presidential primary there are more than Trump, while ultimately agreeing to a Sinema’s decision to register

ly
race can imply it is a two-per- but I don’t want there to be smaller deal dubbed the Infla- as an independent in Decem-
son contest between an an- too many,” said Ms. Tangen, a tion Reduction Act that in- ber added to Democratic com-
nounced candidate, former Republican from suburban Des cluded tax increases on com- plications to retain their ma-
President Donald Trump, and
someone expected to jump in
on Moines.
The more candidates in the
panies and new spending on
climate and healthcare. A sep-
jority, as her state of Arizona
RACHEL MUMMEY/BLOOMBERG NEWS

later this year, Florida Gov. race, the more likely support arate bill demanded by Mr.
Ron DeSantis. may be splintered. That is Manchin to speed up energy
But the reality on the what happened in the 2016 Re- permitting has stalled in Con-
Mr. Manchin was
us ,

ground is more complex in the publican primary, when Mr. gress. often the decisive
l

state that starts the GOP-nomi- Trump never won more than Mr. Manchin also helped
vote on Democratic
e
al a

nation balloting in less than a half of the vote in the first four block Democrats’ effort to end
year. Interviews with roughly a nominating states. the 60-vote filibuster thresh- legislation.
dozen Iowa Republicans sug- Small-business owner Brian old that applies to most legis-
ci on

gest most are far from decided, Schepper, 49, said he liked lation.
with months of campaign visits Messrs. Trump and DeSantis More recently, he indicated
and millions of dollars in ad- November’s midterm election. fore nomination voting starts. but would rather see the Flor- he is open to attaching spend- is viewed as another impor-
vertising ahead. “We really are going to help Likely caucus attendees, ida governor stay put. “The ing cuts to a debt-ceiling in- tant contest next year. Ms.
Patti Parlee, a 64-year-old America narrow the field.” who turned out in significant United States needs to be run crease in talks this year, put- Sinema, like Mr. Manchin, was
er s

accountant from suburban Des Ms. Haley was the first ma- numbers at last week’s political like a business, and Trump did ting him at odds with often a decisive vote in shap-
Moines, said she was “pretty jor declared Republican candi- events, said they are in no rush that,” he said. Democratic leaders who want ing legislation.
m er

open” when it comes to the de- date to travel to Iowa in this to make decisions. Others, meanwhile, ex- the debt limit raised with no Ms. Sinema hasn’t said
clared and prospective field. caucus cycle. Mr. Trump so far Jim Hubbartt, a 73-year-old pressed more eagerness for Mr. conditions attached. Republi- whether she will run again ei-
She favors Mr. Trump’s policies has bypassed Iowa since en- retired grocer who supported DeSantis to enter the 2024 cans want deep spending cuts. ther, but if she does, it will
but said she was “more in- tering the race in mid-Novem- Mr. Trump in the past, said he field. In the Fox News interview, force national Democrats to
trigued by others,” including ber and instead made appear- worries the former president “Trump-DeSantis is my Mr. Manchin defended votes choose whether to support her
m rp

South Carolina Sen. Tim Scott, ances in New Hampshire and has “a lot of baggage” that dream ticket,” said Madonna that helped the party pass or a Democratic challenger in
the Senate’s only Black Repub- South Carolina, the second and could hurt him in a general Johnson, 70, who worked in in- some of its top legislative pri- a potential three-way race
lican. third states, respectively, on election. He is also concerned surance marketing and lives in orities in the last Congress. He with a Republican.
Mr. Scott, who is contem- the GOP nominating calendar. Mr. Trump could run as an in- suburban Des Moines. “He can said he didn’t regret voting
plating a bid, appeared in a “He will have to spend time dependent if he fails to win the be with Trump for one term last summer for the Inflation
co Fo

packed hotel ballroom Wednes- here, like everyone else,” said GOP nomination. and then take over from there Reduction Act, calling it “the
day in suburban Des Moines. Steve Scheffler, a Republican “I’m afraid the whole thing with another two terms and most transformative bill”
He pitched an upbeat message National Committee member could go down the toilet,” Mr. we’d get three terms.” passed since he has been a
that stressed unity over divi- from Iowa who said he doesn’t Hubbartt, a resident in a Des Mr. DeSantis held a week- lawmaker.
sion and a renewal of Ameri- think the former president is Moines suburb, said of GOP end gathering of Republican Mr. Manchin has played up
can hope through conservative guaranteed a strong showing prospects in 2024. donors, supporters and elected his independent streak and
ideals. in the 2024 caucuses. Trump spokesman Steven officials in Florida, a display of played down his membership
Campaigning for the Mr. Trump finished second Cheung didn’t directly respond strength made just miles from in the Democratic Party in re-
2024 Iowa caucuses acceler- in Iowa’s 2016 caucuses, when to the question of an indepen- Mr. Trump’s Mar-a-Lago re- cent months, while saying he
ated last week with visits from the last competitive GOP pri- dent candidacy when asked for sort. The three-day retreat is no hurry to make a decision
Mr. Scott as well as Nikki Ha- mary was held. comment. drew more than 150 people and about his party affiliation.
ANNA MONEYMAKER/GETTY IMAGES

ley, the former South Carolina Last week’s Iowa visits fol- “An overwhelming majority also was a striking contrast In an interview with CNN in
governor and United Nations low one the previous week by of polls show President Trump with a small, candlelit dinner December, he said: “The bot-
n-

ambassador who formally en- former Vice President Mike with significant and dominant fundraiser Mr. Trump head- tom line is, I’m not changing
tered the race recently. Pence, who is also contemplat- leads both nationally and lined at Mar-a-Lago on Thurs- how I vote. I’m not changing
“We’re Iowa, so we go right ing a 2024 bid. GOP activity in statewide,” he said. “There is day. how I approach a problem,”
out of one election and right the state is expected to keep no one else who can generate Democrats in 2024 will hold adding; “I’m on one team. I’m
no

into another one,” Republican ramping up in the months enthusiasm and excitement their first nominating contest on the American team.”
Gov. Kim Reynolds said ahead leading up to the Iowa State like” the former president. in South Carolina. Democrats and indepen-
of her introduction of Mr. Scott Fair in August, a hotbed of po- Melissa Tangen, a 57-year- —Alex Leary dents who caucus with them
at the dinner, in a reference to litical activity the summer be- old retired health insurance ex- contributed to this article. have a 51-49 majority in the West Virginia Sen. Joe Manchin

Two Arizonans Show Push and Pull on GOP Speaker

BY ELIZA COLLINS implications for the GOP. is the only House freshman of
With Republicans’ narrow either party chosen as a mem-
HEREFORD, Ariz.—Reps. advantage, Mr. McCarthy needs ber of the Appropriations Com-
Juan Ciscomani and Eli Crane to keep almost all Republicans mittee, which allocates govern-
both flipped Democrat-held on board to pass legislation on ment spending. Mr. Ciscomani
seats in the 2022 midterm core items such as immigration, said he and Mr. Crane were
elections, helping Republicans while also keeping a united both conservative Republicans
eke out a small majority in the front headed into contentious with the same goals. “Obviously
House. They live close to each talks later this year with Demo- we may have different methods
other, and their children even crats on federal spending and to get there sometimes, but
attend the same school. raising the country’s borrowing there’s no animosity between us
But the first-term Arizona limit. Mr. McCarthy will need at all,” he said.
lawmakers are now on oppo- the votes of all but four Repub- Mr. Crane took a different
BILL CLARK/CQ ROLL CALL/ZUMA PRESS

site sides of an intraparty fight lican members and is counting approach. He was the only
over the leadership of House on allies such as Mr. Ciscomani freshman Republican to never
Speaker Kevin McCarthy (R., as well as skeptics such as Mr. vote for Mr. McCarthy. After 14
LILIANA SALGADO/REUTERS

Calif.). Mr. Ciscomani has em- Crane to pass bills without rounds of voting no, six Repub-
braced Mr. McCarthy, while Democratic support. “I believe licans including Mr. Crane voted
Mr. Crane was the only fresh- in his vision” Mr. Ciscomani “present” in the 15th round to
man Republican not to vote for said. “He can and has been let Mr. McCarthy secure the
him in January’s marathon bringing our caucus together.” speakership in exchange for
balloting for speaker and be- Mr. Crane said each member commitments to boost the right
lieves conservatives should use now has the power to shape or flank’s agenda.
their leverage to challenge stop legislation because of the New Republican congressmen Eli Crane, left, and Juan Ciscomani take different tacks on the speaker. Two days after Mr. Cisco-
GOP leaders. GOP’s weaker-than-expected mani’s border trip, Mr. Crane
Mr. Crane, 43, a tattooed vet- midterm results. Not getting a crease border-crossing numbers Crane’s absence at the border. party’s ideological wings ha- joined several prominent Ari-
eran Navy SEAL whose business “red wave” of Republican wins and accused Republicans He said there were no hard feel- ven’t agreed on a proposal. zona conservatives at a pro-gun
of bottle openers made from in the House “turned out to be of partisan stunts. ings between the two. Responding to reporters rally in Phoenix, including fel-
ammunition was featured on a blessing in disguise,” he said. Mr. McCarthy was joined by Mr. McCarthy will return to during his border visit, Mr. low Arizona congressmen and
“Shark Tank,” joined the con- Mr. McCarthy recently trav- Mr. Ciscomani as well as three Washington this week with Re- McCarthy dismissed the signif- McCarthy critics Paul Gosar and
servative Freedom Caucus. Mr. eled to Mr. Ciscomani’s district other GOP lawmakers from publicans’ legislative plans still icance of any delay and said Andy Biggs. Mr. Crane says his
Ciscomani, 40, a Mexico-born to highlight border issues and competitive districts around the unsettled, which Democrats Republicans were taking their political beliefs largely align
immigrant who advised Ari- criticize the Biden administra- country. Mr. Crane didn’t at- have cast as a sign of continued time to put forward the most with the two lawmakers.
zona’s former GOP governor, tion for what Republicans say tend and said he wasn’t invited, disunity. In the speaker fight, effective policy. Mr. Crane said in an inter-
has cast himself as a pro-busi- has been lax enforcement. Ian instead meeting with constitu- holdouts secured concessions Since entering office, Mr. Cis- view that he expected the debt
ness Republican open to deals Sams, a spokesman for the ents in his district. including a commitment to comani has worked as a surro- ceiling to be “the next big bat-
with Democrats. White House, said ahead of the “We only had a number of bring up legislation that would gate for Mr. McCarthy, and gave tle” within the party.
The split among two Arizona visit that administration poli- seats of the helicopter,” Mr. bolster border security and one of the nominating speeches —Alicia Caldwell
congressmen carries broader cies are now serving to de- McCarthy said in explaining Mr. limit asylum. But so far, the during 15 rounds of voting. He contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, February 27, 2023 | A5

U.S. NEWS

New Tack on Kids’ Diets: Fewer Limits on Sweets

BY SARAH TOY affect more than 20% of chil- ary recommended that physi- fruit and have sugary drinks velop the ability to recognize Diana Rice, a dietitian in
dren globally, according to a re- cians offer weight-loss drugs to regularly, according to the CDC. hunger and satiety, the state of Oklahoma City, said that even-
Crystal Karges celebrated her cent meta-analysis in the jour- children with obesity, which is Diets high in sugar and trans- feeling full. They often eat in tually, even sweets-loving chil-
youngest daughter’s 5th birth- nal JAMA Pediatrics. linked to many health problems and-saturated fats contribute to the absence of hunger, similar dren will tire of junk food and
day last month with a gooey “We are trying to control our in early life and adulthood. obesity, research has shown, to overweight adults, because gravitate toward fruits and veg-
chocolate cake covered in white kids when in reality, they need “The reality is that weight is which is linked to cardiovascu- those foods become a forbidden etables, she said.
frosting and rainbow sprinkles. autonomy,” Ms. Karges, who is highly associated with a num- lar problems, diabetes and temptation. “We have to trust children to
The next morning, she served a dietitian in San Diego, said. ber of co-morbidities. Weight other conditions. Proponents of more-permis- meet their biological needs,”
her five children the leftover Ms. Karges and her peers are loss can improve them,” said “Sometimes kids need some sive eating said parents Ms. Rice said.
slices at breakfast alongside pushing back against guidance Sarah Hampl, a lead author of external help in saying, ‘OK, you shouldn’t consider weight when That doesn’t mean parents
fruit, eggs, sausage and milk. from some pediatricians and the guidelines and a pediatri- know, that’s probably enough,’” deciding what to feed their chil- should give into kids’ every
Ms. Karges is among parents, public-health officials that they cian at Children’s Mercy Kansas said Claudia Fox, a pediatrician dren. “It’s incredibly traumatic whim, she said. Parents should
dietitians and doctors who ad- say is too prescriptive and risks City in Missouri. and co-director of the Center for a child to be given the infor- take the lead in planning, pre-
vocate giving kids more free- fostering harmful eating habits. About a fifth of children in for Pediatric Obesity Medicine mation that because of their paring and serving meals but
dom over what they eat includ- The Centers for Disease Control the U.S. are obese, according to at the University of Minnesota body size or the way they look, incorporate children’s prefer-
ing, at times, high-sugar, high- and Prevention recommends a the CDC. The rate of increase in Medical School. or their weight, they can’t be ences, she said. Ms. Rice said
fat and highly processed foods. diet rich in vegetables, fruit, body-mass index, a screening But restricting appetizing trusted with food,” said Sumner she tells clients to allow kids to
They said the approach helps whole grains and protein, while tool doctors use to measure ex- foods has been linked in some Brooks, a dietitian and co-au- eat as much as they want at a
children develop healthy dietary limiting the calories kids get cess fat, more than doubled studies to weight gain and thor of “How to Raise an Intui- meal and encourages parents
habits and protects against dis- from solid fats, added sugars among kids during the pan- higher body-mass index in kids. tive Eater: Raising the Next with kids fixated on sweets to
ordered eating—or dysfunc- and sodium. The American demic. Many children aren’t Some researchers think children Generation with Food and Body serve dessert alongside main
tional eating behaviors—which Academy of Pediatrics in Janu- eating enough vegetables and with restrictive diets don’t de- Confidence.” meals rather than afterward.

‘Dilbert’
Axed After
Racist
Rant by
Cartoonist
BY GINGER ADAMS OTIS

Multiple newspapers
around the U.S. dropped Scott

.
Adams’s long-running “Dil-
bert” comic strip after the car-

ly
toonist called Black Americans
a “hate group” in a racist rant
he posted online.
The USA Today Network,
Cleveland’s Plain Dealer, the
San Antonio Express-News,
the Washington Post and other
on
publications all said they
us ,

would stop publishing “Dil-

l

bert,” which has poked fun at

e
al a

corporate drudgery for de-

cades.
Mr. Adams, 65 years old, on
ci on

Saturday declined to comment

and said he isn’t doing inter-
views.
The former financial man-
ager turned cartoonist made
er s

his comments on Wednesday

in response to a Rasmussen
m er

Poll that said a small majority

of Black Americans agreed
with the statement “It’s OK to
be White.”
Mr. Adams said, among
m rp

other things, that white people

should stay away from Black
Americans.
“If nearly half of all Blacks
are not OK with white people
co Fo

… that’s a hate group,” Mr. Ad-

Scott Adams also

called the U.S. ‘a
thoroughly racist
society.’

ams said at one point in the

n-

video. “I don’t want to have

anything to do with them. And
I would say, based on the cur-
rent way things are going, the
no

best advice I would give to

white people is to get the hell

DIRECT FROM PRATT

away from Black people … be-
cause there is no fixing this.”
Soon thereafter, newspa-
pers began announcing they
were dropping “Dilbert.”
On Friday, Chris Quinn, the
vice president of content for
Advance Ohio, which publishes
the Plain Dealer, said the deci-
sion wasn’t difficult. “We are

• 100% recycled packaging

not a home for those who es-
pouse racism. We certainly do
not want to provide them with
financial support,” Mr. Quinn
wrote.
Gannett Co. also said that
the USA Today Network,

• Just upload your logo —

which includes more than 200
newspapers, had dropped the
strip. “Recent discriminatory
comments by the creator, SCAN THE CODE

we’ll do the rest

Scott Adams, have influenced TO GET 30% OFF
our decision to discontinue
publishing his comic. While we WITH A MINIMUM
respect and encourage free
QUANTITY OF 100
speech, his views do not align
with our editorial or business
values as an organization,” the
statement said.
Similar statements came
from the San Antonio Express-
News, the Washington Post, the
Philadelphia Inquirer and the
Los Angeles Times on Saturday.
Mr. Adams addressed the
outrage several times. In a
post on Friday, he called the
U.S. “a thoroughly racist soci-
ety” and said people had mis-
understood the context of his
remarks. “I’m accepting criti-
cism from anyone who has
seen the full context here. The
rest of you are in a fake news
bubble but I trust you sus-
www.pratt.com
pected that,” he posted on
Twitter Sunday.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Monday, February 27, 2023 THE WALL STREET JOURNAL.

U.S. NEWS

Special Counsel Investigation

Of Trump Nears Next Phase
WASHINGTON—The special former White House chief of Mr. Trump didn’t respond to a lawyer who handled Mr.
counsel investigating former staff Mark Meadows to pro- request for comment. Trump’s responses to govern-
President Donald Trump ap- duce documents and testify It isn’t clear when or even ment requests for the return
pears to have reached the ad- before a grand jury as part of whether the special counsel’s of documents.
vanced stages of his sweeping the investigation into efforts activity will result in indict- A lawyer for Mr. Trump,
inquiry after a flurry of ag- to keep Mr. Trump in power. ments. Even if no charges are Timothy Parlatore, said: “The

JERRY LAMPEN/PRESS POOL

gressive steps in recent weeks, Just as he did with Mr. Pence, brought, Mr. Smith is expected only reason to focus on the
some of which have set the Mr. Trump has asserted execu- to outline his findings in a fi- lawyers is where you don’t
stage for court fights that tive privilege with Mr. Mead- nal report. Questions directed have a solid underlying case.”
could take months to resolve. ows in connection with his at some of those testifying Ahead of his grand-jury ap-
subpoena. have been wide-ranging, lead- pearance in January, Mr. Corc-
By C. Ryan Barber, “In a typical case, these ing some of them to come oran retained a lawyer, Mi-
Sadie Gurman and top-level, inner-circle people away thinking Mr. Smith’s chael Levy, who previously
Aruna Viswanatha are some of the last people team was more interested in represented current and for- Special counsel Jack Smith at a war-crimes tribunal in 2020.
you’d expect to be subpoe- gathering details for a report mer Enron executives during
In recent days, special naed,” said Randall Eliason, a rather than for any specific in- the investigation into the com- been used in furtherance of a that sworn statement, on Aug.
counsel Jack Smith’s office former public-corruption pros- dictment, people familiar with pany’s collapse. Messrs. Corc- crime. The move to invoke the 8, a court-authorized FBI
asked a federal judge to over- ecutor who now teaches crimi- questioning said. oran and Levy worked to- crime-fraud exception sug- search uncovered a trove of
ride Mr. Trump’s assertion of nal law at George Washington Beyond his scrutiny of Mr. gether in the 1990s as federal gests that federal prosecutors additional materials bearing
executive privilege to shield University. Trump’s efforts to cling to prosecutors in Washington. suspect that Mr. Trump or his classified markings.
former Vice President Mike “You don’t talk to them at power, Mr. Smith is separately After Mr. Corcoran cited at- allies used Mr. Corcoran’s ser- In an autumn interview
Pence from testifying before a the beginning of the investiga- examining the handling of torney-client privilege in de- vices in such a way. with federal investigators, Ms.
grand jury about the former tion, because you don’t know classified records at the for- clining to answer some ques- Mr. Corcoran’s grand-jury Bobb said Mr. Corcoran as-
president’s efforts to stay in enough yet. Just looking at mer president’s South Florida tions before the grand jury, testimony followed an appear- sured her that he conducted a
office after his 2020 election that, when I see subpoenas to estate, Mar-a-Lago. prosecutors asked Judge How- ance by another Trump law- thorough search of Mar-a-
loss, people familiar with the the highest-level inner-circle Last month, at least three ell to invoke the crime-fraud yer, Christina Bobb, who Lago before he asked her to
effort said. Mr. Pence has people, that makes me think lawyers for Mr. Trump ap- exception to bypass that privi- signed a statement in June at- certify that all records re-
vowed to mount a challenge to they’re close to wrapping up,” peared before a grand jury in lege and extract more testi- testing that all documents re- quested by a subpoena had
the subpoena and take it as far he added. the investigation into the mony. quested by a subpoena to the been returned, The Wall Street
as the Supreme Court. A spokesman for the special cache of classified documents The exception applies in in- former president had been Journal reported.
Mr. Pence’s subpoena fol- counsel’s office declined to kept at the residence. Among stances where there is reason turned over to the Justice De- Ms. Bobb didn’t respond to
lowed a similar demand for comment. A spokesman for them was Evan Corcoran, a to believe legal advice has partment. Two months after a request for comment.

FROM PAGE ONE

.
DOE Ties sult of China’s traumatic expe-
rience with the initial severe

ly
acute respiratory syndrome, or

Lab Leak on SARS, epidemic beginning in

2002. They include campuses
of the Wuhan Institute of Vi-

To Covid rology, the Chinese Center for

Disease Control and Preven-
tion, and the Wuhan Institute
of Biological Products, which
us ,

Continued from Page One produces vaccines.

l

The FBI previously came to An outbreak at a seafood

e
al a

the conclusion that the pan- market in Wuhan had initially

demic was likely the result of been thought to be the source
a lab leak in 2021 with “mod- of the virus, but some scien-
ci on

erate confidence” and still tists and Chinese public-health

holds to this view. officials now see it as an ex-
HECTOR RETAMAL/AGENCE FRANCE-PRESSE/GETTY IMAGES

The FBI employs a cadre of ample of community spread

microbiologists, immunolo- rather than the place where
gists and other scientists and the first human infection oc-
er s

is supported by the National curred, the 2021 intelligence

Bioforensic Analysis Center, community report said.
m er

which was established at Fort In May 2021, Mr. Biden, a

Detrick, Md., in 2004 to ana- Democrat, told the intelligence
lyze anthrax and other possi- community to step up its ef-
ble biological threats. forts to investigate the origins
of Covid-19 and directed that
m rp

the review draw on work by

Clashing opinions the U.S.’s national laboratories
U.S. officials declined to give and other agencies. Congress,
details on the fresh intelligence he said, would be kept in-
and analysis that led the En- formed of that effort.
co Fo

ergy Department to change its The Wuhan Institute of Virology, which is at the center of China’s coronavirus research, is also in the city where the pandemic emerged. The October 2021 report
position. They added that while said that there was a consen-
the Energy Department and the than three years ago. Agency and another agency that they just don’t have enough re-examine what we know and sus that Covid-19 wasn’t the
FBI each say an unintended lab The National Intelligence officials wouldn’t name remain information.” don’t know about Covid ori- result of a Chinese biological-
leak is most likely, they arrived Council, which conducts long- undecided between the lab-leak Asked about the Energy De- gins,” said Dr. Relman, who weapons program. But it
at those conclusions for differ- term strategic analysis, and and natural-transmission theo- partment’s assessment, Sen. has served on several federal didn’t settle the debate over
ent reasons. four agencies, which officials ries, the people who have read Dan Sullivan (R., Alaska) said scientific-advisory boards. whether it resulted from a lab
The updated document un- declined to identify, still as- the classified report said. Sunday on NBC that Congress “My plea is that we not accept leak or came from an animal,
derscores how intelligence offi- sess with “low confidence” Despite the agencies’ differ- needed to hold extensive hear- an incomplete answer or give saying that more information
cials are still putting together that the virus came about ing analyses, the update reaf- ings concerning the origins of up because of political expedi- was needed from the Chinese
the pieces on how Covid-19 through natural transmission firmed an existing consensus the pandemic, adding that ency.” authorities.
emerged. More than one mil- from an infected animal, ac- between them that Covid-19 China has sought to intimidate The FBI declined to com-
lion Americans have died in the cording to the updated report. wasn’t the result of a Chinese other countries from ques- ment.
Sick researchers
n-

pandemic that began more The Central Intelligence biological-weapons program, tioning whether the virus China, which has placed
the people who have read the emerged naturally. “This is a limits on investigations by the The U.S. intelligence com-
classified report said. country that has no problem World Health Organization, munity is made up of 18 agen-
A senior U.S. intelligence coming out and lying to the has disputed that the virus cies, including offices at the
no

Now Availa official confirmed that the in- world,” he said. could have leaked from one of Energy, State and Treasury de-
IRA Gift ble telligence community had con- The Covid-19 virus first cir- its labs and has suggested it partments. Eight of them par-
Ann
Call us to le uities ducted the update, whose exis- culated in Wuhan, China, no emerged outside China. ticipated in the Covid-origins
arn more!
tence hasn’t previously been later than November 2019, ac- The Chinese government review, along with the Na-
reported. This official said cording to the U.S. 2021 intel- didn’t respond to requests for tional Intelligence Council.
that it was done in light of ligence report. The pandemic’s comment about whether there Before that report, the En-
new intelligence, further study origin has been the subject of has been any change in its ergy Department’s Lawrence
of academic literature and vigorous debate among aca- views on the origins of Livermore National Laboratory
consultation with experts out- demics, intelligence experts Covid-19. prepared a study in May 2020
side government. and lawmakers. Some scientists argue that concluding that a lab-leak hy-
The update, which is less the virus probably emerged pothesis was plausible and de-
than five pages, wasn’t re- naturally and leapt from an served further investigation.
quested by Congress. But law- animal to a human, the same The debate over whether
makers, particularly House
Four other agencies pathway for outbreaks of pre- Covid-19 might have escaped
and Senate Republicans, are and an intelligence viously unknown pathogens. from a laboratory has been
Delivering Lifetime Income pursuing their own investiga-
tions into the origins of the
panel assess the virus Intelligence analysts who
have supported that view give
fueled by U.S. intelligence that
three researchers from the

for More than 80 years… pandemic and are pressing the

Biden administration and the
spread naturally. weight to “the precedent of
past novel infectious disease
Wuhan Institute of Virology
became sick enough in Novem-
intelligence community for outbreaks having zoonotic ori- ber 2019 that they sought hos-
more information. gins,” the flourishing trade in pital care.
SAMPLE Age 90 13.0% Officials didn’t say if an un-
classified version of the up-
The emergence of the pan-
demic heightened tensions be-
a diverse set of animals that
are susceptible to such infec-
A House Intelligence Com-
mittee report concluded last
ANNUITY RATES Age 85 11.5% date would be issued. tween the U.S. and China, tions, and their conclusion year that this disclosure didn’t
U.S. national security ad- which U.S. officials alleged that Chinese officials didn’t strengthen either the lab-leak or
FOR INDIVIDUALS* Age 80 10.0% viser Jake Sullivan declined to was withholding information have foreknowledge of the vi- the natural-origin theory as the
RATES VALID THROUGH confirm or deny The Wall about the outbreak. It also led rus, the 2021 report said. researchers might have become
MARCH 31, 2023 Age 75 8.6% Street Journal’s reporting dur-
ing an appearance Sunday on
to a spirited and at times par-
tisan debate in the U.S. about
Yet no confirmed animal
source for Covid-19 has been
sick with a seasonal flu. But
some former U.S. officials said
*Pomona Plan annuity rates are not
available in all states. Call us to confirm
rates and availability in your state.
Age 70 7.8% CNN. Mr. Sullivan said Presi-
dent Biden had repeatedly di-
its origin. At first, the domi-
nant view was that the virus
identified. The lack of an ani-
mal source, and the fact that
the sick researchers were in-
volved in coronavirus research.
For even higher annuity rates, consider a deferred annuity. rected every part of the intel- likely arose naturally when a Wuhan is the center of China’s Lawmakers have sought to
ligence community to invest in human was infected by an ani- extensive coronavirus re- find out more about why the
Secure Retirement Income for Life | Generous Tax Savings trying to discern as much as mal, as had happened in the search, has led some scien- FBI assesses a lab leak was
possible about the origins of past. But as time elapsed and tists and U.S. officials to argue likely. In an Aug. 1 letter to FBI
AAA Bond Ratings | Endowment over $2.5 Billion the pandemic. no animal host was found, that a lab leak is the best ex- Director Christopher Wray,
“President Biden specifi- there has been greater focus planation for the pandemic’s Sen. Roger Marshall, a Kansas
Call us to start a conversation cally requested that the na- on coronavirus research in beginning. Republican, requested that the
tional labs, which are part of Wuhan and the potential for U.S. State Department ca- FBI share the records of its in-
(800) 761-9899 the Energy Department, be
brought into this assessment
an accidental laboratory leak.
David Relman, a Stanford
bles written in 2018 and inter-
nal Chinese documents show
vestigation and asked if the
bureau had briefed Mr. Biden
550 N. College Ave. because he wants to put every University microbiologist who that there were persistent on its findings.
tool at use to be able to figure has argued for a dispassionate concerns about China’s bio- In a Nov. 18 letter, FBI As-
Claremont, CA 91711 out what happened here,” Mr. investigation into the pan- safety procedures, which have sistant Director Jill Tyson said
pomonaplan.pomona.edu Sullivan said. demic’s beginnings, welcomed been cited by proponents of the agency couldn’t share
There are a “variety of word of the updated findings. the lab-leak hypothesis. those details because of Jus-
views in the intelligence com- “Kudos to those who are Wuhan is home to an array tice Department policy on pre-
FIND A RATE CALCULATOR ON OUR WEBSITE! munity,” Mr. Sullivan said. “A willing to set aside their pre- of laboratories, many of which serving “the integrity of ongo-
number of them have said conceptions and objectively were built or expanded as a re- ing investigations.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, February 27, 2023 | A7

WORLD NEWS
Kyiv Counters Wagner’s Claims of Gains
Russian forces have
sought to surround
Bakhmut, site of some
of war’s fiercest battles
BY MATTHEW LUXMOORE

Kyiv countered Russian

claims to have taken further
territory around Bakhmut as
Russia seeks to surround the
eastern city, which Ukraine’s
military has defended against
onslaughts for months.
The Wagner Group paramili-
tary force fighting alongside
Russia’s regular army in
Ukraine on Saturday said it
had secured control of Yahidne
to the northwest of Bakhmut.
The press service of Wagner
founder Yevgeny Prigozhin
posted an image appearing to

MANU BRABO FOR THE WALL STREET JOURNAL

show Wagner fighters beside a
sign marking the entrance to
the village, and Mr. Prigozhin
said the village had been taken.
On Sunday morning, the
General Staff of Ukraine’s
armed forces appeared to deny
the claims, without specifically
commenting on the photograph
posted by Wagner. It named Ya-
hidne as one of six settlements,
including Bakhmut, where Rus-
sia carried out unsuccessful of- A woman walked on Sunday through wintry conditions near Bakhmut, the eastern Ukrainian city that Russian forces have tried to capture for months.
fensives over the past 24 hours.
Control of Yahidne by Rus- Russian offensive in the east Ukrainian strikes on ammuni- Ukrainian President Volod-
sia would put further pressure during the buildup to the first tion warehouses inside Russian ymyr Zelensky has insisted Belarus President cials say China is considering

.
on Ukrainian forces defending anniversary of Russia’s inva- territory, including in Belgorod from the outset of the war supplying Moscow with artil-
Bakhmut in the face of a grad- sion of Ukraine last week, but region, from where many at- that Ukraine won’t stop fight- Plans to Visit China

ly
lery, drones and possibly other
ual Russian advance aimed at no major Russian break- tacks on Ukraine are launched. ing until it regains all the land weapons to help Russian
surrounding the city from the through materialized. Instead, “We will only stop when we it has lost to Russia since forces stave off an expected
north, south and east, at a Ukraine has continued to bring our country back to the 2014. He reiterated that on Alexander Lukashenko, the Ukrainian counteroffensive. Bei-
heavy cost to its military and
Wagner’s army of convict-re-
cruits and mercenaries.
Ukrainian soldiers in the
probe Russian positions and
reinforce its lines of defense
as it urges the West to provide
more arms and prepares for
on
borders of 1991,” he said, re-
ferring to the year the Soviet
Union collapsed and Ukraine
gained independence.
Sunday in a social-media post
marking the ninth anniversary
of the start of Russia’s mili-
tary intervention in Crimea.
leader of staunch Russian ally
Belarus, is expected to visit
China this week for talks with
top officials in Beijing between
jing has responded by saying
the U.S. and its allies are the
biggest sources of weapons
flowing to the battlefield.
city, which is pounded daily by its own offensive in the spring. A southward thrust by “By returning Crimea, we Feb. 28 and March 3. Jake Sullivan, President Bi-
us ,

Russian artillery and where Maj. Gen. Vadym Skibitsky, Ukraine, threatening territory will restore peace,” he said. The trip comes amid a den’s national-security adviser,
l

some 5,000 civilians still re- deputy head of Ukraine’s mili- Russia has shored up with sev- “This is our land. Our people. flurry of diplomacy around the said on Sunday during an ap-
e
al a

main, spend much of their time tary intelligence, said in an in- eral lines of fortifications, Our history. We will return the anniversary of the Ukraine war. pearance on CNN that the U.S.
seeking shelter in basements in terview with German media on would put pressure on Russia’s Ukrainian flag to every corner China’s top diplomat, Wang Yi, had made clear to Beijing
between missions to man posi- Sunday that a Ukrainian spring control of Crimea, the peninsula of Ukraine.” visited Russia this week, through private, high-level
ci on

tions in the eastern districts, offensive will likely include an it annexed from Ukraine in 2014 around the same time as Pres- communication channels that
just a few hundred meters attempt to push into Russian- and has since used as a staging ident Biden made a surprise there would be severe conse-
from Russian troops. Block-to- held territory in the south, ground for attacks on Ukraine. Watch a Video trip to Kyiv. quences if China goes through
block combat is commonplace, slicing through a land bridge Ukraine’s military on Sunday Scan this code The visits also come as with providing arms to Russia.
with both sides suffering heavy that Russia carved out of said Russia was building fur- for a video on tension grows over the possi- He declined to share what
er s

casualties in the process. Ukraine early in the war. ther fortifications in Crimea, how the defense bility of increased Chinese in- those consequences would be.
Ukrainian and Western offi- Maj. Gen. Skibitsky said the bringing in dozens of conscripts supply chain volvement in the war. U.S. offi- —Dustin Volz
m er

cials had warned of a major campaign would likely involve to carry out the work. affects Ukraine.

Russians
m rp

Flock to Versatile style

Argentina for every day
ERICA CANEPA FOR THE WALL STREET JOURNAL

co Fo

Continued from Page One A CLASSIC LOOK IN

ing a baby any day now.
“It’s a ticket for the whole TWO-TONE STERLING SILVER
family to be safe from the gov-
ernment in Russia,” she said,
referring to Moscow’s increas-
ing crackdown on dissent.
Argentine migration data
show that as of mid-February, Polina Schteiner, from Moscow, plans to give birth in Buenos Aires.
nearly 11,000 Russian women
n-

and about 11,400 men have ar- and more pregnant Russians December of the total 180
rived here since the beginning arriving,” she said. In January, births recorded, said Dr. Guido
of 2022. There is no precise more than 4,500 Russians ar- Manrique, chief of obstetrics.
$
99
data on how many of the Rus- rived in Argentina, compared “Since the middle of 2022,
no

sian women were pregnant, with just over 1,000 in the the number of pregnant Rus-
though Argentine migration same year-earlier month. sians has been growing,” he
and hospital officials said in- Many take the daily Ethio- said. Compare at $149
creasing numbers are arriving pian Airlines flight that origi- Those who want to come to
in the third trimester of preg- nates in Moscow, stopping in Argentina can pay for advice
nancy. Russians don’t need a Addis Ababa and São Paulo be- by contracting agencies like
visa to enter Argentina. fore landing in Buenos Aires— RuArgentina, which on its
With the temporary resi- considered a relatively inexpen- website calls Argentina “the
dency, parents can begin the sive route at around $2,500. best country to give birth.”
process to gain citizenship, They usually buy a round-trip Run by Kirill Makoveev, a
migration authorities said. An ticket but don’t use the return. Russian who has been living in
Argentine passport can be ob- On Feb. 9, 33 young Russians Buenos Aires for eight years,
tained in as little as two years, in advanced stages of preg- RuArgentina serves affluent Mix your metals! Finely
immigration lawyers and mi- nancy arrived on that flight, Russians willing to pay up to
gration officials said, and Ms. Carignano told a local radio $15,000 for advice on giving handcrafted in sterling silver
gives the holder the ability to station. Two days later, another birth and settling in Argen-
travel visa-free to Europe, 83 passengers, 16 of them preg- tina. “We are full with clients with 18kt yellow gold over
which Russians can’t do. nant Russian women, arrived until May,” Mr. Makoveev said. sterling silver stations, our
“You wait only two years via the same route, she said. Most Russians, though,
for the whole family to get a The Russian Embassy in Ar- seem to have found out about chic wheat-link bracelet
passport, it’s crazy,” said Asya gentina didn’t respond to re- Argentina through the Tele-
Davydova, 40, who arrived in quests for comment. gram messaging app. Argen- will pair perfectly with
December with her then-boy- One couple in their 30s ar- tina’s runaway inflation and
friend and is expecting a baby rived earlier this month and its troubled economic history your favorite jewelry in
in May. “We chose Argentina expect a baby in April. The two haven’t stifled interest. both silver and gold.
because it was the easiest said they didn’t want to raise a For some Russian men,
country for my baby to get an- child in Russia, but being in coming to Argentina was an
other passport.” Argentina hasn’t been easy. easy decision in the face of a
Ms. Davydova and other They don’t speak Spanish, and mobilization as the Kremlin’s Available in 7" $99 and 8" $115
new arrivals said they feel they have been living in an military sought to throw more
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torically been a destination for of Buenos Aires this time of Ukraine. “We came mostly to
emigrants from Europe and year was also a shock. get away from the war be-
more recently from Bolivia, “I cried because I wasn’t cause I was at the risk of get-
Paraguay and Venezuela. just leaving the country, but ting drafted and we don’t sup-
Since the war started, hun- leaving my old life and begin- port this terrible aggression,”
dreds of thousands of Russians, ning a new life halfway around said Alexander Nechaev, 28.
many of them young profes- the world,” the woman said. Ms. Schteiner and her hus-
sionals, have fled to neighbor- The Buenos Aires Health band, for now, have settled in
ing nations and distant conti- Ministry said at its busiest pub- a small apartment. He works
nents. In Argentina, Florencia lic hospital, the Fernández Hos- remotely as a financial ana-
Carignano, director of migra- pital, 85 of the 985 births last lyst. Though she misses family ORDER TODAY!
tion for the government, told a year, or 8.6%, were to Russian back in Russia, Ms. Schteiner
group of foreign reporters in a women. This year through Feb. said she has felt at home. To receive this special price and free shipping use offer code: MODERN42
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Monday, February 27, 2023 THE WALL STREET JOURNAL.

MAY 2–4, 2023

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THE WALL STREET JOURNAL. * * Monday, February 27, 2023 | A9

WORLD NEWS

North Africa Steps In to Fill EU Hits Shipper

Gaps in Russian Oil Exports
BY WILL HORNER
With Sanctions
The European Union im-
posed sanctions on a Dubai-
based subsidiary of Russia’s
its tankers and LNG carriers to
Sun Ship, according to senior
Russian shipping executives
state-owned shipping giant, with knowledge of the deal.
With Russia cut off from the first time it has used new Dubai, part of the United
the European market, North powers to hit foreign-based Arab Emirates, has emerged as
African countries have stepped entities that help Moscow cir- a significant hub for Russian
forward to become voracious cumvent Western restrictions. business activity in the wake
buyers of its diesel and other of the Ukraine invasion. Thou-
refined oil products. By Anna Hirtenstein, sands of Russian nationals and
The rise in trade has of- Costas Paris Russian businesses have relo-
fered a lifeline of sorts for and Laurence Norman cated to the Middle Eastern
Moscow, providing a healthy city. International commodity
new revenue stream, but also The sanctions target Sun trading and shipping compa-
raised concerns about whether Ship Management, the man- nies moved staff to Dubai from
it is undermining Western ef- ager of dozens of oil tankers Europe and Singapore to facil-
forts to remove Russian fossil that ferry Russian oil and nat- itate dealings with Russia.
fuels from their economies. ural gas around the world. The U.S. authorities last week
European nations, which new sanctions include an EU imposed sanctions on MTS
before the war accounted for asset freeze and ban on fi- Bank, a Russian lender that
ASSOCIATED PRESS

around 60% of Russian refined nancing the company, which opened a bank in the U.A.E.
oil-product exports, have cur- the EU said is part of govern- last year. It received a license
tailed those flows in recent ment-controlled shipping com- from the Central Bank of the
months. A European Union ban pany Sovcomflot. U.A.E. last year.
on imports of Russian refined The move against Sun Ship The move against Sun Ship
oil products—which includes The rise in trade has offered Moscow a lifeline of sorts. Above, a tanker in Novorossiysk, Russia was part of the latest package and other offshore entities is
diesel and gasoline among oth- of measures detailed over re- the start of a broader cam-
ers—came into force this rels of Russian oil products in North African imports 7 me, we are not witnessing cent days from the EU, U.K. paign to keep Russia from
month alongside measures to January and is expected to im- of Russian oil products, some renaissance in Maghrebi and U.S. The measures seek to finding offshore workarounds
cap the price Russia earns on port another 3.1 million bar- millions of barrels 6 refining,” he said, referring to close loopholes in previous to sanctions.
sales elsewhere. Those mea- rels this month. the region of North Africa. rounds of sanctions. The EU
sures follow similar sanctions The increased imports to Algeria Morocco, which has no pre- and the U.S. imposed sanctions
on Russian crude oil imports Tunisia and Morocco coincided Libya 5 vious record of any significant on Sovcomflot last February in
in December. with an uptick in their own re- diesel exports, in January the first days of the war.
The Dubai unit of
Egypt
The sanctions have largely fined-product exports, raising
Morocco 4 shipped a 280,000-barrel Sun Ship’s services help Sovcomflot was
worked as intended, The Wall concerns that Russian cargoes cargo of diesel to Spain’s Ca- bring in more than 70% of
Street Journal reported on were being blended with other Tunisia nary Islands and another Russia’s energy revenue, which
accused of helping
3
Thursday, but have forced oil products and re-exported. 270,000-barrel cargo to Turkey enables the Kremlin to finance Moscow skirt curbs.
Moscow to redirect exports That process disguises the ul- which coincided with the in- its war in Ukraine, according

.
away from Europe to alterna- timate origin of the products 2 flux of Russian diesel to Mo- to the EU’s official journal
tive markets. and complicates Western ef- rocco. The ultimate origin of published on Saturday.

ly
North African countries forts to remove Russian fossil those diesel cargoes couldn’t “Sun Ship has been operat- “They’re effectively trying
1
picked up the slack. fuels from their economies. be determined. ing as one of the key compa- to cut off the corporate mech-
Morocco’s imports of Rus- “Even if you wanted to reg- The oil ministries for Mo- nies managing and operating anisms utilized by Russia to
sian diesel, which stood at
around 600,000 barrels for the
whole of 2021, surged to 2 mil-
lion barrels in January, with at
ulate that, how would you?”
said Andreas Economou, head
of oil research at The Oxford
Institute for Energy Studies.
on 2022
Note: Feb. 2023 figures include cargos enroute
Source: Kpler
’23
0 rocco and Tunisia didn’t re-
spond to requests for com-
ment.
This month, just after the
the maritime transport of Rus-
sian oil,” the EU said. “The
Russian Federation is the ulti-
mate beneficiary.”
try to continue its operations,”
said Zia Ullah, a partner and
head of corporate crime and
investigations at law firm
least a further 1.2 million bar- “If a cargo is 51% from Mo- new sanctions went into effect, Sun Ship and Sovcomflot Eversheds Sutherland.
us ,

rels expected to arrive in the rocco, 49% from Russia, how If the trend continues, it Spain said it had turned away didn’t respond to a request for Unless Sun’s vessels travel
l

country in February, according would you referee that?” could also hurt the West’s goal a Maersk Tankers A/S-con- comment. to EU ports, they may not be
e
al a

to data from Kpler. Algeria and The shipments occurred be- to deprive Moscow of income trolled vessel from its port of The move against Sun Ship breaking the trade bloc’s new
Egypt have also seen an uptick. fore Feb. 5, when the latest for its war in Ukraine, some Tarragona as it believed its uses powers the EU adopted sanctions. But the new mea-
Tunisia, which similarly im- round of sanctions on trading analysts say. cargo of diesel, some of which previously to go after people or sures are aimed at making it
ci on

ported almost no Russian oil became effective, so there The quantities North Afri- was loaded via a ship-to-ship companies who knowingly help more difficult and expensive
products in 2021, has in recent were no laws against re-ex- can countries are importing transfer in the Mediterranean, Russia breach the sanctions. for Sovcomflot to operate. The
months been devouring Rus- porting Russian oil products at are too much for them to take originally came from Russia. Sovcomflot set up Sun Ship West has tried to balance the
sian supplies of diesel, gasoil, the time. Still, they point to on their own, said Viktor Ka- Maersk Tankers said it had in Dubai in 2012. The subsid- need to restrict the money Rus-
gasoline and naphtha—which the headache that European tona, senior oil analyst at conducted a full sanctions iary was called SCF Ship Man- sia earns from energy exports,
er s

is commonly used to make nations face in trying to keep Kpler, who expects some of the check on the diesel and docu- agement (Dubai) until July. In while allowing Russian and oil
chemicals and plastics. The their imports free of Russian Russian products to make their mentation showed it was from April 2022, Sovcomflot trans- and gas to reach global mar-
m er

country took 2.8 million bar- diesel and other oil products. way back to Europe. “Trust Turkey. ferred management of 92 of kets and to keep prices low.

Explore
U.S. crude exports Price premium/discount
m rp

by destination* of Brent to WTI crude oil*

4.0 million barrels a day Unknown $12 a barrel
Africa
3.5
Oceania 10
co Fo

Americas

America
3.0
8
2.5
Europe
2.0 6

1.5
4
1.0
2
0.5 Asia
n-

0
WITH
0
2019 ’20 ’21 ’22 ’23 2019 ’20 ’21 ’22 ’23
*Monthly averages Sources: Kpler (exports); FactSet (premium)
no

Europe Lifts Crude Purchases

From U.S., Invigorating Sector
BY DAVID UBERTI marks the latest milestone in U.S. crude has turned trans-At-
AND BOB HENDERSON the revival of U.S. oil produc- lantic shipments into a lucra-
tion after years of dwindling tive proposition for oil traders
A year of war in Ukraine is market clout. and, increasingly, speculators.
revitalizing U.S. oil exports as Petroleum exports sup- Production at North Sea oil
a source of financial influence ported Allied countries during fields between the U.K. and
and geopolitical power. both world wars, but output Norway has long tapered,
As the West has shunned then slid, along with the coun- buoying the Brent benchmark
most Russian energy, unleash- try’s sway over global markets. seen by investors as a global
ing a pressure campaign Now, the shale boom in hy- price gauge.
against the Kremlin’s petro- draulic fracturing and horizon- At the same time, U.S. drill-
leum revenue, record U.S.
crude exports have helped fill
the gap in Europe with the oil
tal drilling has made the U.S. a
major producer again, tapping
gushers of fossil fuels ready
ers produced a near-record
11.9 million barrels a day in
2022, according to the Energy
The Best in
needed to produce gasoline,
diesel and jet fuel.
for delivery to destinations
opened by the Ukraine conflict.
Information Administration,
which projects records this
Guided Travel Since 1918
Since February 2022, when U.S. natural-gas shipments year and next. With North America’s longest-running tour operator, you’ll
Russia invaded Ukraine, aver- to Europe more than doubled That is depressing the price
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12-month period, according to manufacturers after Russia tween Brent and WTI, said Gus On our Spotlights tours, travelers get to go
ship-tracking firm Kpler. throttled supplies. Vasquez, head of crude pricing, where the locals go and check off the must-
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tankers carried more crude to U.S. crude production helped firm Argus Media. Enjoy the perks of balanced free time with
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which alone boosted pur- in recent months. The disruption led to a re-
chases by about 88% over the “America is back in the lentless increase in domestic
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destination for U.S. crude than energy security.” CST No. 2006766-20, UBI No. 601-220-855, Fla. Seller of Travel Reg. No. ST35613
Asia. With oil, a widening price  Shale spending and output
The growth in exports gap between European and diverge............................................ B1
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Monday, February 27, 2023 THE WALL STREET JOURNAL.

FROM PAGE ONE

Asked about Starbucks sauce double shot check engine said, since he sometimes gets bucks estimates that each year And many people don’t seem
Ordering Corp.’s black-coffee practices, a
company spokesman referred to
oat milk diet coke macchiato
with light triangle ice cubes,” he
stuck behind long lines of cars
in the drive-through, which he
it sells about $1 billion of coffee
drinks with “modifiers” such as
to know what black coffee is,
baristas said. Some customers
a recent earnings call in which vented on Twitter. Mr. Muslih attributes to complex drinks syrups and sauces, a figure that will order black coffee, they
Black Coffee executives said that new equip-
ment is increasing efficiency
said he still goes to Starbucks.
If black-coffee drinkers feel
that take time to construct.
Bryce Bunting of Statesboro,
has doubled since 2019.
Howard Schultz, the chain’s
said, and later complain it con-
tained no sugar or cream.

Isn’t Quick and improving service times.

Dunkin’ Chief Marketing Offi-
cer Jill Nelson said customers
like a shrinking minority, it’s be-
cause they are. The number of
iced lattes, cold brews, iced mo-
Ga., chief executive of an indus-
trial-valves company, said Star-
bucks could improve order wait
longtime leader, initially re-
sisted offering frilly sweet
drinks like the caramel Frappuc-
Abbey Clifford, a 25-year-old
black-coffee drinker from Ohio,
said she often gets her Dunkin’
can get their drinks faster by or- chas and iced Americanos on times and boost sales by cater- cino. Mr. Schultz has said he coffee order back with cream in
Continued from Page One dering ahead on the chain’s app, coffee chain menus rose by dou- ing more to black-coffee drink- still prefers his coffee black. it. “Maybe they think I mean
Hassles over getting black and that the company is always ble digits in the past five years, ers like himself. Some black-coffee drinkers plain coffee, and that plain
coffee aren’t unique to Star- looking for ways to improve while regular-filter coffee op- “If they want to reach 1,500 said they take pride in being means just with one cream,” she
bucks, which Mr. Wicker patron- things for customers. She said it tions declined 24%, data from orders per day…put in an ex- able to savor its strong, bitter said. “But that’s just not what
izes, but afflict many chains of- recently introduced a darker market research firm Tech- press lane for black coffee so I taste without masking it with black coffee means at all.”
fering complicated, blend to please black-coffee nomic Inc. show. don’t have to wait behind 20 syrups and foams. Some Starbucks workers said
customizable brews, according drinkers. Tim Noble, 60, an auto indus- people ordering a half-soy, mo- “I think that black coffee is they themselves sometimes
to black-coffee enthusiasts. Bashar Muslih, a 27-year-old try product manager, said he cha, latte Frappuccino,” he said. hard for a lot of people, espe- wonder whether black coffee
Austin Evans, a 33-year-old systems engineer, said he sometimes gets confused looks At Starbucks, the world’s cially if they are just starting should include sugar, or room
nurse anesthetist from Tulsa, waited 30 minutes last month at when he asks baristas at his lo- largest coffee chain, 80% of cus- out,” said University of Missouri for milk. They ask customers
Okla., said the drive-through the Grass Valley, Calif., Star- cal Detroit Starbucks to fill his tomers add milk, sweetener, syr- student Blaise Fields, 19. who order their coffee plain
lines at his local Dunkin’ cafes bucks for his black coffee. He coffee to the top of the cup, ups or other modifiers to their Some Starbucks baristas, whether they also want it
are often clogged with people said his 10-second pour was with no room for milk, syrups coffee, said Andrew Linnemann, who have to run back and forth sweetened, just to make sure.
ordering complicated drinks, held up by orders taking far lon- or foam. the company’s vice president of across cafe prep areas to make “It’s the biggest debate,”
even when he pulls up at 6:30 ger. “When you’re waiting at He said he used to add cream global coffee and tea, during a complex drinks, said they said Brooke Cross, a 20-year-
a.m. for his black coffee. “It Starbucks for your black coffee and sugar, but switched to black recent coffee tasting at the com- wished more customers could old Starbucks barista in Fort
seems like a system that just is but the person before you or- to save time and calories. It has pany’s headquarters where appreciate the chain’s coffee in Lauderdale, Fla. “What is
not sustainable,” he said. dered venti ice crisscross apple been only half successful, he black coffee was featured. Star- its purest form. black coffee?”

Dame Law School, said Con-

Court Looks Executive orders in president's first two years in office
Executive orders A stack equals five orders Symbolic or administrative orders
gress needs to have clearly del-
egated authority to an agency
before it is allowed to resolve a
At Powers 25 executive orders 50 75 100 major question through massive
or expensive new regulation.

In Aid Case Biden “We think that’s rooted, again,

both in constitutional values
and also in our understanding
Clinton of how Congress operates,” he
Continued from Page One said.
heavily on executive actions References to the major-
now that Republicans control Trump questions principle have be-
the House of Representatives. come more common since Jus-
That strategy is meeting re- tice Neil Gorsuch joined the
G.W. Bush
sistance from the Supreme court in 2017. In a January 2022
Court, where a 6-3 conservative 125 rules concurring opinion, he ex-

.
majority that Mr. Trump helped Obama Obama plained it as requiring agencies
install has repeatedly found the to show “clear congressional

ly
Biden*
Biden administration overstep- authorization” when they claim
ping its authority. The court has the power to make decisions of
adopted a new test, called the Clinton vast “economic and political
major-questions doctrine, that Cumulative economically significant final rules,
on 100
significance.” The term ap-
restricts federal agencies from in president's first two years in office peared in a majority opinion for
steps with vast economic and the first time in June, when the
political significance without court limited the EPA’s author-
what the majority considers ex- ENTIRE PRESIDENCY Obama ity to combat greenhouse gases.
us ,

plicit direction from Congress. 75 Liberal members of the high

l

Clinton G.W. Bush

The approach stymied the court have called the principle
e
al a

Biden administration’s efforts to G.W. Bush vague, and said their conserva-
extend Covid-19 pandemic mea- Trump G.H.W. Bush tive colleagues coined the ma-
sures, including an eviction jor-questions doctrine to stymie
ci on

G.H.W. Bush Trump

moratorium and a vaccinate-or- Reagan 50
progressive policies even
Biden
test mandate for large employ- though the text of the Constitu-
ers. The court also blocked its tion itself places no such barri-
efforts to overhaul Trump-era DETAIL ers on the elected branches.
immigration policies, and ruled “Special canons like the ‘ma-
er s

that the Environmental Protec- jor questions doctrine’ magi-

tion Agency overreached when 25 cally appear as get-out-of-text-
m er

regulators sought to limit emis- free cards,” Justice Elena Kagan

sions from coal plants. wrote in a dissent in the EPA
Mr. Trump relied heavily on Reagan case. The conservatives use it to
executive power to execute his “prevent agencies from doing
agenda, issuing 200-plus orders important work, even though
m rp

0
in four years in office, more that is what Congress directed,”
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
than any president in a single she wrote.
term since Jimmy Carter, ac- MONTHS OF PRESIDENCY Supporters of the student-
cording to data compiled by the *Data as of February 17 debt plan argue Mr. Biden’s ac-
Note: Rules issued by executive branch agencies that meet the federal definition for economically significant, including by having an effect on the economy of $100 million or more.
American Presidency Project. The $100 million figure isn't adjusted for inflation. tions are well within the admin-
co Fo

While the court objected to Sources: American Presidency Project (orders in first two years); George Washington University Regulatory Studies Center (economically significant rules) istration’s legal authority and
some of Mr. Trump’s actions, it say conservatives on the court
allowed many of them to stand. whether he had the power to that ought to belong to Con- peals. That court issued an in- found overreach when the gov- are holding policies with which
The high court’s decision on put in place a sweeping forgive- gress,” Ohio Attorney General junction to stop the program ernment took steps that limited they disagree politically to an
the student-loan plan could ness plan without congressional Dave Yost said in an interview. from going into effect, following marriage rights for LGBT cou- unreasonable standard.
mark the biggest curbing of action. “I don’t think I have the The official helped lead a group a similar order from a federal ples, while their conservative “This Supreme Court has
those powers to date. The ma- authority to do it by signing of Republican-leaning states in district judge in Fort Worth, colleagues have affirmed broad shown that it is trying to take
jority of the 43 million people with a pen,” he said during a filing a friend-of-the-court brief Texas, who acted on the case powers the executive asserted power away from Congress and
in the U.S. who hold a total of CNN town hall in 2021. against the debt-relief plan. filed by individuals. to fight terrorism. The conser- away from the administration
$1.6 trillion in federal student- Mr. Biden reversed course af- The second case, being ar- vative majority has turned away and pull it in toward itself,” Sen.
loan debt would see some type ter his advisers laid out their le- gued back-to-back with the some suits filed by Republican Elizabeth Warren (D., Mass.)
of debt forgiveness under the gal strategy. The president and states’ case, was filed by bor- Founding document state attorneys general against said in an interview. Ms. War-
proposed plan, with relief of up his aides also worried that inac- rowers who said they were The cases illustrate warring the Biden administration and ren pointed out that a co-spon-
n-

to $20,000 per borrower. A rul- tion could hurt him with young harmed by the plan because beliefs over the separation of handed the White House at sor of the 2003 Heroes Act, for-
ing is expected in June. voters ahead of the midterm they couldn’t access some of its powers laid out in the Constitu- least partial victories in some mer Rep. George Miller (D.,
elections, people familiar with benefits. For both sets of plain- tion. The Supreme Court’s con- cases, such as a mandate that Calif.), filed a brief in the case
the matter said. tiffs, the question of standing— servative justices see the Con- healthcare workers obtain vac- saying the law was intended to
Pandemic origins
no

In August, Education Secre- whether they have suffered stitution as imposing rigid cines against Covid-19. permit student-loan debt can-
Tuesday’s cases—one filed tary Miguel Cardona invoked harms sufficient to support a constraints on government But the high court’s current cellation.
by a group of Republican state the Heroes Act to cover perma- lawsuit—will also be addressed branches, with the framers majority has made clear its res- Presidents dating back to
officials, the other by individu- nent forgiveness of up to by the high court. placing structural obstacles to ervations about liberal doc- George Washington have used
als—stem from the beginning of $10,000 for borrowers who earn Republicans and some Demo- make sure the arbitrary and ty- trines in place since the 1930s, orders and proclamations to
the coronavirus pandemic, less than $125,000 a year, with crats said the program was un- rannical powers King George III when President Franklin D. Roo- outline policy directives, impos-
when Congress and the Trump an additional $10,000 of relief fair to people who didn’t go to and the British Parliament exer- sevelt won a series of landmark ing significant changes to
administration sought to miti- for those who held Pell Grants, college, didn’t take out student cised over the colonies were court decisions affirming New American life. Examples include
gate damage to the economy. which typically are awarded to loans or already paid them never revived. Deal initiatives that put the fed- Abraham Lincoln’s Emancipa-
After President Trump declared the neediest students. back. “They campaigned on free The court’s liberal justices, eral government at the tiller of tion Proclamation and Mr. Roo-
a national emergency in March Mr. Cardona’s directive rea- college,” said Rep. Virginia Foxx along with Mr. Biden, believe a nationwide economy. sevelt’s order establishing the
2020, Education Secretary soned that the temporary sus- (R., N.C.), the chairwoman of the Constitution created a vig- Through the rest of the 20th Works Progress Administration,
Betsy DeVos relied on a 2003 pension of payments had itself the House Committee on Educa- orous and flexible national gov- century, the court recognized which put millions to work dur-
law called the Heroes Act to increased the risk of individual tion and the Workforce. “This is ernment that replaced the para- broad federal regulatory au- ing the Great Depression.
temporarily suspend payments default once billing resumed. a backdoor way of doing it.” lytic decision-by-committee thority to restore the environ- In the Clinton administra-
and interest accrual for borrow- The Education Department A federal judge in St. Louis structure that doomed the Arti- ment, protect consumers and tion, deepening political divi-
ers with federal student loans. cited research showing that dismissed the states’ suit in Oc- cles of Confederation, the newly assist workers faced with what sions limited possibilities for bi-
The federal government ex- borrowers who were granted tober, finding the states had no independent 13 states’ first policy makers deemed the ex- partisan compromise in
tended the payment pause forbearance for specific natural legal standing to challenge the crack at a continental union. cesses of a market economy. Congress. Since then, presidents
twice under Mr. Trump and six disasters had difficulty resum- loan plan, but the decision was Neither court faction has Those days are over. Conser- have managed to pass major
times under Mr. Biden. ing payments when they were overruled the next month by been absolutist on the issue. In vative Justice Brett Kavanaugh, bills when their party controlled
The 2003 law authorizes the restarted. It concluded that bor- the Eighth U.S. Circuit of Ap- past years, liberal justices have speaking in January at Notre the legislature, but lawmaking
secretary of education to waive rowers would be at greater risk often comes to a halt every few
or modify provisions of student- of default following resumption years when Washington has a
aid programs as he or she of payments than they would divided government.
deems necessary in connection have been had the pandemic The Sept. 11, 2001, terrorist
with a national emergency so never led the government to attacks accelerated the concen-
borrowers don’t lose ground ec- pause their obligations. tration of executive power, and
onomically. Republican officials in six presidents increasingly imposed
Mr. Biden campaigned on states sued to block the plan, major policy changes without
wiping out $10,000 in student contending among other things congressional signoff. Mr. Bush
debt per borrower through leg- that it would harm state fi- asserted national security pow-
islation. But Democratic efforts nances, because the discharged ers to establish military tribu-
to cancel student debt died in debt wouldn’t be classified as nals to prosecute enemy com-
Congress, as did Republican taxable income. batants and secretly expand
bills to prohibit the executive They dispute that the lan- surveillance programs.
branch from forgiving the loans. guage in the Heroes Act autho- Mr. Obama relied on a Demo-
Progressive lawmakers and rizes the secretary of education cratic majority in Congress to
advocates urged the president to write billions of dollars off pass his overhaul of the health
to instead implement a large- the Treasury’s books, and said system, the 2010 Affordable
scale debt cancellation program it doesn’t allow the secretary to Care Act. Republicans gained
using his executive authority. put nearly every borrower in a control of the House in the 2010
White House officials spent better position by reducing or midterms, and Mr. Obama
LEAH MILLIS/REUTERS

more than a year debating eliminating their principal bal- turned to executive action to
whether such a move was legal, ances. enact other elements of his
according to administration of- “We’re talking about some- agenda, such as limits on indus-
ficials and others familiar with thing that essentially reorga- trial greenhouse gas emissions.
the discussions, and Mr. Biden nizes a significant piece of —Gabriel T. Rubin
was publicly skeptical of American society, something President Biden spoke about student-debt relief at Delaware State University in Dover in October. contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, February 27, 2023 | A11

Unloved, No one wants to

buy a printer, but
everyone needs to
Unwanted and print. Holdouts
confront the stress
Unavoidable of printerless life.

F. MARTIN RAMIN/THE WALL STREET JOURNAL|, STYLING BY ELENA SCOTTI

WORK phones and our tablets, scannable search firm International Data there’s a business opportunity. guessing wrong, she clicked cancel,

.
& LIFE QR codes and the DocuSign app. Corp. Printer sales have mostly Tyler Eshleman was wandering only to be confronted with “this
RACHEL And yet, it comes for all of us been declining since 2007, the through a dorm at Michigan’s spinning wheel of death,” she says.

ly
FEINTZEIG eventually—the need to print, and year the first iPhone was re- Grand Valley State University his “You’re starting to sweat and your

T
print now. leased. Still, IDC forecasts more freshman year when he came heart is palpitating.”
“When you need it, you need than 17 million printers will be across two intrepid roommates. After a year of mounting print-
he apartment building
had a 24-hour gym, a
swimming pool flanked
by grills and something
on
it,” says Leigh Stringer, who
works at architecture firm Per-
kins&Will helping companies de-
sign sustainable offices.
sold in the U.S. this year. They’d purchased a color printer
and were charging students to
print out term papers, reading as-
signments, even entire textbooks.
ing difficulties, her manager be-
queathed his personal printer to
her. She loved it. So did everyone
else. Her colleagues would line
called the Sky Lounge How much of our lives have They weren’t doing people’s up at her door, bearing chocolate
us ,

on the 12th floor, with we given to the mad dash of try- homework. Just printing. chip cookies and candy, wonder-
l

an expansive view of downtown ing to find a working printer? Hy- “I wish I would have gotten in ing if she could print their
e
al a

Minneapolis. brid schedules mean we’re in the Agony and opportunity on something like that,” Mr. Esh- documents.
But the amenity that Olga office, with its gleaming fleet of Not that owning a printer is any leman says, noting the pair was “There’s this sense of power,”
Lobasenko and her husband equipment, only a few times a guarantee you’ll be able to print. turning a profit. Ms. Barris says.
ci on

couldn’t get out of their minds as In an attempt to produce two Now 21 and living in Troy, Some printer hookups can
they sized up potential apart- sheets—pages one and five of a Mich., Mr. Eshleman is mostly en- reach their limit. The day after
ments last year was situated in tax form—Chella Diaz of Orange, visioning a printer-free life for 38-year-old Theresa Paolo
the lobby, illuminated by the glow
Even in a world of Calif., unknowingly embarked on himself, like many young people I coached her dad through printing
of a fireplace. People sometimes cellphones, tablets and a three-hour odyssey last sum- talked to. out five separate forms for her
er s

gathered around it. mer. Her computer wouldn’t con- “Some point, you buy an business as a romance novelist on
It was a printer.
QR codes, the need to nect to her printer. On to Staples, apartment, house, car, second his home printer, there was a
print at times remains.
m er

“We just assumed it would where all three printers were house or a boat. Then maybe you knock at the door of her Long Is-
have to be something you’d strug- labeled with (handwritten) “out think about buying a printer,” he land, N.Y., house. There was her
gle to find for your entire life,” of order” signs. She got into her reasons. dad, holding a brand new printer.
says Ms. Lobasenko, 33 years old. car, screamed, listened to smooth She felt conflicted.
They moved in and now feel week. So too, it seems, is the IT jazz for five minutes and contin- “It was super sweet of him to
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the sweet relief of being able to department, which has yet to fix ued on to FedEx. There, her take the time to go to the store,
print whenever they want, with- that combination printer-scanner- flash drive wasn’t showing any do what I never wanted to do and
out having to beg, borrow or fax closest to your desk. Sure, we documents. pick out a printer,” she says. And
curse a dried-out ink cartridge. could buy our own for home—or “You begin to doubt yourself,” yet, she dreaded having to install
“This one,” Ms. Lobasenko says replace the mysteriously ailing she says. Eventually, she was able The power of being the it, house it and tend to its ink and
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of the printer, “is somebody else’s one languishing in the cabinet— to locate the documents and suc- printer person paper needs. “Where the heck am
problem.” but why invest in a hulking piece cessfully print them, though she Printing at the office comes with I going to put this big hunk of
of hardware when you’re living in ended up paying for thick résumé its own struggles. Terri Barris of plastic?”
a nearly paperless world? paper someone had fed into the Ontario, Canada, once found her- It would be a year before she
Until you realize that that re- tray. By that point, she didn’t care. self sending off confidential tax even opened the box. The Brother
turn label or your kid’s homework When it was all over, she took her- documents, including her pay in- MFC-J480DW, now set up, is
assignment isn’t going to print self to the taco place across the formation, to…where exactly? mostly something she has to dust
itself. parking lot, where she enjoyed a The list of printers to choose every week.
When only paper will do “Paper doesn’t go away,” says bean burrito, french fries and from, some in offices hours away, “I feel too guilty to get rid of
Much of the world has moved on Keith Kmetz, an analyst who some cathartic journaling. were named by nonsensical strings it,” she says. “I have it now. I
from hard copies. We have our tracks the printing market for re- Where there’s a problem, of letters and numbers. After have it for life.”
n-

BY ASHLEA EBELING tirement savings much thought un- Nondeductible IRAs

no

til she sat down in 2020 to go over The April deadline offers an oppor-
IT MAY BE 2023, but taxpayers still her 2019 tax return with her tax tunity for taxpayers who don’t
have time to make last-minute re- preparer. qualify for a deduction for a tradi-
tirement contributions that could “He candidly said, ‘What are you tional IRA to top up their retire-
lower their 2022 tax bill. doing about retirement?’” she recalls. ment savings by making after-tax,
While most tax-saving moves Ms. Fermo had just left a job nondeductible contributions to a
must be done by Dec. 31 to count where she contributed the minimum traditional IRA. The money grows
for that year’s return, certain retire- to a workplace 401(k) retirement tax-free, and only the earnings are
ment maneuvers related to tradi- plan to get employer matching dol- taxable when you take withdraw-
tional and Roth IRAs can be done lars, and was at a new employer als in retirement. Taxpayers who
several months into the next year. that didn’t offer a retirement plan. make these contributions need to
For these transactions, tax year David Tolleth, a tax preparer and keep track of how much they have
2022 actually doesn’t end until April enrolled agent in Holmdel, N.J., contributed over time, said Mr.
18, 2023—or even later for some. helped Ms. Fermo open up a tradi- Tolleth.
These contributions offer the tional IRA and rolled the 401(k) bal-
double benefit of boosting future ance in. Then Ms. Fermo set up When to consider a backdoor
retirement savings and potentially monthly contributions directly from Roth IRA
reducing present tax burdens, tax her checking account into the IRA Taxpayers who earn too much to
advisers say. The ability to deduct a going forward. “It was hard to start make contributions directly to a
contribution to a traditional IRA de- and get momentum,” she said. Roth IRA can still do so via a two-
pends on the saver’s income and At tax time, she’ll check that her step process known as a backdoor
other factors, such as whether the contributions are on track for 2022 Roth. First, contribute to a tradi-
taxpayer is covered by a 401(k) or
other workplace retirement plan. Last-Minute and 2023, she said. The limit on
contributions to traditional IRAs
tional nondeductible IRA. Then im-
mediately move the money into a

Retirement Account Moves

For millions of taxpayers, the sav- and Roth IRAs jumps to $6,500 for Roth IRA, pay any income tax on
ings can be up to thousands of dol- tax year 2023, due to an inflation the earnings, and leave the money
lars a year. A big lump-sum payment adjustment. The $1,000 catch-up to grow tax-free.
into a retirement account is eligible
for a full or partial tax deduction.
And for those taxpayers who don’t
That Can Cut Your Tax Bill amount isn’t adjusted for inflation.

Traditional IRA vs. Roth IRA

Options for business owners
or the self-employed
qualify for a tax break, they still ben- Many taxpayers choose a traditional For taxpayers with self-employment
efit from the April deadline as a way IRA for the upfront tax break, Mr. income, SEP-IRAs have higher contri-
to boost their retirement savings. Diane Benson, a 70-year-old re- should or shouldn’t contribute,” Ms. Tolleth said. Contributions to tradi- bution limits than traditional IRAs:
Among the many ways Ameri- tail store manager in Atlanta, re- Gordineer said. tional IRAs are often tax-deductible, $61,000, plus an extra $6,500 for
cans can benefit, a single taxpayer cently made a last-minute $7,000 Despite the benefits, many tax- but withdrawals years later in retire- those age 50 and above, for tax year
with no workplace plan can deduct IRA contribution for tax year 2022. payers are leaving money on the ta- ment are taxed at the same rates as 2022. In many cases, savers can
SAM KELLY/THE WALL STREET JOURNAL|, ISTOCK (3)

the full amount of an IRA contribu- It saved her nearly $2,000 in fed- ble. In tax year 2021, 85% of all U.S. ordinary income, like wages. make contributions for 2022 until
tion. A single taxpayer with a work- eral and state income taxes. households made no contributions to By contrast, there is no deduc- Oct. 16, 2023, if they have requested
place plan gets a full deduction with “She had money sitting in the traditional IRAs or Roth IRAs, ac- tion for contributions to a Roth IRA. an extension to file their returns.
an adjusted gross income of bank. Why not put it in an IRA and cording to the Investment Company But by making the contribution
$68,000 or less. save on taxes?” said Tracey Ann Gor- Institute. now, you’re setting yourself up for Save your tax refund
For married couples filing jointly, dineer, an enrolled agent in Buford, Anyone with earned income can tax benefits that come later given Mr. Tolleth encourages clients to
both spouses can deduct the full Ga., who prepared Ms. Benson’s tax open an IRA. The limit on contribu- withdrawals can be done tax-free. consider using some or all of their
amount of an IRA contribution if return and brought up the idea. tions to traditional IRAs and Roth Eligibility to contribute to a Roth tax refund to increase their retire-
neither has a workplace plan. If only Ms. Benson could have contrib- IRAs is $6,000 for tax year 2022. IRA directly is based on your in- ment savings. You can include your
one spouse has a workplace plan, uted anywhere up to $7,000. For Savers age 50 and older can con- come. For tax year 2022, the limits retirement account routing informa-
the other can get a full deduction every $100 contributed, she would tribute an additional $1,000. for most single filers begin at tion on your 1040 tax return. “It’s a
for IRA contributions if their joint save $27.75 in taxes. “It’s more of a Maggy Fermo, a 30-year-old mar- $129,000 and $204,000 for most subsidized retirement account. Why
income is $204,000 or less. cash-flow question of whether you keter in Fargo, N.D., didn’t give re- married joint filers. wouldn’t you?” he said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Monday, February 27, 2023 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

How to Make It Big on

BY DARYL AUSTIN genre—in other words, not real.

W
On Season 18 of “The Bachelor-
hen casting veteran ette,” for instance, one contestant
Jodi Wincheski met was sent home for arriving on set

Reality TV: Hire a Coach

Lindsay Carmine in with a binder full of tips for how
2020, she knew she to win, collated by friends who
had a reality star on were fans of the franchise. (A rep-
her hands. resentative for ABC declined to
A pediatric nurse from Pennsyl- comment.) Ms. Wincheski said that
vania, Ms. Carmine was magnetic isn’t what her company does.
and strategic, making her a fit to “I’m certainly not ‘gaming the
compete on “Survivor”—“the system,’ ” she said. “I don’t turn
toughest reality show to land,” ac- anyone into something they’re not,
cording to Ms. Wincheski. But don’t introduce them to casting di-
years of submitting audition tapes rectors and don’t provide any cast-
failed to get her past the interview ing shortcuts. I just help contes-
stage. She hired Ms. Wincheski to tants put their best foot forward.”
help her change that. Gavin Whitson, the runner-up
For $350, Ms. Wincheski on season 38 of “Survivor,” said
worked with Ms. Carmine to high- that coming from a small town in
light the most interesting parts of Tennessee, he found the L.A. cast-
her back story, cut extraneous ing process intimidating. “Jodi
scenes from her audition tape and kept reminding me to be confident
craft a pitch that reflected her en- because the producers already
thusiasm for the show. “I was able liked me for who I was,” he said.
to help her understand where she Charnel Wright, who was on
had gone wrong so she could fix Bravo’s “Spy Games” in 2020, said
it,” Ms. Wincheski said. She also that Ms. Wincheski was particularly
calmed her client’s nerves before helpful to her during the interview
meetings with producers. process. “Reality television is a
By the following summer, Ms. funny business because you con-
Carmine had made it onto the stantly find yourself second-guess-
43rd season of the show. ing if you’re saying the things the
Ms. Carmine declined to be in- producers want to hear, or if you
terviewed, citing an agreement in should just be yourself. They rarely
her contract with CBS, but in an give you any feedback.” Ms. Wright
email said Ms. Wincheski “was such said that Ms. Wincheski gave her
an integral part of me getting cast.” the confidence “to stay true to my-
Ms. Wincheski is part of a self” the whole way through. “While
growing cottage industry of for- other people keep reinventing them-
mer casting agents and contes- Reality-TV coaches are helping wannabe stars get on their favorite show, from ‘Survivor’ to ‘Making the Cut.’ selves during the casting process,
tants who are now working di- Jodi kept me on track,” she said.
rectly with people who want to be Though Mrs. Spillman, the cast-
on reality TV. It used to be that a ple can relate to, feel inspired by, lighting or in distracting environ- ing director, would have once
single casting director or producer or has someone you want to cheer ments. Other reality hopefuls strug- looked down on the idea of contes-
Former casting agents
JULIA DUARTE FOR WSJ. MAGAZINE; PHOTOS: EVERETT COLLECTION/GETTY IMAGES/BRAVO

could make or break an applicant’s for or against,” said Mrs. Spillman, gle with storytelling. tants being coached before audi-
chances at getting on a show. Now, who has put together casts for and contestants act as “Too many people come off like tions, her perspective has changed.

.
independent coaches are offering “Making the Cut,” “The Amazing they’re reading a job resume,” Ms. “Some contestants oversell or
wannabe stars the chance at a do- Race,” “Lizzo’s Watch Out for the
career counselor, drama Wincheski said. What’s more, she undersell themselves and someone

ly
over. Part career counselor, part Big Grrrls” and 38 consecutive instructor and therapist. said, most shows offer little in the monitoring that can certainly
therapist and part drama instruc- seasons of “Survivor.” way of explanation about why a make a contestant better,” she
tor, they help clients overcome re- Former casting producers and contestant isn’t a good fit. said. “Even I have coached some
jection and put forward their most
camera-worthy selves using tips
from the trade.
According to Lynne Spillman, a
on
contestants say their experiences on
reality sets make them particularly
suited to advise applicants going
through the audition process.
who get so close to their dream to
put so much into the process, only
to never really find out why it
“You really have to know what
you are doing to get anyone’s at-
tention the right way,” she said.
Through her company, Casting
people who came to me for advice,
because I know how trying the
process can be,” she said.
Jeff Probst, the longtime “Sur-
two-time Emmy-nominated casting Adam Klein, a former “Survivor” didn’t pan out for them,” he said. Reality, she charges $150 to review vivor” host and executive pro-
us ,

director, getting on reality TV is contestant who won the show’s Ms. Wincheski, who spent two a written application, $250 to re- ducer, said that every show is
l

more competitive than ever, as ap- 33rd season, is now a reality-televi- decades casting people for “Survi- view an audition video with a fol- looking for specific attributes and
e
al a

plicants look to parlay contestant sion consultant. Mr. Klein offers vor,” “Big Brother” and “The Amaz- low-up telephone critique, $300 to qualities in would-be contestants,
roles into lucrative influencer gigs group workshops and provides a ing Race” before striking out on her help put together the right video so authenticity is key.
or bona fide acting careers. To number of one-on-one coaching own, said she’s met thousands of in the first place, and $500 for a “There’s a tendency to think if
ci on

stand out to the producers and di- packages as well that range in cost would-be contestants over the years full-service consultation: audition- you act crazy or behave in a contro-
rectors eyeing their applications, from $150 for basic help to $450 who have attended casting calls or video help, interview prep, writ- versial way that you’ll end up on a
it’s key to convey that they can for extended time and guidance. sent in a multitude of audition vid- ten-application guidance and re- show,” he said. “You don’t have to
elicit a range of emotions. Mr. Klein said that many of his eos. Common mistakes often boil views of up to four videos. do, say or behave in any one partic-
“A show only resonates with an clients yearn for feedback after fac- down to cinematography, she said, To some, this level of prepara- ular way, just be yourself. The truth
er s

audience if it has a cast that peo- ing rejection. “It’s brutal for people such as people filming with poor tion might seem antithetical to the is what we’re seeking.”
m er

Baring Your Soul On Text?

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Expect a Thumbs-Up
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declined to say if it would

might be better. ever release more.
n-

BY ANN-MARIE ALCÁNTARA Ms. Buckley’s mom, Tess The meaning of the six

L
Buckley, 60, who lives in varies depending on the user.
izzie Buckley sent her New Jersey, says she re- The heart generally means
mom three text mes- sponds with reaction icons you love something. It’s also
no

sages on a recent Sun- when there isn’t much more a response for people who
day. Two were about work- to say but wants the mes- think a thumbs-up is too cold.
ing on a weekend, and a sage sender to know she is Thumbs-down can mean
third was about an impres- paying attention. commiseration when some-
sively long run she had just Facebook started offering one shares bad news; it can
completed. quick reactions in 2015 when also be a veto when, say, a
Her mother responded it went beyond the “like” but- friend proposes a lame lunch
quickly: thumbs-down, ton with six animated ones: spot. It gets a bit messy from
thumbs-up, double exclama- Like, Love, Haha, Wow, Sad there. Thumbs-up can mean
tion marks. and Angry. In 2020, the so- OK, or can be an acknowledg-
Though prompt, the reac- cial network added Care, a ment that seeks to end the
tion was a letdown, says yellow smiley face hugging a conversation.
Ms. Buckley, a 25-year-old heart, as a seventh. Brian Moore, a 36-year-
financial auditor who lives in old creative director in Los
Virginia. “I just expected Angeles, says the thumbs-up
more,” she says. She would has gotten him in trouble.
have loved to receive—at When, in a group chat, a
the very least—a party or friend bashfully admitted be-
applause emoji. ing slow to get a joke, Mr.
The reactions in Apple Moore gave the confession a
Inc.’s Messages app can make thumbs-up. It was “conde-
your day or make you feel de- scending,” says the friend, Ai-
FROM TOP:RACHEL MENDELSON/THE WALL STREET JOURNAL|, ISTOCK (1); KEVIN BUCKLEY, LIZZIE BUCKLEY

flated. Designed as a quick sea Laungaue, 38, who was

way for people to respond to looking for a tad more emo-
incoming iMessage-based tion. “If I put something that
(“blue bubble”) texts on I want a HAHA and I get a
iPhones, iPads and Macs, you Tess Buckley uses thumbs-up, that’s a declara-
tag them with the little sym- iMessage reactions to show tion of war,” says Mr. Laun-
bols. Apple’s “tapbacks,” as texters she is paying gaue, who heads strategy at
the company calls them, offer attention. Daughter Lizzie an advertising agency.
six options: heart, thumbs-up, Buckley wants more. Even HAHA can be polar-
thumbs-down, HAHA, double izing: Are you laughing with
exclamation marks and ques- Chris Tosswill, a former or at the texter?
tion mark. Facebook product manager People have come to un-
Other platforms also offer who worked on the reactions, derstand emojis’ utility, says
reactions, with most mobile- said they were meant to help Jennifer Daniel, who works
communication platforms people express themselves on at the Unicode Consortium,
such as WhatsApp, Signal posts with more than just the nonprofit organization
and Slack letting users “like.” The team limited the that standardizes text we
choose from a library of options to keep them from see across our devices.
emojis. overwhelming users. “Emoji were pretty pre-
On an iPhone, the reac- “You’re striking the bal- dictable for about a decade,”
tions are convenient but can ance,” says Mr. Tosswill, now says Ms. Daniel, who in her
occasionally annoy others in chief executive of marketing role helps decide which ones
text threads. As with debates company Addressable. reach the masses. Today, she
over which emoji to use, peo- Apple brought reaction says, “they’re in darndest
ple differ about what each re- icons to iMessage in 2016, places. Now, I mean—my re-
action means—and when an and the initial options re- frigerator has emoji on
actual, worded response main today. A spokeswoman them—they’re everywhere.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, February 27, 2023 | A13

ARTS IN REVIEW

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on
RIJKSMUSEUM (5)

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ART REVIEW
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Clockwise from top left: Johannes

Small Focus, Wide Reach

Vermeer’s ‘View of Delft’ (c. 1660-
61); ‘Girl Reading a Letter at an Open
Window’ (c. 1657-58); and ‘Officer
and Laughing Girl’ (c. 1657-58)
er s

BY MARY TOMPKINS LEWIS would appeal to private collectors up his subjects’ innermost figure, who looms large next to his that his ruminative gaze and the
m er

W
and fit in their homes. As the thoughts in their genteel, private seated companion, also indicates familiar light-flooded windows
Amsterdam show underscores at every turn, domains, and such paintings punc- the artist’s increasing mastery of may be signs of both cerebral and
hen the Frick such works would play to his tuate the show. His ravishing perspective, as discussed in the spiritual enlightenment.
Collection an- unique strengths. “Woman in Blue Reading a Letter” show and exhibition catalog. A lit- The painter’s late genre scenes
nounced plans Vermeer’s breathtaking “Girl (c. 1662-64) is built around sump- eral pinpoint on the painting’s top- may likewise exhibit larger, moral-
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several years ago Reading a Letter at an Open Win- tuous lemon-yellows and blues most layer would have indicated a izing themes. His “Young Woman
for a major reno- dow” (c. 1657-58) is exhibited that lend the painting a gently central vanishing point, from Standing at a Virginal” and “Young
vation, the Rijks- alone, like a treasured icon, and melancholic air and would mes- which Vermeer could calculate the Woman Seated at a Virginal” (both
museum here saw a once-in-a-life- spotlighted in its darkened, high- merize Van Gogh. Though a frag- composition’s illusionistic perspec- c. 1670-72) hang together on a
time chance to borrow its three ceilinged gallery. Daylight streams ment of a well-known Dutch map, tive, including the cavalier’s pow- beautifully conceived wall, and are
co Fo

magnificent paintings by the into the room through a draped tacked to the back wall, may hint erful foreshortening. A similar Vermeer’s final works on the pop-
Dutch artist Johannes Vermeer window at left and above a rucked of the wider world, there is little marking appears on the paint-en- ular theme of musicmaking as a
(1632-1675), which normally oriental carpet and tilted bowl of crusted surface of “The Milkmaid” metaphor for harmony and, when
would never leave their New York fruit. Another curtain seemingly (c. 1658-59), still visible just above shared, for love. Their comely, out-
home. Museums around the world hangs from a rod in front of the the subject’s right hand. Like his ward gazing figures—one standing
and two private collectors also canvas, a theatrical, trompe l’oeil
A monumental tribute contemporaries—though with in- in a crisply ordered, geometric
agreed to lend, and a retrospec- effect mirrored elsewhere in his to the legendary Dutch comparable skill—Vermeer may room, the other seated amid luxu-
tive, the largest ever assembled of work as well as by heavy drapes have also employed a camera ob- rious swirling curves—invite a
the painter’s surviving work, took hung on walls throughout the
Golden Age painter scura. Hung alone here and illumi- reading, supported by the familiar
shape. “Vermeer,” the first exhibi- show, which contribute to its gor- Johannes Vermeer. nated to highlight its countless pictures-within-pictures on their
tion devoted to the artist in the geous, rarefied aura. In the paint- dots, “The Milkmaid” suggests the background walls, as opposing im-
Rijksmuseum’s history, consists of ing, a stylish young woman stands use of such studio implements, ages of moral virtue and carnal
28 paintings (with one, his magis- absorbed and in profile, her lips with which Vermeer could craft for sensuality. The paintings, both
n-

terial “Girl With a Pearl Earring,” slightly open as she reads the text to distract us from the stilled po- his humble, working-class subject owned at one time by the French
leaving town March 30) out of the of the letter she holds, while on etry of its impenetrable and subtly a palpable world to inhabit and an art critic Théophile Thoré, who re-
roughly 36 known to still exist. the wall behind a large painted Cu- articulated space. ennobling monumentality. discovered the all-but-forgotten
Organized by the museum’s cura- pid (discovered during a recent The same map figures in full in Vermeer’s interest in science, artist in the mid-19th century and
no

tors Gregor J.M. Weber and Pieter cleaning) intimates its likely amo- the Frick Collection’s “Officer and an inescapable thread through his would have appreciated their pho-
Roelofs and designed by the ar- rous contents. And finally, in a Laughing Girl” (c. 1657-58), in art, is newly considered in the tographic-like illusionism, are also
chitect Jean-Michel Wilmotte, it is particularly virtuoso passage, the which a dashing cavalier charms a show’s later galleries. “The Geog- rife with the inimitable pictorial
a staggeringly beautiful, bril- woman’s face is softly reflected in smiling maidservant in the light- rapher” (1669), for example, offers incidents that characterize Ver-
liantly realized show unlikely to the open window’s leaded glass filled corner of a room. Another (as does the Louvre’s “The Astron- meer’s art, and, like everything on
be repeated. panes. This is the Vermeer we bravura detail reflects, as captured omer,” on loan elsewhere) a rare view, make this historic exhibition
Vermeer spent virtually his know, who stops us in our tracks, at far left in its open window, a male protagonist who may person- an absolute must-see.
whole life in the small Dutch city whose enigmatic themes, startling tiny slice of his urban environs. ify Delft’s vibrant scientific milieu.
of Delft, and his “View of Delft” (c. illusionism and unrivaled pictorial Vermeer’s gentlemen callers rou- The pensive, blue-robed scholar, Ms. Lewis, who taught art history
1660-61), a landmark in his oeuvre, gifts so capture our imagination. tinely appear in their traveling surrounded by maps, a globe and for many years at Trinity College,
opens the exhibition. Seen from a Vermeer’s evocative depictions clothes, as if fleeting visitors to scientific instruments, is a striking Hartford, Conn., writes about art
vantage point above the wide Rijn- of women reading or writing let- the feminized spaces pictured. The image of active, intellectual en- for the Journal and other
Schickanaal, the painting divides ters allowed the artist to conjure Frick painting’s shadowed male gagement. The curators propose publications.
Vermeer’s subject into four hori-
zontal bands and showcases his
richly varied brushstrokes. Smooth
touches of paint convey soft gray
clouds and the canal’s shimmering,
reflective surface. Patches of
grainy pigment capture waterside
quays and the sunlit spires of
Delft’s Nieuwe Kerk, while bright-
ened dots of paint catch the scat-
tered, early morning light (the
hour confirmed by the clock on
the shadowed city gate at center).
Though he took license with topo-
graphical details to render his
composition more harmonious,
Vermeer’s unobtrusive portrait of
Delft—in which townspeople
calmly go about their quotidian
lives—could hardly be more true
or affectionate.
A room of large, ambitious fig-
ure paintings from the mid-1650s
indicates the artist’s early plans to
become a history painter, a path
he soon abandoned. Like his fa-
ther, Vermeer was also an art
dealer, and he must have recog-
nized the demand in Delft—where
most of his paintings remained—
for smaller genre scenes that

Vermeer’s ‘The Milkmaid’ (c. 1658-

59), right, and ‘The Geographer’
(1669), far right
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Monday, February 27, 2023 THE WALL STREET JOURNAL.

SPORTS
Timing Is Right for a Rodgers Trade
Moving on from the star would come with a big financial hit for Green Bay. But it would be even more punishing next year.

BY ANDREW BEATON how the dead money would bal-

loon if he retired or demanded a
The rules of the NFL’s salary trade next offseason.
cap are abstruse. Ken Ingalls, an The curious part is how the
accountant from Wisconsin, is ob- same complex mechanisms that
sessed with them. make a Rodgers trade less than
Ingalls maintains a massive ideal financially for the Packers
spreadsheet with every player on are the same reason why a trade is
his beloved Green Bay Packers feasible. The Jets, for example,
along with the arcane details of likely won’t have the cap space to
each of their contracts. It’s his add an enormous contract in 2023.
personal blueprint for what the Yet while Rodgers would be owed
team can afford now and years nearly $60 million for next season,
into the future. So when the Pack- almost all of that comes in the
ers inked star quarterback Aaron form of a bonus that can be spread
Rodgers to a three-year extension over years for cap purposes. Any
worth over $150 million last year, team acquiring Rodgers could have
Ingalls wasn’t simply excited as a him on the books for under $16
lifelong fan of the team. million, with the rest prorated
Ingalls dove into the contract’s over future years.
minutiae and was shocked to see There are other reasons that
how the deal was structured. Most now could be the moment the
deals are designed so that, when a Packers are motivated to move on
team moves on from a player be- from their star quarterback. This
fore his contract is finished, the offseason they have to decide on
team absorbs less of a salary cap whether to exercise an option on
JOHN FISHER/GETTY IMAGES

hit further along into the contract. the contract of Jordan Love, the
But the Packers have a surpris- quarterback they took in the first
ing incentive to trade Rodgers this round of the draft in 2020—and
offseason because they did the ex- upset Rodgers in doing so.
act opposite: It gets even more ex- Love has hardly played over the
pensive if they wait. The reason is past few years because of Rod-
that each year of the three-year gers’s presence. Bringing Rodgers
deal they pay him a large bonus— If the Green Bay Packers trade Aaron Rodgers, the New York Jets or Las Vegas Raiders are possible destinations. back while declining Love’s option
but only a fraction of it is ac- would be tantamount to conceding
counted for on the salary cap in the team wasted a valuable draft
the present while the rest of the down to money—and the massive that’s spread out over years into was constructed. That’s a gigantic pick on him.
cap hit is deferred and adds up hole Rodgers will inevitably leave the future. amount of dead money that they Rodgers could also see a

.
over time as a future liability. in Green Bay’s wallet. All of it ultimately boils down won’t be able to spend on other brighter future elsewhere. In Las
“Every year he plays, it becomes The NFL’s salary cap is filled to an esoteric form of accounting players. For some perspective, it’s Vegas, he would reunite with long-

ly
more and more punishing if and with complicated mechanisms that that underpins how teams are 18% of the $224.8 million salary time Packers star receiver Davante
when he moves on from the Pack- teams can use to cook their books. built, so it makes sense that In- cap for 2023. Adams, who the Raiders acquired
ers,” Ingalls says. How the money is paid to a galls grew obsessed with it and As players get deeper into their last year. The Jets, meanwhile, are
Now that Rodgers has emerged
from his darkness retreat, it’s time
for him to begin deciding on his
professional future, and he could
player—whether it’s in the form of
salary or a signing bonus, for in-
stance—determines when those
dollars count against the team’s
on amassed a Twitter following of
more than 20,000 fans who read
his calculations about the Packers.
His numbers about Rodgers are
contracts, that cost of moving on
from a player typically decreases.
What makes the structure of Rod-
gers’s deal so peculiar, though, is
seen as having one of the brightest
cores in the league—with quarter-
back as the glaring exception.
Another Packers quarterback
go in any number of directions. He cap. (Although contracts aren’t bleak for Green Bay. They’re even that the dead money actually goes once had a similar idea. After 16
us ,

could stay in Green Bay, retire or public documents, their details are grimmer a year from now. up next year. If Rodgers came back years in Green Bay and flirting
l

push for a trade to a team like the widely reported on allowing cap “It’s like buying a sports car on to Green Bay and decided to move with retirement, Brett Favre was
e
al a

Las Vegas Raiders or New York gurus to analyze their impacts.) a credit card. You get the sports on in 2024, either via a trade or traded to the Jets, who midway
Jets. Some of the tools available to car right away,” Ingalls says. “But retirement, that figure would in- through that 2008 season looked
If Rodgers is traded, the Packers teams allow them to defer salary you’re going to be paying for that crease to $68.2 million. like one of the NFL’s top teams.
ci on

and another team would have to cap hits into the future, which is over time.” That’s why the Packers don’t Then an injured Favre sputtered
sort through the difficult task of especially useful to avoid having After a trade, Rodgers would have any particularly good op- down the stretch while the team
agreeing how to value a 39-year- expensive players gum up the led- still count for $40.3 million tions. Trading him means both los- lost four of its last five games to
old quarterback who’s coming off a gers too much in any individual against the Packers’ salary cap. ing the team’s most important miss the playoffs.
down season but won back-to-back season. Rodgers has a guaranteed That’s cash they have already paid player while also receiving a finan- Favre played two more seasons
er s

most valuable player awards right roster bonus that was already him but hadn’t been accounted for cial blow. But keeping him could after that—for the Packers’ rival,
before that. It could also come given to him but has a cap hit yet because of the way his deal be even more nightmarish because the Minnesota Vikings.
m er

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 32 Org.
m rp

encouraging
13 14 15 16 adoptions
33 Criminal, in
17 18 19 cop lingo
34 Volcanic
co Fo

20 21 22 23
events
24 25 26 27 35 Bullfight
“bravo!”
28 29 30 31 38 Low card in
pinochle
32 33 34 35 36
39 When “My
37 38 39 40 41 Shot” is
MORRY GASH/ASSOCIATED PRESS

performed in
42 43 44 “Hamilton”
40 Shell
45 46 47 48 49 product
n-

50 51 52 53 54 41 General
idea
55 56 57 58 46 Sty sound
no

47 Words from Under the new rules, a pitcher has 15 seconds on the clock to deliver a pitch if no one is on base.
59 60 61 62 63
someone in
64 65 66 big trouble

67 68 69
48 Dallas
basketball
player, for
Pitch Clock Makes Debut
short BY LINDSEY ADLER nated area with nine seconds awkward moments in the
READOUT | By May Huang & Kevin Trickey 49 Tolerate left on the clock, the batter meantime.
Across 37 Emotional 66 The E in 12 “Now where 51 Egg holders MLB’s new pitch clock had must be in position with “The umpire said I was
factors that E = mc2 ___we?” its first signature moment in eight seconds left. If the looking down,” Conley told
1 Peculiar 52 Romanov
may be the ninth inning of a spring pitcher or catcher takes too the Atlanta Journal-Constitu-
6 Word before 67 Pacino and 14 Deli counter rulers
impediments training exhibition game be- long to get ready or deliver tion on Saturday. “I was
review or Gore device tween the Boston Red Sox the pitch, the batter is cred- looking down at the catcher
53 T option
group 42 Superior 68 June 19 French and Atlanta Braves on Satur- ited with an automatic ball as he was standing up. Not
French 54 Julia
10 Do a lawn honorees department day. With two outs, the in the count. If the batter really sure if the pitcher was
vineyard Louis-Dreyfus
chore 69 Alleviates that includes bases loaded, and a full takes too long, as umpires ready to go, catcher defi-
43 Cubes in a has won 11
13 Tribal Alençon count, Atlanta batter Cal determined Conley did on nitely wasn’t.”
Down of them
leaders
glass
22 Achieved Conley was called for a third Saturday, it’s an automatic An MLB spokesperson
44 Showed on 1 Stops 55 “Mamma strike after the umpire de- strike. said Saturday that it was a
15 Scat legend supplying 25 Ski slopes Mia” band termined he had not been While a few established “correct violation call”
TV
Fitzgerald with milk 26 Attire 56 R&B band ___ ready and in the batter’s box MLB batters were ticketed against Conley, noting that
45 Name to a
16 Be in debt 2 Face of & the Gang with enough time left on the with their first pitch-clock the catcher must be in the
position 27 N.Y. Liberty’s
17 Having a low Yosemite, pitch clock. violations this weekend— box but not necessarily in
48 The m in league 60 Pro-gun org.
pH familiarly Because it was an exhibi- namely, Padres third base- the crouch with nine seconds
E = mc2 30 Impulse 61 Clunker tion game—in which extra man Manny Machado who left on the clock. Batters
18 Attempt to 3 Menzel of innings aren’t played—the took an automatic strike af- must have their eyes turned
50 1973 #1 31 Like a piper 63 Halibut’s
hide a bald “Wicked” automatic strike also ended ter missing his deadline. toward the pitcher with
song by Jim of story habitat
spot 4 Spectrum the game. Machado will have a long eight seconds left, however,
Croce
20 Photographer hue Previous Puzzle’s Solution And so the new era of time to figure out his pitch- which is where Conley
55 One of ___
Goldin 5 Toasts C E C I L A I D S N A P baseball’s pitch clock was clock timing, however, after seemed to err.
(unique) C H R O N O S K I W A WA
21 Zilch under way, with some admi- reportedly agreeing to an 11- A high-impact violation
57 Wicked 6 Nut in a L A N D O L A K E S A P E X
I N A S N A R E N A N O S
rably short spring training year, $350 million contract call in spring training is one
23 Pickling praline
58 “Unholy” F E N SW E E T N L OW games heading into Sunday’s extension with the Padres on thing, but skeptics of the
juice 7 “Mr. Blue Sky” F L I
C K R G Y M E M T play—11 of 16 day games Sunday. pitch clock worry about
singer Smith
24 Champagne, band H O O R A Y H O E S ended in around 2 hours and The Red Sox-Braves game- meaningful games being de-
59 Supports L E D Z E P P E L I N
e.g. 8 Tree with 30 minutes, with the two ender was the best example cided by umpire-discretion
for some V I EW T E T L E Y
28 Not new volumes, serrated A R F A F R S N O C A T quickest games finishing in yet of the power of the pitch on who is standing where
29 Buys into a and a hint to leaves N O T O R I O U S L V I about 2 hours and 15 min- clock. And it involved a and when on the field.
N O R M L S T A G R E E N utes—and a couple of gaffes pitcher and a hitter MLB expects that players
round the circled 9 Participant in H O P I T H E Y R E H E R E that show how much getting who spent all of last season and umpires will have ad-
32 Forked out letters a hat trick? O R E O E A R T R Y S T S
P E N N R D S Y E S E S used to it will take. in the minor leagues, where justed fully to the new rules
35 Planet, in 62 Make 10 Streep or The new rule operates in they had already experienced by the time the games that
defenseless The contest answer is FADE AWAY. Each of
poetry Stallone the seven “Trademarked” clue answers is multiple forms: A pitcher the pitch clock. really matter begin, and
36 Prefix 64 “___appétit!” 11 Wilson of missing a letter (or letters) from its standard, gets 15 seconds on the clock The league expects confu- hopes that the head-start in
between bi- 65 In ___ “Midnight in
noncommercial spelling: LAND OF LAKES, to deliver his pitch if no one sion and nuances to be spring training means there
SWEET AND LOW, FLICKER, LEAD
and quadri- (stagnated) Paris” ZEPPELIN, SNOW-CAT, NORMAL, STAY- is on base, 20 seconds if worked out over the next will be no issues with the
GREEN. Those omitted letters, in order, spell runners are on. The catcher month of exhibition games. clock when the postseason
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. the contest answer. must be set up in his desig- Expect some griping—and begins.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, February 27, 2023 | A15

OPINION
How ChatGPT Will Become Useful BOOKSHELF | By Martha Bayles

In the rudi-
mentary days
of video-
Machine-learning systems
scan large quantities of data
on the internet but then learn
the Colonial Pipeline. Heck,
Elon Musk’s X.com and Peter
Thiel’s PayPal payment pro-
the TV, a chatbot can stand in.
Remember the 2013 movie
“Her,” with Joaquin Phoenix’s
When Ancients
games, I met
the team that
created the
first multi-
by chatting with actual hu-
mans in a feedback loop to
hone their skills.
Unfortunately, some people
cessors were initially so rid-
dled with fraud that the me-
dia insisted e-commerce
would never happen, naysay-
character falling in love with
an online bot voiced by Scar-
lett Johansson? This will be-
come reality soon, no ques-
Serve Ideologues
INSIDE
VIEW player For-
mula 1 Grand
are ruder than others. This is
what destroyed Tay. So Chat-
ing what today is a $10 tril-
lion business. Looking back,
tion. Someone will build it
and against all warnings, mil-
Plato Goes to China
By Andy
Prix racing GPT currently limits its hu- they were lucky they were at- lions will use it. In fact, the By Shadi Bartsch
Kessler
game. They man feedback training to paid tacked at an early stage when aptly named Replika AI Com- (Princeton, 279 pages, $33)

I
had to alter contractors. That will eventu- the stakes were much lower. panion has launched, although
the original code because they ally change. Windows wasn’t its programmers quickly n the opening pages of “Plato Goes to China,” classicist
discovered almost every ready until version 3.0; gener- turned off the “erotic role- Shadi Bartsch promises that by tracing the history of the
player at the start of the first ative AI will get there too. It still needs to go play” feature. Hmmm. Chinese reception of ancient Greek and Roman political
race would turn his car For now Microsoft’s solu- It may take longer for philosophy, her book offers “a uniquely illuminating vantage
around on the track and crash tion is to limit users to six through new versions “M3GAN,” this year’s movie point for observing China’s transformation in its cultural
into the incoming traffic. I questions a session for the and have its flaws thriller (I watched it as a and political self-confidence.” She further promises to
started to laugh, because Bing chatbot, effectively giv- comedy) to become reality. explore in depth the uses that have been made of the
that’s what I did too. Gives ing each session an expiration exposed to be good. It’s about a robot companion Western classics in the 33 years since the violent suppres-
new meaning to the Facebook date. This sounds eerily simi- for a child gone rogue. But sion of the Tiananmen Square pro-democracy movement.
motto: Move fast and break lar to the Tyrell Corporation’s products like this will happen. These promises are not fully kept, for three reasons.
things. Nexus-6 replicants from the But be warned that with Mattel’s 2015 Hello Barbie, The first is the chatbot-style superficiality of her historical
That’s exactly what’s going 1982 movie “Blade Runner.” If generative AI, even if it’s too which would listen and talk to overview, which begins with the early 17th-century Jesuits
on with the newfangled gen- I remember, that didn’t end early, if developers can build kids, eventually failed, but who tried “to make Christianity more palatable to the
erative AI chatbots. Every- well. something, they will. So best someone will get it right be- Confucians” by invoking
one’s trying to break them Every time something new to shake out all the bugs and fore long. Aristotle and the Stoics;
and show their limitations comes out, lots of people try limitations and creep report- The trick is not to focus on then leaps ahead to the late
and downsides. It’s human na- to break it or foolishly try to ers out now before things roll the downside, like so many do 19th- and early 20th-century
ture. A New York Times re- find the edge, like jumping out to the masses. with DNA crime-solving or fa- reformers who embraced
porter was “thoroughly into the back seat of a self- Despite early glitches, use- cial-recognition systems or Western concepts of citizen-
creeped out” after using Mi- driving Tesla. This is espe- ful things are coming. Search even the idea that Russian ads ship; then ends with a quick
crosoft Bing’s chatbot. Sounds cially scary given the recent boxes aren’t very conversa- on social networks can tip sketch of the ferment leading
as if someone needs reassign- recall of 362,800 Teslas with tional. Using them is like elections. Let’s face it, every up to Tiananmen.
ment to the society pages. In faulty “Full Self-Driving” soft- grunting words to zero in on new technology is the Full The second reason for the
2016 Microsoft had to shut ware. And, reminiscent of the something you suspect exists. Employment Act for ethi- book’s unkept promises is Ms.
down its experimental chat- “Can I confess something?” Now a more natural human cists—and scolds. Instead, Bartsch’s unserious attitude
bot, Tay, after users turned it scene in “Annie Hall,” I’ve al- interface can replace back- with generative AI, focus on toward religion. Rather than
into what some called a “neo- ways wondered: If I drove my and-forth conversations with the upside of conversational mention Aristotle’s consider-
Nazi sexbot.” car straight into a brick wall, old-fashioned travel agents. search, companions for the able influence on the church
Coders can’t test for every- would the collision avoidance Or stockbrokers. Or doctors. lonely, and eventually an edu- after Aquinas, she resorts to
thing, so they need thousands actually work? I’m too chicken Once conversations are hu- cation system custom tailored flippancy: “For the Jesuits it

.
or millions banging away to to try. man enough, the Eleanor to each student. Each time, would seem, just about all ancient thinkers were proto-
find their flaws. Free testers. Every cyberattack is a les- Rigby floodgates—Ah, look at crowds will move fast and try Christians.” Academics often turn a blind eye to religious

ly
In the coming months, you’re son in breakage, like the 2015 all the lonely people—will to break things and expose and metaphysical questions. But later on, when such
going to hear a lot more hack of the Office of Person- open. Eldercare may be the the flaws. Embrace that as questions loom large in China, this blind spot hinders her
about RLHF, reinforced learn- nel Management or the May first big generative AI hit. In- part of the path to the future. analysis.
ing from human feedback. 2021 ransomware shutdown of on
stead of grandma talking to Write to [email protected]. Third and most important is Ms. Bartsch’s limited per-
spective on her main story. Taking up the better part of
five chapters, she relates how, after Tiananmen, the

Tesla Meets the Rule of AMLO Chinese Communist Party began using the classic thinkers
of Western antiquity to legitimize its continued monopoly
us ,

on power. And she casts Leo Strauss, an American political

l

Mexico City of Mexican Televisa with the the trade agreement. to export liquefied natural philosopher who never visited China and died in 1973, as
e
al a

Elon Musk is American company Univision In a July request for gas if Sempra met his de- the villain of the tale.
said to be and the restructuring of Aero- USMCA “dispute settlement mands. That same year he There is a grain of truth to this view. Prior to the arrival
looking to méxico totaled nearly $6.9 bil- consultations,” the U.S. trade forced Constellation Brands of Straussian teaching, the Western classics in China had
ci on

build a new lion. Without them 2022 FDI representative cited “Mexico’s to abandon a new Mexicali been fuel for democracy’s cause. Afterward, pro-regime
Tesla facility would have dropped to $28.4 inaction, delays, denials, and brewery valued at $1.4 bil- scholars steeped in Strauss began pointing to Plato’s
AMERICAS in the Mexi- billion, barely above 2020 FDI revocations of private compa- lion. In January, after a meet- critique of democracy as a way of discrediting Western
can border of $28.2 billion, the year nies’ abilities to operate in ing with Canadian Prime Min- values in general. In Ms. Bartsch’s judgment, this change is
By Mary
state of Covid-19 hit the economy. Mexico’s energy sector.” Can- ister Justin Trudeau, AMLO attributable to the Straussian theory of “esoteric writing,”
Anastasia
er s

Nuevo León. Mergers, acquisitions and ada joined the U.S. call for said that he was committed which avers that some ancient authors, such as Maimonides,
O’Grady
But like many bankruptcy rescues generate consultations. to “receive companies that protected themselves from persecution by swaddling their
m er

thinking of in- efficiency gains and create After months of standoff, may have pending issues, true meaning in layers of verbal camouflage.
vesting in this country nowa- wealth. But in this case they the U.S. now has the right to some disagreement with the The trouble with this analysis is that it doesn’t apply
days, he could run into trou- also hide a sad reality: Mexico request an arbitration panel attitude of our government; to Plato’s critique of democracy, which rather than being
ble because President Andrés isn’t capitalizing on its unique to hear the case. But the Bi- we are always open to dia- swaddled in verbiage is right there on the surface. All
Manuel López Obrador doesn’t comparative advantages—geo- den administration is dither- logue.” Translation: Kiss my Strauss did, as a German-Jewish émigré who came of age
m rp

approve. AMLO, as the presi- graphic, demographic and po- ing. Worse, it’s considering a ring—I’m the decider. during World War I and the Weimar Republic, was agree
dent is known, said Friday litical—in nearshoring value- Arbitrary treatment of in- with Plato that democracy is the most dangerous form of
that he would deny Mr. Musk added manufacturing. The vestors damages the country’s government, because its lack of grounding in an objective
the permits to set up shop on country’s FDI potential is sig- But López Obrador capacity to generate cheap, moral order makes it vulnerable to the passions of the
the outskirts of Monterrey, nificantly higher. plentiful energy for manufac- mob—resulting, inevitably, in tyranny.
says he’ll allow the
co Fo

the state capital. Antonio del Valle, president turing. It also harms Mexico’s Plato’s larger point is that, while an objective moral
Mexico ought to be a hot of the Mexican Business Coun- U.S. to subsidize investment profile. order can be discerned through philosophy, it cannot serve
destination for high-tech cil, said this month that Mex- Nuevo León is one of Mex- as the basis of a political regime unless the ruler is a
value-added manufacturing ico could attract capital at Mexico’s wind farms. ico’s most modern states. Its philosopher—and no true philosopher wants to rule.
capital as investors turn away twice the current rate if it had proximity to the U.S. and ac- Plato’s solution was to ground the political order in a
from China. It isn’t, and it’s the right policies. To reach cess to valuable human capi- “noble lie,” meaning a set of beliefs, preferably religious,
worth examining the reasons. the $70 billion in FDI that is green-energy subsidy for Mex- tal and technology make it ap- that can encourage virtue in the citizens while protecting
Entrepreneurs are sniffing possible, he argued, Mexico ico according to AMLO. The pealing to Tesla. The Mexican the philosophers’ freedom to ask radical, potentially dis-
around the southernmost needs fixes on the energy CFE recently tweeted: “With daily Reforma reported in De- ruptive questions.
partner of the U.S.-Mexico- front and in infrastructure US financing, 4 out of 10 in- cember that the “investment, Here we must distinguish between two different inter-
Canada Agreement—USMCA. along with “a rule of law dustrial parks on the Isthmus including initial phases and pretations of Plato. The first, more Nietzschean one sees
But the moment is being throughout the country, clear of Tehuantepec will be wind- future expansions, would ex- the noble lie as a smokescreen intended to conceal from
squandered by a caudillo rules that do not change and generated and owned by the ceed $10 billion,” according to everyone except the philosophers the stark (if liberating)
n-

president who has no respect that generate certainty for CFE, the president reported an unnamed source. But fact that objective morality does not exist. The second, more
for the rule of law. Things in us.” The status quo is any- after announcing a visit by AMLO has turned down the traditional one sees the noble lie as a good-faith attempt to
Mexico are now done accord- thing but certain. John Kerry to the country on project, citing concerns that it adjust the moral order—which does exist—to the contin-
ing the rule of AMLO, signal- In signing the USMCA, March 19.” This would prop up would strain water resources. gencies of politics and the imperfections of human nature.
no

ing great uncertainty for risk Mexico agreed to open its oil, the failing CFE even as Mexico The Mexican Institute for
capital. gas and electricity markets to discriminates against private Competitiveness refutes that
In 2022 Mexico attracted competition—foreign and do- power generators, including claim with facts. It can be no After Tiananmen, the Chinese Communist Party
$35 billion in foreign direct mestic. Pemex, the state- renewable investors. The State coincidence that the president began using the classic thinkers of Western
investment, up from $31.5 bil- owned oil behemoth, and the Department didn’t respond to favors putting the facility in
lion in 2021, according to the federal electric utility, known a request for comment. the central state of Hidalgo, antiquity to legitimize its monopoly on power.
Ministry of the Economy. The by its initials as CFE, are To minimize pressure from close to his failed airport
government touts the increase struggling in this new environ- foreign governments, AMLO project.
as a big win. Yet in the first ment. But rather than let them is negotiating with busi- AMLO’s strong-arm tactics Both interpretations have been espoused by Straussian
quarter of 2022, two extraor- become mere rivals to other nesses on a case-by-case ba- sometimes work. But the op- scholars. But the first has been justly criticized for ignoring
dinary transactions, unrelated producers, Mr. López Obrador sis. In 2020 he told the portunity cost to Mexico can’t the mature Strauss, who after years of living in Britain
to manufacturing, distorted is trying to restore their mo- American company Sempra be overstated. and the U.S. wrote approvingly of Anglo-American liberal
the picture. The media merger nopoly power in violation of that he would grant a permit Write to O’[email protected]. democracy. At that stage, he had come to appreciate that it
was an ingenious, and mostly successful, resolution of the
tension between the freedom required for philosophy and

Jiddoo’s Guide to a Long and Happy Life the constraint required for social and political stability.
Rather than make this important distinction, Ms. Bartsch
adopts the perspective of those critics, including a fair
By Carine Hajjar modest, sometimes strict, and pression and the son of Leba- tal and spontaneous: His fa- number of classicists, who view Strauss not as a scholar but

M
funny. He plants a garden ev- nese immigrants, he learned vorite Western is on TV, the as a political opportunist who misread ancient texts for
y grandfather drinks ery spring and goes on daily never to waste anything or lawn is getting enough rain, cynical motives. Indeed, she echoes the charge, made in the
one cup of black Fol- walks. He reads the paper ev- buy something he can’t make the rabbits didn’t get to the New York Times Magazine in 2004, that various Straussians
gers coffee every ery day and does the cross- himself. Coffee grounds be- cucumbers, his granddaughter influenced George W. Bush’s advisers to deceive their fellow
morning. No cream, no milk, word. He’s always well- come fertilizer for the garden. stops by for a visit, his wife citizens with a “noble lie” about the real motives behind
no sugar. He brews it himself. dressed, wearing a polo shirt Money not spent at Star- says, “I love you.” America’s invasion of Iraq.
Beware the fate of having a with khakis for lounging and bucks—or on fertilizer—turns There is only one instance This may explain why Ms. Bartsch devotes so little
Starbucks or Dunkin’ cup in a three-piece suit for church into generous checks for our of Jiddoo buying an expensive attention to the “apolitical professors” studying the classics
hand around Jack Hajjar, for every Sunday. He’s able to parish and various charities. coffee. He was visiting his in China and so much to “the loudest public intellectuals,”
he will surely make a com- The sweetener not wasted in girlfriend in Manhattan in meaning the ideological warriors who serve the party by
ment. His grandchildren rou- his coffee saves him from guilt 1960 while she was working rummaging through Plato and other classic authors for
tinely hide their coffee-shop Keep it simple, take (and high blood sugar) should for the United Nations. A viva- scraps of evidence that the ancient wisdom of the West
purchases in the car before only what you need, he indulge in his one luxury: cious, glamorous and certainly stands in direct opposition to its modern ideals. Why she
running inside to visit. dessert. less economical Evalynne quotes so many egregiously ignoble lies churned out by
“Those three bucks add and skip Starbucks. Sometimes his grandchil- Corey had stolen his heart. He these “thought workers” is not clear. Unless she is trying
up,” he always says, often cal- dren sabotage him into indul- spent $17—after inflation, far to create the impression that it is somehow the fault of
culating the annual waste of a gence. Knowing his only vice, more than he would have at Leo Strauss.
daily Dunkin’ run. How I’d continue wearing those splen- we’ll make sure dessert is his Starbucks—on two coffees and If so, that is regrettable, because the true antecedents
hate to tell him that I spent did custom-tailored suits he favorite: key lime pie. He’ll some pastry at a swanky Man- of this “thought reform” are the mind-control techniques
$7 on a fancy Manhattan brew bought six decades ago be- never ask for it if given the hattan restaurant to impress developed by Lenin and Stalin after the Bolshevik
the other day. To those toting cause he’s maintained the choice. her. Sixty-three years later, Revolution, then adopted by Hitler and the Nationalist
cups of retail java, he often same weight since he served He lives a humble life they are married with three government in China before being honed to demoniacal
suggests ditching the daily in the Navy during World War though he can afford not to. children, 11 grandchildren and perfection by Mao. A broader perspective might have
purchase and investing the II. And though I sometimes wish two great-grandchildren. illuminated the deeper reasons why 21st-century China is
equivalent in the stock mar- He has this remarkable he’d let us spoil him, he’s What looked like a splurge becoming a place where no one, not even the philosopher,
ket. vigor because he lives his life taught me that life is sweetest turned out to be an invest- can speak truth to power.
Jiddoo, as his grandchil- the same way he approaches when you don’t chase indul- ment.
dren call him—Lebanese Ara- coffee: He avoids overindul- gence. The lows aren’t as Ms. Bayles teaches in the political science department of
bic for grandfather—is 98, gence and takes only what he painful and the highs are a tri- Ms. Hajjar is the Journal’s Boston College and is a nonresident fellow at the Institute for
sharp, upright, generous, needs. A child of the Great De- umph. His joys are fundamen- Joseph Rago Memorial Fellow. Advanced Studies in Culture at the University of Virginia.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Monday, February 27, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

S.O.S for the U.S. Electric Grid A New U.S. Program of Nuclear Deterrence

T
he warnings keep coming that the policies could reduce generation by 8,900 MW. Your editorial “Putin Buries Nuclear clear weapons, enhances deterrence.
force-fed energy transition to renew- Do these states plan to rely on their good Arms Control” (Feb. 22) correctly dis- Unfortunately, visions of a nuke-free
counts the significance of Vladimir Pu- world have been overly embraced by
able fuels is destabilizing the U.S. elec- neighbors for power?
tin’s withdrawal from the New Start numerous administrations of both
tric grid, but is anyone in Many states have estab- Treaty, explaining that nuclear deter- parties. Given Russia’s embrace of its
government paying atten- PJM Interconnection lished ambitious renewable rence is buttressed by U.S. nuclear ability to prevail in a nuclear war, the
tion? Another S.O.S. came sounds the latest alarm. goals, and the Inflation Re- force deployments and not by arms- U.S. must give up on nuclear aboli-
Friday in an ominous report duction Act lavishes enor- control treaties, particularly given tionism and refocus on a credible nu-
from PJM Interconnection, The political class yawns. mous subsidies on wind, so- Moscow’s frequent noncompliance. clear war-fighting strategy.
one of the nation’s largest lar and batteries. But the Given America’s demanding extended Today’s challenges require the U.S.
grid operators. report says the “historical deterrence commitments to defend nu- to re-emphasize the first-use policy
The PJM report forecasts power supply and rate of completion for renewable projects has merous allies from conventional and (already embraced by Russian military
demand through 2030 across the 13 eastern been approximately 5%,” in part because of nuclear attacks, however, Washington doctrine) and stress that a properly
states in its territory covering 65 million peo- permitting challenges. In an optimistic case, should take several additional deter- prosecuted nuclear war can be won.
rence-enhancing steps. We need to respond robustly to Mr.
ple. Its top-line conclusion: Fossil-fuel power the report estimates 21,000 MW of wind, solar
First, deterrence is bolstered by a Putin’s nuclear taunts, stating that
plants are retiring much faster than renewable and battery storage capacity will be added to nuclear-use policy, targeting enemy any use of Russian nuclear weapons
sources are getting developed, which could the grid by 2030—about half as much as the assets based on the enemy’s own val- against Ukraine would so malignantly
lead to energy “imbalances.” That’s a delicate expected fossil-fuel retirements. ues and weaknesses. This is why the change the post-World War II global
way of saying that you can expect shortages There’s another problem: Demand for elec- U.S. moved from a “assured mutual security environment that it would be
and blackouts. tric power will increase amid the growth in destruction” policy, targeting Soviet met by a vigorous U.S. response.
PJM typically generates a surplus of power data centers and the government’s push for cities in the 1960s, toward hitting the Facilitating Russian defeat in
owing to its large fossil-fuel fleet, which it ex- the electrification of vehicles, heating and ev- Soviets where it mattered to them Ukraine would also discourage Bei-
ports to neighboring grids in the Midwest and erything else. Loudoun County, Va., boasts the most. The final iteration of this jing’s attack on Taiwan. China is rap-
Northeast. When wind power plunged in the “the largest concentration of data centers in strategy, adopted during Jimmy idly building its nuclear forces but
Midwest and central states late last week, PJM the world,” the report notes. Carter’s presidency, targeted Commu- won’t approach nuclear parity with
nist Party headquarters and railways the U.S. until 2030 at the earliest (it’s
helped fill the gap between supply and de- The report doesn’t say this, no doubt owing linking European Russia with Siberia. during these years that U.S. conven-
mand and kept the lights on. to political reticence, but the conclusion is Given Mr. Putin’s highly personalized tional force vulnerabilities in any
That’s why it’s especially worrisome that clear. The left’s green-energy transition is in- regime, the U.S. contingency plan conflict with China loom largest.) Dis-
PJM is predicting a large decline in its power compatible with a growing economy and im- should be to target Russian leaders counting Mr. Putin’s nuclear threats,
reserves as coal and natural-gas plants retire. proving living standards. Renewables don’t and their close associates, as well as abandoning self-deterrence and re-
The report forecasts that 40,000 megawatts provide reliable power 24 hours a day, 365 the key transportation facilities con- turning the U.S. to a muscular nu-
(MW) of power generation—enough to light days a year, and the progressive campaign to necting Russia proper with restive clear policy would bolster deterrence
up 30 million households—are at risk of retir- shut down coal and gas plants that do will in- Muslim and Asian regions. of Beijing, too.
ing by 2030, representing about 21% of PJM’s variably result in outages. Second, robust U.S. declaratory DAVID B. RIVKIN JR.
current generation capacity. During an arctic air blast this past De- policy, describing how we view nu- Falls Church, Va.
Most projected power-plant retirements cember, PJM ordered some businesses to
are “policy-driven,” the report says. For exam- curtail power usage and urged households
ple, the steep costs of complying with Envi- to do the same. PJM narrowly avoided roll-
What Threatens Israeli Judicial Independence?

.
ronmental Protection Agency regulations, in- ing blackouts as some generators switched

ly
cluding a proposed “good neighbor rule” that to burning oil. But what will happen when Ruth Wisse’s op-ed “God Save This But political power over appoint-
is expected to be finalized next month, will those power plants shut down? A power Honorable Court, but Not That One” ments is another matter. That’s part
force about 10,500 MW of fossil-fuel genera- shortage at PJM has the potential to cascade (Feb. 17) is a reminder that the prin- of the healthy back-and-forth be-
tion to shut down.
At the same time, utility-company ESG (en-
on
across much of the U.S.
Government officials have been raising
vironmental, social and governance) commit- alarms about the risks of cyber and physical
ciples underlying the U.S. Constitu-
tion are often misunderstood, at
home as well as abroad. In America,
the role of the political branches in
tween the political branches and the
courts. Like all other constitutional
authority, it can be misused. But it’s a
mistake to assume that political con-
ments are driving coal plants to close, the re- attacks on the grid. But what about the accel-
appointing judges is part of the Con- trol over judicial appointments is by
us ,

port notes. Illinois and New Jersey climate erating danger from climate policy?
stitution’s checks and balances, and it itself an intrusion on judicial inde-
l

coexists with judicial independence. pendence. That’s not true in America,

e
al a

Another Turn in the Wuhan Leak Story This coexistence is possible be-
cause judicial independence isn’t a
and it needn’t be true in Israel.
PROF. PHILIP HAMBURGER

T
freedom from political control over Columbia Law School
ci on

he Journal scoop Sunday that the U.S. it knows. That may explain the timing and per- appointments. At its core, it tradi- New York
Department of Energy has concluded haps the impetus of the leak about the DOE tionally was the judges’ exercise of Mr. Hamburger is author of “Law
that the Covid-19 virus leaked from a lab judgment. It’s another notable example of how independent judgment in cases—a and Judicial Duty.”
in Wuhan, China, doesn’t the change in House control is judgment undisturbed by internal
mean the case is definitive. More evidence that countering media and govern- passions or outward pressures. Given that there seems to be no
er s

But it is more evidence that If, however, the legislature were to constitutional limit on the Israeli Su-
those who derided the ment conformity.
pressure the judges in giving their preme Court, it is perhaps not sur-
the media and public-health On April 22, 2020, we pub-
m er

judgments, or alter their judgment prising that a legislative override has

groupthink about Covid was lab origin were wrong. lished Arkansas Sen. Tom Cot- entered in a particular case, that been proposed. But having the voting
mistaken and destructive. ton’s op-ed pointing to the would interfere with judicial indepen- rule at 50% plus one makes the court
The salient detail is that possibility of the lab leak and dence. There can’t be a presidential superfluous. An obvious political so-
DOE’s judgment is based on “new” but still se- raising doubts about Beijing’s claim that it had veto or a congressional override of a lution is to require a special majority
m rp

cret intelligence. Yet DOE’s new judgment is originated in an animal “wet market.” The me- court decision in a particular case, to override a court opinion.
nonetheless made with “low confidence.” The dia conformity caucus immediately derided Mr. and there shouldn’t be any such polit- ANDREW GOLD
FBI has concluded that the Wuhan Institute of Cotton for peddling a “conspiracy theory” that ical power over the judiciary in Israel. New York
Virology was the “likely” origin of the virus, but had been “debunked,” as the Washington Post
other U.S. intelligence agencies either don’t be- put it at the time.
The FDA and the Statistics of Drug Discovery
co Fo

lieve they have enough evidence or believe it We have since learned that public-health of-
had a natural origin. ficials wanted to hide that U.S. financial aid to Your editorial “The FDA Returns to works or the size of the treatment ef-
China has covered up whatever evidence it the Wuhan lab may have contributed to the Its Bad Habits” (Feb. 21) explains, fect. This matters because combining
has about the virus’s origin, and it refuses to “gain-of-function” research that could have led “Reata’s p-value was 0.014, which information from multiple sources
let the World Health Organization conduct a to the leak. It is a disgraceful episode, like so means there was a 1.4% chance that changes the interpretation; running
more thorough probe than it did in 2021. News much of the initial Covid dogma. its positive result was a fluke.” another test with the same result
reports say the WHO recently abandoned the Given China’s coverup, we may never know A related, true statement would would improve our confidence.
second phase of its investigation. China’s be- for sure how the virus first struck humans. But be: A treatment that did nothing Unfortunately, background informa-
havior is prima facie evidence that it fears what Americans deserve to know the facts about the would only show an effect that strong tion from drug discovery makes the
an independent inquiry might find. relationship of the U.S. National Institutes of or stronger 1.4% of the time. The key result weaker than the above state-
House Republicans are moving ahead with Health to the Wuhan lab and to promoting gain- difference is that we don’t know be- ment about p-value would imply. Drug
forehand if the treatment is effective, companies try lots of potential treat-
their own investigation and are pressing the Bi- of-function research. The early deception also
n-

and the p-value is about conditional ments, most of which fail. If, for exam-
den Administration for more detail about what needs to be exposed. probability from the experiment, not ple, they test 100 different treatments,
directly about whether the treatment all of which did nothing, you’d expect

Wisconsin’s Judicial Donnybrook at least one to show a p-value of 0.01.

no

Under the circumstances, the proper

DirecTV, Newsmax and the

J
result is probably to run a larger test,
udicial elections used to be sleepy, non- don’t think you could sell any reasonable per- Political Coercion of Business with greater statistical power, to con-
partisan affairs, but not anymore. A race son that the maps are fair,” Ms. Protasiewicz firm the promising signal.
for an open Supreme Court seat in Wis- told a candidate forum. “I can’t tell you what Regarding your editorial “The JON LEONARD
consin has become a brawl I would do on a particular Right’s Wrong Attack on DirecTV” Sunnyvale, Calif.
The Democrat is (Feb. 16): How do you explain that Di-
with the Democratic candi- case, but I can tell you my val-
recTV also canceled One America
date all but declaring how all but saying how ues, and the maps are wrong.”
she’ll rule on cases. No one believes she won’t
News about a year ago? Doesn’t it The Russian Soldier’s Hat
seem odd that two of the three con-
Conservatives on the Wis- she’d vote on cases. overturn the maps in a future servative stations have been removed
It’s the details that speak loudest.
consin court hold a 4-3 ma- case. In the background of the photo ac-
from the platform, while the many
jority, but conservative Jus- Also in her potential line companying your editorial “America’s
liberal stations remain?
Choice in Ukraine” (Feb. 22) online, a
tice Patience Roggensack is retiring. of fire: Act 10, the landmark 2011 law that lim- ANN BURROWS
Russian soldier is wearing an Under
Democrats are giddy at the prospect of con- ited the ability of government unions in Wis- Pflugerville, Texas
Armour baseball hat. He isn’t wearing
trolling the court for the first time in more consin to collectively bargain. The state’s a Russian Army-issued hat, but one
than a decade, and they’re not hiding their am- right-to-work law, voter ID requirements and Are you willing to apply the princi-
from an American sports brand—and
bition to turn it into a policy engine. a voucher program for private schools could ple that “political coercion of busi-
he’s standing near Vladimir Putin. It’s
ness is distasteful” to Florida Gov.
In last week’s four-way judicial primary, also be vulnerable. laughable, but it says to me that the
Ron DeSantis, who has punished a
Milwaukee County Circuit Judge Janet Prota- Mr. Kelly, the GOP nominee, is running company for speaking against his
Russians are toast.
siewicz led the field with some 46.5% of the largely against Judge Protasiewicz’s record of When the starving German soldiers
views? Milton Friedman argued that
vote and conservative Daniel Kelly finished leniency toward felony defendants. One irony discovered that American GIs had
state coercion of business destroys
second with about 24%. They eliminated con- is that Democrats spent heavily to help Mr. chocolate and cigarettes with their
freedom. It matters not whether you
rations, they knew the war was lost.
servative Judge Jennifer Dorow (22%) and lib- Kelly get through the primary because they agree with the state’s objective.
STEPHAN KOCH
eral Judge Everett Mitchell (7.5%). The runoff think he’ll be easier to beat. He was appointed JOSH WIENER
Hunt Valley, Md.
is on April 4. by former Gov. Scott Walker in 2016 but lost Stillwater, Okla.
Judicial candidates are traditionally cir- a retention election in 2020 after being en-
cumspect about their policy views so as not to dorsed by Donald Trump. In last week’s pri-
give the appearance of prejudging cases. Judge mary he was third after fellow conservative The Criterion That Matters Pepper ...
Protasiewicz has abandoned such legal nice- Jennifer Dorow and Ms. Protasiewicz in Wau- Reading Stanley Goldfarb’s letter And Salt
ties, all but forecasting her views on future kesha County, a GOP stronghold. on racial preferences in medical
THE WALL STREET JOURNAL
cases. She’s been especially blunt on abortion The race is sure to be the most expensive schools (Feb. 22), a question comes
rights. When the U.S. Supreme Court returned judicial election in Wisconsin history—with to mind: In the event of a mugging,
abortion policy to the states last year, Wiscon- more than $6 million already spent by candi- would I rather have a social worker
or a policeman arrive to rescue me
sin law reverted to an 1849 statute that makes dates and outside groups. Judge Protasiewicz
and catch the perpetrator? The an-
performing an abortion a felony except to save raised some $2 million in the primary, more swer is that I want the person best
the woman’s life. than the other three candidates combined. Na- equipped to save my life.
In one ad called “Janet for Justice—Com- tional progressives are pouring money into the BARBARA WICKWIRE
mon Sense,” she says, “I believe in a woman’s contest. Mr. Kelly is counting on conservative Boca Grande, Fla.
freedom to make her own decision on abortion. donor Richard Uihlein’s Fair Courts America,
It’s time for a change.” But changing the law but he’ll need much more to be competitive
Letters intended for publication should
is the job of the Legislature and Governor. with the progressive machine. be emailed to [email protected]. Please
She has also criticized the state’s contested The Wisconsin spectacle shows how much include your city, state and telephone
judicial maps, calling them “rigged” though the judiciary is now being treated like the third number. All letters are subject to
the Supreme Court reviewed them in 2022. political branch of government. It’s a depress- editing, and unpublished letters cannot “Wish there was an
be acknowledged.
“They do not reflect people in this state. I ing turn of events, but that is where we are. antibody for inanity.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, February 27, 2023 | A17

OPINION

Vanguard’s CEO Bucks the ESG Orthodoxy

By Terrence Keeley on its fiduciary duties. in setting the ground rules to

V
Mr. Buckley’s assertions would be achieve a just transition.” Betting his
anguard’s Tim Buckley is innocuous if he were a small hedge- clients’ money on politicians and
having a Copernican mo- fund manager or a climate-change de- regulators consistently doing the
ment. Like the famous Re- nier. He is neither. Depending on how “right” thing would be irresponsible.
naissance polymath who and when you measure, Vanguard is There is a receding chance the globe
challenged conventional the largest or second-largest asset will be at net zero by 2050. No one
wisdom about celestial movement, manager in the world. Pulling his firm should promise to base his entire in-
the 54-year-old CEO is challenging out of the world’s largest association vestment strategy on such odds.
the asset-management industry’s en- of financial institutions dedicated to If Mr. Buckley is right, then hun-
vironmental, social and governance net-zero goals should have seismic dreds of other financial institutions
orthodoxy. implications. What is it that Mr. Buck- with trillions of assets under man-
“Our research indicates that ESG ley knows that so many others don’t? agement are wrong. Asset managers
investing does not have any advan- For one thing, he understands who promise to prioritize invest-
tage over broad-based investing,” that it’s difficult for active managers ment performance should reject
Mr. Buckley said in a recent inter- to beat broad indexes, as most ESG shoehorning their clients’ capital

VANGUARD
view with the Financial Times. funds promise. “In investing, you get into an unknown and unknowable fu-
Matching word to deed, his com- what you don’t pay for,” as Vanguard ture. They should also stop pretend-
founder John C. Bogle observed. “In- ing they know more about how to
telligent investors will use low-cost Vanguard CEO Tim Buckley run companies than full-time corpo-
Tim Buckley pulls out of index funds to build a diversified rate boards whose sole job is to
portfolio, . . . and they won’t be fool- weight the latter. Rather than em- given to carbon reduction over energy maximize their shareholders’ long-
the Net Zero Managers ish enough to think that they can brace diversification and own a mar- affordability and reliability, as they’ve run interests.
initiative and affirms his consistently outsmart the market.” ket-weighted amount of everything, done in the past year, the investment Rejecting prevailing beliefs is
Mr. Buckley effectively claims that ESG funds practice “deworsifica- universe would no longer reflect how hard. Al Gore called Mr. Buckley’s
fiduciary duty to clients. ESG managers are playing the fool tion,” clinging to a restricted list of the real economy operates. decision “irresponsible and short-
and taking their clients’ money with companies and hoping for the best. Finally, Mr. Buckley knows that sighted.” Freeing the asset-manage-
them. Fewer than 1 in 7 active equity Mr. Buckley also knows that Van- the largest index manager in the ment industry from a prevailing or-
ments came after he had withdrawn managers outperform the broad mar- guard can’t promise to be a fiduciary world isn’t qualified to tell individ- thodoxy that promises wealth and
his firm from the $59 trillion Net ket in any five-year period. Over the to its clients while also committing to ual companies how to set their ESG environmental sanctity while deliv-
Zero Asset Managers initiative, an past five years, not one relied exclu- align its assets with the 2050 net- priorities. “It would be hubris to ering neither requires monumental
organization that is part of the $150 sively on a net-zero investment zero target. Signatories to such initia- presume we know the right strategy fortitude.
trillion United Nations-affiliated methodology. Outperforming the tives effectively commit to reducing for the thousands of companies that It took some 360 years before the
Glasgow Financial Alliance for Net market is even more difficult over their volume of investments in com- Vanguard invests in,” he told the FT. Vatican formally acknowledged its
Zero. Both alliances are committed longer time horizons—only 1 in 10 panies not aligned to the Paris Agree- “We just want to make sure that the error in rejecting Copernicus’s
to restricting their investments over over 10 years, and 1 in 20 over 20 ment without ever knowing how risks are being appropriately dis- theory of heliocentrism. Let’s hope
time to companies that are compli- years, ever do. much of the global economy will be closed, and that every company is Mr. Buckley’s critics won’t wait
ant with the Paris Agreement’s ob- Last year, tech stocks fell by more compliant or investable. In other playing by the rules.” three centuries before admitting he
jective of net-zero greenhouse gas than 30% while the energy sector, words, being a member of a net-zero Most important, Mr. Buckley un- was right.
emissions by 2050. Mr. Buckley including oil and gas firms, gained alliance requires clairvoyance—some- derstands that progress toward net-
claims the financial world, swept up nearly 60%. Yet because of their net- thing Mr. Buckley, in good conscience, zero emissions doesn’t depend on Mr. Keeley is CEO of 1PointSix LLC
in climate-change fervor, can’t make zero pledge, ESG funds continue to can’t promise. If acts of war or nature how people invest: “Politicians and and author of “Sustainable: Moving

.
such commitments without reneging overweight the former and under- force a sudden rethink of the priority regulators have a central role to play Beyond ESG to Impact Investing.”

ly
Three Years Late, the Lancet Recognizes Natural Immunity on
The Lancet medical perts at the University of Washington also generate and train B and T white Declaration in autumn 2020. vaccines. The first concern was unsup-
journal this month have confirmed it in a leading—and blood cells that prevent serious ill- Recall that the declaration called ported, and the second was no reason
published a review left-leaning—journal, it’s fit to print. ness after antibodies wane. for a new pandemic strategy with a fo- to deny scientific reality. Public-health
of 65 studies that The Lancet study’s vindication of Repeat exposures train our im- cus on protecting the elderly and vul- officials in the U.S. nonetheless dug in
us ,

concluded prior in- natural immunity fits a pandemic mune systems to live with and fight nerable while letting those at low risk and refused to provide exemptions
l

fection with pattern: The public-health clerisy re- off viruses as they become endemic. for severe illness “live their lives nor- from vaccine mandates for those with
e
al a

Covid—i.e., natural jects an argument that ostensibly Think of it as peaceful coexistence. mally to build up immunity to the vi- natural immunity, as many European
LIFE
immunity—is at threatens its authority; eventually it’s We tolerate viruses rapidly replicat- rus through natural infection.” The countries did.
SCIENCE
least as protective forced to soften its position in the ing in our upper respiratory pas- aim was to minimize deaths and social Meantime, tech companies sup-
ci on

By Allysia
as two doses of face of incontrovertible evidence; and harm until we reach herd immunity. pressed discussions of natural immu-
Finley
mRNA vaccines. yet not once does it acknowledge its While the goal of herd immunity nity. Twitter flagged posts that
The most surpris- opponents were right. The public-health clerisy proved elusive as the virus mutated, claimed natural immunity was supe-
ing news was that the study made the The supposition that prior Covid in- the declaration’s central premise was rior to vaccines as “misleading.”
mainstream press. fection could protect against future ill- rediscovers a principle of correct: “As immunity builds in the Facebook’s misinformation policy
er s

“Immunity acquired from a Covid ness was deeply rooted in immunology immunology it derided population, the risk of infection to still restricts distribution of content
infection is as protective as vaccina- before studies bore it out. Those who all—including the vulnerable—falls.” that “implicitly discourages vaccina-
throughout the pandemic.
m er

tion against severe illness and death, dismissed natural immunity argued it This is what has happened over the tion by advocating for alternatives”
study finds,” NBC reported on Feb. 16. wasn’t known how long protection past three years. Vaccines helped such as “natural immunity.”
The study found that prior infection against reinfection would last. That’s mitigate severe illness while people The false denial of natural immu-
offered 78.6% protection against rein- true. We still don’t know exactly, and sages, which allows them to transmit developed stronger natural immunity. nity caused vaccine skeptics to dig in
fection from the original Wuhan, Al- it seems to vary by person and variant. to other people, without mounting an Although the virus has become and fueled suspicions that public-
m rp

pha or Delta variants at 40 weeks, Over their lifetimes people are fre- overkill immune response that ends more transmissible, we’ve built up health officials were in the pocket of
which slipped to 36.1% against Omi- quently reinfected with viruses that up harming ourselves. what experts call an “immunity wall” vaccine makers and dishonest about
cron. Protection against severe illness cause respiratory illnesses, including Anthony Fauci and two co-authors that prevents it from spreading like a other things as well.
remained around 90% across all vari- other coronaviruses. But healthy peo- explained this process last month in wildfire through a dense, dry forest, The Lancet study could serve a
ants after 40 weeks. These results ex- ple rarely get severely ill with a virus the journal Cell Host & Microbe. The as happened in China after Beijing useful political purpose by giving
co Fo

ceed what other studies have found to which they’ve already been ex- concept of natural immunity isn’t sci- lifted its zero-Covid policy. public-health officials cover to relax
for two and even three mRNA doses. posed. Infections generate antibodies entifically controversial, yet it was The public-health clerisy worried vaccine mandates, which in turn
This comes after nearly three years in blood and the membranes of the disparaged by public-health officials that acknowledging natural immunity could reduce resistance to vaccines.
of public-health officials’ dismissing upper respiratory tract that prevent who associated it with opposition to would encourage people to get in- But this would require the clerisy to
the same hypothesis. But now that ex- reinfection in the short-term. They lockdowns and the Great Barrington fected or discourage them from getting concede its opponents were right.

Netanyahu’s Judicial Reform Doesn’t Go Far Enough

By Michael B. Mukasey is “reasonable.” The court has ap- appear in court to argue against the the May 2020 decision. Mr. Netan- Mr. Netanyahu’s judicial-reform

J
plied even that tenuous standard in- government’s position and can ban yahu must answer the petition by proposals would bring more demo-
udges and attorneys general consistently. In 1999, when Prime the government from seeking private March 12. In sum, the attorney gen- cratic representation to the appoint-
n-

throughout the world—I’ve Minister Netanyahu tried to close the counsel to defend its policies. In such eral has cited the authority of the ment process by expanding member-
served in both capacities in the Palestine Liberation Organization’s cases, the government’s own lawyer Supreme Court to decide when and ship of the committee to 11, of whom
U.S.—wield substantial authority. In headquarters in Jerusalem, the court in effect denies it representation. to what extent the prime minister three would be Knesset members and
any sound legal system, such author- held that the step was unreasonable This allocation of authority can may function as prime minister. three would be ministers of the
no

ity is subject to clear, objective lim- because parliamentary elections create bizarre situations. On Feb. 2, This extraordinary scenario is all elected government. The process
its. That seemingly unexceptional were only months away. But five the Israeli attorney general directed the more remarkable given that the would still fall short of the U.S.
principle might help clarify the de- days before the 2022 parliamentary Prime Minister Netanyahu to cease attorney general is named by a five- model of purely political appoint-
bate roiling Israel over the country’s elections, the court sustained the his involvement in “initiatives touch- member committee consisting mostly ments—presidential nomination and
Supreme Court justices and attorney power of Prime Minister Yair Lapid’s ing on the legal system, in the frame- of unelected officials, such as a for- Senate confirmation. Mr. Netanyahu
general, and Prime Minister Benja- government to enter into an agree- work of the process termed ‘legal re- would also restrict the attorney gen-
min Netanyahu’s proposals to change ment yielding portions of what were form,’ ” although those initiatives eral to providing advice and permit
that authority and the method of se- claimed to be Israel’s territorial wa- were being pursued by the govern- Israel should establish the government and each ministry to
lecting justices. ters to Lebanon. ment Mr. Netanyahu was elected to determine its own legal position in
Unlike the U.S., Israel doesn’t have The Supreme Court’s authority of- head. The basis for this directive was rules of standing and court, represented if necessary by
a constitution to constrain court rul- ten is exercised in tandem with that a May 2020 decision by the Supreme recognize the distinction counsel other than the attorney gen-
ings. It doesn’t require that a party of Israel’s attorney general, who Court that Mr. Netanyahu must avoid eral.
bringing a case have standing—a di- serves a six-year term and isn’t part conflicts of interest relating to his between policy and law. The government’s most controver-
rect and personal stake in the out- of the elected government. Since continuing criminal trial on corrup- sial proposed change would give the
come of the dispute. In Israel, anyone 2000, the attorney general’s role as tion charges. Mr. Netanyahu denies Knesset authority to override a Su-
may file a case on any issue, which legal adviser to the government has the charges, which in any event were mer Supreme Court justice, a law pro- preme Court decision, although pro-
raises the ante in the current debate. expanded into legal authority over known to voters when they elected fessor and a representative of the bar ponents of this change have said they
Nor do Israeli courts recognize the the government. Israel’s courts treat him. The attorney general seems deaf association. Justices are chosen by a are willing to abandon it. Critics say
distinction between legal issues—re- any directive by the attorney general to the irony of invoking nonstatutory nine-person committee whose mem- this change threatens both the rule
solved in the U.S. by courts—and pol- as legally binding on the govern- conflict-of-interest principles to halt bership—including the justice minis- of law and democracy itself. But in
icy issues, including military tactics ment. Initially by attorney general efforts at reforming her own office. ter, one additional minister and two view of the court’s sweeping self-im-
and cabinet appointments, which in directive in 2002, and later by order After the Feb. 2 directive, the Su- members of the Knesset—is pre- posed authority, it is difficult at
the U.S. are left to the political of the government in 2009, the attor- preme Court chose to hear a petition scribed by statute. The panel includes times to describe the current condi-
branches. ney general has the authority to con- by a group called the Movement for three current justices, who vote as a tion as the rule of law.
Moreover, Israel’s Supreme Court trol the legal advisers within each Quality Government in Israel, seeking bloc, effectively exercising veto power Not all the government-spon-
has taken on the authority to base its ministry and government office. In to have Mr. Netanyahu declared unfit and letting the court insulate itself sored changes are likely to be ad-
decisions on whatever it determines addition, the attorney general may to govern based on his violation of from dissenting views. opted. Even if they were, they
would simply empower a more dem-
ocratically chosen set of govern-

Notable & Quotable: Smoking

ment officers to decide—in the trap-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY pings of a legal setting—issues that
Rupert Murdoch Robert Thomson aren’t actually susceptible to legal
Executive Chairman, News Corp Chief Executive Officer, News Corp From a Feb. 23 Associated Press do not become addicted to smok- analysis, but are essentially legisla-
Emma Tucker Almar Latour dispatch: ing,” said Assemblymember Damon tive policy judgments. This would
Editor in Chief Chief Executive Officer and Publisher
Connolly, a Democrat from San Ra- change the actors but not the mas-
Jason Anders, Deputy Editor in Chief DOW JONES MANAGEMENT: SACRAMENTO, Calif. (AP)—Some fael and the author of the bill. . . . querade.
Neal Lipschutz, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; California lawmakers want to even- The bill would not penalize peo- Real reform would recognize the
Thorold Barker, Europe; Elena Cherney, News; Mae M. Cheng, SVP, Barron’s Group; David Cho, tually ban all tobacco sales in the ple for using or possessing tobacco distinction between legal issues that
Andrew Dowell, Asia; Brent Jones, Culture, Barron’s Editor in Chief; Jason P. Conti, General
nation’s most populous state, filing products. Instead, it would fine re- can be decided in court and policy is-
Training & Outreach; Alex Martin, Print & Counsel, Chief Compliance Officer; Dianne DeSevo,
legislation to make it illegal to sell tailers for selling to them. Connolly sues relegated to the political arena.
Writing; Michael W. Miller, Features & Weekend; Chief People Officer; Frank Filippo, EVP, Business
Emma Moody, Standards; Shazna Nessa, Visuals; Information & Services, Operations;
cigarettes and other products to said he’s open to amendments that It would also permit cases to be
Philana Patterson, Audio; Matthew Rose, Elizabeth O’Melia, Chief Financial Officer; anyone born after Jan. 1, 2007. might create an exemption for reli- brought only by parties with a direct
Enterprise; Michael Siconolfi, Investigations; Josh Stinchcomb, EVP & Chief Revenue Officer, If signed into law, it would mean gious and cultural uses. But he said and personal interest. That would
Amanda Wills, Video WSJ | Barron’s Group; Sherry Weiss, Chief by 2073 people wanting to buy cig- the ban would not impact mari- make the debate less of a struggle
Paul A. Gigot
Marketing Officer arettes would have to show ID to juana, which is legal to smoke rec- over who controls outcomes.
Editor of the Editorial Page prove they are at least 67 years reationally in California.
EDITORIAL AND CORPORATE HEADQUARTERS:
Gerard Baker, Editor at Large
1211 Avenue of the Americas
old. “Tobacco products and mari- Mr. Mukasey served as U.S. attor-
New York, N.Y., 10036 “We can ensure that the next juana are not an apples to apples ney general, 2007-09, and as a U.S.
Telephone 1-800-DOWJONES generation of children in California comparison,” he said. district judge, 1988-2006.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A18 | Monday, February 27, 2023 THE WALL STREET JOURNAL.

WORLD NEWS

Israel, Palestinians Vow to Cool Tensions

Riots erupt soon after amine the renewal of Israeli- The meeting comes after
Palestinian security coordina- the Israeli military conducted
the agreement, tion and the ability of the a rare daytime operation in
following rare meeting Palestinians to fight terrorism the West Bank city of Nablus
in areas under their control. last week. Eleven Palestinians
of security officials The official said the parties were killed in the deadly fire-
also agreed to establish a joint fight. Israeli officials said
BY DOV LIEBER civil committee to examine eight of those were militants.
AND AARON BOXERMAN what economic measures the U.S. Defense Secretary

AHMAD GHARABLI/AGENCE FRANCE-PRESSE/GETTY IMAGES

Israeli government can take Lloyd Austin called his Israeli
TEL AVIV—Israeli and Pal- with the Palestinians. counterpart Yoav Gallant on
estinian officials pledged Sun- The agreements were imme- Saturday and “encouraged the
day to reduce the escalating diately rejected by powerful Is- de-escalation of tensions in
violence in the West Bank and raeli government officials, in- the West Bank,” according to a
Jerusalem, but the fatal shoot- cluding Israeli Finance Minister Pentagon statement.
ing of two Israeli settlers and Bezalel Smotrich and National U.S. security officials have
subsequent riots in Palestinian Security Minister Itamar Ben- broadly proposed a 60-day
villages underscored how ten- Gvir. The two form the nation- halt to Israeli military raids in
sions are spiraling. alist flank of what political an- areas administered by the Pal-
Israelis and Palestinians is- alysts call Israel’s most right- estinian Authority, and for Pal-
sued a joint statement after a wing government yet. estinian security forces to
rare meeting with U.S., Jorda- “Whatever was in Jordan (if shoulder more responsibility
nian and Egyptian officials something happened), will in arresting militants so as to
hosted in Jordan’s southern stay in Jordan,” Mr. Ben-Gvir contain the rising tensions, an
coastal city of Aqaba. The Security forces patrolled in the West Bank town of Huwara on Sunday after two Israelis were killed. tweeted. official familiar with the mat-
summit brought high-level di- Tzachi Hanegbi, head of Is- ter said.
plomacy to efforts to stem spi- and one Palestinian man was Palestinian terrorist attacks. month. rael’s National Security Coun- At least 60 Palestinians,
raling tensions between Israe- fatally shot in the abdomen, By late Sunday, Israeli and In a joint statement ap- cil, later said Israel hadn’t mostly militants but also some
lis and Palestinians ahead of Palestinian health officials Palestinian officials released a proved by the U.S., Israel, Pal- agreed to any settlement civilians, according to Israeli
the Muslim holy month of said. joint statement stressing “the estinian Authority, Jordan and freeze or limitations on Is- officials, and 10 Israeli civil-
Ramadan in late March. Re- The past year has been one importance of de-escalation on Egypt, the group called the rael’s military. ians and one policeman, have
gional officials have warned of the deadliest periods of vio- the ground and preventing understandings reached Sun- The Israeli delegation at the been killed in rising violence
that Ramadan could be a lence in the occupied West further violence.” day “major progress towards summit included Mr. Hanegbi, since the beginning of the
flashpoint for new violence, as Bank in nearly two decades. Israel declared it wouldn’t re-establishing and deepening as well as the chief of Israel’s year.
it has been in the past. Security cooperation between approve new housing units in relations between the two domestic security service and Last year, at least 146 Pal-
But Sunday marked another Israel and the Palestinian Au- West Bank settlements for the sides.” The five parties agreed the Israeli military’s liaison to estinians in the West Bank and
violent day in the West Bank. thority has frayed as the Israeli next four months, after ap- to hold a follow-up conference the Palestinians, Israeli officials East Jerusalem were killed, ac-
In the afternoon, a Palestinian military conducts deadly raids proving the legalization of in March in Egypt before Ram- said. Four close advisers to Pal- cording to the B’Tselem rights
gunman shot and killed two Is- deep in Palestinian-adminis- nine settlement outposts and adan. estinian Authority President group. Israel says most of
raelis. Groups of Israeli set- tered territory, in what Israeli advancing 9,500 housing units A senior Israeli official said Mahmoud Abbas also attended, those killed were involved in
tlers later rioted in the area, officials say is a response to in West Bank settlements this the parties also agreed to ex- a Palestinian official said. violence.

.
Mexicans Rail Against

ly
on Cuts to Election Agency
BY JUAN MONTES annual budget by almost a
third. The savings would be
MEXICO CITY—Hundreds of equivalent to less than 0.1% of
us ,

thousands of Mexicans ral- the federal budget. The elec-

l

lied across the country for the toral agency has estimated
e
al a

second time in less than four that the laws would mean the
months against President An- layoffs of some 6,000 of its
drés Manuel López Obrador’s 17,000 permanent staff, includ-
ci on

overhaul of the country’s inde- ing key technical staff in

pendent election agency, say- charge of organizing elections.
ing it will cripple the body’s Mr. López Obrador says the
ability to organize next year’s operational costs of Mexico’s
presidential election. electoral agency are excessive
er s

In one of the largest pro- and that senior management

GIUSEPPE PIPITA/SHUTTERSTOCK

tests against Mr. López Obra- works for a corrupt, right-

m er

dor’s administration, more wing elite.

than 150,000 demonstrators The legislation was passed
filled Mexico City’s large Zó- after Mr. López Obrador failed
calo square and adjacent in December to pass constitu-
streets in the historic district tional amendments to replace
m rp

of the country’s capital, a se- INE. In November, tens of

nior police official said. Pro- thousands of Mexicans dem-
Firefighters and Red Cross personnel on Sunday gathered at a beach near Cutro where bodies of migrants washed ashore after a shipwreck. testers waved flags, umbrellas onstrated against Mr. López
and banners with the distinc- Obrador’s proposed constitu-

Migrants Drown Off Italian Coast

tive pink colors of the Na- tional amendment.
co Fo

tional Electoral Institute, also

known as INE. Others wore
pink caps and clothing.
BY ERIC SYLVERS ing, continuing a policy Demonstrators also
More than 150,000
Corsica Rome started under a previous cen- marched in cities across the protested in Mexico
At least 59 migrants died ter-left government. The pol- country to protest the sweep-
trying to cross the Mediterra-
(FRA.)
ALBANIA icy has had mixed results. ing overhaul of electoral
City’s Zócalo square
Naples ITALY
nean Sea after their ship broke Ms. Meloni’s government laws recently passed in Con- and adjacent streets.
apart early Sunday in stormy GREECE has also sought to hinder the gress. Protesters called for
Sardinia
weather near the southern (ITA.)
work of ships operated by non- Mexico’s top court to overturn
Italian coast, Italian authori- Crotone Steccato di Cutro government organizations that the legislation passed by Mr.
Athens
Att e s
ties said, spotlighting the Eu- At least 59 people ply the sea picking up migrants López Obrador’s ruling party Opponents say the laws
ropean Union’s continued Palermo were killed after a ship from their small wooden boats. on constitutional grounds. undo much of the progress
n-

struggles to resolve the issue Sicily carrying migrants broke The government has forced the In a festive mood, demon- made by Mexico since its tran-
of illegal immigration. (ITA.)
apart off the southern boats to dock at ports far up strators in Mexico City sition to democracy 25 years
There were more than 170 Tunis the Italian coast, increasing chanted slogans in favor of the ago. For much of the 20th cen-
coast of Italy in stormy
people on the ship, including the organizations’ costs and electoral agency and against tury, Mexico was governed by
Valletta weather early Sunday.
no

children and entire families, decreasing the time they are Mr. López Obrador, a leftist a single party, until the first
aid agencies said. Eighty sur- MALTA able to spend out on the open nationalist who became presi- opposition candidate won the
vivors have been found on the TUNISIA seas looking for migrants. dent in 2018 on an antiestab- presidency in 2000. The cre-
beach and in the sea, the Ital- Mediterranean Last week, Italian authori- lishment platform. ation of a strong electoral
ian Coast Guard said. Sea ties detained a rescue ship op- “We have to raise our agency independent from the
Italian police released a video erated by Doctors Without Bor- voices to defend INE and de- government in 1996 was a key
showing planks of wood and Tripoli 100 miles ders and fined the organization mocracy. Not all is lost. We step toward ending the single-
Benghazi
other debris strewn over a long 100 km 10,000 euros, equivalent to have confidence in the Su- party rule.
stretch of beach in the province LIBYA $10,547. The work of the rescue preme Court,” said Alejandro Opposition parties, INE’s di-
of Crotone. A video from fire Source: Italian Coast Guard Camille Bressange/The Wall Street Journal ships has been criticized by Ochoa, a 46-year-old biologist, rectors, and governors of
authorities showed rescuers some, including Ms. Meloni and pointing to the Supreme Court many of Mexico’s 32 states
pulling a body from the rough highest number since 2016, ac- accounted for 15% of migrant her political allies, as encour- building, which is located next have said they would file con-
seas onto the beach. Another cording to Frontex, the EU’s sea arrivals in Italy last year, aging migrants to leave on un- to the presidential palace. stitutional challenges against
showed survivors covered in border-control agency. The the United Nations High Com- safe boats because they know The recently passed legisla- the laws.
blankets sitting on the ground. number of migrants using the missioner for Refugees said. they are likely to be picked up. tion calls for large cuts to the Ordinary citizens are also
Italy’s financial police, the central Mediterranean route— Italian Prime Minister Gior- “The government is com- budget and staff of INE, elimi- expected to file thousands of
Guardia di Finanza, which also mostly leaving from Libya and gia Meloni, who heads Italy’s mitted to preventing the de- nating many of its units and injunctions before federal
has a role patrolling the coun- Tunisia to reach Italy—rose 50% most right-wing government partures and the resulting nationwide offices in charge of courts, said Lorenzo Córdova,
try’s borders, said the boat to 103,000, down from a peak of since World War II, has sought tragedies and will continue to issuing national identification the head of INE, on grounds
seemed to have left from 180,000 in 2016. Egyptians, Tu- to limit migrant arrivals by do so, above all by demanding cards to the country’s 95 mil- that the laws violate citizens’
Izmir, Turkey, four days ago. nisians and Bangladeshis made working with North African maximum cooperation of the lion adults at no cost. The ID constitutional right to free and
Illegal border crossings into up the largest groups of those countries and providing fund- countries of departure and ori- is required to vote. fair elections. INE workers
the EU rose by almost two- arriving in Italy last year. ing for policing operations to gin,” Ms. Meloni’s office said The legislation aims to also plan to file injunctions if
thirds last year to 330,000, the Sea crossings from Turkey prevent the boats from leav- on Sunday after the shipwreck. cut the agency’s $760 million they are fired, he said.

WORLD WATCH
UNITED KINGDOM fied version of the so-called TAIWAN ence in Ukraine, that’s probably PAKISTAN for the U.S. government, a U.S.-
Northern Ireland protocol to his reinforced some of those doubts.” based media organization or non-
Sunak, EU Head Seek restive Conservative Party and CIA Chief Says Xi Mr. Burns said the U.S. con- Afghan Refugees governmental organization in Af-
Northern Ireland Deal bring to an end the current polit- Is Wary of Invading tinued to take the threat of a Protest Visa Delays ghanistan, and must be referred
ical paralysis in Northern Ireland. Chinese invasion of Taiwan seri- by the U.S.-based employer.
U.K. Prime Minister Rishi Su- As part of its 2019 Brexit di- Russia’s struggle to seize and ously, adding that the risks of a Hundreds of Afghan refugees Applicants have been waiting
nak and European Commission vorce deal, Britain agreed to keep territory in Ukraine over the conflict would likely grow further facing extreme delays in the ap- in Pakistan for more than 18
President Ursula von der Leyen place a customs border within past year has likely fueled doubts into the decade and beyond. U.S. proval of U.S. visas protested in months for U.S. officials to pro-
will meet to try to seal a com- its own country to avoid build- by Chinese leader Xi Jinping that intelligence and defense officials Pakistan’s capital on Sunday, as cess their visa applications. The
promise agreement on the trad- ing border infrastructure be- China’s military could successfully believe Mr. Xi wants to be ready an American program to help re- delay in approving visas and re-
ing status of Northern Ireland, tween Ireland, an EU member, invade Taiwan this decade, Cen- to do so by 2027, if not sooner, locate at-risk Afghans fleeing settlement has left Afghan appli-
potentially ending a longstanding and the U.K. province of North- tral Intelligence Agency Director but Mr. Burns said that goal Taliban rule stalls. cants vulnerable as they contend
feud that has poisoned relations ern Ireland, fearing doing so William Burns said. isn’t set in stone. The U.S. government’s Priority with economic hardship and lack
between the two sides and would inflame sectarian tensions “I think our judgment at least He said U.S. and European 1 and Priority 2, known as P1 of access to health, education
sparked concern in the Biden ad- in the region between unionists is that President Xi and his mili- assistance for Ukraine since Rus- and P2, refugee programs were and other services in Pakistan.
ministration. who favor continued British rule tary leadership have doubts to- sia’s invasion could also be fac- meant to fast-track visas for at- Protesters said applicants had
The deal, which officials say and republicans who want politi- day about whether they could ac- toring into China’s calculus about risk Afghans including journalists yet to receive the preliminary in-
is likely to be announced on cal union with the rest of Ire- complish that invasion,” Mr. Burns an invasion by demonstrating and rights activists after the Tali- terview necessary to begin the
Monday, is a gamble by Mr. Su- land. said on Sunday on CBS. “As the West’s collective resolve. ban takeover in their homeland. visa-application process.
nak that he can sell the modi- —Max Colchester they’ve looked at Putin’s experi- —Dustin Volz Those eligible must have worked —Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

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Pfizer Eyes $30 Billion-Plus Deal

BY JARED S. HOPKINS lion and would be expected to A deal would help Pfizer, one New York-based Pfizer is kin’s and other lymphomas and
Union
Pacific
AND JONATHAN D. ROCKOFF

Pfizer Inc. is in talks to ac-

command a premium over that.
Seagen was in advanced
talks last year to be acquired by
of the world’s biggest pharma-
ceutical companies, with $100
billion in sales last year, add to
flush with cash. The drugmaker
has $22.7 billion from sales of
its Covid-19 vaccines, drugs and
more recently have shown
promise in combination with an
immunotherapy against other
To Replace
quire biotech Seagen Inc., said
people familiar with the matter,
the latest potential deal for a
Merck & Co., in a deal that
would have been valued at $40
billion or more, The Wall Street
its lineup of cancer treatments
a class of agents that have
shown promise working with
other products.
Last year, Pfizer acquired
sickle-cell-drug maker Global
kinds of tumors, including a
form of breast cancer.
The potential in breast can-
CEO Fritz
big drug company aimed at
adding a promising class of tar-
geted cancer therapies.
Journal reported at the time,
but the two sides failed to
reach agreement. Pfizer at the
immunotherapies against some
of the most prevalent tumors.
It could also help Pfizer off-
Blood Therapeutics Inc. for
more than $5 billion and the
rest of Biohaven Pharmaceuti-
cer could be particularly ap-
pealing to Pfizer, which has a
top-selling drug, named
This Year
The talks are at an early time was also looking at Sea- set $17 billion in sales that the cal Holdings Co. for more than Ibrance, treating the condition. BY JULIET CHUNG
stage, and there is no guarantee gen, people familiar with the company projects it could lose $10 billion. The Food and Drug Administra- AND LAUREN THOMAS
there will be a deal, the people matter have said. due to patent expirations by Seagen, of Bothell, Wash., tion is reviewing whether to
said. A number of hurdles After talks with Merck fell 2030. Pfizer has set a goal of helped pioneer a class of cancer approve a combination of the Union Pacific Corp. said
would need to be overcome, in- apart last year, Seagen named adding $25 billion in revenue therapy known as antibody Padcev antibody drug conju- Sunday it plans to name a new
cluding the potential for a David Epstein, a former Novar- by the end of the decade from drug conjugates that works like gate, from Seagen and Astellas chief executive this year, hours
stringent antitrust review of tis AG executive who more re- business-development moves a guided missile attacking tu- Pharma Inc., and Merck’s after a major shareholder pub-
any proposal. If there is a deal, cently was a partner at venture including acquisitions. Seagen mors with toxic agents. Keytruda immunotherapy for licly urged the railroad giant’s
it would be big: Seagen has a firm Flagship Pioneering, as had nearly $2 billion in sales The therapies had been ap- treatment of advanced bladder board to oust Lance Fritz from
market value of some $30 bil- chief executive. last year. proved for cancers like Hodg- cancer. the job.
Soroban Capital Partners,
a New York hedge-fund man-

Old Farming Practice Offers Carbon Credits

aging about $10 billion, on
Sunday disclosed a letter it
wrote to Union Pacific direc-
tors pushing for the change,
Many companies are arguing the company has un-
derperformed on Mr. Fritz’s
embracing biochar to watch. The letter was reported
offset their emissions earlier on Sunday by The Wall

.
Street Journal.
of greenhouse gases Union Pacific said its board

ly
is focused on finding “highly-
BY AMRITH RAMKUMAR qualified candidates both
within the industry and adja-
Forget whiz-bang technolo-
gies that are supposed to solve
climate change. An ancient ag-
ricultural practice that removes
on cent industries.” Among its
considerations are a record of
success in safety and opera-
tional matters, the company
carbon from the atmosphere is said, crediting Mr. Fritz with
us ,

getting fresh attention and achieving financial growth in

l

game-changing cash from big difficult conditions.

e
al a

companies. Soroban argues that Union

Biochar is a black substance Pacific, the largest freight-rail-
ALEXANDRA HOOTNICK FOR THE WALL STREET JOURNAL

similar to charcoal that when road operator in the U.S., with

ci on

buried underground sequesters a market capitalization of

carbon dioxide, the primary nearly $120 billion, had ranked
greenhouse gas that causes cli- Please turn to page B5
mate change. It has long been
used to improve soil. Now it
er s

has suddenly become a lucra-

tive business thanks to carbon Shale
m er

credits that companies use to

offset their own emissions.
Among the buyers are JPMor-
gan Chase & Co. and Microsoft
Spending,
Corp. They are attracted to a
Output
m rp

process that actually removes

carbon from the atmosphere
and buries it underground,
rather than many credits whose
impact on emissions isn’t clear.
Selling biochar wasn’t very lucrative before carbon credits
arrived, according to Pacific Biochar Chief Executive Josiah Hunt.
Companies that have sequestered the most
carbon dioxide and completed carbon removal Diverge
co Fo

Nearly all of the roughly changed that. “When the only Carbon-credit sales generate Wakefield Biochar 15,521 metric tons BY BENOÎT MORENNE
65,000 metric tons of carbon potential revenue was through millions of dollars for some
dioxide that have been removed biochar sales, there just really biochar businesses. Pacific Bio- Douglas County Frackers are set to plow
from the atmosphere to date wasn’t much there,” said Josiah char struggled at first because Forest Products (biochar) 10,569 more cash into oil fields this
have been sequestered using Hunt, chief executive of Pacific the price was too high, roughly Freres Biochar 6,246 year compared with last, but it
biochar, according to estimates Biochar Benefit Corp., a Cali- $600 a ton of biochar. That isn’t expected to unleash the
from data provider CDR.fyi. fornia startup that works with changed in late 2020 when the Charm Industrial (bio-oil) 5,506 flood of crude that past
There isn’t much money to biomass power plants to pro- company started selling carbon spending binges in the shale
be made selling biochar to im- duce biochar, then sells it to credits for roughly $150 a ton Oregon Biochar Solutions 4,077 Note: All figures are estimates patch have.
prove soil. Carbon credits farmers. Please turn to page B4 Source: CDR.fyi EOG Resources Inc. said it
would spend about $1.4 billion
more than last year, but that
its oil production would rise

U.S. Consumer-Oriented Firms Expand in China

n-

by about 3% in 2023. Pioneer

Natural Resources Co. said it
would augment its budget by
BY DAN STRUMPF Spade brands, are launching nomic slump in decades. took a hit during the zero- Schultz said he is planning his nearly $1 billion, but its pro-
no

new stores. Despite the invitation, many Covid era. first visit to the country in duction would increase by less
HONG KONG—American And Tyson Foods Inc. and companies remain cautious “I remain more confident years in the spring. than 7% from 2022. And Mar-
companies from fast food to Hormel Foods Corp. are open- about China, as uncertainty than ever that we are still only Economists forecast a athon Oil Corp. said that al-
high-end fashion are increas- ing new facilities, as they see persists over its economic in the early chapters of our pickup in growth in China, though its expenses would
ing their bets on China’s con- a long-term appetite for Amer- health and as a deepening geo- growth story in China,” said while fears linger about an jump by up to 35%, its produc-
sumers expecting a postpan- ican-style foods. political rivalry with the U.S. Howard Schultz, Starbucks’s economic downturn in West- tion would remain flat.
demic rebound for the world’s The investments come as ensnares technology compa- interim chief executive and ern countries. Last month, The disconnect between
second-biggest economy. Chinese leaders tell the world nies and manufacturers. longtime leader, this month. Goldman Sachs upgraded its spending and production gains
McDonald’s Corp. and Star- that the door is open for for- Many companies that are The company plans to open growth forecast for the coun- makes for a murky outlook for
bucks Corp. are opening hun- eign businesses and publicly increasing their commitments 3,000 new stores by 2025, try this year to 5.5% from an oil and gas producers in 2023,
dreds of new restaurants. court Boeing Co. The moves to China are consumer-facing. even though same-store sales earlier target of 5.2%. Key analysts said. It comes after
Retailers Ralph Lauren follow years of zero Covid pol- They still view China’s enor- in the country fell 42% in De- gauges of consumer activity in many producers rode high oil
Corp. and Tapestry Inc., the icies that isolated the country mous market as a promising cember and 15% in January January showed significant prices following Russia’s inva-
owner of the Coach and Kate and triggered its worst eco- long-term bet, even if sales from a year earlier. Mr. Please turn to page B2 Please turn to page B7

Twitter Cuts More Jobs, INSIDE Companies Trim Workforces

Seeking to Slash Costs Without Having to Use Layoffs
BY ALEXA CORSE Twitter and founder of newslet-
ter tool Revue, which was ac-
Twitter Inc. conducted an- quired by Twitter in 2021. BY CHIP CUTTER ers in recent years amid a cess is in keeping with what
JUSTIN SULLIVAN/GETTY IMAGES

other round of job cuts over the “Looks like I’m let go. Now tight labor market. the company communicated to
weekend, people familiar with my Revue journey is really Companies are shedding At Facebook parent Meta employees, and the company
the matter said, the latest over.” He added a “saluting some workers without impos- Platforms Inc., thousands of has long had a goals-based cul-
among thousands of staff re- face” emoji, which has been ing layoffs. employees received subpar rat- ture that gives incentives for
ductions under new owner Elon used by employees as a symbol Amid a wave of job cuts hit- ings in a recent performance high-quality work.
Musk. of the end of the pre-Musk ver- ting U.S. white-collar workers, reviews. Meta’s leadership ex- Other employers shifted re-
The cuts come as the billion- sion of the company. Twitter a number of employers are turn-to-office policies. Walt
aire has been pursuing sweep- shut down Revue last month. taking other approaches to Disney Co. said it is requiring
ing changes to the platform, in- The exact scope of the cuts manage their workforces. employees to work in an office
cluding slashing costs, releasing couldn’t be learned, and Twit- BUSINESS NEWS Some are adding new restric-
Some are adding four days a week starting in
new features and changing con- ter didn’t respond to a request Amazon expands tions on remote work, step- remote-work limits March, while Amazon.com
tent-moderation policies. for comment. The Information ping up scrutiny in perfor- Inc. is mandating at least
An email sent to an em- earlier reported the job cuts.
ultrafast delivery mance reviews or requiring
or requiring staffers three days in offices for much
ployee, dated Saturday, said the Mr. Musk has been cutting options as it scales staffers to relocate across the to relocate. of its staff as of May.
person’s role was eliminated as jobs and other costs at the so- back elsewhere. B5 country to keep their jobs. Employers can have several
part of a wider review, accord- cial-media company, which has The moves, though not la- motivations for restructuring
ing to a copy reviewed by The been losing money since he ac- beled as layoffs, can at times operations or changing work-
Wall Street Journal. “Today is quired Twitter in late October HEARD ON have a similar effect in thin- pects the ratings to lead more place policies.
your last working day at the in a deal valued at $44 billion. THE STREET ning a company’s ranks, hu- employees to leave in the com- In recent weeks, Walmart
company,” the email said. A week after Mr. Musk com- man-resources specialists and ing weeks, people familiar with Inc. told employees it plans to
“Waking up to find I’ve been pleted the takeover, roughly
Semiconductors find corporate advisers say. It is a the matter said. A spokesman close three of its U.S. technol-
locked out of my email,” 50% of the staff was laid off in way to Russia via sign that bosses at white-col- for Meta, which also cut a bo- ogy hubs and require hundreds
tweeted Martijn de Kuijper, a the first round of layoffs. More China.. B10 lar firms are back in charge af- nus metric for employees, said of workers to relocate to
senior product manager at Please turn to page B2 ter struggling to retain work- its performance-review pro- Please turn to page B2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Monday, February 27, 2023 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople

Aluminum Tariffs Win Support

in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A H P
Alcoa............................B2 Honda Motor...............B4 Pacific Biochar
Amazon.com..........B1,B5 Hormel Foods..............B1 Benefit......................B1
American Express.......B3 HP................................B3 Paramount Global.......B3
Pfizer...........................B1
U.S. industry, which The Aluminum Association, good first step, but called for ported annually by the U.S.
B J
Bank of America.........B3 JPMorgan Chase.........B1
Pioneer Natural had reduced reliance a trade group that represents sanctions against Russian alu- Analysts and company exec-
Resources..................B1 U.S. producers and users of minum that would effectively utives said they don’t expect a
Baxter International...B2
Berkshire
L R on Russian imports, aluminum, said it “stands make it illegal to buy or sell repeat of the 2018 price surge
Hathaway .......... B3,B10 LG Energy Solution .... B4
Louisiana-Pacific.........B3
Ralph Lauren...............B1 backs new levies united in support of any and Russian aluminum in the U.S. when the new 200% duty on
Boeing ......................... B1 S all efforts deemed necessary In 2018, sanctions by the Russian aluminum takes effect
C M BY BOB TITA by the U.S. government to ad- U.S. Treasury Department March 10. They said the Biden
Samsung SDI..............B4
Century Aluminum ..... B2 Marathon Oil...............B1 Seagen.........................B1 dress the ongoing crisis.” The against the aluminum producer administration has been tele-
Chevron ....................... B3 McDonald’s..................B1 Starbucks....................B1 U.S. aluminum companies group had opposed the Trump United Co. Rusal PLC in retalia- graphing the move for months,
Cie. Financiere Meta Platforms..........B1 Swiss Re ..................... B4
Microsoft.....................B1
said they supported the Biden administration’s 2018 tariffs tion for the Russian govern- giving the aluminum industry
Richemont.................B2 T administration’s move to im- on imported aluminum. time to adjust. Imported alu-
Coca-Cola.....................B3 Moody's.......................B3
Tapestry ...................... B1 pose steep tariffs on imported “This is a global security minum from Russia already
D N Tesla............................B4
Russian aluminum, as analysts and humanitarian disaster,” carries a 10% tariff put in
Diamondback Energy..B1 Nokia...........................B2 Twitter ........................ B1
and executives predicted the said the Arlington, Va.-based
Century Aluminum place by the Trump adminis-
E O Tyson Foods...........B1,B2
Occidental Petroleum.B3 W new duties would have a mi- trade group. predicted the duties tration in 2018.
EOG Resources ........... B1 nor effect on domestic alumi- Chicago-based Century “U.S. market participants
G
Opendoor
Technologies...........B10
Wakefield Biochar ...... B4
num costs. Aluminum Co. predicted the
would strengthen the weren’t surprised by the an-
Walmart......................B1
General Motors...........B4 Walt Disney...........B1,B2 The White House on Friday new tariffs would strengthen U.S. supply chain. nouncement,” said Christopher
imposed 200% tariffs on im- the U.S. supply chain and Davis, regional pricing direc-
ported aluminum from Russia, make the country less reliant tor for Americas metals at

INDEX TO PEOPLE as well as aluminum imports

from elsewhere that include
on unfriendly countries.
Century idled its Hawes- ment’s actions in Syria, Ukraine
S&P Global Commodity In-
sights. “They said the in-
Russian aluminum, as part of a ville, Ky., smelter last year be- and elsewhere touched off a creased tariffs were unlikely to
B King, Donnie................B2 Palihapitiya, Chamath package of duties on Russian cause of soaring costs for elec- surge in aluminum prices be- have a significant impact on
Borden, Ian..................B2 Kraemer, Harry ........... B2 B10 metals, minerals and chemi- tricity, which the company cause of supply concerns. U.S. pricing.”
Buffett, Warren...B3,B10 Kuijper, Martijn de ..... B1 Portnoy, David..........B10 cals valued at about $2.8 bil- attributed to rising global en- The sanctions were eventu- Tariffs on imported alumi-
C L S lion. The tariff package coin- ergy prices caused by the war ally rolled back, and aluminum num are typically reflected in
Carbary, Sherry...........B2 Lance Fritz .................. B1 Schultz, Howard ......... B1 cided with the one-year in Ukraine. Century said its users in the U.S. have steadily the delivery premium, which is
Crevoiserat, Joanne....B2 Louvet, Patrice............B2 Sheffield, Scott .......... B7 anniversary of Russia’s inva- power costs for Hawesville tri- reduced their reliance on im- added to the base price of alu-
D-E M Sojourner, Aaron.........B2 sion of Ukraine. pled after the war started. ported Russian aluminum in minum for the cost of ware-
Davis, Christopher......B2 MacArthur, Hugh........B7 T Russia is one of the world’s “A thriving domestic alumi- recent years. The Aluminum housing, transportation and
DiMarino, Brian .......... B4 Mandelblatt, Eric........B1 Takamoto, Yasuaki ..... B4 largest producers of primary num market is essential to to- Association said the import other expenses. The U.S. bench-
Epstein, David.............B1 Marrero, Tom..............B4 Tillman, Lee................B1 aluminum, with large reserves day’s U.S. national security,” volume of Russian aluminum mark delivery premium is cur-
G Marrero, Tony ............. B4 of bauxite and low-cost hydro- Century said. has fallen by about 70% since rently 29.3 cents for a pound of
V
Matuson, Roberta.......B2 electric power to operate alu- Pittsburgh-based Alcoa 2017 and now accounts for aluminum, down slightly from a
Goudy, Keith ............... B2 Vena, Jim....................B1
Munger, Charlie .......... B3 minum smelters. Corp. said the tariffs are a about 3% of the aluminum im- month ago, according to S&P.
H Murti, Arjun................B7 Verner, David..............B4
Hunt, Josiah................B1 Musk, Elon.............B1,B4 W
J O Wulfraat, Marc ........... B5
Jassy, Andy.................B5
K
Olsavsky, Brian...........B5
P
Y
Yeltekin, Sevin............B2
U.S. Firms
To Expand

.
Twitter vertisers who left the platform

ly
because of uncertainty over his
content-moderation and staff- In China
Cuts More ing plans.
Twitter hasn’t reported its
financial details publicly since
on Continued from page B1

Positions going private.

“Twitter still has challenges,
but is now trending to
improvement.
The appetite to invest
comes despite a number of ob-
us ,

MARK R. CRISTINO/EPA/SHUTTERSTOCK
breakeven if we keep at it,” Mr. stacles that have only grown
l

Continued from page B1 Musk tweeted this month. since the pandemic began. Re-
e
al a

layoffs followed. Resignations The company has also rolled lations between the U.S. and
also have contributed to shrink- out new features and product China are at an ebb and recent
ing staff numbers. tweaks, including the new Twit- hopes for a detente have been
ci on

Mr. Musk said in December ter Blue subscription service; a dashed by China’s balloon
that Twitter had a little over new version of the algorithmic- flights over the U.S. and its
2,000 employees, compared based feed, rebranded with the stance over Russia’s war in
with nearly 8,000 from before TikTok-esque name “For You”; Ukraine.
his takeover. and view counts. American companies also
er s

Mr. Musk said in November Mr. Musk said in December face heavier scrutiny at home McDonald’s plans to open 3,000 new stores in the country by 2025. A McDonald’s in Beijing
that layoffs were necessary be- he expects Twitter will be over their dealings in China,
m er

cause Twitter was losing more roughly cash-flow break-even in and Washington in recent On Feb. 22, China’s Ministry sors cleared two of its Marvel half of the $325 million set
than $4 million a day. Around 2023. years has moved to limit the of Foreign Affairs posted a movies for screening in the aside by the company for capi-
that time, many large advertis- He suggested then that Twit- activities of some business photo on WeChat social media country, the first releases for tal expenditures and cloud
ers paused spending on the ter was on track to bring in sectors there, from chip com- of a meeting between a top the superhero franchise in computing is going to new
platform. about $3 billion in revenue in panies to apparel makers. ministry official and Sherry China since 2019. store openings and renova-
m rp

Mr. Musk tweeted that flee- 2023. Decoupling remains a buzz- Carbary, the head of Boeing’s In late January, McDonald’s tions in China.
ing advertisers caused a “mas- That is roughly $2 billion word in policy circles as some China business. In the past, said it had opened 700 new “We’re confident in the
sive drop in revenue” and ac- less than Twitter’s $5.1 billion companies that have relied China has unveiled sanctions stores in China last year and long-term opportunities for
cused activist groups of revenue in 2021, the last full heavily on China for their sup- against the company’s defense planned an additional 900 this China as a growth vehicle,”
pressuring advertisers. year it publicly reported earn- ply chains, including big tech- arm. year—more than in any other CEO Joanne Crevoiserat said
co Fo

Twitter has been wooing ad- ings. nology companies such as Ap- The ministry “is willing to country and more than twice earlier this month.
ple Inc. and apparel maker provide necessary assistance as many as it plans to open in Luxury spending in China
Steve Madden, work to diver- and support for American the U.S. broadly has shown some early

Nokia Unveils New Strategy sify where they source and

make their products.
On Feb. 16, China placed
companies, including Boeing,”
according to the post. A Boe-
ing spokesman declined to
McDonald’s finance chief,
Ian Borden, told investors that
it was pushing ahead with the
signs of a postpandemic re-
covery. Both British fashion
house Burberry Group PLC
BY ADRIA CALATAYUD eve of the start of the Mobile two U.S. companies on its “un- comment on the meeting. new-store plan even as year- and Cartier-owner Cie. Finan-
World Congress, one of Eu- reliable entities” list, Lock- Before the pandemic, China over-year sales in China fell cière Richemont SA said sales
BARCELONA—Finland’s rope’s largest technology and heed Martin Corp. and a was one of Boeing’s most im- because of Covid-related re- to Chinese shoppers were
Nokia Corp. said it is aiming telecom trade shows. weapons-making unit of Ray- portant customers. The Ameri- strictions across the country. starting to pick up in the new
for more business from enter- Nokia said it plans to boost theon Technologies Corp., cit- can aviation company has said Ralph Lauren Chief Execu- year, after reporting declines
prise customers and market- the weight of enterprise ing the companies’ arms sales it is eager to resume sales to tive Patrice Louvet told inves- in their most recent quarterly
share gains in its core commu- within its customer mix. to Taiwan. The sanctions were China. Chinese officials tors that most of the com- sales in the country.
n-

nication-services segment as The company generated largely symbolic as American cleared the resumption of pany’s new-store openings China was the luxury indus-
part of its updated strategy revenue of €2.01 billion, equiv- defense companies are broadly commercial flights for Boe- during its quarter ended in try’s largest market before the
for the next decade. alent to $2.12 billion, from en- barred from selling weapons ing’s 737 MAX in January after October were in China, and pandemic.
The maker of telecommuni- terprise customers in 2022, or to China. A day later, China’s the plane was grounded for the company recently opened In November, packaged-
no

cations equipment unveiled a 8.1% of its total. Ministry of Commerce, which nearly four years following a new store in the southern meat company Tyson Foods
new logo as it sought to pres- Nokia said it aims to ex- imposed the sanctions, said two fatal crashes. city of Shenzhen and a flag- told investors that of the six
ent itself as a business-fo- pand the share of sales from the move shouldn’t concern Another promising sign for ship store in Chengdu in the new plants the company ex-
cused company at an event in that segment to a double-digit other foreign companies in businesses: Last month, Walt southwest. pects to come online this year,
Barcelona on Sunday, on the percentage. China. Disney Co. said Chinese cen- For retailer Tapestry, about half will be in China.

No Layoffs tive of healthcare company

Baxter International Inc.
Companies might feel reluc-
employment or other factors,
some employees won’t agree
to a relocation, even if a com-
Employment Research.
During much of the pan-
demic, bosses feared making

Are Used to tant to admit they hired too

quickly in the pandemic or in-
correctly forecast growth and
pany offers to help cover costs.
Efforts to increase volun-
tary turnover can carry risks,
changes that could cause em-
ployees to leave. That attrition
might not be as much of a
CAROLYN FONG FOR THE WALL STREET JOURNAL

Thin Staffs are now looking to correct,

said Mr. Kraemer, who works
as a professor of leadership at
advisers say. Companies might
lose the highest-performing
employees who can most eas-
concern, advisers and econo-
mists say, as the labor market
shifts.
Northwestern University’s Kel- ily find work elsewhere, said “There’s less employer des-
Continued from page B1 logg School of Management. Keith Goudy, a managing part- peration,” Mr. Sojourner said.
places such as Arkansas or Cal- “It’s very much a layoff ner of the leadership advisory “Employers feel a little more
ifornia to keep their jobs, The without calling it a layoff,” firm Vantage Leadership Con- empowered to impose the
Wall Street Journal reported. said Sevin Yeltekin, an econo- sulting. “You can get a lot of things that they want.”
At the same time, Walmart mist and dean of the Simon undesirable turnover,” he said.
told technology workers they Business School at the Univer- Many executives say a soft-
are soon expected back at sity of Rochester. ening economy could give com-
physical offices at least two Though the labor market re- panies an opportunity now to Watch a Video
days a week. Walmart, the mains historically tight, with a Many Meta employees got subpar performance ratings recently. push for changes that bosses Scan this code
country’s largest private em- 3.4% unemployment rate as of have long wanted, such as for a video on
ployer, hopes to relocate most January, many companies are hurt,” Ms. Matuson said. time the office closes in more in-office time, said Aaron why white-
staff in the offices that will looking to signal to investors “When no feelings are hurt, mid-2023, the Journal re- Sojourner, a senior researcher collar jobs are
close, and some will be allowed that they are taking steps to cut people tend not to sue.” ported, citing people familiar at the W.E. Upjohn Institute for getting cut.
to become full-time remote costs and increase efficiency, Any change in how people with the matter. More than
workers, a spokeswoman pre- executives and advisers say. do their jobs can cause people 90% of the employees in Ty-
viously said. Those who leave Companies have long had to resign, executives and ad- son’s Chicago office declined to ADVERTISEMENT
will get severance, she said. ways to push employees out visers say. After Tyson Foods relocate, the Journal reported.
The move affects a small per-
centage of Walmart’s around
without firing them. Reorga-
nizing teams, requiring em-
Inc. said last year that it
planned to close corporate of-
On a call with reporters
earlier this month, Tyson The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
1.7 million U.S. employees. ployees to report to new fices in Chicago, Downers Chief Executive Donnie King
A Walmart spokeswoman bosses or making them take Grove, Ill., and Dakota Dunes, said the company is confident
added Friday that the closure on new projects can all S.D.—consolidating those it can recruit to northwest Ar-
of its tech hubs is in no way a prompt staffers to look else- functions at Tyson’s headquar- kansas and it already filled COMMERCIAL REAL ESTATE
strategy to reduce head count where for work, said Roberta ters in northwest Arkansas— some of the vacated roles.
and the company hopes “all Matuson, an executive coach hundreds of employees indi- Before companies announce
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their careers with Walmart.” human-resources issues. Roughly three-quarters of many executives often model Southern CA > 61 acres (800) 366-3975
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attempts to reduce staff as the cause it means they don’t have company they wouldn’t make Yeltekin.
economy shifts, said Harry to single out individuals. the move to Arkansas and Bosses know that, owing to Call 618-654-2161 x427
© 2023 Dow Jones & Company, Inc.
[email protected] All Rights Reserved.
Kraemer, a former chief execu- “It’s cleaner. No feelings are planned to depart by about the personal reasons, a spouse’s
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, February 27, 2023 | B3

BUSINESS NEWS

Berkshire Posts
Large 2022 Loss
In Rocky Market
BY AKANE OTANI Petroleum Corp.’s biggest
shareholder.
Warren Buffett is still bet- As of the end of 2022, Berk-
ting on America. shire was the largest share-
Stocks and bonds slumped holder of eight companies—
in 2022 after central banks American Express Co., Bank
raised interest rates at a rapid of America Corp., Chevron
pace to try to rein in inflation. Corp., Coca-Cola Co., HP Inc.,
But Mr. Buffett retained his Moody’s Corp., Occidental and

HEIDI HEILBRUNN FOR THE WALL STREET JOURNAL

sense of optimism in his an- Paramount Global.
nual letter to investors Satur- Berkshire is able to make
day, saying he continues to be- big investments because its in-
lieve in the resilience of the surance operations generate
U.S. economy. billions of dollars of float, or
“I have been investing for premiums that customers pay
80 years—more than one-third upfront, which Berkshire can
of our country’s lifetime. De- in turn put to work in the
spite our citizens’ penchant— markets. Its acquisition last
almost enthusiasm—for self- year of property-casualty in-
criticism and self-doubt, I have surer Alleghany Corp. helped
yet to see a time when it made increase its insurance float—
sense to make a long-term bet which Mr. Buffett called an ex-
against America,” Mr. Buffett traordinary asset for Berk- Investment and derivative contract losses stung Berkshire Hathaway in 2022. Last year’s shareholders meeting in Omaha, Neb.
said in the letter. shire—to $164 billion last year,
Mr. Buffett, widely regarded Mr. Buffett said. the third quarter. Berkshire Hathaway’s Share-price and index Mr. Buffett, Berkshire’s
as one of the world’s top in- How do Mr. Buffett and While Berkshire’s original cash pile, quarterly performance in 2022 chief executive, has long held
vestors, has been publishing right-hand man Charlie business, a New England tex- that operating earnings are a
$150 billion 20%
the letters for more than half a Munger decide where to put tile operation, no longer exists, better reflection of how Berk-
century. Over that time, he that money? Both have said Mr. Buffett said Berkshire has Berkshire’s shire is doing, since account-
hasn’t just reflected on the they refrain from basing their continued to be able to deliver Class A shares ing rules require the company
10
past year for his company, decisions on where they think returns to shareholders be- to include unrealized gains
Berkshire Hathaway Inc., but interest rates, oil prices, or cause of its focus on what he 100 and losses from its massive in-
also shared his thoughts on other factors that affect mar- called the American tailwind. 0 vestment portfolio in its net
everything from esoteric ac- kets will be in a year’s time. “America would have done income.
counting rules to his aversion “Though economists, politi- fine without Berkshire. The re- Volatile markets can make

.
to excessive risk-taking. cians and many of the public verse is not true,” he said. In –10 Berkshire’s net income change
Saturday’s letter offered have opinions about the conse- his letter, Mr. Buffett also de- 50 substantially from quarter to

ly
readers a glimpse into how Mr. quences of that huge imbal- fended the practice of stock quarter, regardless of how its
–20
Buffett, 92, viewed what ance, Charlie and I plead igno- buybacks. Berkshire spent underlying businesses are do-
wound up being a shaky rance and firmly believe that nearly $8 billion repurchasing ing.
stretch for markets. Mr. Buf-
fett’s portfolio took a hit, too,
with Berkshire posting a loss
for 2022 in large part due to
near-term economic and mar-
ket forecasts are worse than
useless,” Mr. Buffett said in
Saturday’s letter.
on
its shares in 2022, down from
a record of $27 billion the pre-
vious year.
Although critics of buy-
0
2020 ’21 ’22
–30
Jan. June
Sources: FactSet analysis of company filings (cash pile); FactSet (peformance)
S&P 500
Dec.
“Capital gains, to be sure,
have been hugely important to
Berkshire over past decades,
and we expect them to be
investment losses. Instead, the two focus on backs contend that companies meaningfully positive in future
us ,

The volatility offered Berk- investing Berkshire’s money in would be better off investing ther an economic illiterate or a tract losses. In 2021 when decades,” Mr. Buffett said in
l

shire an opportunity to jump “a manner that will achieve an that money into their busi- silver-tongued demagogue,” he stocks surged, Berkshire his letter.
e
al a

in and buy stocks. While Berk- acceptable result over time nesses, proponents, like Mr. said. posted a profit of $90.8 billion. “But their quarter-by-quar-
shire largely bought back its and that will preserve the Buffett, say they can benefit Berkshire also released its Total revenue rose 9.4% to ter gyrations, regularly and
own shares in 2021, it focused company’s unmatched staying shareholders if they are exe- results for 2022 Saturday. $302.1 billion. mindlessly headlined by me-
ci on

more in 2022 on investing in power when financial panics cuted when a company’s share The Omaha, Neb., company, Berkshire’s operating earn- dia, totally misinform inves-
other companies—opening up or severe worldwide reces- price is trading below its which owns businesses includ- ings, which exclude some in- tors,” he said, adding that he
new positions in media com- sions occur,” he said. Berkshire value. ing insurer Geico, railroad vestment results, rose to a re- and Mr. Munger urge share-
pany Paramount Global and reported having cash and cash “When you are told that all BNSF Railway and chocolate cord $30.8 billion. For the holders to focus instead on
building-materials manufac- equivalents of $128.6 billion at repurchases are harmful to maker See’s Candies, posted a fourth quarter, operating earn- Berkshire’s operating earnings.
er s

turer Louisiana-Pacific Corp., the end of 2022, down from a shareholders or to the country, loss of $22.82 billion for the ings fell 8% to $6.7 billion,
among other businesses, and near-record $146.7 billion at or particularly beneficial to year, stung by $67.9 billion in weighed down by lower profits  Heard on the Street: Buffett
m er

swiftly becoming Occidental the end of 2021 but up from CEOs, you are listening to ei- investment and derivative con- at its railroad business. wannabees lose luster....... B10
m rp

GET YOUR
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Monday, February 27, 2023 NY THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Plant Points Up Battery Snags Farm Tool obstacles is making sure the
carbon stays sequestered for
hundreds or thousands of

Panasonic describes
Helps Trap years. The length of time car-
bon stays sequestered through
biochar can vary based on soil

challenges on path to
profits as subsidies
Carbon and microbial conditions. That
uncertainty and some studies
showing that the time could be
shorter than expected have led
attract newcomers Continued from page B1 to calls for the creation of an
of carbon dioxide removed to independent standards body to
BY RIVER DAVIS Microsoft and others. The extra oversee the new market.
BENJAMIN SPILLMAN/THE RENO GAZETTE-JOURNAL/AP

revenue let Mr. Hunt cut prices Governments and nonprofits

SPARKS, Nev.—A pioneer in and sales grew. Pacific Bio- are attempting to grow the na-
making electric-vehicle batter- char’s sales are expected to hit scent industry. The U.S. Agri-
ies in the U.S. has a message a few million dollars this year. culture Department recently
for newcomers: It takes time to Companies are willing to pay said funding is available for
power up. many times more for removal farmers who apply biochar and
Japan’s Panasonic Holdings credits like these than tradi- meet certain conditions. The
Corp. started building what tional offsets because there is International Biochar Initiative
would become America’s first more certainty they are remov- is spreading the word to farm-
large-scale EV-battery plant in ing carbon. Many offsets linked ers and project developers in
2015, at a site owned by Tesla to projects such as keeping poor countries.
Inc. in the rolling hills outside trees standing have been Tom and Tony Marrero, 50-
of Reno, Nev. shown to have limited environ- year-old twin brothers, started
After years of training mental benefits. The potential Wakefield Biochar in 2014
workers and adapting machin- Tesla’s ‘gigafactory’ outside Reno, Nev., uses batteries produced by its partner Panasonic Holdings to remove large amounts of with their father. Sales took off
ery, Panasonic’s battery pro- at the U.S.’s first large-scale electric-vehicle battery plant on the same site. carbon and additional soil ben- recently when the company
duction lines now run around efits make biochar credits at- signed contracts with big com-
the clock churning out some ment customized for the U.S. is its gigafactory—a term now of- Panasonic says the factory tractive, said Brian DiMarino, panies such as Koch Industries
two billion finger-size battery in short supply. Consultants ten used generally for big EV- is currently capable of produc- JPMorgan’s head of operational Inc.’s Georgia-Pacific LLC to
cells a year. say when auto makers and bat- battery factories—the Japa- ing 38 gigawatt-hours of bat- sustainability. dispose of their wood waste by
Many battery and auto mak- tery makers try to build bat- nese company struggled to tery capacity annually, enough Biochar was used by farmers turning it into biochar.
ers would like to follow. En- teries jointly, careful planning boost production volumes. to power about 600,000 stan- in South America thousands of Wakefield Biochar has re-
ticed by federal subsidies, at the outset is needed to pre- Tesla Chief Executive Elon dard-range Tesla Model 3s. years ago. They found that it moved roughly 15,000 tons of
those companies have outlined vent squabbling and missed Musk handed Panasonic tough Panasonic is looking to raise helped soil retain water and carbon, the most in the indus-
plans for tens of billions of deadlines. deadlines and at times blamed output in Nevada, said Mr. nutrients. Most biochar is made try, according to CDR.fyi, and
dollars in factory investments GM Chief Executive Mary it for holding back Tesla’s vehi- Takamoto, without giving spe- using a process called pyrolysis generated a few million dollars
in the U.S. General Motors Barra last October told Wall cle output. The companies’ cifics. that heats up organic matter in sales last year. Selling car-
Co., Honda Motor Co., Sam- Street analysts that a slower- joint battery business was in The shortage of workers in while restricting levels of oxy- bon credits to companies in-
sung SDI Co. were among than-expected start at an Ohio the red for years before eking the state has led Panasonic to gen. Analysts estimate the U.S. cluding JPMorgan and reinsur-
those announcing big plants battery plant that GM operates out a quarterly profit for the develop its biggest expansion currently produces roughly ance firm Swiss Re AG has
last year. with South Korea’s LG Energy first time in late 2019. plans elsewhere, according to 100,000 tons of biochar a year, allowed the company to con-
“The word ‘gigafactory’ has Solution would cause the auto Panasonic’s Mr. Takamoto Mr. Takamoto. Last year, the a fraction of what would be tinue expanding its operations.
often been thrown around re- maker to miss its EV sales tar- said the company underesti- company said it would build a needed to make a dent against “All these things are happen-
cently, but just how big one of get for North America through mated the difficulty of shifting $4 billion plant in De Soto, climate change. The U.S. emits ing partly because of our ability

.
these is and how many re- 2023. lithium ion-battery production Kan., which isn’t far from Kan- about 6 billion tons of green- to be in the carbon market,”
sources it requires is hard to David Verner, an executive outside of East Asia, the indus- sas City and potentially has a house gases a year. said Tom Marrero, the com-

ly
imagine,” said Yasuaki Taka- vice president at Gresham try’s traditional center. larger labor pool to draw from One of the sector’s biggest pany’s president.
moto, the head of Panasonic’s Smith, which designs battery The company was surprised than northern Nevada. Kansas
EV-battery business. facilities for clients in the U.S., to find that American workers’ officials offered Panasonic help
People at Panasonic and in-
dustry consultants say the
early efforts at building EV
said it isn’t unusual to encoun-
ter a company that hasn’t
worked on a major factory-
onhands were sometimes too big
to efficiently operate machin-
ery made in Asia, he said. “It
with educating and recruiting
workers, Mr. Takamoto said.
Aided by subsidies included

ALEXANDRA HOOTNICK FOR THE WALL STREET JOURNAL

batteries in the U.S. have building project in the past 15 sounds like a joke, but these in the U.S. law known as the
shown the ways companies can years. kinds of issues were frequently Inflation Reduction Act, Pana-
us ,

go astray. One of the biggest “For a long time with the encountered in the early sonic is also drawing up plans
l

issues is training workers in kind of outsourcing that was stages,” he said. for an additional plant roughly
e
al a

the finicky art of battery mak- going on in the U.S., you were Boosting production took a the size of the one slated for
ing, in which the slightest ex- not building as many large year or two longer than ex- De Soto, with Kansas and Okla-
posure to moisture might manufacturing plants. And the pected because of issues such homa studied as potential lo-
ci on

mean a whole batch has to be skill set got smaller and as training workers without cations, The Wall Street Jour-
thrown out. smaller and older and older,” battery experience and adapt- nal has reported.
Also, equipment can’t nec- he said. ing equipment and production Mr. Takamoto said the deci-
essarily be shipped from Asia Panasonic experienced both processes to them, he said. sion on a location for a poten-
and plopped onto an American first-mover advantages and Panasonic’s battery opera- tial additional plant would de-
er s

assembly line, given U.S. safety headaches when it set up shop tions take up more than half of pend on factors including tax
regulations and different oper- in Nevada. In its early years Tesla’s Nevada gigafactory site incentives and the prospects
m er

ating conditions, while equip- operating at what Tesla calls outside of Reno. for attracting workers. Biochar helps soil retain water and nutrients, sequestering carbon.
m rp
co Fo

MAX SAFE
®
n-
no

Daily balance range

$50,000+
4.00 APY
%
Daily balance range
$0.01 - $49,999.99
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Monday, February 27, 2023 | B5

BUSINESS & FINANCE

Amazon Expands Same-Day Delivery

Tech giant invests in which tracks Amazon ware- have slowed from a record-
house operations. The sites breaking period during the
ultrafast service as it have primarily opened near pandemic.
tries to trim expenses large cities and deliver the The company also has seen
most popular 100,000 items in sales weaken at two of its
and boost growth Amazon’s catalog, MWPVL main earnings drivers, the
said. New locations recently cloud-computing unit Amazon
BY SEBASTIAN HERRERA opened in Los Angeles, San Web Services and its advertis-
Francisco and Phoenix, accord- ing business.
Amazon.com Inc. is expand- ing to Amazon, which declined “They’re being squeezed in
ing ultrafast delivery options, to provide information on how a way they have not been be-
a sign that it remains commit- many same-day sites it has. fore,” said Andrew Lipsman,

SEBASTIAN HIDALGO FOR THE WALL STREET JOURNAL

ted to pushing its logistics sys- With ultrafast delivery, the an e-commerce researcher at
tem for speed as it scales back tech company is seeking new market-research company In-
plans in other areas. ways to use its broad logistics sider Intelligence. “Andy Jassy
The technology giant is apparatus to compete with the has to thread the needle for
continuing to devote resources likes of Walmart Inc. and the next four quarters.”
to facilities and services struc- Instacart, which provide quick Amazon’s first-party e-com-
tured to deliver packages to shipping options to customers. merce growth was essentially
customers in less than a day. Walmart has used its thou- flat in 2022. Analysts estimate
The expansions are happening sands of stores to help fulfill the company’s share of e-com-
at a crucial point for Amazon, fast online orders. merce sales has flattened after
which faces competition for Analysts say Amazon’s ser- years of growing rapidly, and
fast-delivery options while vice can help the company re- that growth for Prime sub-
Chief Executive Officer Andy tain users of its $139-a-year scriptions has stalled.
Jassy puts a renewed focus on Amazon Prime subscription, Amazon recently laid off
profits. which also provides streaming, Amazon is seeking new ways to use its broad logistics apparatus. An Illinois warehouse. more than 18,000 employees
A central part of Amazon’s discounts at Whole Foods and has sunset a number of
ultrafast-delivery strategy is Market and other perks. Ama- liver items from the locations president of MWPVL. other store,” Ms. Whitehair projects including its Amazon-
its network of warehouses zon’s fast-shipping service can can be around $3.30 a pack- As Amazon expands ultra- said. Smile charitable program.
that the company calls same- add fees for small orders. age, compared with $1.75 for fast shipping across the coun- She said she doesn’t mind While businesses have
day sites. The facilities are a “We’re always exploring packages at its traditional ful- try, some customers are expe- paying the extra fee if needed slowed, Amazon has made ef-
fraction of the size of Ama- ways to bring our customers fillment sites, according to riencing the option for the because she sees it as a pre- forts to become more of a ser-
zon’s large fulfillment ware- new levels of convenience and MWPVL. Using same-day sites first time. mium service. vices provider. Independent
houses and are designed to delivery options that work can eliminate other costs that Kristin Whitehair, a cus- Amazon executives recently merchants make up most of its
prepare products for immedi- best for them. Same-Day De- apply to the company’s stan- tomer in the Kansas City area, reiterated their commitment sales, and the company is ex-
ate delivery. In contrast, the livery is one of the latest inno- dard fulfillment system, first saw the option earlier to quick shipping. Chief Finan- panding its Buy with Prime
larger Amazon warehouses vations,” an Amazon spokes- MWPVL said. this month when shopping for cial Officer Brian Olsavsky this program, which offers mer-
typically rely on delivery sta- woman said, adding that more Ultrafast deliveries can ar- electric-toothbrush heads, month said the company aims chants the ability to offer
tions closer to customers for than 1.5 million customers a rive in a matter of hours, al- which she wanted as soon as to expand its fast-shipping Prime shipping outside of Am-
the final stage of shipping. month are trying same-day de- though Amazon charges mem- possible. She ordered the services and Amazon Prime azon’s website.
Amazon has opened about livery for the first time. bers of its Prime subscription heads in the morning and re- subscribers respond well to Investment firm Morgan

.
45 of the smaller sites since The costly nature of fast service a fee of $2.99 per or- ceived them in the evening. them. Stanley in January estimated
2019 and could expand to at shipping is a challenge. Ama- der if customers don’t meet a “If I have a same-day need, Amazon remains in one of Buy with Prime could eventu-

ly
least 150 centers in the next zon uses contractors to make $25 threshold. I will now look at Amazon’s its toughest stretches in its ally add $3.5 billion in yearly
several years, according to deliveries from the same-day “They need volume to make app, where in the past I may history. Mr. Jassy, the CEO, profit, not accounting for in-
MWPVL International Inc., sites. “Last mile” costs to de- it work,” said Marc Wulfraat, have to go to Target or an- has focused on costs as sales terest and taxes.
on
Railway
us ,

To Replace
l
e
al a

Its CEO
ci on

Continued from page B1

worst in key operating met-
rics, including safety, volume
er s

growth and total shareholder

return during Mr. Fritz’s eight-
m er

year tenure, despite the

Solid and
strength of its network.
The Omaha, Neb., railroad’s
returns to shareholders, in-
cluding dividends, are the
m rp

worst on a percentage basis

Ready
among Class 1 freight railroad
operators in that period, ac-
cording to FactSet.
“We want UNP to prosper,”
co Fo

Soroban founder Eric Mandel-

blatt wrote. “Unlike typical
shareholder engagements
which come with numerous
demands, Soroban has only
one ask: install new leadership
for tomorrow
who can get the trains to op-
erate safely and on time.”
Soroban is a longtime Union
Pacific investor and one of the
company’s biggest sharehold-
ers, with a 1%-plus stake valued
at about $1.6 billion.
n-

Union Pacific said it decided

to disclose its expected timing
for the leadership change after
AXA achieved a strong performance in 2022
Soroban advised the company
and confirms its growth ambition for the benefit
no

recently that it intended to

make its concerns public.
The railroad operator said
it first engaged with an out- of its customers, the economy and society.
side consultant and formed a
task force among its directors
last year to help identify suc-
cessors for Mr. Fritz, 60 years
old, following conversations
between him and the board.
Soroban is pushing for rail-
road veteran Jim Vena, 64,
Union Pacific’s chief operating
officer from 2019 to 2020, to
take the top post. Soroban be-
FULL YEAR 2022 EARNINGS
lieves the company’s stock
price could double in two
years under Mr. Vena given his
operational experience in the FINANCIAL CUSTOMER SOCIAL
industry, said the letter.
Contacted by the Journal,
PERFORMANCE COMMITMENT CONTRIBUTION
Mr. Vena said he would be

€7.3 Bn €50 Bn AAA

open to a conversation with
Union Pacific about taking the
CEO role and expressed admi- More than
ration for the company. “Union
Pacific has a chance to be the UNDERLYING COMPENSATION PAID ESG MSCI
best in the industry,” he said. EARNINGS TO ITS CUSTOMERS RATING*
Soroban’s letter said the
fund for years, including most

€1.70 €5.9 Bn 91/100

recently in August, had pri-
vately expressed its unhappi-
ness with the company’s per-
formance. DIVIDEND INTEREST PAID CSA SCORE
Soroban has told the board
that quick action must be
PER SHARE TO ITS CUSTOMERS DJSI**
taken so Union Pacific can
take advantage of trends the
investor believes are converg-
ing to benefit railroads, in- * MSCI 2022 rating assessing environmental, social and governance-related business practices.
cluding renewed investment in ** 2022 edition of the Corporate Sustainability Assessment (CSA), an S&P Global Assessment of corporate sustainability performance.
domestic manufacturing and Top performers are eligible for inclusion in the Dow Jones Sustainability Indices (DJSI).
efforts to reduce emissions.
In January, Union Pacific re-
ported fourth-quarter profit and Find out more about AXA’s results and commitments at axa.com/en @axa
revenue that fell short of Wall
Street’s expectations, with labor
shortages, inflation and winter
weather weighing on growth.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Monday, February 27, 2023 THE WALL STREET JOURNAL.

Alex Hussey

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no

“My victory is removing ‘can’t’ from my vocabulary.” Alex was hit by an IED in
Afghanistan. He lost both legs, his left hand and has a traumatic brain injury.
With support from DAV, Alex is taking on mountains. DAV helps veterans of all
generations get the benefits they’ve earned—helping more than a million veterans
each year. Support more victories for veterans®. Go to DAV.org.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * NY Monday, February 27, 2023 | B7

MARKETS & FINANCE

Private-Equity Rebound Seen

Slowdowns in deals, said the buyout industry could Despite the slowdown, the uity sponsors down 58% and
recover later this year from Bain report said, deal making initial public offerings down
fundraising may reverse the slump in activity that set and fundraising last year were 94% by deal value.
sooner than expected, a in around the middle of 2022. strong by long-term standards Mr. MacArthur said he ex-
He said he has seen an up- and appear unimpressive only pects sponsor-to-sponsor
new report suggests tick in private-equity mergers by contrast with the record- transactions to pick up, due in
and acquisitions in recent setting levels of 2021. Exclud- part to the industry’s large
ASA FEATHERSTONE, IV FOR THE WALL STREET JOURNAL

BY CHRIS CUMMING months and that deal making ing 2021, last year’s buyout amount of dry powder, while
could rebound by the summer. deal value was the highest firms wait and hope that the
Private equity’s recent chal- However, he doesn’t expect a since 2007. IPO market recovers.
lenges in fundraising, deal return to the record pace of The fundraising sum was Higher interest rates are
making and exits don’t dim 2021 and the start of last year, the second-highest ever, and perhaps the biggest obstacle
the long-term outlook for the but rather the typical healthy came at the end of a multiyear to an industry recovery. The
asset class, a new report from level of activity in the years fundraising boom that has Bain report shows that since
Bain & Co. says. prior. brought the industry’s dry 2011, the industry increased
While interest rates have Bain’s annual private-equity powder—money raised but not the value of the companies
risen and many investors are report, expected to be released yet invested—to a record $3.7 firms own by multiple expan-
worried about the future, a Monday, shows how abruptly trillion. Private-equity firms sion—that is, the increase in
long-expected recession hasn’t private equity’s slowdown set have plenty to invest even if sale-price multiples over
arrived, and many private-eq- in last year. Global buyout deal fundraising continues to slow, time—more than by any other
uity deal makers are ready to value fell 35% last year, to said Mr. MacArthur. means, such as growth in prof-
Kroger is expected to post per-share earnings of 90 cents. get back to work, said Hugh $654 billion, as strong mo- The bigger problem for the itability.
MacArthur, chairman of pri- mentum in the beginning of industry is the exit environ- Rising rates will likely slow
THE TICKER | vate equity for the Boston the year halted in the second ment, he said. Buyout exits fell multiple expansion, forcing
MARKET EVENTS COMING THIS WEEK consulting firm. “Fundamen-
tally, nothing is broken in the
half. Alternative-asset manag-
ers raised $1.3 trillion last
42% last year, to $565 billion.
All types of exits fell, with
firms to engineer real profit-
ability growth to achieve the
Monday Thursday global economy,” he said. year, 10% less than in the pre- sales to strategic buyers down returns their investors expect,
Sempra Energy
As such, Mr. MacArthur vious year. 21%, sales to other private-eq- the Bain report said.
Short-selling reports 2.05/2.16
Target 1.40/3.19 EIA report: natural gas
Ratio, days of trading volume
Previous change in stocks in
of current position, at Jan. 31
billions of cubic feet
NYSE 3.8 Wednesday down 71
Nasdaq 2.2 Construction spending
Earnings expected Dec., prev. down 0.4% Initial jobless claims
Estimate/Year Ago Jan., expected up 0.3% Previous 192,000
BioMarin Pharma EIA status report Expected 197,000
(0.06)/(0.32) Previous change in stocks in
millions of barrels
Productivity
Heico 0.69/0.63
Crude oil up 7.6 3rd qtr., prev. up 3.0%
Occidental Petroleum
Gasoline down 1.9 4th qtr. prelim.
1.81/1.48
Distillates up 2.7 exp. up 2.5%
ONEOK 1.02/0.85
Workday 0.89/0.78 ISM mfg. index Unit labor costs
Zoom Video 0.81/1.29 Jan., previous 47.4 3rd qtr., prev. up 1.1%

.
Feb., expected 47.6 4th qtr. prelim., exp.
Tuesday

ly
Mort. bankers indexes up 1.4%
Chicago PMI Purch., previous
Jan., previous 44.3 down 18.0% Earnings expected
Estimate/Year Ago
Feb., expected 45.0 Refinan., previous

WHERE
Broadcom 10.18/8.39
Consumer Confidence
Jan., previous 107.1
Feb., expected 108.5
down 2.0%
Earnings expected
Estimate/Year Ago
Dollar Tree 2.02/2.01
Costco 3.21/2.92
Hewlett Packard
Enterprise 0.54/0.53
on VOLATILITY

RISK MEETS
Earnings expected Hormel Foods
Estimate/Year Ago Horizon Therapeutics
us ,

Agilent Technologies 1.09/1.41 0.46/0.44

l

1.31/1.21 Liberty Media Kroger 0.90/0.91

e
VMware 1.92/2.02
al a

OPPORTUNITY
AutoZone 21.96/22.30 0.10/(0.63)
Monster Beverage Lowe’s 2.21/1.78 Friday
0.63/0.60 Salesforce 1.36/0.84
ci on

No major events scheduled

Ross Stores 1.24/1.04 Snowflake 0.05/0.12 for the day.

* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in

parentheses) u Adjusted for stock split
Note: Forecasts are from Dow Jones weekly survey of economists

Whatever the conditions, CME Group provides

er s

Frackers’ The companies’ frugality has

the tools that global market participants need UNCERTAINTY
m er

attracted investors: In the past

year, the S&P 500 Energy stocks to manage risk and capture opportunities. With
Outlays to increased by over 26%, even as
the broader index fell 5%.
The industry is now revers-
24-hour access to trading in futures, options,
m rp

Increase ing its austerity measures. In-

vestment bank Evercore ISI
estimated in December that
cash and OTC across all major asset classes,
you can determine your best position and
shale companies’ budgets
Continued from page B1 would increase by 46% in take action at just the right moment.
co Fo

sion of Ukraine to record prof- 2023, putting U.S. spending on

its in 2022, but suggests their par with levels last seen in
ability to grow is limited. 2009—about half its historical VISIT CMEGROUP.COM/OPPORTUNITY
EOG reported this week peak. That rise follows a 30%
that its yearly profit jumped increase in spending last year
$3 billion to $7.7 billion. Pio- from 2021, according to Wood
neer said it netted $7.8 billion Mackenzie. In 2022, the 51
last year, almost four times largest U.S. shale companies
what it made in 2021. Dia- spent $52.6 billion on oil
mondback Energy Inc. said its fields, the firm said.
net income more than doubled Drillers say they are spend-
from 2021 to $4.5 billion. ing more to keep production
These three companies roughly flat. Their budget in-
n-

churned out more than $20 creases in 2022 resulted in a

billion in free cash flow last 4% increase in oil production
year, compared with $11.1 bil- for the group, according to
lion in 2021. Wood Mackenzie’s models.
no

Those profits may be diffi- Companies largely attributed

cult to replicate. The industry their ballooning budgets in
is dealing with inflation, which 2022 and this year to inflation,
sent the price of equipment, which raised the cost of labor STRATEGY
labor and materials to new and materials by around 20%,
heights, analysts said. Drillers as well as to one-time items,
are warning they will have to such as well maintenance.
splurge more to extract the
same volumes of hydrocar-
bons, in part because shale
fields from North Dakota to
In 2022, 51 U.S.
Texas, the oil basket of Amer- shale companies POSITION
ica, are maturing.
Shale companies in the past
spent $52.6 billion
decade capitalized on low-cost on oil fields.
debt to fuel explosive growth
in the oil patch, which contrib-
uted to a glut of supply and a
collapse in oil prices in 2014 But some frackers, such as
to 2016. The free spending led Pioneer, said they have been
to multibillion-dollar losses dealing with capricious wells.
and angered investors. The driller last year said its
Drillers pledged to rein in Permian Basin wells had dis-
spending and focus on capital appointed, and that it would
returns and showered their in- reshuffle its drilling portfolio
vestors with cash last year. to generate higher returns in
According to energy research 2023.
firm Wood Mackenzie, through In addition to productivity
the third quarter of 2022, a troubles, frackers face an ex-
group of 38 shale companies istential predicament: fewer Laird Hamilton
distributed $42 billion to sweet spots to drill, analysts
stockholders through divi- said. Shale executives pri- World-Class Big Wave Surfer
dends and buybacks—slightly vately concede the problem
more than what these compa- and in earnings calls this
nies spent on production over month tried to reassure in-
the same period. vestors they had ample run-
The fact that companies ning room, pointing to recent
have moved to funnel most of acquisitions that added to
their cash back to sharehold- their inventories of drilling
ers, and not into squeezing out locations.
new molecules, has become a Marathon’s Mr. Tillman, for
source of pride for oil bosses. instance, said the company
Marathon Oil Chief Executive bought Ensign Natural Re- Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally
Lee Tillman told investors ear- sources, in the Eagle Ford re- deposited and profit you might have made. This communication is not a recommendation or offer to buy,
lier this month that his com- gion of Texas, last year as it sell or retain any specific investment or service. Copyright ©2021 CME Group Inc. All rights reserved.
pany had “the lowest reinvest- looked for “assets or opportu-
ment rate in our peer group, a nities that would also have a
full 10 percentage points below net positive effect on inven-
the S&P 500 average.” tory life.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Monday, February 27, 2023 THE WALL STREET JOURNAL.

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market Continued on page B9
Last Year ago Last Year ago
32816.92 t 1009.77, or 2.99% last week Trailing P/E ratio 21.78 18.89 3970.04 t 109.05, or 2.67% last week Trailing P/E ratio * 17.82 23.83 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 17.60 17.90 High, low, open and close for each of P/E estimate * 17.92 19.49
the past 52 weeks Dividend yield 2.13 2.06 the past 52 weeks Dividend yield * 1.71 1.41 IPOs in the U.S. Market
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22
Initial public offerings of stock expected this week; might include some
Week's high
offerings, U.S. and foreign, open to institutional investors only via the
Current divisor 0.15172752595384 DOWN UP
Monday's open t Friday's close Rule 144a market; deal amounts are for the U.S. market only
36000 4600 Symbol/ Pricing
200-day Friday's close Monday's open
t

Expected primary Shares Range($)

moving average pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)
Week's low
34500 4400 Week of 2/276/22 Intchains Group Ltd ICG 2.5 7.00/ Maxim Grp
2022 Provider of integrated Nq 9.00
200-day moving average solutions consisting of
high-performance ASIC
chips and ancillary
33000 4200 software and hardware for
blockchain applications.
3/2 8/31 Opti-Harvest Inc OPHV 2.0 3.50/ WestPark Capital Inc
31500 4000 2022 Agriculture technology Nq 4.50
business providing
advanced equipment and
65-day precision agriculture
software and solution
moving average
30000 3800 Week of 2/279/16 SolarJuice Co Ltd SJA 3.0 5.00/ Maxim Grp
2022 Provider of solar Nq 6.00
65-day photovoltaic based energy
solutions for residential
moving average and small commercial
28500 3600 building markets in
Australia and the United
States.
Bars measure the point change from Monday's open
3/3 9/23 Ultimax Digital Inc NFTX 1.9 4.00/ WestPark Capital Inc
27000 3400 2022 Company engaged in Nq 5.00
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integrative healthcare
model.
Major U.S. Stock-Market Indexes Nasdaq Composite 3/1 11/16 SYLA Technologies Co Ltd SYT ... 8.00/ Boustead & Co Ltd
2022 Asset management Nq 8.00
Latest Week 52-Week % chg t 392.33, or -3.33% company.
High Low Close Net chg % chg Low Close (l) High %chg YTD 3-yr. ann.
Dow Jones
last week
Industrial Average 33699.69 32643.48 32816.92 -1009.77 -2.99 28725.51 • 35294.19 -3.6 -1.0 5.5 Lockup Expirations
Transportation Avg 15018.67 14424.98 14629.01 -506.86 -3.35 11999.40 • 16718.54 -3.8 9.2 11.7
11700
Utility Average 950.55 916.91 928.44 -25.17 -2.64 838.99 • 1071.75 -1.0 -4.0 -0.3 None expected this week
Total Stock Market 40917.84 39851.06 40126.40 -1120.32 -2.72 36056.21 • 46941.2 -9.9 4.2 6.7
Barron's 400 1001.07 966.78 978.12 -22.94 -2.29 825.73 • 1051.05 -3.6 6.3 11.4 11500 IPO Scorecard
Nasdaq Stock Market Performance of IPOs, most-recent listed first
11300
Nasdaq Composite 11803.22 11334.47 11394.94 -392.33 -3.33 10213.29 • 14619.64 -16.8 8.9 7.3
% Chg From % Chg From

.
Company SYMBOL Friday's Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
Nasdaq-100 12257.06 11900.84 11969.65 -388.53 -3.14 10679.34 • 15239.32 -15.6 9.4 9.6

ly
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
11100 Distoken Acquisition 10.21 2.1 0.2 Lichen China 2.01 –49.8 –41.2
S&P
17 20 21 22 23 24 DISTU Feb. 15/$10.00 LICN Feb. 4/$4.00
500 Index 4052.35 3943.08 3970.04 -109.05 -2.67 3577.03 • 4631.6 -9.5 3.4 7.2 February The NFT Gaming Company 2.32 –44.1 –42.7 Asset Entities 1.55 –69.0 –56.3
MidCap 400 2666.12 2575.98 2600.68 -65.44 -2.45 2200.75 • 2773.72 -2.3 7.0 8.7 DJ US TSM NFTG Feb. 15/$4.15 ASST Feb. 3/$5.00
SmallCap 600
Other Indexes
Russell 2000
1275.72 1236.17 1247.72 -34.80

1937.05 1875.81 1890.49 -55.87 -2.87

-2.71 on
1064.45

1649.84 •
• 1357.33

2133.1
-4.8

-7.4
7.8

7.3 5.1
8.4
t 1120.32, or -2.72%
last week
BullFrog AI
BFRG Feb. 14/$6.50
Mars Acquisition
MARXU Feb. 14/$10.00
3.24

10.17
–50.2 –31.9

1.7 ...
Cetus Captial Acquisition
CETUU Feb. 1/$10.00
Brera Hldgs
BREA Jan. 27/$5.00
10.23 2.3

2.85 –43.0 –40.9

0.5

NYSE Composite 15840.16 15347.28 15464.46 -375.70 -2.37 13472.18 • 17014.76 -5.9 1.8 4.5 Belleveue Life Sciences Acquisition 10.20 2.0 0.4 TXO Energy Ptnrs 23.83 19.2 8.3
us ,

Value Line 590.43 568.51 572.99 -17.44 -2.95 491.56 • 653.15 -9.1 6.8 2.9 40900 BLACU Feb. 10/$10.00 TXO Jan. 27/$20.00
l

NYSE Arca Biotech 5526.35 5216.31 5223.35 -302.99 -5.48 4208.43 • 5644.5 4.9 -1.1 0.5 Enlight Renewable Energy 16.44 –8.7 –7.4 Genelux 10.86 81.0 76.6
e
ENLT Feb. 10/$18.00 GNLX Jan. 26/$6.00
•
al a

NYSE Arca Pharma 831.96 812.03 816.06 -15.55 -1.87 737.84 887.27 3.1 -6.0 8.6
40500 Mineralys Thera 17.90 11.9 –2.9 Cadrenal Thera 2.11 –57.9 –48.9
KBW Bank 110.83 107.45 109.07 -2.79 -2.49 94.66 • 135.94 -19.8 8.1 1.5 MLYS Feb. 10/$16.00 CVKD Jan. 20/$5.00
PHLX§ Gold/Silver 118.06 110.36 111.84 -5.81 -4.93 91.40 • 167.76 -21.8 -7.5 0.1
ci on

Pono Capital Three 10.19 1.9 0.4 Israel Acquisitions 10.18 1.8 0.5
PHLX§ Oil Service 88.22 82.82 86.85 -0.536 -0.61 56.08 • 93.94 28.5 3.6 14.4 40100 PTHRU Feb. 10/$10.00 ISRLU Jan. 13/$10.00
PHLX§ Semiconductor 3002.97 2875.56 2935.11 -70.75 -2.35 2162.32 • 3625.58 -15.0 15.9 17.7 Lucy Scientific Discovery 2.05
LSDI Feb. 9/$4.00
–48.8 –31.4 MGO Global
MGOL Jan. 13/$5.00
1.86 –62.8 –60.0
Cboe Volatility 23.63 20.89 21.67 1.65 8.24 17.87 • 36.45 -21.5 unch. -4.7 39700
Nextracker 30.21 25.9 –0.8 Skyward Spcl Insurance 19.11 27.4 0.1
 Nasdaq PHLX 17 20 21 22 23 24
Sources: FactSet; Dow Jones Market Data NXT Feb. 9/$24.00 SKWD Jan. 13/$15.00
February
er s

Sources: Dow Jones Market Data; FactSet

International Stock Indexes Commodities and

m er

Latest Week 52-Week Range YTD

Currencies A Week in the Life of the DJIA
Region/Country Index Close % chg Low Close High % chg
Last Week YTD A look at how the Dow Jones Industrial Average component stocks
World MSCI ACWI 628.00 –2.64 550.37 • 723.16 3.7 Close Net chg %Chg % chg did in the past week and how much each moved the index. The DJIA
291.85 –2.56 244.35 • 326.65 3.7 lost 1,009.77 points, or 2.99%, on the week. A $1 change in the price
m rp

MSCI ACWI ex-USA DJ Commodity 998.74 -8.37 -0.83 -4.76

MSCI World 2706.91 –2.62 2367.69 • 3110.81 4.0 Refinitiv/CC CRB Index 267.15 -0.42 -0.16 -3.82 of any DJIA stock = 6.59-point change in the average. To date, a
MSCI Emerging Markets 971.87 –2.76 842.76 • 1176.43 1.6 $1,000 investment on Dec. 31 in each current DJIA stock component
Crude oil, $ per barrel 76.32 -0.23 -0.30 -4.91
would have returned $30,208, or a gain of 0.69%, on the $30,000
Americas MSCI AC Americas 1511.43 –2.68 1363.36 • 1779.00 3.7 Natural gas, $/MMBtu 2.451 0.176 7.74 -45.23
investment, including reinvested dividends.
Canada S&P/TSX Comp 20219.19 –1.44 18206.28 • 22087.22 4.3 Gold, $ per troy oz. 1808.80 -31.60 -1.72 -0.60
Latin Amer. MSCI EM Latin America 2194.53 –2.63 1912.59 • 2761.97 3.1 The Week’s Action
co Fo

U.S. Dollar Index 105.26 1.40 1.35 1.68 Pct Stock price Point chg $1,000 Invested(year-end '22)
Brazil BOVESPA 105798.43 –3.09 96120.85 • 121570.15 –3.6
WSJ Dollar Index 98.17 1.30 1.34 1.67 chg (%) change in average* Company Symbol Close $1,000
Chile S&P IPSA 3212.52 0.05 2886.06 • 3546.47 1.3
Euro, per dollar 0.9482 0.013 1.41 1.48
0.34 0.37 2.44 Merck MRK $109.89 $990
Mexico S&P/BMV IPC 52686.24 –2.05 44626.80 • 56609.54 8.7
Yen, per dollar 136.46 2.36 1.76 4.07
–0.23 –0.42 –2.77 Travelers TRV 185.33 988
EMEA STOXX Europe 600 457.70 –1.42 382.89 • 465.24 7.7
U.K. pound, in dollars 1.19 -0.0101 -0.84 -1.29
–0.27 –0.44 –2.90 Chevron CVX 162.41 913
STOXX Europe 50 3879.17 –1.48 3310.09 • 3947.97 6.2 –0.47 –0.28 –1.85 Coca-Cola KO 59.84 941
52-Week –0.54
Eurozone Euro STOXX 450.53 –1.98 359.45 • 461.46 9.9 Low Close(l) High % Chg
–0.75 –4.94 Procter & Gamble PG 139.26 925
Euro STOXX 50 4178.82 –2.25 3279.04 • 4297.24 10.2
DJ Commodity 990.27 1264.48 -6.55
–0.58 –0.34 –2.24 Dow DOW 57.79 1,147
Austria ATX 3455.75 –1.15 2647.43 • 3506.14 10.5 l
–0.92 –1.31 –8.63 JPMorgan Chase JPM 140.93 1,059
Belgium Bel-20 3859.50 –1.52 3313.82 • 4266.01 4.3 Refinitiv/CC CRB Index 263.69 l 329.59 1.02 –1.26 –4.65 –30.65 Goldman Sachs GS 363.85 1,060
France CAC 40 7187.27 –2.18 5676.87 • 7366.16 11.0 Crude oil, $ per barrel 71.02 l 123.70 -16.67 –1.72 –3.05 –20.10 American Express AXP 174.25 1,184
Germany DAX 15209.74 –1.76 11975.55 • 15533.64 9.2 Natural gas, $/MMBtu 2.073 l 9.680 -45.17 –1.79 –4.01 –26.43 Visa V 219.55 1,059
Greece Athex Composite 1113.36 0.96 779.20 • 1123.23 19.7 Gold, $ per troy oz. 1623.30 l 2040.10 -4.12 –1.80 –2.97 –19.57 salesforce.com CRM 162.20 1,223
Israel Tel Aviv 1747.43 –3.05 1746.82 • 2067.23 –2.8
n-

–2.34 –6.31 –41.59 McDonald’s MCD 263.68 1,001

Italy FTSE MIB 26986.35 –2.76 20353 • 27854 13.8 U.S. Dollar Index 96.62 l 114.10 8.95
–2.61 –0.96 –6.33 Walgreens WBA 35.80 971
Netherlands AEX 746.41 –2.44 630.58 • 771.69 8.3 WSJ Dollar Index 90.01 l 105.14 9.06 –2.71 –3.97 –26.17 Walmart WMT 142.47 1,005
Norway Oslo Bors All-Share 1398.42 –0.30 1247.07 • 1476.42 2.6 Euro, per dollar 0.8871 l 1.0422 6.88 –2.76 –4.42 –29.13 Johnson & Johnson JNJ 155.97 889
Portugal PSI 20 5984.49 –0.63 5190.28 • 6349.21 4.5 Yen, per dollar 114.83 l 150.15 18.13
no

–2.86 –6.87 –45.28 Amgen AMGN 233.66 898

South Africa FTSE/JSE All-Share 76937.77 –2.94 63263.94 • 80791.36 5.3 U.K. pound, in dollars 1.07 l 1.34 -10.99 –2.96 –14.75 –97.21 UnitedHealth Group UNH 484.33 914
Spain IBEX 35 9201.50 –1.41 7261.1 • 9333.0 11.8 –3.30 –4.45 –29.33 IBM IBM 130.57 938
Sweden OMX Stockholm 840.73 –2.64 690.07 • 906.59 7.5 Go to WSJMarkets.com for free –3.43 –8.84 –58.26 Microsoft MSFT 249.22 1,042
Switzerland Swiss Market 11181.77 –0.66 10072.62 • 12528.61 4.2 access to real-time market data. –3.68 –1.48 –9.75 Verizon VZ 38.74 999
U.K. FTSE 100 7878.66 –1.57 6826.15 • 8014.31 5.7
–3.83 –5.84 –38.49 Apple AAPL 146.71 1,131
Asia-Pacific MSCI AC Asia Pacific 158.75 –2.40 134.3 • 183.3 1.9 –4.51 –2.29 –15.09 Cisco CSCO 48.48 1,026
Australia S&P/ASX 200 7307.00 –0.54 6433.4 • 7592.8 3.8 –4.59 –5.19 –34.21 3M MMM 107.80 911
China Shanghai Composite 3267.16 1.34 2886.43 • 3488.83 5.8 –4.66 –9.38 –61.82 Honeywell HON 192.04 901
Hong Kong Hang Seng 20010.04 –3.43 14687.02 • 22767.18 1.2 –4.68 –4.92 –32.43 Walt Disney DIS 100.30 1,154
India S&P BSE Sensex 59463.93 –2.52 51360.42 • 63284.19 –2.3
–4.69 –11.62 –76.58 Caterpillar CAT 236.17 991
Japan NIKKEI 225 27453.48 –0.22 24717.53 • 29222.77 5.2
–5.45 –6.80 –44.82 Nike NKE 118.04 1,009
Malaysia FTSE Bursa Malaysia KLCI 1456.80 –1.36 1373.36 • 1618.54 –2.6
–6.38 –13.51 –89.04 Boeing BA 198.15 1,040
Singapore Straits Times 3282.30 –1.38 2969.95 • 3445.01 1.0
–6.70 –21.29 –140.32 Home Depot HD 296.66 939
South Korea KOSPI 2423.61 –1.13 2155.49 • 2759.20 8.4
–8.95 –2.47 –16.28 Intel INTC 25.14 963
Taiwan TAIEX 15503.79 0.16 12666.12 • 17934.40 9.7
*Based on Composite price. DJIA is calculated on primary-market price.
Source: FactSet; Dow Jones Market Data Source: Dow Jones Market Data; FactSet.

Consumer Rates and Returns to Investor Benchmark Yields and Rates

Selected rates Currencies
U.S. consumer rates Treasury yield curve Forex Race
A consumer rate against its New car loan Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading
benchmark over the past year notes and bonds major U.S. trading partners US$vs, US$vs,
Bankrate.com avg†: 6.69% Fri YTDchg Fri YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
First Savings Bank of Hegewisch 3.80% 5.00%
28% Americas Vietnam dong .00004203 23795 0.7
7.00% Chicago, IL 773-646-4200 t
Prime rate 4.00 WSJ Dollar Index Argentina peso .0051195.7100 10.7 Europe
t

Colonial Savings, FA 5.49% Tradeweb ICE 14

s
6.00 Brazil real .1919 5.2105 –1.4 Czech Rep. koruna .04459 22.427 –0.6
Garland, TX 972-495-4032 Friday Close 3.00 Canada dollar .7351 1.3605 0.4 Denmark krone .1417 7.0589 1.6
5.00 First Command Bank 5.49% 0 Chile peso .001215 823.03 –3.0 Euro area euro 1.0547 .9482 1.5
t 2.00 Euro Colombiapeso .000207 4841.58 –0.1 Hungary forint .002774 360.53 –3.4
Fort Worth, TX 888-763-7600 s
New car loan One year ago Ecuador US dollar 1 1 unch Iceland krona .006907 144.78 2.3
t

4.00 Frost Bank 5.49% 1.00 –14

s
Mexico peso .0544 18.3936 –5.6 Norway krone .0962 10.3903 5.9
Houston, TX 800-513-7678 Yen Uruguay peso .02571 38.8986 –2.7 Poland zloty .2234 4.4761 2.2
3.00 0.00 –28
Third Coast Bank, SSB 5.50% Asia-Pacific Russia ruble .01316 76.015 3.1
MAM J J A S ON D J F 1 3 6 1 2 3 5 7 10 20 30 2022 2023 Sweden krona .0952 10.5086 0.7
2022 2023 Humble, TX 281-446-7000 month(s) years Australiadollar .6722 1.4877 1.4
Switzerland franc 1.0629 .9408 1.7
China yuan .1438 6.9562 0.8
3-yr chg maturity Turkey lira .0530 18.8731 1.0
Yield/Rate (%) 52-Week Range (%) Hong Kong dollar .1274 7.8487 0.5
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Ukraine hryvnia .0271 36.8500 unch
India rupee .01206 82.934 0.2
UK pound 1.1942 .8374 1.3
Federal-funds rate target 4.50-4.75 4.50-4.75 0.00 l 4.75 3.00 Corporate Borrowing Rates and Yields Indonesia rupiah .0000655 15265
Japan yen .007328 136.46
–1.9
4.1 Middle East/Africa
Prime rate* 7.75 7.75 3.25 l 7.75 3.00 Spread +/- Treasurys,
Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002225 449.35 –2.9 Bahrain dinar 2.6529 .3770 –0.03
Libor, 3-month 4.95 4.92 0.50 l 4.96 3.31 Macau pataca .1236 8.0880 0.5 Egypt pound .0326 30.6311 23.7
Bond total return index Last Wk ago Last Low High 52-wk 3-yr
Money market, annual yield 0.46 0.39 0.07 l 0.46 -0.04 Malaysia ringgit .2255 4.4355 0.7 Israel shekel .2728 3.6663 4.0
Five-year CD, annual yield 2.75 2.74 0.43 l 2.79 1.37 U.S. Treasury, Bloomberg 4.410 4.230 -9.61 -3.80 New Zealand dollar .6173 1.6200 2.9 Kuwait dinar 3.2571 .3070 0.3
30-year mortgage, fixed† 7.01 6.88 4.12 l 7.41 3.32 U.S. Treasury Long, Bloomberg 4.080 3.980 -22.97 -10.22 Pakistan rupee .00384 260.175 14.8 Oman sul rial 2.5973 .3850 ...
Aggregate, Bloomberg 4.810 4.660 n.a. 38 69 -9.13 -3.56 Philippines peso .0181 55.233 –0.8 Qatar rial .2747 3.640 –0.7
15-year mortgage, fixed† 6.27 6.16 3.38 l 6.53 3.12
Singapore dollar .7408 1.3499 0.7 Saudi Arabia riyal .2667 3.7496 –0.2
Jumbo mortgages, $726,200-plus† 7.03 6.90 4.12 l 7.44 3.33 Fixed-Rate MBS, Bloomberg 4.690 4.600 n.a. 21 88 -8.63 -3.49
South Korea won .0007606 1314.81 4.2 South Africa rand .0543 18.4240 8.2
Five-year adj mortgage (ARM)† 5.63 5.50 2.92 l 5.63 2.00 High Yield 100, ICE BofA 7.825 7.866 350 269 552 -5.043 -0.207 Sri Lanka rupee .0027388 365.13 –0.6
Muni Master, ICE BofA 3.412 3.305 -1 -17 11 -4.539 -1.330 .03260 30.672 0.1 Close Net Chg % Chg YTD%Chg
New-car loan, 48-month 6.69 6.68 3.55 l 6.69 2.20 Taiwan dollar
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 7.779 7.746 367 336 496 -9.644 -5.137 Thailand baht .02863 34.930 0.9 WSJ Dollar Index 98.17 0.70 0.72 1.67
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Fixed Income Indices; ICE BofA Sources: Tullett Prebon, Dow Jones Market Data
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, February 27, 2023 | B9

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not PIMCO Corp & Inc Strat PCN 11.41 13.24 +16.0 11.2 Nuveen PA Qual Muni Inc NQP 13.07 11.15 -14.7 4.3 Invesco Sr Loan IB 5.87 NA NA 9.2
buy their shares back from investors who wish to cash ETnVncTxMgdBuyWrtInc ETB NA 13.20 NA -10.0 FirstTr Dyn Euro Eq Inc FDEU 13.27 11.82 -10.9 -2.7 PIMCOHilnco PHK 4.67 5.01 +7.3 11.1 Nuveen VA Qlty Mun Inc NPV 12.15 11.58 -4.7 4.5 Invesco Sr Loan IC 5.87 NA NA 9.0
in their holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is not EtnVncTxMgdBuyWrtOpp ETV NA 12.80 NA -8.1 Gabelli Multimedia GGT 4.33 5.78 +33.5 -19.3 PIMCO IncmStrFd PFL 8.12 8.47 +4.3 11.1 PIMCO CA PCQ 10.23 10.23 0.0 6.7 Invesco Sr Loan Y 5.87 NA NA 9.2
available or not applicable. NS signifies funds not in EvTxMnDvsEqInc ETY NA 11.66 NA -6.4 GDL Fund GDL 10.17 7.95 -21.8 0.1 PIMCO IncmStrFd II PFN 7.15 7.38 +3.2 11.2 PIMCOCAMuniII PCK 6.48 6.04 -6.8 5.7 Lord Abbett FR Hi Inc:A 10.06 NA NA NS
existence for the entire period. 12 month yield is EtnVncTxMgdGlbB ETW NA 7.91 NA -15.2 Highland Global Alloc HGLB 12.13 9.81 -19.1 10.8 Lord Abbett FR Hi Inc:I 10.06 NA NA NS
computed by dividing income dividends paid (during Putnam Prem Inc PPT 3.89 3.65 -6.2 8.1
EVTxMnGblDvEqInc EXG NA 7.59 NA -10.8 India Fund IFN 15.40 15.20 -1.3 -8.0 52 wk Monachil Credit Income:I 10.06 NA NA NS
the previous 12 months for periods ending at month- Western Asset Dvsfd Inc WDI NA 13.80 NA 10.3 Prem Ttl
end or during the previous 52 weeks for periods Ecofin S&S Impact Term TEAF NA 12.88 NA -4.9 Japan Smaller Cap JOF 8.07 6.70 -17.0 -11.6 World Income Funds Fund (SYM) NAV Close /Disc Ret OFS Credit Company OCCI NA 10.16 NA NA
ending at any time other than month-end) by the Yieldstreet Prism NA NA NA 8.6
latest month-end market price adjusted for capital First Trust Energy Inc G FEN 15.36 13.84 -9.9 -3.8 LazardGlbTotRetInc LGI 16.39 15.30 -6.7 -9.1 abrdn AP IncFd FAX 3.16 2.68 -15.2 11.4
First Tr Enhanced Eq FFA 17.36 16.51 -4.9 -10.3 General Equity Funds High Yield Bond Funds
gains distributions. Depending on the fund category, Mexico MXF NA 16.55 NA 14.5 MS EmMktDomDebt EDD 5.26 4.44 -15.6 6.4
either 12-month yield or total return is listed. Alternative Strategies:I 5.23 NA NA -14.5 Apollo Diversified Cd:A NA NA NA 7.1
FirstTrEnergyInfra FIF 17.13 14.78 -13.7 13.3 Miller/Howard High Inc E HIE 11.54 10.59 -8.2 3.7 PIMCO Access Income PAXS 15.85 15.36 -3.1 12.6
Source: Lipper Specialized Equity Funds Apollo Diversified Cd:C NA NA NA 7.1
FirstTrMLPEner&Inc FEI 9.23 8.04 -12.9 12.2 MS ChinaShrFd CAF 17.25 14.51 -15.9 -20.2 PIMCO Dynamic Income PDI 17.92 19.53 +9.0 16.0
Friday, February 24, 2023 ArrowMark Financial Corp BANX NA 18.79 NA NA Apollo Diversified Cd:F NA NA NA 8.0
Gabelli Healthcare GRX 12.09 10.21 -15.6 -13.4 MS India IIF 24.02 19.84 -17.4 -5.4 PIMCO Dynamic Inc Opp PDO 13.36 13.70 +2.5 17.1
52 wk CBRE GlbRlEst IGR 6.66 6.41 -3.8 -19.4 Apollo Diversified Cd:I NA NA NA 7.2
Gab Utility GUT 3.52 6.92 +96.6 -0.2 MS CBRE Gl In Mg MEGI NA 14.20 NA -14.3 PIMCO Stratg Inc RCS 4.46 5.59 +25.3 10.8
Prem Ttl First Tr Real Assets;I NA NA NA NS Apollo Diversified Cd:L NA NA NA 7.1
Fund (SYM) NAV Close /Disc Ret GAMCOGlGold&NatRes GGN 3.77 3.54 -6.1 1.5 Templeton Dragon TDF 12.04 10.62 -11.8 -22.5 Templeton Em Inc TEI 5.60 5.26 -6.1 11.1 Forum RE Income;I 9.39 NA NA NS
J Han Finl Opptys BTO 34.04 35.80 +5.2 -13.6 Apollo Diversified Cd:M NA NA NA 7.1
Templeton Em Mkt EMF 13.00 11.43 -12.1 -16.5 Templtn Glbl Inc GIM 4.52 4.25 -6.0 8.8 NexPointRlEstStrat;A 20.23 NA NA -1.4
General Equity Funds
Neuberger Brmn MLP & EI NML 8.09 7.06 -12.7 31.9 Opprtnstc Crdt Intrvl;I 11.81 NA NA NS
Prem12 Mo WstAstEmergDebt EMD NA 9.03 NA 10.4 NexPointRlEstStrat;C 20.45 NA NA -2.3
Adams Diversified Eq Inc ADX 17.92 15.24 -15.0 -8.5 Peak Income Plus 10.00 NA NA NS
Neuberger Nxt Gen Conn NBXG 12.28 9.90 -19.4 -21.5 Fund (SYM) NAV Close /Disc Yld Western Asset Gl Cr D Op GDO NA 12.85 NA 9.0 NexPointRlEstStrat;Z 20.48 NA NA -1.2
Central Secs CET 41.99 35.04 -16.6 -9.5 PIMCO Flexible Cr I;A-1 7.11 NA NA 15.1
NuvDow30DynOverwrite DIAX NA 15.19 NA -0.1 U.S. Mortgage Bond Funds National Muni Bond Funds PIMCO Flexible REI;Inst 10.27 NA NA NS
CohenStrsCEOppFd FOF 10.85 11.20 +3.2 -5.5 PIMCO Flexible Cr I;A-2 7.11 NA NA 15.1
NuvCorEqAlpha JCE NA 12.68 NA -1.0 BlckRk Income BKT 13.09 12.55 -4.1 8.5 AllBerNatlMunInc AFB 12.08 10.40 -13.9 4.6 PREDEX;I 29.71 NA NA 3.5
EVTxAdvDivIncm EVT NA 23.27 NA -5.2 PIMCO Flexible Cr I;A-3 7.11 NA NA 14.8
NuveenNasdaq100DynOv QQQX NA 22.93 NA -3.4 Invesco HI 2023 Tgt Term IHIT 8.39 8.17 -2.6 5.6 BlckRk Inv Q Mun BKN 12.89 11.86 -8.0 6.0 PREDEX;T 29.90 NA NA 3.3
GabelliDiv&IncTr GDV 24.55 21.27 -13.4 -5.4 PIMCO Flexible Cr I;A-4 7.11 NA NA 14.8
Nuv Real Est JRS NA 8.38 NA -19.3 Investment Grade Bond Funds BlackRock Muni 2030 Tgt BTT 23.30 21.15 -9.2 3.3 PREDEX;W 29.89 NA NA 3.3 PIMCO Flexible Cr I;Inst 7.11 NA NA 15.7
Gabelli Equity Tr GAB 5.32 5.76 +8.3 -6.0 Nuveen Rl Asst Inc & Gro JRI NA 12.07 NA -10.1 Angel Oak FS Inc Trm FINS 14.62 13.00 -11.1 9.2 BlackRock Muni BFK 11.34 9.95 -12.3 5.3 Principal Dvs Sel RA A 25.29 NA NA -0.7 Other Domestic Taxable Bond Funds
GeneralAmer GAM 45.21 37.91 -16.1 -4.5 NuvS&P500DynOvFd SPXX NA 15.77 NA -0.4 BlRck Core Bond BHK 11.07 10.76 -2.8 7.8 BlackRock Muni II BLE 11.76 10.45 -11.1 5.3 Principal Dvs Sel RA Ins 25.37 NA NA -0.4 AFA MMC;Inst 9.44 NA NA 9.3
JHancockTaxAdvDiv HTD 23.15 23.29 +0.6 3.3 NuvSP500BuyIncFd BXMX NA 13.36 NA 4.5 BR Credit Alloc Inc BTZ 11.37 10.54 -7.3 8.8 BlckRk Muni Inc Qly BYM 12.51 11.11 -11.2 5.3 Principal Dvs Sel RA Y 25.57 NA NA -0.2 AFA MMC;Inv 9.40 NA NA 9.4
Liberty All-Star Equity USA 6.08 6.16 +1.3 -6.3 ReavesUtilityIncome UTG 27.97 28.45 +1.7 -4.1 J Han Income JHS 11.78 10.97 -6.9 5.2 BR MuniAssets Fd MUA 11.19 10.68 -4.6 4.9 SS Priv Venture & Gr:D NA NA NA NS Alternative Credit Inc:A 10.07 NA NA 6.9
Liberty All-Star Growth ASG NA 5.19 NA -18.1 Tortoise Enrgy Infra Crp TYG NA 31.07 NA 14.9 SS Priv Venture & Gr:I NA NA NA NS
MFS Intmdt MIN 2.98 2.80 -6.0 0.0 BR MH Qly 2 MUE 11.25 9.82 -12.7 5.4 Alternative Credit Inc:C 10.17 NA NA 6.1
Royce Micro-Cap Tr RMT 10.35 9.34 -9.8 -0.3 Tortoise Midstream Enrgy NTG NA 35.36 NA 14.5 SS Priv Venture & Gr:S NA NA NA NS
Western Asset Inf-Lk Inc WIA NA 8.52 NA 14.5 BR MuniHoldngs MHD 13.27 11.56 -12.9 5.3 Alternative Credit Inc:I 10.09 NA NA 7.2
Royce Value Trust RVT 15.75 14.28 -9.3 -10.2 VDivInt&PremStr NFJ NA 11.90 NA -8.5 SS Priv Venture & Gr;T NA NA NA NS
Western Asset Inf-Lk O&I WIW NA 9.09 NA 11.3 BR MuniVest Fd MVF 7.73 6.79 -12.2 5.0 Alternative Credit Inc:L 10.06 NA NA 6.7
Source Capital SOR 41.35 38.04 -8.0 -2.4 V Art Int&Tech Opps AIO NA 17.08 NA -12.2 BR MuniVest 2 MVT 12.01 10.77 -10.3 5.2 The Private Shares;A 41.76 NA NA -1.7
Westn Asst IG Def Opp Tr IGI NA 16.59 NA 4.6 Alternative Credit Inc:W 10.06 NA NA 6.9
Sprott Focus Trust FUND 8.94 8.51 -4.8 5.9 BR MuniYield Fd MYD 11.85 10.40 -12.2 5.1 The Private Shares;I 42.35 NA NA -1.4
Income & Preferred Stock Funds Loan Participation Funds Angel Oak Str Crdt:FI 20.59 NA NA NS
SRH Total Return STEW 15.19 12.49 -17.8 -7.0 CalamosStratTot CSQ 13.56 13.97 +3.0 -9.3 BR MuniYield Qlty MQY 12.94 11.61 -10.3 5.4 The Private Shares;L 41.20 NA NA -1.9 Angel Oak Str Crdt:Inst 20.58 NA NA 8.7
Apollo Senior Floating AFT NA 13.25 NA 8.5
Tri-Continental TY 30.20 26.84 -11.1 -4.9 CohenStrsLtdDurPref&Inc LDP 21.79 19.87 -8.8 -4.4 BR MuniYld Qlty2 MQT 11.47 10.13 -11.7 5.4 Thirdline Real EstateI 10.06 NA NA 5.8 BR Credit Strat;A 8.68 NA NA 6.5
BR Debt Strategy DSU 10.66 9.80 -8.1 7.8
Specialized Equity Funds CohenStrsSelPref&Income PSF 21.68 20.52 -5.4 -2.3 BR MuniYld Qly 3 MYI 12.28 10.80 -12.1 5.0 USQ Core Real Estate:I 28.33 NA NA 1.5 BR Credit Strat;Inst 8.65 NA NA 7.5
BR F/R Inc Str FRA 13.10 11.90 -9.2 7.1
abrdn Glb Prem Prop AWP 4.42 4.16 -5.9 -25.5 CohenStrsTaxAvPreSecs&I PTA 21.34 18.93 -11.3 -5.7 BNY Mellon Muni Bd Infra DMB 11.69 10.85 -7.2 5.3 USQ Core Real Estate:IS 28.38 NA NA 1.5 BR Credit Strat;U 8.68 NA NA 6.5
BlackRock Floatng Rt Inc BGT 12.72 11.52 -9.4 7.1
abrdn Global Infra Inc ASGI 20.52 17.58 -14.3 -4.0 Dividend and Income DNI 17.89 NA NA NA BNY Mellon Str Muni Bond DSM 6.51 5.69 -12.6 5.5 Versus Cap MMgr RE Inc:I 28.45 NA NA NE BR Credit Strat;W 8.68 NA NA 6.5
Blackstone Strat Cr BGB NA 11.04 NA 7.7
Adams Natural Resources PEO 25.24 21.27 -15.7 19.5 FirstTrIntDurPref&Inc FPF 19.91 17.74 -10.9 -10.9 BNY Mellon Strat Muni LEO 6.78 6.09 -10.2 5.2 Versus Capital Real Asst 27.40 NA NA 4.3 BlackRock Mlt-Sctr Oppty 68.22 NA NA 8.8
EtnVncFltRteInc EFT 13.02 12.00 -7.8 7.9
ASA Gold & Prec Met Ltd ASA 16.19 14.00 -13.5 -35.4 JHanPrefInc HPI 16.60 16.63 +0.2 -2.7 Del Inv Natl Muni Income VFL NA 10.41 NA 4.8 Wildermuth:A 11.90 NA NA -9.9 BlackRock Mlt-Sec Opp II 71.33 NA NA 8.7
EV SenFlRtTr EFR 12.81 11.90 -7.1 8.2
BR Enh C&I CII 18.23 17.98 -1.4 0.1 JHPrefIncII HPF 16.46 16.86 +2.4 -1.3 DWS Muni Inc KTF 9.92 8.59 -13.4 4.3
Wildermuth:C 11.22 NA NA -10.5 CION Ares Dvsfd Crdt;A NA NA NA 5.9
FT/Sr Fltg Rte Inc 2 FCT 11.18 9.96 -10.9 8.4
BlackRock Energy & Res BGR 14.08 12.54 -10.9 20.9 HnckJPfdInco III HPS 14.77 14.95 +1.2 -6.4 Wildermuth:I 12.04 NA NA -9.7 CION Ares Dvsfd Crdt;C NA NA NA 5.8
Highland Income HFRO 14.03 9.74 -30.6 8.6 EVMuniBd EIM 11.24 9.93 -11.7 4.6
BlackRock Eq Enh Div BDJ 8.94 8.99 +0.6 3.8 Income & Preferred Stock Funds CION Ares Dvsfd Crdt;I NA NA NA 6.1
J Han Prm PDT 12.94 12.97 +0.2 -10.0 InvDYCrOpp:AX VTA 11.23 NA NA NA EVMuniIncm EVN 11.17 10.00 -10.5 5.1
BlackRock Enh Glbl Div BOE 11.39 10.01 -12.1 -6.3 Alpha Alternative Assets 6.45 NA NA -8.4 CION Ares Dvsfd Crdt;L NA NA NA 6.0
LMP CapInco SCD NA 12.30 NA -5.4 InvSnrIncTr VVR 4.10 3.97 -3.2 11.3 EVNatMuniOpp EOT 17.95 17.73 -1.2 4.2
BlackRock Enh Intl Div BGY 6.10 5.32 -12.8 -3.2 Calamos L/S Eqty and DI CPZ 18.51 16.17 -12.6 -7.6 CION Ares Dvsfd Crdt;U NA NA NA 5.8
Nuveen Multi-Asset Inc NMAI NA 12.09 NA -11.9 Nuveen Credit Strat Inc JQC 5.90 5.30 -10.2 9.2 InvAdvMuIncTrII VKI 9.47 8.45 -10.8 5.6
BlackRock ESG Cap Alloc ECAT 17.15 14.35 -16.3 -4.2 Carlyle AlpInv Pvt Mkt:I NA NA NA NS CION Ares Dvsfd Crdt:U2 NA NA NA 5.8
Nuveen Pref & Inc Opp JPC NA 7.37 NA -7.0 NuvFloatRateIncFd JFR 9.23 8.51 -7.8 9.1 Invesco MuniOp OIA 6.27 6.77 +8.0 5.0
BlackRock Hlth Sci Tr II BMEZ 18.73 15.77 -15.8 -12.6 Constitution Cap Acs A NA NA NA NS CION Ares Dvsfd Crdt;W NA NA NA 5.9
Nuveen Fd JPS NA 7.10 NA -10.5 NuvFloatRteIncOppty JRO 9.13 8.34 -8.7 9.1 InvescoMuOppTr VMO 10.59 9.37 -11.5 5.4 Constitution Cap Acs D NA NA NA NS
BlackRock Hlth Sciences BME 41.76 43.15 +3.3 5.4 CNR Select Strategies 12.44 NA NA 0.0
Nuveen Pref & Inc Term JPI NA 19.33 NA -6.5 Nuveen Senior Income NSL 5.39 4.84 -10.2 9.2 InvescoMuTr VKQ 10.63 9.37 -11.9 5.3 Flat Rock Opportunity 19.51 NA NA 0.1
BlackRock Innov and Grow BIGZ 9.40 7.35 -21.8 -32.9 First Eagle Crdt Opps A 23.83 NA NA 8.1
Nuveen Var Rate P&I NPFD NA 17.89 NA -11.2 High Yield Bond Funds InvescoQual Inc IQI 10.70 9.42 -12.0 5.3 Lord Abbett Spec Sit I:A 8.93 NA NA -4.2
BlackRock Res & Comm BCX 11.27 9.92 -12.0 2.5 First Eagle Crdt Opps A2 23.79 NA NA NS
TCW Strat Income TSI 5.03 4.97 -1.2 2.0 AllianceBernGlHiIncm AWF 10.62 10.00 -5.8 8.7 InvTrInvGrMu VGM 10.93 9.69 -11.3 5.3 Lord Abbett Spec Sit I:I 8.93 NA NA -2.5
BlackRock Sci&Tech T II BSTZ 20.55 17.34 -15.6 -30.3 First Eagle Crdt Opps I 23.75 NA NA 8.6
Convertible Sec's. Funds Allspring Income Oppty EAD 7.07 6.56 -7.2 10.0 InvescoValMunInc IIM 13.12 12.20 -7.0 5.4 Variant Altrntv Inc:Inst 29.00 NA NA 8.8
BlackRock Sci&Tech Trust BST 31.11 31.21 +0.3 First Trust Private Cr;I 10.11 NA NA NS
-20.6 AdvntCnvrtbl&IncFd AVK 12.52 12.21 -2.5 -11.2 Barings Glb SD HY Bd BGH 14.76 13.50 -8.5 9.2 MAINSTAY:MKDEFTRMUNOP MMD 16.79 17.13 +2.0 5.7 Variant Impact;Instl 26.80 NA NA 12.0 Franklin BSP Pvt Cr:A 10.22 NA NA NS
BlackRock Utl Inf & Pwr BUI 22.49 22.41 -0.4 1.0 CalamosConvHi CHY 10.75 12.35 +14.9 -0.7 BR Corporate HY HYT 9.34 8.83 -5.5 10.0 NeubrgrBrm NBH 11.76 10.36 -11.9 5.5 Convertible Sec's. Funds Franklin BSP Pvt Cr:Adv 10.22 NA NA NS
CLEARBRIDGEENGYMDSOPP EMO NA 29.54 NA 29.3 CalmosConvOp CHI 10.18 11.84 +16.3 1.3 BlackRock Ltd Dur Inc BLW 13.63 13.31 -2.3 8.4 Nuveen AMT-Fr Mu Val NUW 14.91 13.71 -8.0 3.2 Calmos Dyn Conv and Inc CCD 19.91 22.79 +14.4 -16.9 FS Credit Income;A NA NA NA 6.0
CLEARBRIDGEMLP&MDSTMTR CTR NA 29.95 NA 24.8 Ellsworth G&I Fund Ltd ECF 9.72 8.41 -13.5 -14.0 Brookfield Real Asst Inc RA 15.49 17.72 +14.4 13.6 Nuveen AMT-Fr Qlty Mun I NEA 12.39 10.79 -12.9 5.1 World Equity Funds FS Credit Income;I NA NA NA 6.2
ClearBridge MLP & Midstm CEM NA 34.49 NA 23.5 V Conv & Inc NCV 3.87 3.71 -4.1 -14.7 CrSuisHighYld DHY 2.06 1.88 -8.7 9.6 Nuveen AMT-Fr Mu CI NVG 13.22 11.70 -11.5 5.7 ACAP Strategic:A 15.50 NA NA -20.6 FS Credit Income;T NA NA NA 5.7
ChnStrInfr UTF 24.00 24.47 +2.0 0.0 V Conv & Inc II NCZ 3.44 3.11 -9.6 -18.4 DELAWAREIVYHIGHINCOPP IVH NA 11.77 NA 7.6 Nuveen Dyn Muni Opp NDMO 10.88 11.26 +3.5 8.0 ACAP Strategic:W 11.54 NA NA -20.0 FS Credit Income;U NA NA NA 5.5
Cohen&SteersQualInc RQI NA 12.52 NA -13.8 V Div Inc & Conv ACV 20.28 20.83 +2.7 -10.7 DoubleLine Inc Sol DSL NA 11.93 NA 12.0 Nuveen Int Dur Mun Term NID 13.56 12.82 -5.5 4.0 CalamosGlbTotRet CGO 9.87 9.65 -2.2 -19.6 FS Credit Income;U-2 NA NA NA 6.1
CohenStrs Real Est and I RLTY 16.44 14.57 -11.4 -21.5 V Eqty & Conv Inc NIE 21.85 19.62 -10.2 -9.8 DoubleLine Yld Opps DLY 15.34 13.94 -9.1 9.5 Nuveen Mu Crdt Opps NMCO 11.80 11.16 -5.4 6.0 Cantor Fitzgerald SI:A 10.34 NA NA NS GL Beyond Income 0.43 NA NA NE
Cohen&Steers TotRet RFI 11.99 12.59 +5.0 -8.8 World Equity Funds First Tr Hi Inc Lng/Shrt FSD 12.60 11.47 -9.0 10.4 Nuv Muni Credit Income NZF 13.28 11.60 -12.7 5.4 Primark Priv Eq Inv:I 11.24 NA NA -6.4 KKR CREDIT OPPTY;D NA NA NA 8.8
CohenStrsREITPrefInc RNP 21.24 21.31 +0.3 -2.5 abrdn Emg Mkts Eq Inc AEF 5.87 5.12 -12.8 -26.0 First Trust HY Opp:2027 FTHY 15.66 14.32 -8.6 10.8 NuvMuniHiIncOpp NMZ 10.88 10.36 -4.8 6.4 Sweater Cashmere 20.38 NA NA NS KKR CREDIT OPPTY;I NA NA NA 9.0

.
Columbia Sel Prm Tech Gr STK 24.70 26.65 +7.9 -4.1 abrdn Tot Dyn Div AOD 9.24 8.07 -12.7 -8.4 Franklin Univ FT 7.52 7.07 -6.0 6.9 Nuveen Muni Val NUV 9.17 8.73 -4.8 3.6 Thornburg Inc Bldr Opps TBLD.O 16.95 14.94 -11.9 -6.1 KKR CREDIT OPPTY;T NA NA NA 8.2
DNP Select Income DNP 8.76 11.52 +31.5 11.6 Allspring Gl Div Oppty EOD 4.75 4.65 -2.1 -2.0 KKR Income Opportunities KIO NA 11.46 NA 10.6 Nuveen Quality Muni Inc NAD 12.79 11.13 -13.0 5.3 VirtusTotalRetFd ZTR NA 6.55 NA NA KKR CREDIT OPPTY;U NA NA NA 8.3

ly
Duff&Ph Uti&Infra Inc Fd DPG NA 13.87 NA 6.0 BlackRock Capital Alloc BCAT 17.25 14.70 -14.8 -7.2 Nuveen Global High Inc JGH NA 11.86 NA 10.8 Nuveen Sel TF NXP 14.28 14.56 +2.0 3.7 Prem12 Mo Palmer Square Opp Inc 17.02 NA NA 7.3
EtnVncEqtyInc EOI NA 15.73 NA -7.9 Calamos GloDynInc CHW 6.42 6.06 -5.6 -22.6 PGIM Global High Yield GHY NA 11.47 NA 10.6 PIMCO MuniInc PMF 9.49 10.08 +6.2 5.9 Fund (SYM) NAV Close /Disc Yld The Finite Solar Finance NA NA NA 0.2
EtnVncEqtyIncoII EOS NA 16.21 NA -13.7 EV TxAdvGlbDivInc ETG NA 15.81 NA -12.0 PGIM High Yield Bond ISD NA 12.47 NA 9.6 PIMCOMuniIncII PML 8.73 9.11 +4.4 7.2 U.S. Mortgage Bond Funds Thrivent Church Ln&Inc:S 9.05 NA NA 3.3
EVRskMnDvsEqInc ETJ NA 7.75 NA -13.6 EtnVncTxAdvOpp ETO NA 21.78 NA -17.0 PGIM Sh Dur Hi Yld Opp SDHY NA 15.10 NA 8.1 Pimco Muni III PMX 8.00 7.94 -0.8 6.2 Arca US Treasury NA NA NA NE World Income Funds
7.64 6.91 -9.6 10.4 PioneerHilncAdv MAV 9.14 7.91 -13.5 5.7 BlueBay Destra Itl E:A 23.17 NA NA 18.2

New to the Market

on PioneerHilncm PHT
WstAstHIF II HIX NA 5.31 NA 10.6
Western Asset Hi Inc Opp HIO NA 4.01 NA 8.8
Western Asset Hi Yld D O HYI NA 12.28 NA 9.0
Other Domestic Taxable Bond Funds
PionrMuniHiIncOppty MIO 12.36 10.74 -13.1 6.2
PioneerMunHiIcm MHI 9.89 8.50 -14.1 5.5
Putnam Mgd Inc PMM 6.40 6.70 +4.7 5.5
Putnam Muni Opp PMO 10.93 11.32 +3.6 5.3
Ellington Inc Opp:A
Ellington Inc Opp:M
Loan Participation Funds
8.52 NA NA 6.6
8.42 NA NA 7.3

1WS Credit Income;A2 NA NA NA 6.3

1WS Credit Income;Inst NA NA NA 6.2
BlueBay Destra Itl E:I 23.19 NA NA 18.4
BlueBay Destra Itl E:L 23.14 NA NA 17.9
BlueBay Destra Itl E:T 23.05 NA NA 17.8
Carlyle Tact Pvt Cred:A NA NA NA 8.1
Carlyle Tact Pvt Cred:I NA NA NA 8.6
Public and Private Borrowing Allspring Multi-Sector ERC 9.65 9.63 -0.2 10.0 RiverNorth Flx Mu Inc II RFMZ NA 13.98 NA 7.6 AlphCntrc Prime Merid In 8.44 NA NA 14.8
us ,

Apollo Tactical Income AIF NA 12.72 NA 9.3 RiverNorth Mgd Dur Mun I RMM 16.24 15.33 -5.6 6.8 Axonic Alternative Inc NA NA NA 9.5 Carlyle Tact Pvt Cred:L NA NA NA 8.0
Ares Dynamic Crdt Alloc ARDC NA 12.56 NA 9.5 Western Asset Mgd Muni MMU NA 10.12 NA 4.4 Blackstone FR EI D 21.39 NA NA 7.4 Carlyle Tact Pvt Cred:M NA NA NA 7.8
Treasurys
l

BlackRock Mlt-Sctr Inc BIT 14.79 14.89 +0.7 9.8 Single State Muni Bond Blackstone FR EI I 21.36 NA NA 7.6 Carlyle Tact Pvt Cred:N NA NA NA 8.7
e
21.33 NA NA 7.1 Carlyle Tact Pvt Cred:U NA NA NA NS
al a

Monday, February 27 Thursday, March 2 BlackRock Tax Muni Bd BBN 17.95 17.36 -3.3 7.9 BlackRock CA Mun BFZ 12.70 11.13 -12.4 4.2 Blackstone FR EI T
DoubleLine:Oppor Crdt Fd DBL 14.66 14.88 +1.5 8.5 BR MH CA Qly Fd Inc MUC 12.43 10.81 -13.0 5.2 Blackstone FR EI T-I 21.85 NA NA 7.1 Carlyle Tact Pvt Cred:Y NA NA NA 8.4
Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; EVLmtDurIncm EVV 10.50 10.03 -4.5 11.6 Blackstone FR EI U 22.27 NA NA 7.1 Lord Abbett Cred Opps Fd 8.93 NA NA 7.6
BR MH NJ Qly MUJ 12.78 11.15 -12.8 5.8
announced on February 23; settles on March 2 announced on February 28; settles on March 7 Franklin Ltd Dur Income FTF 7.12 6.32 -11.2 11.8 Bluerock HI Inst Crd:A 24.32 NA NA NS Lord Abbett Cred Opps Fd 8.93 NA NA 8.4
ci on

BR MH NY Qly MHN 11.80 10.19 -13.6 4.9

J Han Investors JHI 13.86 13.01 -6.1 8.6 Bluerock HI Inst Crd:C 24.32 NA NA NS Lord Abbett Crd Op:U 8.94 NA NA 7.6
Wednesday, March 1 BR MuniYld MI Qly MIY 12.64 11.17 -11.6 5.2
Bluerock HI Inst Crd:F 24.32 NA NA NS Oaktree Dvsfd Income;D 8.84 NA NA 7.3
MFS Charter MCR 6.81 6.49 -4.7 0.0 BR MuniYld NY Qly MYN 11.39 9.85 -13.5 4.8
Bluerock HI Inst Crd:I 24.33 NA NA NS PIMCO Flexible EM I;Inst 8.19 NA NA NS
Auction of 17 week bill; NuvCorePlusImpact NPCT 12.53 10.73 -14.4 10.7 BlackRock NY Mun BNY 11.68 10.39 -11.0 4.7
Nuveen Taxable Muni Inc NBB 16.81 16.08 -4.3 7.2 BNYM Alcntr Glb MS Cr Fd 87.57 NA NA 8.0 National Muni Bond Funds
announced on February 28; settles on March 7 EVCAMuniBd EVM 10.15 8.76 -13.7 4.5 Ecofin Tax-Exempt Prv Cr 8.90 NA NA 5.0
PIMCO Corp & Inc Oppty PTY 11.19 13.21 +18.1 11.4 CliffwaterClFd;I 10.61 NA NA 7.9
Eaton Vance NY Muni Bd ENX 10.47 9.13 -12.8 4.0 Lind Cap Pt Mun Cred Inc 8.76 NA NA NS
CliffwaterElFd;A 10.75 NA NA 9.3
InvCaValMuIncTr VCV 10.84 9.62 -11.3 4.9 CNR Strategic Credit 7.89 NA NA 20.5 Nuveen En HY Muni Bd:A1 7.12 NA NA 4.8
er s

InvPAValMuIncTr VPV 11.48 9.90 -13.8 4.9 Eagle Point Instl Income NA NA NA NS Nuveen En HY Muni Bd:A2 7.13 NA NA NS
InvTrInvGrNYMu VTN 11.64 9.96 -14.4 4.6 Equalize Community Dev 9.29 NA NA 3.1 Nuveen En HY Muni Bd:I 7.12 NA NA 5.7
Insider-Trading Spotlight Nuveen CA AMT-F Qual MI NKX 12.98 11.71 -9.8 4.9 FedProj&TrFinanceTendr 9.82 NA NA 5.6 PIMCO Flex Mun Inc;A-3 9.80 NA NA 2.9
m er

Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys Nuveen CA Val NCA 9.21 8.71 -5.4 3.5 Flat Rock Core Income NA NA NA 6.7 PIMCO Flex Mun Inc:A1 9.80 NA NA 3.2
NuveenCAQtyMuInc NAC 12.51 10.83 -13.4 5.1 InvDYCrOpp:A 11.24 NA NA 8.1 PIMCO Flex Mun Inc;A2 9.80 NA NA 3.2
new information about the prospects of a company. Insiders are required to report large trades to the SEC
NuvNJ Qual Muni Inc NXJ 13.34 11.29 -15.4 4.8 InvDYCrOpp:R6 11.24 NA NA 8.4 PIMCO Flex Mun Inc;Inst 9.80 NA NA 3.7
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Nuveen NY AMT/Fr Qual MI NRK 11.75 10.23 -12.9 4.8 InvDYCrOpp:Y 11.23 NA NA 8.4 Single State Muni Bond
Refinitiv on February 24, and year-to-date stock performance of the company Nuveen NY Qual Muni Inc NAN 12.24 10.54 -13.9 4.8 Invesco Sr Loan A 5.87 NA NA 8.9 PIMCO CA FMI;A-1 9.87 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 Nuveen OH Qual Muni Inc NUO 14.27 12.38 -13.2 3.5 Invesco Sr Loan C 5.88 NA NA 8.1 PIMCO CA FMI;Inst 9.87 NA NA NS
m rp

CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT:
unknown VP: vice president Excludes pure options transactions
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
Biggest weekly individual trades
Based on reports filed with regulators this past week Money Rates February 24, 2023
co Fo

No. of shrs in Price range ($) $ Value Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) guide to general levels but don’t always represent actual transactions.
Week —52-WEEK— Week —52-WEEK—
Buyers Inflation Latest ago High Low Latest ago High Low
Jan. Index Chg From (%)
Feb. 22 Energy Transfer ET K. Warren OD 1,339 12.99 17,399 12.86 8.3 U.S. government rates Other short-term rates
level Dec. '22 Jan. '22
Feb. 14 Mineralys Therapeutics MLYS S. Akkaraju DOI 938 16.00 15,000 17.90 n.a.
U.S. consumer price index Discount Week 52-Week
Feb. 14 B. Slingsby DOI 250 16.00 4,000 Latest ago high low
All items 299.170 0.80 6.4 4.75 4.75 4.75 0.25
Feb. 21 LINKBANCORP LNKB G. Parmer DI 962 7.80 7,500 8.02 -14.2 Core 301.962 0.62 5.6 Call money
Feb. 21 D. Koppenhaver D 103 7.80 800 Federal funds
6.50 6.50 6.50 2.00
International rates Effective rate 4.5900 4.5900 4.6000 0.0800
Feb. 15 Disc Medicine IRON M. Ashiya DOI 109 23.00 2,500 24.47 23.0
High 4.9000 4.9000 4.9090 0.1000 Commercial paper (AA financial)
Feb. 14-16 Bluerock Homes Trust BHM P. Sanda BI 113 19.81-20.45 2,316 21.00 -1.5 Week 52-Week Low 4.5500 4.5500 4.5900 0.0500 90 days n.a. 4.70 4.79 0.42
Latest High Low
n-

Feb. 16 Golub Capital BDC GBDC D. Golub CEOI 133 15.00 2,000 13.89 5.5
ago Bid 4.5700 4.5700 4.5800 0.0700
Libor
Offer 4.5900 4.5800 4.6200 0.0900
Feb. 23 Impinj PI S. Sanghi DI 17 119.70 1,999 125.56 15.0 Prime rates One month 4.63486 4.59129 4.63486 0.23057
U.S. 7.75 7.75 7.75 3.25 Treasury bill auction Three month 4.95343 4.91529 4.95786 0.50429
Feb. 17 PayPal Holdings PYPL D. Schulman CEO 26 76.17 1,985 73.55 3.3 Canada 6.70 6.70 6.70 2.45 Six month 5.23514 5.24300 5.27700 0.76386
4 weeks 4.515 4.510 4.520 0.050
Feb. 16 Byline Bancorp A. Del Valle PerochenaDOI 45 24.99 1,125 24.73 7.7 Japan 1.475 1.475 1.475 1.475 4.720 4.680 4.720 0.360
One year 5.63871 5.64286 5.66643 1.17671
no

BY 13 weeks
Policy Rates 26 weeks 4.915 4.840 4.915 0.670 Secured Overnight Financing Rate
Feb. 21 Vishay Precision Group VPG W. Cummins DI 25 41.96-42.51 1,062 43.67 13.0
Feb. 17 W. Cummins DI 25 41.30-42.37 1,057 Euro zone 3.00 3.00 3.00 0.00 4.55 4.55 4.56 0.05
Secondary market
Switzerland 1.50 1.50 1.50 0.00 Value 52-Week
Feb. 21 R1 RCM RCM L. Rivas CEO 72 13.93 1,000 14.10 28.8
Britain 4.00 4.00 4.00 0.50 Latest Traded High Low
Fannie Mae
Feb. 17 Newell Brands NWL M. Erceg CFO 67 14.99 1,000 14.55 11.2 Australia 3.35 3.35 3.35 0.10
30-year mortgage yields DTCC GCF Repo Index
Feb. 21 NextEra Energy NEE A. Pimentel OS 13 75.44 996 72.92 -12.8 Overnight repurchase 30 days 6.167 6.129 6.812 3.225 Treasury 4.560 28.450 4.597 0.030
Feb. 21 Insight Enterprises NSIT S. Cowley GC 7 128.38 853 132.11 31.8 U.S. 4.57 4.59 4.59 0.01 60 days 6.191 6.148 6.988 3.277 MBS 4.564 22.750 4.644 0.042

Feb. 17 ConocoPhillips COP R. Walker D 6* 104.50 627 105.25 -10.8

Notes on data:
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective February 2, 2023. Other prime rates
Sellers aren’t directly comparable; lending practices vary widely by location; Discount rate is effective February 2, 2023. Secured Overnight Financing Rate is as
of February 23, 2023. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value
Feb. 10 Xponential Fitness XPOF M. Grabowski DOI 4,000 24.50 98,000 25.93 13.1 traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Feb. 10 A. Geisler CEOI 1,000 24.50 24,500 Tullett Prebon Information, Ltd.
Feb. 17 M. Grabowski DOI 750 24.50 18,375
Feb. 15-16 Airbnb ABNB J. Gebbia DOI 500 129.94-142.22 68,389 122.78 43.6
Feb. 22 Roivant Sciences ROIV V. Ramaswamy D 4,000 7.95 31,800 7.73 -3.3 Cash Prices | wsj.com/market-data/commodities Friday, February 24, 2023
Feb. 17-21 Aon AON C. Davies CFO 72 304.15-310.78 22,156 302.97 0.9 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Feb. 21 Textron TXT S. Donnelly CEO 222 73.26-74.08 16,307 73.56 3.9
months.
Feb. 14 Mettler-Toledo International MTD O. Filliol D 10 1535.89-1554.59 15,455 1428.09 -1.2
Friday Friday Friday
Feb. 21 Deckers Outdoor DECK D. Powers CEO 36 400.87 14,414 400.20 0.3 Iron Ore, 62% Fe CFR China-s 126.7 Wheat,Spring14%-pro Mnpls-u 10.6250
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 7.1075
Feb. 15-16 Moderna MRNA S. Bancel CEO 80 172.14-176.73 13,921 139.26 -22.5
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 135.700 Steel, HRC USA, FOB Midwest Mill-s 1000 Wheat - Hard - KC (USDA) $ per bu-u 8.9575
Feb. 16 Kraft Heinz KHC F. Torres O 251 39.53-39.62 9,918 39.61 -2.7 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.500 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 8.5000
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 62925 Food
Feb. 21-22 Reliance Steel Aluminum RS J. Hoffman DI 40 241.76-247.83 9,782 245.10 21.1 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 66700
Feb. 14 AutoNation AN E. Lampert B 68 140.40 9,553 139.25 29.8 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 6290 Beef,carcass equiv. index
Engelhard industrial 1815.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5217 choice 1-3,600-900 lbs.-u 260.50
Feb. 21-22 Service Corp. International SCI T. Ryan CEO 132 70.86-70.87 9,333 68.68 -0.7 Handy & Harman base 1810.95 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 813 select 1-3,600-900 lbs.-u 247.35
Handy & Harman fabricated 2010.16 Broilers, National comp wtd. avg.-u,w 1.2212
Feb. 16 TransDigm Group TDG M. Lisman CFO 12 748.58-752.99 9,298 741.85 17.8 Fibers and Textiles Butter,AA Chicago-d 2.4300
LBMA Gold Price AM *1826.95
6 1637.00-1652.21 9,281 1476.73 6.4 LBMA Gold Price PM *1826.05 Cheddar cheese,bbl,Chicago-d 154.00
Feb. 16 Chipotle Mexican Grill CMG B. Niccol CEO Burlap,10-oz,40-inch NY yd-n,w 0.7125
Krugerrand,wholesale-e 1891.71
Cheddar cheese,blk,Chicago-d 188.00
Cotton,1 1/16 std lw-mdMphs-u 0.8440
Feb. 16-17 Newell Brands NWL B. Icahn D 600* 14.95-15.37 9,026 14.55 11.2 Maple Leaf-e 1936.97
Milk,Nonfat dry,Chicago lb.-d 121.50
Cotlook 'A' Index-t *97.10 Coffee,Brazilian,Comp-y 2.0207
Feb. 17 HubSpot HUBS D. Shah CT 22 400.43-413.99 8,907 386.13 33.5 American Eagle-e 1936.97 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.4520
Mexican peso-e 2335.40 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.2550
* Half the transactions were indirect **Two day transaction Austria crown-e 1777.41
Grains and Feeds Flour,hard winter KC-p 21.35
p - Pink Sheets Austria phil-e 1900.76
Hams,17-20 lbs,Mid-US fob-u 0.77
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 79.58
Engelhard industrial 21.1000 Bran,wheat middlings, KC-u,w 175 Pork bellies,12-14 lb MidUS-u 1.2113
Buying and selling by sector Handy & Harman base 20.8990 Corn,No. 2 yellow,Cent IL-bp,u 6.4000 Pork loins,13-19 lb MidUS-u 1.0032
Based on actual transaction dates in reports received this past week Handy & Harman fabricated 26.1240 Corn gluten feed,Midwest-u,w 209.0 Steers,Tex.-Okla. Choice-u 164.00
LBMA spot price *£17.8900 Corn gluten meal,Midwest-u,w 669.9 Steers,feeder,Okla. City-u,w 213.88
(U.S.$ equivalent) *21.5200 Cottonseed meal-u,w 393
Sector Buying Selling Sector Buying Selling Coins,wholesale $1,000 face-a 18639 Hominy feed,Cent IL-u,w 218 Fats and Oils
Basic Industries 69,322 20,777,338 Finance 16,470,382 71,182,118 Other metals Meat-bonemeal,50% pro Mnpls-u,w 418 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *957.0 Oats,No.2 milling,Mnpls-u 4.3400 Grease,choice white,Chicago-h 0.5600
Capital Goods 3,111,957 69,070,191 Health care 8,049,866 143,867,011 Platinum,Engelhard industrial 935.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.00 Lard,Chicago-u n.a.
Palladium,Engelhard industrial 1410.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.6311
Consumer durables 1,297,233 45,488,023 Public Utilities 996,808 1,946,523
Aluminum, LME, $ per metric ton *2368.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 503.10 Tallow,bleach;Chicago-h 0.5725
Consumer non-durables 180,552 58,240,259 Technology 5,446,306 234,580,589 Copper,Comex spot 3.9550 Soybeans,No.1 yllw IL-bp,u 15.1300 Tallow,edible,Chicago-u n.a.
Consumer services 303,995 148,000,725 Transportation 407,880 21,100,692
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Energy 2,580,428 31,118,518 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 2/23
Sources: Refinitiv; Dow Jones Market Data Source: Dow Jones Market Data
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Monday, February 27, 2023 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Chips Find Buffett Wannabes

Their Way Lose Luster
To Russia Warren Buffett, who has earned Venture capitalist Chamath Pali-

Via China Berkshire Hathaway’s investors

close to 4 million percent, once
said “the stock market is designed
hapitiya became so optimistic
about tech’s stock potential that in
2020, he reserved ticker symbols
to transfer money from the active IPOA through IPOZ as placeholders
to the patient.” Now many younger for his firm’s sponsorship of what
Beijing has refused to investors are coming around to his he hoped would be dozens of spe-
join Western sanctions way of thinking. cial-purpose-acquisition-company
ALY SONG/REUTERS

In 2008, as the seeds of the re- mergers. “My ambition is to be our

cent tech boom were being sown generation’s Berkshire Hathaway,”
The U.S. invented microchips during the financial crisis, Tim Fer- he told Fortune that year, adding
and it has threatened sanctions on riss, bestselling author of “4-Hour his version would focus on plat-
anyone who sells many, if not most, Workweek,” which told readers how forms. After its listing in late
varieties to Russia. Still, recent China sits at the center of the global chip trade. A Shanghai tradeshow. to “join the new rich,” snagged a 2020, Mr. Palihapitiya’s “IPOB”—
leaks—and some publicly available coveted microphone at Berkshire’s now known as real-estate platform
data—make clear that they keep tremely difficult without com- European sanctions on Russia, has annual meeting. He asked Mr. Buf- Opendoor—lost 97% of its value in
showing up on Russian shores. At pletely halting chip exports to become a major exporter of overall fett and his business partner Charlie just over 12 months.
the center of the trade is China China and bringing the world’s electronic equipment to Russia. Munger how a 30-year-old with his The ultimate danger sign might
and, allegedly, a few other interme- electronics industry to a crashing Turkey’s total electrical machinery first million dollars should invest. have been when Cathie Wood of
diary countries such as Turkey. halt. and electronics exports to Russia “I’d probably have it all in a ARK Invest was touted as “the
The adaptability of global trade What is clear is that after a dip more than doubled in 2022 to $559 very low cost index fund,” Mr. Buf- next Buffett.” Her main fund had
networks in response to sanctions in early 2022 following the U.S.’s million, U.N. data shows. fett said. “I’d recognize the fact returns of almost 160% in 2020
and tariffs isn’t a new story: For initial sanctions, Russia’s semicon- U.S. Treasury officials visited that I’m an amateur investor…for- through concentrated bets in
another recent example, look no ductor imports have rebounded Turkey and several other Middle get it and go back to work.” stocks like Tesla. It is down by
further than global energy markets, strongly, and that Chinese compa- Eastern nations including Oman Mr. Ferriss ignored those pearls 75% since peaking two years ago
which have adapted with remark- nies play a key role. Leaked Rus- and the United Arab Emirates in of wisdom. He invested early in while Berkshire is up 25%.
able speed to the West’s decision sian customs records show Russia’s early February to try to clamp Facebook, Shopify, Uber Technolo- The younger generation’s interest
to wean itself off Russian energy. imports of chip and chip compo- down on Russian procurement net- gies, Twitter and others, penned in investing wasn’t matched by acu-
But stemming the flow of semicon- nents were nearing their prewar works. Turkey’s foreign minister more bestsellers and launched a men, making influencers’ job easier.
ductors—which power both every- monthly average by late 2022, said on Feb. 20 that Turkey doesn’t popular podcast. An older, wiser A recent Gen Z survey from Intuit
day appliances and military equip- more than half of which came from export electronics used in the de- Mr. Ferriss said he largely stepped found nearly three-quarters know it

.
ment—into Russia presents a China. And publicly available Chi- fense industry to Russia. back from angel investing, calling is important to invest but don’t
particularly tough problem. nese customs data show that inte- Curtailing sales and shipments many of his wins “lucky.” His know how. Roughly half of respon-

ly
One key reason is that China, grated-circuit shipments to Russia of the most advanced chips to words of wisdom for a 30-year-old dents bought crypto without fully
which has refused to join Western were valued at $179 million in China and Russia is one thing but, insta-millionaire today? “Follow understanding the blockchain.
sanctions on Russia, sits at the cen- 2022—against just $74 million in as Western nations are once again Buffett’s advice.” Messrs. Buffett and Munger prob-
ter of the global chip trade. It is
the world’s electronics factory floor
and the largest global importer of
chips, as well as a significant man-
2021. on
Chips and chip components from
China are showing up in some
other interesting places, too. Chi-
discovering to their chagrin, trying
to stifle trade flows of more-com-
moditized items like basic semicon-
ductors is a different matter. That
Not every wunderkind saw the
light. Some tempted fate by com-
paring themselves to Mr. Buffett.
But the ranks of acolytes hungry
ably won’t be around to dole out ad-
vice during the next bubble. Their
slow-and-steady approach seems to
be ascendant at the moment. Last
ufacturer of low-end chips itself. Its nese customs data shows that ex- is particularly true when the for investing secrets are thinning month, trading activity among indi-
us ,

publicly available export statistics ports of certain semiconductors to world’s largest trading nation is di- as the tide goes out on the tech vidual investors hit its lowest level
l

also omit comprehensive informa- Turkey—including basic building rectly involved and large portions stocks and cryptocurrencies they since January 2020, according to
e
al a

tion on overseas business partners. blocks of electronics such as diodes of the developing world are openly touted. Vanda Research. Monthly active us-
Public data does show a certain and transistors—also more than skeptical of the West’s sanctions Booming alternative asset ers at brokerage app Robinhood re-
number of semiconductor devices, doubled in 2022. China’s total ex- regime. classes like crypto and meme cently fell to their lowest level since
ci on

for example, continuing to flow to ports of such semiconductors only As in the 2018 and 2019 Sino- stocks made big scores seem de- it went public and index funds are
Russia—but not who sold them or grew 36%. U.S. trade war—when tariff-laden ceptively easy, while social media newly popular on the platform.
whether they were in fact sanc- Turkish exports of similar semi- Chinese goods made their way to amplified gurus’ voices. Barstool Many paid a steep tuition to real-
tioned items. conductors to Russia, meanwhile, third countries and overall Chinese Sports founder David Portnoy de- ize neither they nor their favorite
That makes curbing the flow of rose from $79,000 in 2021 to $3.2 exports held up well—Washington clared himself “the new genera- pundits were investing geniuses.
er s

semiconductors from China to Rus- million in 2022, United Nations is finding that trade flows, like life, tion” in investing to his millions of They could have listened to Mr. Buf-
sia—directly or via third countries data shows. And Turkey, which also tend to find a way. Twitter followers. Mr. Buffett, he fett’s tough-love advice to Mr. Fer-
—Nathaniel Taplin riss back in 2008. —Laura Forman
m er

“repackaged” as new goods—ex- has declined to endorse U.S. and said, was “old” and “washed up.”
m rp
co Fo

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