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What’s
Marathoners Take Strides Through New York Trump,
News Harris
Business & Finance Pursue
 The New York Times’s
long-running labor dispute
Edge on
with its technology staffers
reached a standoff, with a
potential Election Day strike
threatening to interfere with
Turnout
the newsroom’s ability to On final weekend,
cover the presidential race. B1 campaigns work to
 Fed officials were expected shore up their bases
to cut interest rates by a
quarter percentage point at across gender gap
their meeting Thursday as in-
flation continues to slow. A2
Donald Trump is pinning
 The company that owns The his political future on win-
Vitamin Shoppe and Pet Sup- ning the votes of disaffected
plies Plus filed for bankruptcy young men. Kamala Harris is
amid a probe by authorities ex- doing the same with female
BRENDAN MCDERMID/REUTERS

amining its founder’s dealings voters—particularly moder-

with a major shareholder. B9 ates and independents.
 Restaurant chain TGI Fri-
days filed for bankruptcy By Andrew Restuccia
protection, citing a problem- in Washington
atic capital structure and lin- and Michelle Hackman
gering fallout from the in Milwaukee
CROSSING THAT BRIDGE: Runners on the Verrazzano-Narrows Bridge during the New York City Marathon on Sunday. For the
Covid-19 pandemic. B2
men, the winner of the 26.2-mile race was Abdi Nageeye of the Netherlands; Sheila Chepkirui of Kenya won the women’s. In a race that has been de-
 Warren Buffett’s Berkshire fined by a stark gender gap,
Hathaway sold more Apple each candidate is focused on
stock in the third quarter, but supercharging turnout among

Dark Pitch Gets Third Airing

the iPhone maker remained the group they most need to
its largest shareholding. B3 win over, and a boost of just a
couple points with either group
 Sen. Elizabeth Warren re-
could decide the race. The final
buked the Justice Depart-
NBC News national poll of the
ment over its money-launder-
Democrats bet that president said, as the crowd dential campaigns: that the to this central argument in this contest shows Trump winning
ing settlement with TD Bank,
seated on folding chairs in the system is rigged and foreign age of distrust and dissatisfac- men by 18 percentage points,
saying executives should voters are tiring of cavernous community-college invaders threaten the nation. tion. The thousands who had and Harris winning women by
have been prosecuted. B3
Trump’s message arena murmured its assent. What has changed is the con- come to see him on Friday in 16—and the race tied overall.
 Hong Kong-based apparel “With your vote in this elec- text, as Trump’s decadelong this blue-collar Detroit exurb On Sunday, Harris, the Dem-
maker Esquel Group will be about ‘sinister’ forces tion, you can show them once dominance of U.S. politics has cheered as he railed against ocratic presidential nominee,
banned from importing into and for all that this nation rearranged the electorate. elites and foreigners. “We will campaigned across Michigan
the U.S. over alleged ties to BY MOLLY BALL does not belong to them—this Now, an election that stands not be invaded, we will not be after prominent female surro-
China-based forced labor, nation belongs to you.” on a knife’s edge is poised to occupied, we will not be over- gates—including former first
American officials said. B3 WARREN, Mich.—Donald As the GOP presidential settle the central question— run, we will not be conquered,” lady Michelle Obama and Mich-
Trump had been speaking for nominee and his Democratic whether a discontented coun- he said. “We will be a free, igan Gov. Gretchen Whitmer—
 The Consumer Financial
more than an hour and a half opponent, Vice President Ka- try will endorse or reject an- proud nation once again!” Please turn to page A4
Protection Bureau is consid-
when he got to the point. mala Harris, make their final other installment of his There are signs his argument
ering taking action against
“For the past nine years, pitches to a divided nation, destabilizing vision. is resonating. High inflation  Voters poised to reshape
Facebook parent Meta Plat-
we have been fighting against Trump’s essential argument Trump’s third and seem- and chaos at the southern bor- abortion access.................. A3
forms over its use of financial
the most sinister and corrupt has changed remarkably little ingly final campaign is a bet der—both of which the current  Several House races are
data from third parties. B3
forces on earth,” the former over the course of three presi- that more voters have warmed Please turn to page A4 closely contested ............... A6

World-Wide

 Trump is pinning his politi- Younger Doctors INSIDE Middlemen Inflate

cal future on winning the votes
of young men, while Harris is
doing the same with women
voters, particularly moder-
ates and independents. A1
Balk at Medicine’s Grocery Bills
 The Iowa Poll showed
Harris ahead of Trump by 3
percentage points in the
state, a result Republicans
Workaholic Culture Food makers complain of flood
of obscure charges from distributors
rejected as an outlier. A6 BY TE-PING CHEN emergency room five to seven INVESTING
nights a month. He said he Jonathan Clements, a
 Members of the Proud
There is a question dividing shares the duty with a handful BY JESSE NEWMAN more related to alleged ship-
Boys, key instigators in the
the medical practice right of surgeons around his age,
former WSJ columnist ping glitches.
Jan. 6 riot, are mobilizing in who has cancer, offers
now: Is being a doctor a job, while younger colleagues who The price of a bag of co- Rising prices, especially in
support of Trump and in some
cases, making threats about or a calling? practice more specialized sur- final financial advice. R1 conut-cashew granola at the supermarket, have vexed
For decades, the answer gery are excused. Whole Foods jumped last consumers, drawn scrutiny
the presidential election. A5
was clear. Doctors accepted “All us old guys are taking year from $5.99 to $6.69. from regulators and emerged
 Abortion-rights groups long hours and punishing ER call, and you got guys in Why that happened defies as a central issue in the
are on track to secure con- schedules, believing it was their 30s at home every night,” simple explanation. presidential race. Donald
NICOLE NERI FOR WSJ

stitutional protections for their duty to sacrifice in the he said. “It’s just a sore spot.” The granola maker, Wild- Trump has blamed Kamala
the procedure in as many as name of patient care. They did Nearly half of doctors report way Foods, said the cost of Harris and the Biden admin-
10 states on Tuesday. A3 it knowing their colleagues feeling some burnout, accord- making the cereal hasn’t gone istration, and Harris has
prided themselves on doing ing to the American Medical up that much, and that it pointed a finger at grocery
 Amid U.S. warnings against
the same. A newer generation Association. Work-life balance isn’t pocketing more profit. It chains and food companies.
a counterattack on Israel, Iran
of physicians is questioning and predictable hours shouldn’t jacked up the price, it said, in George Milton, who runs a
plans a complex response in-
volving more powerful war- that culture, at times to the be at odds with being an M.D., BUSINESS NEWS large part to offset fees that hot sauce business in Austin,
chagrin of their older peers. said doctors who are pushing Harley-Davidson under piled up from a little-known Texas, said consumers are
heads and other weapons,
Dr. Jefferson Vaughan, 63 against what they view as out- link in the supply chain: gro- frustrated because it isn’t
Iranian and Arab officials
years old, has worked as a dated expectations of overwork.
fire from motorcycle cery distributors. There were clear to them why many food
briefed on the plans said. A8 dealers over low
surgeon at Jupiter Medical Dr. Kara-Grace Leventhal, charges for processing gro- prices are so high. “Is that
 U.S. officials said they were Center in Jupiter, Fla., for 30 40, is a hospitalist, a job that profits and sales. B1 cery promotions, others for price gouging or costs going
investigating reports that an years, and is on call for the Please turn to page A2 potential spoilage and still Please turn to page A10
American citizen had been
detained in Iran but declined
to identify the individual, cit-
ing privacy concerns. A8 Want to Buy She Spent Years Wooing
 The Israeli military said its
Millions
commandos slipped into Leb-
Costco to Sell Her Snacks
Of Butterflies?
anese territory in a nighttime
amphibious raid and captured
a senior Hezbollah operative
i i i BY RUTH SIMON at night and on weekends and
whom they took to Israel. A8
has one employee. And even
 The U.K.’s opposition Con- Race against time Florence Dennis courted getting on the shelves doesn’t
servative Party chose Kemi Costco for more than three guarantee success.
Badenoch, 44 years old, as its to sell sprawling years before it agreed to sell When a big order arrives,
new leader, making her the first her African-inspired snacks. joy is often mixed with dis-
Black woman to lead a major winged collection Then came the hard part. tress, said Lakeysha Hallmon,
political party in Britain. A18 Less than two weeks before who runs an incubator for
BY MICHAEL M. PHILLIPS the agreed-upon delivery date, Black businesses and a retail
Dennis still hadn’t secured fi- store in Atlanta. “It’s hard to
JOURNAL REPORT NAIROBI—Looking for a nancing to begin production produce the level of volume to
Investing Monthly: good home: 4.2 million butter- of her peanut-and-corn mix. be in a big retailer,” she said.
How to invest in flies. “The good news is that both Dennis’s mix was inspired
Steve Collins started collect- the boxes and bags arrived by “zorklaki,” also known as
commodities. R1-6 ing butterflies at age 5 on his this week,” Dennis wrote her “the poor man’s treat” in
family’s coffee farm on the Costco buyer, before mention- Ghana. As a schoolgirl, Dennis
CONTENTS Market Data................ B8 flanks of Mount Elgon. He’s 74 ing that funding challenges would buy the snack, wrapped
Arts in Review....... A13 Opinion................... A15-17
Business News ...... B3 Pers’l. Journal... A11-12
now, and racing against mor- had delayed the purchase of in newspaper, for pennies.
Crossword.....................A14 Sports.............................. A14 tality to find someone worthy ingredients. She hit send and The 41-year-old was born
Finance...............................B9 Technology................... B4 of owning what is likely the anxiously waited for a reply. in Liberia, but lived in a refu-
Heard on Street.... B10 U.S. News................. A2-6 world’s largest collection of Af- An order from a big retailer gee camp in Ghana after her
Market Digest........... B6 World News... A8-9, 18
rican butterflies and moths. is a badge of honor for small parents fled Liberia’s civil
He has spent almost a de- businesses like Flows Tasty war. She came to the U.S. at
> cade trying to sell his butter- Treats. But tiny startups must 19 and now works full time for
flies—which he calculates often quickly scale production the New York City Depart-
would require two Boeing 747 and secure financing. The hur- ment of Education.
cargo planes to transport—only dles can be particularly high Dennis registered her busi-
s 2024 Dow Jones & Company, Inc.
to see possible buyers flit away for entrepreneurs of color like ness in 2012, but didn’t sell
All Rights Reserved Please turn to page A10 Dennis, who runs her business Please turn to page A9
A2 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

U.S. NEWS
Fed on Track for Quarter-Point Rate Cut
Strong consumer the spotlight because their Personal-consumption Output vs. hiring, change spending in the months to cally provided “a better real-
meeting concludes two days expenditures price index from year earlier* come, making the economy time picture” of the economy
spending in slowing after the presidential election, 8% 5% more vulnerable to a slow- than data on gross domestic
job market poses and the Fed strives to main- down and potentially calling product. Solid activity data is
All items
tain an apolitical DNA. Nonfarm employment for more cuts. “not going to stop us from
riddle for officials Tuesday’s election also 4 Officials are also navigating looking very carefully at the
prompted the Fed to push 6 through a fog of volatile data labor-market data,” he said
BY NICK TIMIRAOS back its meeting by a day. The that has been revised from then.
central bank, which typically 3 one month to the next. Several
Federal Reserve officials concludes its two-day meet- 4 officials characterized the
are expected to cut interest ings on Wednesdays, will do Excluding food September rate cut as appro- ‘Janky’ data
2
rates by a quarter percentage so this time on Thursday. and energy priate because inflation had Two whiplash labor-market
point at their meeting Thurs- fallen notably. reports have followed. Last
2 Economic output,
day because inflation has con- 1 In the run-up to that meet- month, the Labor Department
tinued to make progress to- Lingering questions Fed inflation target excluding trade, ing, the unemployment rate reported that job growth had
inventories and
ward their 2% goal. While this week’s meeting had ticked up to 4.3% in July been stronger than expected
0 government spending
Officials began lowering may lack drama, officials face 0 and payroll growth had in July and August, and pay-
rates at their previous meet- potentially thorny debates in 2018 ’20 ’24 2022 ’23 ’24 slowed. At the time, consum- roll gains were exceptionally
ing in September by making a the months to come. First is *Figures are seasonally adjusted; economic output is adjusted for inflation. ers had appeared to be spend- strong for September. That led
larger half-point cut. They are the decision on where rates Sources: Commerce Department (price index, economic output), Labor Department (employment) ing down their savings to pro- to speculation that the Fed
trying to figure out where, ex- should settle. Second, while pel growth. might need to consider slow-
actly, rates should settle after the election result won’t influ- quarter, buoyed by consumer eral signs pointing to less de- But revisions to govern- ing down the pace of future
high inflation over the past ence this week’s decision, any spending that has defied ex- mand for workers. ment data after the meeting rate cuts.
three years led to a dramatic policy changes by the next pectations of a slowdown for It isn’t clear how long these showed income growth had Then last week, employment
series of rate increases. president and Congress that the past year. Some economists trends—steady consumption been stronger than initially figures for August and Septem-
“We’re entering this new reshape the economic outlook have pointed to such resilience with a slowing labor market— reported. As a result, the per- ber were revised lower. More-
phase: Policy is going to be- could also alter the Fed’s in- as a sign that the Fed’s rate can last. sonal savings rate was revised over, payroll growth was much
come less restrictive over terest-rate path. stance isn’t as tight as some In one scenario, stronger upward, meaning consumers weaker than anticipated in Oc-
time, and that’s because the Policymakers face a stub- officials think it is. consumer spending will con- might not be as tapped out. tober—some of it likely caused
Fed is more confident on born economic puzzle that At the same time, demand tinue to help stabilize the la- The revision “removes a by strikes and hurricanes.
where inflation is going—that could influence whether they for labor has steadily cooled. bor market because it will downside risk to the econ- In the run-up to this week’s
it’s going back down to 2%,” will feel pressure to slow down The private sector added just maintain solid demand for omy,” Fed Chair Jerome Pow- meeting, officials had cau-
said Loretta Mester, who re- or speed up rate cuts in the 67,000 jobs a month, on aver- workers. In that more optimis- ell said at a conference on tioned against significantly re-
tired as Cleveland Fed presi- months ahead. The issue: The age, for the three months tic circumstance, the recent Sept. 30. “These were very thinking their interest-rate
dent in June after 10 years in labor market continues to through October, the lowest cooling in the labor market large, healthy revisions.” outlook on the basis of any
the job. show signs of cooling, but con- since the pandemic hit in would reflect a postpandemic Powell suggested solid single monthly report. “I’ve
This week’s meeting should sumer spending has been solid. 2020. While the unemploy- normalization and the Fed readings on economic activity been saying we should expect
lack the suspense of the prior Economic data released last ment rate held steady at 4.1% would be able to make fewer could make officials somewhat the data to be—what I’ve been
one, in which markets were week put an exclamation point last month, the share of work- rate cuts. more comfortable at the mar- using is, ‘janky,’ to bounce
left guessing over the size of on this riddle. The economy ers who were permanently More ominously, further gins that the economy isn’t around a bit,” said Atlanta Fed
the first rate cut in four years. grew at a solid 2.8% annualized laid off ticked up to its highest weakness in income growth deteriorating. Still, he said la- President Raphael Bostic in an
Officials would like to avoid rate in the July-to-September level of the year, one of sev- could weigh on consumer bor-market data has histori- interview last month.

U.S.WATCH
Younger
Doctors Seek OKLAHOMA
Severe Storms
NEW YORK
Euthanized Pet’s

A Balance Injure at Least 11

Severe storms and torna-
does battered Oklahoma
Owner Makes Vow
A man who took in an or-
phaned squirrel and made it
early Sunday, tossing cars a social media star vowed
Continued from Page One and ripping roofs off build- Saturday that New York
offers set hospital shifts car- ings in the middle of the state’s decision to seize and
ing for patients and the ability night and leaving tens of euthanize the animal “won’t
to clock out at a fixed time. thousands of homes and go unheard.”
“We have to take care of our- businesses without power. “We will make a stance on
selves in order to take care of Among numerous injuries, 11 how this government and
other people,” Leventhal said. people required hospitaliza- New York state utilizes their
Many in her generation, she tion, authorities said. resources,” Mark Longo said
said, are also caring for young Much of the damage oc- in a phone interview.
children and elderly parents. curred in and around the He declined to specify his
Changes in healthcare state capital, Oklahoma City, possible next steps but said
mean a growing number of although there were reports officials would hear from him
physicians now work as em- of damage at various points soon about what happened
ployees at health systems and around the state and early to Peanut the squirrel and
hospitals, rather than in pri- morning storms set off tor- Fred, a rescued raccoon that
vate practice. Electronic pa- nado warnings that extended was also confiscated and put
MIKAELA MARTIN FOR WSJ

perwork and other bureau- south to the Arkansas state down.

cratic demands add to the line. The state Department of
stress and make the profes- More than 99,000 Okla- Environmental Conservation
sion feel less satisfying, they homa homes and businesses took the animals Wednesday
said. More physicians are pur- lost power during the over- from Longo’s home and ani-
suing temporary work. night storms. By midday that mal sanctuary in rural Pine
This debate—and its conse- number was reduced to City, near the Pennsylvania
quences—will play out for Dr. Jefferson Vaughan says that over his 30 years as a surgeon, he has seen the work ethic fewer than 34,000. No fatali- border. The agency said it
years. In interviews with among young doctors change. Below, Dr. Kara-Grace Leventhal, 40, a hospitalist, and her ties had been reported as of had gotten complaints that
nearly two dozen physicians, peers at Johns Hopkins lobbied to change their sick-day policy. midday. wildlife was being kept ille-
many said that medicine’s Richard Thompson, fore- gally and potentially unsafely.
workaholic culture was over- cast chief for the National —Associated Press
due for a correction. Others Weather Service Storm Pre-
said when physicians are less diction Center in Oklahoma, MICHIGAN
committed to their work, their said he believes six or more
peers and overall quality of tornadoes hit the state over-
Semitruck Crash
patient care can suffer. night. Kills Four People
Physicians work an average In the town of Choctaw, A section of Interstate 96
of 59 hours a week, according to east of Oklahoma City, fire- in southeast Michigan re-
the American Medical Associa- fighters and police officers mained closed Sunday after a
tion, and while the profession is went door to door Sunday semitruck crashed into more
well-compensated—the average morning to ask about injuries. than a dozen vehicles over-
physician makes $350,000, a re- “It leveled a complete night, killing four people and
cent National Bureau of Eco- neighborhood in Choctaw,” injuring 17 others, according
nomic Research analysis the town’s mayor, Chad All- to state police.
found—it comes with high pres- cox, said. Traffic on I-96 near Webber-
sure and emotional strain. Emergency workers had to ville had been temporarily
When Leventhal started her free two people from an stopped late Saturday as utility
current job at Johns Hopkins overturned mobile home, in- crews were completing work
Hospital in Baltimore in 2021, cluding a woman injured on power lines. A semitruck
GREG KAHN FOR WSJ

she said a superior told her when an air conditioner with a trailer was heading
sick time could be used only landed on her leg, Oklahoma westbound and crashed into
in extreme circumstances—for City Fire Department spokes- the stalled vehicles.
example, if she had been in a man Scott Douglas said. The impact caused the
car crash on the way to work. Douglas said 11 people semitruck and several vehi-
When pregnant during her were transported to hospitals cles to catch fire. Police said
residency, she nearly skipped “but there was a time when own fate,” he said. “Now, ev- resident—said he is interested with injuries that were not more than a dozen vehicles
a scan. Leventhal was due to the patient came first.” erything’s changed. Doctors in pursuing a four-day work- life-threatening. were involved in the crash.
present patients to her at- Jupiter Medical Center said are like any other employee, week once he has completed —Associated Press —Associated Press
tending physician, and “didn’t it would continue to embrace and that’s how the new gener- his training. “I’m very happy
want to draw more attention
to myself being a mom,” she
“the needs of a multigenera-
tional workforce,” and said
ation is behaving.”
They also spend far more
to provide exceptional care for
my patients and be there for CORRECTIONS  AMPLIFICATIONS
said. She made it to her ap- that it was deeply grateful to time doing administrative tasks. them, but medicine has be- Readers can alert The Wall Street Journal to any errors in news articles by
emailing [email protected] or by calling 888-410-2667.
pointment, then was rushed to its physicians for their com- One 2022 study found residents come more corporatized,” Do-
an emergency C-section that mitment to working together. spent just 13% of their time in manski, 29, said.
day. Her obstetrician said that Among physicians under patient rooms, a factor many Residents’ work and rest
had Leventhal not come for age 45, only 32% own prac- correlate with burnout. hours have been subject to in- THE WALL STREET JOURNAL
the scan, she would have lost tices, down from 44% in 2012. Dr. Joel Katz, who led the creasing regulation by the Ac- (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
her daughter. By comparison, 51% of those residency program at Brigham creditation Council for Gradu-
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Leventhal and her peers at ages 45 to 55 are owners. and Women’s Hospital for two ate Medical Education, whose
Published daily except Sundays and general legal holidays.
Johns Hopkins lobbied to Owners have more auton- decades, has seen such atti- guidelines state that they can Periodicals postage paid at New York, N.Y., and other mailing offices.
change their sick-day policy, omy, but also increasing over- tudes evolve firsthand. work up to 80 hours a week,
Postmaster: Send address changes to The Wall Street Journal,
and now, she said, doctors in head costs. For years, doctors often re- in shifts as long as 24 hours. 200 Burnett Rd., Chicopee, MA 01020.
her group are permitted to Dr. Joseph Comfort, 80, sold ferred to their work as a call- Dr. Christopher Wassink, a All Advertising published in The Wall Street Journal is subject to the applicable rate card,
take sick time as needed with- his anesthesiology practice in ing. Among some residents, 58-year-old anesthesiologist in copies of which are available from the Advertising Services Department, Dow Jones & Co.
out explanation. 2003, frustrated by rising bill- that is now considered “very Naples, Fla., said lately he has Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right
not to accept an advertiser’s order. Only publication of an advertisement shall constitute
The hospital didn’t respond ing tussles with insurance com- triggering and offensive,” said seen more young doctors final acceptance of the advertiser’s order.
to requests for comment. panies. He now works part Katz, 66, who recently be- seeking three- or four-day Letters to the Editor: Fax: 212-416-2891; email: [email protected]
In Florida, while working time as an internal medicine came senior vice president for schedules. It can make cover- Need assistance with your subscription?
with medical students at Jupi- doctor at a small concierge education at Dana-Farber ing nights and weekends more By web: customercenter.wsj.com; By email: [email protected]
ter Medical Center, Vaughan clinic in Sanford, Fla. Cancer Institute. difficult, he said. By phone: 1-800-JOURNAL (1-800-568-7625)
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ranging from colds to bachelor at the mercy of their pager a system and is inclined to are coming from. For most of
WSJ back issues and framed pages: wsjshop.com
parties. and working long hours as the use benefits such as sick time, his career, he has regretted
Our newspapers are 100% sourced from sustainably certified mills.
“I’m not saying they’re cost of doing business. “We he said. becoming a doctor. In 24
wrong in their desire for a took it because we considered In San Francisco, Dr. Chris- years, he never called in sick— GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS
work-life balance,” he said, ourselves to be masters of our topher Domanski—a first-year mainly out of guilt.
THE WALL STREET JOURNAL. Monday, November 4, 2024 | A3

U.S. NEWS

Migrant Divide
In Miami Fuels
Rightward Tilt
Poorer new arrivals “The earlier you’ve come,
the more likely you are to re-
aren’t embraced by ject those that are coming
Venezuelans who now,” he said.
The receptiveness of some
arrived years ago Hispanics to tough immigra-
tion policies helps explain
BY ARIAN CAMPO-FLORES Trump’s gains among Latino
voters in some surveys. A Wall
MIAMI—On her radio show Street Journal poll of regis-
in Miami, Carinés Moncada tered voters in the seven bat-
rails against a “border disas- tleground states released last
ter” fueled by a surge of Vene- month found that 40% of His-
zuelan migrants. She posts ar- panic voters supported Trump,
ticles on her social-media compared with 53% who
accounts about crimes alleg- backed Vice President Kamala
edly committed by Venezuelan Harris. In 2020, Trump won
migrants and the suspected 35% of Latinos nationally, ac-
growing presence in the U.S. cording to AP VoteCast. His-
of the Venezuelan gang Tren panic voters in the recent

EVA MARIE UZCATEGUI FOR WSJ (3)

de Aragua. Journal survey picked Trump
It isn’t surprising material over Harris as best able to
for South Florida’s conserva- handle immigration and bor-
tive Spanish-language media. der security, 47% to 43%.
Except for one thing: Moncada Customs and Border Protec-
is from Venezuela herself. tion apprehensions and other
As successive waves of mi- encounters involving Venezue-
grants fleeing turmoil have lans soared to about 313,000 in
sought refuge in the U.S., a the 2024 fiscal year that ended Clockwise from top left: Jhonder Marcano, a migrant who arrived in the U.S. last year; Gustavo Garagorry, a U.S. citizen who
schism is forming between in September, from about arrived from Venezuela in 2002; a Venezuelan restaurant in Doral, which has a large concentration of Venezuelans.
more-affluent immigrants who 50,000 in the 2021 fiscal year,
arrived long ago, and newer, federal data show. New pro- rra of Venezuelan-American for asylum, eventually becom-
poorer arrivals. ceedings for Venezuelans in registered voters in Florida, Echoes of Cuban Community ing a U.S. citizen. Over the
Former President Donald immigration courts—another 45% of respondents agreed years, he earned a bachelor’s
Trump has made inroads measure of new arrivals— with a policy of deporting un- Miami’s Cuban commu- way to Miami and later degree and an M.B.A., worked
among Hispanic voters even as jumped to around 276,000 documented Venezuelans. An nity went through a similar Daytona Beach, and as a legislative analyst for a
he has inveighed against im- from around 29,000 over the FIU survey released Friday of experience as the Venezue- worked long days, he as a city council member and
migration and the situation on same period, according to data Hispanic registered voters in lan one, when portions of handyman and she as a started a business that spe-
the U.S.-Mexico border—mes- from the Transactional Re- battleground states found that an older guard of exiles restaurant worker. They cializes in permits and li-
sages that resonate with some cords Access Clearinghouse at 36% agreed that the most ef- who came in the 1960s and saved enough money to censes.
Latinos. Syracuse University. fective way to combat illegal 1970s rebuffed the mass buy a new townhouse. Garagorry, 57, said that al-
Many Venezuelan migrants Eugenio Rodríguez, 25 years immigration is through mass immigration of Cuban refu- The couple said they though he understands the de-
who arrived in the U.S. 10 or old, said he sold condiments in deportation and 39% agreed gees in the 1980 Mariel have qualms about two sire of his fellow Venezuelans
20 years ago were well-off Venezuela, making barely that new waves of undocu- boatlift. The newcomers groups in particular—those to seek opportunity in the U.S.,
professionals who entered by enough money to eat. He said mented migrants are primarily were stigmatized as unde- with criminal intentions he is troubled by the surge of
plane. The more recent ones he crossed the border in Cali- criminals who threaten public sirable and for allegedly and those dubbed “hijos de migrants in recent years and
are largely poorer, less-edu- fornia last year and applied for safety. being populated with crimi- Chávez,” or “children of what he says is the prevalence
cated people who crossed the temporary protected status Among leaders of South nals and the mentally ill. Chávez,” who grew up al- of wrongdoers among them.
U.S.-Mexico border by land. and asylum. After reuniting Florida’s Venezuelan commu- Some Venezuelans who most entirely under Hugo “They don’t have the culture
Many from the earlier with his wife, who had arrived nity, “there is a very strong re- arrived more recently Chávez’s dysfunctional so- of those of us who came be-
waves are wary of the new- earlier, the couple eventually jection of those coming now,” share the misgivings about cialist government and fore,” he said.
comers, saying some are crim- made their way to the Miami Gamarra said. some fellow newcomers. don’t know what it is to Regarding Trump’s frequent
inals or arrive expecting hand- area, where he works install- Older arrivals often com- Pedro Fernández, 47, and work hard to get ahead. denunciation of undocumented
outs. Those from recent waves ing security systems and she plain that they came to the his wife, Germania Pirela, The most recent arrivals migrants, Garagorry added,
say they sometimes feel works in a pharmacy. The cou- U.S. through legal channels, 41, crossed the border in “harm those of us who are “The rhetoric isn’t the pretti-
spurned by their more-estab- ple can remain in the U.S. le- which cost time and money, 2021 and filed for tempo- doing things right,” Fernán- est, but…it doesn’t affect me
lished countrymen. gally while waiting for an im- while many of the recently ar- rary protected status and dez said. “They don’t repre- because I’m not part of that
It is a dynamic that has migration court to hear their rived are crossing the border asylum. They made their sent us.” group.” His view aligns with a
played out repeatedly among cases. illegally and then asking for finding in a New York Times/
other immigrant groups Rodríguez said he hasn’t asylum. But Gamarra said that Siena College poll of Hispanic
throughout history and across felt very welcomed by some many of the earlier arrivals likely voters released last
geographies, said Eduardo Venezuelans who put down overstayed tourist visas and most recent wave of migrants, Gustavo Garagorry said he month. Of respondents who
Gamarra, a political-science roots years ago. “Some people then sought to secure legal Gamarra said. “What you’re fled to the U.S. from Venezuela were born in another country,
professor at Florida Interna- are more picky,” he said. “They status. seeing here is a reflection of in 2002 after facing threats for 51% said they didn’t believe
tional University who fre- don’t like the people who are The earlier immigrants also the same kind of historical his work on an opposition po- Trump was talking about them
quently conducts polls on La- entering very much.” contrast their wealth and suc- class bias that exists in every litical campaign. He entered when he discussed immigra-
tino attitudes. In a 2023 FIU poll by Gama- cess with the poverty of the one of our countries.” with a tourist visa and filed tion problems.

Voters Are Poised to Reshape States’ Abortion Access

BY LAURA KUSISTO Abortion-rights measures on the ballot in November
AND JENNIFER CALFAS
Total or six-week ban in effect*

Abortion-rights groups are Mont.

on track to secure constitu-
tional protections for the pro- Idaho S.D.
S.D. N.Y.
N.Y.
Wyo.
cedure in as many as 10 states
on Tuesday, which would Nev.
Nev. Neb.
Neb.
Utah Ind. Md.
mark the most significant ex- Colo.
Colo. Va.
Kan. Mo.
Mo. Ky.
pansion of abortion access N.C.
since the Supreme Court over- Tenn.
Ariz.
Ariz. N.M.
Okla. Ark. S.C.
turned Roe v. Wade. Miss. Ala. Ga.
Polling data and fundrais- Texas
ing totals have signaled strong La.
support for most of the ballot Fla.
Fla.
initiatives, which appear in
states with a range of political
leanings. The measure that Ballot-measure results since Dobbs, by type of measure
could have the biggest practi- Abortion-rights measures Antiabortion measures
cal impact comes from Flor- All passed All failed
CHANDAN KHANNA/AFP/GETTY IMAGES

ida, which had been an island

Vt.† 77% Yes No 23 Ky.† 48% Yes No 52
of abortion access in the
South until a six-week ban Calif.† 67 33 Mont.† 47 53
went into effect in May of this Mich.† 57 43 Kan.** 41 59
year. But it is also the tough-
est test because supporters Ohio‡ 57 43
need to reach a 60% threshold
*Bans may have limited exceptions, such as medical emergencies. Nebraska has a competing
for passage. antiabortion measure. †November 2022 ‡November 2023 **August 2022
Other states that could see Sources: KFF (measures); Guttmacher Institute and staff reports (bans);
major changes are Missouri An April abortion-rights rally in Florida, one of 10 states that could loosen abortion restrictions. AP (ballot-measure results) KARA DAPENA/WSJ
and South Dakota, both of
which have strict abortion through a typical pregnancy— abortion access are fundrais- porters were using exagger- leading to a surge in demand Abortion opponents also
bans currently in place. although opponents argue ing at a clip that far outpaces ated scare tactics to suggest for pills ordered online. believe they can win in South
Voters in the battleground that the initiatives are so their opponents, including in that women can never get Abortion providers said Dakota, where they have a
states of Arizona and Nevada broadly worded that they Florida where they have abortions, even in grave women still sometimes travel fundraising edge. Nebraska,
also could decide to enshrine would allow abortion through- pulled in more than $100 mil- emergencies. to Florida from out of state meanwhile, presents the most
abortion rights there. Demo- out pregnancy. lion. Before the overturning of only to find out they are too complicated picture, because
crats are hoping the measures “What’s very clear across Polling on ballot measures Roe, Florida had the third- far along in pregnancy for the the state ballot includes two
will help drive turnout and all campaigns is that people has been more limited than in highest number of abortions procedure. “It’s horrible news competing measures, one to
deliver a presidential victory don’t want the government in- the presidential contest and in the U.S. After Roe’s down- to have to deliver over and protect abortion rights and
for Kamala Harris. Arizona volved in private medical deci- other high-profile races. Anti- fall, Florida became one of the over and over again,” said the other to outlaw the proce-
currently limits the procedure sions. That’s been this uniting abortion groups say they have few access points in the Chelsea Daniels, a doctor at a dure in most cases after the
to 15 weeks of pregnancy, force,” said Chris Melody seen some late fundraising South, and women often drove Miami abortion clinic. first trimester. That has the
about two months earlier than Fields Figueredo, executive di- momentum and remain opti- there overnight from places The antiabortion side has potential to muddy the wa-
what was allowed under Roe. rector of the Ballot Initiative mistic they could pull out a such as Louisiana and Texas. struggled to mount strong ters.
Nevada already allows abor- Strategy Center, a nonprofit win in some of these states, That has changed since the campaigns in states across the Abortion-rights groups are
tion up to 24 weeks, but sup- that promotes progressive bal- especially Florida. six-week ban. The state has country, faced with donors optimistic that they can pull
porters say a constitutional lot measures. “Going into Election Day, seen about 2,500 fewer in-per- pessimistic about the pros- out a win in Missouri, the
amendment would cement Abortion-rights supporters we’re seeing ballot-measure son abortions each month, ac- pects for success. But in Flor- first state to enforce its near-
those rights. already have used ballot ini- races tighten in a way we ha- cording to WeCount, an abor- ida it has an ally in Republi- total ban after the Supreme
Some 17 states now ban tiatives to override conserva- ven’t in previous abortion- tion-data project sponsored by can Gov. Ron DeSantis, who Court overturned Roe. They
abortion after the earliest tive legislatures, winning amendment fights,” said the Society of Family Plan- has taken an unusually ag- have a fundraising advantage,
weeks of pregnancy. Most of seven consecutive measures Kelsey Pritchard, director of ning, which supports abortion gressive posture toward de- having pulled in about $30
the ballot measures would re- since Roe was overturned. In state public affairs for Susan rights. That has had ripple ef- feating the measure, calling it million compared with about
store access through fetal via- some of the states being con- B. Anthony Pro-Life America. fects across the U.S., straining “radical” and “very, very ex- $5 million for their oppo-
bility, or about halfway tested now, groups favoring She said abortion-rights sup- clinics in North Carolina and treme.” nents.
A4 | Monday, November 4, 2024 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

Dark View Scheller, spotlighting the vice

president’s support from Re-
publicans, such as former Rep.

Of U.S. Gets Liz Cheney of Wyoming, and

arguing that she will bring
Americans together. Her cam-

3rd Airing paign is projecting confidence

in the election’s final days,
while Trump’s message has Trump Wouldn’t
been muddled, from vowing to Mind a Shooting
Continued from Page One protect women “whether they
administration belatedly took like it or not” to calling for At Him ‘Through
steps to address after being Cheney to face live fire in bat- The Fake News’
exacerbated by its policies— tle. In Pennsylvania on Sunday,
have drawn attention to his Trump said he wouldn’t mind Donald Trump lamented
signature issues of the econ- if an assassin had to shoot over the bulletproof glass that
omy and immigration. Polls through the media to get to surrounds him at his rallies
show he is more popular than him. since the attempted assassina-
ever, though still unpopular on tion against him, and sug-
balance, and many remember gested that he wouldn’t mind
his tumultuous presidency Laying out case if someone were to shoot at
fondly. National and swing- On Tuesday, Harris deliv- him through where the media
state surveys, which broadly ered a speech intended to en- are positioned.
show Trump and Harris locked capsulate her closing argu- “We have this piece of glass
in a tie, represent his best pre- ment from an evocative here, but all we have really
election polling position to location in Washington: the El- over here is the fake news—
date, as his campaign pollster lipse, where Trump spoke on and to get me, somebody
Tony Fabrizio pointed out in a Jan. 6 to the mob that would would have to shoot through
memo last week: “President proceed to storm the Capitol the fake news. And I don’t
ROBERTO SCHMIDT/AFP/GETTY IMAGES

Trump’s position nationally as it sought to interrupt the mind that so much,” the Re-
and in every single Battle- official tabulation of electoral publican presidential nominee
ground State is SIGNIFI- votes confirming his election said in Lititz, Pa.
CANTLY better today than it loss. She was preceded on the Trump noted the different
was 4 years ago,” Fabrizio program by a series of speak- panels of glass surrounding
wrote. ers—a Texas couple denied an him and pointed to some
abortion for a nonviable preg- farms and buildings behind
nancy, a single mom of a child him, saying he needed glass
Enduring appetite with diabetes, a Phoenix small there. “Did anyone check”
At the very least, the years Kamala Harris greeted people at a restaurant in Detroit on Sunday. The Democrat’s business-owner, a Republican those buildings? The shooter
since Trump left office—on the campaign is projecting confidence in the race’s final days. couple from Pennsylvania, the at Trump’s rally in Butler, Pa., in
heels of the Jan. 6, 2021, Capi- brother of a Capitol Police offi- July positioned himself on top
tol riot—have, far from deliv- ing-class white voters—were gulf between voters with and statewide officeholders. “Yes, cer who died after Jan. 6— of a building near the outdoor
ering the wholesale public re- switching to the GOP out of a without college degrees. abortion rights are important,” each of whose remarks in- rally where Trump spoke, al-
jection that his opponents sense of cultural alienation. But Trump also galvanized said state Sen. Mallory Mc- cluded a plea to “turn the page lowing him to take aim at the
craved, indicated an enduring Barack Obama won Macomb a countervailing force—col- Morrow, a Democrat. “But it’s on Donald Trump.” former president.
appetite for his disruptive po- twice. But in 2016 and 2020, lege-educated voters who mo- about character and it’s about The crowd of 75,000 waved Trump revisited the issue
litical style. To be sure, Demo- Trump won the county on the bilized in opposition to him. so much more than that.” In miniature U.S. flags as Harris later in the rally, suggesting,
crats believe that Trump’s lack strength of those same forces. Biden’s 2020 victory came not her canvassing of the state, spoke before giant banners without evidence, that “It was
of discipline and dark, violent Biden narrowly won Michigan primarily from winning back McMorrow said, women tell reading “FREEDOM” and probably Biden or the other
message are costing him votes in 2020. working-class whites but from her they are “voting for Demo- “USA.” “Look, we all know one who said, ‘Screw him, don’t
in the campaign’s final days, “This is the county that put an equally seismic shift among crats up and down the ballot.” who Donald Trump is,” she give him the glass.’ ”
particularly with women. A Donald Trump over the top in educated suburban voters, es- In Stockbridge, a town be- said. “He is the person who The White House didn’t im-
Harris campaign official said 2016,” Brian Pannebecker, the pecially women—an effect that tween Detroit and Lansing, 66- stood at this very spot nearly mediately respond to a request
Friday that the campaign’s head of Auto Workers for Democrats expect to be even year-old business owner Jackie four years ago and sent an for comment.
data shows late-deciding vot- Trump, told the crowd. “Now more pronounced in this first Scheller echoed that senti- armed mob to the United “The President’s statement
ers moving sharply in her di- we’re going to do it again.” He presidential election since the ment. A lifelong Republican States Capitol to overturn the about protective glass place-
rection. said he had spent the past five Supreme Court’s 2022 decision and Michigan native, Scheller will of the people in a free and ment has nothing to do with
Still, the public’s dissatis- months holding rallies and overturning Roe v. Wade. One- voted for Trump twice. But her fair election that he knew he the media being harmed, or
faction with the status quo has speaking with workers outside time GOP strongholds like the faith was shaken by Jan. 6. lost.” anything else. It was about
continued to move new voters every auto plant in the Detroit Detroit suburbs and the area Now Scheller is all-in for Har- To the ecstatic but anxious threats against him that were
into Trump’s camp. One at- area as job losses continued. around Grand Rapids have ris, lobbying her friends and crowd in Washington, that was spurred on by dangerous rhet-
tendee Friday in Warren was Chrysler parent company Stel- swung to the Democrats. Mich- neighbors, placing ads in her a welcome message. “One of oric from Democrats,” said
Kathy Wright, a 70-year-old lantis laid off more than 1,000 igan’s population is becoming local paper, and appearing in the worst days in the history Trump campaign spokesman
Sterling Heights resident who workers at its plant in Warren more educated over time, videos and billboards for the of our country was Jan. 6, and Steven Cheung.
runs a cleaning business. She in October, and Ford said last Grossmann noted, meaning national group Republican Vot- it started here. Hopefully this —Vivian Salama
voted for President Biden four week that it will shut down a there are more of those vot- ers Against Trump. (The group is the ending of that period,
years ago because he “seemed plant in nearby Dearborn later ers. said last week it has placed and we go forward from here
like a nice guy” and she was this month. more than 150 billboards along with a new vision,” said
put off by Trump’s demeanor. Trump’s appeal to the disaf- major roadways in Michigan, Thomas Tracy, a 69-year-old Harris Says
“Now I can’t stand him,” she fected, the conspiratorial, the Suburban revolt Wisconsin, and Pennsylvania, retired bond analyst from Her Vote
said of Biden, and she believes down and out, has broadened If Trump wins, it will be be- featuring former Trump voters Bloomington, Minn. A former
Trump will fix the economy over the intervening years to cause he managed to drive up who support Harris.) Republican, he said he was Is in the Mail
and the border. “This whole include a substantial tranche his margins with disaffected “I just can’t put someone perplexed by the closeness of
country, everything’s crooked,” of working-class minority vot- working-class voters nation- into office who is doing what the polls given what he viewed Kamala Harris told report-
she said. ers as well as whites without ally. But if he loses, it will be Trump is doing any longer,” as a healthy economy. ers on Sunday that she voted
It was his appeal to voters college degrees, particularly because even more educated Scheller said. “Trump lost me Harris’s campaign has wa- by mail and her ballot is on
like these that propelled men. “The share of white non- suburban voters came out to primarily at the insurrection, gered that more people are its way to California, her
Trump to his shock victory in college voters that support oppose him. Michigan Demo- but there were other things. tired of the Trump Show than home state. She declined to
2016. Macomb County, where Democrats has been declining crats have staged a remarkable I’m looking forward to a time thrilled by it—that the U.S.’s say how she voted on a Cali-
Warren is located, was illustra- since the 1970s, but Trump comeback since 2016, retaking when I don’t have to get up ev- true silent majority are the fornia ballot initiative that
tive. In the 1980s, it was the dramatically accelerated the the governorship and both ery morning and find out what voters who simply want to put would strengthen penalties
subject of a famous study by trend,” said Matt Grossmann, a houses of the state Legislature bombastic thing he did while I his divisive, destabilizing dom- for some drug- and theft-re-
the Democratic pollster Stan political scientist at Michigan behind the popular Gov. was sleeping.” inance of the political system lated crimes.
Greenberg, who found that State University and author of Gretchen Whitmer, a Demo- Harris’s campaign has done behind them. We will soon “I’m not going to talk
“Reagan Democrats”—work- a recent book on the growing crat, and an all-female team of its best to court voters like learn whether she is right. about the vote on that be-
cause, honestly, it’s the Sun-
day before the election and I

Campaigns cided voters, according to the

Harris campaign’s internal
data. The comedian Tony
don’t intend to create an en-
dorsement one way or an-
other,” she said of the ballot

Seek Edge Hinchcliffe referred to Puerto

Rico as a “floating island of
garbage,” one speaker said
measure,” she said. Trump
hasn’t voted yet. He is ex-
pected to do so in person on

On Turnout Harris has “pimp handlers,”

and another called her the An-
tichrist. At the Milwaukee
Election Day in Florida.
—Andrew Restuccia

rally Friday, Trump made

Continued from Page One what appeared to be a lewd
held weekend events for her gesture, shaking the micro- Trump Doesn’t
in battleground states. Lady phone stand back and forth Rule Out Ban on
Gaga, Oprah Winfrey and Katy and then bobbing his head up
Perry are among the female and down. Some Vaccines
celebrities who plan to cam- Voters in swing states who
paign for Harris on Monday. made up their mind in recent Donald Trump didn’t rule
Trump campaigned Sunday in days are backing the vice pres- out banning some vaccines if
Pennsylvania, North Carolina ident by a double-digit margin, he returns to the White
and Georgia. Harris campaign officials said, House and signaled openness
For Trump, the challenge is citing their internal data. to a push by Robert F. Ken-
that young men in particular Trump’s New York rally was nedy Jr. to ban fluoride from
vote at far lower rates than heavy on masculine rhetoric, U.S. water systems.
many other demographic and it featured speeches from
MUSTAFA HUSSAIN FOR WSJ

“Well, I’m going to talk to

groups. They are more likely UFC Chief Executive Dana [Kennedy] and talk to other
than older generations and White and the former profes- people, and I’ll make a decision,”
their female peers to be dis- sional wrestler Hulk Hogan, Trump told NBC News when
connected from politics, and who tore his shirt off. asked about banning vaccines.
they are increasingly disillu- Trump has also tried to In response to a question
sioned with the country’s insti- court Black men specifically, an about whether he supports
tutions, according to research- Joompit Nakhapakorn, 23 years old, at Donald Trump’s campaign rally Friday in Milwaukee. effort Harris and her allies have banning fluoride in the water
ers and election analysts. sought to counter. Whitmer supply, Trump said, “Well, I
Youth voting increased in pains to appeal to young men, in recent months, some said that appeals to a lot of guys.” said in an interview Sunday haven’t talked to him about it
the 2020 presidential election, from showing up at a sneaker they don’t see a place for Not all of his peers are that she has made stops in bar- yet, but it sounds OK to me.
but it paled compared with the convention in Philadelphia and themselves in today’s Demo- planning to vote, he said. “I’m bershops and found the Black You know, it’s possible.”
share of older voters who an Ultimate Fighting Champion- cratic Party. Others said they still in a group chat with a men she has met are engaged —Andrew Restuccia
showed up at the polls. In 2020, ship event in New Jersey, to ap- are drawn to Trump’s politi- bunch of my guys from high on the choice they face. “I think
18- to 24-year-olds were the pearing on Joe Rogan’s podcast. cally incorrect approach. Many school. There’s maybe like Kamala Harris has got a unique
least likely age group to vote, The strategy could help offset said they were focused on their eight or nine of them, and like message, and I think it’s start-
with just over half of that co- Harris’s big advantage with fe- finances—with several arguing two or three of them have said ing to get through,” Whitmer Over 76 Million
hort voting that year, according male voters—but risks widening that Trump would do more to they’re not voting,” he said. said. But she said the potential People Have
to U.S. Census Bureau surveys. that gap should Trump’s macho benefit their stock portfolios. In the final days of the elec- erosion of those voters to
In that age group, fewer men rhetoric and crude comments Others said they appreciated tion, Harris is focusing in part Trump was “concerning.” Already Voted
than women said they voted in alienate women. the former president’s pledge on turning out women, who are A survey of young voters re-
2020. In contrast, about three- On Sunday in Pennsylvania, to curb illegal immigration. statistically more likely to vote leased recently by the Institute More than 76 million people
quarters of Americans ages 65 Trump called Michelle Obama Luke Meihack, 25, a high than men. Her campaign strat- of Politics at Harvard Univer- have voted early with just two
to 74 reported voting in 2020. “a major troublemaker” and school physical education egists are betting that abortion sity found that Harris leads days until Election Day, accord-
“I’ve had to ask a couple of added: “I think we’re gonna teacher in the Milwaukee sub- rights and giving women free- Trump by 20 points among ing to the University of Flor-
my friends to come out and start having a little fun with urbs, said he didn’t used to be dom over their bodies are more voters under 30. Among 18- to ida’s Election Lab.
vote,” said Joompit Nakhapak- Michelle.” He also suggested he a Trump supporter, but motivating messages to women 29-year-old men who say they That is nearly half the total
orn, 23, a consultant in Mil- wouldn’t mind if an assassin changed his mind during Joe than Trump’s closing argument will definitely vote, Harris number of people who voted in
waukee who attended had to shoot through members Biden’s presidency, and said is to men. leads Trump 55% to 38%. the 2020 election. In states
Trump’s rally there on Friday of the media to get to him at a many men his age are moving Harris campaign officials Trump has an 11-point lead that report party identification,
evening. “They’re like, ‘Do I rally, and he said he shouldn’t in the same direction. argue that Trump’s 11th-hour over Harris among 18- to 29- 37.9% of early votes cast have
have to vote? Is it a good use have left office after he lost the “It’s mostly guys. Guys are messaging is backfiring. The year-old men who are less cer- been by Democrats, while Re-
of my time?’ ” 2020 election. more big into Trump,” he said. GOP nominee’s hourslong rally tain about voting, making publicans have cast 36.2% of
Throughout his presidential In interviews with dozens of “He’s a guy that speaks in a at Madison Square Garden in young male turnout a crucial votes so far.
campaign, Trump has taken young men around the country way that demands respect, and New York turned off unde- factor for the former president. —Andrew Restuccia
THE WALL STREET JOURNAL. Monday, November 4, 2024 | A5

U.S. NEWS

Proud Boys Ramping Up

Election Threats for Trump
In online chatter, there are more than “100 indi- election,” an Indiana Proud
vidual chapters conducting lo- Boy chapter posted on Tele-
far-right group hints cal events yet still feeding gram in July with a photo of a
at poll-watching and their lessons learned to the MAGA cap.
club as a whole.” Julie Farnam, a former U.S.
claims vote ‘steal’ The local chapters list “te- Capitol Police assistant direc-
nets,” such as “declare ‘the tor over intelligence, said po-
BY TAWNELL D. HOBBS West is the best’” and “vener- tential presidential pardons
AND JENNIFER LEVITZ ate the housewife.” for Jan. 6 defendants is a fac-

JIM URQUHART/REUTERS
The Proud Boys recently tor driving their support.
Members of the Proud joined demonstrations in A Kentucky Proud Boys
Boys, key instigators in the Springfield, Ohio, as top Re- chapter said on Truth Social
Jan. 6, 2021, Capitol riot, are publicans in September floated last month it was “standing
mobilizing in support of Don- a debunked claim that Haitian back and standing by,” which it
ald Trump—and in some migrants were eating pets. called a throwback to Trump’s
cases, making threats about “The red hat army is com- use of that phrase during a Many chapters of the Proud Boys are amplifying election-cheating claims made by Trump
the presidential election. ing back. From now til the 2020 presidential debate. or his allies. Above, a Proud Boys T-shirt seen at a campaign rally in Wildwood, N.J.
While it isn’t clear what the
far-right group is planning or
how coordinated its plans are,
many chapters are amplifying
election-cheating claims made
by Trump or his allies and dis-

YES! YOUR PIZZA BOX

cussing potential responses,
according to a review by The
Wall Street Journal of dozens
of accounts on Telegram, the
messaging app, and Trump’s

CAN GO IN THE
Truth Social platform. Chap-
ters have gathered across
state lines, talked about
watching polls and have been
boasting about attending

*
RECYCLED BIN
Trump rallies to protect the
former president.
The online chatter comes as
law-enforcement officials con-
front an unprecedented array
of aggressors this election sea-
son: foreign operatives, home-
grown extremists and lone
wolves such as those accused
of trying to assassinate Trump.
The digital activity appears
to show the Proud Boys re-
grouping after the imprison-
ment of many members and
top leaders—individuals that a
bipartisan House panel called
central orchestrators of the
riot. Former national chairman
Enrique Tarrio is serving 22
years for seditious conspiracy
and other charges for trying to
thwart the transfer of power
from Trump to Joe Biden.
A Texas Proud Boys chap-
ter’s Telegram account re-
cently shared a post alleging a
Democratic conspiracy to in-
stall Vice President Kamala
Harris as president through
“millions of fake ballots.”
Replied a commenter pic-
tured with a Proud Boys flag
in the background: “So we can
shoot them then, right?”
A North Carolina Proud
Boys chapter talked about pro-
viding “security” for Trump at
a September rally in Wilming-
ton, N.C., and declared that
Harris “will not win without a
steal, which is exactly what
they are planning to do.”
The North Phoenix Proud
Boys posted a picture of a gun
arsenal on Truth Social last
month, declaring, “Proud Boys
stocking up getting ready for
Nov…It’s going to be biggley!!”
An Ohio chapter warned on
Telegram that “once Trump
wins,” antifa will riot, adding,
“Prepare accordingly.”
The Global Project Against
Hate and Extremism docu-
mented in a report a 317% surge
in “violent rhetoric related to
election denialism” by various
groups on Telegram during Oc-
tober. The organization cited
posts that used alleged rigged
elections to justify an “inevita-
ble civil war” and a call to
“Shoot to kill any illegal voters.”
Heidi Beirich, the organiza-
tion’s co-founder, said groups
like the Proud Boys are plan-
ning to do poll watching and
have signaled they are pre-
pared for violence.
In one discussion—viewed
by the Journal—Proud Boys
members suggested “keeping
your rifle by your side.”
The federal government is
planning dramatically increased
security for this Jan. 6 when
Congress meets to certify elec-
tion results. Law-enforcement
officials say they don’t expect
an attack of similar scale, in
part because more than 1,500
rioters were charged.
Yet the Federal Bureau of
Investigation and Department
of Homeland Security warned
state and local officials in Oc-
tober that solo extremists or
small groups, similarly galva-
nized by “election-related
grievances,” could mobilize for
violence between Election Day
and at least the Jan. 20 inau-
guration.
With their national leader-
ship ranks thinned, the Proud
Boys appear to have pivoted
to localized operations.
On Telegram, a North Caro-
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to the riot, and said that now,
A6 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

U.S. NEWS

Iowa Poll
Where the House Will Be Decided Jolts Race
Races in New York,
California, Michigan
capital of Harrisburg.
Stelson has drawn major
support from the Democratic
With Harris
are among the most
closely fought seats
Party, which sees the district
as having changed since Perry,
running on fiscal conserva-
In the Lead
tism, was first elected in 2018.
BY KATY STECH FEREK House Minority Leader BY JOHN MCCORMICK
AND XAVIER MARTINEZ Hakeem Jeffries (D., N.Y.) has AND AARON ZITNER
stumped for her, and she has
The fight to control the raised $5.4 million this cycle— Democrats got a gift over
House of Representatives a large amount for a first-time the weekend, albeit one that

GRAEME SLOAN/BLOOMBERG NEWS

spans 435 seats in 50 states. House candidate. could prove to be a mirage. The
But only a small number of Farther north, Democratic Iowa Poll, the gold standard of

J. SCOTT APPLEWHITE/AP
those are considered closely Rep. Matt Cartwright is fight- political surveys in the Hawk-
competitive and will deter- ing to keep his Scranton-area eye State, showed Vice Presi-
mine whether the Republicans district that has grown more dent Kamala Harris ahead of
hang on to the chamber—or if conservative since he was former President Donald
the Democrats are able to flip elected in 2012. Trump won Trump by 3 percentage points.
control. the district in 2016 and 2020. It was a shocking finding for
Race watchers see the land- Democratic Rep. Jared Golden of Maine Rep. Don Bacon, a Nebraska Republican Republican challenger Rob a state nobody considered
scape as too close to call, with Bresnahan, a wealthy busi- competitive and raised Demo-
the winning party likely nessman, has portrayed Cart- cratic hopes of a last-minute
scratching out only a small wright as taking orders from shift that might benefit Harris
majority. The current break- Democratic leaders. But Cart- in traditional battleground
down of the chamber is 220 wright has outraised his oppo- states such as Michigan and
Republicans to 212 Democrats, nent and picked up critical Wisconsin.
with three vacancies. union endorsements. Overall, the final polls taken
Here’s a look at a clutch of If Cartwright loses his seat just before Election Day found
contests in pivotal states—as decisively in the district a neck-and-neck race in the
well as standout individual where Biden grew up, it could battlegrounds. But Democrats
races—that could decide the be an early warning sign for are hoping that the apparent
outcome. Democrats. shift toward Harris recorded by
the Iowa Poll, particularly
CALIFORNIA MICHIGAN among older women and inde-
pendents, indicated a broader
Republicans in peril GOP has opening trend, possibly in reaction to
Five House Republicans in CAITLIN PENNA FOR WSJ Republicans are hoping to Trump’s recent rally at New
California are in races consid- pick up two seats in Michigan York City’s Madison Square
ered “tossups” and at risk of left open by Rep. Dan Kildee, Garden, where some speakers
losing their seats, making it a who is retiring, and Rep. made racist comments.
top state to watch on election Elissa Slotkin, running for Republicans immediately
night. GOP Rep. John Duarte, Senate. Both central-state dis- threw cold water on the poll,
a farmer who represents a Democratic Rep. Don Davis at a campaign office in Goldsboro, N.C., last month tricts are tossups. In the casting it as an outlier. The for-
heavily agricultural district, state’s Seventh Congressional mer president won Iowa by 8
beat Adam Gray by 564 votes District, Republican Tom Bar- percentage points in 2020, and
two years ago, while Rep. Ken rett has name recognition af- there has been no general elec-
Calvert, California’s longest ter losing to Slotkin in 2022, tion presidential campaigning
serving Republican in the though both he and Demo- in the state or significant ad-
House, beat Will Rollins by cratic candidate Curtis Hertel vertising. Iowa’s entire con-
fewer than 5,000 votes. Both Jr. have long track records in gressional delegation is Repub-
Democratic challengers are state politics. lican, and it has been trending
running again. In the neighboring Eighth red for years. And in other
Democrats say Rollins has Congressional District, Demo- polls released over the week-
broader name recognition this cratic state Sen. Kristen end, there was limited evidence
time around. They are casting McDonald Rivet faces Republi- of a drastically reordered race.
Calvert, who was first elected can Paul Junge, a former pros- In early 2023, the Demo-
in 1992, as out of touch with ecutor who worked in the cratic National Committee
the district, which was re- Trump administration. Demo- yanked Iowa’s first-in-the-na-
drawn to include Palm crats, meanwhile, are looking tion presidential caucuses and
Springs, a desert city with a at the seat held by Rep. John instead made South Carolina, a
ALEX BRANDON/AP

big LGBTQ+ population. Other James, a freshman Republican state that saved President Bi-
JAY PAUL/AP

Republicans at risk are Reps. who faces a rematch with den’s 2020 primary campaign,
Michelle Steel and Mike Garcia Democrat Carl Marlinga to the party’s leadoff nominating
in Southern California, and represent Detroit’s northern state. That led even some Dem-
Rep. David Valadao, whose in- GOP Rep. Anthony D’Esposito of New York Democrat Eugene Vindman in Virginia suburbs. ocrats to suggest that the party
land district borders Duarte’s. had essentially given up on
Republicans are looking at VIRGINIA competing for rural voters.
some reaches, including the Republicans kept their first
race to fill the seat held by Tight race in exurbs nominating contest in Iowa,
Democratic Rep. Katie Porter, The race to succeed depart- where Trump in January won
who unsuccessfully ran for ing Democratic Rep. Abigail more than half the vote in what
Senate. Spanberger in Washington, was the largest margin in the
D.C.’s exurbs is closer than history of the first GOP presi-
MAINE ever, making it a possible Re- dential nominating contest.
publican flip. That possibility Iowa GOP Chairman Jeff
Golden opportunity exists despite Democrat Eu- Kaufmann said on X that the
Maine’s third-term Demo- gene Vindman outraising Re- poll’s main sponsor, the Des
cratic Rep. Jared Golden is publican Derrick Anderson by Moines Register newspaper,
KAREN DUCEY/THE SEATTLE TIMES/AP

considered one of the party’s a wide margin—making Vind- and its pollster, Ann Selzer, had
most vulnerable lawmakers. man one of the top fundrais- “lost any shred of credibility
His independent attitude ers among House candidates they had left.” He added that
has resonated with rural vot- and giving his campaign the the poll should be considered
ers in the district, which is the ability to blanket the airwaves “propaganda” and that Trump
largest one by area east of the with ads. would win the state.
Mississippi River. But Republi- Vindman, a lawyer and re- Trump’s campaign, in a
can state Rep. Austin Theri- tired Army lieutenant colonel, memo Sunday, dubbed it “an
ault is seen as a strong chal- is known for his involvement absurd outlier poll.”
lenger. After a mass shooting Rep. Marie Gluesenkamp Perez (D., Wash.), center, spoke with staffers in August. in the controversy surround- Selzer said in an email that
in Lewiston last year, Golden ing Donald Trump’s effort her “method for the current
dropped his opposition to an their seats to Democratic chal- competitive races include itician, struggles because of while president to pressure poll is the same as I used for
assault-weapons ban, opening lengers in purple or blue-lean- Reps. Tom Suozzi and Pat low turnout. Ukraine to investigate the Bi- the 2020 and 2016 Iowa Polls
him up to attacks from the ing areas. D’Esposito has also Ryan. dens. Vindman has suggested that showed Donald Trump
National Rifle Association, faced controversy following a PENNSYLVANIA that Anderson, a former Green winning Iowa.”
which endorsed Theriault. report that he employed a NORTH CAROLINA Beret, would vote for a federal Even Democrats suggested
woman with whom he had an A shifting state abortion ban and allow Trump the findings should be treated
NEBRASKA affair. Elsewhere, Rep. Marc GOP massages map GOP Rep. Scott Perry, a to go after his political ene- with caution, though state
Molinaro is fighting to keep a Democrats are expected to former House Freedom Cau- mies. Anderson claims Vind- party officials tried to leverage
Bacon is a target Hudson Valley seat. He was lose at least three seats—held cus chairman, was a leading man is out for revenge against it to motivate activists in the
Because Nebraska awards elected two years ago after by Reps. Kathy Manning, Wi- figure in the attempt to over- Republicans and wouldn’t rep- state for a final wave of door-
electoral votes in part by con- beating his Democratic oppo- ley Nickel and Jeff Jackson— turn the 2020 presidential resent the district with integ- knocking and calls.
gressional district, the Kamala nent by fewer than 5,000 after the North Carolina state election. His race puts him up rity in Congress. “This is just a poll, and what
Harris campaign has poured votes. That opponent, Josh legislature redrew district against Janelle Stelson, who In another tight race, first- really matters is that Iowans
resources into the Omaha-area Riley, is challenging him maps to make once-competi- worked for decades as a TV term GOP Rep. Jen Kiggans show up and make their voices
district represented by cen- again. Other vulnerable Re- tive districts skew Republican. anchor and reporter. She has faces Democrat Missy Cotter heard,” Iowa Democratic Party
trist GOP Rep. Don Bacon. A publicans in the state: Reps. Republicans could pick up a said she would do more to Smasal. Kiggans has leaned on Chair Rita Hart told reporters.
surge of “blue dot” enthusi- Brandon Williams and Mike fourth seat if Democratic Rep. bring federal funding to the her experience on the House Iowa House Democratic
asm has been unleashed. Lawler. Don Davis, an Air Force vet- financially struggling area, Armed Forces Committee to Leader Jennifer Konfrst told
Democrats think that can Meanwhile, Democrats in eran and well-known local pol- which is home to the state attract voters, many of whom reporters she was “pleasantly
help them unseat Bacon, who work on naval bases. The dis- surprised, but not shocked” by
was first elected in 2016. The 2024 poll closings Eastern time trict, which includes Virginia the poll’s findings. She called
race is a rematch with state Beach and the Norfolk sub- Iowa a “purple” state and said
Sen. Tony Vargas, who lost by 1 a.m. 12 11 p.m. 10 9 8 7 6 p.m. urbs, has flipped twice since abortion restrictions are moti-
less than 3 percentage points 2018. vating women in particular.
in 2022. The state also has an Wash. “They are sick and tired of pol-
unexpectedly close U.S. Senate Mont. N.D.† Maine WASHINGTON iticians interfering in their
race. doctors’ offices,” she said.
President Biden won the Ore. Minn. Vt.
N.H.*
Blue dog in rematch The Iowa Poll found swings
congressional district with Idaho Wis. Mass. Democratic Rep. Marie toward Harris among some
S.D. N.Y.
52% of the vote in 2020. Bacon Wyo. Mich. Gluesenkamp Perez made voter groups that were larger
has emphasized his across- Iowa Pa. waves in 2022 when she than commonly seen in sur-
Nev. Neb.
the-aisle appeal, while Vargas Ohio R.I. flipped her rural, Trump-lean- veys. After trailing among in-
has focused on the candidates’ PACI
CIFIC TIME
CIF MOUN
NTAIN TIME
N CENTTRAL
TR TIME
TIME Ill. Ind. ing district by less than a per- dependent likely voters in prior
Conn.
differences over abortion. Calif.
Utah Colo. W.Va. Va.
N.J.
centage point. surveys, those voters favored
Kan. Mo. Ky. The co-chair of the moder- Harris by 7 points in the new
Del.
NEW YORK N.C. ate Blue Dog coalition, poll. The change was driven by
Tenn. Md. Gluesenkamp Perez has voted
Okla. independent women, who
Long Island fights Ariz.
N.M. Ark. S.C. D.C. against a Biden administration backed Harris in the new sur-
A 2022 surge in Republican Ala. Ga. student-loan forgiveness plan vey by 28 points, compared
Miss.
enthusiasm led several of the Texas and in favor of censuring Rep. with a 5-point tilt toward Har-
La.
party’s New York candidates Rashida Tlaib (D., Mich.). ris in September.
to capture Democrat-held Her reward for defying the Another pollster, Emerson
seats in midterms. But will Alaska Fla. party line is a rematch with College Polling, on Saturday re-
voters allow these freshman Trump-backed Republican Joe ported Trump ahead in Iowa by
lawmakers to stay? Kent, a former Army special 10 points. It found Harris
Five Republicans, including Close at 1 a.m. Hawaii forces officer. ahead among women by 5
Long Island Reps. Nick LaLota —Kristina Peterson points, whereas she led by 20
and Anthony D’Esposito, are *Most polls in New Hampshire close at 7 p.m., two towns close at 7:30 p.m. and 20 close at 8 p.m. and Siobhan Hughes points among women in the
seen at most risk of losing †Two North Dakota counties that span Central and Mountain Time close at 8 p.m. ET. contributed to this article. Iowa Poll.
THE WALL STREET JOURNAL. NY Monday, November 4, 2024 | A7

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 A8 | Monday, November 4, 2024 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Iran Tells Region
Its Counterattack
Will Be Severe
BY SUMMER SAID mats gave those broad outlines
AND BENOIT FAUCON of the response after warnings
from the U.S., both public and
Iran is sending a defiant private, against engaging in a
diplomatic message amid U.S. tit-for-tat with Israel.
warnings against a counterat- Linda Thomas-Greenfield,
tack on Israel: It is planning a the U.S. ambassador to the
complex response involving United Nations, said last week
even more powerful warheads there would be “severe conse-
and other weapons, Iranian quences” if Iran attacked Is-
and Arab officials briefed on rael or the U.S. “We believe
the plans said. this should be the end of the
It remains to be seen direct exchange of fire be-
IBRAHIM CHALHOUB/AFP/GETTY IMAGES

whether the Iranian threats are tween Israel and Iran.”

real or just tough talk. Israel’s Following Israel’s attack,
punishing airstrike against Iranian officials initially told
Iran on Oct. 26 shredded Teh- other countries in the region
ran’s strategic air defenses, that it didn’t intend to respond.
leaving it badly exposed and Within days, the tone shifted.
sharply raising the risks to On Friday, a top Iranian
Iran if it follows through. general threatened “an un-
How the Israeli response imaginable response,” and the
Lebanese soldiers on Saturday inspected the beach at the reported landing site for the Israeli operation in Batroun. plays out will depend on the country’s supreme leader, Aya-
size, nature and effectiveness tollah Ali Khamenei, weighed

Israel Says Hezbollah Operative

of Tehran’s threatened strike. in on Saturday to warn of a
Israel has refrained from hit- “tooth-breaking response.”
ting Iran’s oil and nuclear fa- Western officials say they
cilities, essential to its econ- believe Iranian decision mak-
omy and its security, but that ers are debating how and

Was Captured in Rare Sea Raid calculus could change, Israeli

officials have said.
Iran has told Arab diplo-
mats that its conventional
army would be involved be-
whether Iran should respond,
including whether an attack
should come directly or from
proxies outside Iran to offer a
layer of deniability. Israeli of-
BY CARRIE KELLER-LYNN “Israel doesn’t send elite It was the first time in the exploding into a full-on con- cause it had lost four soldiers ficials also believe Iran is seri-
forces into Lebanon on such a current war that Israel has an- flict in mid-September, when and a civilian in Israel’s at- ously considering a response
TEL AVIV—Israel’s night- mission for anything less than nounced sending troops into Israel exploded thousands of tack, the Iranian and Arab of- and have warned they are
time sea raid that resulted in a valuable asset,” said Daniel Syria. Syria didn’t confirm the Hezbollah’s communications ficials said. Involving its regu- willing to mount a far more
the capture of a man its mili- Sobelman, a professor of in- announcement. devices and started a devas- lar army doesn’t mean its aggressive attack in return.
tary described as a senior Hez- ternational relations at the The Lebanon campaign has tating aerial campaign against troops would be deployed but Last week, Israeli Prime Min-
bollah operative deep in Leba- Hebrew University of Jerusa- eliminated Hezbollah’s top the militant group. that the paramilitary Islamic ister Benjamin Netanyahu said
nese territory marks the first lem. layer of leadership, including Israel’s offensive killed Revolutionary Guard Corps the Israeli military had struck
known abduction of its kind in Lebanese security forces in- longtime leader Hassan Nas- about 2,500 people across that normally deals with Is- Iran’s “soft underbelly.” “Today,
more than a year of fighting. vestigating the incident found rallah and his immediate suc- Lebanon, according to the raeli security matters Israel has greater freedom of
Israel’s version of the Navy about 10 cellphone SIM cards cessor, Hashem Safieddine. country’s Health Ministry, wouldn’t act alone. action than ever before,” Netan-
SEALs, called Shayetet 13, registered to foreign numbers The Israeli military wouldn’t whose figures don’t distin- An Egyptian official said yahu said. “We can go any-
conducted the operation and and a foreign passport in Am- confirm domestic media reports guish between civilians and Iran warned privately of a where that we need to in Iran.”
brought the Lebanese national haz’s apartment, from which that the captured man was part combatants. “strong and complex” response. The U.S. worked to limit Is-
to Israel for interrogation, the they said he was presumed to of Hezbollah’s naval operation. Dozens of Israeli soldiers “Our military lost people, rael’s Oct. 26 attack to military
military said on Saturday. have been taken. Its agents are key to both the have been killed since ground so they need to respond,” an targets, leaving Iran’s nuclear
Lebanese security officials Lebanese of- group’s rearma- operations began in Lebanon Iranian official said. He said and oil facilities alone. The
said the operation was swift, ficials said Am- ment and its in late September. Hezbollah Iran could use Iraqi territory Arab officials said they were
lasting about four minutes haz wasn’t con- pressure against continues to fire rockets, mis- for part of the operation and worried Israel wouldn’t be re-
and involving some 20 com- nected to the The operation Israel’s navy and siles and drones on northern would likely target Israeli mil- strained this time, and Netan-
mandos in the Mediterranean country’s secu- was a departure seaborne assets Israel, most recently killing itary facilities “but much more yahu reiterated last week that
coastal city of Batroun, about rity services. such as its off- four Thai agricultural workers aggressively than last time.” preventing Iran from obtain-
30 miles north of the Leba- They said he from Israel’s shore natural- and three Israelis in separate Iran isn’t planning to limit ing nuclear weapons remains
nese capital, Beirut. rented the gas fields. Leba- incidents on Thursday. Eleven its response to missiles and Israel’s “supreme objective.”
Lebanese security officials apartment in
campaign in n o n ’ s people were injured in central drones, as two previous at- Iran denies it is working to
said they believed the man ab- Batroun about Lebanon. Mediterranean Israel on Saturday when a tacks did, and any missiles build a nuclear weapon.
ducted was Imad Amhaz, a 38- a month ago to coastline has Hezbollah rocket slammed used would have more-power- Israel signaled it could hit
year-old civilian ship captain study at the lo- long been one of into a home, local emergency ful warheads, the Iranian and these types of targets in its
whose wife reported him miss- cal maritime the main smug- services said. Arab officials said. Iran said it Oct. 26 attack. It struck a fa-
ing in recent days. It wasn’t institute. gling routes for Hezbollah to A cease-fire remains elu- mostly fired four different cility Iran had used for nu-
immediately disclosed on Israel disclosed the raid bring weapons into Lebanon, sive. Israeli officials have types of midrange ballistic clear weapons work. Satellite
which day the raid happened. only after security-camera along with its land border with pledged to continue fighting missiles in its attack on Israel imagery showed Israel also hit
A security camera captured footage leaked online. The op- Syria and its airport. until they have uprooted mili- on Oct. 1—Emad and Ghadr a very low value target at
part of the incident in a video eration marked a departure Israel’s military conducted tant infrastructure in the missiles and two of Iran’s Iran’s Abadan refinery, ex-
Lebanese officials said was au- from Israel’s military campaign several strikes in Beirut in close vicinity of their shared newest and most advanced, perts said.
thentic. Several armed soldiers in Lebanon, which includes a September to destroy many of border, and estimate that Kheibar Shekan and Fattah. On Sunday, Iranian Presi-
were seen escorting a man in ground offensive aimed at de- Hezbollah’s shore-to-sea mis- troops currently on the Another factor in Iran’s re- dent Masoud Pezeshkian said
their custody in the video. stroying Hezbollah’s infra- siles. ground will require several sponse is the U.S. election, the his country can’t let Israel’s
The man was transferred to structure near the country’s Hezbollah opened its war more weeks to complete oper- Iranian official said. Iran attack go unanswered. How-
Israeli military intelligence’s border and an air campaign with Israel by firing rockets ations. Israeli officials have doesn’t want to influence the ever, in a sign that Iran is still
Unit 504, which is responsible against the militant group’s in- into the country on Oct. 8, also said they would require U.S. election with its attack, debating how to retaliate, he
for interrogations and human- frastructure and key figures. 2023, a day after the Hamas- beefed-up security guarantees the official said, adding the said “the type and intensity of
sourced intelligence, the Is- Meanwhile, the Israeli mili- led attacks into southern Is- against Hezbollah’s re-en- response would come after our response” could change if
raeli military said. The mili- tary on Sunday said it carried rael that sparked the continu- trenchment, which the group Tuesday’s voting but before a there were a cease-fire in
tary said it was interrogating out a ground raid into Syria, ing war in Gaza. Fighting has rejected. new president is inaugurated Gaza and Lebanon.
the man as an expert in his seizing a Syrian citizen in- remained at a tit-for-tat level —Adam Chamseddine in January. —Dov Lieber, Laurence
field for Hezbollah, a U.S.-des- volved in Iranian networks, for several months before in Beirut Officials from Egypt, Bahrain Norman and Aresu Eqbali
ignated terrorist organization. the Associated Press reported. gradually ratcheting up and contributed to this article. and Oman said Iranian diplo- contributed to this article.

Disgraced Lebanon American Is Reported

Banker Awaits Fate To Be Detained in Iran
BY GORDON LUBOLD The Iran mission at the
BY JARED MALSIN new one leveled against him on United Nations declined to
WAEL HAMZEH/EPA/SHUTTERSTOCK

AND ADAM CHAMSEDDINE Oct. 31. WASHINGTON—U.S. offi- comment.

France demands his extradi- cials on Sunday said they were “Iran routinely imprisons
BEIRUT—Known for his love tion to face money-laundering investigating reports that an U.S. citizens and other coun-
of Cuban cigars and luxury and tax-fraud charges, and In- American citizen had been de- tries’ citizens unjustly for po-
Paris abodes, Riad Salameh has terpol issued a Red Notice in tained in Iran. litical purposes,” the State De-
long been a part of this coun- response. The U.S. imposed The development came as partment said. “This practice
try’s loathed elite. But for a sanctions on him for allegedly Iranian officials say they are is cruel and contrary to inter-
time, the public loved the cen- siphoning off funds from Leba- planning a complex counterat- national law.”
tral bank governor for steering non’s central bank—and using A protester in Beirut burned photos of Riad Salameh at a tack on Israel involving power- The news came just before
Lebanon into the global middle them to buy luxury apartments depositors’ demonstration last year. ful warheads and other weap- the 45th anniversary of Ira-
class after its civil war ended, in European cities for his son ons, said Iranian and Arab nian students’ takeover of the
and then shielding it from the and former mistress. But because Lebanon’s polit- governor of Lebanon’s Banque officials briefed on the plans. U.S. Embassy, an event that
2008 financial crisis. Even before the current war, ical factions exert influence du Liban, he settled into a lux- The U.S. is warning Iran against triggered the Iranian hostage
Now, Salameh is one of the Lebanon’s economic crisis had over the judicial system, few urious life as a fugitive. , free such a move, which would be in crisis in which over 50 Ameri-
most hated men in Lebanon. pushed half the country into expect the case against to ignore France’s arrest war- retaliation for Israeli airstrikes cans were held for 444 days
The former Merrill Lynch poverty. The national currency Salameh to expand beyond the rant because of Lebanon’s re- against Iranian air defense and between 1979 and 1981. Since
banker is blamed for the epic is worth less than 2% of its current, relatively small case. luctance to extradite its citi- other sites on Oct. 26. then, Iran has routinely im-
economic meltdown that desta- value against the dollar in 2019. The case also risks inflaming zens. It all abruptly ended on State Department officials prisoned foreigners, including
bilized Lebanon, weakened its The Lebanese have virtually no tensions between those fac- Sept. 3, when Salameh showed declined to identify the de- Americans.
institutions and created a politi- state-supplied electricity. tions. Investigators say they up for questioning at the Min- tained individual, citing pri- The goal, Western officials
cal vacuum that helped em- How Salameh’s case in Leba- still haven’t had access to cen- istry of Justice in Beirut. Dur- vacy concerns. and former prisoners say, is to
power Hezbollah. Israel’s offen- non plays out could have far- tral bank balance sheets that ing the interrogation, a prose- Reza Valizadeh, an Iranian- gain leverage against adver-
sive against the militant group reaching implications. An indict- would tell the full story of the cutor told security officers to American journalist, was ar- saries and win concessions
has killed more than 2,700 peo- ment could signal that Lebanon country’s financial ruin. handcuff him and lead him up- rested last month and was be- from them, such as sanctions
ple in Lebanon, most of them is serious about confronting cor- “He knows where the bodies stairs to the prosecutor gen- ing held in a Tehran prison relief or cash payouts.
since September, and forced ruption in the country’s political are buried,” said David Schen- eral’s office, where officials de- without access to a lawyer, ac- Five Americans who had
hundreds of thousands from system, a fractious power shar- ker, a former U.S. assistant sec- tained him on charges of cording to the Human Rights been imprisoned in Iran were
their homes. Israel has launched ing of three main sects, Shiite retary of state for Near Eastern embezzling funds from the cen- Activists News Agency, which freed last year after the Biden
thousands of airstrikes in Leba- Muslims, Sunni Muslims and affairs. “The powers that be, tral bank, witnesses said. In monitors cases in Iran. administration released billions
non to roll back Hezbollah after Christians. That could ease the the political elites, would October, a judge denied his re- U.S. officials said they were of dollars in revenue from Ira-
it began launching rockets into path to an international bailout rather just put this guy on ice, quest to be released from pre- working with the Swiss gov- nian energy sales that had been
Israel last year. and aid in postwar reconstruc- isolate him, remove any possi- trial detention. Lebanese prose- ernment and others to obtain frozen under sanctions.
After spending a year as a tion. A full accounting of bility that he might turn state’s cutors charged Salameh with more information about the State Department officials
fugitive in a chalet overlooking Salameh’s alleged crimes also evidence and implicate count- illegally taking $40 million American’s detention. Swit- have long warned of the risk of
the Mediterranean, Salameh would shine a spotlight on de- less members of the Lebanese from the bank. In separate zerland serves as the repre- kidnapping or the “arbitrary
now sits in a Lebanese jail cell, cades of broader government elite.” cases, European prosecutors sentative for the U.S. in Iran, arrest” of American citizens.
awaiting trial on embezzlement corruption that bankrupted the After Salameh retired last and the U.S. accuse him of since the two countries have —Laurence Norman
charges he denies, including a country. year following three decades as stealing $330 million. no diplomatic relations. contributed to this article.
THE WALL STREET JOURNAL. * * Monday, November 4, 2024 | A9

WORLD NEWS

North Korea-Russia Deal Is Test for China

Unpredictable allies’ lines with Ukraine tests the ternational Studies at Nanjing North Korea relies on China instead of a war. Beijing has year, triple the volume of his
limits of its ability to influence University. And Beijing may to be its main economic bene- said little about the North Ko- correspondence with Chinese
new military ties its nuclear-armed neighbors. fear the conflict “will now be- factor. Beijing has also helped rean troops. China’s Foreign President Xi Jinping.
complicate Beijing’s A chief concern is that a come an intercontinental en- prop up Moscow’s finances by Ministry spokesman Lin Jian China is bound to frustrate
combat role for the North Ko- gagement,” he added. becoming a bulk purchaser of said Friday that North Korea- Russia and North Korea on
regional aspirations reans could invite even China may see direct Rus- Russian energy. But Russia and Russia relations were “a mat- some levels, since Beijing is
greater military partnerships sian support of North Korea’s North Korea can offer each ter for themselves.” unwilling to give public decla-
The militarization of ties between the U.S., Western Eu- strategic weapons as a red other things that Beijing can- The U.S. has spoken re- rations of alliance to its two
between North Korea and Rus- rope and its Asia-Pacific allies. line—though even so, options not: Russia needs manpower cently with China about the neighbors, said Miles M. Yu, a
sia makes one country partic- Beijing sees the North Atlantic to clamp down on either coun- and munitions to win the war North Korean soldiers in Rus- former Trump administration
ularly uncomfortable: China. Treaty Organization’s ex- try would be limited and with Ukraine; Pyongyang sia, asking Beijing to use its policy adviser on China.
Beijing often aligns with panded ties with Australia, might look less appealing than needs weaponry know-how. clout to curb such activities, “But in the meantime,
Japan, New Zealand and South maintaining the status quo, “It’s like each has become Secretary of State Antony China would never abandon
By Timothy W. Martin Korea as harming its interests said Eric Ballbach, the Korea the other’s bespoke Swiss Blinken said on Thursday. clandestine—or at least
in Seoul and Austin and regional stability. Foundation fellow at the Ger- Army knife,” said John Park, a North Korean leader Kim oblique—assistance to Russia
Ramzy in Hong Kong The North Korean deploy- man Institute for Interna- nonresident senior fellow at Jong Un has made a dramatic and North Korea,” said Yu,
ment to Russia—estimated at tional and Security Affairs. the Atlantic Council, who fo- shift by showering more at- who is now director of the
Moscow and Pyongyang, in- roughly 10,000 overall by U.S. “China is clearly confronted cuses on Indo-Pacific security tention on Russia than China China Center at the Hudson
cluding on a disdain for the officials—is unacceptable for with the reality that it is los- and economic statecraft. over the past year or so. Kim Institute. “As a result, China
U.S.-led world order. But China because it wants to see ing influence over Pyongyang, China has avoided criticism has sent Russian President has to be double-faced.”
North Korea’s deployment of fighting stop, said Zhu Feng, while Russia is gaining influ- of Russia’s invasion of Vladimir Putin more than 10 —Soobin Kim contributed to
troops to the Russian front director of the Institute of In- ence,” Ballbach said. Ukraine, calling it a “crisis” leader-to-leader letters this this article.

FROM PAGE ONE

A Startup’s nally arrived this summer, was

for 37,000 bags that would re-
tail for $11.98. The $375,000
Dennis had reached out
months earlier, in May, to Re-
naissance Economic Develop-
days of Utica’s production be-
cause she was traveling to
Walmart’s headquarters to

Long Trek sale was twice what Dennis

dreamed of. She doesn’t know
what persuaded Costco. Her
ment Corp., a community de-
velopment financial
institution in New York City
pitch her snacks. She wanted
to be sure the Costco order
met her standards. For small

To Costco business’s total revenue last

year was $153,000.
specializing in immigrant-
owned small businesses.
batches, she shakes off excess
salt and picks out any burned

BRANDON THOMAS BROWN FOR WSJ

Greyson Payne, the regional The lender agreed in Sep- pieces by hand. Utica’s version
buyer who ultimately placed tember to a $150,000 loan turned out a bit saltier, but
Continued from Page One an order, declined to comment with a fixed 11% interest rate. she was pleased, she said.
her first snack bags until 2017. on the decision. “We are con- Renaissance’s normal limit is Dennis had agreed with the
Her initial customers were Af- stantly rotating in and out old $100,000, but a New Jersey trucking company to double-
rican stores. She packaged the items and new items,” he said. state program took on a por- stack the pallets to fit 44 in
snacks at home before moving Costco cautions suppliers tion of the risk. two trucks. Utica objected. “If
the business to a small com- not to become too dependent Renaissance cautioned Den- it arrives at the warehouse and
mercial space in Newark, N.J. on its business, but success in Florence Dennis’s peanut-and-corn snack mix was inspired by nis not to use the factoring it is a mess, they will reject the
She landed a contract to one region can make it easier ‘zorklaki,’ which she used to buy as a schoolgirl in Ghana. company because of the high whole truckload,” said Mo-
supply a handful of local gro- to secure orders from others, borrowing cost. Dennis said hamed Ali Ben Ammar, Utica’s
cery stores, but struggled to said Steve Freeman, founder she said. The final result was fore shipping. that she ended up using the chief executive officer. Utica
make deliveries and restock of Next Step Club Solutions, a bright green with a kente pat- Lender after lender turned factoring company, but turned arranged for a third truck and
shelves before her morning food broker that specializes in tern at the top, reflecting Gha- Dennis down. One said the down another offer of funds reconfigured how the pallets
commute. The tiny business selling to Costco. naian culture. Friends chipped Costco purchase order looked that carried a high interest would be stacked, he said.
isn’t yet profitable and owes Once in the stores, brands in $50,000 to get the bags odd. Others said she didn’t rate. “The money I got from The first shipment reached
more than a year of rent. “have five seconds at 5 feet to printed, Dennis said. have enough assets, the turn- [Renaissance] was not enough Costco in October—more than
Dennis made her first cold- get the member’s attention,” Costco agreed to pay Den- around time was too short or to pay for everything,” she four years after Dennis’s cold
call to Costco in 2020. The Freeman said. Costco typically nis 15 days after delivery, but she needed too much cash. said. “I had no option.” call. She visited a store near
buyer reviewed her 12-page brings in new brands for an doesn’t offer supplier financ- “I am very sad, very discour- Dennis initially thought her her home in New Jersey to see.
pitch deck and quickly passed. eight-to-12-week rotation, he ing. Dennis lined up an in- aged,” Dennis said at the time. peanut supplier would pack- “I felt a great sense of ac-
“Anytime I would get a said, though buyers typically voice-factoring company that In late August, Dennis age the snacks, but the ar- complishment and joy,” she
good review of the product, I know within a couple of weeks would release the funds when emailed Costco a second time. rangement fell apart at the said. But Dennis worries sales
would send it to him,” said if a product is a success. Costco acknowledged delivery, “I am at the risk of losing this last minute. She scrambled have gotten off to a slow start.
Dennis, who also forwarded Dennis worked with Costco in exchange for about $3,800 deal,” she said in an interview and found another local co- Her next task: Driving to 28
samples. She was handed to a on packaging for months after in fees and interest charges. that day. Later that day, the packer, Utica Specialty Foods, Costco stores to promote her
second buyer and then a third. it expressed interest. “We went But the peanut and corn sup- Costco buyer agreed to wait. that met Costco requirements. snack mix—with the goal of
Costco’s order, when it fi- through about 30 iterations,” pliers demanded payment be- She would need another month. She missed the first few keeping it on the shelves.
A10 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

FROM PAGE ONE

Middlemen tions with distributors.

Distributors also have con-
solidated, absorbing smaller

Drive Up and regional firms, leaving food

makers with fewer alternatives.
Trying to get a product into

Food Prices Whole Foods? Talk to UNFI,

which earlier this year extended
its contract to be the primary
distributor to Whole Foods until
Continued from Page One 2032. Going for Albertsons or
up for distributors or retailers Publix? Try KeHE.
or farmers? I have no idea,” he Greg Ferrara, CEO of Na-
said. “Nobody does.” tional Grocers Association,
Big food companies have which represents independent
increased prices in recent grocers and distributors, said
years for everything from ce- there is still plenty of compe-
real to ketchup to potato tition in both the grocery and
chips, citing higher costs for distribution sectors.
ingredients and labor, among
other things. Many small man-
ufacturers that have raised ‘Wild West’
their prices have another ex- Some food makers raised
planation. They say they also their prices after UNFI intro-
are being squeezed by the dis- duced a new policy for suppli-
tributors who act as gatekeep- ers earlier this year. UNFI be-

YUKI IWAMURA/BLOOMBERG NEWS

ers to many supermarkets. gan charging a 2.5% fee on
Distributors are the middle- purchases, in return for con-
men of the grocery business. solidating various fees and
They buy products from food providing access to sales data
makers—many of them too and insights.
small to run their own distri- “Fee consolidation will re-
bution networks—then store, duce friction, increase trans-
sell and ship them to super- parency, and improve predict-
markets. A small number of Rising grocery prices have angered consumers and become an issue in the presidential campaign. ability, resulting in time and
them, including KeHE Distrib- cost savings,” UNFI said in a
utors, C&S and United Natural small food companies can be Food Chain tracts signed by food makers, February letter to suppliers.
Foods, or UNFI, sell to grocery naive about the costs involved and that small brands often “All of this is the Wild
How food distributors fit into the grocery supply chain
stores nationwide. in building a brand and get- don’t fully understand the West,” said Jack Acree, who
When Milton started his ting it to store shelves. terms they agree to with dis- has worked with several food
hot sauce business 12 years The situation reflects a Food Makers tributors and grocers. Since brands and helped to launch
ago, he delivered the condi- struggle for profit throughout sell products that need to she took over at KeHE last the snack Terra Chips. “There
ment himself by truck, drop- the grocery sector. Big food be delivered to supermarkets. year, she said, KeHE has are very few rules.”
ping boxes at the back door of manufacturers that account for hosted seminars to help sup- UNFI has struggled finan-
local food co-ops in exchange the bulk of sales have pushed pliers better understand how cially in recent years. Its
for a check. through hefty price increases food distribution works. shares have fallen about 75%
These days, the chief execu- and notched some of their big- UNFI and C&S declined to from a 2015 peak, weighed
tive of Yellowbird Foods relies gest profits in years. That is comment. down in part by its 2018 ac-
on national distributors to adding pressure on grocery quisition of troubled food dis-
ship his product to stores, a chains to find other ways to tributor Supervalu. UNFI’s
process he said is riddled with keep consumers’ grocery bills ‘Inside income’ shares jumped in October af-
obscure costs that make it from rising too much. To win business, distribu- ter the company instituted the
hard to know what, if any- The national distributors tors often bid against one an- new supplier policy and unex-
thing, he’ll be paid. handle tens of billions of dol- other to be the primary sup- pectedly reported a small ad-
“That’s a really tough way lars worth of packaged food plier of food brands to justed quarterly profit.
to run a business,” Milton each year. They are a key grocers. The resulting con- Some food manufacturers
said. “But what is the alterna- route to the grocery shelf for tracts typically limit how protest what they see as erro-
tive, that I UPS it from one thousands of small food mak- Distributors handle warehousing much distributors can mark neous or unjust charges, but
place to another?” ers, and provide much of the and transportation for up prices on goods they buy said that even if they prevail,
Fees and other charges lev- merchandise found in the many products. from food makers. In practice, it can take up to a year to be
ied on food makers, such as aisles of independent grocers. what large supermarkets pay reimbursed, leaving them
for late or partial shipments, Bigger chains buy most of distributors frequently doesn’t strapped for cash. Others said
have long been a part of the their goods directly, though cover their costs. they are wary of pushing back
grocery business. Grocers im- many also rely on distributors That leaves distributors re- for fear of reprisal.
pose many of their own fees to keep them stocked, espe- liant on so-called inside in- Christine Quinn, owner of
for things like promotion and cially with the latest organic, come, or revenue generated My Family Seasonings, a spice
shelf space, which distributors natural or specialty brands. from food manufacturers. blend manufacturer, said
pass on to food companies. “It’s almost impossible to “Inside income isn’t ancil- charges she incurred from dis-
Distributors charge extra for make money as a distributor,” lary” to distributors’ business, tributors and retailers left her
processing those fees, and said James Curley, a food in- said Peter Gialantzis, chief business on the brink of bank-
levy others themselves. dustry veteran who has merchandising officer of ruptcy. Over the course of two
Launching a new flavor for worked for both manufactur- startup food distributor Pod years, she said, her distributor
an existing product? There’s a ers and distributors. “It’s just Foods. “Without that, they paid her almost 40% less than
fee for that. Running a promo- the nature of the business.” would go out of business.” she billed it for prime rib and
tion at retail? Distributors Distributors often require poultry seasonings.
charge for that, too. If distribu- Big supermarkets often food manufacturers to offer To stay afloat, Quinn said,
tors buy too much and prod- ‘Weather the storm’ contract with just one or two discounts every few months. she raised the price of the sea-
ucts expire before hitting store Distributors deduct fees and distributors for many of their Food makers say distributors soning blends she sold to gro-
shelves, they can deduct spoil- other charges from the checks packaged goods. often buy much of their inven- cers. A 4-ounce bag of prime-
age fees. But if food makers they write to food makers, of- tory during those periods—a rib seasoning that a few years
short an order, aiming to avoid ten leaving smaller manufac- was paid only $2.50. “The cost Deb Conklin, chief executive practice called “bridge buy- ago sold for $4.99 now goes
spoilage charges, distributors turers with a fraction of their to mail the check is more than of KeHE, said food distribution ing.” The savings often boost for $6.99, she said.
can ding them for that. anticipated revenue. The that,” he said. is costly and complex, espe- distributors’ bottom lines “We had no choice,” Quinn
Many smaller food makers charges can be so burdensome Koehler, a finance-industry cially when it involves smaller rather than flow to consum- said. “They nickel and dime
complain they are being that some food manufacturers employee turned food entrepre- brands with lower sales vol- ers, manufacturers said. you to death.”
gouged, and that fees and other hire full-time employees—or neur, said he realized last fall umes. She said three-quarters Distributors’ rules and Quinn said her spice sales
charges from distributors have outside firms known as “deduc- that Wildway needed to raise of the fees KeHE charges are charges are a symptom of pres- dropped sharply after the
forced them to raise their tion busters”—to manage them. its granola prices. About half passed on from grocers. sures rippling through the sup- price increase. She let most of
prices to stay in business. Kyle Koehler, CEO of gra- the increase stemmed from ris- “There are costs to doing ply chain, according to current her 22 employees go when she
Distributors operate on ra- nola-maker Wildway, said he ing distribution costs, he said. business,” she said, noting and former grocery and distri- was unable to make payroll
zor-thin profit margins, with once called his distributor to “Once brands start to real- that KeHE moves some 80,000 bution executives. Grocers are last year, and spent months
limited ability to offset rising inquire about a late check, ize how much gets shaved off different products to 35,000 competing with one another to packing boxes of spice packets
operating costs. Food execu- only to be told that he owed the top, there’s not much stores. “We don’t charge for win shoppers with lower herself. After nearly 20 years
tives said grocers have enor- the company $25,000. Another choice,” he said. “It’s go out of the sake of charging.” prices. Big food sellers have in business, she said, she is in
mous power to dictate terms time he sent his distributor business or raise my price to Conklin said KeHE’s prac- gained market share, giving discussions with a broker
with distributors, and that $10,000 worth of granola, but weather the storm.” tices are spelled out in con- them more leverage in negotia- about selling the company.

Millions of wall. Collins was hooked.

He was 15 when he identi-
fied his first new species, a
Leakey died, and plans for the
butterfly museum faded away.
Back at Harvard, Pierce wor-

Butterflies brown and black Charaxes Tec-

tonis, on a visit to Nigeria.
During his career with Mon-
ried about what would happen
if Collins’s house caught fire, or
if he died. (Collins says his son

For Sale santo Central Africa, Collins

traveled the continent, gather-
ing specimens himself and
isn’t interested in butterfly col-
lecting.)
In February, she made Col-
training locals to collect on his lins an offer: Harvard would
Continued from Page One behalf. His network of butterfly send scientists to separate out
at his insistence that they take agents shipped him as many as a smaller collection, containing
everything or nothing at all. 50,000 specimens a year, many 10 males and 10 females from
“An obsession like this,” ad- from forests since destroyed. every species and subspecies in
mits Collins, “is a disaster.” Along the way, he acquired the collection, or roughly
He is one of a threatened spe- the collections of 30 or 40 300,000 specimens. The uni-
cies of scientist-gatherers trying other lepidopterists. versity would place the butter-
to ensure their hobbies outlive Collins lives on a large prop- fly bodies in a deep freeze in
KC CHENG FOR WSJ

them. erty in Kenya’s capital, sur- the basement of the Museum of

“There is a history in many rounded by milkweed, bottle- Comparative Zoology, creating
parts of biology—but especially brush trees and Natal a DNA vault, and preserve the
in insects—for people to have mahogany. He counts 200 spe- wings separately.
built these very large, essen- cies of butterfly in his garden Steve Collins shows butterflies from his collection in Nairobi, Kenya. The university would pay
tially privately owned collec- and wanders the grounds in him $300,000 for what would
tions,” says Scott Miller, senior search of butterfly eggs and cat- lined up like library books on lection dwarfs most of those brate specialist Gonzalo Giri- officially be a long-term loan.
research entomologist at the erpillars attached to the under- shelves. Another three million acquisitions, Miller says. bet, director of Harvard’s Mu- Collins balked at the idea of
Smithsonian’s National Mu- sides of leaves. He baits live- butterflies are stored in paper In 2017, Arizona State Uni- seum of Comparative Zoology, breaking up his life’s work.
seum of Natural History and a traps with squashed bananas— envelope. versity acquired a private col- visited Nairobi to see if they “They basically want to cherry-
longtime friend of Collins. “And butterflies taste through their “It’s just an amazing collec- lection of more than a million could reach a deal for at least pick, and I’m not happy with
this is kind of the end of that feet—and runs the traplines at tion, and there won’t be an- weevils. The university put the part of the Collins collection. that,” he says.
generation.” day’s end, admiring his catch other like it in our lifetimes,” value of the gift, which in- They met with Richard Lea- Even if he were to cut a deal
Collins’s parents moved and setting them free again. says biologist Naomi Pierce, cu- cluded endowments for insect key, the famed Kenyan paleon- with Harvard, it isn’t clear
from England to Kenya after Collins keeps his collection rator of Lepidoptera at Harvard studies, at $12 million. tologist. Leakey, who felt fiercely what regulatory hurdles the
World War II, settling on a in a pair of outbuildings next to University’s Museum of Com- Around 2015, a wealthy Brit- that the country’s natural Kenyan government might put
5,000-acre farm. They lived in his house. parative Zoology, who has ish lepidopterist wanted to buy bounty should remain in Kenya, in the way of any effort to ex-
thatch-roofed brick huts, lit by He doesn’t go collecting as tried, and failed, to acquire a Collins’s butterflies, Collins was in failing health and joked port the insects.
kerosene lamps and bathed often as he did during his few hundred thousand of Col- said. At the time, an airline that the collection would be Collins feels the press of
their sons in a zinc tub. prime. But his assistant, Edgar lins’s butterflies. quoted a price of $500,000 just moved abroad “over my dead mortality and money. He’d like
In the mid-1950s, while Emojong, still breeds and pins Collins believes his collec- to ship the collection, from Nai- body,” Pierce remembers. to have funds to splurge on a
young Collins’s parents were butterflies as needed. Emojong tion is worth $15 million, but robi to the U.K. Leakey offered to house the trip to see the giant tortoises
on a jaunt to what was then estimates he has mounted that is a hypothetical figure, Collins backed out of the butterfly collection among a se- on the remote Aldabra atoll, in
the Belgian Congo, a neighbor 300,000 butterflies and moths, given the dearth of buyers will- deal. He wanted the butterflies ries of museums that he wanted the Seychelles.
gave him a walking stick that, about a quarter of Collins’s ing to spend that kind of available to scientists and pic- to build on his land on the edge But, for the moment, he’s
with a quick twirl, became a pinned collection. money. tured the collection going to a of the Great Rift Valley, accord- surrounded by butterflies and
butterfly net. His father pinned The pinned insects are The Smithsonian has ab- university rather than a private ing to Pierce and Leakey’s hoping for a miracle.
his catch in a frame, wings stored in 9,000 wooden display sorbed private collections over collector. daughter, Louise Leakey. “There isn’t,” he says, “a
spread, and hung it on the hut boxes, stacked on tables and the years, but the Collins col- In 2021, Pierce and inverte- A few months later Richard Plan B.”
 PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, November 4, 2024 | A11

PERSONAL
TECHNOLOGY
JOANNA
STERN

Friday, 12:05 p.m., a few weeks

ago: “Pres. Trump’s Sec. of State
here!”
I might have actually bought
that Mike Pompeo was texting me
from his fave lunch spot, if it
weren’t for the survey link and
donation request that followed. I
replied, firmly, “Stop.”

Same day, 1 p.m. until mid-

night: “It’s JD Vance.” “It’s Don
Jr.” “Ted Cruz here.”
Twenty-seven more text mes-
sages took over my inbox, all
claiming to be from various Re-
publican candidates and politi-
cal-action committees. On Satur-
day, 28 more arrived. On Sunday,

I
another 29.

n the game of political texts,

“Stop” apparently means “Go!
Go! Go!”
Perhaps you’ve heard
there’s an election this week.
Ahead of it, campaigns and
political groups had been scram-
bling to get their messages out
and gather last-minute donations.
Some were using shady tactics to
get it done.
For years, I’ve passed on—and
abided by—the advice of messaging
experts: Text “Stop” to end un-
wanted messages, as long as
they’re not blatantly scammy. Often
it works. This time? Not so much.
Replying ‘Stop’ to a Political
Text Made It So Much Worse
“Unfortunately, there are un-
scrupulous texting vendors out
there who will perversely use that
opt-out message that you sent
back,” said Thomas Peters, chief
executive of RumbleUp, a political Here’s how our columnist banished the barrage of unwanted election messages
texting platform.
“They use that as
a data point, that gator to send out mass texts across sage. On an iPhone, tap the “Report Donation Spam and paid the $10-
‘Oh, we found a cellular carriers. When you reply Junk” button under the body of the a-year subscription. Life instantly
live number!’” “Stop,” your request goes through message and then tap “Delete and improved.
Even though my the carrier, the aggregator and the Report Junk.” If you haven’t opened Now, nearly all the texts go
flood of messages service provider. the message, swipe left on it, then straight into a Junk folder.
came from right- The aggregator that sent those tap the garbage icon. “I was so sick and tired of get-
leaning groups, two messages is Telnyx. David This moves the message into ting the spam and the other apps
others I’ve talked Casem, its CEO and co-founder, your iPhone’s Recently Deleted didn’t specify how they would deal
to have had similar says my stop requests were pro- folder, and reports it as spam to with specifically political spam,”
barrages from the cessed successfully. And it’s true: I Apple and your cellular carrier. said Marc Love, a Brooklyn-based
left. Look at that— never got another text from Apple, specifically, receives the software engineer who built the
a nonpartisan is- Pompeo or Butker’s PACs again. sender’s number and message. If it app in his spare time.
sue we can all But I did get messages from over determines the sender is a spam- After you download the app,
agree on: Relent- 50 other politically aligned groups. mer, the company says it takes ac- you enable filtering in Settings
less political texts Peters and other industry insid- tion to block additional unwanted (Settings > Messages > Filter Un-
need to stop. ers say the flood likely came from messages from that source. known Senders and select the SMS
Since the text- the campaign service provider, Filtering app). The big issue:
pocalypse hit my which likely shared their lists. 3. Get a spam filter These spam apps divert the con-
iPhone, I’ve been Once it spotted a “live one,” it This week, my jealousy of Android tents, attachments and sender info
digging into what marked the number and referred users runs deep. Google’s operating from any texts from entities out-
happened, and it to other money-seeking groups. system has advanced, real-time side your Contacts, sending it to
how to filter out the SMS spam.  Tapping Report Junk moves the Some also suggested the PACs spam filtering, so many of these the developers’ servers.
message into your iPhone’s could have shared the number. messages don’t reach the inbox. Love says his service collects
1. Stop texting ‘Stop’ Recently Deleted folder and Casem didn’t share the name of Apple doesn’t have that, but it minimal data, and what he does
That Friday, after I got texts from reports it as junk to Apple and the campaign service provider tar- does have a tool for filtering all collect is anonymized. He con-
Pompeo’s Champion American Val- your cellular carrier. geting those messages at me, cit- messages from mystery numbers firmed he didn’t get my phone
ues PAC and Harrison Butker’s Up- ing privacy restrictions. The PACs into an Unknown Senders folder number or any personal details.
right PAC, I texted “Stop” to both didn’t respond to my requests for (Settings > Apps > Messages > Right now, it all feels like a gi-
of them. Within an hour, the pace let’s quickly detour to Political Tex- their service provider’s name. Message Filtering > Filter Un- ant game of Whac-A-Mole. Here’s
of messages from new numbers ting 101. A campaign or PAC hires a The moral: When in doubt, known Senders). The issue with hoping that by the next election
picked up, like my dog at the sight campaign service provider, which don’t respond, don’t click links. that is that most of us get a few cycle, we’ll have stronger con-
TAKUTO DOMEKI

of a dropped chicken nugget. An- provides a software platform to important messages from people sumer protections and smarter
other and another and another, al- manage lists, target messaging and 2. Report as junk not in our Contacts. tech tools, especially on iPhones.
most every hour. decide who gets what. The service Now that you’ve resisted the urge You can get a spam filter from Until then, when you feel like
To understand what happened, provider then works with an aggre- to reply, you should flag the mes- Apple’s App Store. I installed Stop texting “Stop,” just stop yourself.

MY RIDE BY A . J. BAIME

Vintage Alfa Romeo

Is Still a Rally Winner
Shawn Till, 53, a senior executive at navigation. It’s one of the last great
a global testing, inspection and cer- historical driving events in the
tification company, and his wife, Le- world. I have since competed 10
anne, also 53, an event director for times, all but once with a friend
the running advocacy group Girls from Spain who has a collection of
On the Run, who live in Texas and family cars.
Maryland, on their 1931 Alfa Romeo
6C 1750 Gran Sport Spider Zagato, Leanne: We’ve been married for 28
as told to A.J. Baime. years. While Shawn was doing
these car endurance events, I was
Shawn: My father and mother home with our three kids. My en-
loved classic cars. They didn’t have durance events were marathons,
a lot of money, but they were al- and I ran my last one in 2019.
ways driving cool stuff. I got my
passion from my father, and I love Shawn: In 2021, we took ownership
everything about automobiles. The of this 1931 Alfa Romeo, purchased
history, the stories of individual from a well-known historian in the has its original 1750-cubic-centime-  Shawn and Leanne Till with the teams got to attend a ceremony,
cars, the engineering. In 2011, I had Alfa Romeo circle in Europe. Last ter straight six-cylinder super- 1931 Alfa Romeo 6C. and we were the only ones, I think,
the opportunity to be a co-driver in June, I took the car to the Mille charged engine and its original feel wearing headphones for translation
the Mille Miglia [also called 1000 Miglia and, for the first time, Le- to it. because we couldn’t understand
Miglia], a “regularity” rally competi- anne came with me. Driving a clas- Shawn: I am 6-foot-6, so we barely Italian.
tion of over 1,000 miles in Italy that sic Italian car at this event in Italy Leanne: This car has its driver’s fit in this car. If I was 1 inch taller,
is judged on precision of driving and is a very special experience. [Alfa seat on the right, and the brake we wouldn’t. The pedals are so Shawn: As of now, we have taken
Romeo was founded and gas pedals are switched in po- close together, I can’t wear shoes, the Alfa Romeo on five distance
in Milan in 1910.] sition. The manual transmission is so I wear socks with rubber on the rally events—the one in Italy, twice
For a car from 1931, a handful. So while Shawn drives, I bottom. We put in the highest oc- at the 1000 Miglia Warm Up USA
the 6C handles in- am navigating. The maps we fol- tane gas that we can, plus an oc- centered in Middleburg, Va. (we
credibly well. It’s a lowed at the Mille Miglia are all in tane boost. My degree is in engi- came in first both times), and twice
combination of nim- Italian, they’re in kilometers and neering, and I love the engineering at the Colorado Grand. We’re in-
bleness and speed. I not miles, and they’re very exact. of this car because it’s like a snap- credibly grateful to have these op-
love that it’s not re- There are hundreds of turns every shot of elite Italian machinery of its portunities.
stored, so it shows day over the five-day event. You time. In fact, an Alfa Romeo 6C
JARED SOARES FOR WSJ (2)

its battle scars. It have to be on! Unlike running mara- 1750 won the Mille Miglia two Leanne: As for the 2023 Mille
thons, where you can follow those years in a row in its day. Miglia, it was grueling, it was hot,
 The Alfa Romeo’s in front of you, here you cannot. and the car broke down. But we fin-
straight-six-cylinder Countless times I saw the car in Leanne: We came in 26th out of ished and, now, Shawn has me
1750-cubic- front of us go straight while we something like 450 cars. We were hooked. We’re planning to go back
centimeter engine. needed to turn right. first for an American team. The top this coming June.
A12 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
BY JAMES R. HAGERTY  Jim Rockis, shown with his wife,

F
Laura Rockis, grows Christmas
or a lot of shoppers, buy- trees in Pennsylvania.
ing a Christmas tree
comes down to conve-
nience. You go to the lin C. Cech, a forest-genetics pro-
nearest big-box store fessor at West Virginia University.
and pull an artificial tree Rockis and Cech explored the
off the shelf. Then it takes just a Canaan Valley of West Virginia in
few minutes to put up. the early 1990s to find the best
How can a Christmas-tree farm Canaan firs and figure out how to
compete with that? cultivate them successfully in
For Jim Rockis and Beth other areas.
Bossio, who operate Quarter Pine “We’d have forestry school in
Tree Farm in Smithfield, Pa., the the front seat of the truck,” Rockis
idea is to target buyers who aren’t recalls. “This stuff, it takes a life-
looking to get it done quickly. time to learn.”
Some of their customers drive an Another break for Rockis was
hour or more to reach the farm, meeting Bossio. At age 10, she be-
about 60 miles south of Pitts- came his stepdaughter when
burgh. They may spend another Rockis married Laura Jeanne
hour to choose a tree—not only Bossio in 1993.
cutting it down but taking pic- They bonded over a mutual
tures to capture the moment. love for the tree farm. Now she
“Our crop is not just a product,” helps him run a thriving family
Bossio says. “It is an experience.” business.
It isn’t easy being a seller of They have a total of about 290
real Christmas trees at a time acres of land at two farms—the
when most people are opting for first one he bought from a great-
the convenience of fake. Among aunt, in Smithfield, and another
households that put up Christmas one bought later across the border
trees, around three-quarters go for in West Virginia. This year, the
the artificial ones, according to area with trees ready to cut down
the National Christmas Tree Asso- (mostly 5 to 7 feet tall) is in a plot
ciation. They are simple to put up, totaling around 15 acres.
and simple to take down for next
year. Needles don’t fall off. And Science behind trees
you can’t beat the price—which Until the mid-20th century, Ameri-
can range from about $50 to cans seeking Christmas trees gen-
$450—if you intend to use it for erally found them in the wild. Now
many years. nearly all are grown on specialized
So, for those who sell real farms.
Christmas trees, like Rockis and Rockis tries to assess future de-
Bossio, the strategy is to compete mand for seeds and trees by at-
on something other than cost and tending meetings with other grow-

Christmas-Tree Farms
convenience, and to market Christ- ers and learning about their plans
mas-tree shopping itself. Quarter and expectations.
Pine Tree Farm is one of thousands Christmas trees grow best in
of choose-and-cut operations run places with moderate tempera-
by tree farmers who invite custom- tures, plenty of moisture, good

Grow Memories
ers to tramp across fields to find drainage and little risk of late
their own trees. They are hoping to frosts. Oregon, North Carolina and
tap in to people’s desire, especially Michigan all have high-volume
since the pandemic, for safe out- production. In North Carolina,
door excursions, as well as the so- some tobacco farmers switched to
cial-media-driven appetite for They make buying an experience, not something to be done quickly Christmas trees when cigarette
heartwarming photos. smoking began declining. Growers
In urban areas, sellers of real often rely on foreign
trees have to work harder to cre- laborers on temporary
ate photo ops. Papa Noel Christ- visas to prune
mas Trees, which operates tempo- branches, harvest trees
rary shops on parking lots and and do other chores.
other vacant spaces in Austin and Climate change,
San Antonio, sets up circus tents portending more
and creates a forest of trees in- droughts, is a worry.
side, complete with twinkling Some growers and uni-
lights and Christmas music. In versity researchers are
Minneapolis, Bachman’s garden looking at trees native
center brings in live reindeer for to other parts of the
its annual Christmas tree sales. world, such as Turkish
It isn’t only about the trees. firs, as alternatives
Some Christmas-tree farms add so- able to grow in drier
called agritainment in the form of places.
corn mazes, hay rides and petting Genetic research
zoos. Some also sell local wine, and selective breeding
cheese or honey, or holiday decora- allow growers to “se-
tions. Quarter Pine, for instance, lect the elite athletes
offers ornaments and tree stands. of Christmas trees,”
The farm also makes wreaths from says Whitehill of North
the branches of scraggly trees that  Customers lining up with the and continue until mid-December. Carolina State.
otherwise wouldn’t be salable. trees they’ve picked at Quarter The biggest rush of buyers tends to What’s known as
Pine’s opening day in 2022. be in the first two weekends, when “needle retention” is
In the green customers hope to grab the most among the main fo-
There are no comprehensive sta- picturesque trees. Toward the end cuses of this research.
tistics on sales, but the National year charged $75 for 6- to 7-foot of the selling season, prices some-  Jim Rockis collects pollen Many people buy their trees in
Christmas Tree Association esti- trees (the most popular size). It times are reduced, but the choice is catkins as part of his efforts to late November and expect them
mates that 20 million to 25 million plans to charge the same this year. slimmer and customers may have breed better Christmas trees. not to shed needles in large quan-
real Christmas trees are sold an- Those on a tight budget can ask to settle for a wonky tree. tities before early January. That is
nually, at pop-up locations, big- for shorter “tabletop” trees cost- While most people seek bushy, possible if the tree is given plenty
box stores, garden centers and ing as little as $25. People who symmetrical trees, Bossio also has ern Pennsylvania from a great- of water in its stand and kept
farms like Quarter Pine that sell want trees 13 or 14 feet high pay had success marketing what she aunt. He wanted to keep the land away from heat sources.
their own homegrown trees. Jus- as much as $250. calls “naked trees,” ones with in his family and figured he could Quarter Pine uses year-round
tin Whitehill, a forestry researcher Bossio expects to sell around widely spaced branches leaving find a profitable cash crop. That social-media postings and farm
at North Carolina State University, 3,000 trees at Quarter Pine’s retail the trunk exposed—an unconven- turned out to be Christmas trees. tours to explain what it takes to
estimates those sales total at least outlet this year. At Quarter Pine, tional look that pleases some buy- At the beginning, “I basically grow appealing trees. One goal is
QUARTER PINE TREE FARM (3)

$2.5 billion a year, based on a va- the most popular species are Ca- ers. They cost the same as the knew nothing,” says Rockis, who is to persuade customers that the
riety of industry sources. naan, Douglas and Fraser firs. In bushier varieties. now 68 years old. His background trees are worth the asking prices.
Nationwide, the typical Christ- other parts of the country, coveted as a mining engineer, however, An educated customer, says
mas tree buyer pays around $75 species also include Noble, Balsam, Planting the seeds gave him a methodical approach Bossio, knows that “the farmer is
for a real tree, according to a 2023 Nordmann and Grand firs. Quarter Pine got its start four de- to solving problems and working not just going to drop a seed in
survey by the National Christmas Sales of trees at Quarter Pine cades ago, when Rockis bought a with machinery. One of his early the ground, and, boom, there’s a
Tree Association. Quarter Pine last begin the day after Thanksgiving hilly plot of farmland in southwest- breakthroughs was meeting Frank- tree next year.”

Investors come with a yield of 3.11%, a drop

from the prior rate of 4.28%.
But the current yield on new I
deem the bond completely for an-
other investment. The current I bond
rate is the lowest it has been since
In I Bonds bonds is only part of how to deter-
mine whether to hold or trade in an
2021 and many other investments
offer higher interest right now. The

Face a New I bond. The return of your I bonds

is calculated based on a fixed rate
determined on the purchase date
benchmark 10-year Treasury cur-
rently offers a fixed yield of 4.3%.

Decision and a moving rate based on the

current level of inflation. Since in-
Old vs. new
Investors are required to hold for 12
flation peaked in 2022, the moving months before redeeming. Interest is
BY KATHERINE HAMILTON rate went down but the offered exempt from state and local taxes.

T
fixed rate went up. You pay taxes on the gain when
he millions of people who This difference between the you redeem I bonds. Investors can
bought I bonds when inflation fixed rate when you bought and the avoid paying taxes if the proceeds
peaked have a decision to current fixed rate is the most im- are used for qualified higher-edu-
make: Hold them or redeem them portant factor to determine your cation expenses and their income
and buy new ones. next move. And to- falls below certain thresholds.
In most cases, the day, the fixed rate is The Treasury Department re-
right move is to ex- more than a per- sets both the fixed and moving
change. Inflation-linked centage point higher portion of the rate of return on I
Inflation-linked government than two years ago. bonds twice a year, in May and
PARKER ESHELMAN/WSJ, MAANSI SRIVASTAVA FOR WSJ, ISTOCK

government savings Financial advisers November.

bonds were a hit savings say this gap means Investors who bought bonds be-
with investors when investors who tween May 2020 and October
they offered a guar-
bondswereahit bought and held dur- back over time, and in this case it The big caveat here is if you 2022 and still hold them are stuck
anteed return of 9.6% withinvestors. ing the heyday won’t take long. I bonds purchased want to hold a lot of money in I with a fixed rate of 0%. Their in-
in 2022, stoking so would be wise to now will outperform the ones is- bonds. You can buy up to $10,000 terest rates are decided solely by
much demand that it trade now, even sued at peak inflation within seven in electronic I bonds for yourself the inflation rate.
took down the web- though there is a months, even after accounting for each year. If you redeem bonds to The Treasury Department has
site where they are sold. penalty for redeeming I bonds compounding interest. purchase new ones, it will count to- since boosted the fixed portion. New
That rate was short-lived. I bond within five years of buying. If the bonds you hold are from ward your cap and limit your ability I bonds currently have a fixed rate of
rates reset based on inflation every Much like refinancing a mort- many years ago and the difference to buy more. You may not be able 1.2%. A high fixed rate creates a buf-
six months. Any purchased back at gage, you pay something upfront to in the fixed rate is closer, advisers to reinvest all the interest on old fer between your interest rate and
that peak now have a more modest make the exchange. You forfeit say it still often makes sense to re- bonds if it exceeds the cap. inflation’s ups and downs.
1.9% rate. three months of interest when you deem, though it will take longer to In addition to trading an old I —Imani Moise
New I bonds issued as of Friday redeem I bonds. But you earn it break even. bond for a new one, you can re- contributed to this article.
 THE WALL STREET JOURNAL. Monday, November 4, 2024 | A13

ARTS IN REVIEW

ARCHITECTURE REVIEW

The District of Concrete

The Hubert Humphrey Building,
above left, and the Hirshhorn
Museum, above.

Brutalist stronghold is a fool’s er-

‘Capital Brutalism’ focuses on seven stolid, monumental government buildings in Washington rand, and that you might as well
have fun.
“Capital Brutalism” does what
BY MICHAEL J. LEWIS ing, his own headquar- two human-scaled an exhibition of recent architec-

T
ters when he served as wings and reopened ture should do, which is to take
Washington secretary of housing the long-closed view something that has become famil-
here is no English equiv- and urban develop- to the Smithsonian iar, commonplace and discolored
alent of the French ment, as “10 floors of Castle. by decades of auto exhaust and
phrase jolie laide, defined basement.” Some projects are help us to see it with fresh eyes.
as “fascinatingly ugly.” Six decades ago, simply amusing. We The contemporary color photo-
How better to describe a detractors could only see a 2009 proposal graphs by Mr. Cole are lovely, and
Brutalist building? grumble, but as Bru- by Diller Scofidio + find poetry where you would not
Brutalism takes its name talist buildings enter Renfro to insert an expect it, i.e., in the shadowy con-
from béton brut—yet another their seventh decade it event space into the crete contours of a Brutalist wall.
French term—meaning raw con- is now possible to hollow hub of Gordon They remind us that these build-
crete, its surfaces left intentionally think about tearing Bunshaft’s circular ings were originally envisioned as
coarse. During its heyday in the them down, or at least Hirshhorn. This exquisite abstract sculpture.
1960s, the style was virtually oblig- altering them. The would be an inflat- Most visitors will overlook the
atory for government buildings but most intriguing items able “Bubble” that small scale models of a single
especially in Washington, where here are proposals by could be blown up in structural unit of a building. They
they reached the apogee of author- contemporary archi- just 30 minutes, giv- should not. When isolated, and
itarian monumentality. Seven of tects for renovating ing the rather inflexi- freed from their colossal context,
those structures are the subject of buildings so as to ble building 11,000 they are radiant in their tapered
“Capital Brutalism,” the exhibition soften their Brutalist square feet of addi- and chiseled elegance. One bay of
on view at the National Building harshness. This is no tional space. The dig- the Weaver Building suggests a
Museum through Feb. 17, 2025. It is easy matter. Typically ital presentation brawny set of shoulders atop the
curated by Angela Person, associ- built on a modular shows it bubbling up delicate feet of a dancer; it tells us
ate professor of architecture at the system, in which pre- and over the building, what Stonehenge might have
University of Oklahoma, and Ty cast concrete elements like a tube of tooth- looked like if Brancusi had been
Cole, a photographer. They wisely are repeated in cellu- paste squeezed too advising the builders.
decided that the only way to treat lar fashion, bay upon identical bay, View of the Forrestal Building, by vigorously, and it has the anarchic Brutalism will never speak to
this humorless architecture was to form a densely knotted web of photographer and exhibition co- freedom of one of Archigram’s Pop us again as it did in the 1960s,
lightheartedly. structure, they stubbornly defy curator Ty Cole. Art fantasies. when the expansion of the federal
Its subjects range from the gar- modification; you might as well If the “Bubble” is unintention- government under the Great Soci-
gantuan 2.5 million-square-foot try to modify a coral reef. ally comical, the proposal by ety required such behemoths, and
FBI headquarters to Harry Weese’s Yet try these architects do, and regular green-roofed terraces. This BLDUS, a Washington-based firm, the anxiety of the Cold War got
Washington Metro system. Each is mightily. The firm of Brooks + certainly is one approach to Bru- for the citadel-like Hubert Hum- into their bones, making them
represented by a lively variety of Scarpa makes a determined effort talism: remove as much of it as phrey Building is deliberately ab- sublimated bunkers. But it does of-
material, including photographs, to transform the colossal Weaver possible and start again. surd. It would evict the Depart- fer us something today: an archi-
architectural drawings and con- Building from a hive of offices into Studio Gang takes the diamet- ment of Health and Human tecture of solidity and seriousness,
temporary reviews. We learn that “a dynamic, mixed-use structure,” rically opposite approach in its Services in favor of a new execu- two qualities that are in short sup-
1960s Brutalism never really fell with small apartments sharing proposal for the Forrestal Build- tive department, to be called the ply in the design of our time.
from favor, for it was never popu- common kitchens and bathrooms. ing, headquarters of the Energy Department of Play. The building,
lar in the first place. Brutalist Its richly detailed scale model is Department. Instead of inflicting also by Breuer, would be disem- Capital Brutalism
buildings were reviled as much by the showstopper here. We see a radical root canal, it tackles just boweled, opening up space for National Building Museum, through
critics as by their users: Ada Lou- Marcel Breuer’s long curved fa- one problem, the building’s stag- “slides, climbing facilities, afford- Feb. 17, 2025
ise Huxtable reviewed the Hirsh- cades left intact, while his interior gering 760-foot length. By remov- able dining,” etc., making it “the
TY COLE (3)

horn Museum as “born-dead, neo- is peeled back to make a steel and ing a run of bays from its center largest playground in the Mr. Lewis teaches architectural
penitentiary modern” while Jack glass courtyard, which bursts (to be reused elsewhere), the ar- world.” The architects seem to history at Williams and reviews
Kemp described the Weaver Build- forth into a jubilant cascade of ir- chitects split the building into have realized that to retrofit a architecture for the Journal.

MUSIC REVIEW Mr. Stills’s “You Don’t Have to Cry”

is again about Ms. Collins, after she

A Supergroup’s left him in L.A. for New York: “In the

mornin’ when you rise / Do you think
of me and how you left me cryin’?”
Mr. Young injects relief with “On the

Emergent Sound Way Home” and “I’ve Loved Her So

Long.” His rootsy, nasal falsetto
croon and brightly strummed chords
are commanding and refreshing.
BY MARC MYERS peaked at No. 6 on Billboard’s al- The electric set begins with two

A
bum chart. Mr. Young joined the statement songs: Crosby’s forceful
t 3:30 a.m. on Aug. 18, 1969, group that summer, and the quar- “Long Time Gone,” written the night
singer-songwriter and guitarist tet’s first gig took place in Chi- of Robert Kennedy’s assassination
Stephen Stills was anxious. cago—two days before their Wood- in 1968, and the hard-charging
Facing an ink-black silhouette of stock appearance. Concert promoter “Wooden Ships”—written by Crosby,
more than 400,000 attendees at the Bill Graham had opened the Fill- Mr. Stills and Paul Kantner, co-
Woodstock music festival and rock more East, on New York’s Lower founder of Jefferson Airplane—
stars watching from the wings, he East Side, a year earlier, and it about surviving a nuclear war. “Sea
had no clue how Crosby, Stills and quickly became one of rock’s most of Madness” by Mr. Young is a solid
Nash would be received. After cheers important indoor concert spaces. rocker that hurtles forward with
went up following the trio’s first At the Fillmore, CSNY’s acoustic twists and turns. That song, along
song—his “Suite: Judy Blue Eyes”—a set dwelled on the group’s new Cali- with “I’ve Loved Her So Long” and
relieved Mr. Stills an- fornia folk-rock “Lady of the Island,” are rarities,
nounced: “Thank you, sound, a mellow ap- since the group wouldn’t perform
we needed that. This proach that risked them again together.
is the second time Crosby, Stills, boring audiences that By far, the record’s high point is
we’ve ever played in Nash & Young typically lined up to Mr. Young’s “Down by the River,” a
front of people, man,” see hard- and psy- tale about a man who shoots his
adding that the group captured a chedelic-rock bands. lover. It lasts more than 16 minutes
was scared. Neil With the countercul- and features Messrs. Young and
Young, the new fourth
change in the ture on edge, how- The quartet’s acoustic set fea- The album, out now, was recorded Stills jamming on dueling guitars.
member, sat out counterculture. ever, CSNY’s sullen tured 11 ballads in a row, 10 of just one month after their The concert closes with Mr. Stills’s
much of the acoustic yet catchy love songs which were about ex- or current performance at Woodstock. “Find the Cost of Freedom,” a song
set but played later were a balm. By then, girlfriends—a static playlist that he wrote for the final scene of
on the electric one. the military draft had could have backfired. Instead, based Crosby’s “Guinnevere” pays tribute to “Easy Rider” that wasn’t used.
Two venues and eight concerts ramped up after North Vietnam’s on the applause, audiences were three women: Joni Mitchell; another By July 1970, CSNY had im-
later, on Sept. 19 and 20, David Tet Offensive in 1968, two assassi- drawn into the melancholy confes- whose name Crosby never revealed; ploded. Clashing egos, sudden
Crosby, Mr. Stills, Graham Nash and nations led to violent antiwar and sionals. On his ingenious opener, and his lover at the time, Christine wealth, runaway addiction, sexual
Mr. Young performed four shows civil-rights protests, and the Man- “Suite: Judy Blue Eyes,” Mr. Stills Hinton, who would die 10 days later betrayal and a desire by each mem-
over two nights in New York. “Live son Family’s grisly Tate-LaBianca sings about his failed relationship in a car crash—a loss that wreaked ber to prove his worth with solo al-
at Fillmore East, 1969” (Rhino)—a murders in August 1969 were a har- with Judy Collins: “I am yours, you emotional havoc on Crosby. bums tore them apart. On “Live at
newly released double album of pre- rowing coda to a hopeful decade. are mine, you are what you are / Mr. Nash’s “Lady of the Island” Fillmore East, 1969” we hear the
viously unheard tracks culled from On stage, the group stood in You make it hard”). A cover of the celebrates Ms. Mitchell, his live-in band at peace and putting the audi-
the Sept. 20 shows—captures the place, playing together and singing Beatles’ “Blackbird” follows, a trib- lover by then. Backing himself on ence at ease, just months before
supergroup between two hit albums in harmony as each song’s com- ute to a beloved band that was in organ, Mr. Nash sings a touching their own chaos began.
singing largely about their romantic poser became the lead singer. Not the process of breaking up. solo version of his hit “Our House”
relationships. until the electric set was CSNY Mr. Stills’s “Helplessly Hoping,” to Ms. Mitchell, who was in the au- Mr. Myers is the author of “Rock
Formed in December 1968, CSN joined by two nonmembers who “Go Back Home” and the haunting “4 dience. The two would break up the Concert: An Oral History” and
released their first LP—“Crosby, added punch—bassist Greg Reeves + 20” explore inner torment and re- following year, leading Ms. Mitchell “Anatomy of 55 More Songs”
Stills & Nash”—in May 1969, and it and drummer Dallas Taylor. visit his split with Ms. Collins. to record “Blue.” (Grove Press).
A14 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

SPORTS
Saban Is Still Grinding Through Game Film
The former Alabama coach is embarking on a new career and he’s attacking the job with the same pursuit of excellence
BY LAINE HIGGINS couple-dynamic with McAfee
have been a hit with TV audi-
Bloomington, Ind. ences. The show is averaging
Nick Saban shocked the 2.2 million viewers per week,
sport of college football when up 9% from 2023, and this
he abruptly retired from Ala- season is on pace to become
bama last January. After 50 the most-watched in the
years and seven national show’s 38-year history.
championships, he was done It’s been hard for Saban to
with coaching. shake all his old habits. Dur-
But it turns out coaching ing those hours of film
wasn’t entirely done with watching, he often finds him-
him. self scheming up ways to stop
Ten months later, Saban is exotic offenses or block
still grinding through game blitzes. In these moments, his
film, searching for weaknesses wife chimes in. “Miss Terry
and striving to achieve a always says, ‘It’s not your
higher level of performance. problem’,” he says.
The difference now is that he’s As long as they have been
the one getting coached up. married, Terry Saban has
Shortly after leaving Ala- coached her husband behind
bama, Saban was announced the scenes. She’s still at it,
as the newest addition to the texting the show’s makeup
cast of “College GameDay”— artist if ever there’s an er-
ESPN’s long-running Satur- rant bump in his hair. She
day morning pregame show. got a star turn on the show
And as he works through his in September, serving as
debut season as an on-air an- guest picker when the show
alyst, the 73-year-old who traveled to Alabama ahead of
oversaw 292 wins from the the Crimson Tide’s game
sideline says the transition to against Georgia. She cor-
TV has cast him in the role rectly guessed the winner in

SCOTT COLEMAN/ZUMA PRESS

of incoming freshman. seven out of nine games, out-
“The pace is completely performing her husband—
different,” Saban said in an and every other guest who
interview. “There’s not the has appeared on the show
same stress level, [but] you this season.
want to do a good job.” “Oh yeah, she tore me up,”
To do that job, Saban has Saban said. “I haven’t heard
displayed the same critical Shortly after leaving Alabama, Nick Saban was announced as the newest addition to the cast of ESPN’s ’College GameDay.’ the end of that, either.”
eye and single-minded pursuit The only time things get a
of excellence that led the little uncomfortable on set
Crimson Tide to nine national coach, mostly because he ap- about three to four hours per day wasn’t satisfied. “There’s some these days is when the topic of
championship appearances in 17 proaches his new job with the preparing for each Saturday things I could have done better,” discussion moves to Alabama. Sa-
years. He had been in his new job same level of dedication that char- show. It’s a big drop off from the Saban informed the room. ban tries to be diplomatic when
barely a few weeks when Saban acterized his coaching career. 14-hour days he worked at Ala- That Saban is hard to please discussing his former team, but
approached the ESPN producers Conscious of the fact that he bama, but producers say that his will come as no surprise to anyone sometimes ends up speaking in
with a blunt request. needed to learn about dozens of level of preparation shines who watched him scowling on the vague terms. “I just don’t want to
“I’m the rookie here. I need you college football programs that he through on the screen. sidelines over the last four de- be caught in the middle,” he says.
to stay on top of me,” said Mat- never encountered at Alabama—”I “I spend a lot of time telling cades. But his turn as an analyst is Still, his feelings about the
thew Garrett, the coordinating had no idea about Nebraska or Or- him if I had things for you to do also showing off a side of him that Crimson Tide aren’t hard to dis-
producer of “GameDay.” “I want egon!” he says—Saban spent the better, I’d be more than happy to few outside of Tuscaloosa ever got cern. At the end of each show, the
you to coach me hard. I want you offseason watching hours of film. share them,” Garrett said. “But to glimpse. “GameDay” analysts predict the
to give me feedback, positive and To prepare for SEC Media Days, he he’s very, very, very good at this.” Saban’s deadpan delivery and outcomes for the big games of the
negative. He calls me every week— pored over footage from the In fact, Saban’s fiercest critic wisecracking remarks have made week. Saban hasn’t picked against
the first thing he asks is ‘What spring game for each of the might be Saban himself. While him an unlikely foil to Pat McAfee, Alabama once.
can I do better’?” league’s 16 teams. For his weekly taping a film room segment on Or- the rodeo clown of “GameDay” “I don’t want to be judgmental
So far, the answer is not much. film room segment on “GameDay,” egon quarterback Dillon Gabriel who is 36 years his junior. “We’re and come across that way in
Saban hasn’t been on the receiving he hand selects the clips of plays last month, the former coach was Abbott and Costello,” Saban said terms of what they’re doing and
end of the trademark “ass-chew- that best illustrate his points. unhappy with his performance. before last week’s show at Indi- how they’re doing it,” Saban says.
ings” he once doled out as a He estimates that he spends Even after a second take, he ana. Saban’s insights and his odd “I do want them to have success.”

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 18 Alaskan city
22 Chaotic hosp.
One Loss Won’t Sink a Season
14 15 16
areas
BY JARED DIAMOND from four teams to 12 this State. In 2022, Michigan
17 18 19 26 Biden, Pence year—and no school should handed them their first de-
and Harris, You can forgive Penn be happier about that than feat after five consecutive
20 21 22 23 for three State football fans for being Penn State. If these rules victories. The overall num-
unsure about how they had existed since the College bers are grisly. Penn State
24 25 26 27 27 See the sights should feel right now. Football Playoff’s inception under Franklin has gone 1-13
33 Hawaii’s They just watched their in 2014, Penn State would against teams ranked in the
28 29 30 team suffer a devastating have reached the postseason top five of the Associated
Mauna ___
20-13 loss to Ohio State on six additional times, the Press poll and 3-18 against
31 32 33 34 35 34 Propeller Saturday, dashing the third- most of any team in the opponents in the top 10.
shape ranked Nittany Lions’ sport. Next is Ohio State Against Ohio State, the Nit-
36 37 38 dreams of an undefeated with five extra playoff sea- tany Lions have gone 1-10
36 “Aw, shucks!” season and reigniting calls over that span.
sons—on top of the five
39 40 41 42 43 44 37 Made lovable for longtime head coach times the Buckeyes did get But this year, it’s possible
James Franklin to be fired there. Penn State, to this none of that matters. Penn
45 46 47 48 49 38 Is creative after yet another big-game point, has been shut out. State finishes its season
39 Fearsome letdown. All told, there are 26 dif- with winnable matchups
50 51 52 53 But as miserable as ferent schools who have against Washington, Purdue,
Amazon fish
things seem in Happy Valley, never gone to the playoffs Minnesota and Maryland,
54 55 56 57 40 Pounced the fact is that Penn State’s but would have in a world with the playoffs in sight.
on, as an national title aspirations are where 12 teams advanced. “Ninety-nine percent of
58 59 60 61 opportunity still alive. The Nittany Lions Ole Miss would’ve done it the programs across college
remain a strong contender four times, including last football would die to do
62 63 64 42 Modify again to qualify for the College season. Baylor, Florida, what we’ve been able to do
43 Home of the Football Playoff for the first Southern California, Utah in our time here,” Franklin
65 66 67 time in program history and Wisconsin all would’ve said. “But I also understand
Falcons
thanks to a new format that been there three times. when you’re in a place like
44 Spurs might benefit them more Since Franklin took over Penn State, there’s really, re-
CHRONO LOGIC | By Mike Shenk than anybody else. in 2014, the Nittany Lions ally high expectations.”
45 Wrap up
Across 30 Wall bracket 58 Bury 7 Bored “The reality of college have been defined by having After Saturday, it’s clear
for a torch feeling 46 Fourth-yr. football,” Franklin said, “is championship-caliber ros- Penn State hasn’t risen to
1 Cartography 60 Chronological students everything is still ahead of ters, only to embarrass meet those expectations.
creations 31 ___ Moines stretches, and 8 Witherspoon us.” themselves in the biggest Rather, the expectations
an alternative of “The 48 Grandson of
5 Trucker 32 Snaky The reason is that the moments. They were 6-0 last have been lowered to meet
title for this Morning 59-Down playoff field is expanding season before falling to Ohio Penn State.
talking to a swimmers
puzzle Show” 51 Peaceful
“good buddy,”
35 Gigantic 62 Barber’s 9 Annoying protest
e.g.
36 Intense brown offering problem 52 17-syllable
9 Congo basin
shade 63 Store with 10 Not well poem
mammal
39 Blueprint unassembled 11 Doing some 57 Composer’s
14 Force against furniture
good 41 Singer field work work
Bareilles 64 No further 12 Atonement 59 Adam’s mate
15 Sharpen than
42 Cleaning cloth 13 Apprehensive 61 Got together
16 Pompeo of 65 Despised
“Grey’s 45 Wicked Previous Puzzle’s Solution
Anatomy” people 66 They’re
S T O K E
R E G A D G T O
paired with C A R O L
E S E R A R A H
17 The 47 End for Japan bolts I B E R I
A O R I N A R M
president’s or Vietnam P O S S E
S S P I Z Z A Z Z
helicopter 67 Baseball’s I R T S
K I A R I A L
49 Ike’s WWII Musial O S E S T O U R C A N I
19 Unescorted command F D A K N O T N A P
Down MOMM Y B O O B O O
20 Eloquent 50 “I Got O T C S P A Y T A R
speaker Rhythm” 1 Spot to jot WR I T S P EW C H O C
lyricist 2 Greed N I N E S E R A E MO
21 Formerly A T A C AMA D I D D L E D
owned 53 Copying, in 3 Pittsburgh A G O A R I D C O U P L E
dish names team L E S R I N D K R AM E R
23 Hunk of gum A S H F A D S I N L E T S
54 Afternoon 4 Thin cut The contest answer is SECTOR. Each theme
24 Peach center answer word contains a majority of one letter:
refresher
SCOTT STUART/ZUMA PRESS

25 G or R, e.g. 5 Jeep model POSSESS, PIZZAZZ, MOMMY, BOO-BOO,

55 Setting of named for an ATACAMA and DIDDLED. Take the minority
letters in each word to satisfy another clue
28 Deck topper Japan and American (e.g., POE from POssEss answers 1-Across’s
Vietnam tribe clue of “Spooky author,” STOKER). The others
29 Squeeze are EGAD for OY, CAROLE for B.B., TOUR for
(out) 56 Gizmo 6 Halloween cry ILE, OWN for TCM and RICKI for PIA. In grid
order, the first letters of those answers spell
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. the contest answer. Penn State tight end Tyler Warner is tackled by Ohio State defenders in a 20-13 loss.
THE WALL STREET JOURNAL. Monday, November 4, 2024 | A15

OPINION
The Hemlock Election BOOKSHELF | By Tunku Varadarajan

Overheard
waiting
vote in 1992
to
there’ll be mass deportations.
Believe him. Detention centers
will be constructed, which the
ple in charge—the effete
elite—opening the border and
giving gifts to Iran. At least
peaked and are circling the
drain. Will a Harris adminis-
tration revive them? Will she
People-Smuggling
for either Bill
Clinton
George H.W.
Bush on Man-
or
press will immediately com-
pare to Nazi camps. It won’t
be pretty. Add tariffs and a
lower dollar in a misguided
Mr. Biden’s failed industrial
policy can be laid at the feet
of national security adviser
Jake Sullivan, who I suspect
see racism and toxic mascu-
linity everywhere? Put tam-
pons in boys’ bathrooms? Al-
low men to compete as
As a Way of Life
INSIDE
hattan’s Up- effort to help U.S. manufac- will have the ear of a Presi- women in the Olympics? The
VIEW
per West turing. Prices will go up. dent Harris. Meanwhile, Mr. right can be performative too:
Soldiers and Kings
By Andy
Side: “Looks Ms. Harris says she’ll give Trump’s decisions, it seems, Mr. Trump’s friend Kid Rock By Jason De León
Kessler
like you just money away in the form of shot up cases of Bud Light Viking, 400 pages, $32

A
have to hold tax credits, home subsidies with a Heckler & Koch MP5
your nose and vote.” To me, and higher minimum wages. Hold your nose and German submachine gun (so man named Kingston is a Honduran “guide” in Mex-
Tuesday’s election is worse: Believe her. Prices will go up. much for “buy American”) af- ico—a guía, in Spanish. That is, of course, the polite
rock meets hard place, a So- In 2026 maybe we’ll see a re- pick your poison. The ter Budweiser’s marketing de- way to describe him. Many of us would be inclined to
phie’s choice, pomposity ver- branding of the Dollar Store republic will survive partment had already shot it- regard him, instead, as a people-smuggler. His chosen pro-
sus progressive purgatory, un- to the Five Dollar Store. The self in the keg. fession is to help undocumented Honduran migrants tra-
rest versus economic decline. stock market may swoon on Trump or Harris. One thing is sure, the me- verse Mexico to the U.S. border. By any yardstick, he is a
Pick your poison. Let’s call larger federal deficits. dia doesn’t come off well. bad man. He beat a Russian almost to death in a Mexican
this the Hemlock Election. It’s vainglorious versus vas- CBS’s “60 Minutes” was bar and was deported from the U.S. for pistol-whipping
A friend told me, “I don’t sal, bouffant versus vacuous were often influenced by the caught editing an interview it someone in the Bronx, N.Y. And he’s a member of the Bloods
think I can take another four pantsuit. According to Mr. last person with whom he did with Ms. Harris in her fa- gang, which has infiltrated his ethnic group, the Garifuna—
years of Donald Trump clips Trump, dictators will bend the spoke. Oh, and Elon Musk may vor. Twitter ran wild with Afro-Hondurans descended from runaway slaves.
on the ‘Today’ Show, with knee to the great and power- oversee “government effi- “they’re eating the cats” until Kingston’s shadowy story—and that of a half-dozen other
that whiny voice butchering ful Donald. Wars will end. ciency.” I can’t wait for the JD Vance admitted to creating such guías—is told to us by Jason De León in “Soldiers and
the English language, com- China will cower. Doubtful. Twittersphere’s snarky judg- stories. Kings,” a book born of years of fieldwork. In 2009, Mr. De
plaining about what people Under Ms. Harris, expect a ment of his performance. Both candidates made mis- León, a Mexican-Filipino-American professor of anthropol-
think of him.” It’s hard to ar- Culture Club-like Kamala Cha- Economic illiteracy is bi- takes. Mr. Trump agreed to a ogy at UCLA, founded the Un-
gue. On the flip side, I don’t meleon, saying whatever’s partisan. Ms. Harris says she June debate with Mr. Biden, documented Migration Proj-
think I can take another four popular that day. Her flip- will “advance the first-ever leaving time after Mr. Biden’s ect, an organization that seeks
years of performative hand- flops on fracking, Medicare federal ban on price gouging disastrous performance to to “inspire positive social
wringing, like Kamala Harris’s for All and guns make John on food and groceries.” Price swap him out for someone change about migration issues
Columbus Day 2021 “shame- Kerry seem like the Rock of controls lead to empty with a chance to win. Ms. Har- globally.” He is the author of
ful past” speech to the Na- Gibraltar. shelves—ask the Soviets. Mr. ris picked Minnesota’s Tim “The Land of Open Graves”
tional Congress of American A President Harris will Trump suggests of the U.S. Walz instead of Josh Shapiro, (2015), in which he accused the
Indians: “Those explorers likely reduce defense spending debt, “Maybe we’ll pay off the leaving Pennsylvania’s crucial U.S. government of the “weap-
ushered in a wave of devasta- and continue to empower $35 trillion dollars in crypto. electoral votes up for grabs. onization of natural terrain” by
tion for Tribal nations—per- Iran. My real worry is weak- I’ll write on a little piece of Second-guessing will begin as funneling cross-border migra-
petrating violence, stealing ness—an international loss of paper, ‘$35 trillion crypto, we soon as a winner is declared— tion through the Sonoran Des-
land and spreading disease.” respect, much as a Bay of have no debt.’ That’s what I hopefully before New Year’s ert of Arizona. Many die from
How uplifting. Pigs-weakened John F. Ken- like.” Dumb and dumber. Day. Meanwhile, we have heat and dehydration, a deliber-
Under Mr. Trump, expect nedy led to the Berlin Wall. I You pick: performative or checks and balances. So go ate strategy, he argued, to dis-
me-me-me, mockery and mi- also fear a President Trump pretentious. Oppression-ob- ahead, hold your nose, pick suade migrants from coming to
sogyny. Under Ms. Harris, cli- coddling Vladimir Putin and sessed or obstinate. Fortu- your poison—our republic will the U.S.
mate craziness, wokey woo- backing away from Ukraine. nately, two progressive move- survive. And then vote early, Mr. De León’s interlocutors in “Soldiers and Kings” op-
woo and pronoun patrols. I Under a President Harris, ments—diversity, equity and but please (especially in Chi- erate mainly in Chiapas, a Mexican state on the border
don’t like either scenario. as under President Biden, inclusion and environmental, cago) not too often. with Guatemala, itself an impoverished country that lies in
Mr. Trump says if he wins, there will be mysterious peo- social and governance—have Write to [email protected]. between middle-income Mexico and destitute Honduras
farther to the south. Honduran migrants, writes Mr. De
León, risk assault, robbery, rape and murder to undertake

Puerto Rico Is a Political Football their odyssey to the U.S. They’re entirely at the mercy of
the guides and their bosses, many of whom are cold-
blooded thugs.
Puerto Rico’s Ocasio-Cortez (D., N.Y.) wipe away obligations to cred- tions dodge that heavy bur- We learn from Mr. De León that the most basic smuggler’s
per capita pounced. So did Kamala Har- itors, who had enabled its den. The rest take it on the “package” from Honduras to Houston can cost up to $15,000
gross domes- ris, Tim Walz and CNN. Within reckless spending. Downsizing chin. Small and medium-size per migrant. It involves more walking than riding; sleeping
tic product a couple of days, Puerto Rico and improving state services? local businesses make up beside railroad tracks or in jungle clearings; atrocious food
would make it was again playing its most Not so much. “over 95% of businesses in (often a diet of roasted iguana); and fetid “safe houses.” Only
the poorest useful national role for the Eight years later the O Puerto Rico.” The disincen- a fraction of the money handed over—as little as $200—ends
AMERICAS state in the parties: political football. board remains at the helm, tives to investment are many. up going to guías like Chino, Santos, Flaco, Papo and King-
nation. Its The cause of Puerto Rico’s because under the law its exit From creating a company ston, all of whom Mr. De León came to know as he embedded
By Mary
anemic econ- economic malaise is no secret. requires that the island gov- and hiring workers to regis- in this murky world. The rest goes to the cartels and gangs
Anastasia
omy has im- A dominant public sector, ernment be able to issue debt tering property and acquir- who control the people-smuggling routes.
O’Grady
pelled mil- born under New Deal central at reasonable rates again. ing an occupational license, Bribes also must be paid to the police in Honduras, Gua-
lions to leave planner Rexford Tugwell, has Puerto Rican government temala and, especially, Mexico, countries that pursue U.S.-
their families for work on the ballooned over decades. Pow- fails entrepreneurs. funded policies designed to turn people back well before
U.S. mainland. Neither of the erful special interests, notably Washington uses the The O board was tasked to they reach the very north of Mexico. Mr. De León is a man
two big political parties in organized labor, crony capital- restructure the debt of the of the left: He uses phrases like “deportation-industrial
Washington gives a hoot ists and a giant bureaucracy, island for virtue- electricity utility but its mess, complexes” and accuses “the Global North” of firing tear
about it except as a tool to drain resources from business signaling, mostly dating back almost a decade, gas and rubber bullets “at mothers holding their babies.”
virtue-signal—usually right and stand in the way of re- lingers. Citing Arizona State’s Yet he never mentions Donald Trump in his book, instead
before an election. shaping the economy toward at election time. “Doing Business North Amer- blaming the progressive Obama administration for putting
Comedian Tony Hinchc- something more dynamic. ica 2022” report, Mr. Carrión- in place antimigrant measures that impede the passage of
liffe’s reference to Puerto Rico A fiscal crisis can be a cata- Tavárez observes that “Puerto people to the U.S. border. These measures, he argues, em-
as “a floating island of gar- lyst for change. But not when That hasn’t happened because Rico ranked last in terms of power the people-smugglers, the only ones with the guile,
bage” at a Trump rally will Washington backstops the sta- credit-rating firms are waiting accessibility, reliability, and resources and contacts to evade the checkpoints along the
cost the former president tus quo. That’s what happened for it to get current on its au- cost of electricity.” These way. It’s nigh impossible to cross Mexico without a gang-af-
votes on Tuesday. How many in 2016, when Gov. Alejandro dited financial statements. troubles “discourage private filiated guide.
is hard to say. But if the elec- García Padilla, who had run up An Oct. 22 report from the investment and entrepreneur-
tion is as close as forecast it huge deficits, decided to stop San Juan-based Institute of ship and are an obstacle to
could turn out to be an un- servicing some of the island’s Economic Freedom shows how growth,” especially for small For a price, guides shepherd migrants heading
forced error that matters. debt. little of what matters to and medium-size businesses. north. The journey includes atrocious food,
Some Trump supporters ac- Since Puerto Rico, like the growth and development has San Juan ranks at rock bottom
cused critics of being humor- 50 states, wasn’t permitted changed. Ángel Carrión-Tav- among 83 U.S. jurisdictions fetid ‘safe houses’ and the risk of assault.
less. They point out that Mr. bankruptcy under the U.S. árez, the institute’s director of for ease of running a business.
Hinchcliffe also made crude code, creditors prepared to go research and public policy, The oversight board has
cracks about Jews, blacks and to court. The island govern- notes that the island “has the the authority to instruct While it’s easy to sympathize with migrants who flee
Hispanic culture more broadly. ment faced a reckoning. highest number of govern- Puerto Rico to clean up its in- crushing poverty and gang violence in Honduras, it’s harder
Bad taste and vulgarity are his But it was an election year. ment employees as a percent- efficient bureaucracies but to like the people-smugglers whom Mr. De León befriends
stock in trade. President Obama wanted to age of total employment” of hasn’t done so. Is it possible and with whom he wishes us to form a bond of empathy. He
That hasn’t cheered up save Mr. García Padilla’s polit- any U.S. jurisdiction. As of that its incentives don’t align asks us to accept that these men are desperate and to for-
Puerto Ricans. They’re proud ical interests. The Republican- May 2024, he writes, there with the interests of Puerto give them their trespasses; guides, after all, make a living as
of their beautiful homeland, controlled House buckled from were “166,122 jobs in state Ricans? In 2016 the Congres- best they can in an infernal milieu where there are no
culture and record of service the pressure. Congress crafted and local government, includ- sional Budget Office estimated saints, only survivors. “People are always criminalizing what
in the U.S. military. With hun- bipartisan legislation to allow ing career, confidential, and the board’s work, including we do,” says one guía, “but we are just working for our fam-
dreds of thousands of Puerto the commonwealth to restruc- other positions,” or “approxi- outside attorneys and consul- ilies.” And if the guides exploit the migrants they herd
Rican voters concentrated in ture most of its debt under mately 510 public employees tants, would cost $370 million through Mexico—making them pay more for food or shelter,
swing states, it’s surprising the guidance of a federal over- per 10,000 inhabitants.” over five years, charged back for instance, than the original deal had envisaged—they’re
Mr. Trump didn’t try harder to sight board. The “O board” According to Mr. Carrión- to Puerto Rico. To date it has at least making it possible for some people to escape.
reverse the damage. was charged with forcing Tavárez, “Puerto Rico has the cost $1.5 billion. That’s good But Mr. De León’s plainly stated recourse to “participant
Democrats were elated that lenders to take a haircut and second highest corporate tax work if you can get it. Why observation” and his stance of “cultural relativism”—strate-
Republicans had offended driving reform. rate in the world, at 37.5%.” end it? gies by which a researcher “hangs with” his subjects and
Puerto Rico. Rep. Alexandria Puerto Rico was happy to Some multinational corpora- Write to O’[email protected]. suspends normative judgment to ensure unimpaired trust
and abundant material—lead him to become much too close
to his subjects. He sentimentalizes the guides and confesses

This Isn’t Your Parents’ ‘Woodstock Weed’ to crying when he sees them in distress. He visits their fam-
ilies in Honduras. He gives them money, not just for beer,
food and marijuana but also for time-credit on their cell-
By Marc Siegel sponsible for spikes in anxi- legislators have debated how likely the amendment would phones, vital tools of the people-smuggler’s trade.

R
ety, depression and psychosis. high the THC concentration of reduce the drug’s illicit mar- Mr. De León’s narrative is based exclusively on what he’s
ecreational marijuana, But many of the states where marijuana should be—one ket. The American cannabis told by his subjects: men who have a vested interest in pro-
already legal in 24 marijuana is legal have very proposal allowed for products industry—valued at more than jecting onto themselves a certain incongruous nobility—for
states and the District limited THC-concentration re- to contain up to 60% THC $33 billion—spends millions how else do you save yourself from self-loathing other than
of Columbia, is on the ballot strictions. More pregnant content. This is a dangerous on lobbying every year, argu- by persuading yourself that what you do, however squalid,
this week in Florida, North women are taking the drug to amount and a far cry from the ing that legalized recreational is best evaluated by a broader utilitarian calculus? Put
Dakota and South Dakota. ease the symptoms of morn- 1% to 3% content of so-called use makes illicit use disap- plainly, Mr. De León isn’t skeptical enough of the hom-
With 70% of Americans now ing sickness, only to discover Woodstock Weed from the pear. The opposite seems to bres who become his homies.
favoring legalization, it seems 1960s and ’70s. be true: In California the ille- There is valuable material in his book. We learn at first-
to be only a matter of time The potential collateral gal market is thriving and hand how vulnerable migrants are to exploitation and how
before marijuana is legal na- Florida’s Amendment damage is enormous. We will pushes its more regulated le- near to social collapse their countries of origin. A town
tionwide. But “recreational” is see more car accidents, inju- gal competitors out of busi- called Tapachula, 12 miles into Mexico from Guatemala,
a misleading term to describe 3 would legalize pot ries and poisonings, as well ness. When users become de- teems with thousands of Haitians biding their time before
the drug, which is more dan- with dangerously high as emergency-room trips sensitized to the already-high they can afford to travel northward. “No disrespect to my
gerous than in the past. caused by psychosis, suicidal THC concentrates sold in the Mexican family and friends,” writes Mr. De León, “but s—
The chemical responsible amounts of THC. ideation and uncontrollable- legal market, a robust illegal has to be pretty unbearable in one’s home country if you’re
for most of marijuana’s psy- vomiting disorders. States market will be standing by to seeking refuge in Chiapas, the poorest state in Mexico.”
chological effects is tetrahy- where pot has long been le- fill demand. For all his sympathetic portraiture of people-smugglers,
drocannabinol, or THC. Chem- that the souped-up product gal, such as Colorado, Cali- If marijuana is to be legal- and his sensitive portrayal of dead-end life in Honduras, Mr.
ists have acquired the ability leads to preterm births, low- fornia and Nevada, have al- ized nationwide, policymakers De León’s analysis is undone by his own ideology. He con-
to hyperconcentrate the com- birth-weight infants and de- ready seen spikes in must pay closer attention to cedes that smuggling is “exploitative and violent” but insists
pound and enhance its effects, velopmental delay. cannabis-induced ER visits. and get more serious about that, even so, it is “not the problem.” Instead, the “mon-
leading to more-potent strains Other countries are aware Kamala Harris has prom- regulating THC content. Pub- strous injustices created by capitalism that drive migration
of cannabis. As the THC con- of these risks. Switzerland ised to legalize weed at the lic health will increasingly de- are the problem.” It’s ironic, then, that the people so cruelly
tent of a product increases, so limits the THC content in can- federal level, and Donald pend on establishing safer wronged (in his view) by capitalism are fleeing in the direc-
does the risk that it will im- nabis products to less than Trump recently endorsed limits. tion of a dreamland in el Norte whose bedrock is that same
pair functioning and cause 1%. In France, the limit is Florida’s Amendment 3. The confounding creed.
long-term harm to users. 0.3%. Compare this with Flor- Florida proposal’s potentially Dr. Siegel is a clinical pro-
Today’s marijuana products ida’s Amendment 3, which sky-high THC limit poses seri- fessor of medicine at NYU Mr. Varadarajan, a Journal contributor, is a fellow at the
are loaded with THC, which would decriminalize recre- ous health risks. Contrary to Langone Health and a Fox American Enterprise Institute and at NYU Law School’s
new research suggests is re- ational marijuana. Florida’s its supporters’ claims, it’s un- News senior medical analyst. Classical Liberal Institute.
A16 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Senate Stakes Can’t Get Much Higher Weighing the Risk of a Second Trump Term

T
he race for the White House has tight- opposite scenario, if voters give Mr. Trump the Your editorial asks an important policy. She is not prepared, by knowl-
ened again, if you can take more drama, White House. Under a GOP Senate, retirement question: “How Risky Is a Trump Sec- edge, temperament or experience, to
ond Term?” (Nov. 1). The short an- deal with the issues we will face.
as new polls show Kamala Harris gain- might start to look appealing to the Supreme
swer is: Way too risky for America. In Further domestic damage will de-
ing ground in the last week, Court’s oldest members, con- the time since Donald Trump’s first pend on whether Democrats control
including Wisconsin, Georgia A GOP majority could servative Justices Clarence term as president, his message to the Congress or not. Simply having the
and even Iowa. This marks a check Harris’s Thomas (76) and Samuel Alito people has gotten more divisive, dark White House held by Democrats, how-
good moment for a reminder (74). Liberal Justice Sonia So- and disjointed. ever, will lock in the ill-advised de-
of why this year’s U.S. Senate progressive deluge. tomayor is 70. In his first term, Mr. Trump had struction of our energy and transpor-
elections are unusually im- On the other hand, a Dem- many competent people in his admin- tation systems as well as other left-
portant. ocratic Senate would likely istration who acted as a guardrail wing crusades.
If the Vice President wins, while Democrats while away the next four years blocking any against his worst, most impulsive All in all, this is a very important
keep a Senate majority, the House stands a non-liberal appointment by Mr. Trump to re- ideas. Many of those people have election. Mr. Trump wouldn’t be my
good chance of going her way as well. After place a Justice. Today’s conservative High since come out strongly advising first choice, but Ms. Harris is my last.
against electing him for a second DANIEL MCKENZIE
that, the progressive deluge. Court majority looks more fleeting than Re-
term. If Mr. Trump is elected again, Denver, N.C.
She has endorsed overriding the Senate’s publicans imagine or Democrats fear. he will surround himself with loyal-
60-vote filibuster rule to enact a national abor- For two elections in a row, the GOP squan- ists who will do whatever they are The real risk lies in not repudiat-
tion law that in practice would go beyond Roe dered its Senate chances. After 2020, as Mr. told. This alone isn’t worth the risk ing Jan. 6. If concerted efforts to
v. Wade. Democrats in 2022 tried to bypass the Trump’s wild claims about voting fraud dis- of a second Trump presidency. change official election results
filibuster to nationalize election rules, includ- couraged GOP turnout, Democrats narrowly Two areas where this will be par- through nonjudicial means aren’t de-
ing on California-style ballot harvesting, but won runoffs for two Georgia seats. That’s what ticularly dangerous is the economy cisively rebuked—at the least, with
Sens. Joe Manchin and Kyrsten Sinema balked. made Chuck Schumer the Majority Leader and and foreign policy. His extreme tariffs never being elected again—other pol-
They’re retiring from Congress and were run prompted President Biden to dream that he and mass deportations will have far iticians will try it, and some will suc-
out of the party. could be the next FDR. Then in 2022 Republi- more negative effects than merely ceed. Once we lose the norm of set-
Sometimes Democrats claim they want cans racked up preventable losses by nominat- “introduce uncertainty.” Higher infla- tling election disputes peacefully
tion and lower growth are virtual cer- through the courts, we’ll descend into
only a few legislative filibuster “carve outs,” ing oddball candidates. tainties. His reckless handling of for- chaos.
but don’t be fooled. “The bill that gets around For the most part the party has done better eign policy and flirtations with ILYA SHLYAKHTER
the filibuster will be virtually certain to in- this year, and credit to Sen. Steve Daines, the murderous dictators should be dis- Belmont, Mass.
clude permanent reproductive rights, perma- GOP’s campaign chairman. The lobbying to qualifying alone.
nent restored voting rights, getting rid of cor- keep Rep. Matt Rosendale out of the Montana On the other hand, Vice President As the old lawyer’s adage goes,
rupting billionaire dark money, and Supreme race was crucial to setting up businessman Tim Kamala Harris will be a far more sta- “When you have the facts on your
Court reform,” Sen. Sheldon Whitehouse said Sheehy’s candidacy against three-term incum- ble alternative who will certainly sur- side, pound the facts; when you have
this summer. bent Democrat Jon Tester. round herself with qualified people. the law on your side, pound the law;
Then what? Making the District of Columbia On the other hand, Arizona Republicans KURT HAGEMEISTER and when you have neither, pound
and Puerto Rico states on a partisan vote by one might regret giving another shot to Kari Lake, Ann Arbor, Mich. the table.”
Ms. Harris is pounding the table.
party for its own political advantage? A union after her “stop the steal” antics and 2022 loss.
A Harris win would produce the RICHARD CHUPP
wish list? Those and more are likely, as Demo- Polls show her trailing, while Mr. Trump is up most immediate danger in foreign Evans, Ga.
cratic interest groups clamor to have their pri- slightly in the state. GOP Sens. Deb Fischer in
orities passed by a simple majority. Nebraska and Ted Cruz in Texas also might be
If Republicans retake the Senate, it will halt less safe than assumed.
this progressive vision to transform America, But Tuesday’s decisive action looks like it
at least for two years. Yet the margin also mat- might come in Pennsylvania, Michigan and
Has Harris Been Too Cautious or Too Radical?
ters, since the Senate’s electoral maps for 2026 Wisconsin, all of which have strong GOP can- Regarding your editorial “Harris As a member of the baby-boomer
and 2028 are more favorable to Democrats. If didates. How they perform at the ballot box Would Be a Fourth Obama Term” generation, I wholeheartedly relate to
the GOP comes out of Nov. 5 with 51 seats, it might set the tone for the next four years. (Oct. 31): Kamala Harris is an able the seniors abandoning Ms. Harris
will be a win, but that small majority might be Will the Supreme Court get younger conser- campaigner. Starting as an unpopular (“Older Whites Are Ditching Harris”
vice president with relatively few ac- by Mene Ukueberuwa, op-ed, Oct. 31).
hard to retain, and Democrats will see it as a vative Justices? Or will it be restructured to
complishments in or out of office, she Seniors are rejecting the Democratic
delaying action. What could change the story have 15 Justices? Voters in those three Great has forced former President Donald Party because the party abandoned
is a bigger Republican Senate victory. Lakes states might end up answering the Trump to up his game. She toyed them first. The party has moved dras-
Consider, too, the longer implications of the question. with him in debate, endured wither- tically to the left and become increas-
ing ridicule and kept her smile de- ingly autocratic with its Supreme

New York Bureaucrats Get Their Squirrel spite long hours on the road.
Ms. Harris makes two arguments
for her candidacy. First, she isn’t Mr.
Court reform initiatives and regula-
tory attacks on free speech and other
elements of the First Amendment.

N
ew York can’t keep the subways safe, seven years ago after the squirrel’s mother Trump. Second, she supports a Are we looking at a Harris adminis-
the mentally ill attack random pedestri- was killed. P’Nut has since become some- woman’s right to get an abortion. The tration with a Senate lacking the pro-
ans on the streets, and the Manhattan thing of a star on Instagram, Facebook and first echoes the Biden candidacy, but tection of the filibuster, a Supreme
wears thin after four years of media Court with 15 members, plus Califor-
district attorney won’t prose- TikTok. Mr. Longo published hyperbole. Both arguments may ap- nia liberalism, runaway spending and
cute many nonviolent crimes. State enforcers descend images of P’Nut behaving peal most effectively to professional open borders? For many, Ms. Harris’s
But house a pet squirrel, and
the state’s bureaucrats will
on a home with the pet more like a domesticated
house pet than a rodent in
women. brand of liberalism is too radical. It
The flip side is that Ms. Harris can’t be supported by the traditional
come down on you like you’re social-media star. the wild. shares the Democratic Party’s deaf Democrat.
a menace to society. The squirrel cops nonethe- ear when it comes to men, including LINDSEY LEE
That’s what Mark Longo less took custody of P’Nut and young black and Hispanic men. Young Burke, Va.
says happened to him when several govern- Fred and euthanized them to check for rabies men are the ones hurt most by com-
ment agents descended on his upstate Pine City after P’Nut allegedly bit one of the raiding petition from illegal immigrants and Teetering on the edge of retire-
home on Wednesday in a heavy-handed raid. agents on the hand. Mr. Longo told the Post he rising crime rates when police lose ment and living on a fixed income, I
support. If Ms. Harris performs can’t afford another four years of
Mr. Longo and his wife run a nonprofit animal- saw no evidence of the bite and that the agents
poorly among men, as polls predict, “progressive” government. The past
rescue operation. Two of their animal charges, wore heavy gloves. It is against state law to misogyny won’t be to blame. Thank- eight years have been a roller-coaster
a raccoon named Fred and a squirrel named keep a wild animal in a home without a license, fully, Ms. Harris is a quick study. If ride for my 401(k): with Mr. Trump to
P’Nut, were targeted by ever-vigilant agents but Mr. Longo said he tried to release P’Nut into elected, she is likely to be the most unexpected highs; with Mr. Biden to
from the state departments of Environmental the wild only to rescue him after he was at- presidential of recent presidents. the drubbing of the past four years.
Conservation and Health. tacked by other animals. STEPHEN W. HIEMSTRA MICHAEL J. BOMYA
“They treated me like I was a terrorist. They The P’Nut incident has exploded on social Centreville, Va. Wixom, Mich.
treated this raid as if I was a drug dealer. They media as an example of abusive government,
ransacked my house for five hours,” Mr. Longo and it’s hard to conclude otherwise if Mr.
told the New York Post. “They asked my wife, Longo’s account is accurate. The 34-year-old The Experts Owe Us More Than Their Politics
who is of German descent, what her immigra- had better watch out now that he’s gone public,
Kevin Hassett and Casey Mulligan’s growth effects of the Trump tax cuts.
tion status was. They asked if I had cameras in because there’s nobody more vengeful than a
exposé “Nobelists for Harris Are Un- But as stock-market advisers say, past
my house. They wouldn’t allow me to go to the bureaucracy that’s been embarrassed when its burdened by Proof” (op-ed, Oct. 30) performance is no guarantee of fu-
bathroom without a police escort, who then bullying zealotry is exposed. appears almost exactly four years af- ture results. Economists worry about
checked the back of the toilet to see if I was hid- Too bad for P’Nut he didn’t steal sundries ter a similarly prestigious and influ- the contrast between former Presi-
ing anything there.” from a drug store. He’d already be back safely ential group—of 51 former senior in- dent Donald Trump’s campaign prom-
Mr. Longo told the Post he took in P’Nut at home. telligence officials—circulated an ises for his next administration (high
open letter claiming that the release tariffs, mass deportations, slashed

Gavin Newsom Wants a Climate Bailout

of emails from Hunter Biden’s laptop government spending) and Vice Presi-
had “all the classic earmarks of a dent Kamala Harris’s muted remarks
Russian information operation.” After (pretty much a continuation of Presi-

T
uesday’s election appears to have nia? Answer: Its aggressive renewables man- circulating for months, creating incal- dent Biden’s policies).
culable political mischief, the claim— GARY CLYDE HUFBAUER
turned on an LED bulb switch in Sacra- date, which requires utilities to procure solar like the one described here—was re- Ranchos de Taos, N.M.
mento. Lo, California Gov. Gavin and battery power at higher cost. vealed to be false.
Newsom has discovered that California’s cap-and-trade It is not only disheartening. It is a
his state’s high electric rates The California Governor program also requires natu- national tragedy that our best and Report the News for a Change
are hurting Democrats and
now—get this—he wants
has a revelation about ral gas-fired plants to pay for
CO2 emissions permits. The
brightest are willing to cynically com-
promise their credibility and their
Jeff Bezos claims that “declining to
endorse presidential candidates” will
folks in Waukesha, Wis., to rising electric rates. state Public Utilities Commis- reputations in the service of a narrow
help show that the Washington Post,
pay for his state’s climate sion (PUC) says the program political agenda.
and the media in general, isn’t biased
folly. raises electric rates, though ROBERT L. MARSHALL
(Notable & Quotable, Oct. 30). I’d sug-
Electric rates in California have risen on av- customers receive biannual “climate credits” Newton, Mass.
gest it might be more effective for
erage by 57% in the last five years, more than on their bills to offset some of the program’s the media’s reporting to show a lack
The comparisons that Messrs. Has-
twice as much as nationwide. Enter Mr. cost—in April (when taxes are due) and Octo- sett and Mulligan offer between the
of bias. The media’s presidential en-
Newsom, who last week issued an executive or- ber (before elections). dorsements merely confirmed what
economic records of the Trump and
der to ensure “electric service remains afford- The PUC says the credit “helps to offset was otherwise evident.
Biden administrations are telling,
able, reliable, and safe for all Californians dur- [rate] increases while preserving the incentive JONATHAN BASTIAN
particularly with respect to the pro-
ing our clean energy transition.” Electricity now for customers to conserve energy and reduce Green Bay, Wis.
is neither reliable nor affordable. GHG emissions.” In other words, the purpose
It’s nice of Mr. Newsom to concede in his of cap and trade is to raise energy prices to Dangerous Questions for FBI
order a point we’ve made for years: “Califor- force people to use less energy. Elise Stefanik’s list of Iran-related
Pepper ...
nians’ electric rate increases have been Mr. Newsom now wants his energy commis- intelligence questions (“What Is the And Salt
driven largely by the cost of some programs sion to identify programs and regulations FBI Hiding About Iran?” op-ed, Oct.
THE WALL STREET JOURNAL
added over time, such as the subsidy pro- “that may be unduly adding to rates, for which 28) says a lot about how politicians
vided through the legacy Net Energy Meter- the electricity system benefits may not be jus- think. Many of the answers would
ing program for rooftop solar photovoltaic tified by the costs.” This applies to all of the provide adversaries an inside look at
systems.” state’s climate mandates and programs. our intelligence techniques. While Ms.
California’s net-metering program pays Unwilling to renounce climate religion, he Stefanik is welcome to do whatever
she wants to elevate herself in the
utility customers with rooftop solar panels for directs his regulators “to pursue any federal
public eye, doing it at the expense
excess power they generate and remit to the funding available to help lower electricity our national interest is why people
grid at retail rates, which are two to three costs for Californians.” That sounds like he have such a low opinion of Congress.
times as high as the wholesale cost of power. wants people in states with more sensible en- ERIC SANDBERG
The average utility customer without rooftop ergy policies to subsidize progressive lunacy. Tucker, Ga.
solar pays 10% to 20% of his electric bill to That’s what the Biden Federal Energy Regula-
subsidize rooftop solar customers. tory Commission is trying to do via a regula-
Letters intended for publication should
Mr. Newsom also singles out wildfire mitiga- tory back door. be emailed to [email protected]. Please
tion as a cost-driver. But other Western states It’s possible Mr. Newsom could get a job in include your city, state and telephone
must protect their grids from the same danger, a Harris Administration. Americans stung by number. All letters are subject to
and their electric rates are less than half of the surging electric rates these past few years, editing, and unpublished letters cannot
be acknowledged.
Golden State’s. What’s the matter with Califor- look out. It can always get worse. “Bill and I are readers.”
THE WALL STREET JOURNAL. Monday, November 4, 2024 | A17

OPINION

The ‘Live Free’ Election for Governor Trump Isn’t

By Jillian Lederman as mayor led to “over 2,000 units of
Perfect, but
housing” in development.
He’s the
A
Manchester, N.H. Between 2022 and 2023, New

CHARLES KRUPA/ASSOCIATED PRESS; ELIZABETH FRANTZ/REUTERS

ll politics is personal in Hampshire’s homelessness rate rose
New Hampshire. “The
running gag is, ‘Who are
you gonna vote for?’ ”
by 52%, the highest increase in the
country, according to the Department
of Housing and Urban Development.
Better Choice
says state Rep. Fred Douc- Though the increase occurred state-
ette. “ ‘Well I’ve only met this per- wide, it coincided with Ms. Craig’s By Nikki Haley

M
son three times, so I’ve still got mayorship of the state’s most popu-
questions.’ ” lous city. “I’m going to vote for Kelly illions of people love Don-
This year the Granite State fea- Ayotte because I can’t get beyond ald Trump, and millions
tures the only close gubernatorial what I experienced as a Manchester hate him. Each group will
race in the country. And little won- business owner,” says Jeff Foy, 58, vote accordingly.
der, because the state swings both who lives in Portsmouth. His office But there are also millions whose
ways. Its entire congressional dele- building was occupied by a homeless views on Mr. Trump are mixed.
gation is Democratic, and no Repub- encampment three separate times. They like much of what he did as
lican presidential candidate has car- Both candidates promise better treat- president and agree with most of
ried it since 2000. But the state Republican Kelly Ayotte and Democrat Joyce Craig. ment for mental illness and drug his policies. But they dislike his
Legislature is GOP-controlled, and abuse. Ms. Ayotte also stresses her tone and can’t condone his excesses,
Chris Sununu, who is in his fourth herded Justice Neil Gorsuch through More than half of New Hamp- support for law enforcement. such as his conduct on Jan. 6, 2021.
two-year term, is ranked the sixth his Senate confirmation. shire’s 1.4 million residents were Looming over these local issues is This third group of Americans will
most popular governor in the coun- New Hampshire law permits abor- born in another state, and Massa- the presidential election. Ms. Craig determine whether the former pres-
try. A scion of one of the state’s most tion without restriction up to 24 chusetts is the largest source. Jodi is happy to be associated with Ka- ident returns to the White House.
famous political families, he would weeks, and 74% of residents believe Nelson, 55, a GOP state representa- mala Harris, but Donald Trump is To that group, I’ll point out that
have easily secured a fifth term had it should be legal in all or most tive who moved from the Bay State more awkward for Ms. Ayotte, who Mr. Trump isn’t the only one on the
he sought one. He won in 2020 with cases, according to the Public Reli- to Derry in 2008, says her family withdrew her endorsement of him in ballot. This election isn’t a referen-
65% even as Joe Biden carried the gion Research Institute. Ms. Craig used to be “completely overtaxed.” 2016 after the “Access Hollywood” dum on him. It’s a choice between
state by more than 7 points. promises to repeal all restrictions Massachusetts’ total state and local video. This year she supports him him and Kamala Harris.
and to expand Medicaid to cover tax burden averages 8.6% of income, but tends not to emphasize it. In the I don’t agree with Mr. Trump
abortions. “We will always protect compared with New Hampshire’s Republican presidential primary, 100% of the time. But I do agree with
Libertarian-leaning New reproductive freedom,” she says dur- 5.6%. New Hampshire has no general which is open to independents, 43% him most of the time, and I disagree
ing a campaign event in Manchester. sales tax, and its only income tax is of voters opted for Nikki Haley, with Ms. Harris nearly all the time.
Hampshire picks between Ms. Hassan, also at the event, says in on interest and dividends and ex- whom Mr. Sununu endorsed. Chris That makes this an easy call. Here
Republican Kelly Ayotte an interview that “women’s freedom pires at the end of this year. Ager, chairman of New Hampshire’s are the facts most relevant to me.
is on the ballot.” New Hampshire’s Both candidates say they won’t Republican State Committee, says
and Democrat Joyce Craig. other U.S. senator, Jeanne Shaheen, implement any new sales or income the key to GOP victory in the state is
echoes the point. Gov. Josh Shapiro taxes, but Ms. Ayotte attacks Ms. appealing to “that pragmatic, fiscally If you like his policies but
(D., Pa.) came to Concord on Craig’s history: All six of her pro- conservative, non-ideological moder-
Joyce Craig, 57, a fourth-genera- Wednesday and called Ms. Craig the posed Manchester budgets included ate Republican.” are put off by his tone or
tion Granite Stater and former Man- “pro-freedom candidate.” tax increases. Ms. Craig is also Ms. Ayotte seems to be trying to his excesses, consider the
chester mayor, is vying to become Ms. Ayotte promises to veto any “open” to preserving the interest- do just that. Donors have showered
the first Democratic governor since bill tightening restrictions. But Ms. and-dividends tax, though she’d $21 million on her campaign, just cost of the past four years.
Maggie Hassan, who moved to the Craig says “we cannot trust what like to raise the threshold to “the under three times Ms. Craig’s $7.3
U.S. Senate in 2017. She’s running Kelly Ayotte is saying,” and some top 1%.” million. But it may all come back to
against Kelly Ayotte, 56, a Nashua voters agree. “I think she is duplici- Ms. Craig says she hasn’t heard abortion. Graciela Denis, 64, from Americans today on average face
native and former state attorney tous and is lying about how she will concerns about Massachusetts-style Manchester, is an independent voter some $13,000 in higher annual
general who served a term in the vote on reproductive rights,” says governance. “We have a lot of people who twice backed Ms. Ayotte for costs than they did four years ago.
U.S. Senate (2011-17) but narrowly Victoria Burke, 62, who lives in who live in New Hampshire and Senate but now supports Ms. Craig. Prices on nearly everything—food,
lost re-election to Ms. Hassan. Stratham. (Ms. Ayotte didn’t re- travel to Massachusetts to work, and “The big thing for me is women’s gasoline, utility bills, insurance—
New Hampshire’s motto is “Live spond to interview requests.) vice versa,” she says in an interview. rights,” she says. Dante Scala, a Uni- have gone up. This is the direct re-
Free or Die,” and both candidates Ms. Ayotte focuses on the con- “I look forward to working with all versity of New Hampshire political sult of the Biden-Harris agenda,
are appealing to that libertarian trast between New Hampshire and the governors in New England, be- scientist, says the race boils down to which stoked inflation and stuck
ethos. “The best thing going for liberal Massachusetts, encapsulated cause we have shared challenges.” a simple dichotomy: Ms. Ayotte says families with the bill. Americans
Kelly Ayotte is Chris Sununu,” says by her slogan, “Don’t Mass Up NH.” Housing is also top of mind. New “you can’t trust Craig with your are stuck with another bill, too: the
Jessica Taylor of the Cook Political In an October interview, she said: Hampshire has a 23,500 unit housing pocketbook,” while Ms. Craig says national debt. It has reached nearly
Report. “It’s Ayotte’s votes in the “Joyce Craig, she’s been campaigning shortage that is projected to rise to “you can’t trust Ayotte with your $36 trillion, thanks in part to Ms.
Senate, particularly on abortion, that in New Hampshire with the governor nearly 90,000 by 2040. Ms. Ayotte de- body.” Both can be understood as Harris’s tie-breaking votes on the
have hurt her the most.” Ms. Ayotte of Massachusetts. Higher taxes, fines her plan as “build, baby, build,” variants of “Live free or die.” grossly misnamed American Rescue
voted twice for bills that would ban higher crime, less personal freedom. promising to ease state permitting. Plan and Inflation Reduction Act.
abortion after 20 weeks, with excep- That’s not what New Hampshire Ms. Craig wants to change local zon- Ms. Lederman is a Joseph Rago Despite its title, the latter is still
tions. As a former senator, she shep- stands for.” ing rules. She says that her approach Memorial Fellow at the Journal. boosting inflation. Its estimated
price tag has more than doubled
since President Biden signed it,

The Biden Economy Is ‘Glorious’—if You’re Wealthy and it is funding projects that are
largely stalled. As president, Ms.
Harris would make America’s fiscal
“Irrational gloomi- income households might experience adviser Jared Bernstein proposed lower-income work less attractive. crisis even worse.
ness.” That’s how a wealth effect as their homes and in- broadening the Fed’s employment As inflation flared out of control, the Then there’s national security.
the Economist mag- vestments increase in value, while mandate to “make it more racially in- Fed eventually had no choice but to The Biden-Harris agenda has made
azine recently de- they also receive more interest and clusive” and correct “persistent eco- raise interest rates—and higher than the world far more dangerous. Our
scribed Americans’ investment income during periods of nomic injustice.” Mr. Biden endorsed it probably would have if it had southern border is our most press-
views of the econ- higher interest rates, all providing a a 2022 bill, which passed the Demo- acted sooner. Those most hurt by ing security threat; Mr. Biden and
omy. An outpouring stimulus for sustained levels of cratic House, that would have re- higher rates and inflation have been Ms. Harris have made it dramati-
LIFE
of similar commen- spending.” quired the Fed to use its monetary working-class Americans, including cally worse. Their debacle in Af-
SCIENCE
tary has blanketed Americans who own stocks are and regulatory tools to promote ra- minorities. ghanistan not only created a new
By Allysia
the liberal press. feeling good about the economy as cial equity. The well-to-do continue to spend terrorist state; it also signaled
Finley
The economy is they watch their 401(k)s and mutual As the Journal’s editorial board liberally as stock and home values weakness that sparked Russia’s war
“glorious,” toots funds grow. The S&P 500 index has warned in July 2020, “a racial-equity rise, which is what’s driving the econ- against Ukraine. Their appeasement
New York Times columnist Paul Krug- surged by some 50% since January mandate would give the Fed an ex- omy. Business and housing invest- of Iran has enriched that despotic
man. If you disagree, you’re a dense 2021. Ditto Americans who owned cuse to rarely if ever raise interest ment, however, are slowing. Con- regime and emboldened it to pursue
partisan who refuses to give President homes before interest rates rose in rates under any circumstances.” This sumer spending has accounted for war with Israel through its terrorist
Biden credit for anything. I’ve received 2022 and may have refinanced at his- is effectively what happened after the 79% of economic growth under Mr. proxies. And the administration’s
many emails to this effect. torically low interest rates. central bank adopted a “broad-based Biden, compared with 63% during Mr. weakness toward China has done
Mr. Biden’s economy has been glo- and inclusive” employment goal in Trump’s first three years in office. nothing to impede the communist
rious—for affluent liberals. It’s been August 2020. This means the current economic power’s expansion at our expense.
awful for the working class. Socio- Asset values have grown, As inflation surged in 2021, the expansion may not be broad-based or This is the world that Biden-Harris
economic disparities have grown in Fed cited higher unemployment rates durable. It’s certainly not inclusive. failures have given us in four short
recent years owing to the policies but the working class bear for minorities as an excuse not to Perhaps the liberal media realizes years.
that were supposed to shrink them. the brunt of inflated prices tighten. Chairman Jerome Powell told this and are preparing to blame any A Trump administration would
The well-to-do got wealthier while a House committee in June that the downturn on a President Trump. be different. It wouldn’t be perfect.
the rest got poorer. and higher interest rates. central bank was cognizant that “job- “The next U.S. president could inherit But I agree with Mr. Trump that we
Consider a Federal Reserve study lessness continues to fall dispropor- a booming economy,” read a CNBC need to keep taxes low and cut
last month, which examines socioeco- tionately on lower-wage workers in headline over the weekend. them more. I agree that we need to
nomic disparities in consumer spend- But others have seen inflation the service sector and on African One silver lining for Republicans if roll back trillions of dollars in spe-
ing between 2018 and 2024. Infla- erode their wages and spending Americans and Hispanics.” Kamala Harris wins: She will own any cial-interest handouts. I agree that
tion-adjusted spending grew at power. Those who can’t work from Blame the latter on lockdowns economic crack-ups that come during we need to expand American energy
roughly the same rate for households home are spending considerably and transfer payments that made the next four years. to empower our families and job
of different education and income more to fuel up. New home buyers creators while making us less de-
levels between 2018 and 2020. Then are spending thousands more each pendent on foreign energy.
differences emerged.
Working-class Americans sharply
boosted their spending in early 2021
month on mortgage payments than
those who bought homes before Mr.
Biden took office.
Day One Agenda: A Pardon I agree with Mr. Trump that
America should be strong—far
stronger than we are today. When
amid the gusher of transfer payments While pandemic transfer payments By Ira Stoll drop cases against Mr. Trump. he was president, Russia didn’t in-

A
but then also sharply cut back as in- such as sweetened unemployment Rule-of-law sticklers may fret vade another country, Iran was on
flation took hold. Americans with benefits and child tax credits fueled fter the past two bitterly con- about undercutting the principle its heels, China received serious
higher incomes and more education inflation, the Fed deserves some tested presidential elections, that no person is above the law. Yet pushback for the first time in de-
continued to increase their spending, blame too. The central bank went both winners immediately the pardon is part of our legal sys- cades, and our southern border was
even after adjusting for inflation. missing in action as inflation picked spoke of reconciliation. tem. The Constitution empowers the more secure. The world is unsafe
As a result, spending has in- up, perhaps because it was receiving “Now it is time for America to president “to grant Reprieves and under Biden-Harris, and we
creased 7.9% for those making less political pressure from Democrats bind the wounds of division,” Donald Pardons for Offences against the shouldn’t expect that to change un-
than $60,000 vs. 16.7% for those mak- not to raise rates, lest doing so hurt Trump said in 2016, promising to United States.” der a Harris administration.
ing more than $100,000 since Janu- minorities. “unify our great country.” The goodwill of a fresh start out- These are enormous policy dif-
ary 2018. Spending by Americans Democrats claim Donald Trump “I pledge to be a president who weighs any risk that pardons would ferences that will affect the lives of
who have attended graduate school will bully the Fed to keep rates low, seeks not to divide but unify,” Joe fuel cynicism about ruling elites tak- every American and much of the
climbed 19.4%, roughly twice as much but Mr. Biden and congressional Biden said in 2020. “It’s time to ing care of their own. A system in world.
as those who haven’t attended col- Democrats have attempted the same. put away the harsh rhetoric, to which politicians imprison their po- Will Mr. Trump do some things I
lege. The study posits that “higher- In June 2020, Mr. Biden’s economic lower the temperature. . . . We litical opponents—cheered on by don’t like in a second term? I’m
must stop treating our opponents crowds shouting “lock her up” or sure he will. If that was the ques-
as our enemy.” “lock him up”—erodes confidence. It tion before voters, then I imagine
The Trump and Biden adminis- makes America look more like a dic- Mr. Trump would lose. But that
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY trations both had successes, but tatorship, where prosecutions and isn’t the question in any election.
Lachlan Murdoch calming partisan tensions wasn’t prison terms are driven by partisan No politician gets everything right.
Executive Chairman, News Corp among them. In retrospect, Mr. Bi- whims rather than by established For those of us clear-eyed enough
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp den’s line is almost laughable, with rules, impartially applied. to see Mr. Trump’s flaws and honest
Emma Tucker Almar Latour Democrats now denouncing Mr. What better way to turn the page enough to acknowledge them, the
Editor in Chief Chief Executive Officer and Publisher Trump as a fascist. than by signaling that the new admin- question is whether we’re better off
Liz Harris, Managing Editor DOW JONES MANAGEMENT: This time around, the winner can istration will be one of grace and for- with his policies or his opponent’s.
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, go beyond rhetoric by promising, in giveness, of generosity of spirit? On taxes, spending, inflation, immi-
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief;
Executive Editor; Chip Cummins, Newswires; Jason P. Conti, General Counsel, Chief
the victory speech, pardons for the Post-inauguration, President gration, energy and national secu-
Taneth Evans, Digital; Brent Jones, Culture, Compliance Officer; Dianne DeSevo, Chief People other side. Trump could move on swiftly to rity, the candidates are miles apart.
Training & Outreach; Alex Martin, Print & Officer; Jared DiPalma, Chief Financial Officer; If Mr. Trump wins, that means mass deportations, or President Har- And Mr. Trump is clearly the better
Writing; Michael W. Miller, Features & Weekend; Artem Fishman, Chief Technology Officer;
pledging clemency for Hunter Biden. ris to going after corporate price choice.
Prabha Natarajan, Professional Products; David Martin, Chief Revenue Officer, Business
Bruce Orwall, Enterprise; Philana Patterson, Intelligence; Dan Shar, EVP, General Manager, The president’s son faces sentencing gougers. Or, preferably, to policies
Audio; Amanda Wills, Video Wealth & Investing; Ashok Sinha, Chief on federal gun and tax charges. that unite Americans with their suc- Ms. Haley was U.S. ambassador
Communications Officer; Josh Stinchcomb, EVP & If Ms. Harris wins, it means ask- cess. It would reassure the country, to the United Nations (2017-19),
Paul A. Gigot Chief Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page Sherry Weiss, Chief Marketing Officer
ing Joe Biden to grant Mr. Trump though, to pause first for a moment and governor of South Carolina
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
clemency, or issuing those orders of mercy. (2011-17) and a candidate for the
1211 Avenue of the Americas, New York, N.Y., 10036 herself once in office. She could also 2024 Republican presidential
Telephone 1-800-DOWJONES ask state and local prosecutors to Mr. Stoll writes at TheEditors.com. nomination.
 A18 | Monday, November 4, 2024 * * THE WALL STREET JOURNAL.

WORLD NEWS

U.K. Tories Tap Culture Warrior as Leader

Badenoch takes the honest,” she said after she ing asylum. est, the Tories have time to
was selected for the role fol- For some political analysts, regroup. And the incumbent
reins in the wake of lowing a ballot of Tory party Badenoch faces tension in try- Labour Party, which has a big
a disastrous election members. “Honest about the ing to win back the roughly majority, has had a difficult
fact we made mistakes and 14% of voters who voted for start to its tenure. Its popular-
for Conservatives honest that we let standards Reform without alienating ity has fallen since the elec-
slip. The time has come to tell centrist voters that also make tion and it has imposed the
BY MAX COLCHESTER the truth.” up a key part of the Tories’ biggest tax increase in a gen-
The former trade secretary, coalition. eration as it seeks to fix Brit-
The U.K. Conservative who was born in London but “All of this begs the ques- ain’s public services.
Party’s selection of Kemi spent part of her childhood in tion: Having won by appealing Badenoch made waves as a
Badenoch as its new leader on Nigeria, is known for her no- to the party members—who junior equalities minister un-
Saturday is a big bet that a nonsense, straight-talking are themselves to the right of der then-Prime Minister Boris
relatively untested conserva- style, which at times in the the average conservative Johnson, when she enraged

TAYFUN SALCI/ZUMA PRESS

tive culture warrior can reas- past has both energized and voter—whether she will then many on the left by endorsing
sert control over the right exasperated her Conservative tilt to the center or feel the a report challenging the no-
wing of British politics after colleagues. She first entered need to continue to play fur- tion that there was wide-
the party suffered a historic Parliament in 2017 and ther out to the right,” said spread institutional racism in
defeat in July’s election. quickly rose through the ranks Tony Travers, a politics pro- Britain. She has in the past
Badenoch, 44 years old, by championing Brexit and fessor at the London School of defended colonialism, saying
who is the first Black woman anti-woke policies. She suc- Kemi Badenoch campaigned to lead the Tories on a platform Economics. that good as well as bad
to lead a major political party ceeds former Prime Minister of redefining the Conservatives as a party of pragmatism. The outlook for the party things came out of Britain’s
in Britain, campaigned on a Rishi Sunak and becomes the Badenoch inherits isn’t rosy. empire. She has also weighed
platform of redefining the To- sixth Tory leader in eight Badenoch has argued La- known among the British pub- The Tory brand is damaged in on the gender debate, stat-
ries as a party of pragmatism years. bour’s approach is wrong- lic and so far not popular. after years of infighting over ing support for single-sex toi-
that cracks down on illegal The selection sets the stage headed. During her campaign, Only 12% of Britons have a fa- policy direction, poor manage- lets and domestic-violence
immigration, trims the state for an ideological battle over she said the British state had vorable opinion of her, accord- ment of Britain’s divorce from shelters for people who are
and embraces cultural conser- Britain’s direction. Badenoch become too big and unproduc- ing to pollster YouGov. the European Union and a solely biologically women. Her
vatism. faces a challenge on two tive. She also said that net- How she tackles Farage is drumbeat of scandals. The confrontational style contin-
While in government “we fronts: taking on Prime Minis- zero targets were harming less clear. Her views on immi- Conservatives have tradition- ued during her Tory leader-
talked right, but governed ter Keir Starmer, who is bet- economic-growth prospects. gration are less well-defined. ally been seen as the party of ship campaign, where she said
left,” she said recently, ex- ting on a big state and big She pledged to lay bare the She says Britain must do fiscal responsibility and bor- that maternity pay had gone
plaining why her party taxes to fix Britain’s woes, and trade-offs that are involved better to control its borders der control, but growth stag- too far.
slumped to its worst perfor- upstart politician Nigel Farage, with a small-state, lower-tax but has shied away from nated and a record number of “I will not stand there and
mance in 200 years against whose Reform UK party has government and be a leader pledging to pull the country migrants arrived under their let people punch me. If you
the Labour Party in the latest drawn millions of Tory sup- “who tells the truth because out of a European human- 14-year watch. swing at me, I will swing back.
general election in July. porters by promising a harder the truth will set us free.” rights convention to make it But with another election But I don’t look for fights,”
“To be heard, we have to be line on illegal migration. Badenoch is relatively little easier to deport people seek- not due until 2029 at the lat- she once said.

Nightmare Continues for Spain’s Flash-Flood Victims

BY CRISTINA GALLARDO

VALENCIA, SPAIN—When
residents of La Torre, a neigh-
borhood on the outskirts of the
city, managed to pry open a ga-
rage on Mariano Brull Street,
they were met with a tragic
scene—the bodies of eight peo-
ple, including one police officer.
The victims had rushed to
their cars on Tuesday evening,
as torrential rainfall began to
hammer the region, the police
said. Unable to leave in time,
they drowned when an unex-
pected deluge of muddy water
flooded the garage.
That night, some areas saw
more than a year’s worth of
rain in eight hours, bringing
devastation to mostly working-
class areas of the Valencia re-
gion, on Spain’s eastern coast.
Hundreds of rescue teams
have tried to drain water and
MANAURE QUINTERO/AFP/GETTY IMAGES

mud from underground ga-

rages in several towns south
of the city of Valencia. At least
214 people died in the floods,
211 of them in the region of
Valencia alone. Officials have
yet to disclose how many peo-
ple remain missing.
On Sunday, a crowd of en-
raged survivors in Paiporta, King Felipe VI of Spain, center, on Sunday was heckled by angry residents who threw mud and objects during his visit to Paiporta, which was hit hard by floods.
where more than 60 people
died, pelted King Felipe VI, the floods were “the worst tation because of a dam that out of the way. Books, chairs, Alejandro González man- government, more than 2,000
Prime Minister Pedro Sánchez natural catastrophe” in the was built after a 1957 flood beds, washing machines and aged to escape the flood Tues- vehicles have already been re-
and other government offi- country’s recent history. that killed 81 people. more were piled on the streets. day night with his two teenag- moved from the area, along
cials with mud and shouted Five thousand soldiers were In Paiporta, a town of Near Castañeda’s home, a ers, wife and dog. The family with tons of mud and debris.
“Killers!” during the first visit sent to the Valencia region on 27,000 people and the epicen- row of semidetached houses rushed to the second floor of Electricity has returned to
by the country’s leaders to the top of the 2,500 soldiers al- ter of the flooding, Mariana crumbled into ruins, unable to their apartment building in Pi- 94% of the households around
center of the suffering, the As- ready there. Sánchez said an Castañeda couldn’t hold back withstand the force of the del- canya, a town less than a mile Paiporta and Picanya, but au-
sociated Press reported. amphibious Spanish Navy ship tears as she recounted how uge. A large van was smashed from Paiporta. By the time the thorities are racing to restore
Daniel Treviño, a resident with operating theaters is set neighbors used a hose to pull into the first floor of a building. official flood alert hit his running water and about
of Xirivella, said most garages to arrive at the port of Valen- two elderly men to safety as Rescue workers carried several phone, he was hip-deep in 225,000 disrupted phone lines,
in his town remain filled with cia, joining about 400 military the rushing water threatened bodies out from the under- water. “We didn’t know this Sánchez said.
water. He fears that “quite a vehicles, 30 helicopters and to overtake them. ground garages on the street. was coming,” he said. More than 80 people in the
few” victims will be found in dozens of drones involved in “We’ve never seen anything Antibiotics and baby food Road traffic into Paiporta area were detained for looting,
the underground parking for the rescue operations. like this,” she said, pointing to were in urgent demand, locals and Picanya was restricted to which has contributed to emp-
the BonAire supermarket in “This is Spain’s biggest mil- a watermark about 6 feet high said. More than 70 pharma- ease the flow of emergency tying the shelves of several
the nearby town of Aldaia. itary deployment in peace- on the wall of her house, left cies in Spain were destroyed, vehicles and ambulances. Sev- supermarkets. Police officers
Rescue efforts are slowed by time,” Sánchez said. by the floods. “It’s going to most of them in the Valencia eral bridges in and around the stood watch on Saturday as
the time it takes to pump out He added that 12,000 vol- take years for our town to re- region, according to the World towns collapsed, forcing resi- long lines formed outside food
water and clear the mud. unteers traveled from the city turn to normality.” Pharmacy Council. dents from both places to walk stores and people waited
“I get goosebumps. I was of Valencia to the hard-hit The hardest-hit parts of Pai- As the mud dried out, peo- several miles to the city of Va- hours to get basic items.
lucky enough to withdraw my towns in the southern part of porta buzzed with activity on ple donned face masks to avoid lencia to buy brooms, shovels “I know there are severe
car just before the water ar- the region. While just a few Saturday, as thousands of resi- inhaling dust—and to prevent and other tools. The route is problems and shortages, and
rived,” he said. miles away, Valencia was dents, armed with brooms and contact with contaminated wa- dotted with destroyed cars. that we need to improve,”
Sánchez on Saturday said largely spared from the devas- shovels, pushed water and mud ter still flowing in some areas. According to the Spanish Sánchez said.

WORLD WATCH KASHMIR

Grenade Attack
JAPAN
Osprey Aircraft
MOLDOVA
Incumbent Wins
Injures at Least 9 Grounded Again Presidential Runoff
An assailant threw a gre- Japan has grounded its Pro-Western President
nade at a bustling market- fleet of V-22 Osprey aircraft Maia Sandu won a second
place in Srinagar, the main city again after an incident on Oct. term in a presidential runoff
of Indian-controlled Kashmir, 27 where one of the hybrid against a Russia-friendly op-
on Sunday, wounding at least helicopter-aircraft tilted unex- ponent, in a race that was
nine people, police said. The pectedly and hit the ground overshadowed by claims of
attack came a day after a sus- while trying to take off. Russian interference, voter
pected militant was killed in a The V-22 was taking part fraud, and intimidation in the
gunbattle in Srinagar. in the joint U.S. military exer- European Union candidate
Police said the attacker cise Keen Sword on the is- country.
hurled a grenade from a bridge, land of Yonaguni and carrying With nearly 98% of votes
apparently targeting a sta- 16 passengers, including counted in the second round
tioned paramilitary vehicle, in three U.S. service members. of the presidential race held
Srinagar’s main business cen- It was the first major inci- on Sunday, Sandu had ob-
ter, where thousands of people dent affecting Japan’s V-22 tained 54% of the total votes,
DAVID MBIYU/SOPA IMAGES/ZUMA PRESS

visit the Sunday flea market. fleet since a U.S. Air Force according to the Central Elec-
All of those wounded in Special Operations Command toral Commission, or CEC,
the attack were taken to a Osprey crash last November compared with 46% for Alex-
hospital, and reinforcements off the coast of Japan killed andr Stoianoglo, a former
of police and paramilitary sol- eight service members and prosecutor general who was
diers launched a search for led to a monthslong ground- backed by the pro-Russia
the attacker. ing of the entire fleet for Party of Socialists.
India and Pakistan each both Japan and the U.S. Turnout stood at more
administer a part of Kashmir, The Osprey in the latest than 1.68 million people—
but both claim the territory incident was able to land and about 54% of eligible voters,
THOSE MAGNIFICENT FOLKS IN THEIR DRIVING MACHINES: Cars made before 1905 in its entirety. no one was injured. CEC said.
traveled through London on Sunday during the 60-mile annual Veteran Car Run to Brighton. —Associated Press —Associated Press —Associated Press
 BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.

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Monday, November 4, 2024 | B1
NIKKEI 38053.67 À 0.37% See more at WSJ.com/Markets

Tech Strike
Harley Tries to Calm Irked Dealers Threatens
Motorcycle sellers
have criticized the
New York
company over lower
profits and sales
Times on
BY JOHN KEILMAN Voting Day
A black SUV pulled up to Elk
River Harley-Davidson in Oc- BY ALEXANDRA BRUELL
tober and delivered an embat-
tled visitor: the motorcycle The New York Times’ long-
maker’s CEO. running labor dispute with its
For months, Jochen Zeitz technology staffers is reaching
has confronted growing criti- a breaking point, with a poten-
cism from Harley dealers over tial Election Day strike threat-
slow sales and shrinking prof- ening to interfere with the
its, and he was traveling to newsroom’s ability to cover the
meet some dealers face to face. closely watched presidential
Dressed in jeans and a Harley- race.
branded flannel shirt, Zeitz Some executives and jour-
chatted with dealership owner nalists at the paper are worried
Jason Bremer about the busi- that a walkout by members of
ness, including Harley’s efforts the 600-person technology
to reduce the cost of entry- workers’ union could disrupt
level bikes. publishing and the quality of
“How do you feel about the election-coverage tools avail-
new pricing?” Zeitz asked. able to subscribers on a day
NICOLE NERI FOR WSJ

“I think it’s beneficial,” that traffic is expected to

Bremer replied. But he also had surge.
a concern: His dealership’s “We have made it clear that
profits are the lowest they have we need to reach an agreement
been during his 25 years in the before the election in order to
business. Jochen Zeitz, the motorcycle maker’s chief executive, has been traveling to meet some Harley-Davidson dealers face to face. avert a strike,” the Times Tech
Elk River was Zeitz’s final Guild’s bargaining team wrote
stop in a day spent calling on tough time for all power-sports Harley-Davidson motorcycle retail sales Share price, over the past year in a letter to the paper’s board
Minnesota dealerships. While manufacturers as high borrow- 350,000 $45 of directors, urging them to in-
he said he often makes such ing costs and low consumer U.S. Rest of world tervene.
visits, these came as relations confidence hamper sales. Har- 300,000
The Times Tech Guild has
have grown frosty between ley is easing shipments, offer- February 2020: been holding meetings and ral-
Harley and its network of more ing promotional help and tak- Jochen Zeitz 40 lies in recent weeks to make its
250,000 becomes CEO
than 500 U.S. dealerships. ing other steps it says will help case, including a Saturday
Over the summer, a power- dealers. demonstration in Brooklyn’s
200,000
sports group that represents “I’ve got a lot of support Grand Army Plaza, where
the owners of more than 200 35 workers passed out fliers and
from dealers that have called
150,000
Harley dealerships outlined or written to me,” Zeitz said in chanted “no contract, no
grievances that ranged from an interview. “They’re usually code.”
unrealistic incentive plans to the dealers that wouldn’t speak 100,000 A spokeswoman for the
30
mandatory building upgrades. up because it’s the negative Times called the election dead-
A nearly monthlong pressure voices that want attention.” A 50,000 line timing “arbitrary” and said
campaign over diversity, equity spokesman said the company that it “feels both unnecessary
and inclusion issues prompted doesn’t view the power-sports 0 25 and at odds with our mission.”
one dealer to call for Zeitz’s group as official and engages 2006 ’10 ’15 ’20 Jan. 2024 June Nov. A representative for the tech
resignation. A Baird survey with a separate council of deal- Sources: the company (sales); FactSet (share price) guild didn’t immediately re-
published in October found ers. spond to a request for com-
dealer sentiment to be the low- The root of the tension con- pany-imposed expenses and ness position,” said David Pear- said his profits are one-third of ment.
est on record. cerns profitability. Harley’s unsold bikes for which they son, a former Harley dealer what they were a decade ago. The union spans software
Zeitz, who has led Milwau- margins have risen during must pay interest. who is now a power-sports He said he is considering can- engineers, data analysts and
kee-based Harley since 2020 Zeitz’s tenure, while some deal- “Margin erosion is so signif- consultant. celing his order for next year’s project managers, technology
and served on its board for 13 ers say their profits have with- icant that it’s really put a lot of Mark Forszt, who owns six bikes because he already has workers who have helped the
years before that, said it is a ered, partly because of com- dealers in a challenging busi- Harley locations in Indiana, Please turn to page B2 paper transition to the digital
era. The Times is working to
expand its digital subscriber

China’s EV Makers Set Sights on Latin America

base, pushing a bundle of apps
including its core news, games
and cooking offerings, as well
as the Athletic and consumer
review site Wirecutter.
BY SAMANTHA PEARSON But things are looking up deepening trade tensions. “It’s a big paradigm shift,” imported cars given license The standoff ahead of Elec-
these days in Camaçari: The Latin America and the Ca- Ricardo Bastos, Great Wall’s in- plates during that period, ac- tion Day is a test of a relatively
CAMAÇARI, Brazil—When Chinese are here. ribbean—home to about 650 stitutional-relations director in cording to the Brazilian Associ- young union’s strength, and
Ford Motor shut its factory BYD, one of the world’s big- million people and much of the Brazil, said in an interview. ation of Automobile Importers adds complexity to an already
here in 2021 after more than a gest electric-vehicle producers, lithium that EV makers need “These were two factories that and Manufacturers. That is high-stakes stretch for the
century in the country, Uelcson bought the abandoned plant for batteries—are among the produced combustion vehicles, more than eight times the newspaper. Without technology
Alves and the automaker’s last year and is rapidly trans- markets at the top of the list. they shut down operations and number of BYD cars registered workers, Times staffers say the
thousands of other workers in forming the 1,100-acre plot on BYD said it is thinking about everyone was fired, and now for use in the same period last paper could struggle to fix po-
this once-thriving Brazilian Henry Ford Avenue into its building a plant in Mexico, they will be reopened to pro- year. The figures don’t include tential bugs or update content
town panicked. Latin American hub. where some 10% of new-car duce new technologies.” popular brands such as Fiat, from more-sophisticated tools
“It was devastating. Stores Largely shut out of the U.S. sales are Chinese brands, while Home to more than 200 mil- which is owned by Stellantis like “The Needle,” a tool that
started closing and then health and facing punitive tariffs in also rapidly expanding its fleet lion people, Brazil is already and produced in Brazil, and predicts who will win the elec-
clinics and schools,” said Alves. Europe, Chinese makers of of electric buses from Colombia BYD’s biggest auto market out- which saw some 370,000 of its tion based on early returns and
It was the middle of the pan- electric and hybrid vehicles to Chile. Other Chinese compa- side China, Alexandre Baldy, vehicles registered during the that is updated as information
demic, and his family, like have flooded Latin America nies, such as Great Wall Mo- BYD’s senior vice president in same period. rolls in.
many others, suddenly had no and other regions with cheap tor, also are moving to Brazil, Brazil, said in an interview. “Brazil has positively sur- The paper has “robust plans
health insurance, he said. The cars after ramping up produc- taking over a Mercedes-Benz Brazil put some 51,000 BYD prised us,” said Baldy. Costing in place to ensure that we are
town’s streets became empty tion at home—a strategy that plant that was abandoned after cars on the road between Janu- close to $1 billion, the Camaçari able to fulfill our mission and
as many families simply left in threatens some of the world’s the German company ceased ary and September this year, plant will begin operating in serve our readers,” the Times
search of work elsewhere. largest automakers at a time of car production in the country. accounting for about 72% of all Please turn to page B4 Please turn to page B2

‘Whiskey Fungus’ Has INSIDE An Industry Dispute Is Poised

Resort Town Divided To Shake Up Home Listings
BY SAABIRA CHAUDHURI stains on buildings and plants.
The neighbors believe Wig- BY NICOLE FRIEDMAN
As whiskey ages, a small gly Bridge’s expansion will
amount evaporates, a loss that cause mold similar to fungus The National Association of
has long been poetically called seen near warehouses owned Realtors’ landmark settlement
the “angels’ share.” But in the by whiskey giants such as Dia- is changing the way homes are
EILEEN T. MESLAR/CHICAGO TRIBUNE/ZUMA PRESS

resort town of York, Maine, geo, Brown-Forman and Beam bought and sold. Now, another
residents see the vapor as far Suntory in Scotland, Tennessee BANKRUPTCY industry dispute threatens to
from romantic. and Kentucky. Though the fun- Bar-and-grill chain shake up how homes are listed
At a town meeting last year, gus has no known health ef- for sale.
Beth Downs held up photos fects, the residents fear it could
TGI Fridays files A rule implemented in 2020
from Tennessee and Kentucky, cause property values to drop, for chapter 11. requires most real-estate
showing stop signs and trees as well as hurt tourism in a B2 agents to add listings into lo-
covered in an ugly black mold town that draws visitors to its cal databases known as multi-
called whiskey fungus. sandy beaches, eclectic gift ple-listing services within one
“This could be York,” the 61- shops and whitewashed light- business day of publicly adver-
year-old resident warned the house, which locals affection- tising the listing.
room. “This is what happens— ately call “Nubble Light.” Advocates say the rule,
we know this, we’ve seen it.” “I don’t think vacationers known as the clear coopera- The dispute reflects a wider disagreement on what role the
For the past two years, bat- want to see whiskey fungus tion policy, makes the housing National Association of Realtors should play in setting rules.
tle lines have been drawn in staining as they arrive at their market more transparent by
this coastal town of some summer homes,” said Downs, a putting available homes in one ment’s antitrust division is in- and Anywhere Real Estate
13,000 people. In one camp is a retiree. place. The goal of the rule was vestigating the policy, and a proposed making it more le-
family-owned business—Wiggly For their part, the Woods to reduce the number of home lawsuit against NAR regarding nient.
Bridge Distillery—which wants family who own Wiggly Bridge listings that are shared pri- the rule is scheduled to go to The advisory board decided
to age its whiskey for longer in said it ages a small amount of vately with a select group of trial in late 2025. not to take any formal action.
hopes of improving its flavor. whiskey and that it is being un- BUSINESS NEWS buyers or agents, known as A NAR advisory board con- The organization will continue
In the other are hundreds of fairly conflated with enormous Warren Buffett’s pocket listings. sidered proposals regarding to evaluate the policy while
residents worried about the distillers. “People made it But opponents say the rule the clear cooperation policy at considering ongoing litigation
implications of whiskey fungus, sound like we were turning the
Berkshire Hathaway limits sellers’ options for how meetings in September and and Justice Department inves-
in which ethanol vapors turbo- town black,” said 37-year-old pares its stake they can market their homes October. Compass proposed to tigations, a spokeswoman said.
charge a species of fungus Amanda Woods, whose hus- in Apple. B3 and puts brokerages at risk of repeal it, Zillow Group pro- Most home sellers want to
called Baudoinia, leaving black Please turn to page B2 lawsuits. The Justice Depart- posed making the rule stricter Please turn to page B9
B2 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A
Adidas..............................................B5
Deckers Outdoor.....................B5
F
Nvidia................................................R2
O
TGI Fridays Files for Bankruptcy
Aker Solutions..........................B3 Ford Motor...................................B1 On Holding...................................B5
American Express..................B3 BY SOMA BISWAS vate-equity firms TriArtisan
G Q and Sentinel Capital Partners
Anywhere Real Estate.......B1
Goodyear Tire & Rubber.R2 Quarter Pine Tree FarmA12 Restaurant chain TGI Fri- since 2014. TGI Fridays in 2017
Apple.................................................B3
Great Wall Motor...................B1 days filed for bankruptcy pro- entered into a complex financ-
B R ing deal linked to its franchisee
tection, citing a problematic
H
Bank of America.....................B3 Redfin...............................................B9 capital structure and fallout royalties, and visits to the com-
Berkshire Hathaway............B3
Harley-Davidson.......................B1
S from the Covid-19 pandemic. pany’s locations have declined
Blue Owl........................................B8 I The Texas-based bar-and- as consumers sought out
SBC Communications.........R2 newer alternatives.
Boeing...........................................B10 Iconiq Capital.............................B8
grill chain, which for years has
Seven & i....................................B10 been shedding sales in the U.S., The chain’s U.S. sales de-
BYD.....................................................B1 IPI Partners.................................B8
Stellantis.........................................B1 filed for chapter 11 bankruptcy clined to $728 million last year,
C Iron Point Partners..............B8
Saturday in the U.S. Bank- down 15% from the prior year,
T
Casey's General Stores..B10 J ruptcy Court in Dallas. TGI Fri- according to data provided by

NATE RAYMOND/REUTERS
The New York Times..........B1
Coca-Cola.......................................B3 JPMorgan Chase..........B3,B10 days has lined up a loan from market research firm Tech-
W the Bank of San Antonio, its nomic.
Compass..........................................B1 M-N
Costco Wholesale...................A1 Wells Fargo.................................B3 lender, to provide funding The chain also has been
Meta..................................................B3 while it is in bankruptcy, ac- closing stores in the U.S. It op-
D Microsoft.....................................B10 Z cording to a court filing by the erated 292 locations last year,
Dandi Fertility...........................B4 Nike....................................................B5 Zillow Group................................B1 company. 11% less than in 2021, accord-
“The primary driver of our The chain has been shedding sales in the U.S. for years. ing to the company.

INDEX TO PEOPLE financial challenges resulted

from Covid-19 and our capital
structure,” said Rohit Mano-
operations, which are indepen-
dently owned and operated,
forced to close locations be-
cause of the pandemic, accord-
In June, the company’s inde-
pendent auditor said TGI Fri-
days was running out of funds
B H Pearson, David...........................B1 cha, co-founder and managing stayed out of bankruptcy, as ing to an analysis of Bankrupt- to meet its debt obligations.
director of TriArtisan Capital well as TGI Fridays Franchisor, cyData.com records. Restaurant TGI Fridays has appointed
Baldy, Alexandre......................B1 Heitz, Ilmarin.............................B5 Plotch, Cynthia.........................B4
Advisors and executive chair- an affiliate that owns the com- bankruptcies this year have in- Kyle Richter of consulting firm
Powell, Matt...............................B5
Ballbach, Eric.............................A9 Herzberg, Raaz......................B10 man of TGI Fridays. The Wall pany’s brand and related intel- cluded sit-down chains such as Berkeley Research Group as
Bartasi, Gina..............................B4 Hofmeister, Ann......................B2 R Street Journal reported last lectual property. Red Lobster and fast-casual chief restructuring officer, the
Bastos, Ricardo.........................B1 K Richter, Kyle................................B2 week that the chain was near- Bankruptcy filings by res- concepts like Tijuana Flats and company’s court filings show.
Bonadio, Anthony...............B10 ing a bankruptcy filing. taurant chains and operators Roti. Ropes & Gray and Foley &
Kantor, Rob..................................R2 Rozenblit, Igor...........................B9
TGI Fridays operates 39 this year are on track to hit the The chain, known by its tag- Lardner are serving as bank-
Bossio, Beth.............................A12 S
Kent, Jake.....................................B4 company-owned U.S. restau- highest levels in decades out- line “in here, it’s always Fri- ruptcy counsel to the com-
Bremer, Jason............................B1
M Salameh, Riad...........................A8 rants. All the chain’s franchised side of 2020, when many were day,” has been owned by pri- pany.
C Streeter, Susannah...............R2
Malik, Saira.................................R2
Chopra, Rohit.............................B3 V
Maloney, James.......................B9
D Mignot, Martin......................B10 Voelchert, Johannes............B5
Dennis, Florence.......................A1 N Y
F Norwood, Jamie......................B4 Young, Ken...................................B9
Forszt, Mark................................B1 O-P Z
G Obiri, Hellen................................B5 Zeitz, Jochen...............................B1
Ghiya, Maneesha....................B4 Park, John.....................................A9 Zhu Feng.......................................A9

Tech Strike union previously sought a re-

quirement that the company
use unscented cleaning sup-

Threatens plies and offer a pet bereave-

ment policy that included a
leave of up to seven days,

The Times though it has since backed

down from those demands.
It also asked to be informed
of any letter to the editor that
Continued from page B1 would mention a staffer by
spokeswoman said. name, and for the right to re-
The technology workers’ quest that the letter not be
union says it is fighting for fair published. That requirement,
wages, greater job protections which also has been with-
and benefits that support drawn, was deemed by some as
work-life balance, such as the having inappropriately crossed
ability to work remotely full a line into editorial affairs.
time. Times executives say Some Times newsroom LUCY LU FOR WSJ (2)
workers represented by the staffers support efforts to
union, which hasn’t had a con- unionize but are upset that the
tract since it was formed in Times Tech Guild could jeopar-
2022, are among the highest dize coverage on one of the
paid at the company and enjoy most important news days of York, Maine, residents are set to vote on an ordinance that would hit David and Amanda Woods’ Wiggly Bridge Distillery.
generous time off and insur- the year and think the group
ance coverage, as well as other
benefits.
Most employees in the tech
should give priority to serving
readers.
The potential union strike
‘Whiskey destrian suspension bridge that
is said to be America’s small-
est—could age its whiskey for
union receive pay of more than
$100,000, and average compen-
sation, including bonus and re-
follows years of tense interac-
tions with management over
the tech group’s efforts to
Fungus’ longer.
Neighbors said they noticed
black stains on the distillery
stricted stock units, is
$190,000, according to a Times
spokeswoman. That figure is an
unionize. Times management
resisted the move by tech
workers to organize and de-
Splits Town and a building next door and
fear an expansion could cause
the fungus to spread.
average of $40,000 more than clined to voluntarily recognize Their case was bolstered by
members of the Times’s jour- the new union, arguing that a Continued from page B1 a town-commissioned Univer-
nalist union, she said. tech union would be an un- band and father-in-law run the sity of Maine study that con-
Times leaders also have proven experiment that could distillery. “For a time I felt ter- cluded it was “highly likely”
bristled at the nature of some compromise collaboration and rible even walking into our lo- that Wiggly Bridge was the
of the guild’s requests. The experimentation. cal grocery store because I was source of “a significant cluster
concerned people hated us.” of whiskey fungus spores” on
the distillery.

Harley Aims discounting, so Harley has cut

shipments to allow inventory
to normalize. The reduced
Widespread problem
The spat is emblematic of
Two months later the
Woods family’s application to
expand was denied.

To Soothe shipments contributed to the

company lowering its revenue
and profit guidance in late Oc-
battles playing out elsewhere,
potentially resulting in limits
on where and how distillers
moved away.
“We had to sell the property
tion.”
In York, yard signs for and
Then this past July the fam-
ily put in another application.
This time it asked to build just

Its Dealers tober.

Harley also is giving dealers
extra marketing development
age their products. In Scotland,
a couple is seeking damages
from Diageo over fungus stain-
because it was being de-
stroyed,” she said. “You can’t
have a wedding venue if every-
against Wiggly Bridge dot the
town’s well-manicured lawns.
Barbs have been traded on
one new rickhouse, saying this
wouldn’t be used to age spirits
but rather to store grain and
money, lowering the number of ing their home, which they say thing looks dead.” Facebook and in town meet- glass. The application was ap-
Continued from page B1 bikes they must sell to earn in- has been caused by the com- A spokeswoman for Brown- ings. Downs visited the local proved last month.
too many 2023 and 2024 mod- centives and offering dealer-ex- pany’s nearby whiskey ware- Forman said the angels’ share police station to explore filing a The neighbors called for the
els. Forszt blamed Zeitz, who clusive apparel. Dealers have house. A court case is sched- is “just one of microflora’s harassment complaint after an November referendum because
rose to prominence turning complained that Harley’s online uled for next year. many food sources.” Available opponent took photos of her. they believe Wiggly Bridge will
around Puma, the German store has cut into their own The Johnnie Walker maker information indicates it isn’t Dave Razzaboni, 47 years apply to change the rickhouse’s
sportswear maker. Forszt said clothing sales and showroom disputes the couple’s claim and harmful and can be removed old, knocked on doors this use so it could be used to age
Harley’s leadership lacks a his- traffic. notes that exterior blackening through pressure washing, she summer to get signatures for a whiskey. “As a small business
tory with the brand’s unique A company spokesman said exists on properties across added. petition demanding the town we’re not sure what the future
culture. dealer sentiment is improving, Scotland. “Blackening is depen- Fungus has been found to vote on a proposed ordinance holds but our intention is to be
Zeitz said that before high and that following a recent fo- dent on many different envi- thrive near distilleries that requiring any new distillery able to age spirits longer,” said
interest rates constrained de- rum, 73% of dealers surveyed ronmental factors and it is very make various liquors. In 2022, production or aging buildings Amanda Woods.
mand, dealers enjoyed some of rated Harley’s efforts as good difficult, if not impossible, to Diageo agreed to pay residents be banned within 400 feet of a The Woods family recently
the highest profits they have to excellent. He said dealership say that it is caused by any sin- of St. Croix, in the U.S. Virgin residence. Razzaboni, who lives commissioned a rival study
ever seen. One of the Minne- closures are at a normal level gle environmental factor,” said Islands, more than $10 million near Wiggly Bridge Distillery, from a University of Hampshire
sota dealers he visited, Ann compared with prior years. a spokeswoman. after they said rum fungus said potential property buyers researcher. It showed that
Hofmeister, re- Bremer, the In Moriah, N.Y., WhistlePig caused by its operations had could be put off by the specter whiskey fungus wasn’t de-
called bikes fly- owner of Elk Whiskey recently agreed to damaged their homes and fruit of whiskey fungus. tected within roughly a mile of
ing out of the River Harley- powerwash residents’ homes trees. “It’s the fear of the un- the distillery, which they attri-
showroom dur- Harley’s Davidson, cred- after state environmental offi- known,” he said. bute to the relatively small vol-
ing the days of margins have ited Zeitz’s cials concluded that ethanol
Reputational worry
The proposed ordinance— ume it produces. Amanda
the pandemic. team for being emissions from its warehouses which also says distilleries Woods said the study shows
“People didn’t risen, while more accessible were contributing to black fun- The industry also fears rep- must be located 200 feet from the distillery isn’t creating
care what color than prior exec- gus. The distillery said it ad- utational damage. Last year the any lot boundary—will go be- whiskey fungus.
it was or any-
some dealers’ utives. He also heres to regulations. “Vapors Scotch Whisky Association suc- fore voters on Tuesday. If ap- James Scott, a professor at
thing,” said Hof- have withered. agreed with one break down very quickly in am- cessfully lobbied the Scottish proved, Woods said it could the University of Toronto’s
meister, whose controversial bient air and the distance they government to water down lan- cripple Wiggly Bridge’s pros- Dalla Lana School of Public
Faribault, Minn., Harley initia- could potentially reach is very guage in a report the govern- pects since the distillery could Health and an expert on whis-
dealership is a tive—the deci- limited,” said Ahren Wolson, ment had commissioned on the make no further changes to its key fungus, said the emphasis
45-minute drive south of the sion to produce some models, WhistlePig’s director of opera- impacts of emissions from ma- existing facilities and would on the volume of whiskey made
Twin Cities. “They just bought including the entry-level Night- tions. turing Scotch whisky. need 25 acres to build new is overstated. He said small dis-
them.” ster, in Thailand. In Tennessee, Christi Long The report’s authors eventu- buildings. tilleries can cause whiskey fun-
Her margins have since be- While some dealers say last year sued Lincoln County ally agreed to scrub the phrase gus and that factors like the
come “a lot skinnier,” she said, making the bikes in Thailand for not requiring building per- “whisky fungus” from the re- characteristics of the ware-
but she still is on pace to hit will hurt Harley’s All-American mits from Jack Daniel’s owner port and delete a paragraph A family business house and the area’s climate
her sales targets in 2024, a feat brand image, it is also expected Brown-Forman after black describing how damp and mold Founded in 2012 by a father are more important.
others say they won’t accom- to make the bikes cheaper. Har- mold began appearing on the in homes could increase the and son both named David While distillers could tackle
plish. ley said most dealers plan to wedding venue she owned. Her risk of respiratory and other Woods, Wiggly Bridge for years the problem by installing ther-
Harley is taking steps it says carry the new Nightsters, and complaint briefly halted some problems. The Scottish govern- coexisted peacefully with its mal oxidizers, these are very
will help dealers. Some have Bremer predicted the bikes’ of the whiskey giant’s opera- ment told the authors in an neighbors. Then in 2022, the expensive, said Scott. Whis-
complained that the company buyers, who tend to be youn- tions but Long—who received email that the industry had Woods family applied to build tlePig’s Wolfson also said natu-
has sent them more bikes than ger, won’t have a problem with death threats from Jack Dan- raised “significant concerns two new rickhouses so Wiggly ral ventilation is crucial to the
they can sell, leading to major their overseas origin. iel’s supporters—has since about the whisky fungus sec- Bridge—named for a local pe- whiskey aging process.
THE WALL STREET JOURNAL. * * * * * Monday, November 4, 2024 | B3

BUSINESS NEWS

Buffett’s Firm Cuts Apple Stake TD Bank

Settlement
Berkshire Hathaway
also reduced its Criticized
holdings in Bank of
America’s shares By Warren
BY KAREN LANGLEY BY MENGQI SUN

Warren Buffett’s Berkshire The U.S. Justice Depart-

Hathaway sold more Apple ment’s $3 billion settlement
stock in the third quarter. with TD Bank over lax money-
The Omaha, Neb., company laundering controls is facing
ended September with $69.9 criticism from a lawmaker and
billion of the iPhone maker’s a transparency watchdog for
shares, according to a quar- not including the prosecution
terly report released Saturday. of bank executives.
That means Berkshire sold Sen. Elizabeth Warren (D.,
about 25% of the 400 million Mass.), in a letter sent last
Apple shares it brought into Wednesday to Attorney Gen-
the third quarter. Berkshire eral Merrick Garland and Dep-
held slightly more than 900 uty Attorney General Lisa Mo-
million Apple shares at the end naco, criticized DOJ for not
of last year. charging the bank with money
DAN BROUILLETTE/BLOOMBERG NEWS

Even after the sales, Apple laundering and for shifting

was Berkshire’s largest stock- some legal liability from To-
holding at the end of Septem- ronto-based TD Bank to its
ber. Apple has been a major U.S. holding company, which
bet for Berkshire, and one that she said allowed it to evade
paid off big time as tech-hun- the full scope of penalties.
gry investors drove the stock “These charging decisions
ever higher in recent years. represent absurd legal gym-
This year, Berkshire has nastics by DOJ that ultimately
slashed the position, though Apple still ranked as Berkshire Hathaway’s largest stockholding. Berkshire’s annual shareholders meeting in Omaha this May. have allowed the bank and its
Buffett has continued to praise top executives to avoid full re-
the company. He told an arena its projected earnings over the Berkshire Hathaway Class B Class B shares have rallied 27% operates a range of businesses sponsibility for their actions.
of shareholders at Berkshire’s next 12 months, above a 10- share-price performance this year, compared with a 20% including insurer Geico, BNSF This is not an acceptable out-
annual meeting in May that year average of about 20 times, gain by the S&P 500, and even Railway and sportswear maker come,” Warren wrote in the
35%
Apple was “an even better according to FactSet. some loyal shareholders say Brooks Running. letter.
business” than American Ex- “It’s trading at a price at the stock looks a little pricey. Berkshire posted net income The TD Bank settlement,
30
press and Coca-Cola, two which Warren determined the The company’s market value of $26.3 billion, or $18,272 a reached in October, stemmed
other big holdings, and hinted economics don’t merit as big of crossed the $1 trillion thresh- class A share equivalent, for from what authorities charac-
25
that tax considerations might a position as it was,” he said. old earlier this year, though it the third quarter, swinging terized as a decadelong break-
have played a role in the deci- Berkshire’s mountain of has traded below that level re- from a net loss of $12.8 billion, down in its anti-money-laun-
20
sion to sell some shares. cash grew to a record $325.2 cently. or $8,824 a share, in the year- dering safeguards. The bank’s
Apple shares are up 16% this billion, including equivalents, Berkshire also reduced its earlier period. failures allowed a Chinese
15
year and trading near records. at the end of September, the Bank of America position in Operating earnings, which money-laundering ring in New
Chris Bloomstran, president company’s financial statements the third quarter, and contin- exclude some investment re- York and other criminals
10
and chief investment officer of show. It was the first time ued to sell in October. Since sults, fell to $10.1 billion from to funnel more than $670 mil-
Semper Augustus Investments Berkshire ended a quarter with Berkshire owned more than $10.8 billion last year. Weaker lion in drug funds through the
Group, which has owned Berk- more than $300 billion in cash. 5 10% of the bank, it was re- results from insurance under- bank, according to federal
shire shares since 2000, had The enormous cash pile gives quired to quickly report trades. writing weighed on operating prosecutors.
said he expected the company Buffett ample ammunition 0 But recently disclosed sales earnings. Berkshire said quar- TD Bank pleaded guilty to
would disclose it continued to should he spot an appealing Jan. 2024 Nov. brought its stake just below terly earnings were hurt by es- conspiring to launder money
sell Apple in the third quarter. company to add to the Berk- Source: FactSet 10%, so observers might not timated losses from Hurricane and conspiring to fail to build
Bloomstran said Apple’s shire empire. But it also shows learn whether Berkshire con- Helene. The company said it proper anti-money-laundering
stock has been too expensive the challenge he faces finding ter, a first since 2018, accord- tinues to sell Bank of America expected fourth-quarter earn- systems, while the U.S. hold-
given that he doesn’t expect its good investments that are at- ing to FactSet. Its buybacks until a Form 13F filing due in ings to reflect losses from Hur- ing company pleaded guilty to
business to grow as rapidly as tractively priced. had slowed to a trickle in re- February. ricane Milton that could be be- causing TD Bank to have a de-
in the past. Apple traded late Buffett’s company didn’t cent months after many quar- Beyond its huge investment tween $1.3 billion and $1.5 ficient anti-money-laundering
last week at roughly 30 times buy back any stock in the quar- ters of sizable repurchases. portfolio, Berkshire owns and billion before taxes. program.
Prosecutors have so far
charged two lower-level em-

CFPB Weighs Action Against Meta Platforms

ployees of the bank who alleg-
edly received bribes in ex-
change for helping the money-
launderers set up accounts
and avoid detection.
BY DYLAN TOKAR vocating for stringent over- to Facebook’s structure or fi- Warren said the settlement,
sight of Meta. Before being nancial incentives. however, failed to hold the
The Consumer Financial nominated by President Biden A Meta spokesman on bank’s high-level executives
Protection Bureau is consider- to serve as director of the Thursday declined to provide accountable, despite presiding
ing taking action against Face- CFPB, he served as a commis- additional details about the over a criminally deficient
book parent Meta Platforms sioner at the Federal Trade CFPB’s claims about the use of anti-money-laundering pro-
over its use of financial data Commission. There, he pushed third-party financial data. The gram.
from third parties, a move for harsher penalties against Consumer Financial Protection Warren noted that Monaco,
that would extend the Facebook over privacy failures Act generally protects con- in recent remarks, had said
SAMUEL CORUM/BLOOMBERG NEWS

agency’s oversight into a new that resulted in a 2019 settle- sumers from “unfair and de- the DOJ’s first priority was in-
industry. ment. ceptive financial practices.” dividual accountability.
Staff of the consumer-fi- The FTC in 2018 began The CFPB has stepped up “Until and unless those ex-
nance watchdog say Meta’s scrutinizing Facebook after re- enforcement activity in recent ecutives who presided over TD
use of third-party data in its ports that the personal data of months, following delays re- Bank’s institutionalized money
advertising business could vi- tens of millions of Facebook lated to a legal challenge over laundering are held account-
olate the Consumer Financial users was shared with Cam- how the agency is funded. The able, banks will continue to
Protection Act, the social-me- bridge Analytica, a firm that Supreme Court in May re- factor enforcement fines into
dia giant said in a securities At issue is Meta’s use of financial data from third parties. worked on Donald Trump’s jected the challenge. the cost of doing business,
filing on Thursday. CFPB staff Consumer Financial Protection Bureau director Rohit Chopra 2016 presidential campaign. The agency has been press- rather than approaching com-
may recommend to Director The agency eventually ing ahead with investigations pliance with our money laun-
Rohit Chopra that the agency preted consumer-finance laws against the company. voted to levy a $5 billion fine into JPMorgan Chase, Bank dering laws with the serious-
bring an enforcement action broadly, issuing warnings to Meta on Thursday said it against Facebook. of America and Wells Fargo ness it requires,” Warren
against Meta, it said. healthcare providers over disagreed with CFPB staff’s Chopra and another Demo- over their handling of custom- wrote.
The move would be a novel their billing practices and to view of the law and that an cratic commissioner voted ers’ disputed transactions on Warren said the DOJ settle-
one for the CFPB, whose over- businesses generally over enforcement action was un- against the settlement. Chopra peer-to-peer payments plat- ment also avoided “the most
sight normally falls on banks, their use of employee back- warranted. at the time wrote a 19-page form Zelle. Bank of America obvious charge” against TD
mortgage providers and pay- ground reports. An enforce- A CFPB spokeswoman de- dissent explaining his vote, ar- on Tuesday said it was consid- Bank: money laundering. A
day lenders. Under Chopra, ment action against Meta clined to comment. guing that the settlement im- ering litigation against the guilty plea to money launder-
however, the agency has inter- would be the CFPB’s first Chopra has a history of ad- posed no meaningful changes CFPB. ing would have resulted in the
banking “death penalty,” War-
ren said, under which the Of-

Hong Kong’s Esquel fice of the Comptroller of the

Currency, the banking regula-
tor, could move to terminate
its charter.

Added to U.S. Forced A spokeswoman for the

Justice Department confirmed
receipt of Warren’s letter and

Labor Ban List pointed to Garland’s remarks

this month announcing the
settlement. The spokeswoman
declined to comment on the
BY RICHARD VANDERFORD such as Nike and Tommy Hil- settlement’s legal-liability
figer. The company before that structure mentioned in War-
Esquel Group, an apparel ban supplied about 110 million ren’s letter.
maker and onetime supplier to garment pieces to brands “Our criminal investiga-
Nike and Tommy Hilfiger, will around the world, shipping tions into individual employ-
be banned from importing over 60% of them to the U.S., ees at every level of TD Bank
into the U.S. over alleged ties it said. are active and ongoing,” he
to China-based forced labor, Esquel didn’t respond to a said at the time. A spokes-
officials said. request for comment. It has woman for TD Bank declined
ANDREW KELLY/REUTERS

Hong Kong-based Esquel denied allegations that it uses to comment.

and several related companies forced labor. Better Markets, a Washing-
have been added to what is “We are uncompromising in ton, D.C.-based independent
known as the entity list set up removing forced labor from transparency group, ap-
under the Uyghur Forced La- U.S. supply chains,” said plauded the regulators and
bor Prevention Act, blocking Homeland Security Undersec- prosecutors for punishing TD
their goods from entering the retary Robert Silvers, who Esquel said a previous ban led to its being dropped by clients such as Tommy Hilfiger. Bank, but said not charging
U.S., Department of Homeland serves as chair of the govern- any bank supervisor or execu-
Security officials said Thurs- ment’s forced labor enforce- the statute as interference in the Biden administration. The subsidiary Changji Esquel tives was “wrong and dumb.”
day. The ban went into effect ment task force. its internal affairs. administration in particular Textile was added to a U.S. “Handcuffing minnows
Friday. The UFLPA blocks almost The law, which went into has focused on apparel and ban list under a legal author- while letting the whales go
The move is a significant all imports with any link to force in 2022, also set up an textile makers as it faces pres- ity that predates the UFLPA. free is not justice and will not
setback for Esquel, which for China’s Xinjiang region, the entity list of companies that sure from U.S. trade groups The company filed a lawsuit deter those who have the
years has tried to fight U.S. al- home to the Uyghur people have been singled out as com- complaining they can’t com- challenging that listing, but power at banks to ensure that
legations regarding links to and other minority groups panies known to U.S. officials pete with companies using lost a bid to block the enforce- they are following the law. Un-
forced labor. An Esquel sub- that the U.S. has said have to allegedly use forced labor. forced labor in China. Mer- ment of the ban and was sub- til those individuals are held
sidiary previously had been been forced into work as part The list, which makes it chandise from companies on sequently added to the entity personally accountable, illegal
barred from importing to the of a broader campaign of re- easier for U.S. companies to the list is presumptively list. The listing announced and even criminal behavior
U.S., which Esquel said led to pression. China denies those vet their supply chains, has banned from the U.S. Thursday broadens the ban to will continue,” the group said
its being dropped by clients allegations and has criticized been steadily growing under Esquel’s Xinjiang-based the parent company. this month.
B4 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Reproductive-Health Startups EV Makers break markets for Ford.

The Biden administration
has imposed a 100% tariff on

Eye Latin Chinese EVs, while the Euro-

Prepare for Post-Election Scenarios

pean Union last week imposed
tariffs as high as 45% on EVs

America from China. Former President

Donald Trump, should he be re-
elected, has pledged high tar-
BY BRIAN GORMLEY iffs on Chinese vehicles.
Continued from page B1 Brazilian President Luiz Iná-
Venture capitalists and December, initially churning cio Lula da Silva has intro-
startups in reproductive health out 150,000 cars next year and duced his own measures to
are scenario planning for how by 2028 producing 300,000. protect local industry—by
the U.S. presidential election Some local economists ques- prodding Chinese makers to in-
could affect abortion services tion the reliance on Beijing. vest and offering automakers
and other areas in the field. Since overtaking the U.S. as such as BYD incentives to build
Dandi Fertility, a startup Brazil’s biggest trading partner plants in the country.
that provides telehealth ser- in 2009, China has flooded the “The hope is that BYD inten-
vices and in vitro fertilization local market with cheap im- sifies its investments to pro-
care kits to make hormone in- ports, contributing to a process duce electric cars in Brazil,
jections more comfortable, has of stark deindustrialization. generating jobs and income in
plans for both a Trump and a Manufacturing has shrunk the country,” Brazil’s Ministry
Harris presidency, said co- from 36% of Brazil’s gross do- of Industry said.
founder and Chief Executive mestic product in 1985 to just Under rules set by Mercosur,
Jake Kent. 11% last year. the South American trade bloc,
DAVID PAUL MORRIS/BLOOMBERG NEWS

He said that with the possi- Government officials are automakers that produce at
ble influence of Project 2025, a hopeful that Brazil will reap least 40% of their cars on Bra-
blueprint for the next conser- the benefits this time, though zilian soil can export to the
vative president by the Heri- part of the workforce building rest of South America without
tage Foundation, there is un- the plant is Chi- import taxes in
certainty about future nese. Davidson those countries.
protections for reproductive Magalhães, the It was a major
health under a Trump presi- government BYD is rapidly factor behind
dency. Former President Don- secretary in transforming Great Wall’s de-
ald Trump has said he has Kindbody, which has a network of fertility clinics, is prepared in case states enact IVF curbs. charge of em- cision to pro-
nothing to do with Project ployment in the a Brazil site duce its SUV,
2025 and has voiced support see broader opportunities in Under a Trump presidency, year introduced personhood northeastern Haval, in São
for IVF. the range of health needs for Winx would lobby at the state bills that would deem frozen state of Bahia,
into its Latin Paulo, Bastos
Under a Trump presidency, women, the report said. level, Plotch said, including on embryos to be children. where Camaçari American hub. said.
Dandi would increase its ef- One of the biggest issues is issues such as reproductive The bills, if passed into law, is located, said BYD has bat-
forts in telehealth to provide a the future of abortion access. rights and access to medically would force patients in those he hopes the tled to offset
centralized resource for pa- The Supreme Court’s 2022 rul- accurate sex education. states to seek IVF services out BYD factory will the effects of
tients who may need assistance ing in Dobbs v. Jack- The shifting legal landscape of state. Entrepreneurs are generate some 15,000 formal protectionist measures in the
getting care outside their state son Women’s Health Organiza- on abortion and in vitro fertil- looking at better technologies and informal jobs in the region. U.S. and Europe by expanding
if IVF restrictions were to in- tion overturned the Roe v. ization is spurring entrepre- for storing embryos, Ghiya That is far more than the 9,000 aggressively wherever and
crease. Wade constitutional protection neurs to consider innovations said. FemHealth Ventures has lost with Ford’s exit. whenever it can. It already has
If Vice President Kamala for abortion and several states in both fields, said Maneesha yet to invest in any of these ar- Great Wall Motor, the Chi- plants in Thailand and Uzbeki-
Harris wins, the company have since enacted abortion Ghiya, managing partner of eas but will consider doing so nese manufacturer of electric stan, and announced plans for
would expect a more support- bans. FemHealth Ventures. regardless of the election out- sport-utility vehicles and factories in Turkey and Hun-
ive political climate for IVF and Harris supports restoring For example, entrepreneurs come, she said. pickup trucks, said it plans to gary.
increased demand for the ser- national protections for abor- are considering tools to help Kindbody, which has a na- invest $1.8 billion by 2032, con- In Camaçari, some locals
vice. In that scenario, Dandi tion found under Roe v. Wade, physicians determine whether tional network of fertility clin- verting a small former Mer- said they remain skeptical over
could work with IVF clinics, while Trump has said he plans a pregnant woman’s life is at ics, is prepared in case states cedes-Benz plant in Iracemápo- how much the factory will ben-
which are already struggling to leave the abortion matter to risk. This would be particularly enact IVF restrictions, said lis in São Paulo state into its efit the region. BYD brought in
with high demand, to provide states. Trump also has said he beneficial in states where abor- founder and Executive Chair own South American hub. a Chinese company, Jinjiang
more-personalized care to pa- would veto a national abortion tion is prohibited except for Gina Bartasi. The company can The West’s legacy carmakers Construction Group, to help
tients, Kent said. ban. situations such as when the ship patient tissue from IVF-re- have struggled to keep up with build the plant, flooding the re-
“Depending on how this Winx Health—a startup pro- mother’s life is in danger. stricted states to others that Chinese production of conven- gion with Chinese workers who
election goes, it’s going to vider of vaginal and reproduc- In February, the Alabama don’t restrict the procedure, tional combustion-engine cars mix little with the locals.
shape which route we push tive-health products and edu- Supreme Court ruled that fro- she said. as well as EVs in some of the BYD said it is common prac-
down,” Kent added. cation, including morning-after zen embryos produced during There is also a scenario in world’s top growth markets. tice for a company to work
Venture investment in pills for emergency contracep- in vitro fertilization were le- which insurance coverage for Ford Chief Executive Jim with a construction company
women’s health, a category tion—found demand for morn- gally children, prompting IVF IVF could widen, she said. Farley told The Wall Street that it already knows for a fac-
that includes reproductive ing-after medications jumped providers to pause services in Some states, including Califor- Journal in an interview that tory that big, adding that most
health, has increased 314% following the Dobbs decision that state. Alabama passed a nia, have passed laws expand- China’s carmakers represent an of the plant’s workers will be
since 2018, Silicon Valley Bank, and after states began putting law in March to shield clini- ing insurance coverage for IVF, “existential threat” to the com- Brazilian.
a division of First Citizens abortion initiatives to voters, cians from criminal and civil and Trump has proposed man- pany. And earlier this year, he —Clarence Leong
Bank, said in January. The according to co-founders Jamie penalties for providing IVF ser- dating insurance coverage for identified South America, as and Mike Colias
growth has come as investors Norwood and Cynthia Plotch. vices, but several states this the treatment. well as Africa, as make-or- contributed to this article.
THE WALL STREET JOURNAL. Monday, November 4, 2024 | B5

BUSINESS & FINANCE

Footwear Maker On Tries Spray-On Shoes

Swiss brand’s novel a single input, the polymer, and
cutting most human workers
method can produce out of the loop. Machines could
a sneaker in about be distributed globally, ending
the costly and time-consuming
three minutes practice of shipping products
from Asian factories.
BY TREFOR MOSS On has only two LightSpray
machines but plans to add
ZURICH—Sneaker brand On more so it can start producing
first grabbed attention with a in higher volumes.
sole full of holes. Now it is bet-
ting on a shoe that is made
with a spray and feels more The daily ‘runch’
like a sock. On put its new shoe to the
The unconventional shoe is test this spring, sending a pair
the result of a new technology to Kenyan athlete Hellen Obiri
that sprays the upper part of ahead of April’s Boston Mara-
the sneaker onto a foot-shaped thon.
mold twirled around by a ro- “I was suspicious, I had big
botic arm. doubts,” Obiri said, recalling
The LightSpray system not her reaction upon seeing the
only produces an unusual shoe sneaker for the first time. Obiri

SAMUEL SCHALCH FOR WSJ

but eliminates the need to then ran a personal best in her
source and stitch together indi- first training session wearing
vidual pieces of fabric. A the LightSpray shoes.
sneaker materializes in about Obiri went on to win the
three minutes using the tech- Boston Marathon wearing the
nology, a step toward automat- sneakers, before scooping a
ing an industry that still relies The LightSpray system eliminates the need to source and stitch together individual pieces of fabric, cutting down on labor. bronze medal at the Paris
heavily on human labor. Olympics.
“In a traditional product you uct’s price tag. For a relative newcomer like the Milan Design Show demon- an arduous process. The upper A limited commercial drop
have 200 pairs of hands, in this There is also no guarantee On, creativity is more vital than strating a hot glue spray he part of the sneaker is made of the sneakers followed this
one you basically have only a consumers will warm to the it is for incumbents, Maurer had adapted from a children’s from synthetic materials summer and several hundred
few,” said Marc Maurer, On sneakers. While generally posi- said. Whereas Adidas has the Halloween toy. Instead of known as polymers, which be- more pairs are due to be re-
Holding’s co-chief executive. tive about its feel and perfor- Samba and Nike has the Air squirting stringy spider’s webs, have differently depending on leased this month. On hasn’t
mance, some early reviews of Force 1—tried-and-tested styles it was being used to create how they are combined, heated disclosed sales figures but says
the shoe noted that it can be that can be endlessly re- complex three-dimensional and sprayed. The team tried tens of thousands of people
First steps tricky to get on and expressed launched—“we have no archive forms. hundreds of combinations be- have registered their interest in
The first commercial concerns about how its sock- of old stuff,” he said. Seeing the spray’s potential, fore finding a formula that was buying the shoes.
sneaker produced using the like structure would hold up On began in 2010 as an ex- On hired Voelchert as an intern durable but also flexible and On’s big break came during
spray is the Cloudboom Strike over time. periment when Swiss triathlete and set him up in the com- comfortable. the pandemic when big brands
LS—a lightweight, laceless shoe Maurer said the shoe’s look Olivier Bernhard chopped up a pany’s “maker space,” where To make the shoe, a single like Nike abandoned retailers to
costing $300 a pair and tar- may well prove divisive but garden hose pipe and glued the he worked alone trying to fig- mile-long polymer filament is sell more products directly to
geted at serious runners. That that making a splash with a pieces onto the soles of his ure out if he could produce a sprayed onto a standard mold. consumers online. The sneaker
price is roughly the same as distinctive product is prefera- running shoes to provide extra shoe. First, it is bonded to a pre- maker rushed to fill the shelf
Nike’s latest super shoe and ble to launching something cushioning. That idea ulti- “We just said, ‘You do, we manufactured sole and then space and snapped up spare
cheaper than a rival offering that fails to turn heads. mately became On’s CloudTec pay,’ and we gave Johannes his the material is layered up until production capacity as rivals
from Adidas. On now plans to On is one of several rapidly sole; perforated with large corner upstairs and a robot the upper is fully formed. Col- dialed back their output.
scale up the LightSpray tech- growing sneakers brands— holes, it is visually different arm,” said Ilmarin Heitz, On’s ors and logos are then laser- The company’s sales rose
nology to launch cheaper ver- Deckers-owned Hoka is an- from rival sneakers, a quality senior director of innovation. printed onto the shoe. 47% to roughly $2.1 billion last
sions of the running shoe as other standout example—that that helped the brand’s shoes After a year of research, On Voelchert said the process year, with net profit up 38% to
well as casual sneakers in the are turning the screw on Nike to stand out. recruited a 20-strong develop- can be further refined, cutting about $92 million. Two-thirds
next few years. and Adidas by winning market ment team, only three of whom the production time from three of sales are generated in the
Expanding LightSpray share. had any experience as footwear minutes per shoe down to two. U.S., where On listed in 2021.
brings challenges. The technol- Most major sneaker brands ‘You do, we pay’ designers. The group included The team is also working on On’s headquarters is in Zu-
ogy is an exciting development, claim to champion innovation. Having built a reputation for material scientists, 3D-model- honing the technology to pro- rich. Some staff commute in
“but it won’t be a game Adidas and Nike have both its unusual sole, On wanted to ing experts and robotics spe- duce a complete sneaker, in- summer by swimming along
changer unless they can make made superlight running shoes mix up the upper part of cialists—people with the skills cluding the sole. the Limmat River—towing
it affordable” by using it to worn by athletes who broke sneakers too. to develop a new production Though large factories can their clothes, phones and lap-
make mass-market sneakers, marathon records in the past The LightSpray project process. Voelchert graduated produce conventional shoes at tops in protective dry bags—
said Matt Powell, a footwear year or so. But both shoes are started in 2019 when one of the from intern to senior lead for a high rate, LightSpray prom- and share daily “runch,” a riv-
consultant with Spurwink assembled in the conventional company’s developers spotted innovation technology design. ises to simplify the process by erside run followed by lunch in
River, citing the initial prod- way. student Johannes Voelchert at Fine-tuning the spray was condensing the supply chain to the vegan canteen.

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B6 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market
Last Year ago Last Year ago
42052.19 t 62.21, or 0.15% last week Trailing P/E ratio 26.15 24.84 5728.80 t 79.32, or 1.37% last week Trailing P/E ratio * 24.49 19.69 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 21.31 18.67 High, low, open and close for each of P/E estimate * 23.75 19.27
the past 52 weeks Dividend yield 2.05 2.13 the past 52 weeks Dividend yield * 1.31 1.70 IPOs in the U.S. Market
All-time high 43275.91, 10/18/24 All-time high 5864.67, 10/18/24
None expected this week

Current divisor 0.15221633137872 65-day moving average Lockup Expirations

43200 5700 Below, companies whose officers and other insiders will become eligible
to sell shares in their newly public companies for the first time. Such
sales can move the stock’s price.
65-day moving average 41300 5400
Lockup Offer Offer amt Through Lockup
expiration Issue date Symbol price($) ($ mil.) Friday (%) provision

39400 5100 Nov. 3 May 8, ’24 Nano Nuclear Energy NNE 4.00 11.8 381.5 180 days
Nov. 4 May 9, ’24 Proficient Auto Logistics PAL 15.00 236.5 –44.5 180 days
May 9, ’24 Silvaco Group SVCO 19.00 114.0 -67.0 180 days
37500 4800
Nov. 5 May 10, ’24 ZEEKRIntelligentTechnologyHolding ZK 21.00 507.2 21.0 180 days
Week's high
Nov. 9 May 15, ’24 Kindly MD KDLY 5.50 6.8 –82.4 180 days
DOWN UP 200-day moving average
35600 4500 May 14, ’24 Armlogi Holding BTOC 5.00 8.0 28.0 180 days
t

Monday's open Friday's close

Sources: LSEG Data and Analytics; Dow Jones Market Data
Friday's close Monday's open
t

200-day moving average 33700 4200 IPO Scorecard

Week's low
Bars measure the point change from Monday's open
Performance of IPOs, most-recent listed first
% Chg From % Chg From
31800 3900 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day
N D J F M A M J J A S O N N D J F M A M J J A S O IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
Bleichroeder Acquisition I 9.99 –0.2 –0.1 Li Bang International 4.12 3.0 0.5
Primary
NYSE weekly volume, in billions of shares market Composite BACQU Nov. 1/$10.00 LBGJ Oct. 23/$4.00
t
t

Scan this code Newbury Street Acquisition II 9.96 –0.4 ... SAG Holdings 3.50 –56.3 –45.0
36 NTWOU Nov. 1/$10.00 SAG Oct. 23/$8.00
24 Get real-time U.S. stock quotes and track Gelteq 2.48 –38.0 –15.6 Aldel Financial II 9.99 –0.1 ...
12 most-active stocks, new highs/lows, mutual GELS Oct. 29/$4.00 ALDFU Oct. 22/$10.00
0 funds and ETFs.. Septerna 21.79 21.1 1.8 HUHUTECH International Group 4.64 16.0 12.9
N D J F M A M J J A S O SEPN Oct. 25/$18.00 HUHU Oct. 22/$4.00
Available free at WSJMarkets.com
Charlton Aria Acquisition 9.98 –0.2 0.3 Oriental Rise Holdings 8.01 100.3 33.5
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
CHARU Oct. 24/$10.00 ORIS Oct. 17/$4.00
0.1 13.3
Major U.S. Stock-Market Indexes Nasdaq Composite Bold Eagle Acquisition 10.01
BEAGU Oct. 24/$10.00
0.1 Springview Holdings
SPHL Oct. 17/$4.00
4.53 6.6

Latest Week 52-Week % chg t 278.69, or -1.50% Ingram Micro 24.22 10.1 –1.5 PTL 4.16 4.0 2.2
High Low Close Net chg % chg Low Close (l) High %chg YTD 3-yr. ann. INGM Oct. 24/$22.00 PTLE Oct. 16/$4.00
Dow Jones
last week
Oaktree Acquistion III Life Sciences 10.10 1.0 1.0 Samfine Creation Holdings 11.50 187.5 117.0
Industrial Average 42491.86 41704.63 42052.19 -62.21 -0.15 33891.94 • 43275.91 23.5 11.6 5.4 OACCU Oct. 24/$10.00 SFHG Oct. 15/$4.00
Transportation Avg 16512.52 16164.50 16351.33 247.14 1.53 14266.24 • 16562.66 12.7 2.8 0.8
18600
Founder Group 4.00 ... 26.6 CAMP4 Therapeutics 10.05 –8.6 –6.3
Utility Average 1057.64 1018.09 1019.02 -27.97 -2.67 827.37 • 1071.27 18.5 15.6 3.5
FGL Oct. 23/$4.00 CAMP Oct. 11/$11.00
–18.1 –15.9 55.4
Total Stock Market 58017.93 56583.42 56825.76 -666.42 -1.16 43066.53 • 58160.93 31.2 18.9 5.9
High Roller Technologies 6.55
ROLR Oct. 23/$8.00
CeriBell
CBLL Oct. 11/$17.00
26.42 5.7

Barron's 400 1247.18 1224.23 1227.64 -1.51 -0.12 934.94 • 1263.18 27.6 14.5 4.2 18400
Sources: Dow Jones Market Data; FactSet
Nasdaq Stock Market
Nasdaq Composite 18785.49 18083.95 18239.92 -278.69 -1.50 13478.28 • 18712.75 35.3 21.5 5.4
18200 Public and Private Borrowing
Nasdaq-100 20600.10 19880.26 20033.14 -318.88 -1.57 15099.49 • 20675.38 32.7 19.1 8.0 Treasurys
18000
S&P Monday, November 4 Wednesday, November 6
25 28 29 30 31 1
500 Index 5850.94 5702.86 5728.80 -79.32 -1.37 4347.35 • 5864.67 31.4 20.1 7.5 October Auction of 3 year note; Auction of 30 year bond;
MidCap 400 3173.60 3098.00 3102.85 -4.66 -0.15 2409.27 • 3198.21 25.2 11.6 2.9 DJ US TSM announced on October 30; settles on November 15announced on October 30; settles on November 15
SmallCap 600 1425.02 1383.59 1389.31 -1.36 -0.10 1103.24 • 1442.34 21.0 5.4 -0.5
t 666.42, or -1.16% Auction of 13 and 26 week bills; Auction of 17 week bill;
Other Indexes last week announced on October 31; settles on November 7announced on November 5; settles on November 12
Russell 2000 2260.48 2196.65 2210.13 2.14 0.10 1687.24 • 2286.68 25.5 9.0 -2.1 Tuesday, November 5 Thursday, November 7
NYSE Composite 19575.91 19236.64 19253.54 -202.73 -1.04 15235.18 • 19884.81 24.4 14.2 4.0
Auction of 10 year note; Auction of 4 and 8 week bills;
Value Line 623.54 608.90 610.94 -3.84 -0.62 512.92 • 630.13 15.2 2.9 -3.6 57750 announced on October 30; settles on November 15announced on November 5; settles on November 12
NYSE Arca Biotech 5966.13 5761.86 5965.60 203.74 3.54 4639.09 • 5965.6 24.3 10.1 1.0
NYSE Arca Pharma 1055.65 999.73 1025.27 -22.41 -2.14 864.90 • 1140.17 18.2 12.7 9.6
KBW Bank 124.60 121.34 121.50 0.76 0.63 77.16 • 123.34 52.5 26.5 -4.7
57250 Currencies
PHLX§ Gold/Silver 168.96 159.21 159.28 -7.01 -4.22 102.94 • 175.74 37.0 26.7 6.8 U.S.-dollar foreign-exchange rates in late New York trading
PHLX§ Oil Service 75.48 73.21 73.73 -1.839 -2.43 72.67 • 95.25 -17.2 -12.1 5.8 56750 US$vs, US$vs,
PHLX§ Semiconductor 5358.04 4911.61 5001.42 -211.41 -4.06 3444.89 • 5904.54 44.8 19.8 12.6
Country/currency
Fri YTDchg
in US$ per US$ (%) Country/currency
Fri YTDchg
in US$ per US$ (%)
Cboe Volatility 23.42 18.91 21.88 1.55 7.62 11.86 • 38.57 46.7 75.7 10.1 56250 Thailand baht .02944 33.970 –1.2
25 28 29 30 31 1 Americas

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data Vietnam dong .00003953 25300 4.2
October Argentina peso .0010990.2775 22.5
Brazil real .1704 5.8684 20.9 Europe
Canada dollar .7163 1.3961 5.4 Czech Rep. koruna .04276 23.385 4.5
International Stock Indexes Commodities and Chile peso .001040 961.10 9.8 Denmark krone .1452 6.8848 1.6
1.0835 .9230 1.9
Latest Week 52-Week Range YTD
Currencies Colombiapeso .000226 4426.48 14.2 Euro area euro
Hungary forint .002654 376.86 8.6
Ecuador US dollar 1 1 unch
Region/Country Index Close % chg Low Close High % chg Iceland krona .007275 137.45 1.1
Last Week YTD Mexico peso .0493 20.2810 19.5
Norway krone .0904 11.0626 8.7
World MSCI ACWI 835.15 –1.22 662.37 • 857.18 14.9 Close Net chg %Chg % chg Uruguay peso .02400 41.6650 6.7
Poland zloty .2484 4.0263 2.3
MSCI ACWI ex-USA 336.85 –1.09 287.04 • 357.36 6.4 DJ Commodity 999.99 -19.80 -1.94 4.40 Asia-Pacific Sweden krona .0931 10.7462 6.4
MSCI World 3660.03 –1.24 2878.98 • 3753.49 15.5 FTSE/CC CRB Index 279.44 -5.24 -1.84 5.92 Australiadollar .6560 1.5244 3.9 Switzerland franc 1.1494 .8700 3.4
MSCI Emerging Markets 1122.28 –1.11 948.26 • 1187.97 9.6 Crude oil, $ per barrel 69.49 -2.29 -3.19 -3.01 China yuan .1404 7.1226 0.1 Turkey lira .0291 34.3290 16.5
Hong Kong dollar .1286 7.7771 –0.4 Ukraine hryvnia .0242 41.3500 8.4
Americas MSCI AC Americas 2156.28 –1.31 1645.54 • 2207.58 18.9 Natural gas, $/MMBtu 2.663 -0.429 -13.87 5.93
India rupee .01189 84.087 1.1 UK pound 1.2945 .7725 –1.6
Canada S&P/TSX Comp 24255.16 –0.85 19530.21 • 24822.54 15.7 Gold, $ per troy oz. 2738.60 -3.60 -0.13 32.79 Indonesia rupiah .0000632 15832 2.9 Middle East/Africa
Latin Amer. MSCI EM Latin America 2090.54 –3.54 2078.94 • 2675.33 –21.5
U.S. Dollar Index 104.32 0.06 0.06 2.90 Japan yen .006536 152.99 8.5 Bahrain dinar 2.6528 .3770 ...
Brazil Bovespa 128120.75 –1.36 118159.97 • 137343.96 –4.5
WSJ Dollar Index 99.11 0.15 0.15 3.42
Kazakhstan tenge .002045 488.93 7.4 Egypt pound .0204 48.9353 58.2
Chile S&P IPSA 3546.96 –3.03 3048.00 • 3714.61 2.3
Euro, per dollar 0.9230 -0.0032 -0.35 1.87
Macau pataca .1248 8.0140 –0.5 Israel shekel .2665 3.7524 4.1
Mexico S&P/BMV IPC 50622.39 –2.24 50622.39 • 58711.87 –11.8
Yen, per dollar 152.99 0.68 0.45 8.48
Malaysia ringgit .2284 4.3785 –4.7 Kuwait dinar 3.2590 .3068 –0.1
New Zealand dollar .5963 1.6770 6.0 Oman sul rial 2.5973 .3850 0.01
EMEA STOXX Europe 600 510.90 –1.52 442.81 • 528.08 6.7
U.K. pound, in dollars 1.29 -0.0018 -0.14 1.66 Pakistan rupee .00360 277.500 –1.3 Qatar rial .2743 3.645 0.1
STOXX Europe 50 4360.97 –1.76 3867.43 • 4577.60 6.5
52-Week
Philippines peso .0171 58.471 5.5 Saudi Arabia riyal .2663 3.7551 0.1
Eurozone Euro STOXX 504.13 –1.23 436.01 • 527.81 6.3 Low Close(l) High % Chg Singapore dollar .7539 1.3264 0.5 South Africa rand .0566 17.6637 –3.5
Euro STOXX 50 4877.75 –1.32 4153.37 • 5100.90 7.9
DJ Commodity 934.97 1079.94 -0.29
South Korea won .0007244 1380.51 6.6
Close Net Chg % Chg YTD%Chg
Austria ATX 3528.60 –1.52 3161.22 • 3775.49 2.7 l Sri Lanka rupee .0034131 292.99 –9.5
WSJ Dollar Index 99.11 0.34 0.35 3.42
Belgium Bel-20 4267.97 –0.59 3438.86 • 4333.65 15.1 FTSE/CC CRB Index 258.09 l 300.23 -0.83 Taiwan dollar .03131 31.938 4.0
France CAC 40 7409.11 –1.18 6986.23 • 8239.99 –1.8 Crude oil, $ per barrel 65.75 l 86.91 -13.69 Sources: Tullett Prebon, Dow Jones Market Data
Germany DAX 19254.97 –1.07 15135.97 • 19657.37 14.9 Natural gas, $/MMBtu 1.575 l 3.515 -24.24
Greece Athex Composite 1390.49 0.02 1203.08 • 1502.79 7.5 Gold, $ per troy oz. 1932.60 l 2788.50 37.51
Israel Tel Aviv 2203.97 2.25 1669.12 • 2218.90 18.2
Italy FTSE MIB 34676.17 –0.29 28396 • 35410 14.2 U.S. Dollar Index 100.38 l 106.26 -0.67
Netherlands AEX 883.62 –1.69 734.64 • 944.91 12.3 WSJ Dollar Index 95.31 l 100.81 -0.30
Norway Oslo Bors All-Share 1643.42 –2.34 1440.55 • 1684.40 8.2 Euro, per dollar 0.8934 l 0.9418 -0.95
Portugal PSI 20 6594.91 1.25 6055.53 • 6971.10 3.1 Yen, per dollar 140.61 l 161.70 2.41
South Africa FTSE/JSE All-Share 86198.57 –0.94 71393.30 • 87643.65 12.1 U.K. pound, in dollars 1.22 l 1.34 4.56
Spain IBEX 35 11843.00 0.26 9235.9 • 11996.7 17.2
Sweden OMX Stockholm 976.64 –1.36 786.63 • 1019.81 8.2 Go to WSJMarkets.com for free
Switzerland Swiss Market 11967.20 –1.78 10555.35 • 12451.48 7.4 access to real-time market data.
U.K. FTSE 100 8177.15 –0.87 7360.55 • 8445.80 5.7
Asia-Pacific MSCI AC Asia Pacific 185.09 –0.78 155.9 • 197.3 9.3
Australia S&P/ASX 200 8118.80 –1.13 6948.8 • 8355.9 7.0
China Shanghai Composite 3272.01 –0.84 2702.19 • 3489.78 10.0
Hong Kong Hang Seng 20506.43 –0.41 14961.18 • 23099.78 20.3
India BSE Sensex 79724.12 0.41 64363.78 • 85836.12 10.4
Japan NIKKEI 225 38053.67 0.37 31458.42 • 42224.02 13.7
Malaysia FTSE Bursa Malaysia KLCI 1603.98 –0.89 1441.97 • 1678.80 10.3
Singapore Straits Times 3555.43 –1.06 3065.94 • 3640.19 9.7
South Korea KOSPI 2542.36 –1.58 2368.34 • 2891.35 –4.3
Taiwan TAIEX 22780.08 –2.43 16507.65 • 24390.03 27.0
Source: FactSet; Dow Jones Market Data

Consumer Rates and Returns to Investor Benchmark Yields and Rates

U.S. consumer rates Selected rates Treasury yield curve Forex Race
Five-year ARM, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs.
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5-year
adjustable-rate 8.00%
Florence Savings Bank
Florence, MA
5.25%
800-644-8261
6.00%
12% You Love
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6.00
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Hanscom AFB, MA
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800-656-4328
One year ago

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5-year Treasury t Torrington, CT 860-496-2152 Friday Close Access your daily paper anytime, anywhere
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Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data WSJ.com/printapp

Federal-funds rate target 4.75-5.00 4.75-5.00 4.75 l 5.50 4.75 Corporate Borrowing Rates and Yields VISIT ON DESKTOP
Prime rate* 8.00 8.00 8.00 l 8.50 4.75 Spread +/- Treasurys, WSJ.com/ereader
SOFR 4.90 4.83 4.81 l 5.40 4.85 Yield (%) in basis pts, 52-wk Range Total Return
Bond total return index Last Wk ago Last Low High 52-wk 3-yr
Money market, annual yield 0.42 0.43 0.41 l 0.64 0.35
Five-year CD, annual yield 2.85 2.85 2.80 l 2.89 2.44 U.S. Treasury, Bloomberg 4.330 4.210 7.04 -2.66
30-year mortgage, fixed† 7.37 7.25 6.69 l 8.09 4.21 U.S. Treasury Long, Bloomberg 4.650 4.570 11.28 -10.77
15-year mortgage, fixed† 6.58 6.47 6.02 l 7.31 4.13 Aggregate, Bloomberg 4.790 4.670 36 34 53 8.99 -2.31
Jumbo mortgages, $766,550-plus† 7.45 7.33 6.78 l 8.13 4.29 Fixed-Rate MBS, Bloomberg 5.150 5.030 47 37 65 9.53 -2.22
Five-year adj mortgage (ARM)† 6.33 6.22 5.88 l 7.09 3.46 High Yield 100, ICE BofA 6.605 6.543 213 212 364 12.636 3.082
©2023 Dow Jones & Co, Inc. All rights reserved. 6DJ9245
New-car loan, 48-month 7.20 7.19 7.18 l 7.94 3.61 Muni Master, ICE BofA 3.451 3.417 0 -6 9 7.114 -0.276
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 7.454 7.378 300 270 379 14.344 -0.730
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
THE WALL STREET JOURNAL. NY Monday, November 4, 2024 | B7

FINANCE NEWS
A Week in the Life of the DJIA Closed-End Funds
A look at how the Dow Jones Industrial Average component stocks
did in the past week and how much each moved the index. The DJIA Listed are the 300 largest closed-end funds as
measured by assets. Closed-end funds sell a limited
52 wk 52 wk 52 wk
Prem Ttl Prem Ttl Prem Ttl
lost 62.21 points, or 0.15%, on the week. A $1 change in the price of number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not
any DJIA stock = 6.57-point change in the average. To date, a $1,000 buy their shares back from investors who wish to cash BR Enh C&I CII 21.23 19.34 -8.9 12.5 NuvDow30DynOverwrite DIAX 16.71 14.68 -12.1 17.7
investment on Dec. 31 in each current DJIA stock component would in their holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is not
BlackRock Energy & Res BGR 14.28 12.91 -9.6 7.1 NuvCorEqAlpha JCE 15.22 14.94 -1.8 28.2 abrdn Emg Mkts Eq Inc AEF 6.29 5.36 -14.8 24.4
have returned $33,762, or a gain of 12.54%, on the $30,000 available or not applicable. NS signifies funds not in BlackRock Eq Enh Div BDJ 9.31 8.69 -6.7 25.9 NuveenNasdaq100DynOv QQQX 28.18 25.19 -10.6 22.3 abrdn Glbl Dyn Div AGD 11.16 10.07 -9.8 27.2
existence for the entire period. 12 month yield is BlackRock Enh Glbl Div BOE 12.43 11.15 -10.3 25.2 Nuv Real Est JRS 9.49 8.71 -8.2 40.1 abrdn Tot Dyn Div AOD 9.66 8.69 -10.0 26.1
investment, including reinvested dividends. computed by dividing income dividends paid (during BlackRock Enh Intl Div BGY 6.19 5.56 -10.2 20.0 NuvS&P500DynOvFd SPXX 18.10 16.67 -7.9 25.3 Allspring Gl Div Oppty EOD 5.54 4.85 -12.5 32.3
the previous 12 months for periods ending at month-
end or during the previous 52 weeks for periods BlackRock ESG Cap All T ECAT 17.98 17.21 -4.3 33.6 NuvSP500BuyIncFd BXMX 15.12 13.61 -10.0 17.9 BlackRock Cap Alloc Term BCAT 16.76 16.03 -4.4 28.1
The Week’s Action BlackRock Hlth Sci Term BMEZ 17.55 15.79 -10.0 26.7 ReavesUtilityIncome UTG 31.92 32.10 +0.6 35.0
ending at any time other than month-end) by the Calamos GloDynInc CHW 7.75 6.91 -10.8 37.9
Pct Stock price Point chg $1,000 Invested(year-end '23) latest month-end market price adjusted for capital BlackRock Hlth Sciences BME 43.46 40.23 -7.4 13.2 Tortoise Enrgy Infra Crp TYG NA 40.19 NA 50.2 EV TxAdvGlbDivInc ETG NA 18.64 NA 30.5
$1,000 gains distributions. Depending on the fund category,
chg (%) change in average* Company Symbol Close
either 12-month yield or total return is listed.
BlackRock Innov&Gro Term BIGZ 8.23 7.51 -8.7 25.2 Tortoise Midstream Enrgy NTG NA 49.99 NA 53.8 EtnVncTxAdvOpp ETO NA 25.37 NA 28.3
BlackRock Res & Comm BCX 10.40 9.42 -9.4 13.6 Ecofin S&S Impact Term TEAF NA 12.82 NA 18.3 Highland Global Alloc HGLB 11.63 7.68 -34.0 8.5
5.38 10.10 66.35 Amazon.com AMZN $197.93 $1,303 Source: LSEG
Friday, November 1, 2024 BlackRock Sci&Tech Term BSTZ 22.04 20.27 -8.0 41.5 VDivInt&PremStr NFJ NA 12.63 NA 23.5 India Fund IFN 19.45 17.64 -9.3 16.3
3.20 9.01 59.19 Visa V 290.74 1,123 52 wk
BlackRock Sci&Tech Trust BST 37.57 36.00 -4.2 18.2 V Art Int&Tech Opps AIO 22.22 22.18 -0.2 46.7 Japan Smaller Cap JOF 9.28 7.61 -18.0 10.4
Prem Ttl BlackRock Utl Inf & Pwr BUI 23.64 23.24 -1.7 22.7 Income & Preferred Stock Funds LazardGlbTotRetInc LGI 18.15 16.62 -8.4 33.1
2.29 0.52 3.42 Intel INTC 23.20 468 CLEARBRIDGEENGYMDSOPP EMO NA 42.72 NA 40.4 Dividend and Income BXSY 19.87 NA NA NA Mexico MXF 17.42 13.85 -20.5 -10.7
Fund (SYM) NAV Close /Disc Ret
2.00 5.34 35.08 American Express AXP 272.69 1,473 ChnStrInfr UTF 24.73 25.07 +1.4 28.3 CalamosStratTot CSQ 17.63 17.27 -2.0 35.7 Miller/Howard High Inc E HIE 12.26 12.15 -0.9 27.3
General Equity Funds Cohen&SteersQualInc RQI 13.73 13.22 -3.7 35.6 CohenStrsLtdDurPref&Inc LDP 21.94 20.89 -4.8 28.4 MS ChinaShrFd CAF 15.83 13.02 -17.8 7.6
1.98 2.47 16.23 3M MMM 127.22 1,432 Adams Diversified Eq Inc ADX 24.16 21.73 -10.1 39.9 CohenStrs Real Est and I RLTY 16.90 16.00 -5.3 35.2 CohenStrsSelPref&Income PSF 21.77 20.51 -5.8 23.1 MS India IIF 33.53 27.80 -17.1 46.2
Central Secs CET 56.42 46.90 -16.9 27.5 Cohen&Steers TotRet RFI 12.24 12.71 +3.8 23.6 CohenStrsTaxAvPreSecs&I PTA 21.14 20.17 -4.6 23.5 Nuveen Multi-Asset Inc NMAI NA 12.59 NA 28.0
1.50 2.26 14.85 Chevron CVX 153.07 1,059 CohenStrsCEOppFd FOF 12.05 12.84 +6.6 29.8 CohenStrsREITPrefInc RNP 22.02 22.71 +3.1 36.1 FirstTrIntDurPref&Inc FPF 19.57 18.62 -4.9 36.5 Nuveen Rl Asst Inc & Gro JRI NA 13.05 NA 35.9
EVTxAdvDivIncm EVT NA 24.01 NA 27.7 Columbia Sel Prm Tech Gr STK 32.68 32.74 +0.2 24.8 16.73 17.93 +7.2 35.1
1.47 4.26 27.99 Salesforce CRM 294.72 1,125 JHanPrefInc HPI NYLI CBRE Glbl Inf Meg T MEGI 15.05 13.94 -7.4 32.4
GabelliDiv&IncTr GDV 27.92 24.05 -13.9 30.7 DNP Select Income DNP 8.79 9.31 +5.9 9.2 16.58 17.76 +7.1 33.0
JHPrefIncII HPF Templeton Dragon TDF 10.66 8.88 -16.7 8.7
1.32 6.75 44.34 Goldman Sachs GS 519.35 1,372 Gabelli Equity Tr GAB 5.40 5.38 -0.4 19.5 Duff&Ph Uti&Infra Inc Fd DPG NA 11.24 NA 38.3 HnckJPfdInco III HPS 14.91 15.81 +6.0 30.9 Templeton Em Mkt EMF 15.21 13.02 -14.4 22.4
GeneralAmer GAM 61.55 52.76 -14.3 31.5 EtnVncEqtyInc EOI NA 20.21 NA 41.1 J Han Prm PDT 13.39 12.75 -4.8 32.2
0.89 2.60 17.08 McDonald’s MCD 295.21 1,014 JHancockTaxAdvDiv HTD 24.28 22.61 -6.9 37.3 Prem12 Mo
EtnVncEqtyIncoII EOS NA 22.17 NA 35.9 LMP CapInco SCD NA 16.76 NA 48.9 Fund (SYM) NAV Close /Disc Yld
Liberty All-Star Equity USA 7.12 7.07 -0.7 27.8 EVRskMnDvsEqInc ETJ NA 9.17 NA 30.6 Nuveen Pref & Inc Opp JPC 8.11 8.08 -0.4 38.1
0.82 0.78 5.12 Walt Disney DIS 95.81 1,066 Liberty All-Star Growth ASG 6.00 5.57 -7.2 24.5 U.S. Mortgage Bond Funds
ETnVncTxMgdBuyWrtInc ETB NA 14.34 NA 23.9 Nuveen Pref Sec & Inc Op JPI NA 21.00 NA 30.8
Royce Micro-Cap Tr RMT 10.66 9.32 -12.6 24.4 EtnVncTxMgdBuyWrtOpp ETV NA 13.76 NA 24.9 Nuveen Var Rate P&I NPFD 20.35 18.88 -7.2 31.1 BlckRk Income BKT 12.01 11.88 -1.1 8.9
0.71 2.24 14.72 Amgen AMGN 319.22 1,133 Royce Value Trust RVT 17.16 15.17 -11.6 28.8 Investment Grade Bond Funds
EvTxMnDvsEqInc ETY NA 14.52 NA 39.1 TCW Strat Income TSI NA 5.05 NA 14.6
0.57 1.19 7.82 Honeywell HON 209.19 1,014 Source Capital SOR 46.54 44.04 -5.4 21.0 EtnVncTxMgdGlbB ETW NA 8.45 NA 25.5 Convertible Sec's. Funds Angel Oak FS Inc Trm FINS 14.01 13.09 -6.6 10.0
Special Opportunities SPE NA 14.72 NA 46.3 EVTxMnGblDvEqInc EXG NA 8.34 NA 25.1 AdvntCnvrtbl&IncFd AVK 12.14 11.16 -8.1 23.2 BlRck Core Bond BHK 10.59 11.50 +8.6 7.7
0.53 3.00 19.71 UnitedHealth Group UNH 567.56 1,091 Sprott Focus Trust FUND 8.94 7.74 -13.4 9.3 BR Credit Alloc Inc BTZ 11.43 10.75 -5.9 9.3
First Tr Enhanced Eq FFA 20.96 19.96 -4.8 25.2 CalamosConvHi CHY 10.64 11.87 +11.6 16.2
0.28 0.63 4.14 JPMorgan Chase JPM 222.94 1,342 SRH Total Return STEW 20.18 15.54 -23.0 21.6 Gabelli Healthcare GRX 12.05 10.29 -14.6 31.0 CalmosConvOp CHI 10.05 11.34 +12.8 21.8 Insight Select Income INSI 17.64 17.30 -1.9 4.6
Tri-Continental TY 37.36 32.88 -12.0 28.6 Gab Utility GUT 3.23 5.07 +57.0 2.1 HiIncBd PCF 7.13 6.69 -6.2 22.3 InvescoBond VBF 16.35 16.16 -1.2 5.2
–0.05 –0.02 –0.13 Verizon VZ 41.36 1,170 Specialized Equity Funds GAMCOGlGold&NatRes GGN 4.21 4.35 +3.3 28.4 V Conv & Inc NCV 3.77 3.38 -10.3 19.8 J Han Income JHS 12.07 11.45 -5.1 4.0
abrdn Glb Prem Prop AWP 4.15 4.16 +0.2 27.0 J Han Finl Opptys BTO 33.79 34.11 +0.9 36.5 V Conv & Inc II NCZ 3.36 2.99 -11.0 21.9 MFS Intmdt MIN 2.80 2.75 -1.8 0.0
–0.27 –0.42 –2.76 Boeing BA 154.59 593 abrdn Global Infra Inc ASGI 19.99 19.64 -1.8 33.9 Neuberger Brmn Enrgy I&I NML 9.04 8.23 -9.0 33.1 V Div Inc & Conv ACV 21.95 20.65 -5.9 19.1 Westn Asst IG Def Opp Tr IGI NA 16.81 NA 4.9
Adams Natural Resources PEO 26.25 23.53 -10.4 15.5 Neuberger Nxt Gen Conn NBXG 14.60 12.78 -12.5 40.3 V Eqty & Conv Inc NIE 25.18 22.96 -8.8 25.2 Loan Participation Funds
–0.39 –0.32 –2.10 Walmart WMT 82.19 1,579 ASA Gold & Prec Met Ltd ASA 25.14 21.96 -12.6 59.5 NubrgrRlEstSec NRO 3.85 3.85 0.0 52.5 World Equity Funds
–0.43 –0.24 –1.58 Cisco CSCO 55.50 1,134 Continued to Page B8
–0.47 –0.75 –4.93 Johnson & Johnson JNJ 160.13 1,046
–1.00 –0.79 –5.19 Nike NKE 78.06 728
–1.47 –0.73 –4.80 Dow DOW 48.97 927
–1.58 –6.32 –41.52 Home Depot HD 392.59 1,154
–1.64 –6.34 –41.65 Caterpillar CAT 379.63 1,304
–1.85 –3.12 –20.50 Procter & Gamble PG 165.10 1,155
–1.94 –4.86 –31.93 Travelers TRV 245.64 1,308
–2.02 –2.10 –13.80 Merck MRK 101.88 952
–2.85 –1.91 –12.55 Coca-Cola KO 65.01 1,128
–2.99 –6.42 –42.18 IBM IBM 208.25 1,309
–3.67 –8.50 –55.84 Apple AAPL 222.91 1,162
–4.15 –17.78 –116.81 Microsoft MSFT 410.37 1,097

*Based on Composite price. DJIA is calculated on primary-market price.

Source: Dow Jones Market Data; FactSet.

Cash Prices Friday, November 1, 2024

These prices reflect buying and selling of a variety of actual or “physical”
commodities in the marketplace—separate from the futures price on an
WHERE VOLATILITY

RISK MEETS
exchange, which reflects what the commodity might be worth in future
months.
Friday Friday
Hides,hvy native steers piece fob-u n.a.

OPPORTUNITY
Energy Wool,64s,staple,Terr del-u,w n.a.
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 74.000 Grains and Feeds
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.150
Bran,wheat middlings, KC-u,w 119
Metals Corn,No. 2 yellow,Cent IL-bp,u 3.7700
Gold, per troy oz Corn gluten feed,Midwest-u,w 119.9
Engelhard industrial 2764.00
Corn gluten meal,Midwest-u,w 441.6
Cottonseed meal-u,w n.a.
Handy & Harman base 2744.30
Hominy feed,Cent IL-u,w 112
Handy & Harman fabricated 3046.17
Meat-bonemeal,50% pro Mnpls-u,w 318
LBMA Gold Price AM
LBMA Gold Price PM
*2779.40
*2734.15
Oats,No.2 milling,Mnpls-u 4.4425 Whatever the conditions, CME Group provides
Rice, Long Grain Milled, No. 2 AR-u,w 35.25
Krugerrand,wholesale-e 2845.23
Maple Leaf-e 2872.59
SoybeanMeal,Cent IL,rail,ton48%-u,w
Soybeans,No.1 yllw IL-bp,u
323.50
9.5300
the tools that global market participants need UNCERTAINTY
American Eagle-e 2872.59 Wheat,Spring14%-pro Mnpls-u 8.4975
Mexican peso-e
Austria crown-e
3306.55
2684.63
Wheat,No.2 soft red,St.Louis-u 5.7550 to manage risk and capture opportunities. With
Wheat - Hard - KC (USDA) $ per bu-u n.a.
Austria phil-e 2872.59
Silver, troy oz.
Wheat,No.1soft white,Portld,OR-u 5.9750
24-hour access to trading in futures, options,
Engelhard industrial 33.3000 Food
Handy & Harman base
Handy & Harman fabricated
32.7160
40.8950
Beef,carcass equiv. index cash and OTC across all major asset classes,
choice 1-3,600-900 lbs.-u 295.25
*£25.8900
LBMA spot price
(U.S.$ equivalent) *33.5900
select 1-3,600-900 lbs.-u
Broilers, National comp wtd. avg.-u,w
267.66
1.2943 you can determine your best position and
Coins,wholesale $1,000 face-a 24644 Butter,AA Chicago-d 2.6700
Other metals Cheddar cheese,bbl,Chicago-d
Cheddar cheese,blk,Chicago-d
186.75
183.75
take action at just the right moment.
LBMA Platinum Price PM *995.0
LBMA Palladium Price PM *1125.0 Milk,Nonfat dry,Chicago lb.-d 137.75
Platinum,Engelhard industrial 1008.0 Coffee,Brazilian,Comp-y 2.5089
Palladium,Engelhard industrial 1145.0 Coffee,Colombian, NY-y 2.6904 VISIT CMEGROUP.COM/OPPORTUNITY
Aluminum, LME, $ per metric ton *2617.5 Eggs,large white,Chicago-u 4.0050
Copper,Comex spot 4.3475 Flour,hard winter KC-p 15.80
Iron Ore, 62% Fe CFR China-s *n.a. Hams,17-20 lbs,Mid-US fob-u n.a.
Steel, HRC USA, FOB Midwest Mill-s *705.0 Hogs,Iowa-So. Minnesota-u 87.06
Pork bellies,12-14 lb MidUS-u n.a.
Battery/EV metals Pork loins,13-19 lb MidUS-u 1.0436
BMI Lithium Carbonate, EXW China, =99.2%-v,w 10275 Steers,Tex.-Okla. Choice-u n.a.
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 9450 Steers,feeder,Okla. City-u,w 276.25
BMI Cobalt sulphate, EXW China, >20.5% -v,w 3710
BMI Nickel Sulphate, EXW China, >22%-v,m 3737 Fats and Oils
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 460 Degummed corn oil, crude wtd. avg.-u,w n.a.
Fibers and Textiles Grease,choice white,Chicago-h 0.4200
Lard,Chicago-u n.a.
Burlap,10-oz,40-inch NY yd-n,w 0.8400 Soybean oil,crude;Centl IL-u,w 0.4539
Cotton,1 1/16 std lw-mdMphs-u 0.6567 Tallow,bleach;Chicago-h 0.4350
Cotlook 'A' Index-t *82.05 Tallow,edible,Chicago-u n.a.

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella &
Brookes; H=American Commodities Brokerage Co;
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 10/31
Source: Dow Jones Market Data

STRATEGY
Borrowing Benchmarks
wsj.com/market-data/bonds/benchmarks

Money Rates November 1, 2024

Key annual interest rates paid to borrow or lend money in U.S. and
international markets. Rates below are a guide to general levels but
POSITION
don’t always represent actual transactions.
Week —52-WEEK—
Inflation Latest ago High Low
Sept. index Chg From (%) Bid 4.8200 4.8200 5.3300 4.8200
level Aug. '24 Sept. '23 Offer 4.8300 4.8300 5.3600 4.8300
U.S. consumer price index Treasury bill auction
All items 315.301 0.16 2.4 4 weeks 4.580 4.650 5.325 4.580
Core 321.109 0.34 3.3 13 weeks 4.490 4.510 5.325 4.490
26 weeks 4.325 4.310 5.320 4.215
International rates
Other short-term rates
Week 52-Week
Latest ago High Low Week 52-Week
Latest ago high low
Prime rates
U.S. 8.00 8.00 8.50 8.00 Call money
Canada 5.95 6.45 7.20 5.95 6.75 6.75 7.25 6.75
Japan 1.625 1.625 1.625 1.475
Commercial paper (AA financial)
Policy Rates 90 days 4.67 4.66 5.53 4.54
Euro zone 3.40 3.40 4.50 3.40
Switzerland 1.50 1.50 2.25 1.50 Secured Overnight Financing Rate Laird Hamilton
Britain 5.00 5.00 5.25 5.00 4.90 4.83 5.40 4.81
Australia 4.35 4.35 4.35 4.10 World-Class Big Wave Surfer
Value 52-Week
Overnight repurchase Latest Traded High Low
U.S. 4.88 4.89 5.48 4.85 DTCC GCF Repo Index
U.S. government rates Treasury 4.894 52.380 5.504 4.845
MBS 4.935 67.600 5.689 4.868
Discount
5.00 5.00 5.50 5.00
Weekly survey
Latest Week ago Year ago
Federal funds
Effective rate 4.8300 4.8300 5.3400 4.8300 Freddie Mac
High 5.0500 5.0500 5.6500 5.0500 30-year fixed 6.72 6.54 7.76
Low 4.8000 4.8000 5.3300 4.8000 15-year fixed 5.99 5.71 7.03
Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally
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, deposited and profit you might have made. This communication is not a recommendation or offer to buy,
and is effective September 19, 2024. Other prime rates aren’t directly comparable; lending practices
vary widely by location; Discount rate is effective September 19, 2024. Secured Overnight Financing sell or retain any specific investment or service. Copyright ©2021 CME Group Inc. All rights reserved.
Rate is as of October 31, 2024. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted
average for overnight trades in applicable CUSIPs. Value 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;
Tullett Prebon Information, Ltd.
B8 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Blue Owl Bets on Buyouts to Lift Growth

BY LUIS GARCIA based lending specialist Ata- markets with transforma- seven years, we look forward icated to buying property and about $326.9 million, Blue
laya Capital Management in tional shifts happening in real to demonstrating and quanti- leasing it back to the seller, Owl said.
Blue Owl Capital is betting September through a $450 time.” fying the significant value according to an investor pre- The firm’s third-quarter
on recent acquisitions to help million deal. He added that the acquisi- creation that we are already sentation. net income nearly doubled to
it capitalize on promising Earlier this year, Blue Owl tions, which to- seeing.” The acquisitions and capi- $29.8 million, or 4 cents a
trends such as a boom in bought property-finance busi- taled roughly Blue Owl tal inflows helped lift assets share, from $15.1 million, or 3
data-center development, ris- ness Prima Capital Advisors $2.5 billion, raised $7.9 bil- under management by cents a share, in the same pe-
ing demand for commercial fi- and life insurer and annuity “have been The firm’s third- lion during this roughly 50% to $234.6 billion riod last year, while revenue
nancing and investing in life provider Kuvare Asset Man- modest” and quarter net year’s third by the end of September from rose 40% to $600.9 million.
insurers. agement. will bear fruit quarter, includ- a year earlier, eclipsing the Excluding certain items,
The private-investment and “We are further positioning over time. income nearly ing $3.5 billion $228.8 billion average expec- Blue Owl posted a 25% gain in
credit specialist in early Octo- ourselves to be on the fore- “In the early for a strategic tation of Wall Street analysts, adjusted distributable earn-
ber agreed to acquire data- front of trends that will de- days, none of
doubled year capital strategy as tallied by FactSet. The total ings, or profit that can be re-
center developer IPI Partners fine the alternatives industry these busi- over year. that acquires comprised $128.4 billion for turned to fund investors, of
for about $1 billion. The com- in the coming decade,” Co- nesses will be stakes in other credit strategies, $62 billion 20 cents a share from 16 cents
pany is a joint venture be- Chief Executive Marc Lip- highly impact- asset manag- for GP-capital funds and $44.1 a share a year earlier. The re-
tween growth investor Iconiq schultz said Thursday on an ful to our reve- ers, often re- billion for real-estate vehi- sult was in line with the aver-
Capital and fellow private-eq- earnings call with securities nues or earnings on their own ferred to as general partners. cles. age Wall Street estimate as
uity firm Iron Point Partners. analysts. “We see both digital because they’re just not that The firm also collected $3.1 Fee-related earnings, a key compiled by FactSet.
The deal followed Blue infrastructure and alternative big,” Lipschultz said. “But billion for credit funds and metric, rose 32% compared —Rob Curran
Owl’s acquisition of asset- credit as multitrillion-dollar over the next three, five, $1.3 billion for a strategy ded- with the year-ago period to contributed to this article.

Closed-End Funds
Continued From Page B7 Prem12 Mo Prem12 Mo 52 wk Prem12 Mo Prem12 Mo
Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld
Fund (SYM) NAV Close /Disc Ret NeubHgYldStrt NHS 7.88 8.04 +2.0 13.2 World Income Funds Fund (SYM) NAV Close /Disc Ret Invesco Sr Loan Y 5.75 NA NA 9.8 First Trust Private Cr;I NA NA NA 10.1
BR Debt Strategy DSU 10.70 10.93 +2.1 10.9 New Amer Hi Inc HYB 8.36 8.19 -2.0 5.9 abrdn AP IncFd FAX 17.66 16.59 -6.1 12.0 Lord Abbett Spec Sit I:I 9.38 NA NA 14.2 Lord Abbett FR Hi Inc:A 10.26 NA NA 10.0 Franklin BSP Pvt Cr:A 10.55 NA NA 8.6
BR F/R Inc Str FRA 12.98 13.91 +7.2 10.7 Nuveen Global High Inc JGH 13.81 12.76 -7.6 9.6 MS EmMktDomDebt EDD 5.18 4.71 -9.1 9.6 Variant Altrntv Inc:Inst 27.35 NA NA 5.2 Lord Abbett FR Hi Inc:I 10.26 NA NA 10.5 Franklin BSP Pvt Cr:Adv 10.57 NA NA 9.0
BlackRock Floatng Rt Inc BGT 12.65 13.20 +4.3 11.0 PGIM Global High Yield GHY 13.23 12.57 -5.0 9.99 PIMCO Access Income PAXS 15.50 15.78 +1.8 11.4 Variant Impact;Instl 28.14 NA NA 8.0 Monachil Credit Income:I 10.09 NA NA 9.7 FS Credit Income;A NA NA NA 7.8
Blackstone Lng-Sh Cr Inc BGX NA 12.64 NA 9.9 PGIM High Yield Bond ISD 14.12 14.08 -0.3 8.9 PIMCO Dynamic Inc Strat PDX 25.78 23.27 -9.7 5.5 Versus Capital Infra Inc 10.30 NA NA NS Nomura Alt Inc;I 10.04 NA NA 10.0 FS Credit Income;I NA NA NA 8.0
BS SFR 2027 T BSL NA 14.18 NA 9.6 PGIM Sh Dur Hi Yld Opp SDHY 17.73 16.66 -6.0 7.7 PIMCO Dynamic Income PDI 17.27 19.64 +13.7 13.5 Convertible Sec's. Funds OFS Credit Company OCCI NA 7.01 NA NA FS Credit Income;T NA NA NA 7.5
BS St Cr 2027 Tm BGB 12.84 12.27 -4.4 9.4 PioneerHilncm PHT 8.35 7.78 -6.8 8.4 PIMCO Dynamic Inc Opp PDO 13.12 13.55 +3.3 11.3 Calmos Dyn Conv and Inc CCD 19.25 24.00 +24.7 21.5 PC PCAAM AI;I 10.07 NA NA NS FS Credit Income;U NA NA NA 7.3
Eagle Point Credit ECC NA 9.69 NA 17.5 WstAstHIF II HIX NA 4.40 NA 13.3 PIMCO Stratg Inc RCS 4.45 7.58 +70.3 7.9 World Equity Funds PRINCIPAL PRIVATE CR I;A 10.27 NA NA NS FS Credit Income;U-2 NA NA NA 7.3
Eagle Point Income EIC NA 15.94 NA 14.8 Western Asset Hi Inc Opp HIO NA 3.96 NA 10.7 Templtn Glbl Inc SABA NA 8.58 NA NE BEACON POINTE MLT-ALT;I NA NA NA NS PRINCIPAL PRIVATE CR I;Y 10.30 NA NA NS KKR CREDIT OPPTY;D NA NA NA 9.2
EtnVncFltRteInc EFT NA 13.12 NA 10.9 Western Asset Hi Yld D O HYI NA 12.32 NA 9.3 Templeton Em Inc TEI 5.96 5.44 -8.7 10.3 CalamosGlbTotRet CGO 11.83 11.68 -1.3 35.0 PRINCIPAL PRVT CR I;INS 10.29 NA NA NS KKR CREDIT OPPTY;I NA NA NA 9.5
EV SenFlRtTr EFR NA 12.82 NA 11.0 Other Domestic Taxable Bond Funds WstAstEmergDebt EMD NA 9.73 NA 10.3 Cantor Fitzgerald SI:A 12.09 NA NA 23.8 SEI Alternative Income:F 10.35 NA NA 7.3 KKR CREDIT OPPTY;T NA NA NA 8.7
FT/Sr Fltg Rte Inc 2 FCT 10.78 10.31 -4.4 11.2 Allspring Multi-Sector ERC 9.90 9.13 -7.8 8.6 Western Asset Gl Cr D Op GDO NA 11.89 NA 11.1 Cantor Fitzgerald SI:C 11.92 NA NA 22.8 KKR CREDIT OPPTY;U NA NA NA 8.7
SEI Alternative Income:Y 10.35 NA NA 7.5
Highland Oppty & Income HFRO 12.78 5.63 -55.9 9.5 Ares Dynamic Crdt Alloc ARDC NA 15.06 NA 9.3 National Muni Bond Funds Cantor Fitzgerald SI:I 12.12 NA NA 24.1 MA SPECIALTY CREDIT IN;S 25.08 NA NA NS
Voya Enhanced Sec Inc:A 10.20 NA NA NS
InvDYCrOpp:AX VTA 11.00 NA NA NA BlackRock Mlt-Sctr Inc BIT 14.61 14.83 +1.5 10.0 AllBerNatlMunInc AFB 12.58 11.22 -10.8 3.5 CANTOR FITZGERALD INFR;S 12.17 NA NA NS NIAGARAINCOMEOPPORTNTS NA NA NA NS
Voya Enhanced Sec Inc:C 10.20 NA NA NS
InvSnrIncTr VVR 3.96 3.94 -0.5 13.2 BlackRock Tax Muni Bd BBN 17.41 16.76 -3.7 6.7 BlckRk Inv Q Mun BKN 12.81 12.20 -4.8 5.4 Sweater Cashmere 22.04 NA NA 3.6 Palmer Square Opp Inc 18.08 NA NA 9.0
Primark Priv Eq Inv:I 13.85 NA NA 21.7 Voya Enhanced Sec Inc:I 10.20 NA NA NS
Nuveen Credit Strat Inc JQC NA 5.73 NA 11.3 DoubleLine:Oppor Crdt Fd DBL 15.40 15.29 -0.7 8.5 BlackRock Muni 2030 Tgt BTT 23.92 21.19 -11.4 2.6 World Income Funds
EVLmtDurIncm EVV BlackRock Muni BFK 11.29 10.14 -10.2 5.6 Thornburg Inc Bldr Opps TBLD 18.92 17.31 -8.5 18.8 Yieldstreet Alt Inc NA NA NA 8.0
NuvFloatRateIncFd JFR NA 8.84 NA 11.5 NA 10.32 NA 9.3 BlueBay Destra Itl E:A 23.76 NA NA 7.2
Franklin Ltd Dur Income FTF 7.00 6.51 -7.0 11.2 BlackRock Muni II BLE 11.96 10.75 -10.1 5.6 VirtusTotalRetFd ZTR NA 5.85 NA NA High Yield Bond Funds
High Yield Bond Funds BlueBay Destra Itl E:I 23.79 NA NA 7.4
FS Credit Opportunities FSCO NA NA NA 10.6 BlckRk Muni Inc Qly BYM 12.45 11.39 -8.5 5.3 AB CarVal Credit Opp;Adv 10.25 NA NA NS
abrdn Inc Credit Str ACP 6.53 6.44 -1.4 18.4 Prem12 Mo BlueBay Destra Itl E:L 23.74 NA NA 6.9
J Han Investors JHI 14.87 14.11 -5.1 7.0 BR MuniAssets Fd MUA 11.68 11.61 -0.6 5.5 AB CarVal Credit Opp;A 10.24 NA NA NS
AllianceBernGlHiIncm AWF 11.36 10.87 -4.3 7.4 Fund (SYM) NAV Close /Disc Yld BlueBay Destra Itl E:T 23.62 NA NA 6.7
MFS Charter MCR 6.81 6.35 -6.8 0.0 BR MH Qly 2 MUE 11.44 10.34 -9.6 5.1 AB CarVal Credit Opp;C 10.24 NA NA NS
Allspring Income Oppty EAD 7.35 6.83 -7.1 9.0 U.S. Mortgage Bond Funds Calamos-Aksia ACI:A 10.63 NA NA 7.6
Barings Glb SD HY Bd BGH 16.00 15.36 -4.0 NuvCorePlusImpact NPCT NA 11.33 NA 10.7 BR MuniHoldngs MHD 13.42 12.13 -9.6 5.0 AB CarVal Credit Opp;U 10.24 NA NA NS
9.5 Arca US Treasury NA NA NA 0.0 Calamos-Aksia ACI:C 10.63 NA NA 6.9
BR Corporate HY HYT 9.74 9.91 +1.7 9.4 Nuveen Taxable Muni Inc NBB 16.44 16.16 -1.7 6.0 BR MuniVest Fd MVF 7.91 7.28 -8.0 4.8 Opprtnstc Crdt Intrvl;I 11.63 NA NA 9.4
CATALYST STRAT INC OPPS 9.98 NA NA NS PIMCO Flexible Cr I;A-1 7.18 NA NA 10.3 Calamos-Aksia ACI:I 10.64 NA NA 7.9
BlackRock Ltd Dur Inc BLW 14.12 14.29 +1.2 9.2 PIMCO Corp & Inc Oppty PTY 11.65 14.58 +25.2 9.8 BR MuniVest 2 MVT 12.21 10.93 -10.5 5.3 Calamos-Aksia ACI:M 10.63 NA NA 7.1
Ellington Inc Opp:A NA NA NA 11.8 PIMCO Flexible Cr I;A-2 7.18 NA NA 10.3
BNY Mellon Hi Yield Str DHF 2.76 2.57 -6.9 7.7 PIMCO Corp & Inc Strat PCN 11.87 13.82 +16.4 9.8 BR MuniYield Fd MYD 11.94 11.00 -7.9 5.5
Ellington Inc Opp:M NA NA NA 12.4 PIMCO Flexible Cr I;A-3 7.18 NA NA 10.0 Carlyle Tact Pvt Cred:A NA NA NA 9.5
Brookfield Real Asst Inc RA 14.87 13.45 -9.5 9.5 PIMCOHilnco PHK 4.71 5.03 +6.8 11.5 BR MuniYield Qlty MQY 13.00 12.46 -4.2 5.4
Loan Participation Funds PIMCO Flexible Cr I;A-4 7.18 NA NA 10.0 Carlyle Tact Pvt Cred:I NA NA NA 9.9
CrSuisHighYld DHY 2.21 2.15 -2.7 8.6 PIMCO IncmStrFd PFL 8.15 8.54 +4.8 11.4 BR MuniYld Qlty2 MQT 11.47 10.31 -10.1 5.5
1WS Credit Income;A2 18.97 NA NA 8.4 Carlyle Tact Pvt Cred:L NA NA NA 9.3
DoubleLine Inc Sol DSL 12.51 12.71 +1.6 10.5 PIMCO IncmStrFd II PFN 7.19 7.52 +4.6 11.4 BR MuniYld Qly 3 MYI 12.33 11.16 -9.5 5.7 PIMCO Flexible Cr I;Inst 7.18 NA NA 10.7
1WS Credit Income;Inst 19.45 NA NA 8.2 Carlyle Tact Pvt Cred:M NA NA NA 9.3
DoubleLine Yld Opps DLY 16.14 16.15 +0.1 9.2 Putnam Mas Int PIM 3.44 3.30 -4.1 8.0 BNY Mellon Muni Bd Infra DMB 12.08 10.67 -11.7 3.3 Polen Credit Opps;Inst 9.76 NA NA 9.8
Apollo Diversified Cd:A NA NA NA 8.9 Carlyle Tact Pvt Cred:N NA NA NA 10.0
First Trust HY Opp:2027 FTHY 15.26 14.55 -4.7 10.6 Putnam Prem Inc PPT 3.81 3.63 -4.7 8.6 BNY Mellon Str Muni Bond DSM 6.75 6.01 -11.0 3.5 Other Domestic Taxable Bond Funds
Western Asset Dvsfd Inc WDI NA 15.07 NA 11.5 BNY Mellon Strat Muni LEO 7.07 6.25 -11.6 3.6 Apollo Diversified Cd:C NA NA NA 8.1 Carlyle Tact Pvt Cred:U NA NA NA 9.3
Franklin Univ FT 8.21 7.54 -8.2 6.8 AFA Private Credit;Fndr 9.60 NA NA 7.7
Western Asset Inf-Lk Inc WIA NA 8.27 NA 7.2 DWS Muni Inc KTF 10.12 9.74 -3.8 5.8 Apollo Diversified Cd:F NA NA NA 11.0 Carlyle Tact Pvt Cred:Y NA NA NA 9.4
KKR Income Opportunities KIO NA 13.88 NA 10.4 AFA Private Credit;Inst 9.62 NA NA 7.7
Western Asset Inf-Lk O&I WIW NA 8.75 NA 8.2 EVMuniBd EIM NA 10.35 NA 5.2 Apollo Diversified Cd:I NA NA NA 9.1 Fid MS Cr;A NA NA NA 6.0
Alternative Credit Inc:A NA NA NA 7.1 Fid MS Cr;C
EVMuniIncm EVN NA 10.41 NA 5.2 Apollo Diversified Cd:L NA NA NA 8.6 NA NA NA 5.2
Alternative Credit Inc:C NA NA NA 6.4 Fid MS Cr;I
EVNatMuniOpp EOT NA 17.56 NA 4.3 Apollo Diversified Cd:M NA NA NA 8.5 NA NA NA 6.2
Alternative Credit Inc:I NA NA NA 7.4 Fid MS Cr;L NA NA NA 5.7
InvAdvMuIncTrII VKI 9.66 9.01 -6.7 5.6 Axonic Alternative I;A NA NA NA NS
ADVERTISEMENT Axonic Alternative I Ins NA NA NA 8.9 Alternative Credit Inc:L NA NA NA 6.9 Jackson Credit Opps:I 10.32 NA NA NS
Invesco MuniOp OIA 6.43 6.69 +4.0 5.1 Alternative Credit Inc:W NA NA NA 7.2
InvescoMuOppTr VMO 10.79 9.91 -8.2 5.6 Bluerock HI Inst Crd:A NA NA NA 15.6 Lord Abbett Cred Opps Fd 8.96 NA NA 9.2
AMG Pantheon Crdt Soln;I NA NA NA NS

The Marketplace InvescoMuTr VKQ 10.83 10.07 -7.0 5.6 Bluerock HI Inst Crd:C NA NA NA 15.6 Lord Abbett Cred Opps Fd 8.96 NA NA 10.0
Bluerock HI Inst Crd:F NA NA NA 15.6 AMG Pantheon Crdt Soln;S NA NA NA NS Lord Abbett Crd Op:U 8.96 NA NA 9.2
InvescoQual Inc IQI 10.89 10.03 -7.9 5.7 Angel Oak Str Crdt:FI 21.49 NA NA 7.3
InvTrInvGrMu VGM 11.16 10.27 -8.0 5.6 Bluerock HI Inst Crd:I NA NA NA 15.6 Oaktree Dvsfd Income;D 9.19 NA NA 8.6
Angel Oak Str Crdt:Inst 21.47 NA NA 7.3 PIMCO Flexible EM I;Inst 8.44 NA NA 8.1
To advertise: 800-366-3975 or WSJ.com/classifieds InvescoValMunInc IIM 13.30 12.35 -7.1 5.7 BNYM Alcntr Glb MS Cr Fd 94.62 NA NA NA
BR Credit Strat;A 8.62 NA NA 8.6
NeubrgrBrm NBH 11.89 10.78 -9.3 4.7 CliffwaterClFd;I 10.74 NA NA 11.1 National Muni Bond Funds
CliffwaterElFd;I 10.96 NA NA 11.0 BR Credit Strat;Inst 8.60 NA NA 9.3 Ecofin Tax-Exempt Prv Cr 8.32 NA NA 2.8
Nuveen AMT-Fr Mu Val NUW 15.20 13.77 -9.4 3.7
Nuveen AMT-Fr Qlty Mun I NEA 12.39 11.43 -7.7 5.9 CNR Strategic Credit 7.08 NA NA 23.2 BR Credit Strat;U 8.61 NA NA 8.6 Lind Cap Pt Mun Cred Inc 8.92 NA NA 6.6
NOTICE OF SALE Nuveen AMT-Fr Mu CI NVG NA 12.54 NA 6.0 Floating-Rate Opps;A 10.26 NA NA NS BR Credit Strat;W 8.62 NA NA 8.5 Nuveen En HY Muni Bd:A1 NA NA NA 5.0
Nuveen Dyn Muni Opp NDMO 11.09 10.64 -4.1 6.9 Floating-Rate Opps;I 10.25 NA NA 10.1 CION Ares Dvsfd Crdt;A NA NA NA 8.9 Nuveen En HY Muni Bd:A2 NA NA NA 5.2
Nuveen Mu Crdt Opps NMCO 11.72 11.05 -5.7 6.0 Floating-Rate Opps;U 10.26 NA NA NS CION Ares Dvsfd Crdt;C NA NA NA 8.2 Nuveen En HY Muni Bd:I NA NA NA 5.7
IN THE UNITED STATES BANKRUPTCY COURT Committee, Potter Anderson & Corroon LLP, 1312 N. Market CION Ares Dvsfd Crdt;I NA NA NA 9.1
FOR THE DISTRICT OF DELAWARE Street, 6th Floor, Wilmington, DE 19801-6108, Attn: Christopher Nuv Muni Credit Income NZF 13.51 12.50 -7.5 6.1 Equalize Community Dev 9.37 NA NA 3.7 NYLI MacKay Mu IO;A1 10.14 NA NA NS
M.Samis ([email protected]) and Stephen R.McNeill NuvMuniHiIncOpp NMZ 11.18 11.04 -1.3 5.7 FedProj&TrFinanceTendr 10.07 NA NA 7.0 CION Ares Dvsfd Crdt;L NA NA NA 8.6 NYLI MacKay Mu IO;A2 10.14 NA NA NS
In re: JORDAN HEALTH Chapter 11 CION Ares Dvsfd Crdt;U NA NA NA 8.4
PRODUCTS I, INC., et al.,1 Case No.24-12271 (TMH) ([email protected]), (v) the Office of the United Nuveen Muni Val NUV 9.30 8.91 -4.2 3.9 Flat Rock Core Income NA NA NA 9.8 NYLI MacKay Mu IO;A3 10.14 NA NA NS
Debtors. (Jointly Administered) States Trustee, J. Caleb Boggs Federal Building, 844 King Street, Nuveen Quality Muni Inc NAD 12.85 11.92 -7.2 5.9 Flat Rock Enhanced Inc NA NA NA 11.4 CION Ares Dvsfd Crdt:U2 NA NA NA 8.4 NYLI MacKay Mu IO;I 10.14 NA NA NS
Ste. 2207 – Lockbox #35, Wilmington, DE 19801, Attn: Hannah Nuveen Sel TF NXP 14.50 14.74 +1.7 4.0 InvDYCrOpp:A 11.00 NA NA 11.0 CION Ares Dvsfd Crdt;W NA NA NA 8.6 PIMCO Flex Mun Inc;A-3 10.39 NA NA 3.5
NOTICE OF BID PROCEDURES2 J. McCollum ([email protected]), and (vi) the Clerk
PLEASE TAKE NOTICE that on October 8, 2024, the above- NYLIMacKayDTMuniOpp MMD 16.80 16.61 -1.1 4.3 InvDYCrOpp:R6 11.01 NA NA 11.4 CNR Select Strategies 15.85 NA NA 0.0 PIMCO Flex Mun Inc:A1 10.39 NA NA 3.8
of the Bankruptcy Court for the District of Delaware, 824 North
captioned debtors and debtors in possession (the “Debtors”) Market Street, 3rd Floor, Wilmington, DE 19801. If a Contract PIMCO MuniInc PMF 9.38 9.67 +3.1 5.2 InvDYCrOpp:Y 11.01 NA NA 11.2 Diamond Hill Sec Cr;R 9.96 NA NA NS PIMCO Flex Mun Inc;A2 10.39 NA NA 3.8
filed a motion [Docket No. 14] (the“Bid Procedures and Sale Counterparty does not timely file and serve a Contract Objection, PIMCOMuniIncII PML 8.73 8.83 +1.1 5.3 Invesco Sr Loan A 5.75 NA NA 9.5 First Eagle Crdt Opps A NA NA NA 10.7 PIMCO Flex Mun Inc;Inst 10.39 NA NA 4.3
Motion”) with the United States Bankruptcy Court for the that party will be forever barred from objecting to (a) the Pimco Muni III PMX 8.03 7.78 -3.1 5.0 Invesco Sr Loan C 5.76 NA NA 8.8 First Eagle Crdt Opps A2 NA NA NA 10.5 Single State Muni Bond
DistrictofDelaware(the“BankruptcyCourt”). Debtors’ proposed cure amount, and (b) the assignment of that PioneerHilncAdv MAV 9.22 8.52 -7.6 4.2 Invesco Sr Loan IB 5.75 NA NA 9.8 First Eagle Crdt Opps I NA NA NA 11.3 PIMCO CA FMI;A-1 10.32 NA NA 2.7
PLEASE TAKE FURTHER NOTICE that on October 29, 2024, party’s executory contract or unexpired lease to the applicable PionrMuniHiIncOppty MIO 12.98 12.07 -7.0 4.6
the Bankruptcy Court entered an order [Docket No. 126] (the Invesco Sr Loan IC 5.75 NA NA 9.6 First Trust Private Cr;A NA NA NA 9.6 PIMCO CA FMI;Inst 10.32 NA NA 3.3
SuccessfulBidder.
“Bid Procedures Order”) approving Bid Procedures (the “Bid PLEASE TAKE FURTHER NOTICE that a hearing will be PioneerMunHiIcm MHI 10.06 9.35 -7.1 4.1
Procedures”),which set key dates,times and procedures related held to confirm the results of the Auction and approve the Putnam Mgd Inc PMM 6.81 6.27 -7.9 4.5
to the sales of the Debtors’assets (the“Assets”).All interested transactions contemplated in the Bid Procedures and the Bid Putnam Muni Opp PMO 11.44 10.45 -8.7 4.0
bidders should carefully read the Bid Procedures. To the
extent there are any inconsistencies between the Bid Procedures
Procedures and Sale Motion to the applicable Successful Bidder
at the Auction (the “Sale Hearing”) before the Honorable
RiverNorth Flx Mu Inc II RFMZ 15.54 13.95 -10.2 7.4
RiverNorth Mgd Dur Mun I RMM 16.39 15.37 -6.2 7.1
Insider-Trading Spotlight
and the summary description of the terms and conditions con- Thomas M. Horan, Courtroom #7, U.S. Bankruptcy Court for the Western Asset Mgd Muni MMU NA 10.37 NA 5.7 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys
tainedinthisNotice,thetermsoftheBidProceduresshallcontrol. District of Delaware, 824 North Market Street, Wilmington, DE
PLEASE TAKE FURTHER NOTICE that the Debtors have been 19801, on November 22, 2024, at 11:00 a.m. (prevailing Single State Muni Bond new information about the prospects of a company. Insiders are required to report large trades to the SEC
and will continue to market the Assets in advance of the Auction. BlackRock CA Mun BFZ 12.67 11.69 -7.7 5.4
To be eligible to participate in the Auction, each Bid and each
Eastern Time), or at such time thereafter as counsel may be
heard. The Sale Hearing may be adjourned by the Bankruptcy BR MH CA Qly Fd Inc MUC 12.39 11.08 -10.6 5.1 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by
Bidder must be determined by the Debtors,in consultation with Court or the Debtors without further notice other than BR MH NJ Qly MUJ 12.93 11.67 -9.7 5.0 LSEG Data and Analytics on November 1, and year-to-date stock performance of the company
the Creditors’Committee (if any), to comply with the conditions such adjournment announced in open court or a notice of BR MH NY Qly MHN 11.83 10.69 -9.6 4.9 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer
set forth in the Bid Procedures.The deadline to submit a Qualified adjournment filed on the Bankruptcy Court’s docket.Objections
Bid is November 15,2024, at 5:00 p.m.(prevailing Eastern BR MuniYld MI Qly MIY 12.91 11.61 -10.1 4.7 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
to the sale of the Assets to the Stalking Horse Bidder must
Time) or such later date as may be agreed to by the Debtors (the be filed and served so they are actually received by the BR MuniYld NY Qly MYN 11.46 10.29 -10.2 5.1 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT:
“BidDeadline”).Tobeconsidered,anyBidmustcomplywiththe Debtors no later than 4:00 p.m.(prevailing Eastern Time) BR MuniYld PA Qly MPA 12.96 12.01 -7.3 5.4
unknown VP: vice president Excludes pure options transactions
requirementssetforthintheBidProcedures. onNovember14,2024. BlackRock NY Mun BNY 11.79 10.59 -10.2 4.8
PLEASE TAKE FURTHER NOTICE that,pursuant to the terms PLEASE TAKE FURTHER NOTICE that this Notice is subject EVCAMuniBd EVM NA 9.23 NA 4.9
of the Bid Procedures Order, an auction (the “Auction”) may
be held on November 19, 2024, at 10:00 a.m. (prevailing
to the full terms and conditions of the Bid Procedures and
the Bid Procedures Order, which shall control in the event of
Eaton Vance NY Muni Bd ENX NA 9.49 NA 4.8
InvCaValMuIncTr VCV 11.15 10.23 -8.3 5.4
Biggest weekly individual trades
Eastern Time) at the offices of Debtors’ counsel, Polsinelli PC, any conflict with this Notice. The Debtors encourage parties Based on reports filed with regulators this past week
222 Delaware Avenue, Suite 1101, Wilmington, DE 19801 or in interest to review such documents in their entirety. A copy InvPAValMuIncTr VPV 11.63 10.99 -5.5 4.9
such later time on such day or other place as the Debtors shall of the Bid Procedures and the Bid Procedures Order may be InvTrInvGrNYMu VTN 11.82 11.16 -5.6 5.3 No. of shrs in Price range ($) $ Value
notify all Bidders who have submitted Qualified Bids, or at obtained (i) by contacting counsel for the Debtors, Polsinelli PC, Nuveen CA AMT-F Qual MI NKX 13.00 13.12 +0.9 5.4 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%)
another location as may be timely disclosed by the Debtors to 222 Delaware Avenue,Suite 1101,Wilmington,Delaware 19801, Nuveen CA Val NCA 9.35 8.98 -4.0 3.8
all Qualified Bidders; provided, however, the Debtors reserve the Attn:Christopher A.Ward ([email protected]),(ii) for free by NuveenCAQtyMuInc NAC 12.52 11.42 -8.8 6.0
righttopermitQualifiedBidderstoattendtheAuctionvirtuallyin
whichcasetheDebtorsshallprovidevirtualaccessinformationto
accessing the website of the Debtors’noticing agent,Omni Agent
Solutions, at https://omniagentsolutions.com/Avante or (iii) for
NuvNJ Qual Muni Inc NXJ 13.35 12.34 -7.6 5.4 Buyers
QualifiedBidderswhorequestit. afeeviaPACERathttp://www.deb.uscourts.gov. Nuveen NY AMT/Fr Qual MI NRK 11.78 10.83 -8.1 5.9
Nuveen NY Val NNY 9.00 8.43 -6.3 4.0 Oct. 24 Psq Holdings PSQH K. Loeffler DI 1,204 2.70 3,250 2.80 -46.6
PLEASE TAKE FURTHER NOTICE that, by November Dated:October30,2024,Wilmington,Delaware
1, 2024, the Debtors shall send a notice to each Contract Respectfully submitted, POLSINELLI PC, /s/ Christopher A. Nuveen NY Qual Muni Inc NAN 12.28 11.42 -7.0 5.9 Oct. 23 Sonida Senior Living SNDA M. Simanovsky DOI 127 24.75 3,149 25.34 162.3
Counterparty to an executory contract or unexpired lease setting Ward , Christopher A. Ward (Del. Bar No. 3877), Shanti M. Nuveen PA Qual Muni Inc NQP 13.02 11.80 -9.4 5.4
forth the Debtors’ calculation of the cure amount, if any, that Katona (Del. Bar No. 5352), Katherine M. Devanney (Del. Bar No. Nuveen VA Qlty Mun Inc NPV 12.29 12.88 +4.8 4.9
Oct. 25 CoStar Group CSGP A. Florance CEO 15 74.67 1,100 72.50 -17.0
would be owing to such counterparty if the Debtors decided
to assume or assume and assign such executory contract or
6356), Michael V. DiPietro (Del. Bar No. 6781), 222 Delaware PIMCO CA PCQ 10.44 9.88 -5.4 4.3 Oct. 24-25 Sky Harbour Group SKYH A. Rozek DI 105 9.50 1,000 10.75 11.3
Avenue, Suite 1101, Wilmington, Delaware 19801, Telephone: PIMCOCAMuniII PCK 6.66 5.95 -10.7 4.3
unexpired lease, and alerting such non-debtor party that (302) 252-0920, Facsimile: (302) 252-0921, cward@polsinelli. Oct. 25 Beyond BYON M. Lemonis OD 157 6.37 1,000 6.35 -77.1
their contract may be assumed and assigned to the applicable Pimco CA Muni III PZC 7.71 7.28 -5.6 4.8
Successful Bidder (the “Cure and Possible Assumption
com, [email protected], [email protected], Oct. 28 M. Lemonis OD 71 7.00 500
and Assignment Notice”). Any Contract Counterparty that
[email protected] -and- Ashley D. Champion (admitted 52 wk
Pro Hac Vice), 1201 W. Peachtree St. NW, Suite 1100, Atlanta, GA Prem Ttl Oct. 24 Atlas Energy Solutions AESI G. Shepard B 23 19.55 456 19.16 11.3
objects to the cure amount set forth in the Cure and Possible 30309, Telephone: (404) 253-6000, Facsimile: (404) 252-6060,
Assumption and Assignment Notice or the possible assignment Fund (SYM) NAV Close /Disc Ret Oct. 23-25 FB Financial FBK J. Ayers B 6 48.13-48.43 289 48.91 22.7
[email protected], Proposed Counsel to the Debtors and
of their executory contract or unexpired lease to the Successful DebtorsinPossession General Equity Funds Oct. 28-29 J. Ayers B 4 49.74-50.29 200
Bidder must file an objection (a “Contract Objection”) on or 1 Alternative Strategies:I 15.04 NA NA 3.5
The Debtors in these chapter 11 cases, along with the last
before 4:00 p.m.prevailing Eastern Time on November 14, Oct. 24 Norfolk Southern NSC R. Anderson DI 1 257.85 258 250.09 5.8
2024, which Contract Objection must be served on (i) counsel four digits of each Debtor’s federal tax identification number First Trust Hdg Strat;A 11.00 NA NA 11.5
are: Jordan Health Products I, Inc. (9981); Global Medical First Trust Hdg Str;I 11.07 NA NA 12.3 Oct. 24 S. Fahmy D 1 255.00 255
for the Debtors, Polsinelli PC, 222 Delaware Avenue, Suite 1101,
Wilmington,Delaware 19801,Attn:Christopher A.Ward (cward@ Imaging, LLC (8828); D.R.E. Medical Group, Inc. (2356); Oncology Specialized Equity Funds Oct. 30 Crocs CROX J. Replogle D 2 112.60 252 106.21 13.7
polsinelli.com), (ii) the investment bankers for the Debtors, Services International, Inc. (2514);Technical Options of Georgia,
Accordant ODCE Index;A 9.26 NA NA -8.0
Livingstone Partners, 443 North Clark St., Chicago, IL 60654, Inc. (5488); Jordan Health Products III, Inc. (9350); Transtate Oct. 29 Bancorp TBBK M. Tryniski D 5 50.36 252 49.65 28.8
Equipment Company, Inc. (4201); Equipment Maintenance Accordant ODCE Index;I 9.28 NA NA -7.8
Attn: Joseph Greenwood (greenwood@livingstonepartners. Oct. 29 T. Brockman D 5 49.94 226
com) and Adam Green ([email protected]), (iii) Solutions,Inc.(7216);Ultra Solutions Holdings,Inc.(2305); Ultra Accordant ODCE Index;Y 9.28 NA NA -7.8
counsel for the Prepetition Lender, DIP Lender, and Stalking Solutions, LLC (3425); Pacific Medical Group, Inc. (4339); and ARK Venture 26.88 NA NA 26.0 Oct. 30 Marten Transport MRTN J. Bauer D 10 15.81 158 15.86 -24.4
Horse Bidder, Schulte Roth and Zabel, 919 Third Avenue, New Pacific Medical Holdings,Inc.(2135).The Debtors’service address ArrowMark Financial Corp BANX NA 20.74 NA NA
York,NY 10022,Attn:Adam C.Harris ([email protected]) and is 8700 W Bryn Mawr Ave.,Suite 720S,Chicago,IL 60631.Debtor Oct. 29 Winnebago Industries WGO M. Happe CEO 3 55.52 139 57.11 -21.6
CASCADE PRIVATE CAP;I 16.94 NA NA NA
Reuben Dizengoff ([email protected]) and Landis Rath Jordan Health Products I, Inc.is doing business as Avante Health Oct. 28 W. Fisher D 2 54.81 110
Solutions. CAZ Strategic Opps;I NA NA NA NS
& Cobb LLP,919 Market Street,Suite 1800,Wilmington,Delaware Oct. 25 St. Joe JOE J. Gonzalez CEO 2 53.05 90 50.68 -15.8
19801 Attn: Adam G. Landis ([email protected]) and Matthew
2
Capitalized terms used but not otherwise defined herein CAZ Strategic Opps;R NA NA NA NS
B. McGuire ([email protected]); (iv) counsel for the Creditors’ shall have the meanings set forth in the Bid Procedures or the Bid CBRE GlbRlEst IGR 5.61 5.62 +0.2 24.3
ProceduresOrder,asapplicable. CIM RA&C A
CIM RA&C C
21.82 NA NA -2.0
21.10 NA NA -2.8
Sellers
CIM RA&C I 22.06 NA NA -1.8 Oct. 25-29 Palantir Technologies PLTR A. Karp OD 5,656 45.01-45.02 254,611 41.92 144.1
BUSINESS OPPORTUNITIES CIM RA&C L 21.56 NA NA -2.3 Oct. 25 Bowhead Specialty Holdings BOW M. Botein DOI 3,179 27.70 88,033 29.38 n.a.
Clarion Partners REI D 11.63 NA NA 4.2
Clarion Partners REI I 11.63 NA NA 4.4 Oct. 29 Amphenol APH R. Norwitt CEO 1190* 68.81-69.93 82,205 67.86 36.9
Clarion Partners REI S 11.63 NA NA 3.5 Oct. 29 C. Lampo CFO 150 68.76 10,314
Earn 25% Commission THE Clarion Partners REI T 11.62 NA NA 3.6 Oct. 23-24 Carvana CVNA E. Garcia B 200 194.91-202.81 39,647 229.08 332.7
Connetic Venture CA;I 10.03 NA NA NS
MARKETPLACE
Help Raise funds for a respected charity and Oct. 23-24 D. Gill O 44 200.11-200.18 8,805
Forum RE Income;Founders 9.65 NA NA 13.9
earn 25% commission on donations. Make a Forum RE Income;I 9.65 NA NA 13.8 Oct. 30 PROCEPT BioRobotics PRCT R. Zadno CEO 288 91.00 26,250 92.29 120.2
difference while earning extra income! Forum RE Income;K 9.64 NA NA NS Oct. 29 Salesforce CRM B. Millham P 61 300.00 18,157 294.72 12.0
[email protected] ADVERTISE TODAY HMLTN LN PRIV INFRA;I NA NA NA NS
Oct. 30 Jefferies Financial Group JEF B. Friedman PI 247 65.20 16,125 64.22 58.9
HMLTN LN PRIV INFRA;R NA NA NA NS
661-208-9908 HMLTN LN PRIV INFRA;Y NA NA NA NS Oct. 25 Equifax EFX M. Begor CEO 58 269.49-272.32 15,771 264.39 6.9
(800) 366-3975 JACKSON REAL ASSETS;I 10.52 NA NA NS
Oct. 23 Philip Morris International PM A. Calantzopoulos CB 102 129.85 13,234 130.65 38.9
For more information visit: MEKETA INFRSTRCTR;I 26.62 NA NA NS
wsj.com/classifieds MEKETA INFRSTRCTR;III 26.62 NA NA NS Oct. 30 Intuitive Surgical ISRG G. Guthart CEO 26* 510.52-511.63 13,086 506.34 50.1
PUBLIC NOTICES
NexPointRlEstStrat;A 15.95 NA NA -2.5
NexPointRlEstStrat;C 16.16 NA NA -3.2 Oct. 28-29 Thermo Fisher Scientific TMO M. Casper CEO 20 548.14-558.45 11,049 557.92 5.1
Notice of Application for Merger of Banks NexPointRlEstStrat;Z 16.17 NA NA -2.2 Oct. 23 Altair Engineering ALTR G. Christ BI 100 101.92-109.13 10,657 104.00 23.6
PENDER REAL ESTATE CR;A 10.04 NA NA NS
Notice is given that application has been made to the Oct. 25 Roblox RBLX D. Baszucki CEO 242* 42.15 10,186 51.44 12.5
Office of the Comptroller of the Currency, 7 Times PENDER REAL ESTATE CR;I1 10.04 NA NA 8.3
Square, 10th Floor Mailroom, New York, New York PENDER REAL ESTATE CR;I2 10.04 NA NA 8.6 Oct. 28 Viking Therapeutics VKTX G. Zante CFO 132 74.56-81.44 10,089 72.88 291.6
10036, for consent to merge Auto Club Trust, FSB, 1 Auto PIMCO Flexible REI;Inst 10.47 NA NA 11.1
Club Drive, Dearborn, Michigan 48126, into Grasshopper Oct. 25 Wyndham Hotels & Resorts WH S. Holmes D 80 90.75-91.32 7,281 88.02 9.5
Bank, National Association, 261 5th Avenue, Suite 610, Principal Real Asst A 25.80 NA NA 5.8
New York, New York 10016, with Grasshopper Bank, Principal Real Asst Ins 25.94 NA NA 6.2 * Half the transactions were indirect **Two day transaction
National Association, as the surviving institution. Principal Real Asst Y 26.24 NA NA 6.4 p - Pink Sheets
It is contemplated that the main/home offices and Redwood Rl Est;I 25.09 NA NA 8.0
branch offices of the above named institutions will The Private Shares;A 39.56 NA NA 1.3
continue to operate.
This notice is published pursuant to 12 USC 1828(c)
The Private Shares;I 40.29 NA NA 1.6 Insider Buying and selling by sector
and 12 CFR 5. Anyone may submit written comments The Private Shares;L 38.87 NA NA 1.1
on this application by November 7, 2024 to: Director for Thirdline Real EstateI 10.01 NA NA 5.5 Based on actual transaction dates in reports received this past week
Licensing, 400 7th Street, SW, Washington, DC 20219, USQ Core Real Estate:I 22.29 NA NA -9.3
or by emailing [email protected]. USQ Core Real Estate:L 22.37 NA NA -9.3 Sector Buying Selling Sector Buying Selling
The public may find information regarding this
Versus Cap RE:I 24.66 NA NA -1.8
application, including the date of the end of the
Versus Capital Real Asst 28.07 NA NA 5.1 Basic Industries 455,515 8,270,621 Finance 1,260,122 90,584,726
public comment period, in the OCC Weekly Bulletin at
www.occ.gov. Requests for a copy of the public file Wildermuth:I 4.42 NA NA -54.6 Capital Goods 0 34,737,636 Health care 3,243,430 72,308,584
on the application should be made to the Director for Income & Preferred Stock Funds
Licensing, 400 7th Street, SW, Washington, DC 20219, Consumer durables 248,420 12,208,724 Energy 40,112 892,576
or by emailing [email protected]. ALPHA ALT ASST;A 6.32 NA NA 5.7
Alpha Alternative Assets 6.38 NA NA 5.7 Consumer non-durables 252,222 24,792,962 Technology 5,932,043 97,957,920
October 8, 2024 Auto Club Trust, FSB,
Dearborn,Michigan Calamos L/S Eqty and DI CPZ 17.61 15.56 -11.6 15.8 Consumer services 0 79,044,097 Transportation 1,670,909 6,131,386
© 2024 Dow Jones & Company, Inc.
Grasshopper Bank, National Denali Strctr Rtrn Strat NA NA NA NS
Association, New York, New York All Rights Reserved. Lord Abbett Spec Sit I:A 9.38 NA NA 13.4 Sources: LSEG Data and Analytics; Dow Jones Market Data
 THE WALL STREET JOURNAL. * * * * Monday, November 4, 2024 | B9

FINANCE & MARKETS

Ports Race to Secure Billions Private Equity

In Clean-Energy Grant Money Spends Heavily
EPA aims to finalize
most awards of
American Association of Port
Authorities.
The awards aren’t guaran-
teed until the EPA formally ob-
green energy in the Inflation
Reduction Act.”
In 2024 Election
The process is playing out ligates the money for each proj- Bethann Rooney, director of
federal support against the backdrop of an ect, a senior EPA official said. the Port of New York and New BY CHRIS CUMMING private-equity acquisitions has
election that will usher in a To reach that stage, the Jersey, which received $347 chilled deal flow, Biden-ap-
before year-end new administration and amid ports and the EPA must sign million in grants, said any The private-equity industry pointed regulators have sought
Democratic concerns that a Re- off on a work plan, a budget change in administration is nearing a political-spending to check the industry’s growth.
BY PAUL BERGER publican White House might and compliance with federal brings a wave of new leaders record in the 2024 elections, These efforts have contributed
roll back green spending. rules and regulations. Several across agencies that can dis- hoping to change the tone in to the most challenging stretch
Ports around the U.S. are The EPA process to finalize ports that secured less fund- rupt plans and delay funding Washington after challenges for U.S. buyout managers since
rushing to nail down green- the grant agreements is com- ing than they sought are now that often has time limits on from Biden administration reg- the financial crisis of 2007 to
energy projects to ensure they plicated and depends on a fed- drawing up revised plans. how soon it must be spent. ulators and progressive politi- 2009.
receive their portions of $3 eral bureaucracy that isn’t An EPA spokesman said the Rooney said the EPA’s push cians. In the presidential race,
billion in new federal grants, known for speed. “Our ports agency will fund the projects to commit funding by the end Private-equity employees Democrat Kamala Harris has
funding that faces tight gov- have had complicated and dif- over the next several years of this year is part of a push spent more than $231 million raised about $2.1 million and
ernment deadlines and poten- ficult experiences with grant “regardless of a change in ad- to “obligate the money and get on 2024 races through Oct. 17, Republican Donald Trump
tial disruption from the presi- obligations on just about ev- ministration.” it out the door.” just a hair below the 2020 re- $575,000 through Oct. 17 from
dential election. ery grant program at federal The program funding is The Biden administration cord of $236 million, according people in private equity.
The Environmental Protec- level,” the AAPA’s Gansler available through the Inflation and states such as California to OpenSecrets, which tracks But Washington lobbyists
tion Agency awarded the said. “It’s not a given.” Reduction Act of 2022, which have spent the past few years money in politics. say there is little consensus on
money last week to dozens of President Biden announced among other things aims to stepping up green incentives After three election cycles in this contest in discussions with
ports for investments such as the grants last week at the Port boost the renewable energy and imposing penalties on which the industry favored private-equity insiders.
new solar arrays, upgrades to of Baltimore, which is getting sector. polluting sectors of the logis- Democrats, private equity ap- There is optimism Trump
electric shore power and pur- $147 million for new handling Republican presidential tics industry. pears to have swung the other could provide regulatory relief,
chases of thousands of new equipment and trucks. nominee Donald Trump has California is moving to way in 2024, with Republicans but concern he could raise geo-
electric- and hydrogen-pow- The awards range from said that if elected he would mandate the purchase of garnering about 52% of the in- political uncertainty, said
ered heavy-duty lifting equip- $412 million for the Port of rescind all of the law’s “un- heavy-duty trucks powered by dustry’s direct contributions to James Maloney, managing
ment and trucks. Los Angeles and $380 million spent funds.” Billionaire inves- batteries or hydrogen. But candidates and party commit- partner of communications and
The agency aims to finalize for the Port of Virginia to the tor John Paulson recently told adoption of the new technolo- tees. In 2020, Democrats re- lobbying firm Tiger Hill Part-
most of the 55 awards by the little Port of Hueneme, in The Wall Street Journal that if gies has been slow. Clean- ceived about 60%. ners.
end of December so that the Southern California, which he were to become Treasury technology trucks can cost But private-equity execu- Harris hasn’t made public
federal government is legally was awarded more than $41 secretary in a Trump adminis- three times as much as con- tives are more decisively con- her views on private equity, but
bound to make the payouts, million to convert almost all tration he would reduce fed- ventional diesel vehicles and servative with so-called soft she has courted Wall Street do-
said Ian Gansler, director of its cargo-handling equipment eral spending, “particularly by access to charging and refuel- money spending, or donations nors, and there is a consensus
government relations at the to zero-emission technologies. getting rid of the subsidies for ing infrastructure is scarce. to nominally independent polit- her administration “would po-
ical committees, which aren’t tentially consist of fewer re-
limited by federal election law. form-minded regulators” than
They have spent a record $138 Biden’s, Maloney said.
million this way in 2024, with SEC Chair Gary Gensler’s fo-
conservative groups collecting cus on reining in private mar-
82% of the industry’s spending, kets is unlikely to continue un-
up from 59% during the 2020 der his successor, whether
presidential election, OpenSe- appointed by Trump or Harris,
crets said. said Igor Rozenblit, a former
Observers on Capitol Hill say SEC private-markets regulator
private equity’s shift to the who leads consulting firm Iron
right reflects some frustration Road Partners. “No matter who
with Biden-era policies toward wins, I think there is going to
the industry. be a little less pressure on pri-
From the Securities and Ex- vate equity,” he said.
change Commission, which The most significant conse-
tried unsuccessfully to impose quences of the presidential
tough new rules on private eq- contest will likely be in anti-
uity, to the Federal Trade Com- trust enforcement, said Ken
mission, whose crackdown on Young, a partner at Dechert.

Vitamin Shoppe Owner

MARIO TAMA/GETTY IMAGES

Files for Bankruptcy

BY ALEXANDER GLADSTONE business segments in the first
quarter, S&P Global Ratings
Awards ranged from $412 million for the Port of Los Angeles, above, to smaller awards for smaller U.S. ports. Franchise Group, a holding said in July. The company re-
company that owns the Vita- cently sold the Sylvan Learn-
min Shoppe and Pet Supplies ing tutoring centers and held a

Home through a scandal in its lead-

ership ranks, declining mem-
bership and legal turmoil over
“When private listing net-
works exist because listings
don’t have to be in the MLS,
the past decade, according to
Redfin. Redfin’s analysis likely
doesn’t capture all off-market
Plus chains, filed for bank-
ruptcy Sunday amid an inves-
tigation by federal authorities
stake in discount retailer
Conn’s, which filed bankruptcy
in July.

Listings its commission system.

A jury found NAR and large
brokerages liable for about
then those buyers lose access
to a whole bunch of listings,”
said Susan Daimler, Zillow’s
listings, the company said.
In some markets, most
Compass listings start out as
looking into its founder’s deal-
ings with major shareholder B.
Riley Financial.
Franchise Group listed over
$1 billion in assets and over $1
billion in liabilities in its peti-

Stir Dispute $1.8 billion in damages last

year after determining that a
NAR rule kept payments to
president.
The NAR rule currently al-
lows listings to be kept off the
office exclusives, Reffkin said
in an August earnings call.
“Those homeowners, they
Franchise Group filed its
chapter 11 petition in the U.S.
Bankruptcy Court in Wilming-
tion with the U.S. Bankruptcy
Court in Wilmington, Del. The
company’s appliance and fur-
real-estate agents artificially MLS if they are only marketed want to be able to test the ton, Del., after going private niture retailer, American
Continued from page B1 high. within one brokerage, known market” before listing their last year in a management Freight, is expected to be
market their homes for sale as NAR settled that lawsuit as an “office exclusive.” That homes more widely, he said. buyout arranged by B. Riley, a wound down in bankruptcy
widely as possible in hopes of and other similar ones for exception can benefit big bro- “The reason why private ex- Los Angeles-based investment and its store locations closed.
getting the highest price. The more than $400 million in kerages, which have more po- clusives at Compass are so bank, which took a minority B. Riley in August said it
rule—and the debate—are fo- March and agreed to sweeping tential buyers for those in-of- popular is because they do not stake in the company. The would write down by at least
cused on what options should changes. Large real-estate bro- fice listings. have days on market [or] price soured deal has been problem- $330 million its equity stake in
be available to sellers who kerages also paid tens of mil- “The reason that people drop history.” atic for B. Riley, which has Franchise Group’s indirect par-
don’t want to widely advertise lions of dollars in settlements. want to withhold the listings Top Agent Network, a San been selling assets to shore up ent entity and a loan made to
their homes because of pri- Now, some brokerages are is so they can get more market Francisco-based, members- its finances after writing down another business entity tied to
vacy or safety concerns. worried that other NAR rules, power,” said Glenn Kelman, only platform for real-estate its investment in Franchise the company’s founder, hedge-
Some industry executives such as the clear cooperation chief executive of real-estate agents, sued NAR in 2020, al- Group. fund manager Brian Kahn. The
say that if those sellers had policy, could pose similar brokerage Redfin. leging that the clear coopera- Franchise Group said Sun- investment bank also said in
more options to privately list risks. Homes sold on the MLS in tion policy hurt its business. day that it is entering bank- August it had received subpoe-
their homes, it would be “It is reckless to keep clear five states and Washington, The case is scheduled to go to ruptcy with a plan backed by nas from the Securities and
harder for buyers to find all cooperation, which is subject D.C., from the first quarter of trial next year. 80% of the holders of its first Exchange Commission related
the homes for sale. to an active government inves- 2019 to the first quarter of The Justice Department lien debt to swap their claims to Kahn, who resigned as Fran-
The dispute reflects a tigation,” said Robert Reffkin, 2023 sold for 17.5% more than started an investigation into for 100% of the equity in a re- chise Group’s CEO in January.
broader disagreement within Compass’s chief executive. similar homes that sold off- NAR in 2018. The Justice De- organized company. The first- Kahn’s resignation followed
the industry about what role The industry is divided. A MLS, according to a study re- partment resumed its investi- lien lender group is providing allegations of misconduct in-
NAR should play in setting recent survey by consulting leased last year by Bright gation, which includes the a $250 million loan to fund the volving Prophecy Asset Man-
rules for the housing market. firm WAV Group found that MLS, a Maryland-based multi- clear cooperation policy, this chapter 11 proceedings, the agement, where he was an
The powerful trade group half of brokers and about one- ple-listing service. spring after a federal appeals company said. outside adviser until it failed
has been the main voice of the third of MLS leaders wanted About 1.8% of homes were court ruled that the depart- Franchise Group has been in 2020. Federal prosecutors
residential real-estate industry to repeal the policy, while the sold as pocket listings in the ment wasn’t bound by a 2020 affected by weaker consumer have alleged that Prophecy hid
for decades, and it sets rules rest were split between leav- second quarter of this year, settlement. NAR asked the Su- spending on discretionary its trading losses. Kahn hasn’t
for most multiple-listing ser- ing it in place and modifying and the proportion has ranged preme Court last month to re- items and posted a 12% decline been charged and has previ-
vices. But NAR has suffered it. between about 1% and 3% for view that ruling. in total revenue across its ously denied wrongdoing.

THE TICKER | MARKET EVENTS COMING THIS WEEK

Monday Cummins 4.82/4.76 MercadoLibre Productivity Motorola Solutions
Factory orders Emerson Electric 10.59/7.16 2nd qtr., prev. up 2.5% 3.37/3.19
Aug., prev. down 0.2% 1.47/1.29 Qualcomm 2.56/2.02 3rd qtr., prelim. exp. TransDigm Group
Sept., exp. down 0.5% Marathon Petroleum Williams Cos. 0.42/0.45 up 2.5% 9.29/8.03
0.98/8.14 Wholesale inventories
Earnings expected
Microchip Technology Thursday Friday
Estimate/Year Ago Aug., previous up 0.1%
Constellation Energy 0.43/1.62 Fed rate-policy Sept., exp. down 0.1% U.Mich. consumer index
2.66/2.26 meeting
Marriott 2.31/2.11
Wednesday Target rate
EIA report: natural gas Oct., final 70.5
Previous change in stocks in
Fed two-day meeting starts
4.75%-5.00% Nov., preliminary 71
NXP Semiconductors billions of cubic feet
3.43/3.70 EIA status report Freddie Mac Mortgage up 78 Earnings expected
Previous change in stocks in Estimate/Year Ago
Palantir Technologies millions of barrels Survey Consumer Credit
0.09/0.07 Previous weekly averages Aug., prev. up $8.9 bil. Advanced Drainage
Crude oil down 0.5
Vertex Pharmaceuticals Gasoline down 2.7 30-year fixed 6.72% Sept., exp. up $14.0 bil. Systems 1.89/1.71
4.08/4.08 Distillates down 1.0 15-year fixed 5.99% Earnings expected Baxter International
Zoetis 1.46/1.36 Mort. bankers indexes Initial jobless claims Estimate/Year Ago 0.78/0.82
Previous 216,000 Air Products 3.48/3.15 Fluor 0.76/1.02
Tuesday Purch., prev. up 5.0%
JADE GAO/AFP/GETTY IMAGES

Refinan., previous Expected 220,000 Arista Networks Lamar Advertising

Int’l trade deficit in billions
down 6.0% Unit labor costs 2.08/1.83 1.41/1.37
Aug., previous $70.43
Earnings expected 2nd qtr., prev. up 0.4% Duke Energy 1.70/1.94 NRG Energy 2.00/1.20
Sept., expected $84
Earnings expected Estimate/Year Ago 3rd qtr. prelim., exp. EOG Resources Plains All American
Estimate/Year Ago CVS Health 1.52/2.21 up 1.5% 2.78/3.44 Pipeline 0.31/0.35
Apollo Global Gilead Sciences
* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in paren-
Management 1.73/1.71 1.51/2.29 theses) u Adjusted for stock split
Coupang 0.01/0.05 McKesson 6.88/6.23 Note: Forecasts are from Dow Jones weekly survey of economists Chip maker Qualcomm is scheduled to report its results on Wednesday.
 B10 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Awful Jobs Report Aside,

Economy Is Still Strong
A sharply weaker jobs reading tion, down only slightly from 3%
has thrown up some uncertainty the prior quarter.
about the direction of the U.S. Additionally, markets are in the
economy. But the preponderance middle of earnings season, when
of evidence from official data, the bulk of publicly listed Ameri-
company earnings and even con- can companies report their results
sumers points to a strong, if grad- for the quarter ended in Septem-
ually slowing, economy. ber. They have been highly en-
There was even more attention couraging. Among S&P 500 com-
than usual on Friday’s jobs figure, panies that had reported through
coming as it did just days before Oct. 31, earnings rose a robust
the presidential election and the 8.4% from a year earlier, according
Federal Reserve’s next rate-setting to an analysis by LSEG I/B/E/S.
meeting. But no one should panic During JPMorgan Chase’s
about the October employment re- quarterly earnings conference call,
RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS

port, which showed the economy Chief Financial Officer Jeremy

adding just 12,000 jobs for the Barnum said the bank’s analysis of
month. There were multiple dis- its own clients’ spending patterns
tortions bringing it down, includ- suggests consumers have cut back
ing a strike at Boeing and two some of the splurging they did on
major hurricanes. These affected vacations and cruises after the
not only the number of people pandemic ended. But he added
working but also the survey col- that other discretionary categories
lection methods of the Bureau of like retail spending haven’t
Labor Statistics. Attempting to di- slowed. This is partly why the
vine from this figure how the bank’s “central case” expectation
7-Eleven owner Seven & i has yet to decide whether to accept a sweetened buyout offer from Circle K’s owner. economy is performing at a macro for the economy isn’t so much a
level would be foolhardy. soft landing but a “no landing sce-

Convenience-Store
Perhaps more worrying would nario” in which strong growth
be the downward revisions in esti- continues, he said.
mates for job growth in August All this helps explain why long-
and September, by a combined term interest rates such as the 10-

Consolidation Looms 112,000. But even after taking

these into account, the trend
through September looks mild.
In the three months through
year Treasury yield have been ris-
ing in recent weeks and actually
ticked higher on Friday. Traders
are still pricing in overwhelming
September, the economy added an chances of two more quarter-point
average of 148,000 jobs a month, rate cuts this year. But the outlook
Historically fragmented industry will likely see lots of M&A in years ahead basically unchanged from 147,000 for next year is getting hazier. The
through June. That is down from most-likely scenario, according to
The second-largest conve- ened deal. In an October investor can draw on lessons from its an average of 267,000 jobs a Fed funds futures markets, is now
nience-store owner in the U.S. day, Seven & i outlined its stand- wildly popular food business in month in the three-month period that the Fed’s target rate will be a
wants to buy the largest. Whether alone path to growth. Japan. through March, but this pace of full percentage point lower by its
or not the deal goes through, Even if combined, 7-Eleven’s Seven & i said in its investor deceleration is actually consistent meeting in June 2025 compared
there will likely be many conve- and Couche-Tard’s market share day last month that M&A would with what the Federal Reserve with now, according to the CME
nience-store mergers in the years wouldn’t be overwhelming at be pivotal to its growth strategy in wants to see to be reassured that FedWatch tool. One month ago,
ahead. roughly 12%. Antitrust authorities the U.S.; the company has ac- inflation pressures will remain on bets centered around 1.5 to 1.75
The industry is so fragmented are still likely to take a skeptical quired more than 7,000 stores in a downward path. percentage points of cuts by then.
in the U.S. that the 10 largest view of the deal, which involves the country since 2006. The com- Doubts about the reliability of If the economy keeps its recent
chains still hold less than one-fifth the politically sensitive food and pany has about $10 billion of cash the October jobs report should performance, there may be no
of market share. In recent years, fuel categories. Around half of Cir- and has been willing to pay steep lead interested observers to look need for any rate cuts at all next
consolidation has been slow and cle K stores have a 7-Eleven within multiples on larger deals such as at other indications of the econ- year.
steady, but that could be set to a three-mile radius, according to Speedway and Sunoco. Meanwhile, omy’s health. An obvious one is Don’t miss the forest for the
change. Anthony Bonadio, equity analyst M&A is integral to Couche-Tard’s gross domestic product. Data re- trees: A one-off miss in jobs
Single-store operators domi- at Wells Fargo. The Federal Trade DNA: More than 70% of its stores leased last Wednesday showed doesn’t change the overwhelming
nated in the early 2000s, and the Commission already wasn’t happy stem from acquisitions. Couche- that it grew at a respectable 2.8% message being sent from many
share of those mom-and-pop with Seven & i’s acquisition of Tard has about $1.6 billion of cash, annual rate in the third quarter, sources. The American economy is
stores rose through 2017 as oil Speedway in 2021; the companies but has said it has capacity to adjusted for seasonality and infla- in good health. —Aaron Back
majors sold off their gas stations, reached a settlement at the time spend $10 billion on purchases.
according to data from the Na- and agreed to divest 293 stores, If Couche-Tard fails to bag Change in nonfarm payrolls, S&P 500 quarterly revenue growth,
tional Association of Convenience out of a combined total of around Seven & i, the two giants are likely three-month moving average* change from year earlier†
Stores. Since then, however, the 13,000. 7-Eleven now has around to each go on their own acquisi- 300,000 6%
share of single-store operators has 12,600 stores in the U.S. tion sprees. That would likely in-
steadily declined as larger chain M&A is central to convenience- volve shelling out big premiums
250,000 5
owners actively pursued mergers. store giants’ growth plans, partly for larger chains, or else risk fall-
Still, about 60% of convenience because building gas stations from ing short of their growth targets.
stores in the U.S. are currently scratch involves a lot of extra per- Outside of Couche-Tard and Seven 200,000 4
mom-and-pop owned. mitting and time. Meanwhile, & i, there are only six other conve-
A gradual roll-up would surely same-store revenue growth from nience-store owners that operate 150,000 3
be the most palatable path for an- fuel and food are tricky to achieve. more than 1,000 stores; these
titrust authorities, but the second- Fuel is a low-margin business and aren’t the types that will accept 100,000 2
largest convenience-store owner— a category that is set to decline lowball offers. Seven & i says it
Circle K owner Alimentation over the long term. Food is more wants to grow its revenue by
Couche-Tard—wants to expedite promising and comes with higher nearly 70% through 2030. Couche- 50,000 1
the process by acquiring the top margins, but it is also an area Tard has set a target of increasing
dog, 7-Eleven’s Japanese owner where only a few chains have ex- its earnings before interest, taxes, 0 0
Seven & i. So far, Seven & i has celled—such as Casey’s General depreciation and amortization by 2023 ’24 2023 ’24
been unmoved by Couche-Tard’s Stores with its pizza and privately more than 70% through 2028.
bids; it rejected the initial offer for owned Wawa with hoagies. This is For these chains, the road to *Seasonally adjusted. Data for October 2024 impacted by hurricanes and labor strikes.
being too low and has yet to ac- an area where 7-Eleven might growth is anything but conve- †Third quarter 2024 is for companies reporting through Oct. 31.
cept or reject the second, sweet- have an edge over Couche-Tard: It nient. —Jinjoo Lee Sources: St. Louis Federal Reserve, WSJ calculations (nonfarm payrolls); LSEG I/B/E/S (S&P 500 revenue)

FINANCE & MARKETS

Fastest-Growing Startups Have Some Things in Common

BY STEVEN ROSENBUSH Unlike many startups, Wiz was berg, the company’s vice president of
built from the start to be a global product, as the next leader of market-
While good luck always seems to company, according to Rappaport. ing. She might have seemed to some
be present on the deck of the Good “We didn’t invent cloud security,” he observers like an unconventional
Ship Success when startups strike it said. choice, because she had previously
big, that is never the whole story. There were dozens of companies in been in product management at Mi-
There are many patterns that can be the field, including unicorns. Wiz’s crosoft, a software engineer at Google
discerned from the experience of top technology and products were in flux, and an intelligence and technology an-
venture-backed companies, according “but basically we knew that we’re go- alyst in the Israel Defense Forces.
to Index Ventures partner Martin Mi- ing to build an infrastructure to scale But Herzberg was able to market
gnot, who led a research project on to support the Fortune 100, the For- the company’s products in a convinc-
200 examples. tune 500 and it was very beneficial ing way precisely because “she’s into
“We kept on getting asked the for us,” Rappaport said. the details,” Rappaport said.
STEVEN ROSENBUSH

same questions and the main topic Investors such as Cyberstarts, In- While many startups continually
was the team. ‘Who do I hire next and dex and Sequoia Capital helped Wiz push themselves to grow faster, Rap-
at what level and in what role and work closely with corporate cyberse- paport said he faced the opposite
how do I organize them?’ ” said Mi- curity leaders to develop products and challenge. Wiz was growing so rap-
gnot, who joined Index in 2010 and technology. idly, it was difficult to understand
has invested in companies such as fin- Index Ventures partner Martin Mignot led a research project on startups. Wiz pivoted repeatedly until it had that it actually wasn’t at the upper
tech upstart Revolut and food-delivery the right product market fit with large bound of what it could achieve. Re-
company Deliveroo. that does will experience chaos, ac- within the next year, on the way to its companies. It quickly expanded the flecting earlier this year on the com-
Index addressed those questions in cording to Mignot. Companies grow- goal of an initial public offering. range of capabilities on its platform pany’s prior 12 months, in which ARR
a 300-plus page volume of data and ing that rapidly can wind up with Google was in discussion earlier this for large companies. hit its targets and exceeded $350 mil-
anecdotes titled “Scaling Through more employees who have worked year to acquire the company for $23 As CEO, Rappaport has focused on lion, Rappaport suggested he still
Chaos: The Founder’s Guide to Build- there for less than a year than who billion, although the talks fell apart. the development of the team, assess- didn’t fully appreciate the potential
ing and Leading Teams From 0 to have been there longer, so there are Wiz Chief Executive Assaf Rappa- ing when to step aside from a particu- for growth. “I hit the brakes in a way
1,000,” which is meant to be used as a challenges with communications and port and his co-founders sold their lar role and bring in new people, so without any reason,” he said. “I look
reference guide for startup founders. process. first startup, Adallom, to Microsoft that leadership capabilities can scale at it as a lost year.”
One takeaway is how much time “The takeaway was really around and worked there for a time. They left along with the company. To avoid such situations in the fu-
the best founders spend on internal the importance of valuing perfor- to launch Wiz in early 2020—just in Technology and sales came natu- ture, Wiz expanded its C-suite with an
people-related matters. mance over loyalty,” Mignot said. The time for the pandemic. rally to Wiz, but it quickly became outside executive used to operating
“Regardless of the size of the skills needed to launch a startup Rappaport, speaking earlier this clear that it struggled with marketing, large companies. It named Dali Rajic,
team—it can be 10 employees or aren’t the same skills needed to scale year at an Index event, said his according to Rappaport. Part of the chief operating officer of cybersecu-
1,000—founders will spend the same it, let alone optimize a full-blown en- mother couldn’t understand why he problem, he said, was his own lack of rity company ZScaler, to be its first
amount of time, just about 50%, on terprise, should it emerge from that had traded a leadership role at Micro- expertise in the discipline. He felt his chief operating officer and president.
people,” Mignot said. process. soft to launch a new company in a own efforts at marketing were fluffy, “He’s exactly the sort of person
There are only a few hundred start- Take cloud-security startup Wiz, crowded market. But the abrupt shift and that “I failed with recruiting and who would know, ‘Hey Assaf, you’re
ups at any one time that have the po- which already employs more than to remote work during the pandemic retaining the right people in the mar- not at your limit,’ ” Rappaport said.
tential to grow from zero to 1,000 1,200 people and aims to achieve $1 was providential for a company fo- keting team.” “ ‘You’re so far from that. We can con-
people in five years, but every one billion in annual recurring revenue cused on cloud security. His solution was to tap Raaz Herz- tinue building, trust me.’ ”
 JOURNAL REPORT

INVESTING MONTHLY
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, November 4, 2024 | R1

Jonathan Clements near

his home in Philadelphia
last week.
MICHELLE GUSTAFSON FOR WSJ

Some Final Personal-Finance Advice

From Jonathan Clements
The former Wall Street Journal columnist STARTED WRITING A personal-finance column, Getting Going,
faces a terminal cancer diagnosis the
only way he knows how—with practical
suggestions about family finances I for The Wall Street Journal in 1994, and soon earned a reputation
as a relentless proponent of indexing. In 2024, at age 61, it seems
I’m becoming renowned all over again—for dying.
Yeah, this is a little weird.
Ever since I learned I had cancer and might have just a year to
live, I’ve been working like crazy to make sure I bequeath a well-orga-
nized estate and leave my family in good financial shape. I’m deter-
BY JONATHAN CLEMENTS mined to have as good a death as possible, not least from a financial
Please turn to page R2

ditional portfolio. Using a portfo-

Inside
The Best Way to Start lio of 60% stocks and 40% fixed
income as a baseline, portfolio
strategists historically have sug-
Investing in Commodities gested carving out between 2%
and 10% from the stock alloca-
tion for commodities, depending
Market experts say a small allocation can provide on macroeconomic conditions.
diversification and a hedge against uncertainty In the current macro environ-
ment—with inflation still over 2%, MONTHLY MONITOR CURRENCY COLLECTING
BY DEBBIE CARLSON these assets rally during supply persistent geopolitical uncer-
Stock funds are up 14.9% in Rare banknotes can be worth

F
shocks. tainty, and climate change caus-
Picking individual commodities ing more extreme-weather
2024 as investors look past more than their face value.
IGURING OUT the is also tough since they don’t events, according to scientists— the election uncertainty. R2 Here’s what to know. R4
right allocation for move in lockstep, as what causes some commodities experts say a
commodities in a cocoa or copper prices to rally of- 5% broad-based allocation may
portfolio can be ten doesn’t matter to corn or be appropriate for individual in-
tricky. Too big an allo- crude oil. vestors.
cation leaves average The best strategy for inves- Conversely, market pros say, in-
investors subject to missed op- tors, experts say: having a small, vestors should be mindful that
portunities in other assets, since long-term position in a broad- commodities may underperform
commodity investments don’t based commodities exchange- during deflationary cycles or peri-
pay dividends or have earnings. traded fund. ods when geopolitical risks abate RETIREMENT ROOKIES MIND YOUR MONEY
Too little or no exposure means or commodities supplies spike.
not taking advantage of the di- Stake size A 5% stake in commodities in Our columnists look to How undiagnosed cognitive
versification that commodities Investors need only a small com- a $1 million portfolio is only exterminate a variety of decline can eat into your
offer, and missing out when modity position to enhance a tra- Please turn to page R4 parasitic expenses. R5 retirement savings. R5
R2 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

JOURNAL REPORT | INVESTING MONTHLY

Monthly Monitor • William Power
Stock Funds Are Up 14.9% in 2024

“The market seems to be shaking off

any election results,” says Rob Kantor,
CIO and co-founder of XML Financial
Group. Still, he says stocks are showing
the effects of the recent run to record
highs: “Overall, the market is a bit over
its skis on an average historic P/E level
and stocks that are not hitting their es-
timates are getting pounded, even in
the tech sector.”
Meanwhile, bond funds, which have
• Financial Flashback been drawing in record amounts of cash
from yield-hungry investors, took a
A look back at Wall Street Journal pause during the month. Funds focused
One of the oldest investing maxims is on investment-grade debt (the most
headlines from this month in history that investors hate uncertainty. And common type of fixed-income fund) fell
there could be just a little of that ahead 2.5% on average, to trim the year-to-
of Election Day. date return to 2.4%.
25 YEARS AGO  But no matter what happens at the Behind the bond weakness for the
It was a long time coming, but 25 years ago ballot box, the stock market is holding month: Some investors are seeing the

HENNY RAY ABRAMS/AFP/GETTY IMAGES; GIACOMO BAGNARA

this month the “New Economy” joined the on to solid gains so far in 2024. And prospect of a rising postelection budget
Dow Jones Industrial Average. The change, as history has shown that just getting deficit, which has triggered a rise in bond
of trading on Nov. 1, 1999 (pictured above), past the election is helpful for the mar- yields (bond prices fall as yields rise).
came in the form of adding chip maker Intel, ket, no matter who wins. International-stock funds, meanwhile,
Microsoft and SBC Communications, which “Election-driven volatility has histori- were down an average 4.7% for the
cemented the role of both tech and communi- cally been short-lived—even if the results month, to leave them with a 7.7% gain
cations sector in the index. A fourth stock, re- of the election were not immediately for the year so far. (See funds-data ta-
tailer Home Depot, was also added that day. known, as in 2000,” says Saira Malik, bles including Mutual-Fund Yardsticks
As those four stocks joined, out went four chief investment officer at Nuveen. at WSJ.com/investingmonthly.)
old-economy stalwarts: Chevron, Goodyear Tire The Wall Street Journal, Nov. 2, 1999 The average U.S.-stock fund eased
& Rubber, Sears Roebuck and Union Carbide. 1.0% in October, to trim the year-to-date William Power is deputy section editor
The changes, announced the week before return to 14.9%, according to data from of Journal Reports in South Brunswick,
the new lineup began trading, were the first The switch came more than a decade after LSEG, formerly Refinitiv Lipper. N.J. Email him at [email protected].
time that stocks from Nasdaq (Intel and Mi- American corporations began embracing desk-
crosoft) joined the Dow. Up until then, all 30 top computers. “The index components are
Dow industrials had been listed on the NYSE. carefully chosen to avoid including stocks that
The Wall Street Journal dubbed the are a bubble,” Streeter says.
changes in the index “one of the most impor- (Now, 25 years later, the Dow is evolving ‘The stock market will welcome either
tant overhauls in its 103-year history.” again. On Friday, it was announced that Intel presidential candidate so long as
“If that change didn’t happen, there would will be replaced by AI-chip darling Nvidia.)
have been a big discrepancy between that index —Simon Constable power is split between Congress and
and it would have been a big oversight,” says the executive branch. A divided
Susannah Streeter, head of money and markets 40 YEARS AGO  government means little will change.
at U.K.-based investment company Hargreaves Concerns Over Deficit Again Start to Chill
Lansdown. The index is designed to reflect the Investors’ View of Stocks
Leaving things alone works best for
major sectors of the U.S. economy—excluding the economy and the markets.’
transportation and utilities, which have their 50 YEARS AGO  George Ball
own Dow indexes. And by then, the New Econ- Defeat of Casino Gambling in New Jersey Is Chairman, Sanders Morris
omy was well under way and here to stay. Biggest Surprise in Referenda Voting

issue. It would be a different or so, that won’t just ease the

story if, say, much of my wealth tax bite on Hannah’s forgiven

Final was in real estate, private part-

nerships or tax-deferred annui-
ties with hefty back-end sales
commissions. As I’ve come to ap-
mortgage. Hanging in there
could also mean a larger Social
Security check for Elaine.
We got married on May 25,

Advice
preciate, financial flexibility is a four days after I got my cancer
virtue that doesn’t get nearly diagnosis. We’d already planned
enough attention. to get married, but moved up
the date. One financial advan-
tage: If I live nine months after
Giving it all away our wedding date—until Feb.
Continued from page R1 Even before my diagnosis, I’d 25, 2025—Elaine will be eligible
point of view. been making regular financial for Social Security survivor
Here are some steps I’m taking: gifts to Hannah and Henry, limit- benefits based on my earnings
ing those gifts to that year’s gift- record.
tax exclusion. In 2024, the exclu-
So much talking sion is $18,000. If you give more
Two days after my diagnosis, I than that sum to any one indi- Emptying the basement
sat down with my wife, Elaine, vidual, you need to file a gift-tax I’ve moved four times over the
and my two children, Hannah return, with the sum over past 13 years—yes, you read that
and Henry, and told them what $18,000 reducing your federal right—and with each move I’ve
they could expect from my es- estate-tax exclusion, which is unloaded more stuff. Yet there’s
tate. I’m glad I did. Countless $13.61 million in 2024. still paperwork I need to throw
conversations have followed. All I won’t be bequeathing any- out, including old insurance poli-
the stuff that seems so straight- thing close to $13.61 million— cies and financial account state-
forward to me—the different hey, I spent most of my career in ments, as well as tax returns
sorts of retirement accounts, journalism—so eating into my that go back to 1986. When I’m
which assets will go through lifetime estate-tax exclusion isn’t gone, my family may struggle to
probate, what will be subject to a big deal. That realization figure out what’s important and
taxes—can be baffling to others. prompted me to forgive the pri- what’s not, and the best way to
I’m more than happy to talk vate mortgage I wrote for Han- avoid that confusion is for me to
about such things. I’m not sure nah in 2015, when she bought throw away the unimportant
Elaine, Hannah and Henry are her home. One result: I’ll have to stuff now.
quite so happy. I’ve been endeav- file a gift-tax return for 2024.
oring to approach these final But forgiving the loan now,
months as a cheerful warrior, rather than as part of my will, Opening my wallet
making the most of each day and credit cards, made Elaine the should make settling my affairs Even as I get things in good
avoiding anger over my grim joint account holder on two bank that much easier. shape for my family, I’m looking
prognosis. But that also means accounts, and rolled my solo Ever since I to do a little spending myself.
I’m not grieving my own demise, Roth 401(k) into my Roth IRA. But the emphasis is on the word
while others around me clearly This should save my family a learned I had Taxing matters “little.”
are. As I’ve discovered, my un- bunch of work after I’m gone. There’s another reason to forgive In theory, I could live in the
willingness to join in my family’s I’ve also revised my will, had fi- cancer and might the loan now. If I manage to live lap of luxury in the months
distress makes it harder for them. nancial and medical powers of another year after making the ahead, flying first class, staying
How so? It seems my cheerful- attorney drawn up, and updated have just a year to gift, Hannah won’t have to pay at the finest hotels, eating at the
ness leaves a void that they then
fill with even greater grief.
the beneficiary designations on
various retirement accounts. live, I’ve been Pennsylvania’s 4.5% inheritance
tax on the sum involved.
best restaurants and purchasing
the most desirable concert seats.
There’s still more to do. For
instance, if time allows, I’d like
working like crazy Hannah and Henry will, how-
ever, owe that 4.5% on the Roth
After all, I now have no need for
all the retirement savings I’ve
Death is hard work
I thought my finances were well-
to move various utility bills and
insurance policies into Elaine’s
to make sure I and traditional IRAs I’ll be be-
queathing to them. I briefly
amassed over the past four de-
cades.
organized and pretty simple. Yet,
since my diagnosis, I’ve spent
name. All this might seem rather
tedious. But at a time when I’m
bequeath a well- thought about emptying part of
the Roth—which I could do at no
And yet I can’t bring myself to
spend with wild abandon. Partly,
endless hours trying to simplify
them even further.
losing control over my life’s tra-
jectory, it feels good to have con-
organized estate tax cost—and passing the money
to them now, in hopes of side-
it’s because every dollar I spend
is a dollar that Elaine, Hannah
I’ve closed a small inherited trol over something, even if it’s and leave my stepping the inheritance tax. But and Henry won’t inherit and that
IRA, canceled two of my four just humdrum financial matters. I realized the Roth’s tax-free won’t go to charity. But also, af-
family in good growth, which Hannah and ter decades of frugality, living
Henry could milk for another 10 large would be deeply uncom-
Built for ease financial shape. years after my death, would fortable. Even at this late stage, I
It’s important to be financially more than compensate for the can’t bring myself to throw out
resilient, with enough set aside 4.5% inheritance tax. Indeed, I’ve the values I’ve lived by for my
to carry us through rough times. encouraged the children to leave entire adult life.
MICHELLE GUSTAFSON FOR WSJ

But it’s also important to be fi- Even though most of my the money in the Roth until year
nancially flexible, able to get our money is in retirement accounts, 10, so they squeeze the most out Jonathan Clements is the
Scan this code hands on money without worry- I haven’t had any issues access- of the tax-free growth. founder of HumbleDollar.com
to see what playing ing about, say, retirement-ac- ing cash because the money is in and a former personal-finance
poker can teach us count restrictions or the diffi- IRAs, rather than an employer’s columnist for The Wall Street
about trading stocks culty of selling real estate and plan, and because I’m over age Hanging on Journal. He can be reached at
on Wall Street. other illiquid investments. 59½, so tax penalties aren’t an If I manage to live another year [email protected].
THE WALL STREET JOURNAL. Monday, November 4, 2024 | R3

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we do starts
and ends
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Since 2010

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R4 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

JOURNAL REPORT | INVESTING MONTHLY

rarity. misprints and typographical er-

For These Collectors, For instance, high-value

banknotes were often printed in
limited quantities due to their
significant purchasing power,
rors. Such deviations can elevate
their value among enthusiasts.
In the U.S., double denomina-
tions—such as a front displaying
says Hakim Hamdani, director at a $10 bill and the reverse dis-

It’s All About the Cash large and a collector at the Neth-
erlands branch of the IBNS.
When these high-denomination
notes are discontinued, many
playing a $20 bill—are the most
prized error notes. The value of
some of these pieces could top
$85,000, according to Heritage
people cash them in rather than Auctions.
Rare banknotes can “The advent of social media uated based on a 30-point scale keeping them as collectibles.
such as Instagram and Whats- ranging from poor to uncircu- Take the 1921 10,000-shilling
yield big bucks, if you How can I get started?
App have brought in a spate of lated crisp. Within each condi- note from British East Africa
know what to look for new collectors, especially young- tion, a bill is given a number (now Kenya and Tanzania), of Despite the potential for a lu-
sters,” says Rezwan Razack, a grade; a higher number—on a which few were printed and is- crative return, experts say the
specialist in vintage banknotes scale typically from 1 to 70— sued. At that time, it was equiva- primary motivation for building
BY VIKRAM BARHAT and chairman of the Indian means the banknote is in better lent to about $2,000, a substan- a collection should be enjoy-

E
chapter of the International shape. tial sum in 1920s colonial Africa. ment and an appreciation of the
Bank Notes Society, or IBNS. For example, a 10,000-yuan When they were demonetized, history that banknotes provide.
VEN AS the world While social media has made note issued in 1951 by the Peo- most were redeemed, making the It would be best to build a col-
increasingly moves more people aware of older pa- ple’s Bank of China, graded Very few remaining in private hands lection with the idea of having
toward digitized per currencies and their histo- Fine 20, sold for $150,000 at a highly desirable. fun, says Hengeveld of World
commerce, where ries, the declining use of physi- Stack’s Bowers auction. Three Dennis Hengeveld, president Banknote Auctions, which was
transactions are recently acquired by Stack’s
conducted with the Bowers.
tap of a credit card Of course, it’s essential to do
and billions of dollars are moved your due diligence to avoid
electronically between banks, fraud. Always buy notes from es-
there is one group of people for tablished dealers and confirm
whom hard cash is still king: col- their authenticity with reputable
lectors. grading services. Independent
As an alternative asset class, grading companies such as Paper
collectible banknotes offer sig- Money Guaranty and Profes-
nificant potential value to inves- sional Coin Grading Service pro-
tors, and the market for these vide authentication and grading
paper artifacts is thriving. Aris to ensure notes are genuine and
Maragoudakis, director of world their condition accurately as-
currency auctions at Stack’s sessed.
Bowers Galleries in Costa Mesa, Auction houses and local deal-
Calif., estimates the hobby sees ers offer currency notes in dif-
annual trade of well over $500 ferent price ranges. Online retail-
million globally. ers (eBay, Amazon.com,
In fiscal year 2016, the World Collectibles & Currency), dealers
Paper Money department at and galleries (Certified Coin Ex-
Stack’s recorded about $4 mil- change, George H. LaBarre), and
lion in sales. By fiscal year 2024, numismatic shows (the MIF Pa-
this figure had risen to $14.5 per Money Fair and World’s Fair
million. The company reported of Money) are other useful
an 18% increase in sales for sources.
world paper money (which cal banknotes has made them years later at another Stack’s Yuan banknotes at the 2024 Inter- As well, there is no shortage
doesn’t include U.S. paper-money even more alluring and fascinat- Bowers auction, a similar note in national Coin Expo in Shanghai. of stories where people discov-
numbers) in fiscal year 2023, fol- ing to collectors. better condition, graded Almost ered valuable banknotes in at-
lowed by 25% growth in fiscal Uncirculated 50, fetched tics, books, dressers and photo
year 2024. $358,500. of World Banknote Auctions in frames of deceased family mem-
Elsewhere, the Noonans May- Where is the value? Sacramento, Calif., says that de- bers. In Ontario, a rare Canadian
fair London realized £5 million, Banknotes routinely become obso- • Serial number: Banknotes with pending on the condition, some $500 bill from 1911 was discov-
or about $6.5 million, in world lete due to political shifts, secu- striking serial numbers are often of these notes have fetched be- ered among the personal belong-
banknote sales in 2023, up from rity upgrades, monetary policies worth more to collectors than tween $35,000 and just over ings of a deceased individual.
£2.5 million the previous year, a and technological advancements. those without. On eBay, a rare $100,000 at auctions. The banknote, one of only three
representative said. The question is: Which ones are polymer £20 bill with the serial A rare $500 Canadian bill in existence, brought $322,000
The rise of digital technology worthy possessions? number AA44 444444 received from 1911 brought C$528,750 at auction.
has helped broaden the base of A plethora of factors underpin 16 bids and sold for more than (about $386,400) at a recent Those looking to dip their toes
collectors. Online auctions, fo- the desirability of collectible pa- £317. auction, the largest sum ever into collectible money may find
rums and databases have made per money. The major ones are: A set of four exceptionally paid for a Canadian banknote. valuable insights in trade maga-
it easier for collectors to con- rare Chinese 1953 10 yuan notes The specimen features the image zines including Bank Note Re-
nect, trade and research. Greater • Condition: The condition of a from the People’s Bank of of Queen Mary and is one of only porter and the Greensheet, or
access to information about col- piece can have a significant im- China recently sold for $432,000 four of the bills known to exist. books such as the U.S. Error Note
lectible money, as well as to col- pact on its value. “There are bills because in addition to their qual- Encyclopedia and Standard Guide
lectible banknotes themselves, that sell for $1,000 with a fold or ity, they were consecutive in se- • Error notes: Governments of- to Small-Size U.S. Paper Money.
CFOTO/DDP/ZUMA PRESS

have transformed the hobby two, but finding one free of any rial number. ten withdraw banknotes from
from a game of chance to a stra- folds, stains, or tears could be circulation to deter counterfeit- Vikram Barhat is a financial
tegic pursuit where enthusiasts worth several times that,” says • Scarcity: The appeal and worth ing, but also due to printing writer in Canada. He can be
can actively search for and ac- Maragoudakis. of banknotes, as with other col- anomalies such as incorrect sig- reached at [email protected] or
quire valuable pieces. The condition of a bill is eval- lectibles, are often tied to their natures, numerical discrepancies, follow him on X @VikramBarhat.

Market pros recommend dollar-

How to Get cost averaging, which is buying a

set amount at specific intervals
until the investor reaches his or
Started With her target allocation, or watching
for price dips.
Commodities Minter says investors research-
ing broad commodity-index-based

Investing ETFs should study the underlying

index’s construction so they get
the exposure they want. Compar-
ing two popular indexes as an ex-
Continued from page R1 ample, he notes that nearly 60%
$50,000, says John Person, of the S&P GSCI Commodity In-
founder of investment-advisory dex is composed of energy mar-
service Persons Planet. “That’s not kets, while energy only makes up
going to tear away that much, but about 29% of the Bloomberg Com-
it would certainly offer some ex- modity Index. The big difference in
posure to commodity movements weighting will affect the return of
that could do well in the next those indexes.
three to five years,” he says, point- He suggests investors dig into
ing specifically to geopolitical wor- the index’s sector holdings as
ries and extreme weather globally well. Some commodity indexes
affecting crop production. may exclude markets that often
have heightened volatility, such
Considering inflation as natural gas. Not having expo-
Kathy Kriskey, commodity strate- sure to natural gas means inves-
gist at Invesco, says commodities tors are missing out on changes
are an efficient hedge in inflation- in electricity-markets pricing dur-
ary environments. Inflation is fall- ing the summer or home-heating
ing, with the September con- demand in the winter, Minter
sumer-price index at 2.4%. It adds.
remains above the Federal Re- Having a commodities alloca-
serve’s 2% target, however, and tion isn’t a set-it-and-forget it in-
above a level Kriskey consider key markets outperformed gold, which to sit and study, say weather pat- the worst times to start buying vestment. The asset’s volatility
for commodities. traditionally has been seen as the terns over Iowa, or be constantly commodities since by the time a means allocations can easily grow
Her research shows since 1998, go-to inflation hedge. Gold plays a wired in the markets, something move makes news, much of the or shrink beyond the 5% bench-
when the CPI is greater than 2%, better role as a safe-haven hedge, like [a broad-based commodity rally has occurred and prices could mark. Unlike stocks where some
commodities broadly had positive she says. ETF] will give you a macro expo- be turning, commodity experts investors let their winners ride to
returns 74% of the time. When Broad commodity-index-based sure to commodities,” he says. say. compound gains, market pros say
the CPI was less than 2%, com- ETFs that include exposure to the Trying to buy a specific com- rebalancing is necessary.
modities had negative returns three major commodity sectors— When to buy and sell modity before the rally occurs is “If you had a 5% allocation, and
84% of the time. energy, metals and agriculture— Many investors think about com- hard, even for professional manag- it’s grown to 7%, then you want to
Kriskey says these trends un- can be a way to incorporate com- modities only when they make ers, says Robert Minter, director trim the trees a little bit. Because
derscore why having broad expo- modities into a portfolio, versus news, such as when cocoa prices of investment strategy at asset- when things change, and they will,
sure, versus cherry-picking certain directly buying futures or physical rallied to over $11,000 a ton be- management company Abrdn. you can walk away with a smile
KIERSTEN ESSENPREIS

commodities, matters when it products, says Sterling Smith, an cause of poor weather in top-pro- Commodity markets are dynamic and not a frown,” Smith says.
comes to owning natural re- independent commodities re- ducing countries, or when several and changes in supply will move
sources as an inflation-fighter. In search analyst. commodities gained following them, including weather, politics Debbie Carlson is a writer in
the most recent bout of inflation, “If you want to be diversified in Russia’s 2022 Ukrainian invasion. and other factors that are difficult Chicago. She can be reached at
she says energy and agriculture commodities, and you don’t want Chasing headlines can be one of to forecast. [email protected].
 THE WALL STREET JOURNAL. Monday, November 4, 2024 | R5

JOURNAL REPORT | INVESTING MONTHLY

Retirement Rookies • Karen Kreider Yoder and Stephen Kreider Yoder

it next year.
In Retirement, It’s Time to Put So I registered the bike for
nonoperation at $27, saving $135.
Now I need to phone our insurer
Our Costs Under the Microscope and back out of the $436-a-year
policy on the bike. Between those
two parasitic bills, I have probably
paid more than the value of the
We discovered all sorts of things we are paying for that we don’t need or use bike over the seven years that I
haven’t ridden it.
Still, the hardest parasite to
The first couple of years in re- face may be the biggest one of all:
tirement are often the most diffi- our house.
cult. But they also can set the We love being retired in San
stage for how you’ll fill the years Francisco, and our thriving neigh-
ahead—both financially and psy- borhood has proved to be the per-
chologically. Stephen Kreider Yo- fect environment for a couple of
der, 67, a longtime Wall Street aging city slickers. We are walking
Journal editor, joined his wife, distance to restaurants, shops, li-
Karen Kreider Yoder, 68, in retire- braries, parks and pickleball
ment in late 2022. In this courts, and a 20-minute bike ride
monthly Retirement Rookies col- to the beach or nearly any other
umn, they chronicle some of the place in a city full of vibrant dis-
issues they are dealing with early tricts. Circles of friends are nearby.
in retirement. Our home is a Victorian mu-
seum piece with a classic San
• KAREN: “Um, Karen?” Steve Francisco feel that makes us feel
said without looking away from even more part of our city.
his computer. He was using the But it’s too big, and it is in-
unnaturally neutral tone that creasingly becoming a financial
means he’s trying not to sound and psychological drain. What we
judgmental. dish out in mortgage payments,
“Oh, no,” I responded. “What is home and earthquake insurance,
it?” utilities and property taxes could
His screen showed the month’s rent us a decent house in the
credit-card statement. “What’s Midwest with money left over to
this bill for $28?” he asked. Then, travel half the year.
after a few clicks: “Hmm, looks That’s not to mention the costs
like it’s each month since August within. A decrepit old breaker box
last year.” had been nagging at me from the
We were in the study poring garage wall for years, silently re-
over our spending records to minding me every time I walked
smoke out what we call “para- past that we needed to replace it
sites”—recurring costs that quietly debit of the past year—and cancel brary. We’ll save nearly $180 a year. a partial refund of $84 and can- with a higher-amp box that was
suck dollars and give little or as many recurring charges as we We began looking for leeches celed the subscription. up to modern code.
nothing in return. can. more broadly and identified a sub- That will save $336 a year, I put off the task because of
I had no idea what the $28 was Some parasites are unwitting, species: the lost-opportunity para- enough to pay an expert to fix my the cost. I could do it myself when
for, I said, racking my brain for like the help-site bill. Others are site. After we retired, we began Bernina several times over. I had time, I imagined, and
several minutes. “Oh, wait. Yes, for services we once wanted and riding city buses and local rail avoided thinking about it—easy to
last August was when my sewing don’t use anymore—like our Net- more often, pulling out adult-rate • STEVE: There’s a parasite down do when life was busy with work-
machine stopped working.” I had flix account, which we’d been transit cards we’d accumulated. in the garage, it occurred to me place and family demands.
found a website that promised talking about canceling for two Then it occurred to us that we after a bill came in the mail from I finally hired an electrician,
advice on how to fix my Bernina years. It was just $15.49 a month, were leaving money on the table the DMV. who came in September to re-
Sport 802. It didn’t help, I took the so did we really want to lose it? by not getting half-price senior The letter asked for $162 to re- place the breaker box and the wir-
machine to an expert and I forgot Yes. We pulled the plug in Octo- passes: $1.25 for the bus instead new the registration on my vin- ing that fed it. There’s still the
about the advice site. ber. (Sorry, kids, if you were still of $2.50. Duh! tage Honda CB750 for a year. I balky ancient redwood gutter to
Here it was, much later, leech- tapping in.) More lost opportunity awaited nearly paid it, as I’ve done annu- fix, and some plumbing issues.
ing a monthly fee. I must have Some sponges aren’t obvious in a stack of gift cards I had rub- ally, each year vowing to tune the We’re not ready to sell out and
used the credit card thinking it from our statements alone. I re- ber-banded together in my desk bike up and get it back on the move to the Midwest, which we
was a one-off. cently realized that boxes of our drawer including several from road within months. might eventually do when we’re in
Parasites like this were also in- eco-friendly dishwasher detergent Barnes & Noble bookstores and It’s one of two old Honda mo- our slower years. And we can’t
festing us back when we were were piling up. I thought I was Peet’s Coffee. I took a bus to the torcycles that I’ve written about stomach the pain of looking for a
working. But ever since our sala- buying online when we ran out nearest Barnes & Noble, learned before—how they once brought smaller place in San Francisco.
ries stopped, each dollar seems to but had mistakenly OK’d a there was $30 on the cards and me joy in the restoring but now So we’ll live with this big para-
have grown in value. And retire- monthly subscription instead. did some early Christmas shop- are mostly garage gewgaws. site for now, the elephant in the
ment has given us the time to fi- Even where a service is useful, ping. All together, the gift cards Our anti-parasite crusade room as we hunt down smaller
nally ferret out the freeloaders there are sometimes free alterna- were storing $225. forced me to get honest with my- leeches.
and to analyze what a drain they tives. I was paying $14.95 a month The $28-a-month parasite trac- self last month. I could no longer
are on our wallets. for audio books. I canceled and ing to my sewing machine proved use the excuse that I’ll get to the The Yoders live in San Francisco.
PAUL BLOW

We decided to review every now borrow them free of charge easy to exterminate. I called the 750 after I retire. I’ve had two They can be reached at
credit-card transaction and bank from the San Francisco Public Li- customer-care number, negotiated years, and I’m not likely to get to [email protected].

the end of their life cycle.” an average net worth of about

$379,000, with a median of about
Word recall $190,000. Those who experienced
The researchers studied data col- a severe memory-loss event over
lected from 1998 to 2014 by the the prior two-year period and
University of Michigan Health and were unaware of it saw their
Retirement Study, which tracks a wealth decrease by about $31,000
sample of about 20,000 people on average.
ages 50 and up that is demo- Meanwhile, those who were
graphically representative of the aware of their cognitive decline or
U.S. population. never experienced memory loss
Every two years during the saw their wealth decrease by less
study period, the Michigan study than $5,400 on average over that
asked respondents to rate their two-year period, according to the
ability to remember things, rang- researchers. That modest level of
ing from poor to excellent, and to wealth loss suggests that those
assess whether their memory had seniors are spending down their
changed over the prior two years. assets rather than losing money
Participants were subsequently to poor investments, the research-
asked to recall two lists of 10 ers said.
words apiece, giving them a mem- Some of those losses may be
ory score between 0 and 20. from scams, and seniors are in-
For this new study, those deed more likely to fall victim to
whose memory scores decreased swindlers, the researchers said.
20% or more over a two-year pe- But the data showed that losses
riod were considered to have ex- were concentrated among those
perienced a severe memory-loss in the upper 25% of wealth distri-
event. More than 60% of the sam- bution who were unaware of their
ple experienced at least one such cognitive decline and reported be-
event during the 16-year window, ing active in the stock market, the
How Undiagnosed Cognitive Decline although in many cases, the mem-
ory loss represented typical aging
paper said.
Those who were aware of their

Eats Into Seniors’ Retirement Savings and not a serious condition such
as Alzheimer’s disease, the re-
memory loss likely avoided large
financial hits by delegating deci-
searchers said. sions to family members or finan-
Severe memory-loss events can cial advisers or by choosing safer
Research finds retirees who suffer severe memory or annuities, the researchers said. happen at relatively early ages, 67 investments, the researchers said.
loss face tens of thousands of dollars in lost savings, As a result, says Franco Perac- on average, and sometimes well “A large percentage of the
chi of Tor Vergata University of before retirement, researchers losses that we measure are com-
primarily through bad investments Rome, today’s seniors face an ele- said. Overall, 20% of the sample ing from stocks,” Peracchi says.
vated risk of financial losses that experienced multiple such events. “People participating in the stock
can erode their standard of living, market often start with high cog-
BY NICK FORTUNA Since current retirees are living especially if they are active in the Unaware vs. aware nitive abilities, so after losing
longer than previous generations, stock market and are unaware of The findings show that seniors some memory, they may be over-

U
they are more likely to suffer their cognitive decline. typically are unaware of their cog- confident in their abilities. They’re
NDIAGNOSED cogni- memory loss, according to the “The current literature has nitive decline: Among those with not aware that they’ve lost mem-
tive decline can cost se- economics professors who were been emphasizing the need to ed- severe memory loss, only 20% ory, so they’re more susceptible to
niors tens of thousands co-authors of the study. What’s ucate younger generations about rated their memory as being financial losses.”
of dollars in retirement more, current retirees are making financial literacy,” he says, “but too worse than it was two years prior,
JON KRAUSE

savings through bad investments more decisions about their fi- little attention has been paid to while 77% said it was about the Nick Fortuna is a writer in Ocala,
or financial scams, according to nances since relatively few have people who hold a pretty substan- same and 2.6% rated it as better. Fla. He can be reached at
new research. guaranteed income from pensions tial amount of money and are at Participants in the sample had [email protected].
R6 | Monday, November 4, 2024 THE WALL STREET JOURNAL.

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